Korea's current account hits seven-month low in Nov.

South Korea's current account surplus narrowed to a seven-month low in November from a year earlier due to a decrease in the goods account, central bank data showed Tuesday.The country's current account surplus came to $5.06 billion in November, down from $7.43 billion a year earlier, according to the preliminary data from the Bank of Korea. The tally marks the 81st consecutive month of the balance being in the baclk, but it represents the smallest surplus since April when it hit a six-year low

Jan. 8, 2019

[News Focus] KB Kookmin Bank’s fate this year to depend on strike scenario

Tension prevailed at KB Kookmin Bank on Monday in the face of an imminent general strike that may dampen the company’s growth momentum and possibly menace its recently recovered position as the nation’s leading commercial bank.The bank’s labor union set out to stage a nationwide strike on Tuesday, as last-minute negotiations fell through on Monday afternoon amid prolonged conflict over the wage system. The walkout -- the first one in 19 years -- is expected to cripple operation

Jan. 7, 2019

2019 to witness rebound in IPO market

South Korea’s initial public offering market is expected to rebound this year on the back of large companies’ plans to debut shares, after its size sank to a five-year low in 2018, industry watchers said Monday.Among those expected to issue IPOs this year are major firms in their respective fields, Hyundai Oilbank and Kyobo Life Insurance, both of which are likely to make big waves in the market.  With the two, the market is forecast to gain up to about 4 trillion won ($3.6 bill

Jan. 7, 2019

Finance minister holds meeting over ex-govt. official's whistleblowing claim

South Korea's finance minister held a meeting with senior officials Sunday to discuss pending issues, including a former ministry official who claimed to be a public-interest whistleblower.The country's finance ministry has filed a complaint against Shin Jae-min, a former official who claimed that the presidential office Cheong Wa Dae abused its power over the country's leading tobacco maker and the finance ministry.At a weekly meeting, Minister Hong Nam-ki and ministry officials discussed the r

Jan. 6, 2019

Seoul shares likely to show volatility next week

South Korean stocks are expected to show high volatility next week as pessimism over a global slowdown will dominate investors' sentiment here, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,010.25 points on Friday, down 30.79 points, or 1.5 percent, from a week earlier. On Wednesday, the first day of trading of 2019, the stock market experienced a more than 30-point plunge as China-originated growth concerns swept the world.Next day, KOSPI surrendered th

Jan. 5, 2019

Kospi closes below 2,000 at 25-month low

South Korea’s top-tier stock market Kospi closed below the 2,000 mark on Thursday, marking a two-year low, pulled down by foreign investors’ stock dumping and heightened fears of an economic slowdown, illustrated by Apple’s pessimistic revenue outlook. The main bourse index closed at 1,993.7, down 16.3 points, or 0.81 percent, from the previous session’s close. It had fluctuated above and below the 2,000 mark throughout the day, after its first dip under at 9:59 a.m. 

Jan. 3, 2019

With new momentum, Korea’s top 5 banks to compete for increased profitability in 2019

South Korea’s top five banks have set out to compete for increased profitability in 2019 as they gain new momentum with group-wide reforms, executive reshuffles, structural realignment as well as strategic mergers and acquisitions.　KB Financial Group, which has been Korea’s most profitable bank since 2017, will concentrate on defending its leading status in the industry by continuing to post stable profits and boosting its share value.This was evident in KB Financial Group Chairman Y

Jan. 3, 2019

Softbank Ventures Korea rebrands as Softbank Ventures Asia

Softbank Ventures Korea, the local venture capital arm of Japan’s Softbank Group, has rebranded itself to build a presence across Asia, the firm said Thursday. Now Softbank Ventures Asia, the company plans to open offices and hire investment professionals in Singapore and Shanghai. It currently operates out of Seoul, Beijing, San Francisco, and Tel Aviv.  Upon being launched in 2000, the company initially focused on tech venture investments in South Korea, but soon turned its attentio

Jan. 3, 2019

[Breaking] Kospi dips below 2,000 for first time in 2 months

South Korea’s top-tier stock market Kospi dipped below the 2,000-point barrier on Thursday, according to Korea Exchange, pulled down by foreign investors’ stock dumping. The benchmark index hit 1,999.93 at around 9:59 a.m. The last time the figure fell lower than the 2,000 mark was on Oct. 30. The main bourse opened at 2,011.81, which was 1.81 points higher than the previous day’s close. But it sharply dipped below 2,000 within an hour.By Jung Min-kyung (mkjung@heraldcorp.

