SEOUL, Aug. 1 (Korea Bizwire) — A new report has revealed that American and British investors are the biggest traders of South Korean stocks, accounting for over 50 percent of all foreign stock buyers. Data released by the Financial Supervisory Service (FSS) on Tuesday showed stocks traded in the South Korean market by foreign investors [...]
SEOUL, Aug. 1 (Korea Bizwire) — The Internet-only Kakao Bank has succeeded in starting big, gaining over 1 million clients in just five days following its launch, but how the initial clients are using the service suggests there is room for improvement, industry watchers said Tuesday. Kakao Bank outdid four-months-old K-Bank, the country’s first Internet-only [...]
SEOUL, July 31 (Korea Bizwire) – South Korea’s leading conglomerates had some 116 trillion won (US$103.29 billion) in cash or cashable assets as of the end of March this year, an increase of 54 percent from five years ago, data showed Monday, a sign that the companies remain hesitant about investing. Seventy-two companies were analyzed [...]
SEOUL, Jul. 28 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, said Friday it attracted over 300,000 accounts during the bank’s first day of operations, far outpacing the growth of its competitor and traditional banks. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, started operations Thursday, in the [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation’s banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, came after [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea’s rapidly aging population is likely to reduce the nation’s overseas equities investment as seniors will likely move to sell assets due to falling living standards, researchers at the Bank of Korea (BOK) said Wednesday. As the global financial markets become more interconnected, older people will have a [...]
SEOUL, Jul. 26 (Korea Bizwire) — South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation’s top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission [...]
SEOUL, Jul. 26 (Korea Bizwire) — The rate of return for equity funds of Samsung Electronics Co. and other Samsung Group-related firms exceeded 30 percent this year amid the bullish market backed by solid corporate earnings and the global economic recovery, industry data showed Wednesday. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.40 [...]
SEOUL, Jul. 25 (Korea Bizwire) — South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon [...]
SEOUL, Jul. 24 (Korea Bizwire) — The combined spending by banks on social contributions again fell in 2016, marking its fourth straight year of decline despite their healthier earnings, industry data showed Monday. According to the data by the Korea Federation of Banks, 21 financial institutions, including five major retail banks, spent a total of [...]