South Korean shares opened lower Wednesday, as investor sentiment weakened over a deadlock in US fiscal stimulus plans and slow progress in new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 point, or 0.03 percent, to 2,402.38 in the first 15 minutes of trading. Stocks traded bearish, taking a cue from Wall Street losses that stemmed from worries that the new US stimulus plan is losing steam ahead of the November presidential election. Inve

The Industrial Bank of Korea said Tuesday that it will help local small and medium-sized enterprises promote their products via online channels amid the prolonged market fallout of COVID-19. The state-run lender, in partnership with the Seoul Business Agency, will hold an online promotion campaign for a selected list of quality SME products. After receiving applications in May, the bank singled out 10 beneficiaries and created video advertisements that will be posted on IBK and SBA’s cha

Kids Note, an operator of a mobile platform for nursery schools and parents in South Korea, said Tuesday it was preparing to go public in 2022. As part of its initial steps for the planned initial public offering, the company has recently picked Daishin Securities as a lead underwriter. Founded in 2012, Kids Note runs a communication service between child care centers and parents. In 2015, it became an affiliate of mobile tech behemoth Kakao. Mimicking Kakao’s free-of-charge business mod

FSS chief denies Cheong Wa Dae‘s influence on watchdog‘s probe on Lime, Optimus scandal

South Korean stocks turned lower late Tuesday morning, as investors went risk-averse over the local resurgence of the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.43 points, or 0.6 percent, to 2,389.3 as of 11:20 a.m. The KOSPI fell back into negative terrain after opening a tad higher following the overnight Wall Street rally. Investor sentiment worsened as the country's new COVID-19 infections bounced back to the triple digits, stoking fears that the p

South Korean stocks ended their eight-session winning streak Tuesday, as investors went risk-averse over a resurgence of the new coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.58 point, or 0.02 percent, to close at 2,403.15. Trading volume was moderate at about 715 million shares worth some 10 trillion won ($8.7 billion), with losers outnumbering gainers 504 to 322. Foreigners bought a net 209 billion won, while instituti

Tens of trillions of won are floating around stock markets after last week's fierce competition for the subscription of Big Hit Entertainment, the management agency of K-pop superstar BTS, data showed Tuesday. Retail investors, including BTS fans, chipped in 58.4 trillion won ($50.8 billion) in the agency's two-day subscription from Oct. 5-6. Of that amount, about 26 trillion won stayed floating in cash management accounts (CMA) and investor deposits, according to the data from the Korea Finan

South Korean stocks opened higher Tuesday on overnight Wall Street rallies, led by strong advances by tech and e-commerce heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.93 points, or 0.25 percent, to 2,409.66 in the first 15 minutes of trading. The KOSPI opened with a mild gain after an eight-day winning streak. Investor sentiment remained high, following gains by US tech and e-commerce heavyweights, ahead of Apple's upcoming presentation of a new smartphone

Shinhan Financial Group said Monday that minority shareholder BNP Paribas has bought a stake worth an undisclosed amount in the South Korean banking group by securing the minimum threshold to keep the strategic partnership intact after a scheduled equity increase. According to Shinhan, BNP Paribas is set to defend the partnership even after the 1.2 trillion won ($1 billion) equity increase by inviting new shareholders -- Affinity Equity Partners and Baring Private Equity Asia -- on Oct. 20.

Among foreign-based companies operating in South Korea, almost half defaulted on their corporate tax payments last year, with two of them logging more than 5 trillion won ($4.36 billion) in annual sales, a ruling party lawmaker said Monday. According to data submitted by the National Tax Service to Rep. Kim Soo-heung of the ruling Democratic Party of Korea, 46.6 percent or 4,956 out of the 10,630 registered foreign companies here did not pay corporate taxes at all in 2019. The figure was up

W7.75b sale of a Hannam The Hill unit hits new high in this year‘s apartment transaction

South Korean shares extended gains for an eighth consecutive session Monday on the back of strong advances by chipmakers and the government's decision to loosen quarantine measures against the new coronavirus pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.77 points, or 0.49 percent, to close at 2,403.73. Trading volume was moderate at about 832 million shares worth some 10.5 trillion won ($9.2 billion), with gainers outnumbe

South Korean shares opened higher Monday, as the country loosened its antivirus curbs. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.31 percent, to 2,399.47 in the first 15 minutes of trading. The local stock market got off to a strong start, as the country lowered the COVID-19 social distancing guidelines to the lowest level Sunday, raising hopes that the eased virus curbs will boost the economic recovery. Large caps traded mixed. Market bellwether Samsung

Kakao Bank, South Korea’s leading internet-only bank and an affiliate of mobile platform operator Kakao, has supplied more than 2 trillion won ($1.7 billion) in accumulated mid-range interest rate loans, officials said Sunday. The company has also already achieved its annual target of 1 trillion won and has vowed to sustain its mid-rate lending throughout the rest of the year in a gesture to provide liquidity to people with weak credit ratings. Kakao Bank’s mid-range lending so far

Tension is escalating at financial institutions as the National Assembly begins two weeks of auditing on financial bodies, focusing on a private equity fund scam and the government’s “Korean New Deal” program. This year, the inspected organizations are especially weighed down by advance paperwork, as only a limited number of people are allowed in the audit hall, as par of anti-coronavirus social distancing rules. The National Policy Committee of the National Assembly will