Historical summit highlights stocks related to inter-Korean businesses

With drummed up expectations for a more stable Korean Peninsula upon the inter-Korean summit on Friday, stocks of South Korean firms related to cross-border businesses have seen sharp gains.The firms are associated with the inter-Korean business initiative pledged by South Korean President Moon Jae-in.  Named “New Economic Map of the Korean Peninsula,” it contains plans to jointly develop areas across the peninsula, including Kumgangsan, Kaesong industrial park and the Korean De

April 26, 2018

Korea M&A Center launches protection service for ICO investors

The Korea M&A Center said Thursday it has launched a patented financial service aimed to protect investors of initial coin offerings.The system named “ESC Lock” combines the escrow system used in financial markets such as e-commerce, together with ICOs, to create a model that “locks” the investments of investors and the cryptocurrency issued by ICO companies, the center explained.Recently in Vietnam, the largest ICO scam in history was recorded as some 32,000 investor

April 26, 2018

SC Bank Korea’s airline card rewards users with bonus flight to SE Asia

Standard Chartered Bank Korea’s newly-released airline miles credit card with efficient options that can reward a user free flight tickets to destinations like Southeast Asian nations, in return for spending at least 2 million won ($1,900) each month for a year.Launched in March, the new credit card dubbed “Plus Mile” offers at most bonus 3.5 miles to fly Asiana Airlines or bonus 3 miles with Korean Air, both per 1,000 won spending.  This means those spending 2 million won

April 24, 2018

[Photo News] AIA Group head meets FSC Chairman

AIA GROUP HEAD MEETS FSC CHAIRMAN -- Visiting AIA Group Chief Executive Ng Keng Hooi (left) and South Korea‘s Financial Services Commission Chairman Choi Jong-ku hold a meeting at the FSC headquarters in Seoul on Monday. The two discussed current issues regarding the life insurance industry in Korea, according to AIA Korea. (AIA Korea)

April 23, 2018

Komsco to hold global forum on future of mints industry

South Korea will bring together the world’s 46 manufacturers of coins, medals and banknotes this week to discuss the future of the minting industry amid the emergence of new technologies across the globe. The state-run coin and bank note manufacturer, Korea Minting and Security Printing & ID Card Operating Corp. (Komsco), will host the biannual Mint Directors Conference from Monday to Thursday, the organizers said Sunday. The upcoming event will mark the 30th of its kind and the second

April 22, 2018

Seoul stocks open lower on foreign selling

South Korean stocks opened lower Friday on foreign selling, tracking overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index  shed 9.5 points, or 0.38 percent, to 2,476.6 in the first 15 minutes of trading. The decline followed overnight losses in the US market due to concerns over faster inflation growth and losses in tech shares.The Dow Jones industrial average retreated 0.34 percent, and the tech-heavy NASDAQ composite index skidded 0.78 percent. Big-cap shar

April 20, 2018

Finance minister to attend G-20 finance ministers meeting this week

SEJONG -- South Korea's finance minister will attend the upcoming Group of 20 meeting later this week to discuss current global financial and economic issues, the finance ministry said Wednesday.Finance Minister Kim Dong-yeon will head to Washington, DC on Thursday for the G-20 Finance Ministers and Central Bank Governors meeting that runs from Thursday to Friday (local time), according to the ministry.He will also participate in the International Monetary and Financial Committee conference to e

April 18, 2018

Korean commerce minister makes first trip to US

The South Korean commerce minister on Wednesday embarked on a weeklong trip to the United States to meet American policymakers and business leaders as part of efforts to expand economic ties between the two nations, his office said.Paik Un-gyu, minister of trade, industry and energy, made his first trip to the US since taking office last year after the two nations agreed in principle on key issues to fix their six-year-old trade deal. The agreement came against the backdrop of negotiations to ge

April 18, 2018

IMF maintains 3% growth forecast for S. Korea

The International Monetary Fund said Tuesday that it will maintain its earlier 3-percent growth forecast for South Korea this year.The IMF adjusted up the country's gross domestic product growth in January, with the revision in line with Seoul's growth outlook for 2018. The government here said it expects Asia's fourth-largest economy to advance 3 percent in 2018.The IMF also said the country's economy could grow by 2.9 percent in 2019, the same expansion as forecast earlier.South Korea's econom

April 17, 2018

Financial reform loses momentum on FSS leadership void

Recent political rows surrounding the chiefs of the Financial Supervisory Service are expected to put the brakes on the Moon Jae-in administration’s ambitious financial reform drive, while leaving the financial regulator struggling in a leadership void. Speculations, meanwhile, quickly spread Tuesday after the resignation of former lawmaker and civic activist Kim Ki-sik, on who would be the next candidate, and whether Cheong Wa Dae would still take a chance with a non-bureaucrat. Kim offer

