Most Popular
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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Rival parties unite to form 4-way body to break med school standoff
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Korea to certify safety of EV battery from October
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Wartime sexual slavery victims file for Japanese govt. asset disclosure
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S. Korea logs current account surplus for 3rd month in July
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Producer Teddy's girl group Meovv debuts, showcasing dual feline charms
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Farewell summit: Yoon, Kishida pledge to keep momentum in revitalizing ties
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Man to pay W727m for opening plane door before landing
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Two Korean women arrested for stealing tourist's bag in Turkey
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Frieze Seoul sees slower sales, yet confirms stronger art scene in Seoul
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29 crypto exchanges meet registration deadline, but face challenges
Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s
Sept. 26, 2021
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SC Bank Korea offers gold, gift certificates for dollar funds, savings accounts
Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner
Sept. 26, 2021
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Parked money in search of new investments hits new high: data
The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr
Sept. 26, 2021
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Seoul stocks likely to move in tight range over Evergrande woes, virus concerns
South Korean stocks are likely to move in a tight range next week amid uncertainties from a Chinese developer's debt crisis and the local surge of new coronavirus cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,125.24 points Friday, down 0.49 percent from a week ago. Stock markets were closed Monday through Wednesday this week for the Chuseok holiday. The losses came as investors digested the U.S. FOMC meeting results that said the Fed could b
Sept. 25, 2021
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China's central bank rules all crypto transactions are illegal
BEIJING (AFP) -- China's central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies. The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering. "Virtual currency-related business activities are illegal financial acti
Sept. 24, 2021
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Kakao Pay delays IPO plan on heightened consumer safeguards
South Korean mobile payment app operator Kakao Pay said Friday it has delayed its plan to go public yet again amid toughened consumer protection regulations in the domestic market. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, has revised its prospectus to carry out its initial public offering process by three weeks. Its IPO size, at up to 1.53 trillion won ($1.3 billion) via 17 million new shares, will remain unchanged. According to the latest fi
Sept. 24, 2021
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Lotte Chemical to commit W49b to new ESG fund
Lotte Chemical said Friday it planned to commit 49 billion won ($41.7 million) worth of capital to a new fund dedicated to tackling environmental, social and governance issues. The money will go into a new 50 billion-won ESG fund, the course of four years, according to a disclosure submitted to the Financial Supervisory Service Friday. The fund will be managed by retail-to-chemical Lotte conglomerate’s early-stage investment arm Lotte Ventures, formerly known as Lotte Accelerator. Lotte
Sept. 24, 2021
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[Newsmaker] Mergepoint saga sparks flood of complaints in Aug.
Amid the snowballing fiasco of prepaid discount service Mergepoint that played out in August, the number of consumer requested consultations regarding the scandal marked more than 16,000, according to data provided by the Korea Consumer Agency and Korea National Council of Consumer Organizations Friday. The consumer consultation center operated by South Korea’s Fair Trade Commission received 16,188 inquiries from consumers requiring consultations about their complaints and damages over t
Sept. 24, 2021
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Seoul stocks down for 2nd day amid virus woes, Evergrande uncertainties
South Korean stocks slumped for a second straight session Friday after the country's daily COVID-19 cases hit a record high, erasing gains from easing fears over China Evergrande Group's debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 2.34 points, or 0.07 percent, to close at 3,125.24 points. Trading volume was moderate at about 738 million shares worth some 12.3 trillion won ($10.4 billion), with gainers outnumbering lo
Sept. 24, 2021
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Seoul stocks open higher as China Evergrande fears ease
South Korean stocks opened higher Friday on overnight US rebound that stemmed from easing fears over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.37 points, or 0.36 percent, to 3,138.95 points in the first 15 minutes of trading. Stocks came off to a solid start as investors are monitoring the risks from the massive $310 billion debt of China's Evergrande Group. Market fears eased somewhat after the giant property developer announced t
Sept. 24, 2021
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Seoul stocks down on Powell's tapering comments, Evergrande scare
