In an effort to stem unfair practices and illegal activities, South Korean authorities propose to set up a system to oversee non-holding financial conglomerates, which have been in the blind spot of regulations so far.  The Financial Services Commission and Financial Supervisory Service made an advance legislation notice Friday about an act to reinforce the supervision of non-holding financial giants, including Samsung Group, Kyobo Group, and Hyundai Motor Group. Under the new rules, loc

Shinhan BNP Paribas said Sunday it has clinched a combined 520 billion won ($430.1 million) commitment to create a fund to support small firms dedicated to 280-megawatt solar energy projects across South Korea. The Seoul-based asset management firm’s deal comes amid growing new and renewable energy momentum buttressed by the nation’s recent environment initiative, called “green new deal,” aimed at investing in environmentally-friendly energy businesses and creating jobs

South Korea’s biggest real estate asset management firm IGIS Asset Management said Friday that it is eyeing its first real estate investment trust to list on the nation’s main bourse Kospi in mid-July. IGIS Value Plus REIT is designed to indirectly invest in the commercial Taepyeongno Building. Located in central Seoul next to the Korea Chamber of Commerce and Industry, the 23-story office building was valued at 302.5 billion won ($250.6 million) as of July 1 last year, IGIS Asset

South Korean shares closed sharply higher Friday, extending their winning streak to a sixth session on global stimulus hopes. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 30.69 points, or 1.43 percent, to close at 2,181.87, reaching the highest point since Feb. 20. Trading volume was moderate at about 840.1 million shares worth some 12.6 trillion won ($10.4 billion), with gainers outnumbering losers 586 to 249. Institutions boug

The balance of credit loans taken out for stock investments by individuals has reached over 11 trillion won ($9.1 billion), data showed Friday. According to data from the Korea Financial Investment Association, the balance for credit financing marked nearly 11.47 trillion won as of Wednesday, the highest figure since Oct. 11, 2018, when it marked 11.57 trillion won. As stock markets around the globe were hit hard by the coronavirus pandemic, the balance dipped to 6.41 trillion won on March 25

South Korean exports of electric vehicles and ships to the European Free Trade Association (EFTA) gained momentum in 2019 on the back of a bilateral free trade agreement, Seoul's trade ministry said Friday. Seoul signed the pact with the four-nation economic block comprising Switzerland, Iceland, Norway and Lichtenstein in July 2005 before implementing it a year later. It was South Korea's FTA with European nations. "The agreement has played a pump-priming role in expanding bilateral tra

South Korean shares opened higher Friday, tracking overnight gains on Wall Street helped by hopes of an economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.64 points, or 0.31 percent, to 2,157.82 in the first 15 minutes of trading. The gain was mainly attributed to hopes for an economic recovery, fueled by the European Central Bank's announcement to additionally purchase assets to fight the economic fallout from the new coronavirus. The Dow Jones Industrial Ave

JPMorgan will provide 480 million won ($394,000) worth of immediate support, relief and inclusive recovery fund to small and micro-businesses hit hard by the unexpected coronavirus pandemic in South Korea, according to the local micro-credit institution Social Solidarity Bank on Thursday. As part of the relief efforts, the local unit of the US-based brokerage firm will collaborate with the nongovernmental organization to help SMEs run by female owners digitalize their operations and make online

South Korea in April saw its largest current account deficit in nearly a decade, with the COVID-19 pandemic dealing a blow to the nation’s trade, data from the central bank showed Thursday. The export-reliant economy suffered a current account deficit of $3.12 billion, marking the largest amount since January 2011 when the corresponding figure stood at $3.16 billion, the Bank of Korea said. The figure also marked the first current account deficit in nearly a year, as the nation had mai

Govt. pushes deregulatory efforts to revive virus-hit economy

South Korean shares extended their winning streak to a fifth consecutive session Thursday, reaching the highest in over 100 days on economic recovery hopes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.18 points, or 0.19 percent, to close at 2,151.18, the highest since Feb. 21. Trading volume was high at about 1.4 billion shares worth 15.8 trillion won ($13 billion), with losers outnumbering gainers 441 to 391. The index got off to

      South Korea’s financial regulator said Thursday it had replaced three senior deputy governors at the Financial Supervisory Service, appointing the incumbent head of the Korea Financial Intelligence Unit as the FSS’s first senior deputy governor. Kim Geun-ik was officially named as the financial watchdog’s first senior deputy governor by the Financial Services Commission during its temporary meeting on Thursday morning, officials said. The KoFIU

The National Tax Service has launched a special probe into allegations of tax evasion by Starbucks Korea, according to local media outlets Thursday. The Seoul office of the NTS has conducted an irregular tax investigation into allegations the US coffee chain rigged prices of raw materials and products while importing them from its overseas branches, according to terrestrial broadcaster SBS. In May, the tax agency secured audit books and computerized data from Starbucks Korea’s head offi

New York-based provider of exchange-traded funds Global X ETFs has launched an emerging markets bond ETF in its first actively managed strategy, its parent Mirae Asset Global Investments said Thursday. The product, dubbed Global X Emerging Markets Bond ETF, is listed on the New York Stock Exchange. It will target US dollar-denominated securities including fixed-rate and floating-rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities from emerging market countries. T

SEJONG -- South Korea will allow consumers to get foreign currencies via a no-contact delivery service if they change the Korean won into foreign currencies through a digital platform, Finance Minister Hong Nam-ki said Thursday. The move is part of the government's efforts to ease regulations as it seeks to revive economic growth and promote contactless industrial sectors amid the coronavirus pandemic. To spur competition in foreign exchange transactions, the government will also allow broke