South Korean shares closed higher Thursday in sync with the overnight Wall Street rebound and on the back of another stimulus measure amid the pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.67 points, or 0.87 percent, to close at 2,396.48. Trading volume was moderate at about 1.1 billion shares worth some 15.6 trillion won ($13.2 billion), with gainers outnumbering losers 596 to 232. Foreigners bought a net 381 billion won

London-based Standard Chartered Bank CEO Bill Winters mentored Korean university students seeking careers in finance in an contact-free manner as part of his monthlong visit to the country, the lender’s Korean subsidiary said Thursday. Winters and 13 university students on Wednesday discussed issues related to social finance, changes in the financial environment in the post-COVID-19 era and the “fourth industrial revolution” in the program via videoconferencing, Standard Char

Minus yield indicates Korea’s credibility among global investors: minister

Power plant builder Doosan Heavy Industries & Construction Co. said Thursday it has signed a preliminary deal with the Korea National Oil Corp. (KNOC) to develop a floating offshore wind farm. Under the deal, Doosan Heavy will provide floating wind turbines, while the state-run oil company will work on the overall procedures to build the floating offshore wind farm in the East Sea, the power plant builder said. In July, the government said it plans to start building the floating offshor

Followed by investors’ keen tranche competition, stock price spikes to daily permissible limit on first day trading

The number of foreign account holders that reported to the National Tax Service surged 24 percent on-year to 2,685 worth nearly 60 trillion won, data showed Thursday. In June, 1,889 residents of Korea reported accounts to NTS, each holding a balance of 4.2 billion won on average, while 796 Seoul-based corporations documented accounts, with an average balance of 65.2 billion won. Their total account balance came to 59.9 trillion won ($50.5 billion), down 2.6 percent from the previous year. The n

SEJONG -- A fourth supplementary budget worth 7.8 trillion won ($6.6 billion) is mainly aimed at helping small merchants and self-employed people cushion the economic impact of a recent resurgence of the new coronavirus. The additional fiscal boost came less than a month after health authorities tightened social distancing rules to contain a new wave of contagion, amid growing concerns that the nation's economic slump may be deeper than expected. Presiding over an emergency economic council m

Kakao Games, the game developing unit of South Korean mobile giant Kakao, made a strong market debut Thursday, trading at more than double the initial public offering (IPO) price. As of 10:10 a.m., Kakao Games traded at 48,000 won ($40.49), twice the IPO price, and instantly surged by the daily permissible limit of 30 percent to 62,400 won per share. Its market capitalization stood at 4.6 trillion won, the fifth largest on the secondary, tech-laden KOSDAQ market. The game publisher raised s

South Korean shares opened sharply higher Thursday, tracking an overnight rebound on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.48 points, or 1.11 percent, to 2,402.29 in the first 15 minutes of trading. The index got off to a strong start after a 1.09 percent fall the previous session. Tech shares soared, taking a cue from a rebound in US tech heavyweights. The tech-laden Nasdaq composite rose 293.87 points, or 2.71 percent, to 11,141.56 on Wednesday (New

K-pop duo TVXQ’s Yunho was featured in a promotional video for Shinhan Financial Group’s campaign promoting healthy lifestyles for millennials, launched Wednesday. Participants in the three-month social media campaign will receive five tasks to complete every two weeks, designed to “boost their confidence” in areas tied to hobbies, perceptions of the environment and society, talent, exercise and networking. They can then upload photos or videos on social media showing

Korean investors turn to renewable energy, digital infrastructure-linked assets, while ‘Green New Deal’ initiative comes in tandem

SEJONG -- South Korea plans to sell 10-year dollar and 5-year euro bonds this year as part of its currency stabilization bond scheme, the finance ministry said Wednesday. The value of the bond sale and the yields will be decided later, depending on market situation, the Ministry of Economy and Finance said in a statement. Six financial firms, including BNP Paribas, Citigroup and JP Morgan, will arrange the planned sale of bonds, according to the statement. (Yonhap)

Hancom Group, South Korea's leading office software developer, said Wednesday it has acquired a local firm as part of efforts to tap deeper into the aerospace and drone businesses. Hancom took over InSpace Co., which develops satellite ground station solutions and drone technologies. The group did not reveal the value of the deal. Hancom said it plans to combine its internet of Things (IoT) and autonomous driving solutions with InSpace's drone technology to launch a drone service platform an

South Korean shares dipped more than 1 percent Wednesday, as investors dumped market heavyweights following a plunge in the US stock market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 26.1 points, or 1.09 percent, to close at 2,375.81. Trading volume was moderate at about 929 million shares worth some 15.2 trillion won ($12.8 billion), with losers outnumbering gainers 618 to 240. Foreigners sold a net 117 billion won, extending the

Lee Dong-gull, chairman of South Korea’s largest state-run lender the Korea Development Bank, has de facto clinched his second term in office, officials said Wednesday. Once the presidential office Cheong Wa Dae makes it official, Lee is to become the first KDB leader in 26 years to serve two consecutive terms and the fourth to do so in the state-run bank’s 65-year history. Speculation about the KDB’s leadership had been rampant as no plausible candidates were in sight wh