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Financial Holding Firms’ H1 Net Up 7.9 pct on Increased Interest Income

Financial Holding Firms’ H1 Net Up 7.9 pct on Increased Interest Income

SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s financial holding firms saw their combined net profit jump 7.9 percent in the first half this year primarily due to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 12.41 trillion won (US$9.08 [...]

LG Electronics Unveils NFT Transaction Platform in U.S. Market

LG Electronics Unveils NFT Transaction Platform in U.S. Market

SEOUL, Sept. 6 (Korea Bizwire) — LG Electronics Inc. has unveiled an non-fungible token (NFT)-based artwork transaction platform in the U.S. market. The company announced on Monday that it had launched the LG Art Lab service in the U.S., enabling users to buy, sell and enjoy high-quality NFT artworks selected by professional curators. The service [...]

Foreigners’ Net Stock Buying Reaches Nearly 4 tln Won in Aug.

Foreigners’ Net Stock Buying Reaches Nearly 4 tln Won in Aug.

SEOUL, Sept. 4 (Korea Bizwire) — Foreigners’ net stock purchases reached nearly 4 trillion won (US$2.9 billion) in the South Korean stock markets last month despite the won’s weakness against the dollar, data showed Sunday. In August, foreigners bought 3.98 trillion won worth of stocks in the main KOSPI, tech-heavy KOSDAQ and small businesses-focused KONEX [...]

Private Equity Funds Gain Popularity Among Large Conglomerates

Private Equity Funds Gain Popularity Among Large Conglomerates

SEOUL, Sept. 2 (Korea Bizwire) — Private equity funds (PEFs) are gaining a strong presence in South Korea as they work as solutions for problems among large conglomerates to evading monopoly restrictions during the transition of management and changing management structure. London-based investment data company Preqin reported that major private placement funds’ assets under management [...]

Chuseok Food Preparation Cost Up 6.4 pct amid Inflation Pressure: Survey

Chuseok Food Preparation Cost Up 6.4 pct amid Inflation Pressure: Survey

SEOUL, Aug. 29 (Korea Bizwire) — The estimated cost of preparing “charye” during this year’s Chuseok fall harvest holiday climbed 6.4 percent from a year ago amid growing inflationary pressure, a research center survey showed Monday. Charye is a ceremonial Chuseok ritual honoring deceased ancestors and is usually accompanied by various types of traditional Korean [...]

S. Korea’s Financial Regulator Inspecting Morgan Stanley for Short Selling

S. Korea’s Financial Regulator Inspecting Morgan Stanley for Short Selling

SEOUL, Aug. 29 (Korea Bizwire) — South Korea’s financial watchdog has launched an inspection into Morgan Stanley as part of efforts to intensify monitoring of stock short selling that has been blamed for excessive market swings, industry sources said Monday. The inspection came about two weeks after Lee Bok-hyun, the head of the Financial Supervisory [...]

Financial Institutions Speed Up Adoption of Automation Systems

Financial Institutions Speed Up Adoption of Automation Systems

SEOUL, Aug. 29 (Korea Bizwire) — An increasing number of financial institutions are replacing redundant work with automation robots to improve work efficiency. The Korea Technology Finance Corp. (KOTEC) is applying Robotic Process Automation (RPA) technology for its entire in-house operations. The KOTEC introduced RPA in 2019 and started automation from simple clerical work such [...]

South Korean Overseas Direct Purchasers Turn Eyes Towards Japan amid Weak Yen

South Korean Overseas Direct Purchasers Turn Eyes Towards Japan amid Weak Yen

SEOUL, Aug. 26 (Korea Bizwire) — South Korean overseas direct purchasers are turning towards Japan to enjoy more affordable prices amid the yen’s prolonged weakness. Shinhan Card Co., a major South Korean credit card company, said the number of settlements made by its customers for overseas direct purchases from Japan during the first seven months [...]