Woori Financial Q1 profit down 8.9% on loan-loss provisions

Woori Financial Group Inc., a major South Korean banking group, said Monday its first-quarter net profit fell 8.9 percent on-year due to loan-loss provisions. Net profit stood at 518.2 billion won ($421.3 million) for the January-March period, compared with 569 billion won for the same period of last year, Woori Financial said in a statement. The banking group said its loan-loss provisions in the first quarter led to the decline in its net profit. Woori Financial said there was a reversal of

April 27, 2020

KB Kookmin Card to acquire Thai lender in $20m deal

Seoul-based consumer loan provider KB Kookmin Card said Monday that it had signed a deal to buy a controlling 50.99 percent stake in J Fintech, a Thailand-based personal loan provider, for 650 million baht ($20 million). This marks the first acquisition deal that allows a South Korean credit card company to enter the Thai financial market since the Asian financial crisis in 1997. The deal is awaiting approval from the financial authorities in Korea and Thailand. The credit card company ex

April 27, 2020

Seoul stocks open higher on Wall Street rally

South Korean stocks opened higher Monday, tracking gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.23 points, or 0.65 percent, to 1,901.24 in the first 15 minutes of trading. On Friday (local time), US stocks ended higher as investor sentiment was boosted by the progress in a coronavirus relief package. The Dow Jones Industrial Average rose 1.11 percent, the S&P 500 added 1.39 percent, and the Nasdaq composite index was up 1.65 percent. Most large-ca

April 27, 2020

[Feature] Teenage BTS fans swindled by financial frauds

Judy Bae, 19, a member of the global fan club of South Korean boy band BTS known as ARMY never thought she would be exposed to financial fraud risks until she received a Twitter message from a fellow member asking for money in December last year. Pretending as a teen ARMY member, the man who turned out to be in his 20s, claimed that he need money so that he could buy new albums or rare photo images of BTS members. He said he would pay her back soon, but never kept that promise. Bae sent ove

April 27, 2020

‘Korean New Deal’ discussed to cushion impact of coronavirus

South Korean ministries and state agencies will soon begin to discuss a package of economic stimulus measures, referred to as a “Korean New Deal,” aimed at revitalizing the novel coronavirus-wrecked economy, according to the Ministry of Economy and Finance on Sunday. The “Korean New Deal” will include policies to nurture emerging technologies that have been thrust into the limelight in the ongoing coronavirus crisis, such as remote medical services and online educationa

April 26, 2020

Authorities tighten grip on PEFs as Lime case shows sign of progress

South Korea’s financial authorities on Sunday unveiled plans to tighten regulations on privately pooled funds to protect investors, as an embezzlement case surrounding disgraced Lime Asset Management, which drew 1.6 trillion won ($1.3 billion) from investors, shows signs of progress with key suspects being arrested. Under the plans finalized Sunday, a private fund -- which comprises money from no more than 49 investors here -- will be subject to external audits if its assets exceed 50 bi

April 26, 2020

[Weekender] From vintage furniture to Fendi: Flea markets go mobile

A 30-year-old woman living in an apartment complex in eastern Seoul turns on her phone, taps on the screen a few times then quickly heads off to a nearby post office to send a package. A day later, a 45-year-old man in the same neighborhood receives the package containing an Ikea lamp. Despite the novel coronavirus crisis that has weighed down the nation’s consumerism and economy in recent months, mobile flea markets have allowed Koreans to continue engaging in sustainable shopping whil

April 25, 2020

Major banking groups post mixed Q1 performance amid gloomy Q2 outlook

After a fruitful 2019, some of South Korea’s major banking groups have posted mixed performances for the January-March period as of Friday, with the balance sheets yet to reflect the full impact of the coronavirus. Shinhan Financial Group said Friday that its net profit for the first quarter increased 1.5 percent on-year to 932.4 billion won ($754.9 million), buoyed by its move to acquire the remaining stake in Orange Life and taking complete ownership of the insurer in January. Shinh

April 25, 2020

Share of domestic factors rising in Seoul’s ultrafine dust

The share of domestic factors in Seoul’s ultrafine dust particles has increased over the past five years, while the ratio of China’s contribution to the local particulate pollution has been stagnant, a report showed Saturday. 　 　According to the report issued by the Seoul Metropolitan Government, homegrown pollutants were responsible for 26 percent of the capital’s ultrafine particles smaller than 2.5 micrometers in diameter, or PM 2.5, as of 2019, marking a rise from 22 perce

April 25, 2020

Samsung Asset to absorb hedge fund arm

Samsung Asset Management will absorb its hedge fund subsidiary Samsung Hedge Asset Management, seeking to enhance efficiency amid escalating market competition, the company said Friday. “The board of directors has approved the merger, upon judgment that there is little advantage in maintaining (the hedge fund firm) as the competitive private equity market has reduced the total value of trust deposits,” the asset manager said in a release. Since its establishment as a subsidiary of

