Mobile-only bank’s Kospi debut in August to mark local financier’s first listing in 27 years

As the South Korean economy faces the grave impact of the fourth wave of COVID-19, it is also being forecast to expand 4 percent this year due to strong exports and investments, the Asian Development Bank said Tuesday, revising up its previous projection of 3.5 percent. In an updated economic forecast, the regional lender cited “facility investment that reflected expansion in the digital economy,” as well as robust “export of information technology and transport equipment&r

South Korean stocks extended their losing streak to a third consecutive session Tuesday, following a US stock plunge that stemmed from concerns that the resurgence in the new coronavirus and its variants may deter economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) retreated 11.34 points, or 0.35 percent, to close at 3,232.7 points. Trading volume was moderate at about 963 million shares worth some 15.1 trillion won ($13.1 billi

An abrupt fall in housing prices in South Korea could deal a substantial blow to the nation’s consumer spending and the job market amid high levels of household debt, a report by the central bank showed Tuesday. Consumer spending and employment rate could both plummet 4 percent in the next two years if the median housing price falls 20 percent in the same period, according to the Bank of Korea’s calculations. The calculation adopted a high loan-to-value ratio of 75 percent and ref

Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Tuesday it has received a $240 million trainer jet deal in Indonesia. Under the deal, KAI will supply six T-50 advanced trainer jets to the Indonesian air force from Dec. 16, 2021, to Oct. 30, 2024, the company said in a regulatory filing. In 2012, KAI achieved $400 million worth of deals to supply 16 T-50 trainer jets. As of Tuesday, KAI has exported a total of 154 trainer jets worth $3.1 billion -- 70 T-50

South Korean clothing company F&F is set to commit capital of $350.5 million to take part in a private equity firm-led acquisition of California-based golf equipment maker TaylorMade Golf, a filing showed Tuesday. The outfit maker, dedicated to licensed productions for brands such as MLB and Discovery, is taking the place of local rival The Nature Holdings, which on Monday withdrew from its $87.6 million commitment to the deal. According to a disclosure filed with the Financial Superviso

The amount of securities settlements in the South Korean financial market soared nearly 19 percent in the first half of the year from six months earlier, industry data showed Tuesday. Stocks and bonds worth 3,772.2 trillion won ($3.28 trillion) were delivered through the Korea Securities Depository (KSD) in the January-June period, up 18.6 percent from the second half of last year, according to data from the KSD. It was also up 10.3 percent from a year earlier and marked the largest-ever half-

South Korea will gradually lift or lower tariffs on more than 95 percent of its imported products from Indonesia and Israel as it has clinched trade deals with the two nations, the finance ministry said Tuesday. The Cabinet approved a revised enforcement ordinance in preparation for implementing trade deals with Indonesia and Israel. In December last year, South Korea and Indonesia inked the comprehensive economic partnership agreement (CEPA), which is equivalent to a free trade deal but cente

The Asian Development Bank (ADB) on Tuesday sharply revised up its growth outlook for the South Korean economy this year, citing robust exports and an expansion in facility investment. The Manila-based bank expected Asia's fourth-largest economy to grow 4 percent this year, up from its earlier estimate in April of 3.5 percent. The ADB maintained its 2022 growth forecast for Korea at 3.1 percent. The ADB joined other organizations that have jacked up their growth estimates for the South Korean

Kakao Bank, South Korea's largest internet-only bank, will seek to expand into new business areas and become the country's No. 1 financial platform, the company's CEO said Tuesday. "Kakao Bank will strive to emerge as the top financial platform and break into such areas as insurance, fund and asset management," CEO Daniel Yun said at a news conference to mark the lender's planned initial public offering (IPO). To that end, Kakao Bank will continue to seek the digital innovation of it

South Korean stocks opened steeply lower Tuesday, tracking a US stock plunge that stemmed from concerns that the resurgence in the new coronavirus and its variants may hamper the ailing global economy. The benchmark Korea Composite Stock Price Index (Kospi) slumped 18.44 points, or 0.57 percent, to 3,225.6 points in the first 15 minutes of trading. Virus worries continued to pull down the Kospi after the key stock index's 1 percent retreat the previous session. Overnight, the big-three US sto

South Korea's corporate direct financing rose 34.2 percent in the first half from a year ago due to a robust rise in sales of bonds and stocks, data showed Tuesday. Local companies raised a combined 122 trillion won ($107 billion) by selling stocks and bonds in the January-June period, up 31.2 trillion won from a month ago, according to the data from the Financial Supervisory Service (FSS). Corporate stock sales soared 486.9 percent to 10.4 trillion won, with the value of initial public offeri

Bankers choose early retirement at the peak of their careers, but struggle to reenter a finance industry undergoing faster-than-expected digitalization

From home training program to vitamin shopping, insurers turn to health care market

South Korean stocks retreated 1 percent Monday amid concerns about the resurgence of new coronavirus cases and mixed signals in the US economic indicators. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 32.87 points to close at 3,244.04 points. Trading volume was moderate at about 1.1 billion shares worth some 12.6 trillion won ($11 billion), with losers outnumbering gainers 679 to 184. Foreigners sold a net 454 billion won, while re