BlackRock 3rd-largest shareholder of Samsung Electronics with 5.03%

South Korean financial authorities on Sunday said that illegal money lenders cannot impose annual interest rates of more than 6 percent, in a move to protect consumers in the pandemic-hit economy. The Financial Services Commission (FSC), the country's financial regulator, drafted a new set of regulations that lowers the maximum annual interest rate on loans extended by unregistered lenders to 6 percent from the current 24 percent. The modifications to related laws will be submitted to the Na

NH Prime REIT said Sunday it has decided to invest in landmark buildings in New York, Paris and Helsinki to expand its portfolio. South Korean banking group NH Financial’s real estate investment trust affiliate plans to purchase beneficiary certificates of 195 Broadway, a 29-story building in New York City with luxury brand Gucci as a key tenant and Tour Eqho in Paris that has global accounting firm KPMG taking most of the floors. It will invest in securities of Finland-based OP Finan

South Korea will begin to implement new global bank capital rules this month, the country's financial regulator said Sunday, a move that could boost capital adequacy ratios of South Korean banks. The banking regulations, known as Basel III, were agreed upon by financial regulators around the world in 2017. The new rules, including revisions to calculation systems for capital requirements and credit risks, were set in the aftermath of the 2008-09 global financial crisis. The Financial Service

Newly listed stocks enjoyed substantial gains in the first half this year, fueling an investor rush amid volatile market trends, data showed Sunday. A total of 12 companies made debuts on the main KOSPI and the tech-laden KOSDAQ markets, nine of which far exceeded their IPO prices, according to the data from the bourse operator Korea Exchange (KRX). As of Friday, these firms' stock price hikes averaged as high as 52.4 percent. Among them, Leading Edge Technology Co. Ltd. closed Friday at 20,

GC LabCell, a manufacturer of cell therapy products, said on Friday that its US strategic partner Artiva Biotherapeutics has raised $78 million in Series A funding round. Launched in March last year jointly by South Korean drugmaker GC Pharma and GC LabCell, Artiva focuses on research and development of cell therapy drugs and commercialization of GC LabCell’s anti-cancer drugs based on natural killer cells, a type of immune cell in the human body. Among the investors of the funding ro

South Korean stocks closed 1.05 percent higher Friday as large-cap tech shares rallied. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) went up 22.28 points to close at 2,134.65. Trading volume was moderate at 728 million shares worth 9.4 trillion won ($7.8 billion), with gainers outpacing losers 432 to 395. Foreigners and individuals scooped up a net 61.5 billion won and 106.2 billion won, respectively, while institutions offloaded a net 163

South Korea’s consumer sentiment rebounded for the second straight month in June, but was still far more pessimistic than the neutral view held at the beginning of the year, data showed Friday.  The Composite Consumer Sentiment Index, or CCSI, rose for the second consecutive month to 81.8, up 4.2 points on-month, according to data from the Bank of Korea. This was the highest level since it recorded 96.9 in February.  The CCSI is an economic indicator that measures consumers&r

South Korea's trade terms improved in May from a year earlier due to low oil prices, central bank data showed Friday. The country's terms of trade index for products came to 99.82 in May, up 10.1 percent from 90.66 posted in the same month last year, according to preliminary data from the Bank of Korea (BOK). The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of others. The on-year hik

SEJONG -- South Korea's finance ministry said Friday it has approved $75.5 million in health care aid for 13 nations to better combat the coronavirus pandemic. The approval is part of the nation's plans to provide more than $400 million in loans and grants to developing nations this year to help them push for health projects against the novel coronavirus. The 13 nations included Ethiopia and Myanmar, the Ministry of Economy and Finance said in a statement. The fund is expected to help dev

South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 15.3 points, or 0.72 percent, to 2,127.67 in the first 15 minutes of trading. On Thursday (local time), US stocks finished higher on the back of a rally in bank shares. The Dow Jones Industrial Average rose 1.18 percent, the tech-laden Nasdaq gained 1.09 percent and the S&P 500 rose 1.1 percent. In Seoul, most large caps got off to a strong s

Market concerns grew over a new tax plan on any financial investment, Thursday, with some criticizing that the scheme imposes a heavy burden on retail investors seeking small profits. The government unveiled a set of capital gains taxation of up to 25 percent on annual capital gains worth over 20 million won ($16,600) starting from 2023, while lowering the stock transaction tax.  With individuals expressing concerns online, a petition demanding the withdrawal of the new tax scheme on

Meritz Asset CEO urges educating young Koreans with basic stock investing for fundamental shift in equity culture

South Korea’s consumer price inflation is projected to remain at around zero percent for the remainder of the year, the nation’s central bank said Thursday, citing pandemic risks dampening hopes for the initial goal of an annual 2 percent inflation rate. The annual consumer price inflation is expected to fall 0.1 percentage point on-year to 0.3 percent, weighed on by plummeting oil prices and a slowdown of the global economy following the outbreak of COVID-19, the Bank of Korea not

South Korea will impose a new income tax on all gains made from financial investments, while reducing the securities transaction tax rate, Deputy Prime Minister and Finance Minister Hong Nam-ki said Thursday. The move came in line with the government’s efforts to alleviate the widening socioeconomic gap here and to revitalize the stalled market amid the COVID-19 fallout. “(The government) will establish a new taxation category for financial investment gains, starting 2022,&rdqu