COVID-19 shocks on wane in Seoul’s office leasing market

The prime office market in Seoul has recently showed signs of normalization, as uncertainties due to the economic impact of the coronavirus outbreak have been on the wane in key business districts, data showed Sunday. Demand from the information technology industry remained healthy, allowing major prime buildings to sign leases with large tenants, according to an estimate from real estate service firm Colliers International. In Gangnam, one of the larger business districts of the city, financ

July 12, 2020

Bourse operator to review normalization plan of SillaJen at risk of delisting

South Korean bourse operator Korea Exchange said Friday that it will review a business normalization plan by bio tech firm SillaJen to decide whether to delist it. The KRX has been reviewing the company's listing, after the company's chief executive and key management were indicted over charges of embezzlement and breach of trust. SillaJen submitted its business normalization scheme to the bourse operator, and the KRX will have to decide whether to accept it by Aug. 4. In the case of granti

July 10, 2020

Doosan’s plan to meet bailout requirements gathers momentum

Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de

July 10, 2020

Seoul stocks slump on virus concerns

South Korean shares closed lower Friday, as investors turned risk-averse amid rising new coronavirus infections around the world. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.65 points, or 0.81 percent, to close at 2,150.25. Trading volume was high at about 876 million shares worth some 11.9 trillion won ($9.9 billion), with losers outnumbering gainers 675 to 190. The index's fall came after daily COVID-19 cases in the United State

July 10, 2020

Credit loan balance rises in June amid tougher mortgage rules

The amount of credit loans taken out by individuals sharply increased in June due to the government’s tough regulations on mortgage loans and the recent stock market rallies. According to data released by the Financial Services Commission and the Financial Supervisory Service on Friday, the entire outstanding balance of credit loans at commercial banks and savings banks totaled 3.5 trillion won ($2.9 billion) last month. The amount of loans extended at commercial banks last month, stan

July 10, 2020

Seoul stocks open lower on virus fear

South Korean shares opened lower Friday amid concerns over a resurgence of the new coronavirus infections around the world. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.78 points, or 0.41 percent, to 2,159.12 in the first 15 minutes of trading. Investor sentiment weakened globally as concerns of the spreading COVID-19 toll outweighed the economic rebound hopes. The daily COVID-19 cases in the United States topped 60,000 for the first time Thursday (US time), with record d

July 10, 2020

Seoul stocks close higher on advance of 'untact' businesses

South Korean stocks closed higher Thursday on strong gains by 'untact' businesses prompted by fears over a prolonged pandemic, analysts said. The Korean won stayed flat. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.02 points, or 0.42 percent, to close at 2,167.90. Trading volume was moderate at about 609 million shares worth some 12.8 trillion won ($10.7 billion), with losers outnumbering gainers 421 to 417. Foreigners sold a net 33 billion won, while retail investors purcha

July 9, 2020

PM vows stern measures against illegal private finance

The South Korean government vowed to speed up measures to stem the rampant practices of illegal private lending Thursday. Prime Minister Chung Sye-kyun visited a counseling center within the market watchdog Financial Supervisory Service that addresses consumer damages caused by illicit private lending, which normally target low-income families with high interest rates and related frauds.  He was accompanied by FSS Gov. Yoon Suk-heun, Financial Services Commission Vice Chairman Sohn Byun

July 9, 2020

Amid prolonged COVID-19, S. Korea’s ‘untact’ stocks on bullish run

Amid the ongoing coronavirus pandemic, stocks related to untact -- non-face-to-face contact -- businesses continued their bullish run in South Korea on Thursday, as investors attempt to profit from the beneficiary sectors. Shares of Kakao, the operator of the local top mobile messenger, began trading at 328,000 won ($274.80), then soared by 24,500 won, up 7.47 percent in early trading hours. The stock price continuously moved up to close at 355,500 won, reaching its 52-week high. Due to the

July 9, 2020

NPS ups domestic chemical stocks exposure

South Korea’s National Pension Service has bagged more domestic chemical stocks over the course of three months, filings showed Thursday. The world’s third-largest public pension fund increased its exposure to chemical stocks dedicated to second-life electric vehicle batteries -- such as LG Chem, Posco Chemical and Korea Petrochemical Ind. -- from April until Tuesday, according to respective disclosures. LG Chem has been vying to be the world’s top passenger vehicle cell s

