South Korean battery maker LG Energy Solution is speeding up to make a stock market debut on the nation’s main bourse Kospi in the second half of this year, according to investment banking sources Wednesday. The company submitted a preliminary application for an IPO to the Korea Exchange on Tuesday. Market insiders say the firm may begin the share sale as early as September in line with its timetable. While KB Securities and Morgan Stanley are underwriting the IPO deal, the size of the

South Korea's economy is expected to grow at a faster-than-expected pace in 2021 on the back of brisk exports, a leading private think tank said Wednesday. Asia's fourth-largest economy is likely to expand 3.8 percent on-year this year as overseas shipments rebound sharply, according to the Korea Economic Research Institute (KERI). The latest projection by KERI, the think tank under the conglomerate lobby Federation of Korean Industries, is up from its 3.4 percent estimate made in the first qu

South Korea said Wednesday it plans to provide consulting services for exporters of antivirus products in efforts to foster the biohealth sector as a new growth engine. Under the plan, the government will launch a joint consultative group with the private sector, according to the Ministry of Trade, Industry and Energy. The country's exports of biohealth products, which include COVID-19 test kits, came to $14 billion in 2020, soaring 54.4 percent from a year earlier. The latest move came as so

　Financial damage caused by cryptocurrency-related crimes has totaled more than 5.5 trillion won ($4.9 billion) since 2017, a lawmaker said, citing data from police. 　According to Rep. Yun Chang-hyun of the main opposition People Power Party, the National Police Agency estimated the damage to be 467 billion won in 2017, 169 billion won in 2018, 764 billion won in 2019, 214 billion won in 2020 and 92 billion won from January to April this year. 　The NPA also said in documents sent to Yun th

South Korean stocks opened lower Wednesday as the central bank revised up the country's gross domestic product, stoking market concerns of early inflation. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.43 points, or 0.2 percent, to 3,241.4 points in the first 15 minutes of trading. Investor appetite for risk assets decreased, following the Bank of Korea's report that South Korea's economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point hig

South Korea's electricity demand rose more than 7 percent in May from a year earlier amid a gradual economic recovery, data showed Wednesday. The country's maximum power demand averaged 63,388 megawatts (MW) last month, up 7.3 percent from a year earlier, according to the data from the Electric Power Statistics Information System. The May tally was down a mere 0.5 percentage point from May 2019, meaning power demand in Asia's fourth-largest economy has almost recovered to pre-pandemic levels.

South Korea reported job growth for the third straight month in May, data showed Wednesday, in the latest sign that the job market is recovering from slumps caused by the pandemic. The number of employed people reached 27.6 million last month, 619,000 more than a year earlier, according to the data compiled by Statistics Korea. The May addition was lower than the previous month's 652,000 increase, the largest job growth in almost seven years. In March, the number of working people increased b

South Korea's economy grew slightly faster than expected in the first quarter, thanks to a robust recovery of exports and facility investment, inching the nation's economic growth closer to the pre-pandemic level, central bank data showed Wednesday. Asia's fourth-largest economy grew 1.7 percent in the first quarter from three months earlier, 0.1 percentage point higher than earlier expected, according to preliminary data from the Bank of Korea (BOK). The country's annualized growth in the Jan

South Korea’s market regulator, the Financial Services Commission, is set to decide on Wednesday whether to approve the operations of banking and insurance units developed by financial technology companies, amid mixed expectations for their impact on a market long dominated by traditional institutions. At its monthly meeting, FSC will decide whether to approve Toss Bank and Kakao Pay’s digital-only insurance subsidiary. If approved, Toss Bank will become Korea’s third mobile

The prosecution sought a life sentence on Tuesday for the CEO of Optimus Asset Management, who is at the center of a massive financial fraud. At the sentencing hearing at the Seoul Central District Court, prosecutors demanded Kim Jae-hyun, head of the scandal-ridden private equity investment firm, be put behind bars for the rest of his life on charges of fraud and embezzlement. They also asked the court to assess him a fine of 4.057 trillion won ($3.6 billion) and a forfeiture of 1.43 trillion

Retail investors in South Korea who are seeking short-term profit are increasingly investing in so-called meme stocks, those that see a spike in trading volume based on social media hype rather than the company’s performance. Data compiled by securities information portal SEIBro, operated by the Korea Securities Depository, showed Tuesday that small domestic investors traded US movie theater chain AMC shares the most in the overseas stock market last week. The value of AMC stock traded

IFC in search of green-minded investment to save oceans from plastics; VP says Korea can take leading role

South Korean stocks closed Tuesday after choppy trading, as increased valuation pressure offset hopes of a fast economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 4.29 points, or 0.13 percent, to close at 3,247.83 points. Trading volume was high at about 1.9 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 464 to 376. Foreigners sold a net 206 billion won, while institutions bo

SEJONG -- Gasoline prices in South Korea have almost reached pre-pandemic levels, in the wake of a spiral in international crude prices and weak US dollar. According to the Korea National Oil Corp., gasoline prices climbed to 1,562.7 won ($1.40) per liter as of Monday, which marked the highest in 16 months since it recorded 1,563.3 won on Feb. 4, 2020. At the current pace of increase, there is a high possibility that prices will exceed 1,571.26 won -- the level recorded on Jan. 20, 2020, when

South Korean asset management companies collectively earned record net profit in the first three months, according to data released by the state watchdog Financial Supervisory Service on Tuesday. The combined net profit of the 328 domestic asset management firms came in at 615 billion won ($551.74 million), up 424.7 percent from the same period last year. The growth is partly attributable to reduced operational costs, the FSS said. The figure broke the previous record of 457.5 billion won p