South Korean stocks retreated Thursday after the three-day Chuseok holiday in the face of comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November, as well as growing woes over a default of a giant Chinese real estate developer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.93 points, or 0.41 percent, to close at 3,127.58 points. Trading volume was moderate at about 612 million shares
Sept. 23, 2021
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4 out of 10 Seoul apartments bought by 20s, 30s
On the back of soaring housing prices, a growing number of South Koreans in their 20s and 30s have rushed to buying apartments, with nearly 4 out of 10 Seoul apartments being purchased by those young buyers, data showed Thursday. According to data from the Korea Real Estate Board, people in their 30s bought a total of 12,550 homes in the capital city between January and July, which accounted for 36.9 percent of the total 34,045 properties that changed hands in the given period. Those aged 20-29
Sept. 23, 2021
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Seoul stocks open lower on Fed chief's tapering comment, Evergrande fallout
South Korean stocks opened steeply lower Thursday after the three-day Chuseok holiday, following comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November and growing woes over a default of a giant Chinese real estate developer. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.83 points, or 0.57 percent, to 3,122.68 points in the first 15 minutes of trading. The key stock index plunged as investors digest the overnight US FOMC mee
Sept. 23, 2021
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Top financial regulator urges market monitoring over Evergrande concerns
South Korea's top financial regulator on Wednesday called for strengthening the monitoring of financial markets on concerns about a potential default by debt-laden property developer China Evergrande Group. Global financial markets were rattled this week over concerns that Evergrande may default on its debt. The debt-stricken developer said Wednesday it has agreed to a deal with local bondholders to settle interest payments, which helped ease fears about an imminent possible default by the grou
Sept. 22, 2021
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[Newsmaker] Kakao Pay faces renewed scrutiny ahead of IPO
Ant Group-backed financial technology firm Kakao Pay is facing renewed scrutiny ahead of its upcoming initial public offering as South Korea’s tech crackdown shows no signs of abating. Regulators’ tightening grip on online financial platforms puts Kakao Pay, known for its mobile payment app interoperable with Korea’s popular messenger app KakaoTalk, under mounting pressure to revise its prospectus again to scale down its fintech service. The stock market debut of Kakao Pay,
Sept. 22, 2021
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Eximbank to provide over $300m to Egypt for railway project
The Export-Import Bank of Korea said Wednesday it will offer more than $300 million in loans to the Egyptian government’s railway modernization project. The state-run policy lender plans to supply a combined $312.2 million for the African nation through the “Economic Development Cooperation Fund” as well as the “Economic Development Promotion Facility.” Launched in 1987, the EDCF is aimed at helping poor and less developed countries by providing low-inter
Sept. 22, 2021
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Overseas stock transactions hit all-time high amid meme stock fad
South Koreans’ transactions of foreign shares reached a new high in 2021 as retail investors rushed to trade meme stocks, data showed Wednesday. Domestic investors’ trading of overseas shares was valued at $277.1 billion from the beginning of the year to Sept. 16, according to data compiled by the Korea Securities Depository. The figure was up by 39.7 percent from last year’s accumulated trading volume of $198.3 billion, having already exceeded the 2020 total on June 21, the
Sept. 22, 2021
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[Feature] How fans are turning favorite K-pop songs into investments
K-pop fans have found a new way to support their favorite idols that could also fatten their wallets at the same time. A growing number of fans are experimenting with new investment methods by investing in shares of copyrights to songs by idols. This new combination of Korean culture and investing comes as K-pop fans seek alternative and meaningful ways to show support for their stars. For instance, Music Cow, a platform for investing in K-pop songs, allows fans to buy shares to own par
Sept. 21, 2021
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NPS exposure to Japanese ‘war crimes companies’ reaches W1.57tr: lawmaker
The National Pension Service, Korea‘s largest public pension scheme, has 1.57 trillion won ($1.33 billion) exposure to stocks of what was labeled as “war crimes companies” during the World War 2, data showed Sunday. NPS was directly investing some 880 billion won in companies suspected to have contributed to Japanese ruling of the Korean Peninsula during Korea’s colonial era as of February, according to data compiled by the ruling Democratic Party of Korea‘s lawma
Sept. 19, 2021
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FSS to appeal against court decision favoring Woori chairman
The Financial Supervisory Service said Friday it plans to appeal a Seoul court decision last month that nullified the watchdog’s penalty on the current Woori Financial Group chairman, which held him accountable for the misselling of high-risk funds. The Seoul Administrative Court ruled in favor of Sohn Tae-seung, revoking the heavy “reprimand” imposed upon him by the FSS in January 2020. If the warning had been finalized by the policymaking Financial Services Commission, Sohn
Sept. 17, 2021