South Korean stocks opened sharply higher Friday, tracking overnight gains on Wall Street boosted by historic stimulus measures amid the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index rose 62.47 points, or 3.7 percent, to 1,748.71 in the first 15 minutes of trading. US stocks rallied for a third straight day Thursday (local time) after the Senate passed a $2 trillion relief package to tackle the economic fallout from the COVID-19 crisis. The Dow Jones Industria

Moody's Investors Service said Thursday that it has placed the ratings of Hyundai Motor and its affiliate Kia Motors on review for downgrade due to the coronavirus outbreak.    The global credit rater said the two South Korean carmakers remain vulnerable to the spread of the COVID-19 pandemic and predicted demand for new vehicles will reduce meaningfully over the coming months, especially in the Europe, the Middle East and Africa (EMEA) and North American markets.    "

The Financial Supervisory Service on Thursday issued warnings to two major banking groups here -- Woori and Hana -- directing them to improve their overall transparency and corporate governance. The financial watchdog noted that Woori Financial Group’s board meeting minutes -- which serve as official legal records -- between January and September 2019 lacked transparency. The minutes were treated “as mere formalities” and contained few details such as the substance of

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   Local credit card issuer KB Kookmin Card said Thursday it will launch a new leasing service of Apple devices -- from iPhones to iPads -- starting April. The company will purchase products on behalf of customers and charge them regular payments for an agreed upon period, according to the officials. The company has signed a contract with six Apple premium resellers to start the service.  “In response to the latest consumer trend of using different smart devices rather th

South Korean stocks finished lower Thursday after two straight days of robust gains, as investors cashed in part of recent gains. The Korean won lost ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 18.52 points, or 1.09 percent, to close at 1,686.24, ending its two-day winning streak. The index spiked nearly 14.5 percent over the last two days on stimulus hopes.  Trading volume was high at 982 million shares worth 12.2 trillion won ($9.9 billi

Shinhan Financial Group Chairman Cho Yong-byoung on Thursday was reappointed for another three years, despite disapproval of the largest shareholder and an ongoing legal dispute. The appointment was approved at the group’s annual shareholders meeting in Seoul which was livestreamed on the its website due to the COVID-19 spread. Cho will retain his position until March 2023, with no apparent signs of dissent from the attending shareholders. “I will make the best efforts to mini

South Korea’s central bank said Thursday that it will inject an unlimited amount of liquidity to the financial market over the next three months, in an effort to sustain the volatile market amid the spread of the novel coronavirus. “The Bank of Korea has decided to supply an unlimited amount of liquidity to financial institutions to reduce the economic fallout of COVID-19 and remove uncertainties in the financial market,” the BOK said in a release. “Also, it will expan

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The Bank of Korea said Thursday that it will supply an "unlimited" amount of liquidity over the next three months to financial institutions to help prevent a credit crunch caused by the coronavirus pandemic. "The Bank of Korea decided to provide an unlimited amount of liquidity to financial firms to help minimize the economic fallout from the spread of COVID-19 and remove uncertainties in the financial market," the BOK said in a press release. (Yonhap)

The Bank of Korea said Wednesday that it will release its first batch of US dollar reserves in the financial market next week in accordance with a currency swap deal with the US Federal Reserve. “Negotiations on the swap contract are still underway and we plan to start supplying US dollars next week,” BOK Deputy Gov. Ryoo Sang-dai told reporters. The US dollars will be made available in different installments, but the exact amount has yet to be confirmed, he said.  Earlier,

Fiscal chief hints at disapproval of ‘anti-disaster basic income’ payout plan

South Korea’s state pension fund said Wednesday that it will take a final stance Thursday on the family feud centering on management control of Hanjin KAL, holding company of Hanjin Group which runs Korean Air. A trust management committee under the state-run National Pension Service, which holds 2.9 percent stake in Hanjin KAL, will decide on its vote on the reappointment of Cho Won-tae, chairman of Hanjin Group, at a shareholders meeting scheduled Friday. It is widely expected that

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South Korea’s brokerage houses suffering from recent losses on risky structured products that placed bets on foreign stock indexes are expected to get some relief after the government allocated a larger-than-expected slice of its stimulus package to the sector.  Reporting on the results of a meeting presided by Moon Jae-in on Tuesday, the Financial Services Commission said authorities would inject 5 trillion won ($4.1 billion) to help securities firms deal with the stress, as part o