Kakao Pay set the date for its initial public offering for the first week of August, immediately trailing the much anticipated listings of Krafton and KakaoBank. On Friday, Kakao Pay said it had submitted its IPO application to the country’s stock operator, Korea Exchange. The financial technology arm of mobile giant Kakao said it seeks to raise up to 1.6 trillion won ($1.4 billion) when it goes public Aug. 4-5. Kakao Pay’s listing will immediately follow the mega IPO of game m

South Korea’s top financial regulator will give a ruling on whether the late Samsung Group Chairman Lee Kun-hee’s two daughters -- Hotel Shilla CEO Lee Boo-jin and Samsung Welfare Foundation chief Lee Seo-hyun -- are qualified to become major shareholders of Samsung Life Insurance. This decision is expected to go in their favor, paving their way to become the company’s largest shareholders, industry sources said on Sunday. The policymaking Financial Services Commission is sl

South Korea has been a great experience for our family since relocating here with HSBC in late 2018. Our daughter who recently turned four is happily growing up.  For those who know me, I’ve always been a big believer that one can learn a lot from kids. From the endless creativity and ever more sophisticated negotiating skills to little things they learn from school, the thought-provoking interactions often provide valuable reflections on life and how we should think about future g

South Korea’s public pension fund National Pension Service posted an annual return rate of 9.58 percent last year, marking the second-highest record in a decade, the nation’s welfare minister said Friday. “Last year’s figure stood at 0.99 percentage point higher than our benchmark of 8.59 percent. ... The amount of profit earned from the investment also came to 72.1 trillion won ($63.6 billion),” said Kwon Deok-cheol, minister of health and welfare, who chairs the

South Korean stocks opened slightly higher Friday, taking a cue from Wall Street gains that stemmed from positive economic data. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.38 points, or 0.13 percent, to trade at 3,286.44 points as of 9:15 a.m. Stocks advanced despite rising concerns over the new coronavirus outbreaks, backed by hopes of a fast global economic rebound. Overnight, the Dow Jones Industrial Average added 0.38 percent on improving manufacturing and jobless da

South Korean game developer Krafton has decided to lower its initial public offering price range ahead of its market debut on the country’s benchmark Kospi next month, following criticism from both financial authorities and market watchers saying that its valuation is “overrated.” The company made some corrections on its prospectus Thursday via DART -- the Financial Supervisory Service’s electronic disclosure board -- by reducing a target price band and the number of ne

South Korea’s tech-heavy Kosdaq set its new yearly-high closing mark on Thursday, surpassing 1,035 points. The secondary bourse closed at 1,035.64, up 5.68 points, or 0.55 percent, from the previous session’s close. This year’s previous closing high was 1,031.88, set on April 20. The index once reached as high as 1,036.47 in afternoon trading, thanks to foreigners and institutional investors’ extending buying sprees. It was the second highest point in nearly 21 years,

South Korea’s internet-only banks are battling to secure top talents as they prepare to take on their next big challenges -- a public listing for KakaoBank and the official launch of Toss Bank. KakaoBank said Thursday that it had exceeded 1,000 employees as of the end of June, more than doubling the workforce of 390 it had in 2017 when it launched. The company is preparing for its initial public offering, which is expected to raise more than 2 trillion won ($1.77 billion). Toss Bank a

Hanwha General Chemical and Hanwha Energy have sold a 0.74 percent stake in US electric truck maker Nikola Corp. as part of efforts to secure funds for new eco-friendly projects, including hydrogen, a filing showed Thursday. Green Nikola Holdings, Hanwha’s US subsidiary, offloaded 2.9 million shares from its previously owned 22.13 million shares, according to its US Securities and Exchange Commission filing published Wednesday there. Following the transaction, its equity holding in Nikol

South Korean stocks opened lower Thursday as concerns of new coronavirus variants weakened investors' appetite for risky assets. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.61 points, or 0.2 percent, to trade at 3,290.07 points as of 9:15 a.m. Stocks got off to a lackluster start after South Korean authorities pushed back the easing of the social distancing measures in the greater Seoul area for a week, citing risks from the highly contagious delta strain of COVID-19. Mar

The amount of short selling in South Korea plunged nearly 30 percent in June from a month earlier on a bullish stock market, data showed Thursday. The daily turnover of short selling on the country's main and minor stock markets averaged 506 billion won ($448 million) last month, down 28.3 percent from May, according to the data from the Korea Exchange. The main market posted a 31.6 percent tumble, with the tech-heavy KOSDAQ market registering a 13.2 percent decline. Short selling is an inves

South Korean stocks rebounded Wednesday after a two-day retreat, following a US drugmaker's announcement that its vaccine turned out to be effective against COVID-19 variants. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 10 points, or 0.3 percent, to close at 3,296.68 points. Trading volume was moderate at about 1.6 billion shares worth some 15.3 trillion won ($13.6 billion), with gainers outnumbering losers 436 to 380. Foreigners so

South Korea’s four major cryptocurrency exchanges have decided to launch a joint venture ahead of the upcoming implementation of domestic and global anti-money laundering regulations, the companies announced Wednesday. The heads of the four exchanges -- Upbit, Bithumb, Coinone and Korbit -- got together Tuesday and signed a memorandum to create the joint venture, which will develop a system that will help them comply with the “travel rule.” The travel rule is a global standa

The value of stocks traded on South Korea‘s tech-laden Kosdaq market had reached 427.7 trillion won ($379 billion) as of Tuesday, soaring more than 50 times since its launch on July 1, 1996, data showed Wednesday. According to a report released from the Korea Exchange, the market began with a combined market capitalization of 7.6 trillion won 25 years ago, but as the number of listed firms increased from 341 to 1,506 over the cited period, the secondary bourse has rapidly increased its si

South Korean proxy advisory firm Sustinvest on Wednesday said it has given Shinhan Financial Group the highest rating for environmental, social and governance values for the first-half of this year. Sustinvest, which also provides ESG analytics and advisory services here, assesses and rates some 1,000 listed businesses annually on their ESG initiatives. The ESG advisor said its criteria includes whether the firms’ management are eco- and society- friendly and have sustainable corporate g