“I just signed the contract because the salesperson told me that the financial product is safe so that I don’t need to take the risk of losing money. The salesperson didn’t give me an explanation about the possibility of loss.”“The life planner explained that the product covers every relevant disease, so I decided to buy it. And the planner said, I just need to say yes to every question a telemarketer asks. So I did, but I never expected this situation.”Kim Soo-ilThese are consumer complaints wh

This is the eighth in a series of articles analyzing major companies by market capitalization traded on the tech-heavy KOSDAQ market. -- Ed.Loen Entertainment, operator of Korea’s top online music streaming service MelOn, is likely to achieve solid growth this year on the benefits from its tie-up with Kakao Corp., analysts said Monday. As of the end of March -- just two months since Kakao acquired a major stake in Loen -- MelOn had up to 3.65 million paid subscribers after adding 100,000 new sub

Shares of Hanjin Group’s key companies moved in opposite directions Monday, as investors gauged the expected impact of its shipping affiliate’s pursuit of a creditor-led rehabilitation. Hanjin Shipping tanked on the main Seoul bourse, with its stocks closing at 1,825 won ($1.60) per share, 29.94 percent lower than the previous close. Hanjin KAL, the group’s holdings firm, soared 8.42 percent to 20,600 won, while Korean Air Lines declined 2.3 percent to 29,750 won. Hanjin Shipping, the country’s

Korean stocks closed slightly lower Monday as investors sold shipbuilders and shipping companies on their grim business outlook. The local currency lost against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) ticked down 0.94 point, or 0.05 percent, to 2,014.55. Trade volume was moderate at 392.71 million shares worth 4.31 trillion won ($3.75 billion), with decliners outnumbering advancers 472 to 334.Institutions offloaded companies in the heavy industry sector as they ar

Korea’s state-run policy banks have been questioned on whether they can withstand potential debt fallout from companies facing marginal or weak profitability, with lenders’ capital buffering capability falling on increased loans to financially instable conglomerates.A report by the Korea Development Institute showed that the country’s two main policy lenders – Korea Development Bank and the Korea Export-Import Bank – extended loans worth 82 trillion won ($70 billion) two years ago, up from 34 tr

The number of people accessing bank accounts through mobile devices rose 27.4 percent in 2015, Bank of Korea data showed Monday. Mobile banking service subscribers stood at 76.5 million at the end of 2015, while Internet banking grew 13.2 percent to 116.8 million users. The tallies include overlapping subscribers.Smartphone-based banking, in particularly, posted a 34.4 percent jump in users to 64.8 million, topping the 60 million mark for the first time. Central bank data also showed solid growt

Mirae Asset Global Investments, Korea’s leading asset management firm, is strengthening its foothold in overseas markets by diversifying its investment portfolio with a network spanning more than 12 countries.Since it made a foray into Hong Kong in 2003 by setting up its first overseas office, the flagship asset management affiliate of Mirae Asset Financial Group has bolstered its presence by establishing subsidiaries in both emerging and developed financial markets like India, Brazil, Taiwan, t

A number of securities companies have increased their expectations for KT&G following the earnings surprise by the KOSPI-listed tobacco-maker in the first quarter.Eugene Investment & Securities said the company is expected to continue its momentum in the second half of this year, increasing its share price target from 130,000 won ($113) to 150,000 won. It recommended buy.Samsung Securities also increased the target valuation to 145,000 won a share from 135,000 won as its first quarter operating

Korea’s corporate bond issues fell more than 40 percent to 1.6 trillion won ($1.4 billion) last month due to worsening corporate sentiment, according to the Financial Supervisory Service on Monday.The FSS data show that fixed-income securities issued by corporations amounted to some 7.9 trillion won in the first quarter of this year ending March 31, down more than 34 percent from a year ago.  Financial Supervisory Service headquarters in Seoul (Yonhap)The fall was attributable to a decline in th

South Korean share prices opened lower Monday on losses by steelmakers and shipbuilders.The benchmark Korea Composite Stock Price Index inched down 0.07 percent, or 1.48 points, to 2,014.01 in the first 15 minutes of trading.  Traders monitor share prices at the Korea Exchange. (Yonhap)Investors sold shares in steelmakers and shipbuilders such as POSCO and Hyundai Heavy Industries after seeing major firms post sluggish earnings in the first quarter. Construction shares, on the other hand, rallie

Shares of Hanjin Group’s key companies moved in opposite directions Monday, as investors gauged the expected impact of its shipping affiliate’s pursuit of a creditor-led rehabilitation. Hanjin Shipping tanked on the main Seoul bourse, with its stocks trading at 1,845 won per share as of 10:05 a.m., 29.56 percent lower than the previous close. Hanjin KAL, the group’s holdings firm, soared 12.37 percent to 21,350 won, while Korean Air Lines climbed 2.96 percent to 31,300 won. Hanjin Shipping, the

Ailing container shipper Hanjin Shipping and its three publicly traded affiliates face a 3.4 trillion won ($2.96 billion) wall of debt coming due by the end of next year, data showed Sunday. According to data compiled by Chaebul.com, an online financial information provider, four Hanjin Group companies -- Hanjin Shipping, Korean Air Lines, Hanjin KAL and Hanjin Corp. -- have to repay a combined 1.49 trillion won in loans this year and another 1.55 trillion won by the end of next year. Hanjin Shi

First-quarter earnings reports show Shinhan Financial Group cementing its lead in the local banking sector, with a 30 percent increase in net profits. The group’s net profit in the January-March period stood at 771.4 billion won ($670.7 million), up 30.3 percent from the same period last year, the company said in a regulatory filing last week. From three months earlier, the tally marked a spike of 90.9 percent. “Improvements in banking, with a pickup in the net interest margin, had a big role (i

Korea’s financial watchdog is reportedly looking into the disposal of Hanjin Shipping shares by its former chairwoman before news broke on the firm’s move to seek a creditor-led rehabilitation last Friday. According to multiple reports, the Financial Supervisory Service suspects that Choi Eun-yeong, the shipping line’s chairwoman until 2014, may have gotten tips from company insiders about its fate and divested out of her equity investment in the firm before news reached the market, a violation

The Korean government will accelerate fiscal reforms to better manage its tax revenue and budget through efficient capital allocation and planning as a means to boost its preparedness against slower growth and higher national debt.(Yonhap)In a meeting presided over by President Park Geun-hye at Cheong Wa Dae on Friday, the government will seek stronger fiscal discipline to ensure that its taxpayer money will not be wasted in the face of growing economic uncertainties.The Ministry of Finance said