Cryptocurrencies in negative territory amid growing investor fear

Cryptocurrencies remained in negative territory for a second day on Wednesday, with investor sentiment indicators hinting fear amid toughened regulations by financial watchdogs across the globe. South Korea‘s digital asset exchange Upbit operator Dunamu’s Digital Asset Fear and Greed Index -- standing at 29.76 on Wednesday, the lowest in 18 days -- showed that investors were gripped by fear for the tenth consecutive day on Wednesday. An index figure between 20 and 40 means market

July 14, 2021

Korea’s IPO subscription rate jumps 2.7 times in 2 years amid stock market rally

The book-building competition rate of initial public offerings in South Korea has intensified lately, as scores of investors with a growing appetite for expanding financial assets and abundant liquidity have flocked to make deposits for retail subscriptions, data showed Wednesday. Fueled by a recent bull run from the pandemic-hit market, new shares for IPOs were 1,376.9 times oversubscribed on average during retail tranches in the first half of this year, compared with 509.2 times in 2019, acco

July 14, 2021

Seoul stocks open lower on increasing price pressure

South Korean stocks opened lower Wednesday, tracking US stock losses from increasing price pressure that fueled concerns of faster-than-expected inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 16.5 points, or 0.5 percent, to 3,254.88 points in the first 15 minutes of trading. Stocks got off to a weak start as an estimate-beating 0.9 percent on-year increase in US consumer prices in June fanned market worries that the world's largest economy may hasten the timeframe for

July 14, 2021

Mamamoo’s agency to go public this year

Rainbow Bridge World, the entertainment agency behind South Korean pop music group Mamamoo, announced plans to go public on the nation’s secondary bourse, the Kosdaq. It hopes to follow in the footsteps of Hybe, which became a corporate giant after its market debut. The agency has submitted an application for an initial public offering. If approved, it may enter the stock market within this year, according to publicists representing the agency. According to the plan, Rainbow Bridge Worl

July 13, 2021

Hashed invests in membership-based financial service provider Hi

Hashed, a South Korean venture capital company specialized in investing in blockchain technology, on Tuesday said it has invested an undisclosed amount in Hi, a membership-powered financial service for crypto and fiat currencies. Hi was co-founded by Sean Rach, the former chief marketing officer at Crypto.com and Stefan Rust, who served as CEO at Bitcoin.com. “Hi aims to provide a global wallet service that can provide various financial and payment services using cryptocurrency. We e

July 13, 2021

Seoul stocks up for 2nd day on speculations of strong quarterly earnings

South Korean stocks advanced for a second consecutive session Tuesday, backed by strong foreign and institutional buying that stemmed from optimism for strong corporate earnings and economic indicators for the second quarter. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 24.91 points, or 0.77 percent, to close at 3,217.38 points. Trading volume was moderate at about 1.1 billion shares worth around 13.2 trillion won ($11.5 billion), wit

July 13, 2021

KRX to expand Korean won contract on Eurex

South Korea’s sole bourse operator, the Korea Exchange, and the Eurex Exchange will expand their tradable product range through the Korean won contract starting July 26, officials said Tuesday. Regular trading hours will be set between 6 p.m. and 5 a.m. here. Incomplete contracts from the night session will be transferred to the local bourse operator’s regular derivative market, they said. The new forex future contract will complement the Kospi 200 options, the Mini-Kospi futures a

July 13, 2021

Child birth, rearing still key cause for women's career breaks: data

It takes 20 years for the female employment rate to reach the same figure of female workers in their first year of marriage, suggesting that child births and rearing are still the main obstacles they face in continuing their careers, a report showed Tuesday. A survey conducted by the Korea Labor Institute, the employment rate among married women in the first year of marriage was 68.1 percent but the figure plunged to 40.5 percent when they reached the fifth year. The job rate of married women

July 13, 2021

[Herald Interview] Scaling legal service with tech touch

More industries are being disrupted by technology, and more companies in South Korea are operating across multiple jurisdictions, often leading to complexities in international legal disputes. This is reshaping the way Korean law firms deliver legal services to domestic clients, by exploring new industrial trends, organizing its lawyers and creating new legal services for clients in response to the trends, a top attorney of a Korean full-service law firm said. “Corporate clients increa

July 13, 2021

Chubb names new head for Korea's general insurance business

Property and casualty insurance firm Chubb said Tuesday it has appointed Edward Kopp as the new country president for its general insurance business in Korea. The announcement marks Kopp‘s return to the position that he had served in from 2013 to 2018. Kopp will replace the incumbent Edward Ler, who has been appointed to Head of Southeast Asia for Chubb. Kopp, currently Chubb‘s Asia Pacific Head for Accident & Health, has more than 25 years of experience in the financial servi

