SEOUL, Feb. 6 (Korea Bizwire) –The Bank of Korea announced on February 6 that it has developed an inflation forecast model with improved predictive accuracy, utilizing big data, artificial intelligence (AI), and machine learning (ML) technologies. Lee Changhoon, head of the digital technology R&D team at the Bank of Korea, shared these insights in a [...]
SEOUL, Feb. 2 (Korea Bizwire) — South Korean tech giant Naver Corp. said Friday its fourth-quarter net profit jumped 129 percent from a year earlier, largely driven by robust growth of its commerce and fintech businesses. The net profit came to 301.8 billion won (US$226.6 million) in the three months ending in December, compared with [...]
SEOUL, Feb. 1 (Korea Bizwire) – Household loans extended by five major lenders in South Korea rose for the ninth consecutive month in January with the rate of increase also quickening from a month earlier, market sources said Thursday. Household loans extended by the five top lenders here added 2.9 trillion won (US$2.17 billion) from [...]
SEOUL, Jan. 30 (Korea Bizwire) — Hyundai Capital Services Inc., South Korea’s leading auto finance company, said Tuesday it has raised US$1 billion by selling global bonds. Hyundai Capital sold $500 million worth of three-year debts in one tranche and $500 million worth of bonds in another tranche with a five-year maturity, the company said. [...]
SEOUL, Jan. 19 (Korea Bizwire) — Starting from January 19, South Korea will enforce stricter penalties for unfair trading practices in the capital markets, including stock price manipulation. The Financial Services Commission and the Financial Supervisory Service announced that the amendment to the Financial Investment Services and Capital Markets Act (Capital Markets Act), which reinforces punishment for [...]
SEOUL, Jan. 18 (Korea Bizwire) — The National Pension Service (NPS), a significant player in the domestic capital market, has been found to have invested most heavily in the IT and electronics sectors over the past year. While the number of companies where the NPS owns more than 5% of shares has decreased, there has been an [...]
SEOUL, Jan. 12 (Yonhap) — Foreign investors remained net buyers of South Korean stocks for a second consecutive month in December, data showed Friday. Offshore investors purchased a net 3.14 trillion won (US$2.38 billion) worth of local stocks last month, following their net purchase of 3.3 trillion won in November, according to the data from [...]
SEOUL, Jan. 11 (Korea Bizwire) — The value of listed firms in South Korea swelled nearly 25 percent over the past year amid a bullish stock market, a corporate tracker said Thursday. The market capitalization of 2,607 companies listed on the country’s main and secondary bourses came to a combined 2,503 trillion won (US$1.9 trillion) [...]
SEOUL, Jan. 10 (Korea Bizwire) – As the new year unfolds, major financial groups in South Korea are fiercely competing to enhance their services through the development of sophisticated mobile applications, focusing on creating ‘super apps’ that offer core services of both banking and non-banking affiliates in a single application, each employing slightly different strategies to [...]
SEOUL, Jan. 8 (Korea Bizwire) – Listed companies in South Korea probably saw their total operating income sink 16 percent on-year in 2023 due mainly to the sluggish chip business, a market tracker said Monday. The combined operating income of 247 listed firms is estimated at 297.9 trillion won (US$226 billion) last year, compared with [...]