April 24, 2020

State banks to make emergency loans to pandemic-hit Korean Air

State-run Korea Development Bank and Export-Import Bank of Korea said Friday they would provide 1.2 trillion won ($972 million) of fresh loans to beleaguered Korean Air, the country’s flag air carrier. The emergency funding came after the government announced Wednesday its plans to raise relief funds worth 40 trillion won to relieve key industries amid the economic fallout of COVID-19. As that rescue plan is still pending at the National Assembly, authorities decided to take financial

April 24, 2020

Seoul stocks dip 1.34% on doubt over virus drug, earning concerns

South Korean shares ended lower Friday, snapping a two-day winning streak, as investors remain concerned about progress in the development of drugs to treat COVID-19 despite rebounding oil prices. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.72 points, or 1.34 percent, to 1,889.01. Trading volume was moderate at 922 million shares worth 9.5 trillion won ($7.7 billion), with losers far outpacing gainers 684 to 165. The main index g

April 24, 2020

Mobile stock transactions surge in April

Stock trades carried out through mobile transaction platforms accounted for nearly half of total transactions in April, data showed Thursday. According to the Korea Exchange, the stock trading volume via mobile trading systems accounted for 47.6 percent in the Kospi market from April 1-17, followed by home trading systems on computers at 36.53 percent. Smartphones overtook personal computers as the preferred stock trading platform last year. Not only due to the convenience, but also local br

April 24, 2020

Seoul stocks open lower on dashed hopes for virus treatment

Seoul stocks opened lower Friday, despite rebounding oil prices, as investor sentiment was spooked by the news that a leading experimental coronavirus drug has shown a disappointing test result. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.90 points, or 0.78 percent, to 1,899.83 in the first 15 minutes of trading. The main index got to a weak start on reports that Gilead Sciences Inc.'s antiviral drug remdesivir didn't show a satisfactory result in its first clinical trial,

April 24, 2020

[Market Close-up] Socially responsible investments draw limelight in pandemic-hit global market

The unprecedented coronavirus pandemic has presented an opportunity for ESG investments -- those in companies that comply with environmental, social and governance standards -- according to market experts Thursday.  According to the experts, ESG investing will continue to grow in the capital market that is now reeling from uncertainty and volatility, citing rising demand for sustainability in corporate management and investment. Despite the renewed global attention to ESG investing, Sout

April 23, 2020

NPS forecasts W25tr stock market loss

The state-run National Pension Service could lose up to 25 trillion won ($20.3 billion) from its investments in the South Korean stock market this year, local reports said on Thursday.　 A asset management report compiled in late January showed that the maximum amount of potential losses of the overall financial assets stood at 40.8 trillion won as of late January, which amounts to 53.6 percent of a limit of 76.2 trillion won. The figure increased by 300 billion won from late November. Poten

April 23, 2020

Seoul stocks up for 2nd day on rebounding oil prices

South Korean stocks ended higher for the second straight session Thursday on improved investor sentiment over rebounding oil prices. The Korean won gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.58 points, or 0.98 percent, to 1,914.73. Institutions bought a net 99.5 billion won ($81 million) worth of stocks, offsetting combined net sell-offs valued at 121.3 billion won by foreigners and individuals. Foreigners continued to offload local s

April 23, 2020

Testing kit maker Solgent gears up for IPO

South Korean genetic technology firm Solgent has picked local brokerage Mirae Asset Daewoo as an underwriter for its initial public offering, buoyed by sales of its diagnostic kits for the novel coronavirus, the company said Thursday. The Daejeon-based company and the underwriter are in the nascent stages of the IPO process, which precedes its listing on the development bourse Kosdaq. Details as to when the company will be listed and which option it will go for have yet to be determined. &ldqu

April 23, 2020

Seoul stocks open higher on rebounding oil prices

South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as investors took some comfort from rebounding oil prices and signs of a slowdown in the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.34 points, or 0.55 percent, to 1,906.49 in the first 15 minutes of trading. The main index ended up 0.9 percent at 1,896.15 on Wednesday after shedding 1.8 percent in the previous two sessions. The KOSPI's rebound will be limited, howe

April 23, 2020

KRX warns retail investors for investment binge on leveraged WTI futures ETN

The Korea Exchange (KRX) on Wednesday warned investors about the possibility of total losses of their investments in leveraged West Texas Intermediate crude oil futures exchange-traded notes. The nation’s market operator will suspend trading for local ETN products with an excessive disparate ratio of over 30 percent -- Shinhan Leverage WTI Futures ETN(H) and MiraeAsset Leveraged Crude Oil Futures ETN(H) 9 -- on Thursday and Friday. It has planned to resume single-valent trading for the

April 22, 2020