Under new bill, all SMEs permitted to engage in crowdfunding activities

With the Korean won extending its losing streak against the dollar, analysts voiced concerns on Monday that the prolonged trend may trigger an outflow of foreign capital from the local stock market. The won remained at 1,170 won -- its closing price on Friday -- against the US greenback, which marked the lowest value in 27 months. Korean stocks, bonds and foreign currency markets were closed for a public holiday Monday. On Friday, foreign investors net purchased shares worth 150.8 billion w

Two Seoul-based private equity firms have been selected as the most preferred bidders for the respective acquisition of South Korean-Japanese conglomerate Lotte Group’s nonbanking financial arms Lotte Non-Life Insurance and Lotte Card, according to industry sources on May 3. South Korean PEF Hahn & Co. was the surprising pick for Lotte Card, topping other banking group rivals such as Hana Financial Group and Woori Financial Group-MBK Partners consortium. Hahn & Co. has reportedly v

Household loans given out by South Korean banks grew at the fastest rate since the start of the year last month, industry data showed Friday, indicating possible signs of worsening economic conditions in Asia’s fourth-largest economy.　As of end-April, outstanding household loans by Korea’s five major banks -- KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and NH NongHyup Bank -- came to 579.5 trillion won ($494.8 billion), up 3.38 trillion won from the previous month, the b

The finance chiefs of 13 Asian countries, including South Korea, on Thursday agreed on a preliminary framework to strengthen regional currency swap agreements, with aims to avoid overreliance on the US dollar.According to the Bank of Korea, the consensus was reached during the 22nd ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting held in Nadi, Fiji.The ASEAN+3 is a regional body consisting of the 10 Association of Southeast Asian Nations members as well as Kore

Among major currencies, the South Korean won suffered the steepest monthly decline against the US dollar, reports showed Wednesday, due to the latest trend of a persistently strong greenback. The won had fallen 2.82 percent on-month as of Tuesday, Bloomberg data that measured the monthly rate of decline of 16 major currencies showed.Most currencies weakened against the US dollar, except the Mexican peso and South Africa’s rand, which gained 1.98 percent and 1.07 percent, respectively. 

Weak demand and depreciation of chips pull down exports, minister calls for swift execution of supplementary budget

South Korean brokerage firm Mirae Asset Daewoo has simultaneously issued a three-year dollar-denominated, socially responsible investment bond and five-year senior notes, the firm said Tuesday. This makes Mirae Asset Daewoo the first among global securities firms to successfully issue a three-year overseas SRI bond while issuing both types of bonds at the same time.  SRI bonds are a type of bonds with proceeds earmarked for socially beneficial or environmentally friendly projects. Proceeds

South Korea's exports dropped 2 percent in April from a year earlier, extending their on-year fall for the fifth consecutive month, government data showed Wednesday.Outbound shipments came to $48.86 billion for April, down from the $49.85 billion tallied a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports, on the other hand, moved up 2.4 percent over the cited period to $44.74 billion, the ministry added.South Korea's trade surplus came to $

WeWork, the world’s biggest co-working company, is planning to go public, joining a wave of highly valued technology startups moving to the U.S. markets.The New York-based company said Monday it filed paperwork confidentially with the U.S. Securities and Exchange Commission to hold an initial public offering. WeWork, which rents office space to companies and freelancers, would likely be the year’s biggest U.S. IPO after Uber Technologies, which expects to start trading next week

South Korea’s financial regulator will take initial steps in reviving the comprehensive inspection of financial firms within the next few weeks after four years, prompting concerns the practice may keep the sector on a tight leash. The Financial Supervisory Service will launch the inspection of at least five local financial firms, starting with KB Securities in May. The confirmed list as of Tuesday included KB Financial Group, KB Kookmin Bank, KB Securities, Hanwha Life Insurance, and Meri

South Korea’s special task force for “innovative finance” kicked off its first meeting Tuesday, with the participating government ministries and finance corporations pledging some 225 trillion won ($194 billion) in total investment and loan financing.　The collaborative task force is being led by the chief of the Financial Services Commission, the country’s top financial regulator, with participation by the Ministry of Economy and Finance, the Ministry of Justice and the F

Key industrial figures see on-month rise in March on February base effect

Private equity firm MBK Partners has teamed up with Woori Financial Group Inc., a major financial holding firm, in its bid to buy a majority stake in Lotte Card Co., an industry source said Monday.The move is expected to make the sale of Lotte Card a two-way race with Hana Financial Group Inc., another major financial holding firm, according to the source.  Lotte Card, a credit-card unit of Lotte Group, has been put up for sale as the business conglomerate stepped up efforts to turn itself