South Korea’s leading commercial banks are seeking ways to accelerate digitalization of their retail services with some even breaking down traditional barriers between new industry rivals in order to share ideas on boosting innovation. Kakao Bank CEO Yoon Ho-young was invited by Woori Bank on Friday to speak about the internet-only banking giant’s success and the future of finance, Kakao Bank said. Woori’s invitation of the head of the fast-growing online banking company is

Foreign investors have continued to scoop up vast amounts of LG Chem shares in the first month of this year, after raking in some 2.38 trillion-won ($2.16 billion) worth of the South Korean chemical giant’s stocks last year, data showed Sunday. Offshore investors purchased a net 605.4 billion-won worth of LG Chem stocks in the Jan. 4-Friday period, according to the Korea Exchange. It was followed by their net buying in internet platform giant Naver with 610.3 billion won across the same p

South Korea's two excavator makers are expected to see a steady rise in their shipments to China this year thanks to a boom in the neighbor's construction market, according to industry watchers Sunday. "The Chinese government's policy to boost the economy is forecast to expand the volume of the civil engineering and construction market in 2021, which has an impact on the sales of excavators," said Kim Hong-gyun, an analyst at DB Financial Investment, in his recent report. Exports of

The total volume of office investments in major districts of the Greater Seoul area hit yet another record in 2020 despite the pandemic, as high demand for offices in prime locations led the bullish market, data showed Friday. The full-year transaction total of offices last year in Seoul and the neighboring city of Bundang, Gyeonggi Province, came to 13.4 trillion won ($12.1 billion), up 9 percent from the previous all-time high in 2019, according to data suggested by commercial real estate se

South Korea's stock exchange ended its three-day winning streak Friday on valuation pressure after hitting another new high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 20.21 points, or 0.64 percent, to close at 3,140.63 points. Trading volume was moderate at about 1.1 billion shares worth some 24 trillion won ($21.7 billion), with losers outnumbering gainers 476 to 384. Foreigners sold a net 270 billion won

South Korean investors held a combined $7.8 billion worth of Tesla stocks at the end of last year, data showed Friday, capping off a meteoric rise in 2020 to become Korea’s most-owned foreign stock. This accounted for 16.6 percent of the entire $47 billion foreign currency-denominated stock holdings of Korean individuals and corporations as of December, according to data from the Korea Securities Depository. Tesla was not among the top 10 foreign stocks in 2019. Alongside Tesla, US tech

South Korea said Friday it has officially set its tariff on imported rice exceeding a quota at 513 percent, ending its yearslong tariffication process for the nation's key staple grain. Under the measure, South Korea will slap a 513 percent tariff on imported rice for quantities outside a designated quota, according to the Ministry of Agriculture, Food and Rural Affairs. Quantities below the quota of 408,700 tons will be imposed with a tariff of 5 percent. The measure is aimed at providing on

South Korean stocks opened nearly flat Friday on valuation pressure after they hit another new high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.34 point, or 0.01 percent, to 3,161.18 points in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.34 percent, while No. 2 chipmaker SK hynix lost 0.76 percent. Leading chemical firm LG Chem moved down 0.3 percent, but rechargeable battery maker Samsung SDI advanced 1.21 percent. P

South Korea's trade ministry said Friday that the World Trade Organization (WTO) has ruled in favor of Seoul in its lawsuit against the United States centering on high tariffs imposed on local steel and power transformer products. Washington has been levying high tariffs on some South Korean products by applying the "adverse facts available" (AFA) provision since May 2016, according to the Ministry of Trade, Industry and Energy. The provision allows extremely high anti-dumping and co

A foreign investor group of South Korea-based Kyobo Life Insurance is in hot water as its plan to exit from the insurer faces a setback after an indictment of its officials, while its demand for an initial public offering by Kyobo Life since 2012 remains unfulfilled to this day. Key officials of the international investor group, led by Hong Kong-based private equity firm Affinity Equity Partners, and Seoul-based accounting firm Deloitte Anjin have been indicted by Korean prosecutors for alleged

Upbit, a South Korean digital asset exchange, said Thursday that its Thailand unit was up and running after receiving the necessary licenses from regulators. The Thailand Securities and Exchange Commission recently granted approval for Upbit Thailand in four business areas -- digital asset exchange and brokerage and digital token exchange and brokerage -- with Upbit Thailand being fully operational as of Wednesday, the company said. “It is a very exciting time for the digital asset indu

South Korea's benchmark stock index hit an all-time high Thursday on strong foreign buying, buoyed by stimulus hopes related to the inauguration of US President Joe Biden. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.29 points, or 1.49 percent, to close at 3,160.84 points. Trading volume was moderate at about 1.3 billion shares worth some 24.6 trillion won ($22.4 billion), with gainers outnumbering losers 602 to 246. Foreigners bou

The chief of the Korea Financial Investment Association on Thursday vowed to make greater efforts to support member companies and the capital market, seeking active investment for the state-led New Deal Fund and in environment, social and governance policy changes. Followed by President Moon Jae-in’s announcement of a bold push for a Korean version of the New Deal program last year, the local finance industry has been paying keen attention to the government’s project-related busines

South Korea's trade commission decided Thursday to uphold the existing anti-dumping tariff on imported Chinese H-shaped steel beams. The move will extend the anti-dumping tariff, which has been in force since July 2015, by another five-year period, according to the Ministry of Trade, Industry and Energy. H-shaped structural steel beams are widely used in building large structures. The domestic market for the product was estimated at 2.2 trillion won ($2 billion) in 2019, or 2.8 million tons.

South Korea plans to invest 1.1 trillion won ($1 billion) for commercialization of Level 4 autonomous driving technology, Finance Minister Hong Nam-ki said Thursday, while highlighting the increasing competition in the self-driving car sector driven by global firms like Apple. “With reports of Apple’s plans to enter the future car market, talks of cooperation between big tech firms and traditional carmakers have been growing,” Hong said in a meeting of economy-related officia