South Korea is mulling whether to introduce multiple voting rights for shareholders as a way to help local startups attract large-scale investment and maintain stable management, according to public officials and politicians on Tuesday. Vice Minister of SMEs and Startups Kang Sung-cheon said the government was working on ways to legalize differential voting rights, which are popular among countries with many unicorn startups. A unicorn startup refers to a fledgling company valued at over $1

The intensifying scandal involving employees of the state housing developer Korea Land and Housing Corp. is likely to put banks under renewed pressure, as the nation’s financial authorities are mulling strengthening control over non-mortgage lending activities in all banking sectors. The scandal centers on LH officials who allegedly took out huge land-secured loans for speculative property purchases, sparking public criticism over the integrity of the state-run institution that contradi

The new chief of an association representing listed firms on South Korea’s tech-heavy bourse said Tuesday that the second-tier Kosdaq needs various incentives to attract more blue-chip companies and investors and prevent the exit of unicorn companies to bigger markets. “The Kosdaq market has been regulated stricter than the Kospi market. Regulations such as issuing an ‘investment alert’ to protect investors unintentionally cause the market to be undervalued,” said

The pace of growth of payments made with cards in South Korea slowed sharply last year as consumer spending remained tepid amid the coronavirus pandemic, central bank data showed Tuesday. Spending made with credit, debit and prepaid cards reached a daily average of 2.52 trillion won ($2.22 billion) in 2020, up 0.6 percent from a year earlier, according to the Bank of Korea (BOK). The growth rate slowed from a 5.7 percent on-year gain in 2019, the BOK said. The central bank said card spending

Foreign currency deposits at banks in South Korea rose in February, mainly due to a gain in corporate holdings of US dollar deposits, central bank data showed Tuesday. Outstanding foreign currency-denominated deposits held by residents amounted to $90.03 billion as of end-February, up $650 million from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data exclude

South Korea's antitrust regulator said Tuesday it has decided to fine 20 ready-mixed concrete manufacturers a combined 2.51 billion won ($2.2 million) for colluding to fix prices of construction-related material. Sanha Industry Corp. and 19 other companies colluded to fix their sales prices and supply of ready-mixed concrete between 2012 and 2017 that was used to build houses in the greater Seoul area, according to the Korea Fair Trade Commission (KFTC). The commission ordered them to take cor

The number of stock investors jumped nearly 49 percent in 2020 from a year earlier amid a bullish market run, industry data showed Tuesday. A total of 9.19 million investors held shares in 2,352 companies listed on the country's main and secondary bourses, up 48.5 percent from a year earlier, according to the data from the Korea Securities Depository. Those investors owned a combined 99.1 billion shares, with per-capita holdings standing at 10,779 shares. Retail investors in those firms closi

South Korea's airfreight exports jumped to account for 36 percent of the country's overall exports last year, industry data showed Tuesday, on higher demand for chips and biohealth products. Of the country's combined exports of $512.5 billion in 2020, air transport accounted for $183 billion, according to the data compiled by the Korea International Trade Association (KITA). While maritime transport still accounted for the majority of $325.8 billion, the portion of air cargo rose 5.4 percentag

South Korea on Tuesday said it will open new facilities overseas to help exporters better capitalize on free trade agreements (FTA) amid the coronavirus pandemic. Under the plan, the country plans to spend 11.9 billion won ($10.4 million) this year to open new FTA support centers in Southeast Asia and provide customized consulting programs, according to the Ministry of Trade, Industry and Energy. The country currently operates 18 FTA support centers for exporters nationwide, along with 15 othe

South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street amid falling Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.72 points, or 0.42 percent, to 3,058.43 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.05 percent, as the yield on the US 10-year Treasury note fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gaine

The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the level of 1,000 points on Oct. 1, 2017, when the index was first calculated The Upbit Market Index covers all cryptocurrencies traded in the exchange's won-denominated market and shows changes in t

South Korea's export prices rose in February, marking the third straight monthly gain helped by a modest recovery in exports, central bank data showed Tuesday. The country's export price index, in terms of the local currency, rose 3.1 percent in February from the previous month, according to the preliminary data from the Bank of Korea (BOK). The reading marked the third consecutive month of an on-month rise. In January, the index rose 1.8 percent on-month. From a year earlier, the index rose

The Korea Development Bank, a major creditor of debt-saddled SsangYong Motor, said Monday that the commercial vehicle maker and its labor union had been “uncooperative” when dealing with the proposed acquirer led by US car retailer HAAH Automotive, which clouds prospects for the deal. Their passivity -- failing to present a reorganization plan swiftly and hinging on state financial support -- stands in contrast with the endeavors of the company’s India-based major shareholder,

South Korea plans to expand tax incentives for foreign companies in the digital and green industries sectors to attract foreign direct investments that have been shrinking over the past two years. “In order to strengthen foreign investment in high-tech industries such as digital and green, which have strengths, we plan to draw a roadmap for attracting high-tech foreign investment in the first half of the year,” Finance Minister Hong Nam-ki said at a meeting with economy-related m

Global insurance firm American International Group said Monday that it has appointed Ramzi Toubassy, the former chief of the company’s Malaysian branch, as the head of the Korean office. Toubassy, who succeeds outgoing CEO Douglas Min, will report to Steven Barnett, CEO of AIG’s Asia-Pacific General Insurance. He will start working at the Seoul office from April 1. He has more than 24 years of experience in the industry, working at the company’s global offices in the US, Le