Hana Bank to adopt casual dress code

Hana Bank is set to allow employees to wear business-casual attire to create a relaxed working environment, industry sources said.  The lender has recently decided to adopt a more casual dress code as more than 80 percent of its employees surveyed were in favor of the plan. It has not decided yet when to implement the new dress code. The dress code transition is part of the financial company’s move to prove itself as an innovative bank. “To achieve innovation, the bank must c

Nov. 10, 2020

Less than 1% of banking done in person: data

Less than 1 percent of all banking transactions across the country were made in person, data showed Tuesday, suggesting an apparent change in the retail banking landscape favoring non-face-to-face services. In the first half of this year, the proportion of banking transactions carried out in person at bank branches accounted for 0.75 percent of the total. This was sharply down from 1.08 percent in 2019, continuing a downtrend that began in 2015, when the figure was 2.12 percent, said Rep. Yoon

Nov. 10, 2020

Seoul stocks open nearly flat despite Dow's COVID-19 vaccine rally

South Korean shares opened nearly flat Tuesday despite the overnight rally on Wall Street triggered by better-than-expected efficacy of a COVID-19 vaccine by Pfizer, as investors turned to profit-taking after a sixth straight rise. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 point, or 0.02 percent, to 2,447.7 in the first 15 minutes of trading. Stocks came to a muted start after hiking 1.27 percent on the Biden effect the previous session. US top infectious disease exper

Nov. 10, 2020

Seoul stocks surge to over 2-yr high on Biden effect; Korean won at nearly 2-yr high

South Korean shares extended their winning streak to a sixth day to hit an over 2-year high on Monday as investor appetite for risky assets increased following Joe Biden's victory in the US presidential election. The Korean won surged to a 22-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.7 points, or 1.27 percent, to close at 2,447.2 points, the highest since 2,468.83 points on June 12, 2018. Trading volume was high at about 1.3 billion shar

Nov. 9, 2020

State-owned firms plan to build W4tr data center park

State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy sources. According to the memorandum of understanding inked last Friday, LH and KDCC will collaborate with local power generator Korea Hydro & Nuclear Power to build the green energy-based da

Nov. 9, 2020

Weak dollar triggers 15 month-high foreigner influx into stock market

The weakening US dollar against South Korean won has invited the highest amount of foreign investment in Korean stocks in 15 months, data showed Monday. Foreign investors net bought Korean listed stocks worth 1.36 trillion won ($1.22 billion) in October, the highest monthly figure since August 2019, according to data by the Financial Supervisory Service. As a result, foreigners owned some 30 percent of listed shares in Korea, valued at a combined 584.8 trillion won as of end-October. Beforehan

Nov. 9, 2020

Seoul prime office transactions pick up in search of safety

Prime office transactions in South Korea’s capital city of Seoul came to 4.6 trillion won ($4.13 billion) during the third quarter of 2020, as real estate investors have searched for safety in times of ongoing uncertainties, data showed Monday. This surpassed the 4.2 trillion-won figure for the first half of 2020, according to data compiled by commercial real estate services firm Savills Korea. If combined, the transaction of the January-September period took up 75 percent of the yearly v

Nov. 9, 2020

Seoul stocks open higher on Biden effect

South Korean shares opened higher Monday on tech and battery gains, following Joe Biden's victory in the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.21 points, or 0.88 percent, to 2,437.71 in the first 15 minutes of trading. The market got off to a strong start after a five-session winning streak, as investors pinned hopes that a Biden presidency and Republican-controlled Senate would benefit the local chip and battery suppliers. Most large caps

Nov. 9, 2020

Foreigners remain net buyers of S. Korean stocks in October

Foreign investors remained net buyers of South Korean stocks in October, extending their buying spree for a second consecutive month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 1.35 trillion won ($1.2 billion) worth of local stocks in October, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 1.3 trillion won worth of stocks, while American investors sold a net 800 billion won worth of stocks last month, ac

Nov. 9, 2020

Investors watchful after Biden victory

With the election of Democrat Joe Biden as the next US president, investors here and abroad are paying keen attention to the impact of the outcome on the financial market. What was widely perceived as a worst-case scenario in the eyes of market watchers -- a Biden presidency combined with Republican control of the US Senate -- has so far instead given a boost to the market. The results defied predictions of a bearish gridlock that might derail stock markets, primarily centering on the Democrat

