NH NongHyup to operate mobile banking business via Naver Cloud Platform

NH NongHyup Bank said Friday that it has partnered with Naver Cloud Platform to use a public cloud system to operate its mobile-based financial services, becoming the first company in the local banking industry to do so.   Under the partnership, the lender will employ a financial public cloud system offered by NCP -- the cloud affiliate of South Korea’s leading internet portal operator, Naver -- when running its own mobile banking application All One Bank, which offers savings and d

Oct. 30, 2020

Seoul stocks sink over 2.5% on massive foreign sell-offs

South Korean shares plunged more than 2.5 percent Friday, as major tech giants suffered a slump from massive foreign sell-offs. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 59.52 points, or 2.56 percent, to close at 2,267.15. Trading volume was high at about 775 million shares worth some 11.5 trillion won ($10.1 billion), with losers outnumbering gainers 753 to 123. Stocks widened losses following a weak start, led by a retreat in

Oct. 30, 2020

Seoul stocks open lower on tech loss

South Korean shares opened lower Friday despite the overnight Wall Street rebound, as major tech giants suffered a slump. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.33 points, or 0.49 percent, to 2,315.34 in the first 15 minutes of trading. Stocks came to a weak start, led by top cap tech losses. Pharmaceutical heavyweights that posted stellar gains the previous session also retreated on profit-taking. The Dow Jones Industrial Average rebounded by 0.52 percent to 26,659

Oct. 30, 2020

[Advertising Awards] Shinhan’s 'Sobi Mama' campaign finds wit in wise spending

MARKETING AWARDS / GOLD PRIZE SHINHAN CARD By Yoon Seung-won General manager of planning team I would like to extend my gratitude to customers for giving steadfast love to Shinhan Card. I am also honored that Shinhan Card’s Shinhan Pay Fan “Sobi Mama” winning the Gold Prize at the Korea Herald Marketing Awards. As we are on verge of entering the “new normal” era, we are witnessing quick changes in our lives in regard to the digitalization of industries. Customer

Oct. 29, 2020

SK Biopharm, SK Chem likely to join MSCI index, but not Big Hit

SK Biopharmaceuticals and SK Global Chemical are likely to be included on the MSCI Korea Index next month, market watchers said Thursday. But Big Hit, the local entertainment agency behind K-pop sensation BTS, is seen as unlikely to make the cut. The Geneva-based MSCI is set to announce the results of its semiannual index review Nov. 11. Other South Korean companies, including Hanmi Science, Doosan Heavy Industries & Construction and Genexine, could also join the index, while Posco Interna

Oct. 29, 2020

S. Korean subsidiaries of foreign banks, online giants make top 10 list for gender equality

South Korean subsidiaries of foreign banking groups, online giants and daily necessities makers made the annual list for the 10 best companies working toward gender equality among the country’s 500 largest firms, data showed Thursday.  This year’s awarded firms comprised foreign-based lenders Citibank Korea and Standard Chartered Bank Korea, leading local internet firms Naver and Kakao, cosmetics giant Amorepacific, outdoor clothing manufacturer Yongone Corp., LG Group a

Oct. 29, 2020

Seoul stocks fall on global virus surge

South Korean stocks closed lower Thursday on foreign and institutional selling as new coronavirus outbreaks in major global economies continued to surge at an alarming rate. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.59 points, or 0.79 percent, to close at 2,326.67. Trading volume was moderate at about 488 million shares worth some 10.1 trillion won ($8.9 billion), with losers outnumbering gainers 641 to 221. The KOSPI started ou

Oct. 29, 2020

Major Korean banking groups post stronger-than-expected Q3 earnings

Four major South Korean banking groups posted better-than-expected third quarter net profit, bolstered by nonbanking businesses amid coronavirus woes, data provided by the firms as of Thursday showed. In terms of quarterly net profit, KB Financial Group maintained the top spot for two consecutive quarters, having gained 24.1 percent on-year to 1.16 trillion won ($1 billion). Shinhan Financial Group, which relinquished the crown to KB last quarter, still posted an impressive net profit of 1.1

Oct. 29, 2020

Seoul stocks open sharply lower on Wall Street plunge

South Korean shares opened sharply lower Thursday on an overnight Wall Street plunge, as the new coronavirus outbreaks in the major global economies continued to surge at an alarming rate. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.96 points, or 1.11 percent, to 2,319.3 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as a resurgence in virus cases in the United States and Europe raised concerns that the worsening pandemic may deliver heavy damage

