CEOs of 3 brokerage firms informed of disciplinary action over Lime fiasco

South Korea’s financial watchdog has informed top executives at three securities firms of its plan to impose disciplinary action over the misselling scandal involving Lime Asset Management, according to Financial Supervisory Service officials and industry sources Wednesday. The FSS gave prior notice to Shinhan Investment, KB Securities and Daishin Securities on Tuesday that they will be reprimanded for misleading consumers by providing them with inaccurate information about Lime’s

Oct. 7, 2020

Seoul stocks extend winning streak to 6th day on lingering US stimulus hopes

South Korean shares extended their winning streak to a sixth session Wednesday as US President Donald Trump kept hopes for a stimulus package alive after postponing negotiations for the deal. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.04 points, or 0.89 percent, to close at 2,386.94. Trading volume was moderate at 722.8 million shares worth 8.8 trillion won ($7.6 billion), with gainers outnumbering losers 483 to 309. Retail inves

Oct. 7, 2020

Citibank Korea set to name first female CEO

Yoo Myung-soon, interim chief executive officer of Citibank Korea, was recommended as the sole candidate for the bank‘s top post, paving the way for her to become the first female CEO of the local branch of the US lender. The appointment recommendation committee under the South Korean subsidiary of the New York-based bank is set to confirm the appointment of Yoo during a general meeting of stockholders and board of directors slated to be held on Oct. 27. Yoo, the bank‘s senior ex

Oct. 7, 2020

KFCC holds exchange program online with Thai Savings and Credit Cooperatives

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, held an annual exchange program with its counterpart in Thailand to introduce the group’s ongoing projects and management tips, officials said Wednesday.  Arranged as one-day videoconference in line with the government’s strict quarantine measures against the COVID-19 resurgence, the training event provided a series of online lectures on KFCC‘s fund managemen

Oct. 7, 2020

Seoul shares open lower on Wall Street losses

South Korean shares opened lower Wednesday, tracking overnight losses on Wall Street after US. President Donald Trump said he would postpone talks for a new stimulus plan until after the upcoming US elections. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.84 points, or 0.5 percent, to 2,354.06 in the first 15 minutes of trading. The main index tracked overnight losses on Wall Street. The Dow Jones industrial average fell 1.3 percent, and the tech-heavy Nasdaq composite index

Oct. 7, 2020

Top fried chicken franchise Kyochon to go public next month

Kyochon F&B, South Korea’s largest fried chicken franchise, will go public next month, aiming to secure up to 71.3 billion won ($61.4 million) of funding. According to the company’s securities report submitted to the Financial Services Commission on Monday, the fried chicken franchise will issue 5.8 million shares that are forecast to be priced at between 10,600 won and 12,300 won. Based on these share prices, the market capitalization of the company after the IPO is anticipated

Oct. 6, 2020

Seoul stocks extend winning streak to 5th day on hopes of US stimulus

South Korean shares closed higher to extend their winning streak to a fifth session Tuesday, as investor sentiment was buoyed on hopes for new economic stimulus in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.90 points, or 0.34 percent, to close at 2,365.90. Trading volume was moderate at 847 million shares worth 10.8 trillion won ($9.3 billion), with gainers outnumbering losers 426 to 400. Foreigners scooped up a

Oct. 6, 2020

W58.4tr flows into BTS agency’s stock preorders

Big Hit Entertainment, the agency behind K-pop sensation BTS, closed a two-day retail subscription Tuesday for its long-awaited initial public offering. Retail investors had submitted some 58.42 trillion won ($50.26 billion) in deposits for stock preorders. Despite anticipation by market watchers who thought the K-pop agency would set a record for subscription deposits, the accumulated amount was a little less than the figure seen during the public subscription of Kakao Games -- some 55.55 tri

Oct. 6, 2020

Seoul stocks set to extend winning streak on Trump's discharge from hospital, stimulus hopes

South Korean stocks traded higher late Tuesday morning heading toward a fifth consecutive day of gains as investor sentiment was spurred by an overnight rally on Wall Street after improvements to US President Donald Trump's condition and stimulus hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.17 points, or 0.56 percent, to 2,371.17 as of 11:20 a.m. Wall Street rallied overnight after uncertainties cleared over reports of Trump, who tested

Oct. 6, 2020

BTS' agency to close IPO retail subscription

Big Hit Entertainment, the management agency of K-pop superstar BTS, is set to close a two-day subscription Tuesday for its initial public offering (IPO) next week in what could be the biggest stock sale in South Korea. Since Monday, the company has allowed retail investors to subscribe to around 1.43 million shares, or 20 percent of its 7.13 million new stocks to be issued under the IPO scheduled for Oct. 15. The IPO price is 135,000 won ($116). Reflecting the global popularity of the K-pop b

