High-rate household loans jump in Sept.-Oct.

High-rate household loans in South Korea rose sharply in September and October, data showed Monday, amid lenders' rate hikes and tighter mortgages.The portion of new bank loans with an annual interest rate of 10 percent or higher came to 0.5 percent of their total lending in September, a level not seen since February 2015, according to the data from the Bank of Korea.The percentage maintained the same level in October, compared with a yearly low of 0.2 percent recorded in June.A central bank off

Dec. 4, 2017

[Contribution] Even for FinTech, it comes down to happiness

FinTech, which by definition is adding technology to finance, does not refer to just one type of technology. When we talk about FinTech, technologies like blockchain, big data, artificial intelligence and electronic currency are also mentioned. FinTech is an aggregation of various technologies; however, each technology is evolving day by day. FinTech is being recognized as a representative technological innovation symbolizing our time. Until now, human civilization has been developed by technolo

Dec. 3, 2017

HMP Law to hold blockchain seminar on Dec. 15

South Korean law firm HMP Law said Sunday it will hold a blockchain seminar on Dec. 15 to explore and compare the regulatory environments of different legal jurisdictions including Korea. HMP Law will invite legal experts from Korea, the United States, China, Hong Kong, Japan, Switzerland and Estonia to be speakers at the seminar. The speakers, including partner of HMP Law Ahn Chan-sik, will outline current legal frameworks and the future outlook.“As often happens, legal and regulatory sys

Dec. 3, 2017

Chinese shipyards eat away Korean shipbuilding market

Hyundai Heavy Industries Co. said Friday it has won orders to build 17 out of 27 very large ore carriers placed by South Korean shipping lines, while Chinese shipbuilders have secured or are in the process of getting contracts for the remaing ships.The shipping companies that won the Brazil-based Vale's iron ore shipment orders signed contracts with both South Korean and Chinese shipbuilders, which can hurt the ship building industry. The ships will be used to transport iron ore from Brazil to C

Dec. 1, 2017

Daily turnover of won-yuan direct trading increases in five months though Nov.

The average daily turnover of the South Korean won-Chinese yuan direct trading market in Seoul moved up in the first 11 months of the year from the same period last year, government data showed Friday.The daily trading volume in the Seoul won-yuan direct market reached $2.03 billion in the January-November period, up slightly from last year's daily average turnover of $1.95 billion, according to the data compiled by the Ministry of Strategy and Finance, and the Bank of Korea.The turnover has bee

Dec. 1, 2017

Mortgage rates dip despite key rate hike

South Korean lenders' mortgage rates inched down Friday despite the central bank's first rate increase in more than six years, a market source said.In a monthly policy meeting, the Bank of Korea on Thursday raised the so-called base rate by a quarter percentage point to 1.5 percent amid clear signs of an economic recovery, snapping the 16-month streak of its wait-and-see stance after the last rate cut made in June last year.An increase in the benchmark interest rate usually prompts commercial le

Dec. 1, 2017

Samsung Securities’ PB managers expand frontiers through field trips

Field trips for Samsung Securities’ private banking managers, arranged by the fourth-largest securities firm in net worth in South Korea, have been the key to the PB managers’ deeper understanding of foreign investment destinations and their cultivation of investment opportunities, the firm said Thursday.The program dubbed “Samsung Securities Global Frontier” has made it easier for its private banking managers to get up-to-date issues in their investment destinations, it

Nov. 30, 2017

IFM Investors opens Seoul office for institutional clients

Australian institutional asset manager IFM Investors announced Thursday it would open an office in Seoul to expand its client base in South Korea. The Melbourne-based company, which focuses on infrastructure equities and debts, will sell offshore long-term investment portfolios to institutional investors here. The Seoul office will be run by its in-house analyst Glenn Morey, Client Relationship Director Lee Ki-jeong and senior external adviser Hur Kyung-wook. The portfolios by IFM Investors

Nov. 30, 2017

[Advertorial] Designer-friendly co-working space brings startup idea to life

Acquiring an office space for a fledgling startup is a grueling, if not impossible, task. Hence on the rise were co-working spaces that are shared and utilized by numerous freelancers, independent contractors and other professionals.Add to that a sense-stirring interior design, 3-D printers ready to use, recreational spaces, regular networking events and even shower booths, and the result is a hybrid version of co-working spaces operated by Hyundai Card.“Every piece of tableware,

Nov. 30, 2017

Conglomerates' insider stock ownership drastically up in 2017

Insider stock ownership of family-run conglomerates, such as Samsung and Hyundai Motor, jumped sharply this year to 58.9 percent, the country's antitrust watchdog said Thursday.According to the Fair Trade Commission, the insider stock ownership rate of the 57 conglomerates rose 29 percentage points this year from last year's 29.9 percent.Insider stock ownership refers to stocks held by the owner and his or her immediate family and top executives of companies affiliated with a business group. Thi

Nov. 30, 2017

Korea's risk premium falls despite NK missile launch

South Korea's credit default risk has gone south despite North Korea's latest launch of a new long-range ballistic missile, market sources said Thursday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 57.09 basis points Wednesday, down 1.02 basis points from the previous session, according to financial information provider Market and Yonhap Infomax, the financial news arm of Yonhap News Agency.The risk premium also declined

Nov. 30, 2017

Overseas stock funds yield more than domestic ones in Nov.

