The value of South Korean won compared to other major currencies fell to a 19-month low as of Sunday, with the ongoing US-China trade disputes weighing down the economy.Asia’s fourth-largest economy also saw its benchmark Kospi shed 7 percent after US President Donald Trump’s announcement to impose fresh tariffs on Chinese goods, two weeks earlier. According to real effective exchange rate index compiled by the Bank for International Settlements, the value of the South Korean currenc

Market May 19, 2019

A pending bill for establishing an aviation maintenance, repair and overhaul complex at Incheon Airport is expected to be passed by the National Assembly soon, reports said Wednesday, which will fuel progress in the long-awaited project. Incheon International Airport Corp., which operates the nation’s key air hub, has been seeking for nearly a year to build an MRO cluster near the airport in Yeongjong-do. It is expected to attract local and foreign companies related to aviation maintenance and f

Industry May 15, 2019

South Korean stock markets rebounded slightly Tuesday after getting off to a weak start, amid signs of escalating tensions between the US and China in a trade war. The nation’s main bourse Kospi closed 0.12 percent higher than the previous trading, at 2,081.59. It had recovered on the back of institutional buying after opening 0.9 percent lower than the previous close at 2060.24.The secondary tech-heavy Kosdaq ended 0.24 percent higher at 710.49, having gained throughout the day after open

Market May 14, 2019

The market size for promissory notes issued by South Korean investment banks is projected to reach 10 trillion won ($8.5 billion) this year, according to data released Monday, with securities firms seeking to further solidify their identities as IBs. Promissory notes are short-term means of financing with less than one-year maturity and a maximum limit of 200 percent of their capital. The business segment can provide capital to expand the scope of overseas and alternative investments. The licens

Market May 13, 2019

South Korean stock markets rebounded at Friday’s close, after the main bourse fell below 2,100 earlier in the day, reflecting market fluctuations caused by ups and downs in the trade confrontation between the US and China. Tension had peaked at midday, as US tariff hikes on $200 billion of Chinese imports going from 10 percent to 25 percent took effect in the midst of negotiations. The higher close, however, also showed the market stabilizing for the time being, as the two sides are expect

Market May 10, 2019

Lotte Chemical said Friday that its ethylene cracker complex in the US will start commercial operations this month, expressing hopes of expanding its global presence and diversifying its ingredients for petrochemical products. The $3.1 billion ECC project is a joint venture with Axiall Corp., which the Westlake Chemical Corp. acquired in 2016. Lotte owns 88 percent of the plant, while Westlake holds the remainder.  Lotte Group Chairman Shin Dong-bin (center right) and South Korean Prime Minister

Industry May 10, 2019

South Korean markets were rattled Thursday, along with other markets in the region, after US President Donald Trump claimed that Beijing “broke the deal” in the ongoing trade talks with Washington. Trump’s remarks made at a rally in Florida early in the day, dragged down major indexes by further dampening investor sentiments. Korea’s main bourse Kospi closed at 2,159.79, 66 points or 3.04 percent lower from the previous session. The secondary Kosdaq also slipped 21.1

Market May 9, 2019

South Korean securities firms delivered strong first-quarter earnings this year by shifting their focus from equities to investment banking, principal investments and asset management services. This comes after most suffered an earnings shock in the fourth quarter last year due to a lackluster stock market.  Meritz Securities’ first-quarter operating profit jumped 22.8 percent on-year to 165.9 billion won ($141.9 million), according to data from the Financial Supervisory Service, mark

Market May 8, 2019

With the Korean won extending its losing streak against the dollar, analysts voiced concerns on Monday that the prolonged trend may trigger an outflow of foreign capital from the local stock market. The won remained at 1,170 won -- its closing price on Friday -- against the US greenback, which marked the lowest value in 27 months. Korean stocks, bonds and foreign currency markets were closed for a public holiday Monday. On Friday, foreign investors net purchased shares worth 150.8 billion w

Market May 6, 2019

Among major currencies, the South Korean won suffered the steepest monthly decline against the US dollar, reports showed Wednesday, due to the latest trend of a persistently strong greenback. The won had fallen 2.82 percent on-month as of Tuesday, Bloomberg data that measured the monthly rate of decline of 16 major currencies showed.Most currencies weakened against the US dollar, except the Mexican peso and South Africa’s rand, which gained 1.98 percent and 1.07 percent, respectively. 

Economy May 1, 2019

South Korean brokerage firm Mirae Asset Daewoo has simultaneously issued a three-year dollar-denominated, socially responsible investment bond and five-year senior notes, the firm said Tuesday. This makes Mirae Asset Daewoo the first among global securities firms to successfully issue a three-year overseas SRI bond while issuing both types of bonds at the same time.  SRI bonds are a type of bonds with proceeds earmarked for socially beneficial or environmentally friendly projects. Proceeds

Market May 1, 2019

South Korea’s financial regulator will take initial steps in reviving the comprehensive inspection of financial firms within the next few weeks after four years, prompting concerns the practice may keep the sector on a tight leash. The Financial Supervisory Service will launch the inspection of at least five local financial firms, starting with KB Securities in May. The confirmed list as of Tuesday included KB Financial Group, KB Kookmin Bank, KB Securities, Hanwha Life Insurance, and Meri

Market April 30, 2019

Addressing the latest spike in gas prices, stemming from the uncertainty associated with tighter US sanctions on Iranian oil, South Korea’s chief economic policymaker vowed Monday to bring stability to the domestic market while at the same time bracing for the full impact of the sanctions. “To brace for the possibility of a short-term spike in global oil prices, we plan to revitalize the use of budget gas stations and e-commerce to boost competition in the local oil market as efforts

Economy April 29, 2019

With heightened awareness here on increasing governance transparency and boosting investors’ rights, large businesses have been facing mounting pressure on all fronts, including the ways they conduct shareholders meetings, reform the power structure and dole out dividends.Since 2016, when a firm is spotted on the National Pension Service’s radar for paying “stingy” dividends to investors, they run the risk of being added to a blacklist that is disclosed to the public. And with the world’s third-

Industry April 28, 2019

South Korea recently signed a memorandum of understanding worth $3.2 million with Saudi Arabia to help establish an ecosystem for intellectual property. It was an outcome of efforts by Asia’s fourth-largest economy in expanding global partnership to share its intellectual property system, according to the chief of the nation’s top IP office. “The deals with the United Arab Emirates and Saudi Arabia will work as a prime opportunity to promote our IP administration service to the world,” Korean In

Industry April 24, 2019