Korean investors join IFC-led financing package for infra projects in APAC during fiscal year 2020

Korean investors have partly invested in a $650 million financing package for two infrastructure projects in Asia-Pacific countries during its fiscal year from July 2019 to June 2020, International Finance Corp. said in an announcement Monday. Of the major private sector investment deals in 12 Asian countries supported by IFC, Korean entities have invested in two projects including a 216-megawatt hydroelectric plant on the Trishuli River in Kathmandu, Nepal worth $450 million. The other on

Aug. 25, 2020

Seoul stocks open higher on vaccine hopes

South Korean shares opened higher Tuesday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound in the financial markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.03 points, or 0.60 percent, to 2,343.86 in the first 15 minutes of trading. Investor sentiment improved after US bio firm Moderna Inc. said it is close to making a deal on supplying about 80 million doses of COVID-19 vaccines to the European Union. The announcement fueled hopes for a

Aug. 25, 2020

Seoul Fintech Lab to house 30 more tenant startups

Korean startup incubation program Seoul Fintech Lab plans to house 30 new tenant startups starting from October this year, its operator said Monday. Of the 30 new tenant enterprises, five will be non-Korean while the rest will comprise Korean companies. Eligible applicants must be dedicated to financial technologies for the Asian market and their business must not be more than 7 years old, a Seoul Fintech Lab official said. Applications will be accepted online until Sept. 11. Qualified partic

Aug. 24, 2020

Seoul stocks extend winning streak to 2nd session on bargain hunting

South Korean shares gained Monday for a second consecutive session, as investors continued to hunt for undervalued stocks despite the resurgence of new coronavirus cases nationwide. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.24 points, or 1.1 percent, to close at 2,329.83. Trading volume was moderate at about 640 million shares worth some 11.5 trillion won ($9.7 billion), with gainers outnumbering losers 473 to 361. Foreigners pu

Aug. 24, 2020

KB, Hana see overseas biz grow in H1 amid coronavirus

Despite border restrictions placed during the COVID-19 pandemic, South Korea’s major lenders KB Kookmin and Hana posted robust net profit overseas in the first-half of the year, buoyed by their performance in Southeast Asia. Overall, the combined net profit of four major banks here -- KB Kookmin, Hana, Shinhan and Woori -- in the first-half of the year increased 20.1 percent to 289.2 billion won ($242.9 million), latest data showed. While KB Kookmin and Hana gained momentum, taking adv

Aug. 24, 2020

Buyout investors eye Korean waste management firms

Buyout investors at home and abroad are zeroing in on waste management companies in South Korea, as they hope to enjoy rising income over soaring demand for their services, according to market watchers on Monday. Such buyout bids, in turn, present exit opportunities to foreign capital holding majority stakes in such companies, they said. Last week, international investment firm Kohlberg Kravis Roberts closed the acquisition of 100 percent in medical and industrial waste management f

Aug. 24, 2020

Foreign investment banks raise Kospi target on signs of export recovery

Despite wide fluctuations in South Korea’s stock market, along with a resurgence in novel coronavirus infections, foreign investment banks have painted a rosy outlook for the nation’s main bourse. Swiss banking giant Credit Suisse has raised its yearly Kospi target to 2,600 from the previous estimate of 2,300, saying that exports have begun recovering as major economies ease COVID-19 lockdowns. “The continuous weakened US dollar gives a boost to the Kospi index, improving s

Aug. 24, 2020

Seoul stocks open nearly flat amid soaring virus cases

South Korean shares opened nearly flat Monday, as investor wariness grew over the resurgence of new coronavirus cases nationwide. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.21 points, or 0.10 percent, to 2,302.38 in the first 15 minutes of trading. The index got off to a weak start, largely on fears that the spiking COVID-19 outbreaks may lead to wider economic lockdowns. South Korea's top quarantine officials said on Sunday that the country may have to raise the current

Aug. 24, 2020

Citibank strengthens contactless services amid prolonged pandemic

Riding the rapid digital transformation trend in the financial sector triggered by the coronavirus pandemic, Citibank Korea said Sunday it will ramp up contactless wealth management services. The bank will hold a series of online seminars, titled “Citi Webinar On-Air,” in the second half of this year -- categorized into three sections. One of the programs, “Open Seminars” invites all clients every other week to its YouTube channel, where it will share its outlook on g

