An investor consortium led by the Seoul-based equity firm Centroid Investment Partners has closed a $1.87 billion deal to buy a 100 percent stake in TaylorMade Golf from US private equity firm KPS Capital Partners, Centroid said Tuesday. The buyout deal will lay the groundwork for the US-based golf equipment and clothing maker to go public in the future, the Korean investor said. When TaylorMade does go public, the investor consortium will have enough room to seek a “considerable amount

Finance Minister Hong Nam-ki said Tuesday the country will sharply increase imports of eggs in August and September in a bid to help stabilize high prices amid a pick-up in consumer inflation. The country plans to bring in 100 million eggs in August and September, respectively, more than the 70 million eggs imported in June, according to the finance ministry. South Korea brought in 144 million eggs between January and May to ease the supply shortage caused by the outbreak of bird flu here. Hi

South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil

Central bank pressured to hike rate as inflation picks up speed faster-than-expected

Taking impact from the panic buying trend in the local real estate market as well as explosive interest in a series of mega initial public offerings, South Korea’s household debt surged at a rapid pace in July.  Household debt gained more than 6 trillion won ($5.2 billion), despite government measures to tighten bank lending, industry data showed Tuesday.  The outstanding balance of household debt -- the total of financial loans plus credit card-based payment services extend

Crypto exchange-linked accounts boost users, noninterest profit

K-Bank, South Korea's first internet-only bank, said Tuesday it turned a profit for the first time since its inception in the second quarter of the year on robust growth in customers and deposits. Net profit stood at 3.9 billion won (US$3.4 million) in the April-June period, a sharp turnaround from a net loss of 12.3 billion won three months earlier, K-Bank said in a regulatory filing. It represents the online lender's first quarterly profit since its launch in April 2017. In the first half o

Woori Financial Group Chairman and CEO Son Tae-seung has acquired 5,000 treasury stocks worth over 54 million won ($46,800) to enhance its corporate value, the banking group said Tuesday. Son bought the stocks at a price of 10,875 won per share. Since the chairman took office in March 2018, he has bought treasury stocks 14 times. With the latest purchase, he now holds a total of 93,127 shares. The financial services holdings firm plans to implement a more active set of shareholder return

The number of South Korean companies affiliated with large business groups under tight supervision rose by 41 in the May-July period, data showed Tuesday, as conglomerates expanded their business scopes to search for new growth engines. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) list reached 2,653 as of end-July, compared with 2,612 three months earlier, according to the data compiled by the antitrust regulator. Major business groups newly launched or acquired 1

South Korean stocks opened higher Tuesday, led by gains in major tech firms. The benchmark Korea Composite Stock Price Index (Kospi) added 5.53 points, or 0.17 percent, to trade at 3,228.57 in the first 25 minutes of trading. Stocks got off to a solid start as tech heavyweights jumped on speculations of high global demand. In Seoul, market kingpin Samsung Electronics rose 1.64 percent, and No. 2 chipmaker SK hynix advanced 3.02 percent. Giant pharmaceutical firm Samsung Biologics lost 0.33 p

South Korea's consumer prices grew more than 2 percent for the fourth straight month in July on higher prices of farm and oil products, data showed Tuesday, raising expectations that the central bank will hike its key rate within this year. The consumer prices rose 2.6 percent on-year in July, accelerating from a 2.4 percent on-year gain the previous month, according to the data compiled by Statistics Korea. The pickup in inflation was due largely to last year's low base and the tight supply o

Political opponents, experts urge government to reveal ‘hidden’ numbers in pension balance sheet, saying younger Koreans may end up paying more for less benefits

Global credit appraiser Fitch Ratings on Monday raised NH NongHyup Bank’s long-term credit rating from A- to A, in recognition of its leading position in the local banking industry, while keeping the firm’s outlook at stable.  “As of last year, about 12 percent and 14 percent of the total credit loan applications and savings programs operated by local commercial banks were made through NH NongHyup Bank, respectively. The latest upgrade reflects the bank’s possibi

Viva Republica, South Korea’s leading financial technology company, announced Monday that it would eliminate transaction fees for Toss users, as it gears up for growing competition with internet-only banks and other fintech firms. The app Toss, which handles up to 2 million won ($1,730) at any given time, previously charged 500 won for each money transfer after providing the first 10 transfers free. But starting from Monday, Toss users can transfer money at no cost. The move comes as

South Korean stocks rebounded Monday, helped by strong economic data that fueled optimism for a quick economic rebound from the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.72 points, or 0.65 percent, to close at 3,223.04 points. Trading volume was moderate at about 554 million shares worth some 10.1 trillion won ($8.8 billion), with losers outnumbering gainers 501 to 329. Foreigners sold a net 148 billion won, while inst