The number of fitness centers in South Korea has soared in recent years, reflecting the rising demand for fitness and leisure activities in the midst of the work-life balance culture triggered by the government’s 52-hour workweek cap, an industry report showed Sunday. According to KB Financial Group’s report on self-employed workers here, nearly 9,900 fitness centers are in operation nationwide as of July, increasing 53 percent during the last 10 years. Of them, 1,109 opened last

Runners-up in the local credit card sector increased their market shares in the April-June period, upping the ante against South Korea’s largest card issuer, Shinhan Card, data showed Thursday. Overall sales from personal and corporate credit cards issued by the nation’s seven leading credit card companies, including Samsung Card, KB Kookmin Card and Hyundai Card, came in at 140.3 trillion won ($121.2 billion) in the second half, according to the state regulator, the Financial Supe

New taxation rule for stocks gets flak from retail investors

South Korean stocks extended their winning streak to seven straight sessions Thursday, thanks to the massive foreign buying that stemmed from US stimulus hopes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.02 points, or 0.21 percent, to close at 2,391.96. Trading volume was moderate at about 939 million shares worth some 12.2 trillion won ($10.6 billion), with gainers outnumbering losers 510 to 300. Foreigners bought a net 756 billi

International Finance Corp., a global development institution, said on Wednesday it hosted a virtual workshop targeting Korean infrastructure developers and investors to allow them to identify new opportunities post-COVID-19. IFC officials discussed the upsides and challenges of public-private partnership projects in Southeast and Central Asia and highlighted the role of IFC to turn the PPP projects into more bankable ones, according to IFC. Speakers also focused on environmental and social ri

South Korean stocks opened higher Thursday, taking a cue from U.S. stock rallies over stimulus hopes. The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.88 points, or 0.54 percent, to 2,399.82 in the first 15 minutes of trading. Local stocks got off to a strong start, bolstered by optimistic signals by US House speaker Nancy Pelosi over an airline-relief bill in talks with Treasury Secretary Steven Mnuchin. Investor appetite for risk also hiked on the back of the Federal Open

A former executive of Lime Asset Management, a scandal-ridden hedge fund based in Seoul, was sentenced to five years in prison by a local court on Wednesday for illegally investing about 20 billion won ($17.3 million). The Seoul Southern District Court convicted the former Lime executive, surnamed Kim, who served as head of the fund's alternative investment division, of breach of trust and other crimes and handed down the five-year prison term and a fine of 3.5 billion won. Kim was arrested in

Brokerage firm KB Securities and gaming company NCSoft have recently joined forces with December & Company, an asset management company offering customized services, to provide stock trading services using artificial intelligence technology, according to the companies on Wednesday. Under the partnership, KB and NCSoft will invest 30 billion won ($25.9 million) each to December for development of an AI-powered stock trading platform. December will use its asset management platform Fint, an

South Korea’s financial watchdog has informed top executives at three securities firms of its plan to impose disciplinary action over the misselling scandal involving Lime Asset Management, according to Financial Supervisory Service officials and industry sources Wednesday. The FSS gave prior notice to Shinhan Investment, KB Securities and Daishin Securities on Tuesday that they will be reprimanded for misleading consumers by providing them with inaccurate information about Lime’s

South Korean shares extended their winning streak to a sixth session Wednesday as US President Donald Trump kept hopes for a stimulus package alive after postponing negotiations for the deal. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.04 points, or 0.89 percent, to close at 2,386.94. Trading volume was moderate at 722.8 million shares worth 8.8 trillion won ($7.6 billion), with gainers outnumbering losers 483 to 309. Retail inves

South Korean shares opened lower Wednesday, tracking overnight losses on Wall Street after US. President Donald Trump said he would postpone talks for a new stimulus plan until after the upcoming US elections. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.84 points, or 0.5 percent, to 2,354.06 in the first 15 minutes of trading. The main index tracked overnight losses on Wall Street. The Dow Jones industrial average fell 1.3 percent, and the tech-heavy Nasdaq composite index

Kyochon F&B, South Korea’s largest fried chicken franchise, will go public next month, aiming to secure up to 71.3 billion won ($61.4 million) of funding. According to the company’s securities report submitted to the Financial Services Commission on Monday, the fried chicken franchise will issue 5.8 million shares that are forecast to be priced at between 10,600 won and 12,300 won. Based on these share prices, the market capitalization of the company after the IPO is anticipated

South Korean shares closed higher to extend their winning streak to a fifth session Tuesday, as investor sentiment was buoyed on hopes for new economic stimulus in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.90 points, or 0.34 percent, to close at 2,365.90. Trading volume was moderate at 847 million shares worth 10.8 trillion won ($9.3 billion), with gainers outnumbering losers 426 to 400. Foreigners scooped up a

Analysts say investors’ response didn’t quite live up to market anticipation

South Korean stocks traded higher late Tuesday morning heading toward a fifth consecutive day of gains as investor sentiment was spurred by an overnight rally on Wall Street after improvements to US President Donald Trump's condition and stimulus hopes in the world's largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.17 points, or 0.56 percent, to 2,371.17 as of 11:20 a.m. Wall Street rallied overnight after uncertainties cleared over reports of Trump, who tested