SEOUL, June 3 (Korea Bizwire) – Hyundai Motor, a bellwether for Korea’s economy along with Samsung Electronics, saw its stock price collapse more than 10 percent to its lowest level in 57 months on June 2. Shares of the company, the fifth largest automaker in the world, tumbled 10.36 percent to 138,500 won (US$125.3), their [...]
SEOUL, June 2 (Korea Bizwire) — “Sin stocks” of tobacco, alcohol and gambling companies have gained this year on the back of deep-pocketed Chinese tourists and low interest rates, data showed Tuesday. Thirty-six sin stocks related to tobacco, alcohol, gambling rose an average of 23.9 percent as of June 1 compared to the beginning of [...]
SEOUL, May 30 (Korea Bizwire) — Korean stock firms place much more emphasis on recommending their customers to buy stocks rather than sell them. According to the Korea Financial Investment Association and industry representatives on May 29, only 0.3 percent of the stock recommendations given by analysts from 33 Korean firms over the past year [...]
SEOUL, May 28 (Korea Bizwire) – After its partial victory in a lawsuit against the U.S. private equity firm Lone Star Funds over the taxation of income generated by the sale of a skyscraper in Seoul’s Gangnam district, the National Tax Service (NTS) is expected to levy the additional tax on Lone Star. On May 27, the [...]
SEOUL, May 28 (Korea Bizwire) – Affected by the low yen, Hyundai Motor, the largest automaker in Korea, lost its No. 2 position in the KOSPI market in terms of market capitalization to SK Hynix. On May 27, shares of the top automaker fell 1.88 percent to 157,000 won from a day earlier, shrinking its market [...]
SEOUL, May 26 (Korea Bizwire) — South Korean lender Woori Bank said Tuesday it has launched a mobile-only bank service ahead of establishing an Internet-only bank. Woori Bank’s “WiBee Bank” will serve as a test bed for simplified services that will later be part of its envisioned Internet-only bank unit, the lender said in a press [...]
SEOUL, May 25 (Korea Bizwire) – South Korea’s credit card spending on furniture rose sharply in the first two months of this year on the back of a rise in home transactions as the local property market has been on a clear recovery track, data showed Monday. According to the data compiled by the Bank [...]
SEJONG, May 24 (Korea Bizwire) — South Korea plans to push for financial deregulation to make it easier for people to transfer money across borders without going through banks, the government said Sunday. The move aims to allow securities firms, insurers and most importantly FinTech companies to handle transfers that can help lower fees and [...]
SEOUL, May 22 (Korea Bizwire) — As local banks suffer from reduced net interest margins, they are looking to reduce operational costs to overcome their difficulties. KB Kookmin Bank is urging its employees to report their business activities verbally or via email, not through color prints or full color Powerpoint charts to save costs on printer toner [...]
SEJONG, May 21 (Korea Bizwire) — The real value of the South Korean won against other key currencies hit an over seven-year high in April, data showed Thursday, in a negative development for the country’s exports. The real effective exchange rate (REER) of the South Korean won stood at 115.34 points last month, the highest level [...]