Banking groups integrate ‘lifestyle’ into financial services

Tech giants such as Naver and Kakao have penetrated the financial sector by integrating “lifestyle” into their financial services, offering all-in-one services via a single platform or close connections to their users. Kakao Corp., operator of the nation’s No. 1 mobile messenger in terms of users, for example, allows KakaoTalk users easy access to its financial services offered by KakaoBank. KakaoTalk users can use KakaoBank services at just a press of a button on the messeng

June 20, 2021

Regulatory reform boon to Korean private equity landscape: report

An anticipated regulatory change in South Korea will bolster growth of the burgeoning private equity industry led by large and reputable fund managers, a report showed Sunday. The revision of the Capital Markets Act, soon to be in effect starting October, aims to separate institutional funds and noninstitutional funds. It is largely aimed at protecting noninstitutional end-investors of private funds, as a number of misselling scandals had dented the fund industry over the past couple of years.

June 20, 2021

Stock gift to BTS members balloons to W150b

Stocks gifted to members of boy band BTS have snowballed to a combined value of nearly 150 billion won ($132.5 million) over the course of about 10 months. The gift -- 478,695 common shares of BTS’ management agency Hybe that were evenly distributed to the seven members -- is now valued at the domestic stock market at 149.8 billion won, as Hybe shares notched an all-time high for five straight trading days until Friday. This means members RM, Jin, Suga, J-hope, V, Jimin and Jungkook hav

June 20, 2021

Seoul stocks tipped to face selling pressure next week on inflation woes

South Korean stocks are likely to come under selling pressure next week, as investors could take to the sidelines amid weakening local currency and uncertainties from the Fed's earlier-than-expected timeline for policy tightening, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,267.93 points Friday, up 0.57 percent from a week ago. The KOSPI set a new all-time high Wednesday on strong individual buying, backed by speculation that the US Federal Rese

June 19, 2021

“Hasty delisting of digital coins negatively impacts investors”

Coming under increasing pressure from financial regulators, local cryptocurrency exchanges have hastily delisted dozens of digital coins, but the removals create negative impact on investors, experts said on Friday. Since Upbit announced its decision to discontinue the trading of five coins on June 11, two more exchange - Bithumb and Coinbit - joined the move with sudden delisting and investment warnings. “Inadequate digital tokens certainly have to be removed from the market but hasty d

June 18, 2021

Asiana Airlines, Air Busan, Asiana IDT face review on possible delisting

South Korea’s No. 2 carrier Asiana Airlines and its two affiliated companies face possibilities of being delisted from the nation’s main bourse Kospi, according to industry sources Friday. The country’s bourse operator Korea Exchange announced Thursday that it has decided to examine the air carrier’s listing eligibility in line with the former Kumho Asiana Group chief’s arrest over allegedly unfair interaffiliate deals. The KRX has made an additional decision to

June 18, 2021

Seoul stocks rebound on hopes of economic recovery

South Korean stocks rebounded Friday as hopes for an economic recovery offset concerns over an earlier-than-expected tapering move by the US Federal Reserve. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.97 points, or 0.09 percent, to close at 3,267.93 points. Trading volume was moderate at about 1.6 billion shares worth some 17.1 trillion won ($15.1 billion), with losers outnumbering gainers 464 to 382. Foreigners sold a net 823 bil

June 18, 2021

Seoul stocks open higher on US tech rebound

South Korean stocks opened higher Friday on overnight tech gains on Wall Street, with investors digesting the impact of the Fed's faster-than-expected timeline for policy tightening. The benchmark Korea Composite Stock Price Index (Kospi) increased 7.75 points, or 0.24 percent, to 3,272.71 in the first 15 minutes of trading. Stocks opened with mild gains after the key stock index snapped its five-session winning streak the previous session. The rebound came amid the ongoing tussle between a

June 18, 2021

Cross-trading, transaction of own coins banned for cryptocurrency exchanges

The regulatory Financial Services Commission on Thursday said that it will add detailed measures to the legislation governing cryptocurrency exchanges in an effort to tame their attempts at price fixing. Cryptocurrency exchanges will be banned from handling digital tokens issued by themselves or affiliated people, according to a pre-announcement of the revisions made to the enforcement decree of for the Specified Financial Transaction Information. Executives and employees of an exchange are ba

June 17, 2021

Seoul stocks snap 5-day rise on Fed's hawkish comments, Kosdaq tops 1,000 points again

South Korean stocks ended a five-session winning streak Thursday as investor sentiment for risky assets weakened over the Federal Reserve's comments about an earlier-than-expected timeline for a rate hike. The Korean won steeply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.72 points, or 0.42 percent, to close at 3,264.96 points. Trading volume was moderate at about 1.8 billion shares worth some 14.4 trillion won ($12.7 billion), with losers outnum