Nov. 8, 2020

Shinhan Bank joins forces with LS Electric for green energy push

South Korea’s leading commercial bank Shinhan Bank announced Sunday that it has signed an agreement to carry out green energy projects with electric parts producer LS Electric. Through the partnership, the two companies will work together to support alternative energy projects involving solar power, energy storage systems and fuel cells. The banking firm and manufacturing firm will build a platform to offer financing services for small and medium-sized companies working with conglomerates

Nov. 8, 2020

Strong won expected with Biden victory: analysts

Joe Biden's election as US president is likely to keep the South Korean currency strong against the US greenback for a while, which will work to trigger foreign capital inflow to the local stock markets, Yonhap quoted analysts as saying Sunday. The local currency closed at 1,120.4 won against the US dollar Monday, up 7.8 won from the previous session's close and the strongest in 21 months. Analysts said Biden's election victory could further push up the Korean won down the road, as the presid

Nov. 8, 2020

Shinhan Financial CSO named as Korea’s first member of UNEP FI Global Steering Committee

    Park Sung-hyun, the incumbent chief strategy and sustainability officer of Shinhan Financial Group has been appointed as a new member to the prestigious Global Steering Committee under the United Nations Environment Programme Finance Initiative, the banking group said Sunday.  Launched in 1992, UNEP FI is a strategic public-private association set up by the UNEP and the global financial sector with the purpose of sustainable management. It is working with more than 300

Nov. 8, 2020

SmartStudy denies rumors of Nasdaq listing

SmartStudy, best known for its super viral “Baby Shark” song, said Friday that it is not yet considering listing itself on the US tech-heavy Nasdaq market, refuting rumors by some local media reports. “We have not yet decided whether to go public. Discussion on which market to be listed was not even in progress,” the educational entertainment company said. “We’ll look into the initial public offering scenario from various angles based on our firm’s con

Nov. 6, 2020

Seoul stocks up for 5th day on easing US election uncertainties

South Korean stocks extended their winning streak to a fifth day Friday, helped by massive foreign buying amid eased uncertainties over US election results. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.71 points, or 0.11 percent, to close at 2,416.5. Trading volume was moderate at about 812 million shares worth around 12.4 trillion won ($11.1 billion), with losers outnumbering gainers 533 to 294. The KOSPI traded choppy amid profit

Nov. 6, 2020

KRX chief to take post as insurers’ association chief within year

Korea Exchange Chairman Jung Ji-won is set to take the helm at the General Insurance Association of Korea next month, according to the industry sources Friday. GIAK, an organization that represents local general insurance firms, is slated to hold a general meeting on Nov. 13 to discuss the agenda of appointing Jung. The incumbent chief of the bourse operator was recommended Monday as the sole candidate of the association’s next chief. The decision will be made by representatives from the

Nov. 6, 2020

Seoul stocks open higher on another Wall Street rally

South Korean shares opened higher Friday, as investor sentiment was boosted by an overnight rally on Wall Street caused by eased uncertainties over the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.34 points, or 0.59 percent, to 2,428.13 in the first 15 minutes of trading. Stocks continued to fare strong after a four-session winning streak, as investors pinned hopes that stocks will advance after the US election. Overnight, the tech-heavy Nasdaq com

Nov. 6, 2020

Kakao Bank records highest net profit in Q3

Ahead of its initial public offering, South Korea’s leading internet-only bank Kakao Bank said it logged its highest net profit in the third quarter this year, mainly due to a turnaround in noninterest business. Net profit came to 40.6 billion won ($35.96 million) in the July-September period, up by 600 percent from a year earlier, when it marked 5.6 billion won. The third quarter‘s figure grew by 1.5 times from the second quarter’s result of 26.8 billion won. The company a

Nov. 5, 2020

Local stocks up with US election still undecided

The US stock market rally with the presidential election still up in the air gave a boost to the South Korean stock market Thursday, particularly for tech shares. Extending gains that began earlier in the week, South Korea’s main bourse Kospi rose 2.4 percent, or 56.47 points, to close at 2,413.79 while the tech-heavy Kosdaq added 2.16 percent, or 17.83 points, to reach 844.8. Electric battery makers and biotechnology firms saw their stocks jump on the day. Battery producer SK Innovati

Nov. 5, 2020

KRX to delist original developer of disputed drug Invossa

South Korea’s sole bourse operator Korea Exchange has concluded that it will delist Kolon TissueGene, the original developer of an invalidated joint inflammation treatment named Invossa, it announced via public filing Thursday. The KRX’s Kosdaq Market Committee held a meeting Wednesday and decided to delist the scandal-ridden drugmaker, saying it had not shown sufficient efforts to improve management. Along with failing to achieve the proposed goals that were submitted last year, t

Nov. 5, 2020