SEOUL, Oct. 20 (Korea Bizwire) — The amount of tax collected from stock transactions halved on-year in August, data showed Thursday, as the bearish market weighed down retail investors’ appetite for local shares. The combined amount of stock transaction tax collected in August came to 528.5 billion won (US$368 million), down from 1.01 trillion won [...]
SEOUL, Oct. 19 (Korea Bizwire) — South Korea’s exchange traded fund (ETF) market has a high growth potential, the chief of a U.S. ETF-specializing asset manager said Wednesday Christian Magoon, the CEO of the Chicago-based Amplify ETFs, noted the recent pandemic-incurred correction in the global financial market is helping investors better see the strength of [...]
SEOUL, Oct. 19 (Korea Bizwire) — A growing number of South Koreans are redeeming their credit debts prior to their expiration date due to heavier financial burdens caused by rising interest rates, with some even willing to pay penalties for redeeming debts prior to the due date. Rep. Yun Chang-hyun of the People Power Party [...]
SEOUL, Oct. 17 (Korea Bizwire) – Shares in Kakao Corp., the operator of South Korea’s dominant messaging app KakaoTalk, and its affiliates fell sharply Monday after a massive service disruption over the weekend stemming from a fire at a data center. Kakao dropped 5.93 percent to close at 48,350 won (US$33) on the KOSPI, the [...]
SEOUL, Oct. 13 (Korea Bizwire) — Foreign investors turned net sellers of South Korean stocks in September on concerns over aggressive monetary tightening in major economies, central bank data showed Thursday. Foreigners’ stock investment funds logged a net outflow of US$1.65 billion in September, compared with a $3.02 billion net inflow the previous month, according [...]
SEOUL, Oct. 12 (Korea Bizwire) — South Korea’s state pension fund has been found to have invested a large sum of money in the so-called “sin stocks” that include liquor, tobacco and gambling businesses, data showed Tuesday. Rep. Nam In-soon of the Democratic Party referred to an National Pension Service (NPS) report that around 5.29 [...]
SEOUL, Oct. 11 (Korea Bizwire) — The overseas direct purchase market is cooling down rapidly as the South Korean currency fell sharply. Users point out that the spiking exchange rate is depriving them of the incentive to use direct foreign purchase services. An office worker surnamed Choi recently gave up on purchasing a US$202 bag from the [...]
SEOUL, Oct. 10 (Korea Bizwire) — Chinese nationals accounted for over 60 percent of apartment purchases by foreign nationals in South Korea since 2015, a government report showed Monday. According to the land ministry report submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party, the number of apartment purchase deals of Chinese nationals [...]
SEOUL, Oct. 10 (Korea Bizwire) — Some 380,000 households in South Korea were found to be at high risk of financial default due to excessive debt burdens, a central bank report showed Monday. According to the Bank of Korea (BOK) report submitted to Rep. Kang Joon-hyun of the main opposition Democratic Party, the number of [...]
SEOUL, Oct. 7 (Korea Bizwire) — KakaoBank Corp., a major South Korean Internet-only bank, will review a set of shareholder return policies, including buybacks, its chief executive said Friday, as its share prices have been on a steep decline. Shares in KakaoBank dropped by 9.38 percent to end at 18,350 won (US$13) Friday, hitting the [...]