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Archive by category Financial Market

South Korea’s Efforts to Tackle ‘Korea Discount’ Face Long Road Ahead, Says Franklin Templeton

SEOUL, Jul. 10 (Korea Bizwire) – Global asset management firm Franklin Templeton has offered a cautiously optimistic assessment of the South Korean government’s efforts to address the so-called ‘Korea Discount’ – the persistent undervaluation of Korean stocks. While viewing the corporate value enhancement policies positively, the firm anticipates that tangible results may take time to materialize. [...]

Founder of Kakao Appears for Questioning over Suspected Price Rigging of SM Shares

SEOUL, Jul. 9 (Korea Bizwire) — Kim Beom-su, the founder of tech giant Kakao Corp., appeared before prosecutors on Tuesday for questioning over alleged stock price manipulation connected to the firm’s takeover of K-pop powerhouse SM Entertainment last year. Kim presented himself for questioning at the Seoul Southern District Prosecutors Office regarding his alleged involvement [...]

Probe Finds Large-scale Insurance Fraud at Hospital

SEOUL, Jul. 9 (Korea Bizwire) — A probe has found large-scale insurance fraud at a traditional medicine hospital involving more than 100 people, the financial regulator said Tuesday. Around 100 “fake” patients at the hospital are suspected of having made false insurance claims worth about 100 billion won (US$72.3 million), according to the Financial Supervisory [...]

9 Out of 10 Top 500 Firms Plan to Maintain, Increase Investments in H2: Poll

SEOUL, Jul. 8 (Korea Bizwire) — Nine out of 10 large companies in South Korea plan to maintain or increase their investments in the second half of the year, despite challenges such as prolonged high interest rates, a weak local currency and international uncertainties, a survey showed Monday. In the survey conducted by Mono Research, [...]

Government Sets Record with 91.6 Trillion Won in Temporary Loans from BOK in H1

SEOUL, July 7 (Korea Bizwire) – The government borrowed over 91 trillion won (US$65.8 billion) from the Bank of Korea (BOK) in temporary loans in the first half of the year to fill its fiscal shortfall, data showed Sunday. According to the BOK data submitted to Rep. Yang Boo-nam of the main opposition Democratic Party, [...]

Finance Chief Vows Preemptive Responses to Looming ‘Massive External Changes’

SEOUL, Jul. 4 (Korea Bizwire) — Finance Minister Choi Sang-mok called for proactive and preemptive responses Thursday to prevent possible massive changes in external circumstances from affecting South Korean exports so as to maintain economic recovery momentum. Choi made the remarks during a meeting of ministers working on external economic issues in Seoul, stressing the [...]

Global Investment Bank Fined Record 27 Billion Won for Illegal Short Selling in South Korea

SEOUL, July 3 (Korea Bizwire) – South Korean financial regulators have imposed a record fine of 27.1 billion won on two subsidiaries of a global investment bank for illegal short-selling practices involving transactions worth approximately 100 billion won. The Financial Services Commission’s Securities and Futures Commission announced on July 3 that it had voted to levy [...]

S. Korea Sees Ample Liquidity in FX Market on First Day of Longer Trading Hours

SEOUL, Jul. 2 (Korea Bizwire) — The South Korean foreign exchange market had ample liquidity in the Korean won-dollar trading on the first day with extended trading hours, the finance ministry said Tuesday, vowing enhanced market monitoring to curb possible volatility. Starting Monday, the operating hours of the foreign exchange market were extended to 9 [...]

Naver Webtoon Valued at Nearly 3.7 Trillion Won Ahead of Nasdaq Debut

SEOUL, Jun. 26 (Korea Bizwire) – As Naver Webtoon prepares for its Nasdaq listing, the company has set its initial public offering (IPO) price, catapulting its valuation to around 3.7 trillion won. This development marks a significant milestone for the digital comics industry, challenging the long-held notion that “webtoons can’t make money.” Webtoon Entertainment, the North [...]

Samsung and KB Kookmin Card Launch IoT-Enabled Credit Card with Tracking Technology

SEOUL, Jun. 26 (Korea Bizwire) – Samsung Electronics announced on June 27 that it has partnered with KB Kookmin Card to introduce an innovative Internet of Things (IoT) credit card, leveraging low-energy Bluetooth (BLE) technology and Samsung’s SmartThings Find service. SmartThings Find is a specialized service that allows users to locate various Samsung devices, including Galaxy [...]