Foreign investors continued a buying spree on shares of South Korea’s listed companies in February for the third consecutive month, pushing up their holdings of local stocks to a record high, the country’s financial watchdog said Tuesday. Foreign investors bought a net 658 billion won ($573 million) in shares on the local stock market in the month. Their holdings of local stocks of listed companies reached a record high of 503.4 trillion won at the end of February, accounting for 31.8 percent of

March 7, 2017

Wi Sung-ho, the newly appointed CEO of Shinhan Bank, the nation’s largest lender by assets, said Tuesday he aims to expand the bank’s global presence and digitalization in order to consolidate the No. 1 position in a quickly changing business environment. After his appointment was officially confirmed at the general shareholders meeting, Wi told reporters he aims to make 20 percent of the bank’s net profits from overseas by 2020, up from the current 12 percent. He picked Vietnam, Japan, Indonesi

Industry March 7, 2017

Hanjin Shipping, once South Korea’s largest shipper, is set to be delisted from the local bourse Tuesday, while newly established SM Line Corp. will begin its first service Wednesday. Shares of Hanjin Shipping closed at 12 won ($0.01) Monday, plunging 68 percent from the previous trading day. It was the last day of the seven trade days that the country’s bourse operator Korea Exchange allowed investors to sell off Hanjin stocks.  A Hanjin Shipping Co. terminal in the port city of Busan shows no

Industry March 6, 2017

Commax, a developer of home automation systems, was recently named one of the six “time-honored” companies by the state-run Small and Medium Business Administration for maintaining its business for 49 years in the country where the average business life cycle for small and medium manufacturers is only 11 years.The SMBA said while the US has 12,780 companies that are more than 100 years old, South Korea has only seven.Among companies with more than 45 years of business history, the organization p

Industry March 5, 2017

China’s reported ban on travel agencies on selling tour programs to South Korea is expected to take a toll on South Korean tourism and retailers here who rely on Chinese tourists. The China National Tourism Administration reportedly called in two dozen travel agencies in Beijing and instructed them to stop selling South Korean tour programs including group packages and services for individual tourists, according to news reports Thursday and Friday. Some sources said the ban was spreading to othe

March 3, 2017

Malaysia has canceled its visa waiver arrangement with North Korea amid a diplomatic spat over the assassination of the half brother of the North's leader, a news report said Thursday.The cancellation will take effect on March 6, after which North Koreans entering Malaysia will be required to obtain a visa, Malaysian news agency Bernama quoted the country's deputy prime minister, Ahmad Zahid Hamidi, as saying. He cited national security as the reason.This marks Malaysia's first tangible action t

North Korea March 2, 2017

South Korea’s consumption remained sluggish in January, in a sign of downward pressure on the country’s economy despite a recovery in exports and industrial output, according to the country’s statistics office Thursday. While industrial production rose for three consecutive months backed by an upturn in exports, consumption saw three straight months of decline due to weak spending during the national holidays in January and a waning of the effects of consumption-boosting meas

March 2, 2017

Ra In Ho, a South Korean ship lift and transport system developer, has signed a deal with a Russian shipyard to provide it with the world’s largest ship transfer system, the company said Thursday. The company will provide a 54,000-ton ship transfer system worth about 20 billion won ($17.5 million) to Zvezda Shipyard in the Russian Far East. Ra In Ho will have full control of the entire process from designing to installing the system, the company said. Ra In Ho Co. CEO Rainer Sinnreich (right) si

Companies March 2, 2017

With Hanjin Shipping’s bankruptcy declared earlier last month, Hyundai Merchant Marine, now South Korea’s only major shipping line, is expected to fill the vacuum, supported by government rescue schemes and positive signs in the industry, analysts and industry watchers said Tuesday. “After hitting the bottom in 2015 and 2016, the shipping industry seems to be improving with increased freight rates and eased competition,” Um Kyung-a, an analyst at Shinyoung Securities

Companies Feb. 28, 2017

The South Korean government unveiled Monday a series of measures to boost the economy amid sluggish domestic consumption and investment weighing down on growth. More than 150 measures were introduced during the 11th Trade and Investment Promotion Meeting on Monday, including promoting investment in four major areas -- stimulating local economies, solving difficulties faced by small businesses and fostering industries that target senior citizens.  But the announcement -- made after seven m

Feb. 27, 2017