South Korean stocks closed at an all-time high Monday as investors expect the US Federal Reserve to reiterate its support for accommodative policies in this week's monetary policy meeting. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kopsi) rose 2.81 points, or 0.09 percent, to close at 3,252.13 points, marking the highest closing ever. Trading volume was moderate at about 1.6 billion shares worth some 15 trillion won ($13.4 billion), with losers

Hana Financial Group said Monday that it has obtained a preliminary license from Singapore’s financial authorities to open an asset management company in the Southeast Asian country. The Monetary Authority of Singapore granted the partial approval Friday, though it hasn’t notified the banking giant when a final business license will be issued, officials said. Hana Financial’s attempt to make inroads into Singapore’s promising asset management market is part of the group

More than three-fourths of South Korean exporters to China have suffered damage from the coronavirus pandemic, a poll showed Monday. The survey of 540 exporting companies, taken by the Korea International Trade Association (KITA), showed 75.7 percent of the respondents saying their businesses in the world's No. 2 economy have been hit by the COVID-19 outbreak. Nearly 38 percent replied that they have suffered severe damage, while about 7 percent answered their Chinese businesses have benefited

Insurance firms in South Korea saw their risk-based capital ratio fall for the second straight quarter in the first quarter of this year amid rising market interest rates, data showed Monday. The risk-based capital (RBC) ratio of local insurance firms stood at 256 percent at end-March, down 19 percentage points from three months earlier, according to the data from the Financial Supervisory Service (FSS). The fall in the RBC ratio came as a hike in bond yields incurred valuation losses from the

AsianInvestor, a Hong Kong-based publication dedicated to the investment activities of Asian asset owners, said Monday that it planned to offer a glimpse of the latest trends among Korean investors at a virtual event June 21-25. Institutional Investment Week Korea, the 14th event of its kind for Seoul investors, will focus on how Korean investors can rebalance their portfolios and build resilience into their investment strategies amid the COVID-19 pandemic. The annual event was canceled last y

South Korean stocks opened nearly flat Monday as investors await the upcoming US Federal Reserve meeting. The benchmark Korea Composite Stock Price Index (Kospi) edged down 1.53 points, or 0.05 percent, to reach 3,247.79 points in the first 15 minutes of trading. The Kospi got off to a muted start as investors are holding onto their cash, seeking more hints about when the world's largest economy will start tapering its asset-buying policy. In Seoul, market bellwether Samsung Electronics retr

Digital coins that were flagged for delisting and given warnings by South Korea’s largest digital asset exchange Upbit plunged over the weekend as financial regulators tightened its grip on the cryptocurrency market. The double-digit plunge in prices came after Upbit on Friday announced that it planned to halt the trading of five digital tokens while issuing “investment warning” on 25 cryptocurrencies. Maro, Paycoin, Observer, Solve.Care and Quiztok will be delisted from th

A new rule banning investors from placing multiple subscriptions for popular initial public offerings is unlikely to cool off the heated market with a slew of conglomerate-affiliated firms and tech companies planning their market debut in the second half of this year, market watchers said. “A total of 37 companies submitted preliminary applications for IPOs in between April and May. Since they are highly likely to try making market debuts within this year, the latter half is expecte

Experts say South Korea’s central bank might raise its interest rate by the end of the year, but advise caution on timing

PET, or polyethylene terephthalate, is the inexpensive, versatile plastic used to make bottles, food containers and other modern conveniences. Even though PET is a highly valuable and readily recyclable material, there is not enough waste collection and recycling capacity in many countries in South and Southeast Asia. PET and other plastics stay in the environment for hundreds of years, and when exposed to sunlight and seawater, they fragment into microplastics that are consumed by marine life a

South Korea's exports of automobiles jumped nearly 58 percent in May on the back of strong demand for eco-friendly cars and SUVs, data showed Sunday. Outbound shipments of automobiles reached 150,894 units in May, according to the Ministry of Trade, Industry and Energy. In terms of value, exports nearly doubled to reach $3.49 billion. The ministry attributed the growth to the strong performance of electric cars, along with Hyundai Motor Co.'s independent Genesis brand. The rebound also came o

Hana Financial Group said Friday it had launched an internet-only bank in Indonesia through a partnership with Line, Naver-affiliated Japanese messaging app provider. Hana Financial became the first banking group to operate internet-only banking services in Southeast Asia. Branded Line Bank, it offers contactless banking, including savings account opening, subscription to deposit savings products, utility bill payment and cash withdrawals.  The newly launched digital lender will expand

Fame won’t last long for A-listers in Korea, but investment in commercial real estate can bring long-term wealth

South Korean stocks advanced for the second straight session Friday despite the steep hike in the US price gauge, as investors believed the price pressure is still short of triggering talks of tapering by the Federal Reserve. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) increased 24.68 points, or 0.77 percent, to close at 3,249.32 points. Trading volume was moderate at about 1.6 billion shares worth some 17.6 trillion won ($15.8 billion), w

Bank of Korea Gov. Lee Ju-yeol said Friday that a key interest rate hike is plausible by the end of this year in step with economic recovery. “If our economy is expected to stage a modest recovery, (the BOK) will normalize the current easing of monetary policy in an orderly way at an appropriate time,” Lee said in a statement to mark the 71st anniversary of the BOK’s foundation. Earlier in April, the BOK froze its key interest rate at a record low of 0.5 percent amid concer