Hana launches foundation for youth welfare, suicide prevention

South Korea’s Hana Financial Group said Thursday that it established a foundation focused on helping the nation’s youth overcome their social and financial issues. The Stump Foundation for Youth will have three primary areas of focus: education and support for youth shelter residents, helping children and teens receive the welfare support they need and suicide prevention programs. For children and teens in youth shelters, the foundation plans to help them become financially indep

June 3, 2021

Seoul stocks open higher on Wall Street gains

South Korean stocks opened higher Thursday on overnight Wall Street gains, backed by the US Federal Reserve's economic diagnosis that partially eased market jitters over early post-pandemic inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.09 points, or 0.5 percent, to reach 3,240.32 points in the first 15 minutes of trading. The tech-heavy Nasdaq Composite gained 0.14 percent, following the Fed's reiteration of its stance that the ongoing price hike is likely transien

June 3, 2021

[Herald Interview] Understanding blockchain through investor’s eyes

Just as people are getting used to the concept of cryptocurrencies, new terms like “DeFi,” nonfungible token and metaverse have become the talk of the town. While an increasing use of NFTs opens up a wide range of virtual services in the metaverse, investors are seeing huge business opportunities from these technologies that could reshape the digital world. And some are moving quickly to back novice blockchain startups with fresh ideas and potential. The Korea Herald met Ethan Ki

June 2, 2021

Seoul stocks gain for 4th day on economic rebound signals

South Korean stocks advanced for the fourth session in a row Wednesday, backed by strong economic data fueled expectations of an increase in corporate earnings and a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.36 points, or 0.07 percent, to close at 3,224.23 points. Trading volume was moderate at about 1.5 billion shares worth some 17.5 trillion won ($15.7 billion), with gainers outnumbering

June 2, 2021

Singer IU buys W13b residence in Seoul in cash

Singer and actress IU has purchased a high-end villa unit in Cheongdam-dong, a posh district in Seoul, for 13 billion won ($11.7 million) in cash, according to news reports Wednesday. The singer bought a residential unit of Eterno Cheongdam, currently under construction by Hyundai Engineering & Construction, according to local news outlet Biz.Hankook. The 20-story villa with four floors underground has one or two residential units on each floor starting from the second floor above ground.

June 2, 2021

Corporate loan growth accelerates in Q1 amid pandemic

Loans extended to companies in South Korea grew by the largest amount in three quarters in the first quarter of the year as loan demand by the service sector increased amid the pandemic, central bank data showed Wednesday. The outstanding amount of corporate loans came to 1,435.8 trillion won ($1.3 trillion) at the end of March, up 42.1 trillion won from three months earlier, according to the data from the Bank of Korea (BOK). The reading also marked the largest on-quarter gain since a 69.1 tr

June 2, 2021

Banks' bad loan ratio hits record low in Q1

The nonperforming loan ratio at South Korean banks declined to a record low in the first quarter due to a drop in overdue corporate loans, data showed Wednesday. The ratio of bad loans to total lending came to 0.62 percent at the end of the first quarter, down 0.02 percentage point from three months earlier, according to the data by the Financial Supervisory Service. From a year earlier, the ratio fell 0.16 percentage point. In the first quarter, fresh overdue lending to companies reached 1.8

June 2, 2021

Seoul stocks open higher on strong economic data

South Korean stocks opened higher Wednesday as strong economic data fueled expectations of an increase in corporate earnings and quick economic rebound from the pandemic. The benchmark Korea Composite Stock Price Index (Kospi) rose 6.23 points, or 0.19 percent, to 3,228.1 points in the first 15 minutes of trading. Stocks were lifted by the announcement that South Korea's consumer price index rose 2.6 percent on-year in May, marking the fastest on-year increase since April 2012. Top cap Samsun

June 2, 2021

S. Korean investors' Tesla buying hits 1-year low in May

South Korean investors' purchase of shares in electric vehicle leader Tesla Inc. hit a one-year low in May amid a drop in its price, data showed Wednesday. Domestic investors bought a net $80.8 million worth of Tesla shares in May, the lowest amount in one year, according to the data from the Korea Securities Depository. It was down 45 percent from the previous month and less than one-tenth of the $939 million in January, when Tesla's share price hit an all-time high. The May tally also repre

June 2, 2021

Seoul stocks up for 3rd day on recovery hopes

South Korean stocks advanced for the third consecutive day Tuesday on the back of strong economic data that fueled investor appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.95 points, or 0.56 percent, to close at 3,221.87 points. Trading volume was moderate at about 1.4 billion shares worth some 15.1 trillion won ($13.7 billion), with gainers outnumbering losers 577 to 272. Foreigners sold a net 37 billion won, while