Oct. 6, 2020

Seoul shares open higher on Wall Street gains

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street amid investor optimism on the improved condition of US President Donald Trump. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.88 points, or 0.67 percent, to 2,373.88 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones Industrial Average rose 1.7 percent, and the tech-heavy Nasdaq composite index gained 2.3 percent. US stocks jumped as Trump,

Oct. 6, 2020

Retail investors rush to submit deposits for Big Hit’s public subscription

Retail investors had submitted some 8.62 trillion won ($7.43 billion) in deposits during the first day of the two-day preorder session for stocks of Big Hit Entertainment, the agency behind K-pop sensation BTS, reflecting explosive interest from retail investors, according to investment banking sources on Monday. It was more than the figure seen on the first day of public subscription of SK Biopharmaceuticals, that marked around 5.9 trillion won, but far less than Kakao Games with 16.4 trillion

Oct. 5, 2020

Affordable lump-sum rentals a rarity in Seoul

The number of relatively affordable “jeonse” apartment rentals in Seoul has decreased in the past couple of years, as rent prices have escalated despite government measures to prevent this, data showed Monday. A jeonse rental involves a large lump-sum deposit but no monthly rental payments on a two-year lease. According to data released by the office of Rep. Kim Sang-hoon, jeonse rentals of 400 million won ($344,000) or under accounted for 46 percent of the long-term leasing marke

Oct. 5, 2020

Seoul stocks extend winning streak to 4th day on US stimulus hopes

South Korean shares jumped by more than 1 percent to extend their winning streak to a fourth session Monday, as investor sentiment improved on hopes for fresh economic stimulus in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.11 points, or 1.29 percent, to close at 2,358.0. Trading volume was moderate at about 746 million shares worth some 10.5 trillion won ($9 billion), with gainers outnumbering losers 647 to 211.

Oct. 5, 2020

S. Korean financial firms still vulnerable to cyber attacks overseas

A string of hacking attempts to break into South Korea’s financial institutions from abroad have continued in recent years, data showed Monday, prompting calls for financial authorities to impose tougher security measures. As of August, there have been a total of 37 hacking cases targeting local financial firms from overseas over the past five years, said Rep. Hong Sung-guk of the ruling Democratic Party, quoting data from the watchdog Financial Supervisory Service. The majority of fra

Oct. 5, 2020

Open the way for short selling by retail investors, lawmaker says

South Korea’s stock market saw a combined 498 trillion won ($428 billion) worth of short selling transactions from 2015 to 2019, but a high bar exists for retail investors wishing to engage in the practice, a lawmaker said Monday. Ruling Democratic Party Rep. Lee Jung-mun said retail investors need greater access to short selling, and called for the introduction of legislation before the temporary ban on the short selling of listed shares here expires in March 2021. The annual volume o

Oct. 5, 2020

BTS agency begins 2-day IPO subscription from individuals

Big Hit Entertainment, the management agency of K-pop superstars BTS, attracted a promising amount of deposits from retail investors on the first day of a two-day subscription for its initial public offering (IPO) next week, probably the biggest share sale on the local market. The IPO subscription runs Monday to Tuesday, prior to the company's listing on Oct. 15. Small investors deposited some 8.6 trillion won ($7.4 billion) on the first day of their subscription. IPO managers said Big Hit E

Oct. 5, 2020

Seoul stocks open tad higher on auto gains

South Korean shares opened a tad higher Monday, led by gains in automakers, after a long holiday. The Korea Composite Stock Price Index (KOSPI) rose 5.95 points, or 0.26 percent, to 2,333.84 in the first 15 minutes of trading. Investor sentiment was boosted by hopes for fresh economic stimulus in the United States. Most large caps traded lower in Seoul. Market bellwether Samsung Electronics added 0.17 percent, with No. 2 chipmaker SK hynix shedding 0.6 percent. Hyundai Motor, the country's

Oct. 5, 2020

SK Telecom's subsidiaries eye IPOs

SK Telecom Co., South Korea's top telecom operator, is eyeing initial public offerings (IPO) for its digital service subsidiaries starting next year, analysts said Sunday, as the company seeks to realign its business structure. The move has been widely expected after the mobile carrier announced its IPO ambitions for its wide ranging digital units of internet protocol TV (IPTV) operator SK Broadband Co. to video streaming service operator Content Wavve Corp. in its second quarter earnings call

Oct. 4, 2020

Pandemic boosts credit card firms’ profits from loans, cash advances

Korean credit card companies saw their combined earnings rise in the first half of this year from a year earlier due to increased profits from card loans and cash advance services during the coronavirus pandemic, data showed Sunday. The combined borrowing expenses of seven card issuers came to 957.2 billion won ($821 million) in the January-June period. Through the financing, the firms raised profits of 2.56 trillion won, recording earnings of 167 percent. The profit figures were up 100 bill

Oct. 4, 2020