SEOUL, Sept. 14 (Korea Bizwire) — An increasing number of South Korean retail investors are buying Japanese stocks, which are showing stable movement on the back of the recent plunge in the yen’s value. According to the Korea Securities Depository, domestic investors net purchased US$9.46 million worth of Japanese shares during the period from August [...]
SEOUL, Sept. 8 (Korea Bizwire) — Asset management firms in South Korea saw their combined net earnings plunge in the second quarter of this year due to massive investment losses amid sluggish financial markets, data showed Thursday. The combined net income of 380 firms came to 170.1 billion won (US$122.6 million) in the April-June period, [...]
SEOUL, Sept. 7 (Korea Bizwire) — Hyundai Card Co. is in talks with Apple Inc. to introduce the U.S. tech giant’s mobile payment service to South Korean card users, industry sources said Wednesday. Hyundai Card is nearing a one-year exclusive contract to provide the Apple Pay service in South Korea, they said. If the contract [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 31 (Korea Bizwire) — Toss Bank, one of the country’s internet-only banking services, on Wednesday said it suffered a massive loss in the first half of the year due to increased loan-loss reserves and other costs. Net loss came to 124.3 billion won (US$92.7 million) on a consolidated basis in the January-June period, [...]
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 [...]
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 [...]