Oct. 29, 2020

Hyundai Capital reshaping COVID-hit volleyball scene

The monthslong coronavirus pandemic has affected much of South Korean society, and the sports sector is one of many that has felt the brunt of the crisis. Athletes in nearly all sports play in empty stadiums, while others have had their seasons canceled.  Aiming to reignite fans’ passion for volleyball amid the pandemic, the Hyundai Capital Skywalkers, owned by auto financing firm Hyundai Capital, recently organized an online event to show fans around the team’s locker room a

Oct. 29, 2020

Hong vows deregulation for nonspeculative home buyers

Responding to continuing public complaints that the latest and forthcoming real estate policies impose excessive burdens upon nonspeculative end users, the South Korean government is set to lowering the tax rate for budget residences, the nation’s fiscal chief said Wednesday. He also rolled out a “phased” housing system that would allow prospective homebuyers with limited credit to eventually own a residential home by accumulating stake in the given property throughout the

Oct. 28, 2020

Seoul stocks snap 2-day losing streak on tech gains

South Korean shares ended their two-day losing streak Wednesday, helped by a tech rally, amid intensifying woes over the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.42 points, or 0.62 percent, to close at 2,345.26. Trading volume was moderate at about 695 million shares worth some 8.8 trillion won ($7.8 billion), with gainers outnumbering losers 615 to 237. Foreigners bought a net 15 billion won, with retail investors pu

Oct. 28, 2020

Woori Bank launches Korea desk in Bangladesh

Woori Bank said Wednesday it has launched a Korea desk at its branch in Dhaka, Bangladesh, to help South Korean companies extend their business into the South Asian country. Through the service desk, the lender will provide useful market information, including local financial regulations, along with special offers like hotel reservations and airport pickup for customers on business trips to Bangladesh. Also, the officials will conduct financial counseling programs targeting those who are plan

Oct. 28, 2020

New Citibank Korea CEO stresses risk management

Yoo Myung-soon, the new CEO of Citibank Korea -- the local branch of New York-based Citigroup -- urged the bank’s leaders as well as employees to ramp up efforts to counter potential managing risks for consumer protection in her inaugural speech Wednesday, officials said.  “New risk factors evolve as our operating environment changes. Risk management and internal controls are a key responsibility for all of us,” Yoo said.  Also, she vowed to enhance the lender&rsq

Oct. 28, 2020

Local fintech startup unveils Korea’s first commercial system to rule out naked short selling

A local startup on Wednesday unveiled the nation‘s first commercial securities lending system targeting institutional investors at home and abroad to help them prevent errors that can lead to naked short selling activities against the law, often unintended. TruWeb, new securities lending platform developed by financial technology startup Tru Technologies, allows an institutional investor -- investment banks or brokerage firms -- to take advantage of automated process when making arrangeme

Oct. 28, 2020

Seoul stocks open lower on virus spikes

South Korean shares opened lower Wednesday as new coronavirus outbreaks in major economies increased at alarming rates, raising concerns that the worsening pandemic may deliver heavy damage to the global economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.47 points, or 0.19 percent, to 2,326.37 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as US COVID-19 hospitalization soared in the past week, with parts of Europe pushing or having adopted stric

Oct. 28, 2020

State pension fund to vote against LG Chem's spin-off plan

South Korea's National Pension Service decided Tuesday to oppose LG Chem Ltd.'s plan to spin off its battery business at a shareholders' meeting later this week. In September, LG Chem, the country's leading chemical company, announced a plan to separate the battery business to better cope with growing demand for electric vehicle batteries. The company plans to hold a shareholders' meeting for approval on Friday. The state pension fund, the second-largest shareholder of LG Chem with a 10.2 pe

Oct. 27, 2020

Kakao’s financial subsidiaries gear up for 2021 IPOs

Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources Tuesday. Kakao Pay, set for an IPO during the first half of next year, has chosen Goldman Sachs as one of its underwriters, while KB Securities selected an underwriter last month, the officials said. The details of the d

Oct. 27, 2020

W3tr paid in dividends to late Samsung chairman‘s family since 2014: reports

Amid escalating market interests on a grand succession scenario of late chairman’s shares to his children, data showed on Tuesday that his family may have received some 3 trillion won ($2.7 billion) in dividends since 2014. According to data compiled by the financial regulator Financial Supervisory Service, the total dividend paid to the chairman and his family between 2014 and 2019 reached 2.8 trillion won. When dividends paid to the family this year are added, the figure is highly likel

Oct. 27, 2020

Seoul shares down on virus concerns, US election uncertainties

South Korean shares closed lower Tuesday, falling for the second straight session, amid concerns of a global resurgence in COVID-19 cases and growing uncertainties over the US presidential election. The Korean won continued to rise against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.07 points, or 0.56 percent, to close at 2,330.84. Trading volume was moderate at 643.2 million shares worth 9.9 trillion won ($8.8 billion), with losers outnumbering gainers 555

Oct. 27, 2020