Korea ranks No. 1 in mobile finance usage in Asia-Pacific region: report

South Korea has trumped other Asian Pacific countries in terms of mobile financial service usage, a report showed Monday.Users in South Korea had over 7 billion sessions in banking apps in 2016, which was nearly four times as many compared to Australians, according to the latest report by online-based global mobile app tracker App Annie. The report was based on the screening carried out in 13 Asian Pacific countries. The report analyzed how mobile devices are transforming banking and financial s

May 22, 2017

Seoul stocks hit 2,300 roof, sign of economic recovery: analysts

South Korean shares ended sharply higher Monday to breach the 2,300 point mark for the first time ever on renewed hopes for improved economic recovery following the launch of the new Moon Jae-in administration, analysts said.The benchmark Korea Composite Stock Price Index added 15.55 points, or 0.68 percent, to 2,304.03. The Kospi had previously hit intra-day highs exceeding the 2,300 mark three times this year, but backtracked before the end of trading. "Consumer sentiment has improve

May 22, 2017

Regulators to pave way for 4th credit appraiser

Financial regulators in South Korea said Monday they were seeking the entry of a fourth credit appraiser into the market, to improve credit rating market confidence and reduce collusive ties between rating agencies and the firms they evaluate.The Financial Services Commission and the Financial Supervisory Service in a release Monday said the third-party committee will hold its first meeting next week, in order to evaluate the credit rating market. The committee, launched in December 2016 compris

May 22, 2017

Banking federation embraces 2nd internet-only bank

Kakao Bank, the second online-only bank in the country set to start its services in June, has joined the Korea Federation of Banks.The KFB said Monday that Kakao Bank had become the 22nd banking institution under the federation Friday. All commercial banks in operation in South Korea are members of the KFB, which gathers views from the banking sector and submits them to the parliament or financial regulators as a whole.In January, K bank entered the association as the country’s first onlin

May 22, 2017

Korean stocks reach record high of 2,304 fueled by foreign buying

South Korean shares breached the 2,300-point mark for the first time ever as foreign investors scooped up major tech stocks amid sound corporate earnings, bucking overnight gains on Wall Street, analysts said. The Korean won sharply rose against the US dollar.The benchmark Korea Composite Stock Price Index added 15.55 points, or 0.68 percent, to an all-time high of 2,304.03.Trade volume was slim at 334.55 million shares worth 5.74 trillion won ($5.04 billion), with advancers outnumbering losers

May 22, 2017

Finance chief nominee wants to raise taxes, create jobs

Following his nomination by President Moon Jae-in on Sunday as deputy prime minister for the economy and finance minister, Kim Dong-yeon said his main objectives will be to revitalize the country’s lagging economy by increasing the effective tax rate and adding more jobs.“I think the next five years will be our last chance to save the economy,” Kim said during a press conference at the Government Complex in Gwacheon on Sunday.“In the short term, we will concentrate on int

May 22, 2017

[Photo News] BOK issues notes from Gangnam for the first time

May 22, 2017

Banks, card firms may face difficulty raising fees

South Korean banks and credit card firms might face difficulty in raising their fees, as the financial authorities began reviewing President Moon Jae-in’s pledges to adopt a new regulation to toughen rules on financial fees, industry sources said Monday.Moon, who believes in big government and its larger role in the market, had vowed to “adopt a system to evaluate the legitimacy of financial fees,” according to the booklet of his election pledges.  The Financial Services C

May 22, 2017

Korean shares up in late morning trade

South Korean shares traded higher late Monday morning as foreigners scooped up shares of large tech companies, analysts said.The benchmark Korea Composite Stock Price Index gained 12.12 points, or 0.53 percent, to 2,300.6 as of 11:20 a.m.The broad index opened higher but soon paired earlier gains as institutional buyers turned to a selling mode.Market behemoth Samsung Electronics gained 0.76 percent, with smaller rival LG Electronics adding 0.61 percent to hit a record high. SK hynix advanced 2.

May 22, 2017

Seoul shares open higher on tech blue chips

South Korean stocks opened higher on Monday, buoyed by bullish tech large caps, analysts said. The benchmark Korea Composite Stock Price Index climbed 15 points, or 0.66 percent, to reach 2,303.48 in the first 15 minutes of trading. Big tech shares pushed up the market, although large-cap stocks were mixed across the board.Market behemoth Samsung Electronics gained more than 1.3 percent, with smaller rival LG Electronics adding 0.74 percent to hit a record high. SK hynix advanced 1.66 perce

May 22, 2017

‘External uncertainties to heighten stock market sensitivity’

