South Korea’s JB Financial Group said Tuesday it has joined a UN-convened alliance of global banks, committed to aligning their portfolios with net-zero emissions by 2050. The holding group of regional Jeonbuk Bank and Kwangju Bank said its latest move to join the Net-Zero Banking Alliance was to uphold its environmental, sustainable and governance goals. The alliance represents more than a third of global banking assets, with a total of 87 members from 36 countries, including investme

Banks’ lending rates sharply inch up after BOK’s rate hike, driving up preference for savings

South Korean stocks opened higher Tuesday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 38.03 points, or 1.28 percent, to 3,016.97 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 0.26 percent, while the tech-heavy Nasdaq composite rose 0.63 percent. The local stock market got a boost from gains in tech and auto shares. Market bellwether Samsung Electronics Co. added 2.29

Kakao Pay, the mobile payment service arm of Kakao Corp., South Korea‘s top messenger app, will make its market debut on Wednesday, the country’s bourse operator said Monday. Kakao Pay has set the IPO price at 90,000 won (US$76.50) per share, which will enable the company to raise 1.53 trillion won through the initial public offering. Kakao Pay‘s market capitalization is expected to reach 11.7 trillion won after its market debut, which would rank the fintech firm among the to

South Korean stocks advanced Monday after a three-day loss, largely on investors' move to cash in the recent gains and strong exports in October. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.26 points, or 0.28 percent, to close at 2,978.94 points. Trading volume was moderate at about 469 million shares worth some 9.3 trillion won ($7.9 billion), with losers outnumbering gainers 496 to 358. Foreigners sold a net 358 billion won, whil

South Korean stocks opened higher Monday, as investors seek to buy oversold stocks after the key index's three straight days of losses. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.03 points, or 0.49 percent, to 2,984.71 in the first 15 minutes of trading. Stocks rose on institutional buying, led by bio and tech stocks. Market bellwether Samsung Electronics Co. added 0.57 percent to 70,200 won, No. 2 chipmaker SK hynix Inc. increased 1.46 percent to 104,500 won, and top aut

South Korea’s main stock market saw its trading volume hit its lowest level in a year this month, data showed Sunday, amid market instability ahead of monetary policy meetings at central banks here and in the United States. The Kospi’s daily average trading volume stood at 11.75 trillion won ($10 billion) in October, its lowest level since the 10.85 trillion won posted a year ago, according to data compiled by the Korea Exchange. The figure had nearly halved since January, wh

South Korean stocks ended lower for a third straight day Friday as tech shares declined following the release of weaker-than-expected earnings by major US tech firms. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 38.87 points, or 1.29 percent, to close at 2,970.68 points. Trading volume was moderate at 535.48 million shares worth 10.789 trillion won ($9.2 billion), with losers outnumbering gainers 663 to 210. Foreigners and institution

Hybe, the K-pop corporation behind BTS, released a statement Friday that it has nothing to do with a cryptocurrency called Army Coin and warned it take legal action against the crypto exchange for violating portrait rights. “We have received information that Army Coin has been listed on Bitget, a crypto exchange located in Singapore. However, we have nothing to do with the crypto whatsoever,” Hybe said in a statement. Hybe stressed that the crypto agency has used BTS photos to prom

Global credit rating agency Moody’s said Friday it has placed the credit rating of Citibank Korea on review for a downgrade citing the bank’s decision to close its retail banking business. The agency had kept the bank’s credit rating at A1, the same as estimates from February 2019. It signaled Citibank Korea’s current a3 Baseline Credit Assessment would be on review for a downgrade as well. “The review for a downgrade is triggered by the bank’s plan to exit

South Korean stocks opened higher Friday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.25 points, or 0.47 percent, to 3,023.80 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average added 0.68 percent, while the tech-heavy Nasdaq composite rose 1.39 percent. In Seoul, top cap Samsung Electronics added 0.99 percent, and LG Electronics rose 5.74 percent and No. 2 chipmaker SK

South Korean stocks retreated for a second straight day Thursday, weighed down by concerns about the increasing inflationary pressure. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) slumped 15.94 points, or 0.53 percent, to close at 3,009.55 points. Trading volume was moderate at about 608 million shares worth some 12.2 trillion won ($10.4 billion), with losers outnumbering gainers 661 to 210. Foreigners sold a net 249 billion won worth of s

The nation‘s top financial regulator on Thursday vowed policy efforts to forge an integrated online platform for conventional players to accelerate digital transformation of their financial services in face of rising big tech companies.  “The growth of contactless banking transactions, the so-called ‘unbundling’ as well as ‘rebundling’ trend, and the entry of tech giants into financial services have added fuel to market competition. It is time to

South Korean stocks opened slightly higher Thursday on advances in tech shares, which fueled hopes of a strong earnings report season. The benchmark Korea Composite Stock Price Index (Kospi) added 5.68 points, or 0.19 percent, to 3,031.17 in the first 15 minutes of trading. Stocks opened nearly flat amid the tussle between the expectations of strong quarterly gains and concerns over rising price pressure. Overnight, the Dow Jones Industrial Average lost 0.74 percent and the tech-heavy Nasdaq

The policymaking Financial Services Commission said Wednesday that Citibank Korea’s plans to gradually phase out its consumer banking operations are not subject to the regulator’s authorization.  “According to the current banking act, Citibank Korea‘s withdrawal of retail business in phases is not regarded as a ‘shutdown of banking business,’ which falls under the FSC‘s approval,” the authority said in a statement, which indicates the forei