June 17, 2021

Waves of female leaders

Hana Financial Group Chairman Kim Jung-tai (fifth from left, second row) poses with female midlevel managers during a launch ceremony of a new in-house program titled Hana Waves held at its headquarters in central Seoul on Tuesday. Members invited to the first series of programs have been recommended by CEOs of Hana affiliates to develop their leadership roles as part of the group‘s gender diversity efforts at the C-suite level. (Hana Financial Group)

June 17, 2021

Seoul stocks open lower on Fed's hawkish comment

South Korean stocks opened lower Thursday as the Federal Reserve made comments about an earlier-than-expected timeline for a rate hike. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.61 points, or 0.6 percent, to trade at 3,259.07 points in the first 15 minutes of trading. Stock prices fell after the key stock index finished at an all-time high the previous session, taking a cue from Federal Reserve Chairman Jerome Powell's comment that the Fed began discussing measures to sca

June 17, 2021

Kospi hits new high in 5 months ahead of FOMC decision

South Korea’s benchmark Kospi hit a fresh high during intraday trading Wednesday, with foreign and institutional investors returning to the market ahead of a US Fed meeting that could signal a market moving stance. It extended a winning streak for a whopping fifth session in a row. The Kospi closed at 3,278.68, replacing an all-time high closing for a third consecutive session. The index once touched as high as 3,281.96 in the morning trade, breaking its previous record high of 3,266.23 s

June 16, 2021

Seoul stocks set fresh high for 3rd day ahead of FOMC results

South Korean stocks set a fresh high for three consecutive sessions on Wednesday as investors scooped up blue-chip shares ahead of the release of the Federal Reserve's meeting results. The benchmark Korea Composite Stock Price Index (Kospi) gained 20.5 points, or 0.62 percent, to finish at 3,278.68. Trading volume was moderate at 2.2 billion shares worth 15.9 trillion won ($14.23 billion), with gainers outpacing losers 519 to 324. The index also extended its winning streak to a whopping five s

June 16, 2021

Citibank Korea suggests voluntary retirement

Citibank Korea suggested its workers take voluntary retirement as an option in a recent e-mail sent to its employees, sources said Wednesday, as the firm has been gearing up to sell-off its consumer banking business. “Our executives understand your concerns due to the announcement concerning Citigroup’s pursuit of consumer banking business exit strategy here,” Citibank Korea CEO Yoo Myung-soon said in the email written in Korean. “We will make our best efforts to hold

June 16, 2021

MKIF acquires 2 gas utilities for W798b

Macquarie Korea Infrastructure Fund, which is listed on the Korea Exchange, has agreed to acquire the full 100 percent stake of two gas utilities for a combined 798 billion won ($714 million), a disclosure showed Wednesday. The gas utilities, Haeyang Energy and Seorabeol City Gas, distribute natural gas to ratepayers in South Jeolla Province and North Gyeongsang Province, respectively. MKIF said it pinned hopes on an upshot in industrial usage of natural gas in line with the carbon

June 16, 2021

Korea Investment to fully compensate losses from troubled funds

Korea Investment & Securities on Wednesday pledged to fully compensate the losses from problematic funds sold via the brokerage firm. “The decision came to protect financial consumers and restore our customers’ trust,” Jung Il-mun, chief executive officer of KIS told reporters during an online press briefing. “Both retail investors and institutional investors will be compensated for their losses.” The company sold 10 troubled funds, including Lime Fund, Disco

June 16, 2021

Krafton eyes W5.6tr in Korea’s largest IPO in history

South Korean game developer Krafton is looking to raise up to a record-high 5.6 trillion won ($5 billion) in an upcoming initial public offering on the Korea Exchange, which is likely to become the largest market debut here, a prospectus showed Wednesday.  Upon listing after the IPO, Krafton is expected to clinch the No. 1 spot among domestic gaming rivals with at least 23 trillion won market capitalization, exceeding the 18.6 trillion won of NCsoft and 11.3 trillion won of Netmarble on th

June 16, 2021

Seoul stocks open higher on techs, autos

South Korean stocks opened higher Wednesday after closing at a record-high level for two consecutive days through the previous session on the back of gains from technology and automobile shares. The benchmark Korea Composite Stock Price Index (Kospi) increased 8.52 points, or 0.26 percent, to 3,267.15 in the first 15 minutes of trading. On Wednesday, the index reached an intraday-record of 3,269.42. Overnight, the Dow Jones Industrial Average moved down 0.27 percent, and the tech-heavy Nasdaq

June 16, 2021

Hybe’s market value jumps on BTS’ new single ‘Butter’

The South Korean entertainment agency behind the global sensation BTS saw its market valuation exceed 10 trillion won ($8.95 billion) for the first time, as the boy band’s new single “Butter” swept global charts. After closing at 282,000 won per share on the nation’s main bourse Kospi Monday, Hybe’s market valuation exceeded 10 trillion won and continued its winning streak on Tuesday rising 2.48 percent to 289,000 won at close. The benchmark Kospi, the country&ls

June 15, 2021