July 13, 2021

Seoul stocks open higher on US rallies

South Korean stocks opened higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism for strong corporate earnings in the second quarter. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.14 points, or 0.62 percent, to trade at 3,266.61 points in the first 15 minutes of trading. The KOSPI got off to a bullish start despite concerns about the toughened social distancing measures in the greater Seoul area. Strong earnings reports by US financial giant

July 13, 2021

Kospi faces short-term volatility in face of 4th wave

Now that the government has placed the Greater Seoul area under Level 4 social distancing rules, the toughest level there is, South Korean stocks are likely to face increased volatility, according to market watchers Monday. Despite investor sentiment worsening, they say the impact on the market will be limited amid hopes for strong second-quarter corporate earnings and promising economic indicators. Major brokerage houses foresee the Kospi falling within the range of 3,220 and 3,350 points this

July 12, 2021

KakaoBank’s success threatens traditional banks: Moody’s

KakaoBank’s rapid growth underscores the threat Big Tech poses to incumbent banks in Korea, Moody’s Investors Service on Monday said. The global credit rating agency said that local lenders face mounting competition and will have to strengthen their online platforms as KakaoBank expands its loan portfolio and capital base. Moody’s said KakaoBank, the banking arm of mobile giant Kakao, now has the largest number of users and attributed the internet-only bank’s rapid as

July 12, 2021

[ESG Talk] Expediting Korea’s ESG capacity

South Korean corporates and government authorities are dynamically reorienting toward environmental, social and governance factors. Yet, this enthusiasm can quickly turn into a myopic facade if not channeled effectively. To establish truly impactful ESG practices, a deep-thought approach to transforming the individual lifestyles of consumers is necessary. Achieving this change is possible only if companies and governments align business and policy priorities that cater to the fundamental needs o

July 12, 2021

Shinhan invests W77b into delivery, pet grooming services

Shinhan Financial Group will invest in a delivery service provider and an autonomous transportation service startup to upgrade its banking platform and find new revenue streams amid increasing competition in the financial industry for digital transformation, the banking group said Monday. The lender has pledged to make an investment worth 77 billion won ($67.21 million) into three digital platform companies by using a 300 billion-won fund launched by Shinhan affiliates including its credit ca

July 12, 2021

Seoul stocks snap 3-day losing streak on bargain hunting, recovery hopes

South Korean stocks rebounded to snap a three-day losing streak Monday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session amid escalating virus concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 28.52 points, or 0.89 percent, to close at 3,246.47 points. Trading volume was light at about 1.1 billion shares worth some 11.1 trillion won ($9.7 billion), with gainers outnumberi

July 12, 2021

Woori Financial to invest W100tr in ESG-related products by 2030

Responding to rising demand for sustainability in corporate management, Woori Financial Group has decided to invest 100 trillion won ($87.3 billion) in financial products associated with environmental, social and governance, or ESG factors, including credit loans and bonds, by 2030, the banking giant said Monday.  The envisioned plan is part of the group’s mid-and long-term ESG strategies to promote sustainable growth under a new company vision titled “Good Finance for the Ne

July 12, 2021

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Monday as investors sought to buy oversold stocks after the benchmark index took a breather the previous session. The benchmark Korea Composite Stock Price Index (Kospi) rose 22.86 points, or 0.71 percent, to 3,240.81 points in the first 15 minutes of trading. Stocks came to a strong start after the Kospi retreated 2.64 percent in the past three sessions amid rising concerns over the fourth wave of the pandemic in the country. Market kingpin Samsung Electroni

July 12, 2021

Market Kurly opts for Korean market for IPO

Korean fresh food delivery platform Market Kurly has changed the venue for its planned public debut from the US to the Korean market, as recently relaxed listing regulations and market conditions now give them firm reasons to stay home. After exploring options of floating its shares in the US or at home, Market Kurly decided to go for the Korean stock market, it said Friday. “We appreciate domestic customers, producers and suppliers and would like to share the success of the company,&

July 12, 2021

President’s New Deal fund picks draw over 5% return in 6 months

President Moon Jae-in has invested 50 million won ($43,700) into major funds intended to support the government’s New Deal project since January this year. About six months later, the funds have drawn more than a 5 percent average return combined, data showed Sunday. According to financial market tracker FN Guide, the five New Deal funds operated by local asset management firms have generated a 5.26 percent return on average as of Thursday. The president, who made his investment on Jan. 1

July 11, 2021