Jan. 3, 2019

Finance ministry files complaint against ex-official over leaks

The finance ministry said Wednesday that it filed a complaint against a former junior official for leaking secrets, which he claimed was whistleblowing aimed at serving the interest of the public. The Ministry of Economy and Finance took legal action against Shin Jae-min on charges of divulging official secrets and violating the public records management act. The prosecution did not immediately say when it will begin its probe into the case. The ministry's move came after the 33-y

Jan. 2, 2019

Korea’s banking sector eyes digital innovation, overseas expansion in 2019

South Korea’s finance industry is bracing itself for a year of stunted growth, as it foresees growing global economic uncertainties and concerns over profitability in the new year. With a fresh sense of alarm, the chiefs of the country’s biggest banks plan to tackle the oncoming challenges by further embracing digital innovation and overseas business expansion.Korea Federation of Banks Chairman Kim Tae-young said in his New Year’s message that “it will be difficult for th

Jan. 2, 2019

[News Focus] Stock short-selling surges while ‘abolishment’ petitions grow

SEJONG - South Korea’s small individuals have continued to express their discontent with a systematic practice on the local stock market in which foreign and domestic institutions take huge gains via the short-selling skill.Short selling is a legitimate trading skill. Generally, institutions can reap gains by dumping borrowed stocks and repurchasing them at far lower prices later, which is dubbed short covering. After making these gains, the institutions hand back the shares to the origina

Jan. 2, 2019

Lotte Card kicks off consumer financing business in Vietnam

Lotte Card said Tuesday that it has become the first South Korean credit card operator to offer consumer financing services in Vietnam as part of its mid- and long-term plans to expand its business operations in the Southeast Asian region.South Korea’s fifth-largest credit card company in terms of net assets held a ceremony in Hanoi on Dec. 18 to celebrate the launch of Lotte Finance Vietnam, according to company representatives. Since establishing its local office in 2009, Lotte Card has

Jan. 1, 2019

New executive roster adds to cracks in financial industry’s glass ceiling

The thick glass ceiling in the finance industry of South Korea got a few more cracks in the last month, with the latest reshuffles in the country’s leading banking and securities brokerage companies having nominated women leaders to the top posts.The nomination of Park Jeong-rim as the co-CEO of KB Securities on Dec. 19 marked another leap forward, as she is set to become the first female CEO of a brokerage firm in Korea. Her nomination awaits approval in the upcoming general shareholders&

Jan. 1, 2019

Financial watchdog chief urges risk management in new year

The head of the financial watchdog said Monday that he will prioritize the management of potential risks in the financial sector in the new year to better support economic growth.Financial Supervisory Service Gov. Yoon Suk-heun made the pledge in his New Year's message, saying that a financial crisis "could break out at any time." "We have to guard against the possible spread of shocks in the financial system to the real economy," Yun stressed, vowing to establish "fair

Dec. 31, 2018

Korea vows to make efforts to bolster corporate investments: finance minister

South Korea's finance minister vowed Monday that every effort will be made to help companies make investments in the new year as Seoul seeks to revitalize its economy.The comments by Hong Nam-ki came as Asia's fourth-largest economy is struggling to create jobs and boost the economy. The government has said it will speed up administrative procedures to ensure quick implementation of major corporate investments worth 6 trillion won ($5.3 billion), including a 3.7 trillion-won project by Hyundai M

Dec. 31, 2018

Central bank to continue accommodative monetary policy in 2019: BOK chief

South Korea's central bank chief said Monday that an accommodative monetary policy will be maintained in the new year in the face of low inflationary pressure and slowing economic growth."It is necessary to maintain the accommodative monetary policy as the economy will likely pull off upper 2 percent growth and the inflationary pressure will remain low," Bank of Korea Gov. Lee Ju-yeol said in his New Year's message. "The BOK will carefully watch the pace of economic growth, inflat

Dec. 31, 2018

Share prices of most listed companies declined in 2018: KRX

Share prices of most listed companies backtracked in 2018 compared with the end of last year, data by South Korea's bourse operator showed Sunday.According to the Korea Exchange, of the 879 companies traded on the main KOSPI exchange, only 252 posted gains throughout the year, while 626, or 71.2 percent, reported a drop in stock prices. There was one company whose share prices remained unchanged from late 2017.The KRX excluded newly listed companies and those that were removed from the stock mar

Dec. 30, 2018

S. Korea ranks 17th among G-20 countries in stock market performance in 2018

South Korea's stock market fared ill this year compared with major countries amid global economic uncertainties, data showed Saturday.Of the 20 major countries in the world, South Korea came in 17th in terms of the growth rate of its key stock index by tumbling 17.79 percent this year, according to the data from the Korea Exchange.Brazil topped the list as its key index spiked 11.86 percent this year, followed by Saudi Arabia with a 7.24 percent increase and India rising 5.14 percent in 2018.Exc

Dec. 29, 2018

Seoul shares expected to move in tight range next week

South Korean stocks are expected to move in a relatively tight range as 2019 trading kicks off next week in the face of various uncertainties, analysts here said Saturday.The benchmark Korea Composite Stock Price Index  closed at 2,041.04 points on Friday, down from 2,061.49 the previous week.The KOSPI was subject to some rocky trading early in the week as investors took a wait-and-see stance in the face of volatile political developments in the United States.The bourse dipped 1.31 percent

Dec. 29, 2018