South Korean funds for overseas stock investment posted higher returns than domestic-focused ones in November due to a sluggish equity market here, a market tracker said Thursday.The average return of overseas stock funds with a net asset of 1 billion won ($930,000) or more came to 1.62 percent as of Tuesday, compared with a yield of 0.79 percent for domestic equity funds, according to KG Zeroin.The figures mark a turnaround from their yields the previous month. Domestic stock investment funds p

Nov. 30, 2017

Korean shares end lower on foreign selling

South Korean stocks ended lower Wednesday as foreign selling of market bellwether Samsung Electronics Co. and other large-cap stocks weighed on the main index. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.29 points, or 0.05 percent, to 2,512.90.Foreign investors offloaded shares worth more than 162 billion won ($150.4 million).Kim Ye-eun, an analyst at IBK Securities Co., said the decline can be blamed on the foreign selling of Samsung Electron

Nov. 29, 2017

BITPoint Japan announces entry into Korea

Japanese cryptocurrency exchange operator BITPoint Japan has launched a website in South Korea through a joint venture, stepping into a market that accounts for as much as 15 percent of global cryptocurrency transactions. Transactions made in Korea are worth 2 trillion won ($1.86 billion) per day on average.The joint venture, named BITPoint Korea, was founded in August by BITPoint Japan and Korean experts in equity and futures trading. In a press conference held Wednesday, the firm said it

Nov. 29, 2017

Kyobo Life Insurance chief awarded Legion of Honor

Shin Chang-jae, Kyobo Life Insurance chairman and chief executive, will be awarded the French Legion of Honor Thursday for his contribution to fostering cultural exchanges between France and South Korea, the firm said Wednesday. Shin will receive the Chevalier merit from French ambassador to Korea Fabien Penone at French Embassy in Seoul.Shin, 64, was recognized for establishing the Daesan Foundation in 1992 and serving as a chairman of the nonprofit organization, designed to translate and promo

Nov. 29, 2017

Korea to write off bad debt for 1.59 million people

South Korea's financial authority on Wednesday announced that it will forgive up to 6.2 trillion won ($5.7 billion) worth of bad debt, in the latest measure to help hard-pressed people who cannot pay back their debts. The move, which will affect 1.59 million debtors, is aimed at reducing the nation's nonperforming consumer loans, as the Bank of Korea is expected to raise its key interest rate in the coming months. Starting in February, the government will receive applications for write-offs from

Nov. 29, 2017

Seoul stocks open higher on eased Chinese restrictions on Korea

Seoul stocks opened higher Wednesday on China's decision to partially lift its ban on group tours to South Korea.The benchmark Korea Composite Stock Price Index rose 1.12 points, or 0.04 percent, to 2,515.31 in the first 15 minutes of trading.Cosmetic and other shares related to China gained ground as China's National Tourism Administration made a decision to allow offline tourist agencies in Beijing and Shandong Province to sell package tours to South Korea, said Park Chun-young, an analyst at

Nov. 29, 2017

Stock funds for Asia's emerging markets shine this year

South Korean funds for stock investment in Asia's emerging economies have posted the highest returns among local overseas equity investment funds this year, a market tracker said Wednesday.The average return of equity investment funds for Asian emerging markets came to 37.4 percent as of Monday, the biggest yield among overseas stock funds with net assets of 1 billion won ($920,000) or more, according to KG Zeroin.Funds for investing in Chinese stocks came next with a return rate of 37.3 percent

Nov. 29, 2017

NK missile launch to have limited impact on financial market: finance minister

North Korea's latest missile launch is expected to have a limited impact on South Korea's financial market, but authorities vowed to take swift actions, if necessary, to cushion any fallout from the latest provocation, Seoul's top economic policymaker said Wednesday.Earlier in the day, North Korea fired an apparent long-range missile from an area north of Pyongyang, resuming its provocations after a 75-day lull, according to the South Korean and US militaries. The missile flew some 960 kilo

Nov. 29, 2017

State pension fund grows sharply over 30 years

South Korea's state-run pension fund has posted exponential growth since its inception about 30 years ago, but it still has a long way to go in order to serve its intended purpose, analysts said Tuesday.South Korea adopted the state pension program in 1988 to guarantee income for the elderly after retirement, and to provide coverage for disabilities and surviving family members.  According to data from the National Pension Service, the number of subscribers to the National Pension Fund came

Nov. 28, 2017