SEOUL, March 29 (Korea Bizwire) — The Korea Development Bank (KDB), a state-run lender, said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience. Under a deal for cooperation, all KDB customers will be able to use 3,576 ATMs [...]
SEOUL, March 28 (Korea Bizwire) — The government on Monday sought the cancellation of HDC Hyundai Development Co.’s business registration in what could be the heaviest punishment against the builder over a deadly partial collapse of a high-rise building. Outer wall structures of the 39-story apartment building under construction in the city, 330 kilometers south [...]
SEOUL, March 28 (Korea Bizwire) — Card firms in South Korea saw their combined earnings in 2021 jump thanks to a hike in commission revenue boosted by rebounding consumption from a pandemic-caused slowdown, industry data showed Monday. The combined net income of eight major card firms came to 2.71 trillion won (US$2.21 billion) last year, [...]
SEOUL, March 28 (Korea Bizwire) — Battery maker LG Energy Solution Ltd. (LGES) has been the most shorted South Korean stock since Russia launched its invasion of Ukraine. According to the Korea Stock Exchange, the amount of short sale transactions of LGES totaled 921.7 billion won (US$753 million) during the period from March 11, when [...]
SEOUL, March 23 (Korea Bizwire) — South Korea’s overseas direct investment hit a record high last year as the global economy recovered from the fallout of the COVID-19 pandemic, data showed Wednesday. The value of investments made by South Korean companies reached US$75.87 billion last year, up 32.8 percent from a year earlier, according to [...]
SEOUL, March 21 (Korea Bizwire) — South Korean builder SK ecoplant Co. said Monday it has started the process of its initial public offering, slated for the first half of next year. SK ecoplant, a unit of SK Group, South Korea’s third-largest conglomerate, said it had sent invitations to major domestic and overseas brokerage houses [...]
SEOUL, March 21 (Korea Bizwire) — Brokerage firms in South Korea saw their net profit grow sharply last year thanks to increased transactions fees, data showed Monday. According to the data from the Financial Supervisory Service, 58 brokerage firms reported 9.09 trillion won (US$7.5 billion) in their combined net profit last year, up 54.2 percent [...]
SEOUL, March 19 (Korea Bizwire) — South Korean stock markets are expected to gain ground next week, as investors are likely to snap up oversold stocks amid eased uncertainty about the U.S. monetary policy and optimism for the Russia-Ukraine peace talks, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,707.02 [...]
SEOUL, March 16 (Korea Bizwire) — Banks in South Korea saw their combined net profit surge about 40 percent in 2021 thanks to increased interest income from the central bank’s rate hikes, data showed Wednesday. The combined net profit of 20 local banks came to 16.9 trillion won (US$13.6 billion) in 2021, up 39.4 percent [...]
SEOUL, March 14 (Korea Bizwire) — Foreign investors remained net sellers of South Korean stocks in February amid growing jitters over Russia’s invasion of Ukraine, data showed Monday. Foreigners offloaded a net 2.58 trillion won (US$2.09 billion) worth of local stocks last month, marking the second straight month of net selling, according to the data [...]