Hybe, the K-pop powerhouse behind BTS, said Thursday that it has teamed up with South Korea’s top cryptocurrency exchange operator to establish a joint venture to branch out into the nonfungible token marketplace. The music agency is poised to acquire a 2.48 percent stake in Dunamu for 500 billion won ($423.7 million), as the operator of cryptocurrency exchange Upbit plans to issue 861,004 ordinary shares for third-party rights, offering to invite Hybe as a new shareholder. Dunamu also

South Korean stocks advanced Thursday, as the US Federal Reserve signaled "patience" in raising interest rates. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.25 percent, to close at 2,983.22 points. Trading volume was moderate at about 759 million shares worth some 14.4 trillion won ($12.2 billion), with losers outnumbering gainers 580 to 295. Foreigners bought a net 326 billion won, while retail investors s

South Korean institutional investors have allocated a combined 90 million euros ($104 million) of commitment to a separately structured coinvestment vehicle of a fourth flagship fund by BlackRock Infrastructure Solutions, industry sources said Thursday. Seoul-based investment house IPM Asset Management said Thursday it has created the vehicle for Korean investors, allowing them to implement a coinvestment strategy alongside BlackRock’s fund, dubbed Global Infrastructure Solutions 4. Thr

Blockchain company AMAXG said on Thursday it has entered the nonfungible token platform business to trade unique and noninterchangeable data stored on digital ledgers. AMAXG said it recently opened a digital asset NFT transaction platform named BIZA-UVIT, and built strategic partnerships with the Federation of Artistic and Cultural Organizations of Korea (FACO), the Global Medical Aesthetic Exchange Association (GMAEA) and the Korea Blockchain Enterprise Promotion Association. FACO plans to di

SEJONG -- The number of South Koreans outside the labor force edged down 0.6 percent from a year earlier amid signs of an economic recovery, data showed Thursday. The number of non-economically active people, or those who have no willingness to work, came to 16.76 million as of end-August, down 106,000 from a year earlier, according to the data from Statistics Korea. People outside the labor force accounted for 37.2 percent of all South Koreans aged 15 and older, down 0.4 percentage point from

South Korea has established a new task force at the foreign ministry to support the pan-governmental campaign to build resilient supply chains of key items and tackle pandemic-driven economic challenges, Seoul officials said Thursday. The "economic security" team was launched earlier this week to collaborate with other government agencies in helping local companies' efforts to resolve ongoing supply chain issues, which has emerged as a hot-button global issue, especially amid the prot

The US Federal Reserve's latest decision to start to taper its bond purchases is expected to have limited impacts on the South Korean financial markets as the move was widely anticipated, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the government plans to take measures to stabilize the market, if needed, as market volatility could increase if global inflation fears persist longer than expected. At the latest policy meeting, the Federal Reserve on W

South Korean stocks opened steeply higher Thursday, following the US Federal Reserve's decision to start to taper its bond purchases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.91 points, or 1.01 percent, to 3,005.62 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 1.04 percent and the Dow Jones Industrial Average gained 0.29 percent as the Federal Reserve said it will start to taper its massive asset purchases later this month amid the

In a bid to respond more swiftly to changes in the global business environment, South Korean asset managing giant Mirae Asset Financial Group said Wednesday that it has appointed new executives at affiliates as part of a new shake-up. Two chief executive officers -- Choi Chang-hoon and Lee Byeong-seong -- were named as the new chiefs of Mirae Asset Global Investments as part of the firm’s efforts to accelerate innovative growth. “Celebrating the 25th anniversary of the group&rsquo

South Korean stocks closed more than 1 percent lower Wednesday as investors seek clues on the timeline for the tapering with the US Federal Reserve meeting this week in focus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 37.78 points, or 1.25 percent, to close at 2,975.71 points. Trading volume was moderate at about 649 million shares worth some 12.3 trillion won ($10.4 billion), with losers outnumbering gainers 684 to 187. Foreigners

The risk of Korea entering a long-term economic recession is relatively low as Asia’s fourth-largest economy is likely to gradually recover from the pandemic under the “living with COVID-19” strategy, experts said Tuesday. “Many worry that the Korean economy would suffer long-term recession due to huge government debt. But the country is on the move to actively recover from the pandemic by taking its first step, lowering the social distancing measures,” said Lee K

Upon its listing, combined market cap of Kakao affiliates surpasses 100 trillion won, similar to Hyundai Motor Group

Foreigners’ real estate transactions hit record high in contrast to locals struggling for homebuying under strict lending rules

The chiefs of South Korea’s two main financial regulators -- the policymaking Financial Services Commission and the market watchdog Financial Supervisory Service -- have met with the heads of major insurance companies and banking groups here to discuss policy initiatives to support the growth of market players through deregulation, the two said Wednesday. “The rapid digital transformation of finance and the growth of online platform businesses are rapidly changing the nation’s

A slowdown in China's economy will have a negative impact on South Korea's exports but its fallout could be eased thanks to strong demand for Korean-made chips, a central bank report showed Wednesday. China's economy is showing signs of slowing down, with its growth rate falling to 4.9 percent on-year in the third quarter from 18.3 percent and 7.9 percent in the first and second quarters. A recent debt crisis of a major Chinese property developer has also clouded the outlook for China's econom