A local startup on Wednesday unveiled the nation‘s first commercial securities lending system targeting institutional investors at home and abroad to help them prevent errors that can lead to naked short selling activities against the law, often unintended. TruWeb, new securities lending platform developed by financial technology startup Tru Technologies, allows an institutional investor -- investment banks or brokerage firms -- to take advantage of automated process when making arrangeme

South Korean shares opened lower Wednesday as new coronavirus outbreaks in major economies increased at alarming rates, raising concerns that the worsening pandemic may deliver heavy damage to the global economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.47 points, or 0.19 percent, to 2,326.37 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as US COVID-19 hospitalization soared in the past week, with parts of Europe pushing or having adopted stric

South Korea's National Pension Service decided Tuesday to oppose LG Chem Ltd.'s plan to spin off its battery business at a shareholders' meeting later this week. In September, LG Chem, the country's leading chemical company, announced a plan to separate the battery business to better cope with growing demand for electric vehicle batteries. The company plans to hold a shareholders' meeting for approval on Friday. The state pension fund, the second-largest shareholder of LG Chem with a 10.2 pe

Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources Tuesday. Kakao Pay, set for an IPO during the first half of next year, has chosen Goldman Sachs as one of its underwriters, while KB Securities selected an underwriter last month, the officials said. The details of the d

Amid escalating market interests on a grand succession scenario of late chairman’s shares to his children, data showed on Tuesday that his family may have received some 3 trillion won ($2.7 billion) in dividends since 2014. According to data compiled by the financial regulator Financial Supervisory Service, the total dividend paid to the chairman and his family between 2014 and 2019 reached 2.8 trillion won. When dividends paid to the family this year are added, the figure is highly likel

South Korean shares closed lower Tuesday, falling for the second straight session, amid concerns of a global resurgence in COVID-19 cases and growing uncertainties over the US presidential election. The Korean won continued to rise against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.07 points, or 0.56 percent, to close at 2,330.84. Trading volume was moderate at 643.2 million shares worth 9.9 trillion won ($8.8 billion), with losers outnumbering gainers 555

Hanwha Asset Management said Tuesday its wholly owned Chinese unit has been granted a private fund management license for mainland China. A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks and bonds in China to local institutional and wealthy investors. This comes four years after South Korea’s third-largest asset management company with over 93 trillion won ($82 billion) in assets unde

South Korean stocks opened lower Tuesday, tracking an overnight tumble on Wall Street amid concerns of a global resurgence in COVID-19 cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7 points, or 0.3 percent, to 2,336.91 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 650.19 points, or 2.29 percent, to close at 27,685.38 on Monday (US time). The sharp drop came after countries saw a sharp rise in COVID-19 cases over the past few days, with Fran

Market closely watches scenario of owner family acquiring late chairman’s stake in Samsung Life Insurance

With heirs to the Samsung empire facing a colossal amount of inheritance tax on stocks owned by their late father Lee Kun-hee, the market is closely watching how they will raise the necessary funds to pay it. Any moves they make are likely to affect the market. Samsung Group Chairman Lee, who died Sunday, left Samsung affiliate stocks valued at 18.2 trillion won ($16.1 billion) as of Friday closing. Questions have been raised on how Lee’s heirs -- particularly his only son, Samsung Ele

South Korean stocks closed lower Monday as investors remained skeptical of a much-coveted global economic recovery amid a resurgence in the new coronavirus. The Korean won rose to an over 19-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.90 points, or 0.72 percent, to close at 2,343.91. Trading volume was moderate at 803 million shares worth 11.29 trillion won ($10 billion), with losers outnumbering gainers 759 to 119. Foreigners offloaded a

NH NongHyup Bank said Monday it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country.  The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016. The Yangon office will set a foothold for

Shares in Big Hit Entertainment, the management agency behind K-pop phenomenon BTS, sunk nearly 10 percent Monday, hitting a new low since the company's market debut earlier this month, as investors question its proper valuation. Big Hit shares slumped 9.57 percent from the previous session's close to 156,000 won ($138), the lowest since its market debut, far underperforming the broader Korea Composite Stock Price Index's (KOSPI) 0.72-percent loss. Big Hit's plunge follows its roller coaster m

South Korean stocks opened slightly higher Monday on hopes of fresh US stimulus to insulate the fallout from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.17 points, or 0.26 percent, to 2,366.98 in the first 15 minutes of trading. On Sunday (Washington time), US House Speaker Nancy Pelosi said she would push for an agreement for the new stimulus scheme amid a resurgence of the virus. The United States reported 83,757 new COVID-19 cases Friday (US time), an all-t

Architect behind government’s real estate countermeasures himself also becomes ‘jeonse’ refugee