Trump vows to ‘end EV mandate’; Hyundai Motor braces for impact with hybrid options

Mirae Asset Global Investments, a leading asset manager here, is to launch an equal-weight exchange-traded fund, suggesting a well-balanced investment strategy to its investors. Mirae Asset’s Tiger US S&P-500 Equal Weight ETF is to be listed on the Korea Exchange, the country’s sole bourse operator, Tuesday. As its name suggests, the ETF product equally tracks the stocks of 500 leading companies listed on the S&P-500 index. While most ETF products have their constituent stock

Seoul shares fell for the third straight session Friday in line with overnight losses on Wall Street. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 28.89 points, or 1.02 percent, to close at 2,795.46. Trade volume was slightly moderate at 417.9 million shares worth 9.4 trillion won (US$6.78 billion), with losers outnumbering winners 574 to 302. Institutions and foreign investors dumped local shares worth a combined 781.2 billion

South Korea’s first law specifically designed to protect cryptocurrency investors took effect on Friday, bringing the virtual asset industry within legal boundaries. The Virtual Asset User Protection Act aims to prevent unfair trading practices in the volatile crypto market, in response to how it was shaken by such incidents as the Terra-Luna crash and bankruptcy of crypto exchange FTX. The new law defines virtual assets as electronic tokens with economic value that can be traded or transf

A bilateral double taxation avoidance treaty between South Korea and Turkey was to come into force next week, Seoul's finance ministry said Friday. The revised convention, set to take effect Sunday, sets the maximum rate of withholding tax in the source country on income payments at 15 percent, compared with the current 20 percent, according to the Ministry of Economy and Finance. The revision aims at easing the tax burden on companies doing business in the other country, and better prevent

Seoul shares got off to a weak start Friday on overnight losses on Wall Street. The benchmark Korea Composite Stock Price Index fell 23.81 points, or 0.84 percent, to 2,800.54 in the first 15 minutes of trading. Overnight, Wall Street shares tumbled as a weeklong decline in tech and chip stocks expanded to other blue chips. The S&P 500 and Nasdaq composite dropped 0.78 percent and 0.7 percent, respectively, and the Dow Jones Industrial Average slumped 1.29 percent. In Seoul, most blue chips

Seoul shares retreated Thursday led by tech stocks over concerns that the United States may tighten chip sales to China. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) shed 18.67 points, or 0.67 percent, to close at 2,824.35. Trade volume was slightly heavy at 632.9 million shares worth 15.1 trillion won ($10.9 billion), with losers outnumbering winners 602 to 275. Foreign investors dumped local shares worth 381 billion won, while retail in

Korea’s exchange-traded fund market surpasses W150 tr in net assets

Recent government data showed Thursday that the number of involuntarily unemployed people in South Korea reached 1.24 million in June, marking a 16.9 percent increase from the same month last year. According to a report by Rep. Hwang Jung-a of the main opposition Democratic Party of Korea, the figure for June actually marked a substantial decrease compared to 1.89 million in January, and a slight increase from 1.23 million in May. But this year's monthly figures have risen considerably

South Korean Industry Minister Ahn Duk-geun said Thursday that the country's recent winning of a nuclear power project in the Czech Republic will pave the way for its active advance into the broader European nuclear energy market. On Wednesday, the state-run Korea Hydro & Nuclear Power was selected as a preferred bidder to build two reactors at the Dukovany power plant by beating France's EDF. "We were able to secure a bridgehead to export nuclear reactors to Europe, which is

Seoul shares opened lower Thursday as most blue chips retreated following weak overnight trading on Wall Street. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street underwent stagnant trading over concerns of potentially worsening trade tensions between the United States and China, with chip shares taking heavy beatings. The S&P 500 and Nasdaq composite dropped 1.3 percent and 2.6 percent, r

GN Food, the operator of Goobne Chicken, South Korea's leading roast chicken franchise, said Wednesday it has opened its first outlet in the Philippines as part of its expansion strategy. The first Goobne outlet in the Southeast Asian country is located in Bonifacio Global City, a central business district in Taguig, Metro Manila, the company said in a statement. GN Food has increased its overseas outlets to 40 in 11 countries, including Japan, China and the United States, since 2014, when

Seoul shares finished lower Wednesday as foreign investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index shed 22.80 points, or 0.8 percent, to close at 2,843.29. Trade volume was slightly heavy at 534.4 million shares worth 13.6 trillion won ($9.85 billion), with losers outnumbering winners 460 to 409. Foreign investors dumped local shares worth 261.4 bil

South Korea's industry ministry said Wednesday it held a fresh round of trade talks with Indian officials to improve a bilateral partnership agreement. Director General of FTA Negotiations Ryu Peob-min and his Indian counterpart, Anant Swarup, started the three-day session in Seoul to discuss the agenda, including goods, services and investment, according to the Ministry of Trade, Industry and Energy. South Korea and India implemented the CEPA in 2010 and have been carrying out negotiations

Seoul shares opened lower Wednesday as investors locked in profits following a two-session winning streak despite overnight Wall Street gains. The benchmark Korea Composite Stock Price Index fell 2.17 points, or 0.08 percent, to 2,863.92 in the first 15 minutes of trading. Overnight, Wall Street shares rose on rising expectations for a rate cut by the Federal Reserve. The Dow Jones Industrial Average jumped 1.9 percent to hit a fresh high, while the S&P 500 and Nasdaq composite gained 0.2 pe