Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Court temporarily suspends punishment imposed on Hana chairman-nominee
The Seoul High Court on Thursday temporarily suspended the punishment imposed by financial authorities on Hana Financial Group Chairman-nominee Ham Young-joo for improper sales of derivatives-linked products. The decision follows Ham’s move last week to file an appeal against a lower court’s ruling that found him guilty of the charges. The Seoul High Court accepted an injunction to delay the implementation of the Financial Services Commission’s punishment, imposed in 2020,
March 24, 2022
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Seoul stocks open lower on Wall Street tumbles, inflation woes
South Korean shares opened lower Thursday, tracking overnight losses on Wall Street, led by declines in big-cap tech and auto shares, amid rising woes over inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had shed 18.15 points, or 0.66 percent, to reach 2,716.90 as of 9:15 a.m. Overnight, the US stock market tumbled amid renewed concerns over rising energy prices and inflation. The Dow Jones Industrial Average fell 1.29 percent, and the Nasdaq composite dropped 1.23 percent. On
March 24, 2022
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Ahn stocks hit record high on bets he could be PM
Ahnlab founder Ahn Cheol-soo, the leader of the transition committee for President-elect Yoon Suk-yeol, saw his shares shoot up to a record high in 10 years on Wednesday on market expectations that he could be the prime minister when Yoon is sworn in on May 10. The stocks closed at 175,800 won ($144.76) Wednesday, breaking the previous intraday high of 167,200 won in January 2012. The net worth of the software mogul-turned-politician soared to 327 billion won. Ahn has a
March 23, 2022
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Seoul shares up for 2nd day on big-cap tech, steel gains
South Korean stocks extended their winning streak to a second session Wednesday as institutional investors picked up large-cap steel and tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.05 points, or 0.92 percent, to close at 2,735.05 points. Trading volume was moderate at 870.73 million shares worth some 11.7 trillion won ($9.64 billion), with gainers outnumbering losers 529 to 300. Institutional investors bought a net 233.0
March 23, 2022
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Seoul stocks open higher on US gains
South Korean shares got off to a strong start Wednesday, tracking overnight gains on Wall Street, led by institutional investors' purchase of big-cap shares. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.48 points, or 0.98 percent, to reach 2,736.48 as of 9:15 a.m. Overnight, the US stock market finished higher, as investors digested recent hawkish comments by Federal Reserve Chair Jerome Powell on rate hikes. The Dow Jones Industrial Average advanced 0.74 percent, and the Nasd
March 23, 2022
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Seoul shares end higher on institutional buying
South Korean stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.95 points, or 0.9 percent, to close at 2,710 points. Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257. Institutional investors bought a net 284
March 22, 2022
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Dunamu donates W1b to Ukraine
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli
March 22, 2022
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Seoul shares up late Tues. morning on tech gains
Seoul shares extended gains late Tuesday morning, buoyed by institutional buying despite Wall Street losses on rising oil prices and the Fed's hawkish comments on inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.27 points, or 0.64 percent, to trade at 2,703.32 points as of 11:20 a.m. Federal Reserve Chairman Jerome Powell said Monday (local time) the US central bank would raise its benchmark short-term interest rate faster than expected if that is needed to contain ramp
March 22, 2022
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Regulator OKs convenience store operator Korea Seven's takeover of Ministop
South Korea's antitrust regulator said Tuesday it has decided to approve a deal by Korea Seven Co., the operator of 7-Eleven convenience stores, to buy its smaller rival Ministop Korea Co. In January, the country's retail giant Lotte inked a deal to acquire a 100 percent stake in Ministop Korea for 313.3 billion won ($257 million). Korea Seven, an affiliate of Lotte, eventually bought Ministop Korea. The Fair Trade Commission (FTC) said it has given the green light to the deal, saying that the t
March 22, 2022
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Seoul shares open higher on auto, tech gains
Seoul shares opened higher Tuesday on institutional and individual buying amid uncertainties involving the Ukraine-Russia peace talks and US interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.71 points, or 0.21 percent, to trade at 2,691.76 points as of 9:15 a.m. Institutions and individuals' stock purchases worth 89.7 billion won ($74 million) helped offset 90 billion won worth of foreign selling. Auto and tech stocks led gains. Leading carmaker Hyundai Motor Co. rose 2
March 22, 2022
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Seoul stocks down on uncertainty over Ukraine, Fed rate hike
