Bank investment in tech startups soars in H1

South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday.Domestic lenders' investment in low-credit startups with a high level of technology stood at some 1.2 trillion won ($1.05 billion) in the January-June period, up 48.9 percent from the second half of last year, according to the Financial Services Commission.Their lending to those companies also increased 5.5 p

Sept. 28, 2017

Seoul stocks open lower on US-N. Korea tension

South Korean stocks opened lower Thursday, despite Wall Street gains, amid growing tensions between North Korea and the United States.  The benchmark Korea Composite Stock Price Index fell 2.83 points, or 0.12 percent, to 2,369.74 in the first 25 minutes of trading.The main index continued to fall for the eighth consecutive session on foreign and institutional selling. Foreigners dumped more than 1 trillion won ($876 million) worth of stocks in the past seven sessions due mainly to the Nort

Sept. 28, 2017

S. Korean stocks end lower on foreign selling amid tensions over N. Korea

South Korean stocks ended lower Wednesday as foreign investors offloaded local stocks amid tensions between North Korea and the United States. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index fell 1.75  points, or 0.07 percent, to 2,372.57."Foreign investors sold large-cap tech stocks in the face of persistent North Korean risks," said Kim Ye-eun, an analyst at Cape Investment & Securities. US President Donald Trump said Tuesday he

Sept. 27, 2017

S. Korea's risk premium hits 19-month high on NK woes

South Korea's credit default risk has reached a 19-month high on escalating tensions over North Korea's weapons programs, market sources said Wednesday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 74.09 basis points Tuesday, the highest since the 78.86 basis points recorded Feb. 11, 2016.The risk premium also marked a five-session streak of gains and was up 8.69 basis points from five days earlier.The spread reflects the

Sept. 27, 2017

S. Korean stocks turn higher despite US-N. Korea tension

South Korean stocks turned higher late Wednesday morning, despite increased selling by foreign investors amid heightened tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index gained 1.16 points, or 0.05 percent, to 2,375.48 as of 11:23 a.m.The KOSPI's gains followed overnight losses on Wall Street with the Dow Jones average backtracking 0.05 percent."Foreign investors sold large-cap tech stocks in the face of persistent North Korea risks," s

Sept. 27, 2017

K-Bank to launch lending for home mortgages, insurance distribution

K-Bank said Wednesday it will launch lending services for home mortgages and non-life insurance distribution by the end of this year, expanding its business portfolio to intensify competition with traditional banks. The Internet-only bank, which was launched in April with paid-in capital of 250 billion won, will also launch a 150 billion-won ($131.7 million) capital hike by the end of this year, after completing a 100 billion-won capital increase this month. Shim Sung-hoon, CEO of K-Bank, told r

Sept. 27, 2017

S. Korean stocks open lower on US-N. Korea tension

South Korean stocks opened lower Wednesday on increased selling by foreign investors amid tensions between North Korea and the United States.The benchmark Korea Composite Stock Price Index fell 0.26 points, or 0.01 percent, to 2,374.06 in the first 25 minutes of trading."Foreign investors sold large-cap tech stocks as North Korea risks persist," said Kim Ye-eun, an analyst at Cape Investment & Securities.US President Donald Trump said Tuesday he is "totally prepared" to u

Sept. 27, 2017

Affiliated insurers to face double task due to new accounting rules

Insurance providers that are affiliated with financial holding companies will have to keep a two-track record of their financial statements starting next year, due to upcoming changes in accounting ordinances, according to industry officials.The dual system, which will be effective until 2020, is likely to weigh upon insurance subsidiaries, especially those with low levels of capital reserves.Following a decision by the International Accounting Standards Board earlier this year, the financial in

Sept. 26, 2017

Are NK risks denting consumption, domestic economy?

Signs of downward turns in consumption, the domestic economy as well as the financial market seem to be apparent, amid the saber-rattling between North Korea and the United States, which has heightened tension to the degree of a “declaration of war” on the Korean Peninsula.The main bourse index in South Korea slumped for the sixth consecutive trading day Tuesday with tech giants taking losses, while South Korea’s Composite Consumer Sentiment Index fell for two consecutive month

Sept. 26, 2017

[Exclusive] Former Alipay Korea country manager to helm Bithumb: source

Jung Won-shik, former country manager of Alipay Korea, has become the new chief executive of BTC Korea, the operator of South Korea’s largest cryptocurrency exchange Bithumb, a source familiar with the matter told The Korea Herald.“(Jung) had been scouted as CEO of BTC Korea since Sept. 4,” said the source, who declined to be named. The source also said Jung’s arrival at BTC Korea was part of the company’s “first batch of a management team made up of key

