South Korea’s top internet-only bank Kakao Bank said Wednesday that its operating profit nearly tripled in the first three months this year over soaring demand for mobile loan services and stock trading accounts. The internet-only bank’s operating profit came in at 18.4 billion won ($15 million) in the first quarter, up from 6.4 billion a year before. Founded in January, 2016, the company posted losses in the first couple of years, but made a turnaround in 2019 with a net profit o

South Korean stocks advanced by more than 1 percent Wednesday as investors bet on the reopening of businesses around the globe after coronavirus lockdowns. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 33.39 points, or 1.76 percent, to close at 1,928.76. Trading volume was high at 1 billion shares worth 8.4 trillion won ($6.7 billion), with gainers far outpacing losers 695 to 146. The index stayed above the flatline througho

Twenty firms have submitted preliminary applications for initial public offerings to the Korea Exchange in April, five times higher than the previous month, a report by a local brokerage showed Wednesday. “With the number of confirmed COVID-19 cases sharply declining and the continued stock index rally in mid-April, the number of firms preparing for listing plans has greatly increased,” said Lee So-joong, an analyst at SK Securities. “Despite lingering uncertainty of the CO

The Bank of Korea (BOK) said Wednesday it will deliver an additional $1.33 billion to local banks under its bilateral currency swap arrangement with the US Fed that is designed to help stabilize the local foreign exchange market. The BOK held its sixth online auction to provide FX liquidity earlier in the day, but bids undershot the target amount of $4 billion. The central bank said it will temporarily suspend its online bids, noting the shortfall in bids may indicate abundant liquidity in th

South Korea's exports of agricultural and meat products increased 3.8 percent in the first four months of 2020 from a year earlier, data showed Wednesday, on the back of rising demand for processed foodstuffs around the globe amid the new coronavirus pandemic. Outbound shipments of such goods reached $2.38 billion during the January-April period, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs. "Amid the lockdowns around the globe, shipments of snac

Seoul stocks opened higher Wednesday, tracking overnight gains on Wall Street amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.51 points, or 1.24 percent, to 1,918.88 in the first 15 minutes of trading. US stocks advanced for a second straight day Tuesday (local time) as investors bet on a gradual reopening of businesses around the country after coronavirus lockdowns. American stocks also received a boost from a rebound in oil prices. The

Gold funds in South Korea have shined over the past three months on investors' flight to safety amid the coronavirus pandemic, but oil funds have fared dismally on tumbling crude prices, a market tracker said Wednesday. The three-month average return of 12 local gold funds with assets of 1 billion won ($816,000) or more came to 10.22 percent as of last Wednesday, according to FnGuide. The figure far outperformed the median return rate of minus 12.16 percent for domestic stock funds over the t

South Korea’s financial authorities said Tuesday they plan to set detailed guidelines on non-face-to-face services -- recently labeled “untact.” As part of its efforts to help seniors adapt to digital trends and technologies in the financial sector, the Financial Services Commision announced last week that it will commission research to identify demand for digital banking and financial services among seniors through surveys and data collection. In addition, the financial auth

  South Korea’s top financial watchdog announced Tuesday it plans to launch the second round of an emergency loan program worth 10 trillion won ($8.2 billion) from May 18 in a bid to financially support small business owners who have been affected by the novel coronavirus outbreak.  The affected business owners will be able to borrow loans from six commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank, Hana Bank, Industrial Bank of Korea and NH Bank. Those who have alrea

The average jeonse-to-sales price ratio for apartments in Seoul and surrounding areas continued a downward trend last month, according to real estate data tracker KB Kookmin Bank Liiv On on Tuesday. ”Jeonse” is a real estate term unique to South Korea that refers to a two-year property lease. The average apartment lease was equivalent to 54.7 percent of the average sales price in Seoul, while the figures for Incheon and Gyeonggi Province, respectively, came in at 73.1 percent and 6

Market watchers say Big Hit is overvalued, short of revenue sources

The Financial Services Commission said Tuesday that it will start receiving applications for its part-time MBA program focused on digital finance from May 15. The program, slated to launch in September, will be managed by KAIST College of Business, a graduate school from technology and management, and jointly promoted by the FSC and the Seoul Metropolitan Government. The program will receive 40 students for this year’s fall semester to be the first graduating class. Those who have wor

SEJONG -- President Moon Jae-in, who will complete 60 percent of his term this weekend, has continued to unveil his strong commitment to active job creation since taking office in 2017. But, as of March 2020, the data held by the Organization for Economic Cooperation and Development showed that South Korea’s employment still falls behind the average of the 36 members. The country remained in the lower ranks for both the working-age population and young generation. The OECD has compared

Overseas branches of South Korean securities companies saw their combined net profit rise 48.5 percent in 2019 from a year earlier due mainly to increased interest income and earnings from commission fees, data showed Tuesday. The combined net profit of 67 overseas branches of 14 securities companies stood at $182.4 million in 2019, up $59.6 million won from 2018, according to the data from the Financial Supervisory Service. The hike in net profit came on the back of increased interest income

South Korean law firm Yulchon said Monday that it had named Kim Yong-sang, a US lawyer specializing in international litigation and arbitration, as co-head of its international dispute resolution team. Kim had previously worked as co-representative of the Seoul office of Los Angeles-based international law firm O’Melveny & Myers since 2016. Kim is noted for his 15 years of experience and expertise in US litigation involving antitrust, anti-corruption, international arbitration a