The bearish global cryptocurrency market has prompted investors to turn their attention to “safer” bitcoin exchange-traded funds. But South Korean institutions have kept a tight leash on the whole cryptocurrency industry, instead observing the US’ steps for the time being.“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market -- which is why we are observin

Market Feb. 20, 2019

South Korea’s telecom stocks have been underperforming this year, and analysts point out that the commercialization of 5G network services, likely to start in March, will impact their price.According to the Korea Exchange, the nation’s top mobile operator SK Telecom’s share price plunged 5.2 percent since the beginning of the year, as of Friday’s closing. KT and LG Uplus shares dropped 4.2 percent and 15 percent, respectively, in the same period.  Foreign investors,

Market Feb. 18, 2019

The global trade volume has expanded at a drastic pace over recent years on the back of e-commerce growth, but has also led to increasing abuse of simplified customs procedures.Responding to such a market reality, it is inevitable that customs offices should fundamentally innovate their administrative systems with key technologies of the “fourth industrial revolution,” according to the head of the information bureau at South Korea’s customs agency.“It is now time that customs administrations ado

Industry Feb. 17, 2019

Crowds of daily commuters and tourists hopping on and off KTX bullet trains make it easy to overlook the old Seoul Station, which was restored to its former glory almost half a decade ago. The red-brick Western-style building, which opened in 1925 during the Japanese colonial rule of Korea, no longer serves as a train station. In 2012, it was revamped into Culture Station Seoul 284, an exhibition space. Its turquoise Byzantine-style central dome is a stark contrast to its modern surroundings, in

Travel Feb. 14, 2019

South Korea’s tech-heavy secondary bourse Kosdaq has been buoyed in recent weeks by foreign investors’ increased interest in the nation’s biotech and pharmaceutical sectors. According to the nation’s sole stock exchange operator Korea Exchange on Wednesday, overseas investors’ net buying of local shares on the Kosdaq, from Jan. 23 to Monday, amounted to 490.5 billion won ($437.6 million), a stark contrast to their decision to net sell stocks worth 606.1 billion won

Market Feb. 13, 2019

With the National Pension Service apparently determined to pressure companies with “stingy” dividend policies to change their ways, investors are viewing it as an opportunity to seek out new targets with the potential for high payouts, while businesses are concerned on excessive management intervention. Signs of change were spotted as the NPS began exerting its shareholder rights through the stewardship code over Hanjin KAL on Feb. 1, followed by its demand for Namyang Dairy to incre

Market Feb. 12, 2019

Shinhan Financial Group has decided to form a consortium with Viva Republica, the operator of the popular mobile payment app Toss, to enter South Korea’s internet-only bank business, the financial holding firm said Monday. The consortium will place a bid for a preliminary license to clinch the right to operate the nation’s third internet-only bank, it said. The Financial Supervisory Service is slated to accept applications March 26-27. Shinhan said its decision to team up with T

Market Feb. 11, 2019

Major brokerage firms reported worse-than-expected earnings in the fourth quarter of last year, with analysts citing increased market volatility coupled with a slump in the nation’s equity-linked securities market, data released in recent days showed. Mirae Asset Daewoo’s fourth-quarter net profit dropped 72 percent on-year to 26.9 billion won ($23.9 million), noticeably below the average range of 40 billion-50 billion won projected by analysts. The firm had been reporting lackluster

Market Feb. 10, 2019

South Korea’s financial regulator plans to raise the limit of recharging credit on mobile payment platforms from the current 2 million won ($1,782), as part of its plans to ease rules on quick payment services, an official said Thursday.The new plan addresses the growing ire among mobile platform operators and users on the 2 million won recharge cap, which makes it impossible for users to purchase goods that cost more than the stated limit through payment systems such as Kakao Pay or Naver

Market Feb. 7, 2019

South Korea’s business leaders on Friday expressed concerns over the National Pension Service’s decision to actively exercise its shareholder rights over Hanjin KAL, claiming that it could dampen corporate activities. “If the NPS decides to actively exercise shareholder rights (on Hanjin KAL), this would be the first such case to be applied on a private firm,” the Federation of Korean Industries said in a statement. (Yonhap)“We have concerns that the NPS’ decision to intervene in the firm’s mana

Industry Feb. 1, 2019

South Korea’s state pension fund said Friday it had decided to actively exercise its shareholder rights over Hanjin KAL, the holding company of the nation’s No.1 carrier Korean Air.The National Pension Service added however, drew the line at Hanjin KAL, saying that it will not be extending the appliance of the stewardship code or active involvement in management of Korean Air.Hanjin KAL will be the first case in which the NPS’ stewardship code will be applied. The code is a set of guidelines on

Industry Feb. 1, 2019

South Korea’s leading game developer Netmarble confirmed Thursday it will participate in the bidding for fellow industry giant Nexon, as industry watchers forecast a tense battle potentially involving China’s largest gaming company, Tencent. “We have decided to form a consortium centered on South Korean capital and participate in the bidding,” Netmarble said in a statement.“The decision was made over concerns of the risk of damage that could be inflicted on the gaming industry along with possibl

Industry Jan. 31, 2019

South Korea’s chief regulator said Wednesday that it plans to ease listing rules for the nation’s tertiary bourse, focused on startups and small and medium-sized firms, to reform the capital market and support the growth of the Korean economy. The Financial Services Commission will lower the bar for the size of the deposit that regular investors need to participate in the Konex market, FSC Chairman Choi Jong-ku said at an event in central Seoul.  The required deposit will be 30

Market Jan. 30, 2019

South Korea’s Meritz Securities said Tuesday that its annual net profit surged 22.1 percent to a record high last year, amid local securities firms’ continuing struggle to survive competition with giant investment banks. The firm said its 2018 net income amounted to 433.8 billion won ($388.4 million) compared with 355.2 billion won a year earlier. Its operating profit jumped 20 percent to 532.3 billion won, while net operating income rose 21.9 percent to 1.3 trillion won.  &ldqu

Market Jan. 29, 2019

State-run IBK Securities has been hit by a hiring scandal, as several employees have been indicted by the prosecution over charges of manipulating interview scores of certain candidates and alleged gender discrimination in the hiring process, reports said Tuesday. According to prosecutors, a 50-year-old executive director surnamed Park was indicted over allegations of violating the equal employment law, which promotes gender equality in hiring, and for obstructing business. Three others who had

Industry Jan. 29, 2019