S. Korean e-commerce to raise $4.55b in biggest US IPO this year

SEJONG -- South Korea saw the number of recipients of unemployment benefits reach an all-time high of 1.78 million in 2020 in the wake of the novel coronavirus, data from a state-run agency showed. According to the Korea Employment Information Service, this marked an increase by 16.8 percent, 257,510 people, from 1.52 million a year earlier. By region, Greater Seoul -- including Gyeonggi Province and Incheon -- ranked top five, alongside Sejong and Jeju Province, among the nation’s 17 ma

South Korea's health care and cosmetics exports soared more than 38 percent to an all-time high in 2020 amid the coronavirus pandemic, industry data showed Thursday. The country's overseas shipments of pharmaceuticals, cosmetics and medical devices stood at $21.70 billion last year, up 38.3 percent from the previous year and a fresh high, according to the data from the Korea Health Industry Development Institute. The new record came as the pandemic led to a surge in exports of biopharmaceutic

Foreign investors remained net sellers of South Korean equities in February, extending their selling spree for a third consecutive month, the central bank said Thursday. Foreigners sold a net $2.86 billion worth of local stocks last month, compared with net selling of $2.39 billion in January, according to the Bank of Korea (BOK).   Offshore investors, however, remained net buyers of Korean bonds worth $8.99 billion last month, the BOK said. Meanwhile, volatility in South Korea's

South Korea's economy is expected to stage a modest recovery from the coronavirus pandemic and the Bank of Korea (BOK) will continue monetary easing to prop up an economic recovery, the BOK said Thursday. In a regular monetary report, the BOK said it will pay close attention to household debts and financial imbalances as companies and households take advantage of cheap credit. "As the pace of the local economic recovery is expected to be modest, (the BOK) will keep monetary easing,"

South Korea's home-meal replacement product market was estimated at 4.2 trillion won ($3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households. The annual average growth of the segment was 16 percent since 2010, according to the Korea Rural Economic Institute (KREI). The proportion of single-member households in South Korea surpassed 30 percent of the total for the first time in 2019. (Yonhap)

South Korean stocks opened higher Thursday on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 0.91 percent, to 2,985.05 points in the first 15 minutes of trading. The KOSPI rebounded after losing ground for the fifth session in a row as foreigners and individuals bought on bottom fishing. The yields of the benchmark 10-year US Treasury stabilized just above the 1.5 percent mark, soothing investor concerns over fast post-pandemic inflat

South Korea's exports jumped 25.2 percent on-year in the first 10 days of March despite the new coronavirus pandemic on strong shipments of chips, customs data showed Thursday. The country's outbound shipments stood at $16.3 billion in the March 1-10 period, compared with $13 billion a year earlier, according to the data from the Korea Customs Service. Imports climbed 31.4 percent over the period to reach $17.4 billion, resulting in a trade deficit of $1.1 billion. By segment, exports of ch

South Korean households' spending on restaurants and hotels dropped in the fourth quarter of last year amid a resurge of coronavirus infections, central bank data showed Thursday. Household spending on eating out and hospitality services came to 18.9 trillion won ($16.6 billion) in the October-December period, dropping below the 20 trillion-won mark for the first time in five years, according to the data from the Bank of Korea. The corresponding figure amounted to 19.9 trillion won in the firs

South Korea's imports of Japanese beer climbed for the fifth straight month in January, data showed Thursday, amid signs of a weaker local boycott of goods from the neighboring country. Asia's fourth-largest economy brought in 1,072 tons of Japanese beer in January, up a whopping 670.3 percent from the same month last year, according to the data from the Korea Customs Service and the liquor industry. Industry watchers said the consecutive increase is due to weakening anti-Japan sentiment in So

US investor BlackRock said Wednesday it has increased its stake in South Korea‘s largest banking group KB Financial Group to 6.02 percent, from 5.01 percent in May 2014. According to the disclosure, BlackRock Fund Advisors and 14 specially related entities had net bought a combined 314.8 billion won ($275.4 million) worth of shares in KB Financial over the past seven years. As a result, BlackRock was holding some 25 million shares out of KB Financial’s total 415.8 million outstandi

South Korean investors have showed heated interest in the imminent market debut of SK Bioscience as they poured nearly 64 trillion won ($56.06 billion) of deposits in the two-day public subscription period for the local vaccine maker’s stocks. Reflecting investors’ thirst for financial income and high market liquidity, retail traders bought about 63.62 trillion won in deposits by the deadline at 4 p.m. on Wednesday. The amount surpassed not only one of the last year’s biggest

South Korean banks’ total outstanding mortgages extended to households gained 6.4 trillion won ($5.6 billion) on-month in February, central bank data showed Wednesday, with the figure marking the second-largest increase for the month. Outstanding mortgages stood at 733.3 trillion won as of end-February, according to the Bank of Korea. The 6.4 trillion-won gain was the second-largest increase in the month of February the BOK has seen since it started compiling such data in 2004. Of the

Former NH Financial chief say banks still have upper hands in credibility, security of financial services amidst intensifying digital war

South Korean stocks fell for the fifth consecutive session Wednesday, led by a decline in techs and autos, as foreigners and institutions attempted to lock in profits amid lingering concerns of inflation. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 18.00 points, or 0.60 percent, to close at 2,958.12, after rising as high as 3,013.95 points. Trading volume was moderate at about 887.07 million shares worth around 1