Finance & Economy Archives | Be Korea-savvy

Archive by category Finance & Economy

Foreign Ownership of KOSDAQ Stocks Hits Record High

Foreign Ownership of KOSDAQ Stocks Hits Record High

SEOUL, Aug. 18 (Korea Bizwire) — Foreign ownership of stocks traded on South Korea’s secondary stock market has hit a new high, data showed Friday, as offshore investors turn to undervalued tech firms there after exiting the main bourse. As of Thursday, offshore investors held 25.98 trillion won (US$22.8 billion) worth of shares traded on [...]

Samsung’s Galaxy Note 5 “Free”, but Monthly Bills Rise

Samsung’s Galaxy Note 5 “Free”, but Monthly Bills Rise

SEOUL, Aug. 17 (Korea Bizwire) – The Samsung Galaxy Note 5 64GB is now available at bargain-bin prices, it it hasn’t already sold out, that is. According to reports from within the mobile communications industry, telecommunications giant SK Telecom upped its total subsidy offer for the phone to 616,000 won irrespective of users’ data plans.  [...]

Banks’ Foreign Currency Deposits Rise in July

Banks’ Foreign Currency Deposits Rise in July

SEOUL, Aug. 17 (Korea Bizwire) – Foreign currency deposits held by banks operating in South Korea rose in July from a month earlier as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday. Outstanding foreign currency deposits held by local lenders, domestic and foreign, reached US$69.11 billion in July, up $5.5 billion [...]

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

Financial Supervisory Service Sanctions Citibank Korea for Incompetence

SEOUL, Aug. 14 (Korea Bizwire) - Citibank will face disciplinary action after a leak of its “A+ Check Card” security data caused domestic card holders to suffer losses. The leak was traced to online payments service Paypal, which was hit by a BIN attack. Denoting the first six numbers of a check or credit card’s number, the [...]

Sales of Gold Bars Soaring Amid Rising Tension on Peninsular

Sales of Gold Bars Soaring Amid Rising Tension on Peninsular

SEOUL, Aug. 14 (Korea Bizwire) – Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tensionwith North Korea, industry sources said Saturday. The Korea Gold Exchange, a local trader, said the average daily sales of100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average. Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared [...]

South Korean Shares End Lower on Foreign Selling Amid Tensions over North Korea

South Korean Shares End Lower on Foreign Selling Amid Tensions over North Korea

SEOUL, Aug. 11 (Korea Bizwire) – South Korean stocks ended lower Friday as foreign investors sold local stocks amid escalating tensions between North Korea and the United States. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index lost 39.76 points, or 1.69 percent, to 2,319.71. Foreign investors offloaded shares [...]

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

Aging Population to Face Labor Force Shortage in 10 Years, Bank of Korea Says

SEOUL, Aug. 11 (Korea Bizwire) — A new report from the Bank of Korea claims South Korea will begin facing labor force shortages in 10 years in the face of an aging population, with the economically active population expected to plunge 13 percent by 2050. According to the report released by Lee Cheol-hee, an economics professor [...]

Analysts Divided on KOSPI’s Outlook after Downturn

Analysts Divided on KOSPI’s Outlook after Downturn

SEOUL, Aug. 11 (Korea Bizwire) — South Korean analysts are divided over how much the local stock market will drop down the road following a recent downturn sparked by foreign selling and other negatives. Some fear the key price index may sink below the psychologically important 2,300-point level on foreign investors’ massive profit-taking, the so-called [...]