South Korean business giants are venturing into the fledgling digital asset market and blockchain-related operations as they seek new business opportunities. On Friday, Ryu Young-sang, chief executive of SK Telecom, said in a shareholders meeting that the company plans to “adopt an economic system” to its own metaverse platform called ifland, a sign that digital currency tradable in the virtual world ecosystem could play a role. The news is in line with an announcement earlier th

Efforts by KB Financial Group union members to get an outside director recommended by them fell through for the fifth time on Friday, with the majority of the banking group’s shareholders voting against the plan. The proposal by the union members and KB’s group of employee shareholders – which owns a combined 1.73 percent stake in the firm – to push former Export-Import Bank of Korea Vice President Kim Young-su to become one of the group’s outside directors failed

South Korean stocks closed almost flat Friday despite North Korea's intercontinental ballistic missile (ICBM) launch and the Ukraine-Russia war. The Korean won closed unchanged against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index advanced 0.32 point, or 0.01 percent, to close at 2,729.98 points. Trading volume was moderate at about 590 million shares worth some 10.7 trillion won ($8.8 billion), with losers outnumbering gainers 503 to 343. Institutions sold

Shareholders of Hana Financial Group have officially elected Vice Chairman and sole chairman-nominee Ham Young-joo to lead the company for the next three years, the firm said Friday. Ham’s nomination was supported by the majority of the shareholders at Hana including its largest shareholder the National Pension Service, which owns 9.19 percent in the banking group. Foreign stakeholders, owning a combined 67.53 percent, also voted for Ham, according to Hana. The NPS is Korea’s large

South Korean stocks opened a tad lower Monday as investors remain wary of the Ukraine-Russia war. The benchmark Korea Composite Stock Price Index had inched down 2.19 points, or 0.08 percent, to trade at 2,727.47 points as of 9:15 a.m. Stocks traded bearish as investors also took a wait-and-see mode after the US Federal Reserve's move to tighten its monetary policies to reign in rising inflation rates. In Seoul, large caps traded mixed. Market bellwether Samsung Electronics slipped 0.14 percent,

South Korean stocks fell to end its two-day winning streak Thursday as investors weighed a fresh spike in global oil prices and lingering geopolitical concerns surrounding Ukraine. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.39 points, or 0.20 percent, to close at 2,729.66 points. Trading volume was moderate at 927.75 million shares worth some 11.48 trillion won ($9.42 billion), with gainers outnumbering losers 479 to 361. The Seoul s

South Korean shares opened lower Thursday, tracking overnight losses on Wall Street, led by declines in big-cap tech and auto shares, amid rising woes over inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had shed 18.15 points, or 0.66 percent, to reach 2,716.90 as of 9:15 a.m. Overnight, the US stock market tumbled amid renewed concerns over rising energy prices and inflation. The Dow Jones Industrial Average fell 1.29 percent, and the Nasdaq composite dropped 1.23 percent. On

Ahnlab founder Ahn Cheol-soo, the leader of the transition committee for President-elect Yoon Suk-yeol, saw his shares shoot up to a record high in 10 years on Wednesday on market expectations that he could be the prime minister when Yoon is sworn in on May 10. The stocks closed at 175,800 won ($144.76) Wednesday, breaking the previous intraday high of 167,200 won in January 2012. The net worth of the software mogul-turned-politician soared to 327 billion won. Ahn has a

South Korean stocks extended their winning streak to a second session Wednesday as institutional investors picked up large-cap steel and tech shares. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.05 points, or 0.92 percent, to close at 2,735.05 points. Trading volume was moderate at 870.73 million shares worth some 11.7 trillion won ($9.64 billion), with gainers outnumbering losers 529 to 300. Institutional investors bought a net 233.0

South Korean shares got off to a strong start Wednesday, tracking overnight gains on Wall Street, led by institutional investors' purchase of big-cap shares. The benchmark Korea Composite Stock Price Index (Kospi) rose 26.48 points, or 0.98 percent, to reach 2,736.48 as of 9:15 a.m. Overnight, the US stock market finished higher, as investors digested recent hawkish comments by Federal Reserve Chair Jerome Powell on rate hikes. The Dow Jones Industrial Average advanced 0.74 percent, and the Nasd

South Korean stocks ended higher Tuesday on institutional buying, with investors eyeing the Ukraine war, surging energy prices, and inflationary risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.95 points, or 0.9 percent, to close at 2,710 points. Trading volume was moderate at about 468.54 million shares worth some 8.4 trillion won ($6.9 billion), with gainers outnumbering losers 578 to 257. Institutional investors bought a net 284

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, said Tuesday it has donated 1 billion won ($820,000) to the United Nations World Food Program in a bid to provide food aid for war-torn Ukraine. According to Dunamu, it is the first Korean company to donate to WFP’s emergency assistance program that gives local food and food vouchers to civilians affected by the conflict in Ukraine. The donated funds will provide one day’s worth of food for over 1.6 milli

Seoul shares extended gains late Tuesday morning, buoyed by institutional buying despite Wall Street losses on rising oil prices and the Fed's hawkish comments on inflation. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.27 points, or 0.64 percent, to trade at 2,703.32 points as of 11:20 a.m. Federal Reserve Chairman Jerome Powell said Monday (local time) the US central bank would raise its benchmark short-term interest rate faster than expected if that is needed to contain ramp

South Korea's antitrust regulator said Tuesday it has decided to approve a deal by Korea Seven Co., the operator of 7-Eleven convenience stores, to buy its smaller rival Ministop Korea Co. In January, the country's retail giant Lotte inked a deal to acquire a 100 percent stake in Ministop Korea for 313.3 billion won ($257 million). Korea Seven, an affiliate of Lotte, eventually bought Ministop Korea. The Fair Trade Commission (FTC) said it has given the green light to the deal, saying that the t

Seoul shares opened higher Tuesday on institutional and individual buying amid uncertainties involving the Ukraine-Russia peace talks and US interest rate hikes. The benchmark Korea Composite Stock Price Index rose 5.71 points, or 0.21 percent, to trade at 2,691.76 points as of 9:15 a.m. Institutions and individuals' stock purchases worth 89.7 billion won ($74 million) helped offset 90 billion won worth of foreign selling. Auto and tech stocks led gains. Leading carmaker Hyundai Motor Co. rose 2