SEOUL, Oct. 23 (Korea Bizwire) — South Korea’s financial authorities announced plans Sunday to expand liquidity supply programs to at least 50 trillion won (US$34.7 billion) as part of efforts to calm corporate bond market jitters. Finance Minister Choo Kyung-ho made the announcement right after an emergency meeting with the central bank chief and top [...]
SEOUL, Oct. 21 (Korea Bizwire) — Finance Minister Choo Kyung-ho said Friday that the government is taking “necessary measures” regarding a default in project financing for the construction of the Legoland amusement part in Gangwon Province. Iwon Jeil Cha, a special purpose company established by the Gangwon Jungdo Development Corp. (GJC) to fund the construction [...]
SEOUL, Oct. 20 (Korea Bizwire) — South Korea’s bourse operator said Thursday it signed a memorandum of understanding (MOU) with internet portal giant Naver Corp. to invigorate the English public disclosures by listed firms here. The Korea Exchange (KRX) said artificial intelligence technology and Naver’s translation service “Papago,” will be utilized in providing English disclosure [...]
SEOUL, Oct. 20 (Korea Bizwire) — The amount of tax collected from stock transactions halved on-year in August, data showed Thursday, as the bearish market weighed down retail investors’ appetite for local shares. The combined amount of stock transaction tax collected in August came to 528.5 billion won (US$368 million), down from 1.01 trillion won [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korea’s exchange traded fund (ETF) market has a high growth potential, the chief of a U.S. ETF-specializing asset manager said Wednesday Christian Magoon, the CEO of the Chicago-based Amplify ETFs, noted the recent pandemic-incurred correction in the global financial market is helping investors better see the strength of [...]
SEOUL, Oct. 17 (Korea Bizwire) – Shares in Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, and its affiliates fell sharply Monday after a massive service disruption over the weekend stemming from a fire at a data center. Kakao dropped 5.93 percent to close at 48,350 won (US$33) on the KOSPI, the [...]
SEOUL, Oct. 13 (Korea Bizwire) — Foreign investors turned net sellers of South Korean stocks in September on concerns over aggressive monetary tightening in major economies, central bank data showed Thursday. Foreigners’ stock investment funds logged a net outflow of US$1.65 billion in September, compared with a $3.02 billion net inflow the previous month, according [...]
SEOUL, Oct. 12 (Korea Bizwire) — South Korea’s state pension fund has been found to have invested a large sum of money in the so-called “sin stocks” that include liquor, tobacco and gambling businesses, data showed Tuesday. Rep. Nam In-soon of the Democratic Party referred to an National Pension Service (NPS) report that around 5.29 [...]
SEOUL, Oct. 11 (Korea Bizwire) — The overseas direct purchase market is cooling down rapidly as the South Korean currency fell sharply. Users point out that the spiking exchange rate is depriving them of the incentive to use direct foreign purchase services. An office worker surnamed Choi recently gave up on purchasing a US$202 bag from the [...]
SEOUL, Sept. 28 (Korea Bizwire) — Mirae Asset Venture Investment Co. and Yuanta Investment Co. have been selected as co-managers of a 500 billion-won (US$346 million) state bio fund aimed at supporting domestic pharmaceutical companies’ development of innovative medicine and entrance to the global market, the health ministry said Wednesday. The equity firms have been [...]