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Brokerages Downgrade Q4 Earnings Outlook for Major Listed Firms

Brokerages Downgrade Q4 Earnings Outlook for Major Listed Firms

SEOUL, Jan. 11 (Korea Bizwire) — South Korean brokerage houses have slightly revised down their fourth-quarter earnings outlook for major listed companies amid the coronavirus pandemic, a market tracker said Monday. The combined operating income forecast for 164 major listed firms came to 32.7 trillion won (US$29.9 billion) for the October-December period as of Friday, [...]

Major Foreign IBs Revise Up S. Korea’s 2021 Growth Outlook

Major Foreign IBs Revise Up S. Korea’s 2021 Growth Outlook

SEOUL, Jan. 7 (Korea Bizwire) — Major foreign investment banks (IBs) have slightly raised their forecasts for South Korea’s economic growth for 2021 despite the coronavirus pandemic, a report showed Thursday. As of end-December, nine major global IBs, including Barclays and Goldman Sachs, forecast the South Korean economy to grow 3.4 percent this year, up [...]

Kakao Pay Applies for Preliminary Approval for Digital Non-life Insurance Business

Kakao Pay Applies for Preliminary Approval for Digital Non-life Insurance Business

SEOUL, Jan. 5 (Korea Bizwire) — Kakao Pay Corp., South Korea’s No. 1 mobile payment service provider, said Monday that it took its first step into the insurance market by applying for preliminary approval for a digital non-life insurance service. Kakao Pay aims to obtain final approval and launch the digital non-life insurance business by [...]

Aboard New Bullet Train, Moon Unveils S. Korea’s Rail-driven Growth Vision

Aboard New Bullet Train, Moon Unveils S. Korea’s Rail-driven Growth Vision

SEOUL, Jan. 4 (Korea Bizwire) — President Moon Jae-in said Monday that South Korea aims to become a railway infrastructure powerhouse, as he took a trial ride on the nation’s landmark bullet train, designed to cut carbon emissions, in his first on-site activity of 2021. He traveled between two local cities — Wonju in Gangwon [...]

S. Korean Stock Market Logs Stellar Gains in 2020, Set for Rosy 2021

S. Korean Stock Market Logs Stellar Gains in 2020, Set for Rosy 2021

SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s benchmark stock index skyrocketed over 30 percent this year from a year ago, buoyed by strong buying of individual investors and expectations of a speedy recovery from the pandemic next year, the bourse operator said Wednesday. In the final trading session of 2020 on Wednesday, the benchmark [...]

Samsung Heir Becomes S. Korea’s Richest Stockholder After Father’s Death

Samsung Heir Becomes S. Korea’s Richest Stockholder After Father’s Death

SEOUL, Dec. 30 (Korea Bizwire) — Lee Jae-young, vice chairman of global tech giant Samsung Electronics Co., has emerged as South Korea’s richest stockholder following his father’s death, a corporate tracker said Wednesday. The value of Lee’s stock holdings came to 9.1 trillion won (US$8.3 billion) as of Tuesday, up from 7.4 trillion won at [...]