South Korea‘s stock markets erased their morning loss in the afternoon Friday, dwarfing investor concerns about US President Donald Trump’s announcement to cancel a planned summit with North Korea leader Kim Jong-un in June. In Friday closing, the top-tier stock market Kospi edged down 0.2 percent from Thursday‘s close, narrowing down 0.9 percent loss in early morning trade. The tech-heavy Kosdaq capped its loss to 0.6 percent, from 1.6 percent in the morning. On Kospi, foreign

Market May 25, 2018

South Korea’s central bank kept the interest rate steady at 1.5 percent for six straight months in a unanimous board decision Thursday, citing external uncertainties due to an upshot in capital influx and currency woes from emerging markets.Despite relatively solid economic growth at home and abroad, the lingering uncertainties and low inflationary pressure on the demand side here led to the “accommodative monetary policy stance,” according to the seven-member Monetary Policy B

Market May 24, 2018

US exchange operator CME Group has immediately suspended South Korea’s brokerage Hana Financial Investment‘s access to electronic trading or clearing platforms and markets run by the US derivatives exchange operator.Following the disciplinary action effective starting Tuesday, customers of the Korean securities firm are being banned from trading futures or options on CME Group’s platforms including Globex, using Hana‘s home trading system. The access will be denied for 60

Market May 23, 2018

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 15th installment. - Ed.Four cryptocurrency exchanges -- Upbit, Bithumb, Coinone and Korbit -- have dominated South Korean trades on the highly volatile market, riding the bandwagon of futuristic technology and a wave of speculation. But with the volatile market now facing a waning public trust, cryptocurrency exchange Gopax, through its six-month operation, is seeking to

Market May 22, 2018

Banks in South Korea will see eased regulation when opening physical offshore units, as a revision bill gained approval from the Cabinet on Monday.  Following the revision of the Enforcement Decree of the Banking Act, banks will be exempt from the obligation to report to authorities about the establishment of foreign offices or branches prior to the setup, unless the investment into the foreign unit exceeds 1 percent of its capital. Before the revision, banks were required to submit a repor

Market May 21, 2018

Companies listed on South Korea’s top-tier stock market Kospi saw their debt-to-capital ratio come to 111.4 percent in 2017, up 0.9 percentage point on-year, data showed Monday. The combined amount of liabilities of Kospi-listed firms reached 1,182.8 trillion won ($1.1 trillion), up 2.5 percent compared to a year prior, whereas the volume of capital came to 1,061.9 trillion won, up 1.7 percent, according to data compiled by the Korea Exchange.The market operator analyzed data on 598 firms

Market May 21, 2018

The Daejeon Metropolitan City Government offered to partner with US computer software company Adobe Systems, seeking to bolster the digital literacy of its citizens, officials said Sunday.Han Sun-hee, director-general of the city government’s science and economy bureau, suggested Adobe establish a digital literacy education center in Daejeon, in a meeting on May 14 with Adobe Systems Chief Executive Shantanu Narayen at the US company‘s headquarters in San Jose, California.　 Han Sun-hee (third fr

Technology May 20, 2018

PureChain, a ledger-free blockchain running on an inter-device communication system, seeks to tokenize its first business that it expects to shape the “gift economy,” its developers said Thursday.Called “Colorchain,” the new decentralized platform by Singapore-headquartered Pax Datatech will have its tokens distributed using PureChain’s technology that does not require a third-party consensus or a process for user authentication.PureChain is a decentralized system p

Market May 17, 2018

The nonprofit Korea Listed Companies Association, which represents some 2,000 listed companies, urged the government Wednesday to come up with a policy to allow companies to defend against hostile moves from foreign activist shareholders.Such attempts have undermined Korean firms’ efforts to embark on long-term growth and instead lead to them sticking to short-term gains, said Jung Koo-ryong, chairman of the advocacy group, in a press conference held at the Korea Exchange headquarters on Wednesd

Industry May 16, 2018

Large and mid-cap South Korean stocks set to be added to global and regional equity indexes by MSCI moderately rallied Tuesday, after an announcement by the US index publisher to rebalance its indexes. 　MSCI, formerly Morgan Stanley Capital International, is an American provider support tool widely used as investment guidance.　In the May 2018 Semi-Annual Index Review for the MSCI Equity Indexes released Monday, MSCI unveiled five Korean won-denominated shares to be added starting June 1. New to

Market May 15, 2018

Kakao Games, South Korea‘s online and mobile game software developer and publisher, has applied for a preliminary screening for an initial public offering on the second-tier Kosdaq, according to the Korea Exchange Monday. If the game arm of internet giant Kakao passes the screening process by the market operator KRX, it is projected to go public in the second half of 2018. Korea Investment & Securities is the sole underwriter for the IPO. The company’s value is estimated at 1.5 trillion won ($1.

Technology May 14, 2018

This is the 55th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. While leading sectors of South Korea’s second-tier stock market Kosdaq have suffered downward pressure over the past few weeks, some powerhouses have pulled through.One of the firms is Koh Young Technology, which has striven to make a linear growth since it was listed a decade ago. On the back of it was its earnings increase with its unrivaled tech prowess suitable for manufact

Market May 14, 2018

Growing allegations that biopharma firm Samsung BioLogics fabricated financial statements, coupled with checks by authorities and activist shareholders, are bringing questions on a controversial deal between two Samsung affiliates back to the fore, according to market experts Friday.The Financial Services Commission plans to review the case of Samsung BioLogics next week via an oversight panel. The financial regulator is reportedly seeking clues on whether the change in accounting method was ass

Industry May 11, 2018

German carmaker BMW said Thursday that it had opened a large-scale cultural complex on a 13,200-square-meter site in Songdo International City in Incheon, South Korea.　The cultural complex was built through a joint investment by BMW and Bavarian Motors, Bavarian Motors, a Korean dealer of BMW and its Mini Brand. The construction project took 1 1/2 years. It is the largest integrated facility opened by a BMW dealer worldwide. From left: Lee In-seok, chief executive officer of Bavarian Motors , Hi

Mobility May 10, 2018

South Korean builder SK Engineering and Construction’s top official has expressed intent to lead a canal project in Turkey, citing its track record in multiple projects in the nation. Dubbed Canal Istanbul, the project involves building a 45-kilometer-long waterway that connects the Black Sea with the Marmara Sea. It is reportedly estimated to cost some $15 billion. “(Canal Istanbul) is a major project both in terms of value and importance,” Lee Seung-soo, vice president of SK E&C, was quoted as

Industry May 10, 2018