Sept. 26, 2017

Seoul stocks end lower amid wait-and-see stance by investors

South Korean stocks finished lower Tuesday as investors took a wait-and-see attitude amid heightened geopolitical tensions, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 6.08 points, or 0.26 percent, to close at 2,374.32. Trade volume was light at 297 million shares worth 5.6 trillion won ($5 billion), with gainers outnumbering losers 560 to 243.Foreigners and individuals offloaded a net 377.1 billion won and 159.6 billion wo

Sept. 26, 2017

[Monitor] BOK consistently exposed to cyber attacks

There have been nearly 400 cases of cyberattacks against South Korea’s central bank over the past four years, some of which are suspected to have come from North Korea, a report by Rep. Shim Jae-chul of the Liberty Korea Party showed Tuesday.A total of 399 cases of cyberattacks were made against the Bank of Korea from 2013 to August this year. The majority, or 273 cases, were hacking attempts. Eighty-two percent of the total were conducted from a foreign country.A government official was q

Sept. 26, 2017

Banks urged to improve consumer welfare, avoid excessive lending

The head of the Financial Supervisory Service urged banks and other financial institutions Tuesday to improve consumer welfare and avoid excessive lending. Choe Heung-sik, governor of the FSS, made the remarks earlier in the day during a meeting with representatives from banking and other financial industry lobby groups, the FSS said in a statement.  During the meeting, Choe said some banks and financial institutions are still selling products to consumers with "wrong information."

Sept. 26, 2017

Seoul shares almost flat in late Tuesday morning on profit-taking

South Korean stocks traded almost flat late Tuesday morning on profit-taking, analysts said.The benchmark Korea Composite Stock Price Index inched down 0.22 point, or 0.01 percent, to 2,380.18 as of 11:20 a.m.On Monday (local time), US stocks declined, with the Dow Jones industrial average dropping 0.2 percent and the broad-based S&P 500 decreasing 0.2 percent. The tech-rich Nasdaq Composite Index tumbled 0.9 percent.Most large caps traded mixed with market kingpin Samsung Electronics losing

Sept. 26, 2017

Banks to donate W20b for PyeongChang 2018

South Korean banks will donate 20 billion won ($17.7 million) to the organizing committee of the PyeongChang Winter Olympics to help the nation successfully host the quadrennial sports extravaganza, the Korea Federation of Banks said Tuesday. Besides the donation, banks will buy 1 billion won worth of tickets for the games, according to the federation. KEB Hana Bank, an official supporter of the games, also signed a sponsorship deal worth 11.1 billion won. The donation is in line with banks

Sept. 26, 2017

Korean stocks open lower on US losses

South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index fell 7.14 points, or 0.3 percent, to 2,373.26 in the first 15 minutes of trading.  Most large caps traded mixed, with market kingpin Samsung Electronics losing 1.72 percent and global chipmaker SK hynix shedding 2.78 percent.In contrast, leading steelmaker POSCO gained 1.46 percent, and No. 1 automaker Hyundai Motor gained 2.13 percent.US stocks d

Sept. 26, 2017

Corporate direct financing dips 24% in Aug.

South Korean companies' equity and debt sales plunged more than 24 percent in August from the previous month due mainly to one-off and seasonal factors, government data showed Tuesday. Local companies raised 10.9 trillion won ($9.6 billion) by selling stocks and bonds last month, down 24.4 percent from July, according to the data from the Financial Supervisory Service. Stock sales, including seven initial public offerings, tumbled 69.4 percent on-month to 389.3 billion won in August.The fin

Sept. 26, 2017

Half of stock trades made within day: data

Nearly half of the entire trade volume in South Korea’s stock market this year until mid-September stemmed from day trading, indicating individual traders’ growing tendency to seek instant profit from stocks with high price volatility, data showed Monday. From January to Sept. 15, day traders bought or sold some 48 percent of shares, or 89.5 billion shares, on the first-tier and second-tier markets, according to data by the sole market operator the Korea Exchange. This comes in contr

Sept. 25, 2017

S. Korean shares end lower on foreign selling amid tensions over N. Korea

South Korean stocks ended lower Monday as foreign investors and institutions sold local stocks amid escalating tensions between North Korea and the United States. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index lost 8.31 points, or 0.35 percent, to 2,380.40.Foreign investors offloaded shares worth more than 33.6 billion won ($29.6 million) and institutions sold more than 47.8 billion won. Park Chun-young, an analyst at Daishin Securities, said the d

Sept. 25, 2017

Korean shares down 0.40% in late morning trade on profit-taking

South Korean stocks traded lower late Monday morning as institutions offloaded large-cap stocks on profit taking.The benchmark Korea Composite Stock Price Index lost 9.47 points, or 0.40 percent, to 2,379.24 as of 11:15 a.m.Kim Ye-eun, an analyst at Cape Investment & Securities, said institutions sold large-cap stocks in apparent profit-taking, which are to blame for losses on the main bourse. Large-cap stocks were mixed across the board.Market bellwether Samsung Electronics Co. gained

Sept. 25, 2017