The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the

Shinhan Financial Group signed a deal to acquire a controlling stake in Neoplux, Doosan’s investment arm, for 73 billion won ($61.4 million), a filing showed Thursday. The transaction between Shinhan and the conglomerate‘s holding firm Doosan Co. is set to close by Sept. 29. As a result, Shinhan will control a 96.77 percent stake in Neoplux. The news comes a month after Shinhan was picked as the preferred bidder for the takeover in late July. Neoplux was founded in 2000, and ha

WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i

Biopharma firm outruns SK hynix for first time in 40 months amid COVID-19 fallout

Virus pandemic hasn’t dampened investor spirit

South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.

W400b fund allocated for digital tech startups

South Korea’s signature “Growth Support Fund,” a state-backed financing program for venture firms, raised a combined 8.6 trillion won ($7.2 billion) in commitments as of July, one of the fund backers, Korea Development Bank, said Thursday. Given the higher-than-anticipated matchmaking activities for subfunds by external partners, the Growth Support Fund’s total commitments for growth equities is expected to reach the mark of 9 trillion won by this year, KDB added. This

South Korea will share its 20-year economic development history of overcoming the middle-income trap, government officials said Thursday. According to the Ministry of Economy and Finance, the World Bank Korea office and state-run Korea Development Institute will publish a collaborative research paper titled “Korea: Connecting Innovation and Technology to Development” early next year.  The move came as the World Bank Group has requested the Korean government to share its hist

SEJONG -- Some apartment complexes in Seoul were found to have renewed all-time high prices despite the measures introduced by the government on June 17 to cool the market. The record-breaking prices are have risen particularly in the wealthy Gangnam area, which comprises Gangnam-gu and Seocho-gu, two of the 25 administrative districts in Seoul. According to the data held by the Land Ministry, an 84-square-meter apartment in the Acro Riverpark complex in Banpo-dong, Seocho-gu, traded at 3.57

South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe

The Public Officials Benefit Association said Wednesday it plans to select two global asset management houses as external partners to manage its overseas fixed income portfolios. Under the plan, the state-run institutional investor, which manages funds to support public officials’ welfare, will commit a total of $350 million to the appointed two investment houses. To qualify for consideration, POBA said each prospective manager must oversee over $5 billion worth of debt instruments

South Korean authorities Wednesday urged banking circles to sustain their financial situation amid the prolonged epidemic crisis. “We should learn from the 2008 global financial crisis that individual actions by financial companies may affect the entire economic system,” Sohn Byung-doo, vice chairman of the regulator Financial Services Commission, said in a financial risk management meeting held at the Korea Federation of Banks in central Seoul. During an economic downturn, the

In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b

South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a