July 9, 2020

Seoul stocks open higher on US gains

South Korean shares opened higher Thursday, apparently tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.93 points, or 0.60 percent, to 2,171.81 in the first 15 minutes of trading. Global recovery hopes boosted investor sentiment, leading to general gains on the US stock indices. The NASDAQ Composite jumped 1.44 percent Wednesday (New York time), setting another record at 10,492.50. The Dow Jones Industrial Average added 0.68 percent, w

July 9, 2020

SkyLake signs MOU to buy Doosan’s EV battery foil arm

Debt-ridden Doosan Group’s holding firm said Wednesday it has signed a memorandum of understanding with local private equity firm SkyLake Investment to sell a majority stake in its battery foil maker unit. “Doosan Corp. has signed an MOU with SkyLake Investment with regards to the sale of Doosan Solus,” the construction-to-energy conglomerate said in a filing. “The company will immediately disclose the details of the stake transaction once the terms are finalized.”

July 8, 2020

KB Financial chief to discuss post-COVID-19 measures

KB Financial Group is scheduled to hold an online workshop of executives and board members led by Chairman Yoon Jong-kyoo on Friday to discuss plans for the post-virus era and digital innovation, sources close to the matter said Wednesday. Yoon is expected to adjust the time frame and specific plans for the banking group’s goals for this year including expansion of business and digital innovation. The local banking groups’ initial plans and time frame for this year –- includi

July 8, 2020

Seoul stocks down for 2nd day on economic recovery concerns

South Korean stocks closed lower for a second straight day on Wednesday as investor sentiment was dented by concerns over a delay in economic recovery amid spikes in virus cases, analysts said. The Korean won rose slightly against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 5.29 points, or 0.24 percent, to close at 2,158.88. Trading volume was high at 670 million shares worth some 11.4 trillion won ($9.5 billion), with gainers outnumbering

July 8, 2020

Cross-border REIT listings to heat up Korea’s IPO market

A series of listings of Korean real estate investment trusts -- including ones that involve investments in foreign properties -- are adding vigor to the upbeat initial public offering scene in the local stock market. This comes as investment houses here are moving to attract stable cash streams by luring investors to their own vehicles used to buy properties at home and abroad. In the latest move, JR Asset Management on Wednesday released a prospectus for its REIT ahead of the flotation plan

July 8, 2020

Hyundai Card launches credit card for delivery service Baedal Minjok

Hyundai Card said Wednesday it has joined forces with delivery platform operator Woowa Brothers to launch a credit card that provides tailored benefits for food-delivery service Baedal Minjok. A credit card specifically designed for a food-delivery service is the first of its kind here. Commerce companies and airlines, including eBay Korea, Korean Air and Starbucks Korea, have issued a similar private label credit card. “Baedal Minjok and Hyundai Card will keep working together to offe

July 8, 2020

Stricter jeonse loan rules to take effect on Friday

Stricter jeonse loan regulations will be imposed starting from Friday, the nation’s financial regulator said Wednesday, adding more pressure on the real estate market as it already faces a series of measures set to curb soaring housing prices. The latest version restricts jeonse loan guarantees and bans loan requests by buyers who already own a house in high speculation areas.  The move came in line with the 21st set of housing price regulations imposed under the Moon Jae-in admini

July 8, 2020

Investment firm Optimus' CEO arrested on fraud charges

The CEO of Optimus Asset Management has been taken into custody by prosecutors for a probe into allegations that the private equity firm fraudulently solicited funds worth tens of millions of dollars from investors. The arrest came on Tuesday night shortly after the Seoul Central District Court issued the warrant for Kim Jae-hyun, citing sufficient evidence to support the criminal allegations against him and the severity of the case. The company's second-largest shareholder surnamed Lee and

July 8, 2020

Seoul stocks open nearly flat following Wall Street losses

South Korean stocks opened nearly flat Wednesday following overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index rose 0.44 points, or 0.02 percent, to 2,164.61 in the first 15 minutes of trading. Major US stock indices ended their winning streaks on Tuesday (local time) as a recent surge in the number of novel coronavirus cases dented hopes for a quick economic recovery. Negative economic forecasts from the Organization for Economic Cooperation and Development and

July 8, 2020

Citibank Korea launches AI chatbot consulting service

Citibank Korea said Tuesday it has launched an artificial intelligence-based chatbot consulting service to bolster its untact (contactless) digital customer service. According to the South Korean subsidiary of the New York-based bank, the service provides round-the-clock consulting for customers that need immediate consulting. It can be used after adding Citibank channel via messenger app KakaoTalk. The AI chatbot will help customers find the nearest Citibank branch and provide information

July 7, 2020