Aug. 23, 2020

Climbing loan delinquencies keep banks on edge

The delinquency rates for loans extended by South Korean banks have overall surged last month, sending lenders jitters as they apparently brace for side-effects of the government’s forbearance extension measures. Loan delinquency rates of the five major commercial banks here -– KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -– all came in an estimated range of 0.23 percent and 0.36 percent, according to data provided by the banks. The top and bottom lines of the range ea

Aug. 23, 2020

[Herald Interview] Shared space operator FastFive turns to small buildings for sustainable profits

Amid the growing need to have a fresh approach in the already saturated shared space industry, local company FastFive is turning to small commercial building landlords to minimize initial expenditures and build a sustainable profit structure. Kim Dae-il, chief executive officer of FastFive, told The Korea Herald in a recent interview that the company is looking to forge more partnerships with landlords of small commercial buildings instead of signing long-term lease contracts with landmark bui

Aug. 23, 2020

As Kospi recovers, foreign ownership hits 42-month low

Foreign stock ownership of South Korea’s main bourse Kospi dipped to a 42-month low in August due to their massive selling amid a faster-than-expected recovery of the coronavirus-affected market, data showed Sunday. The average monthly ownership of foreign investors came to 35.78 percent of the bourse’s market capitalization this month, the lowest monthly average since Feb. 2017, when it was 35.74 percent, according to data from the bourse operator Korea Exchange. Since the main b

Aug. 23, 2020

Korea Investment & Securities to divest coal assets

South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. “We will stop investing in coal from now on. To fulfill our social responsibility as a firm, we’ll strengthen ESG -- environmental, social and governance -- investments instead,” a KI

Aug. 23, 2020

[Weekender] The golden dream: What it takes to be ‘rich’ in South Korea

“Since I was a teenager, I have always dreamed of becoming rich. In my standard, having 10 billion won ($8.43 million) worth of assets could be considered rich but this goal is almost impossible to reach on an annual salary,” Park Jee-hye, a 33-year-old, said. Eager to save at least 100 million won before her 30s, Park chose to get a job at a big firm, where she has saved about 200 million won so far. The real problem is where to park this amount, besides investing in stocks and f

Aug. 22, 2020

New NTS chief pledges to support COVID-19-hit businesses

Kim Dae-ji, the new chief of South Korea’s tax authority, the National Tax Service, vowed Friday that the tax office would give full support for small and midsized businesses reeling from the lingering coronavirus pandemic while strictly enforcing rules against tax evasion. “The tax office will try to deploy measures to help overcome the coronavirus crisis and prop up the economy by lightening the tax burden on entrepreneurs and small-business owners,” said Kim at his inau

Aug. 21, 2020

Seoul stocks rebound on bargain hunting

South Korean shares rebounded Friday on bargain hunting after stock prices recently plunged amid fears over the fast-spreading coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.37 points, or 1.34 percent, to close at 2,304.59. Trading volume was high at about 855 million shares worth some 14 trillion won ($11.8 billion), with gainers outnumbering losers 600 to 237. Foreigners bought a net 197 billion won, ending a two-da

Aug. 21, 2020

S. Korean private equity market needs higher transparency: Preqin

Despite managing $61 billion in assets, South Korea‘s private equity industry is considered a relatively immature market, compared to global financial hubs like London, New York and Hong Kong. The segment, however, has growth potential if it is able to improve transparency by addressing issues, including a lack of standardized reporting practices and inconsistency in the portfolio valuation methodology by private equity fund managers, according to Preqin, a London-based financial data prov

Aug. 21, 2020

Seoul stocks open sharply higher on Wall Street gains

South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top

Aug. 21, 2020

BOK names new senior deputy governor

The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the

Aug. 20, 2020

Shinhan inks W73b deal to buy Doosan‘s investment arm

Shinhan Financial Group signed a deal to acquire a controlling stake in Neoplux, Doosan’s investment arm, for 73 billion won ($61.4 million), a filing showed Thursday. The transaction between Shinhan and the conglomerate‘s holding firm Doosan Co. is set to close by Sept. 29. As a result, Shinhan will control a 96.77 percent stake in Neoplux. The news comes a month after Shinhan was picked as the preferred bidder for the takeover in late July. Neoplux was founded in 2000, and ha

Aug. 20, 2020