Park Kwan-ho, the chairman of game developer Wemade, joined South Korea’s game billionaires last week as the company’s valuation soared following the growing popularity of its new game, which is based on the blockchain technology. Park, 49, saw his stock value reaching 3.3 trillion won ($2.77 billion) as of Thursday, which makes him the 10th richest man among individuals owning stocks in domestic listed companies, according to local market data provider FnGuide. Park, the largest

Experts agree on hike of 25 basis points by end of year, but divided over next year’s projections

Although private debt has grown in profile as an investment option, South Korean investors are reluctant to adopt strategies that capitalize on debt mispricing, saying they prefer a conservative portfolio that protects investors against losses. Instead, they are looking to increase safety of investment with a focus on diversification and recession-proof sectors. “We will continue to invest in defensive sectors and construct a well-diversified portfolio, as we prefer an all-weather strat

Global investment firm Carlyle Group’s buyout fund Carlyle Asia Partners V has inked a deal to acquire 100 percent ownership of South Korea’s No. 2 coffee chain, A Twosome Place, officials said Friday. The final agreement followed negotiations between Carlyle and Hong Kong-based Anchor Equity Partners, which owned the franchise. The exact value of the takeover deal has not been revealed but investment banking sources estimate that it is worth between 700 billion won ($592 million) a

South Korean stocks snapped their three-day losing streak Friday, as investors sought to buy oversold stocks after the recent fall in the local stocks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.64 points, or 0.8 percent, to close at 2,971.02 points. Trading volume was moderate at about 649 million shares worth some 10.9 trillion won ($9.2 billion), with gainers outnumbering losers 431 to 403. Foreigners bought a net 231 billion

A senior official of South Korea's financial regulator on Friday urged major banks to determine their lending rates based on "best practice" and make improvements in relevant procedures if necessary. Lee Chan-woo, first senior deputy governor of the Financial Supervisory Service (FSS), made the remark in a meeting with officials of eight banks handling credit affairs in Seoul amid growing worries that the recent steep hike in loan rates could add to the financial burden on households

  Most taxpayers will not be subject to the comprehensive real estate holding tax, which was earlier raised to prevent speculative property purchases, the government said Friday in a bid to ease growing public concerns as this year’s payment period approaches.  “Criticism has risen that a large number of ordinary people will be charged with higher rate taxes. As for such exaggerated concerns, I would say bills of comprehensive real estate holding taxes will not be delivere

South Korea's top trade official called on the United States on Friday to launch negotiations swiftly to revise the Section 232 tariff rules on Seoul's steel exports. South Korean Trade Minister Yeo Han-koo made the request to US Trade Representative Katherine Tai during in a joint committee meeting of the bilateral free trade agreement. It is the first time in 10 years that a US top trade official has visited South Korea. She arrived in Seoul on Thursday for a four-day visit that includes a m

The head of South Korea's financial regulator has called for more vigilance on growing global debt, warning excessive accumulation of debt could spark a global financial crisis, his office said Friday. Koh Seung-beom, chief of the Financial Services Commission (FSC), made the remark on Thursday as he joined a virtual plenary meeting of the Financial Stability Board (FSB), an organization made up of regulators from the Group of 20 countries to discuss cooperation. "There has always been ex

South Korean stocks opened higher Friday, as investors sought to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.44 points, or 0.42 percent, to 2,959.82 in the first 15 minutes of trading. Tech, auto and bio stocks led the market advance. Top cap Samsung Electronics added 0.28 percent, No. 2 chipmaker SK hynix increased 1.36 percent, and pharmaceutical giant Samsung Biologics climbed 2.26 percent. Leadi

South Korea's producer prices grew for the 12th straight month in October as a rise in oil and energy prices drove up the costs of factory products, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, stood at 112.21 in October, up 0.8 percent from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The reading marked the 12th consecutive month of a rise. Compared with a year earlier, it also jumped 8.9 percent, the

South Korea's financial regulator said Thursday that it will convene an emergency meeting this week with officials of major banks to look into how they determine interest rates on lending amid worries over recent steep hikes in borrowing costs. The Financial Supervisory Service (FSS) will hold the meeting on Friday with officials handling credit affairs at eight banks, including Kookmin, Shinhan, Woori and Hana, according to the regulator. A top FSS official will preside over the meeting. The

An absence of funds that consist of cryptocurrencies has put individual investors in danger, blockchain industry-focused investment firm Hashed founder and CEO Simon Kim said Wednesday. “I believe this current situation of not being able to establish a cryptocurrency fund despite its popularity and high transaction volume is abnormal and contributes to market distortion,” Kim said. Kim added that the cryptocurrency market, whose transaction volume sometimes exceeds that of the

The government said Thursday it will launch a system to monitor some 20 key raw materials, such as magnesium and tungsten, to ensure stable supplies and prevent the recurrence of a crisis similar to the urea solution supply crunch. The "early warning system" for the designated raw materials is aimed at prioritizing the supply management of materials highly dependent on imports so as to prevent shortages. The system intends to expedite the process in which the government takes necessa

South Korea’s Shinhan Financial Group Chairman Cho Yong-byoung was elected as a member of the Leadership Council, under the United Nations sustainability initiative between the organization and the global finance sector, the firm said Thursday. The United Nations Environment Programme Finance Initiative was created in 1992 between the UNEP and the financial sector to better encourage the adoption of sustainability in financial institutions around the world. So far 450 global financial in