Developing external uncertainties will heighten sensitivity of the main bourse of South Korea, according to market experts Friday. The first-tier market has been riding on momentum for nearly a month backed by first-quarter earnings surprises of local listed firms and President Moon Jae-in‘s highly-anticipated move to improve corporate structure and induce institutional investors to adopt a stewardship code.The benchmark Korea Composite Stock Market Index, however, suffered a two-day slump

May 19, 2017

KRX to launch portal on short-selling

The Korea Exchange will launch a new web portal in June to provide information on short-selling in the local stock market and facilitate individual investors’ access, the market operator said Thursday.The beta version of the website will kick off Monday, through which the KRX is expected to gather feedback from investors until June 16, 10 days ahead of the official launch of the service available in Korean and English. The KRX said in a release Thursday that it aims to address misconceptio

May 19, 2017

Seoul shares little changed as earnings momentum fades

South Korean stocks closed nearly flat on Friday as investors remained cautious amid no fresh leads following a recent rally led by robust corporate earnings, analysts said. The local currency edged down against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 1.66 points, or 0.07 percent to close at 2,288.48. Trading volume was moderate at 415.2 million shares worth 5.78 trillion won ($5.12 billion) with gainers outnumbering decliners 598 to 230. "As the first-qua

May 19, 2017

Gov't dividend income jumps 27.4% in 2017

The government's dividend income from its stakes in public companies rose sharply this year on improved earnings of state-funded companies, the finance ministry said Friday.Public companies' dividend payments to the government totaled 1.56 trillion won ($1.38 billion) in 2017, up 27.4 percent from 1.2 trillion won a year earlier, according to the Ministry of Strategy and Finance. The ministry said that the spike comes as the average dividend payout ratio, or the percentage of earnings paid to sh

May 19, 2017

BOK completes moving cash reserves to Gangnam

The Bank of Korea has completed moving more than 10 trillion won ($8.88 billion) of cash -- previously stashed in an underground vault -- to its Gangnam office, bank officials said Friday.The move comes as the central bank will be starting its three-year renovation of its headquarters in central Seoul from the second half of the year. This will include reconstruction of the main annex building to enhance security and safety, the BOK said. While most of the BOK’s departments are moving

May 19, 2017

New 2018 budget guidelines put jobs, income growth first

Under the new Moon Jae-in administration, the Finance Ministry has set up renewed guidelines for next year’s budget prioritizing Moon’s key policies, such as job creation and income growth, the ministry said Friday.The Ministry of Strategy and Finance said it has revised its budget guidelines for 2018, which had been announced on March 31, to reflect the new government’s key policy tasks. “To reflect the new government’s policies and streamline the fiscal spend

May 19, 2017

Seoul shares almost flat in late-morning trade

South Korean stocks trading was nearly unchanged late Friday morning, with tech blue chips losing ground while auto large caps moved upward, analysts said. The benchmark Korea Composite Stock Price Index added 1.59 points, or 0.07 percent, to hit 2,288.41 as of 11:20 a.m. Tech giant Samsung Electronics fell more than 2 percent, with chipmaker SK hynix shedding over 1 percent. Top automaker Hyundai Motor continued its bullish mode with a roughly 2-percent gain, and its affiliate Hyundai Mobis, an

May 19, 2017

Ex-KDB chief gets 4-year jail term for corruption

Former Finance Minister Kang Man-soo was sentenced to four years in prison Friday on multiple corruption charges. The Seoul Central District Court convicted Kang, also a former head of the state-run Korea Development Bank, of pressuring the government to designate a biotech firm run by his friend as a business partner and provide billions of won in subsidies in December 2009. The court ordered him to pay a fine of 50 million won ($44,000). Kang was the country's finance minister from 2008 to ear

May 19, 2017

Seoul shares open tad lower on large-cap losses

South Korean stocks started marginally lower on Friday, as a drop in top-listed firms offset gains in cosmetics and food companies, analysts said. The benchmark Korea Composite Stock Price Index shed 2.04 points, or 0.09 percent, to trade at 2,284.78 in the first 15 minutes of trading. Top-cap Samsung Electronics lost almost 1 percent, with No. 1 automaker Hyundai Motor sliding 1.6 percent. But top cosmetics maker AmorePacific gained around 1 percent and major food maker CJ Cheiljedang clim

May 19, 2017

Seoul shares down 0.27% on Trump risk

South Korean stocks declined 0.27 percent on Thursday, as an elevating US political crisis involving its president prodded investors into a flight from making risky bets, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index KOSPI closed down 6.26 points at 2,286.82. Trading volume was moderate at 374.4 million shares worth 5.83 trillion won ($5.18 billion) with decliners far outstripping gainers 507 to 296."Investors are beginning to w

May 18, 2017