South Korean stocks ended lower Monday, snapping their three-day winning streak, weighed down by uncertainty over the Ukraine-Russia conflict and worries over the US monetary policy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 20.97 points, or 0.77 percent, to close at 2,686.05 points. Trading volume was moderate at about 495 million shares worth some 8.6 trillion won ($7.1 billion), with gainers outnumbering losers 454 to 394. Ins
March 21, 2022
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Korean banks expand financial services for foreigners
South Korean banks are notorious among foreign residents here seeking loans and other financial products for their stricter screening and frequent rejections compared to Korean customers. But they have recently started to acknowledge that foreigners here could diversify their revenue sources. At the vanguard of the change is JB Financial Group, a more regional business compared to the four major commercial banking groups here -- KB, Shinhan, Hana and Woori -- but nonetheless has a strong net
March 21, 2022
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Foreign currency deposits grow in Feb. on increased corporate savings
Foreign currency deposits at banks in South Korea grew for the first time in three months in February thanks to increased corporate savings, central bank data showed Monday. Residents' outstanding foreign currency-denominated deposits reached $98.14 billion as of end-February, up $4.97 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data exclud
March 21, 2022
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Seoul stocks open nearly flat amid Ukraine uncertainties
South Korean stocks opened nearly flat Monday as investors keep a close eye on ongoing diplomatic efforts over the Ukraine-Russia tensions. The benchmark Korea Composite Stock Price Index had inched down 0.4 points, or 0.01 percent, to trade at 2,706.62 points as of 9:15 a.m. Stocks traded bearish as investors took a wait-and-see mode after a three-day gain that stemmed from hopes of progress in the Ukraine-Russia peace talks. Large caps traded mixed. Market bellwether Samsung Electronics lost 0
March 21, 2022
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[Newsmaker] Hana Financial Group joins $2.6b bid to buy Chelsea FC
South Korea’s Hana Financial Group has recently submitted a bid of $2.6 billion to buy Premier football club Chelsea, in a consortium led by UK property magnate Nick Candy. Local reports on Saturday said that the consortium of Candy, Hana Financial Group and Korean sports management firm C&P Sports -- dubbed “The Blue Football Consortium” -- have become one of several bidders who expressed their interest in buying Chelsea from its current Russian owner Roman Abramovich by
March 20, 2022
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Average pay at Korea's top 4 banks exceeds W100m for first time
The average annual salary at South Korea’s top four banks exceeded 100 million won ($82,500) for the first time last year, backed by a surge in interest and fee revenue, data showed Sunday. Bankers under the four commercial banks here -- KB Kookmin, Shinhan, Hana and Woori -- received an average 105.5 million won last year, 7.6 percent up from the previous year, according to their annual reports. The figure includes the employees’ base salary, performance pay and bonuses. The aver
March 20, 2022
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Seoul stocks likely to advance next week on eased Fed, Ukraine woes
South Korean stock markets are expected to gain ground next week, as investors are likely to snap up oversold stocks amid eased uncertainty about the U.S. monetary policy and optimism for the Russia-Ukraine peace talks, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 points Friday, down 1.72 percent from a week ago. The key stock index started weak this week as investors turned cautious ahead of the U.S. Federal Reserve's policy meeting. But
March 19, 2022
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Seoul stocks up for 3rd day amid hope for Ukraine peace talks
South Korean stocks extended their winning streak to a third session Friday after choppy trading, as investors eye the ongoing Ukraine-Russia peace talks after eased Fed uncertainties. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.51 points, or 0.46 percent, to close at 2,707.02 points. Trading volume was moderate at about 634 million shares worth some 11.3 trillion won ($9.3 billion), with gainers outnumbering losers 547 to 303. Reta
March 18, 2022
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SC Bank Korea's 2021 net dips 50% on one-off costs
Standard Chartered Bank Korea said Friday its net profit tumbled more than 50 percent in 2021 from a year earlier on large one-off costs. Combined net income stood at 127.9 billion won ($106 million) last year, down 50.3 percent from a year earlier, said the local unit of British banking giant Standard Chartered Bank. The lender said the bottom-line plunge is blamed on one-off costs worth 252.7 billion won resulting from a special early retirement program in the fourth quarter of last year. Its
March 18, 2022
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Seoul stocks open higher as investors eye Ukraine peace talks
South Korean stocks opened slightly higher Friday, as investors placed hopes on the ongoing fourth round of Ukraine-Russia peace talks after eased Fed uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.9 points, or 0.14 percent, to trade at 2698.41 points as of 9:15 a.m. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics lost 0.7 percent, and No. 2 chipmaker SK hynix retreated 0.81 percent. Internet portal operator Naver advanced 0.44 percent, and
March 18, 2022