Danggeun Market, operator of hyperlocal e-commerce app Karrot, said Wednesday it has fetched a $162 million funding in a series D round with an enterprise valuation of $2.7 billion. The latest round of funding, led by Hong Kong-based later-stage venture capital house DST Global, was joined by Aspex Management and Reverent Partners. Also taking part in the fundraising were existing investors Goodwater Capital, Altos Ventures, SoftBank Ventures Asia, Kakao Ventures, Strong Ventures and Capstone

South Korea's exports of automobiles edged down 2.9 percent in July from a year earlier as the global supply shortages of automotive chips hindered production, data showed Wednesday. Outbound shipments of automobiles reached 181,046 units in July, according to the Ministry of Trade, Industry and Energy. In terms of value, exports advanced 12.3 percent to $4.1 billion. The ministry attributed the decrease to a low base effect, as overseas shipments of cars gathered ground in July 2020 after the

The global semiconductor market is expected to expand 25.1 percent this year on the back of robust growth from the memory sector, a report from an industry tracker showed Wednesday, amid concerns of a slowdown in demand. World Semiconductor Trade Statistics (WSTS), a nonprofit organization of chipmakers, said the global semiconductor market is expected to grow to $551 billion in 2021, up from its previous forecast of $527.2 billion. It also revised up the market growth for the year to 25.1 p

South Korean stocks opened slightly lower Wednesday, tracking a stock plunge on Wall Street that stemmed from reports on Taliban's earlier-than-expected control of the Afghanistan capital. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.18 points, or 0.07 percent, to 3,140.91 points in the first 15 minutes of trading. Stocks got off to a choppy start as investors digest the impact of Taliban's seizure of Kabul and the frenzy at the airport. Overnight, the Dow Jones Industrial

Sales by major companies in South Korea rose nearly 10 percent in the first half of the year in spite of the coronavirus pandemic with their total operating profit more than doubling, a corporate tracker said Wednesday. Combined sales of 225 out of the country's top 500 firms came to 1,127.4 trillion won ($960 billion) in the January-June period, up 10.4 percent from a year earlier, according to CEO Score. Their operating profit stood at 105.1 trillion won in the six-month period, more than do

KakaoBank, the country’s largest internet-only bank by user numbers, on Tuesday said it recorded a 156 percent jump in net profit in the first half of this year, backed by increased interest income and its platform business. The company’s net profit in the January-June period stood at 115 billion won ($97 million) including 69.3 billion won in the second quarter. Its operating profit was 133.8 billion won. The mobile-only lender, which debuted on the stock market Aug. 6 as the

South Korean stocks retreated for an eighth straight session Tuesday as disappointing Chinese economic data raised concerns about a slowdown in global economic recovery. The Korean Won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 28.2 points, or 0.89 percent, to close at 3,143.09 points. Trading volume was high at about 680 million shares worth some 21.9 trillion won ($18.6 billion), with losers outnumbering gainers 786 to 117. Foreigners sold a

E-commerce platform companies that gained popularity for their early-morning delivery services in South Korea are rushing to tap the local stock market, which is enjoying high liquidity and increased investors’ appetite for initial public offering shares. Competition among early-morning delivery platforms -- Shinsegae Group’s online mall arm SSG, Market Kurly and Oasis -- is becoming fierce, with some market watchers believing those who go public ahead of their rivals may have

South Korea’s financial watchdog will launch an investigation into electronic payment service providers and their operations amid growing concerns over consumer protection in a row involving local discount app operator Mergeplus. The Financial Supervisory Service has been under fire for failing to monitor risks and eliminate legal gray areas on the back of fast-growing electronic payment services in recent months. Angry customers swarmed Mergeplus’ headquarters in Seoul last week

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, on Tuesday said it planned to unveil its own “travel rule” solution in September through its blockchain technology research arm Lambda256. The travel rule is a global standard imposed by the Financial Action Task Force, an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as cryptocurrency exchanges and digital wallet providers. The country’s virtual asset serv

Citibank Korea is likely to make its long-awaited announcement for its retail business exit plan on Aug. 26, after confirming the strategy at a scheduled board meeting, an industry source said Tuesday. The South Korean subsidiary of the US-based global banking giant had initially said it would confirm the plan in July, but the decision-making process was delayed on apparent conflicts of interest among the firm, its potential bidders and unionists. The firm is expected to decide whether it wil

South Korea's industry ministry said Tuesday it has hosted a business roundtable with Kazakhstan and signed around two dozen business agreements, in a move to enhance economic ties with the Central Asian nation. During the meeting, Seoul and Nur-Sultan signed a set of 23 memorandums of understanding in various industries ranging from automobiles to the development of natural resources, according to the Ministry of Trade, Industry and Energy. The move came during Kazakh President Kassym-Jomart

The International Finance Corp., a member of the World Bank Group, said Tuesday that it has appointed Kim-See Lim as the new regional director of East Asia and the Pacific. The Malaysian national will lead investment and advisory operations across 18 countries including South Korea and oversee the IFC’s strategy in the region. “Given the devastating impacts of the global pandemic, IFC will continue to focus on leveraging the private sector to foster a green, resilient and inclusiv

South Korea’s NH NongHyup Bank said Tuesday it launched a virtual Dokdo branch, which customers can visit on its mobile app and subscribe to financial products tied to the nation’s easternmost islets. The virtual space, designed to celebrate the bank’s 60th anniversary, offers users of All One Bank app with Dokdo-themed environmental, social and governance-related financial products. Users can also visit a virtual gift shop where they can purchase popular “Dokdo shrimp

Amid the steady growth of property ownership by foreign nationals in South Korea, Chinese acquisition of real estate ranked first for the ninth consecutive year, industry data showed Tuesday. According to data from real estate app company Zigbang, foreign-owned real estate accounted for 0.69 percent of the total property purchases across the nation, as of August, continuing an upward trend from 2010, when it posted 0.2 percent. Among the foreign buyers, Chinese purchased the largest volume of