KB Financial Group, one of the country’s largest financial groups, seeks to improve its management structure by strengthening its nonbanking business, the lender said last week.The group hopes to enhance its portfolio by maximizing the synergy created among its financial subsidiaries, which include KB Asset Management and KB Investment and Securities. According to statistics released by the group, some 67 percent of KB’s main profits currently come from KB Kookmin Bank, the country’s largest com

South Korean stocks plunged 2.93 percent Thursday as investors were spooked by continued setbacks in the global market and growing geopolitical tensions following the North's rocket launch. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dropped 56.25 points to end at 1,861.54. Trading volume was moderate at 381.07 million shares worth 4.64 trillion won ($3.86 billion), with decliners far outpacing gainers 767 to 92. KOSPI (Bloomberg)"All t

The state-run Korea Trade-Investment Promotion Agency named financier Kim Yong-kook as its new head of Invest Korea on Thursday. Kim will head Invest Korea, KOTRA’s arm to attract foreign investment, for the next two years starting on Feb. 11, according to officials                                   New Invest Korea head Kim Yong-kook (Yonhap)“With the experiences gained from the international financial industry, I will strive to increase foreign investors (and) undertake the responsibility to c

Korea's issuance of derivatives-linked securities has soared to a record level as more investors turn to buy stocks indirectly for decent returns amid low interest rates, data showed Thursday.A total of 100.2 trillion won worth of derivatives-tied securities has been sold so far as of last Friday, surpassing the 100 trillion won ($83.85 billion) mark for the first time, according to data compiled by the Korea Securities Depository (KSD).     Buildings of securities firms in Yeouido, Seoul. (Yonh

Foreign investors shed local stocks in January to extend its selling mode for a third straight month amid persistent concerns over the global economic slowdown, the financial watchdog said Thursday.Offshore investors sold a net 3.71 trillion won ($3.11 billion) worth of local stocks last month, compared with the previous month's net sell-off of 3.1 trillion won, according to the Financial Supervisory Service (FSS). Financial Supervisory Service headquarters in Yeouido, Seoul (Yonhap)The total va

South Korea's finance ministry said Thursday that the local financial market is apparently in a stable mode on the first business day after a long holiday, despite negative external issues.North Korea fired a long-range rocket carrying what it claims is a satellite Sunday, further escalating already high tensions on the Korean Peninsula. In response, the South Korean government on Wednesday decided to shut down the inter-Korean industrial complex. Kaesong Industrial Complex (Yonhap)The Ministry

The net profit of Shinhan Financial Group, the nation’s largest banking group by assets, jumped to 2.37 trillion won ($1.9 billion) in 2015, a 14 percent increase from 2.08 trillion won in 2014, as result of increased deposits and strong performances of its non-banking sectors including securities and credit card, the company said in its regulatory filing. 　It was the second consecutive year for the financial giant to achieve more than 2 trillion won in net profit. 　“The performance resulted fro

South Korea's top financial regulator will convene an emergency meeting to intensify monitoring of the local financial market following North Korea's long-range missile launch, an official said Sunday.In the meeting scheduled to take place at 11:00 a.m., the Financial Services Commission (FSC) will check the impact of the rocket launch on global and local markets and discuss ways to deal with possible risks.The South Korean financial market has been struggling with rising uncertainties at home a

South Korean stocks are expected to move sideways during the holiday-shortened week on signs of a slowing Chinese economy and fluctuating oil prices, though falling odds of a Federal Reserve rate hike could ease downward pressure, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,917.79 on Friday, down 0.36 percent from a week ago.  The index got off to a strong start after Japan decided to adopt a negative interest rate to shore up the flagging economy,

A law that passed the National Assembly on Thursday may spark a flurry of mergers and acquisitions, leading to consolidation in some oversupplied industries such as shipbuilding, construction and metals, experts said Friday. Dubbed the “one shot act,” the special law envisions that three-year regulatory relief be granted to companies pushing for business realignment in industries judged by the government as suffering from oversupply. It would clear legal barriers associated with tax codes, comme

Ready-made concrete maker becomes target of hostile takeover

South Korea posted a budget surplus in fiscal 2015 for the first time in four years as its tax revenue edged up due to increased real estate transactions, the finance ministry said Friday.The gross revenue that the government brought in last year came to 328.1 trillion won ($273.8 billion), while its expenditure totaled 319.4 trillion won, according to the Ministry of Strategy and Finance after closing its books for the fiscal year 2015.As a result, its surplus reached 8.7 trillion won last year

Lee Dong-gulLee Dong-gul, a former vice chairman of Shinhan Investment, has been tapped to head the state-run Korea Development Bank, the Financial Services Commission said Thursday. 　The financial regulator said in a press statement that it has decided to recommend the 68-year-old veteran banker as the sole candidate for the post to President Park Geun-hye. 　If appointed, Lee will succeed Hong Kyttack who is to move to the recently-established Asian Infrastructure Investment Bank in Beijing as

Hyundai Securities is being put up for sale just four months after a deal to sell a controlling stake in the brokerage arm of Hyundai Group fell through. The stake sale, announced Wednesday, is part of the parent group’s self-help plan to ease a liquidity crunch at its flagship unit Hyundai Merchant Marine. It hopes to speed up the auction process and complete the sale by the end of March, the company said. “A notice has been issued Wednesday for the sale. Interested parties should submit letter

Sales of lottery tickets in Korea jumped to a 12-year high in 2015 as hundreds of new stores selling tickets opened amid a prolonged economic slump, government data showed Thursday. (Yonhap)Lottery sales stood at 3.55 trillion won ($2.95 billion) last year, up 272.4 billion won from the previous year, according to data compiled by the Ministry of Strategy and Finance.The ministry said sales were the highest since 2003, when sales stood at 4.2 trillion won following the introduction of the online