June 1, 2021

Lotte Rental accelerates Kospi debut in H2

Lotte Rental, the car rental service unit under Lotte Group, is moving for an initial public offering on South Korea’s main bourse Kospi in the second half of this year, according to investment banking sources Tuesday. The company submitted a preliminary application for an IPO to the Korea Exchange the day before to become the first Lotte-affiliated company to make a market debut in nearly three years. The group’s last IPO was Lotte Data Communication’s Kospi-listing in Novem

June 1, 2021

NH Financial invests W500b in IT operations

South Korea’s NH Financial Group said Tuesday that it has decided to invest a total 500 billion won ($451.9 million) in improving its information technology operations and services. “To bolster customer protection and services, we have decided to invest a total of 500 billion won in our IT operations,” NH said in a statement. Of the total investment, 320 billion won will be funneled into upgrading IT services of its flagship commercial bank, NH NongHyup Bank, while the res

June 1, 2021

Banks shed 1,200 jobs in Q1

South Korea’s major commercial banks cut over 1,200 jobs in the first three months of the year, as the bruising COVID-19 pandemic pushed them toward online- and mobile-focused services, data showed Tuesday. The combined size of the workforce of major commercial lenders here shed 1.8 percent or 1,244 jobs in the first quarter compared with the last three months of 2020, according to an online data system operated by the Korea Federation of Banks. The total number of executives and employee

June 1, 2021

W64tr funneled through bank accounts for crypto trading

Amid the recent market frenzy surrounding cryptocurrencies like Bitcoin, the volume of deposits and withdrawals made through bank accounts for virtual coin trading has surpassed 64 trillion won ($57.85 billion), data showed Tuesday.  During the first quarter, nearly 64.2 trillion won flowed in and out of real-name bank accounts from commercial lenders, including Shinhan Bank, NH Nonghyup Bank and internet-only K bank, for digital token investments through South Korea’s four major c

June 1, 2021

Shareholder engagement key driver for Asia’s green finance growth: experts

Shareholder engagement in the form of behind-the-curtain dialogues or proxy voting, as well as engagement with asset owner clients, should be a key for asset managers to sustain the concept of green finance in Asia, investment professionals said Monday. There is no shortcut to navigate how to persuade Asian companies to commit to net-zero pledges. Incentives to achieve the sustainable goals have so far remained elusive, while on the other hand, asset prices have yet to fully reflect climate ri

June 1, 2021

Seoul stocks open nearly flat on inflation woes

South Korean stocks opened nearly flat Tuesday as investors are keeping an eye on signs that may stoke inflation fears. The benchmark Korea Composite Stock Price Index (KOSPI) traded down 1.36 points, or 0.04 percent, at 3,202.56 points in the first 15 minutes of trading. The KOSPI got off to a muted start on investor concerns over early post-pandemic inflation that may trigger tapering talks in the United States. Key Federal Reserve officials are set to comment on the state of the US economy

June 1, 2021

1st NFT marketplace launches in S. Korea

South Korean cryptocurrency exchange Korbit has launched a nonfungible token trading platform for the first time in the local crypto sector, the company said Monday. An NFT is a unit of data on a blockchain and represents ownership of unique digital items, such as images, sound files or text. An NFT contains data of the ownership history and the original author. As it offers royalty to the original author every time the asset is traded, the NFT technology is being increasingly utilized in the

May 31, 2021

Seoul stocks gain for 2nd day on eased tapering jitters

South Korean stocks advanced for a second straight day Monday after a choppy session, as investors lean towards belief that the price hike is likely temporary. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.19 points, or 0.48 percent, to close at 3,203.92 points. Trading volume was moderate at about 1.1 billion shares worth some 13.8 trillion won ($12.4 billion), with gainers outnumbering losers 505 to 342. Foreigners bought a net 52

May 31, 2021

South Korea’s ETF market likely to expand on eased regulations

The exchange traded fund market in South Korea is soon expected to expand in size along with the government’s move to ease regulations regarding actively managed ETFs, a report showed Monday. As the Korea Exchange has allowed the listing of active ETFs since August, eight new related products were launched on the nation’s main bourse Kospi on Tuesday. Previously, only bond ETFs could be listed on the local stock market, according to Korea Investment & Securities strategist Seo S

May 31, 2021

Gaps in funding, data, economic development hurdles for green economy: FSC chief

Private sectors across the globe should make a concerted effort to narrow the gaps in achieving the philanthropic goal of a green economy, said a top financial regulator of South Korea. “Even if a nation successfully puts an end to COVID-19, the pandemic will not be over until it’s over everywhere,” Financial Services Commission Chairman Eun Sung-soo said in an opening remark of Partnering for Green Growth and the Global Goals 2030‘s special session on Saturday. &ldquo

May 31, 2021