South Korean investors have increased their investments in overseas funds in recent weeks, as they seek to escape from heightened stock volatility stemming from global trade issues, data showed Sunday. According to the Korea Financial Investment Association, nearly 4,700 overseas funds created and managed by local entities have drawn a combined 177.4 trillion won ($150.4 billion) from investors so far, an increase of 2.5 trillion won from the end of last month.  The combined net worth of th

Market Nov. 24, 2019

Kakao is set to become the largest shareholder of its internet-only bank on Friday, marking it as the first nonfinancial services firm to have majority stake in a South Korean lender. The Financial Services Commission on Wednesday approved Korea Investment Holdings’ request to transfer 15 percent and 29 percent of its current 50 percent stake in Kakao Bank to Kakao and Korea Investment Value Asset Management, respectively. Korea Investment Value Asset Management is a second-tier subsidiary

Market Nov. 21, 2019

Foreign investors continued to offload Korean stocks despite a rebound in daily trading volume, a Korea Exchange data showed Wednesday.Analysts cited the lingering uncertainties surrounding the ongoing US-China trade war that has dampened global investor sentiment behind the move. According to the bourse operator, foreigners were net sellers of shares on the benchmark Kospi worth nearly 1.4 trillion won ($1.2 billion) from Nov. 7 to Wednesday. The offloading observed throughout 10 consecutive tr

Market Nov. 20, 2019

McDonald’s Korea said it invited customers to its stores nationwide Tuesday for an open-kitchen event to highlight its food hygiene and safety system.The firm received applications last week from 1,600 customers hoping to participate in the event. The participants could visit any of McDonald’s 310 branches nationwide to survey its management of inventory, kitchen hygiene and the cooking process. A session was held on how McDonald’s cooks its burger patties. The company exp

Industry Nov. 19, 2019

For South Korea’s largest brokerages, investment banking has replaced traditional income sources such as stock trading and wealth management as the No. 1 profit maker this year, data showed Monday.Local brokerages are bolstering their investment banking divisions and looking to this business area as a steady income source due to the sluggish stock market. According to regulatory filings compiled by the Financial Supervisory Service, Mirae Asset Daewoo’s investment banking unit posted

Market Nov. 18, 2019

South Korea’s obsession with a penguin character is nothing new, with Pororo the “little penguin” having charmed kids with his orange goggles and innocence for more than a decade. However, Pengsoo -- a penguin character that bears a striking resemblance to Pororo, but armed with a blunter persona -- has gained cross-generational popularity in recent months, even nudging investors to purchase related stocks.Digital education contents producer Uangel -- which signed a memorandum

Market Nov. 15, 2019

The Korean Intellectual Property Office said Thursday it plans to help boost competitiveness of the local materials, parts and equipment sectors and reduce their reliance on foreign technologies through its system of IP big data. According to the nation’s top IP office, its plan involves four goals: cut back foreign dependency of materials, parts and equipment-related technology; innovate South Korea’s research and development system to a more IP-centered one; bolster IP competitiven

Economy Nov. 14, 2019

Hanwha Group’s defense technology unit was listed Wednesday, suggesting that succession plans are being hastened and Chairman Kim Seung-youn is ready to hand over the reins to his sons. Hanwha Systems currently has a market cap of nearly 1.3 trillion won ($1.1 billion) and traded slightly below its initial public offering price of 12,250 won at 11,100 won on its first day of trading on the benchmark Kospi.According to analysts and industry insiders, the company’s Kospi debut will hel

Market Nov. 13, 2019

Green bond issuance in South Korea has more than doubled so far this year, compared to the cumulative total floated last year, data provided by local companies showed Tuesday.Green bonds are fixed-income securities that fund eco-friendly projects. The size of the bond market and diversity of its issuers have been increasing in recent years as firms deem it helpful to improve their corporate image and make investors feel environmentally conscious. According to disclosures issued by the firms, the

Market Nov. 12, 2019

Amid a sluggish stock market, the top three South Korean conglomerates -- Samsung, SK and Hyundai Motor Group -- saw their market capitalizations rise this year, while values of the other top 10 plunged in the same period, data compiled by a local market tracker showed.According to FnGuide, the combined market cap of Samsung’s 16 listed subsidiaries increased nearly 18 percent, from Jan. 2 to Oct. 30, to 434.9 trillion won ($382 billion). Of the 16 subsidiaries, nine saw a growth in their

Market Nov. 10, 2019

South Korea’s Shinhan Card said Thursday it has signed a three-year partnership agreement with US-based online retail giant Amazon, as it seeks to aggressively expand its list of global partners. According to the card issuer, an array of benefits will be provided for Shinhan Card users who use e-commerce and other services by Amazon. Both firms will first jointly launch a promotion on Nov. 15 for its customers seeking overseas direct purchases during the fast-approaching Black Friday sales

Market Nov. 7, 2019

Dunamu, operator of global cryptocurrency exchange Upbit, said it has launched a comprehensive over-the-counter trading platform on Thursday that will allow users to both sell and purchase unlisted stocks.The platform dubbed U-Stockplus, released in the form of an app, is available for download on Google Play. It will be available as an iOS app in mid-November.  The fintech firm joined hands with local brokerage Samsung Securities and big data analytics company Deep Search to resolve the is

Market Nov. 7, 2019

Asset manager Mirae Asset Global Investments has been a trailblazer among South Korean financial institutions in entering global markets. According to the asset management unit of Mirae Asset Financial Group on Wednesday, it was the first among its peers to establish a Hong Kong subsidiary in 2003. The move marked its first foray overseas. In 2005, it became the first Korean asset manager to launch an offshore fund and provided local investors early opportunities to make overseas investments.In

Market Nov. 6, 2019

Asiana Airlines said Wednesday it has been bolstering its competitiveness and rolling out cost-cutting measures ahead of selling its controlling 31 percent stake.With the recovery of passenger traffic on its Chinese routes, Asiana is hoping to see a rebound in its earnings. About 578,000 Chinese tourists visited South Korea in August, increasing to the level before the conflict between Seoul and Beijing on the THAAD missile defense system in 2017. The carrier has also appointed separate managers

Industry Nov. 6, 2019

South Korean credit card companies have recently been tapping into and expanding their business in Vietnam, eyeing the Southeast Asian country’s growing economy while seeking to diversify due to a sluggish domestic market.The credit card unit of Hyundai Motor Group, Hyundai Card, announced last month that it has signed a deal worth 49 billion won ($41.9 million) to acquire a 50 percent stake in Vietnamese retail bank Finance Company Limited for Community. FCCOM is a wholly-owned subsidiary

Market Nov. 5, 2019