Hyundai Motor Group's heir apparent Chung Euisun on Monday bought 19 billion won ($15 million) worth of stocks in two key affiliates to prop up their declining prices. Hyundai Motor Executive Vice Chairman Chung Euisun purchased 139,000 shares of Hyundai Motor Co. and 72,552 shares of Hyundai Mobis Co. before the stock market closed on Monday, the companies said in separate regulatory filings. Chung bought the two companies' stocks for 19 billion won--Hyundai Motor stocks at 68,435 won per s

Seoul ups defensive guard against mounting financial volatility around the globe

Standard Chartered Bank Korea, wholly owned by London-based Standard Chartered Bank, donated 5,000 face masks to a hospital in Daegu, which has become the epicenter of the novel coronavirus here since early last month, the bank said Monday. The masks were provided by Standard Chartered PLC via its Greater China and Northeast Asia headquarters in Hong Kong in a bid to help its Korean employees and clients, the firm said. SC Bank Korea donated the masks to Keimyung University Dongsan Medical Cen

Foreign firms, including Morgan Stanley, Credit Suisse, Merrill Lynch account for 93.5 percent of short sales worth over W1b

Shinhan Financial Group said Monday that it has decided to adopt a new digital leadership system, assigning tasks of fostering different innovative technologies to the executive officers of its subsidiaries. The decision is based on Shinhan Financial Group Chairman Cho Yong-byoung’s remarks during a management meeting held Wednesday, where he said “in order to achieve a successful digital transformation, harmony of strategy and culture and the digital leadership of CEOs are crucia

The coronavirus pandemic and ensuing market volatility are disrupting listing plans of South Korean firms that could otherwise have raised at least 289.5 billion won ($227.8 million), filings showed Monday. Seven companies have withdrawn or put off their initial public offerings in March. They include stem cell therapy developer SCM Life Science, telemarketing service provider Metanet Mplatform, electric vehicle parts maker LS EV Korea, diabetes treatment developer NovMetaPharma and construct

South Korea on Monday launched another round of trade talks with Russia to flesh out details on the two country's pending free trade agreement (FTA) in the service and investment segments. The two countries have decided to hold the four-day video conference on their free trade talks due to the global spread of the novel coronavirus, according to the Ministry of Trade, Industry and Energy. So far, the two countries held three rounds of trade negotiations, with the previous meeting being held in

South Korea's economy may post its first negative growth in more than two decades this year should the spread of the new coronavirus continue to undermine global economy and trade, reports suggested Monday. Capital Economics, a London-based economic research consultancy, said in a report last week that the South Korean economy could shrink 1 percent this year, the worst outlook for Asia's fourth-largest economy so far. South Korea also said its economic growth will likely slow due to the globa

South Korea's financial authorities are expected to announce a set of measures this week to help stabilize financial markets roiled by the spread of the new coronavirus, industry sources said Monday. The measures include a bond market stabilization fund worth more than 10 trillion won ($7.94 billion), according to officials. Last week, Financial Services Commission chief Eun Sung-soo decided to create the bond market stabilization fund during a meeting with the heads of eight banks and other r

South Korea's exports moved up 10 percent in the first 20 days of March from a year earlier despite the new coronavirus pandemic, customs data showed Monday, led mostly by improved shipments of chips and automobiles, along with increased working days. The country's outbound shipments came to $30.7 billion in the March 1-20 period, rising from $27.9 billion in the same period a year earlier, according to the data from the Korea Customs Service. The daily average for the period, however, slipped

South Korea has suffered the second-largest outflow of foreign stock investment funds among major Asian emerging nations over the past month amid a dollar shortage sparked by the coronavirus pandemic, data showed Monday. Offshore investors withdrew $10.24 billion from the South Korean stock market between Feb. 20 and Wednesday, according to the data compiled by the Korea Center for International Finance (KCIF). It was the second-largest outflow among major Asian emerging markets after Taiwan's

Citibank Korea has seen the pool of high-net-worth clients grow on the back of its unique wealth management program, which focuses on strict product screening for the sake of investor security. The number of wealth management clients at the local subsidiary of the New York-based bank soared 124 percent on-year in January, according to officials. Also, its Aggressive Model Portfolio yielded a 19.8 percent return last year, while its Moderate Model Portfolio returned 17.2 percent, despite the

Speculation is growing here that South Korea will compile an additional supplementary budget after the April general elections to deal with the extended economic fallout from the COVID-19 pandemic. Last Tuesday, the National Assembly approved an extra budget bill worth 11.7 trillion won ($9.4 billion), the country’s largest ever, in response to the coronavirus crisis. While the total amount of the budget remained unchanged from the government’s initial suggestion, some planned

With deadline for payment coming and weaker won, local investment firms anxious over rising risks

South Korean companies are bracing for a possible liquidity crisis in the bond market next month, amid sagging investor sentiment and signs of capital flight due to the coronavirus pandemic, market data showed Sunday. The illiquidity -- triggered by continuously escalating novel coronavirus fears -- will pose a hurdle to companies when they attract new capital or carry out a refinancing scheme. A combined 6.5 trillion won ($5.2 billion) in corporate bonds is due to reach maturity in April, ac