April 17, 2018

Feud-ridden FSS chief offers to resign

The Financial Supervisory Service Gov. Kim Ki-sik on Monday offered to resign, shortly after the election watchdog concluded that his past behavior as a lawmaker violated laws."I have offered my resignation (to the presidential office)," the FSS quoted Kim as saying.The National Election Commission, after an hours-long meeting, said that Kim's donation of 50 million won ($46,577) to a group of former and incumbent lawmakers of his home Democratic Party breached the Publi

April 16, 2018

FTC increases punitive actions against anti-trust violations

The Fair Trade Commission took more punitive actions against anti-trust law violators in 2017 over the previous year, its data showed Monday.The data, submitted to ruling party legislator Park Yong-jin, indicated that the commission received 3,037 petitions last year and took administrative action on 2,877 of them. The corporate watchdog has six different levels of punitive measures, ranging between warning at the lowest level and punitive penalty fees and referral to the prosecution at the two

April 16, 2018

Foreigners turn to net buyers of S. Korean stocks in March

Foreign investors turned to net buyers of South Korean stocks last month, data showed Monday.Offshore investors bought a net 123 billion won ($114.95 million) worth of local stocks in March, compared with net selling of 3.96 trillion won a month earlier, according to data by the Financial Supervisory Service. They were net sellers in the main KOSPI market by offloading around 200 billion won, but their purchase of shares on the secondary KOSDAQ market offset the sell-off on the main bourse, the

April 16, 2018

[Photo News] Ways to show regret

Samsung Securities CEO Koo Sung-hoon (front row, second from left), along with the company’s executive members and senior employees, write a letter of apology during an emergency workshop held Saturday in Seoul. The country’s top brokerage company came under fire recently for a dividend error in which non-existent shares worth 110 trillion won ($103 billion) were issued and some of the employees sold them off, causing the company’s shares to drop by double digits during th

April 15, 2018

[Kosdaq Star] Fine dust woes boost Winix momentum

This is the 54th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Living with fine dust has become a new norm for South Koreans, with pedestrians wearing masks and outdoor sports events often being canceled due to poor air quality. Fine dust checking apps bring yet more scientific ways to accurately measure the levels, not to mention air purifiers becoming a requisite for indoors.But with the government struggling to deal with the dust problem and

April 15, 2018

US does not designate S. Korea as currency manipulator

The United States declined to designate South Korea as a currency manipulator Friday but kept it on its list of countries to monitor.In a semiannual report to Congress, the Treasury Department said the currency practices of South Korea and five other countries required close attention but no trading partner met the criteria for a currency manipulator."The Treasury Department is working vigorously to ensure that trade is free, fair and reciprocal so American workers and companies can compete

April 14, 2018

FSS chief urges asset management firms to secure retail investor trust

The Financial Supervisory Service Gov. Kim Ki-sik on Friday stressed the need to secure retail investors’ trust in investment funds held by public, in a meeting with chief executives of asset management companies in South Korea, according to the watchdog. In a closed-door meeting with CEOs of 15 asset management companies that took place in headquarters of the Korea Financial Investment Association, Kim also called on the CEOs to boost the returns of their pension funds and strengthen inte

April 13, 2018

Prices of crypto tokens fluctuate upon ICOs on Bithumb

The prices of cryptocurrency tokens severely fluctuated immediately after being listed on South Korea‘s cryptocurrency exchanges including Bithumb, Thursday.The price of encrypted tokens Mithril and Aelf surged 11,100 percent and 90 percent, respectively, within 30 minutes after Bithumb announced the listing of the tokens at 6 p.m. Thursday. The gains also immediately evaporated. Upon the initial coin offering at 6 p.m. Thursday, Mithrill traded at 250 won (23 cents) per token on Bithumb.

April 13, 2018

Seoul to discuss currency market intervention report with IMF next week

South Korea will discuss currency market-related issues, such as how to reveal records of its market interventions, with the International Monetary Fund next week, the country's chief economic policymaker said Friday.Seoul's finance ministry said earlier that South Korea is considering disclosing details of its interventions in the foreign exchange market in a move to boost transparency and clear itself of suspicion of influencing exchange rates.South Korea's financial authorities have persisten

April 13, 2018

FSS investigates nonbanking firms’ hiring irregularities

The Financial Supervisory Service on Thursday launched inspections targeting nonbanking financial companies in South Korea, following its probe on the banking industry. The targets of the probe include 25 life insurance companies, 31 damage insurance firms and eight card companies, as well as savings banks and securities firms.The FSS will reportedly look into evidence of gender discrimination in the employment process and personal ties between applicants and high-ranking officials of companies.

April 12, 2018