South Korea's financial authorities said Tuesday they will tighten regulations on stock short selling as part of market stabilization measures amid increased fluctuations sparked by the outbreak of the new coronavirus and a slide in global oil prices. Finance Minister Hong Nam-ki said the government will temporarily ease its requirements for the designation of certain shares subject to a possible ban on short selling. The decision came in a meeting of economy-related ministers and offi

The head of South Korea's Woori Financial Group has sought a court injunction against the financial watchdog's recent reprimand over improper selling of derivatives-linked products, people familiar with the issue said Monday. Woori Financial Group Chairman Sohn Tae-sung filed for the injunction with the Seoul Administrative Court. He also filed a separate lawsuit calling for the nullification of the disciplinary action by the Financial Supervisory Service, they said. Woori Financial Group said

Stock market sees largest drop in 17 months, 3-year Treasurys yield tumbles below 1% for first time

Korean chemical materials manufacturers Kolon Industries and SKC have sold their stakes in SKC Kolon PI, a polyimide film maker, for some 300 billion won ($250 million) in a bid to acquire seed funding to nurture new businesses, according to the two companies on Monday. Kosdaq-listed SKC Kolon PI is a joint venture established by Kolon Industries and SKC in 2008. It is the world’s largest polyimide film company, with 30 percent market share in the sector. PI film is utilized in variou

South Korean construction company Daelim Industrial has completed the takeover of Carliflex, a chemical business unit of Kraton, a US firm that produces specialty polymers and chemical products derived from pine wood pulping byproducts. Through the acquisition, worth $530 million, Daelim has gained Carliflex’s operations and workforce overseas, in the US, Germany, Belgium, Japan and Singapore. “The production technology for high-performance butadiene-based rubber that the compa

Corporate bond sales in South Korea surged in February as firms rushed to secure funds amid low rates and greater uncertainty, data showed Monday. South Korean companies floated 12.3 trillion won ($10.2 billion) worth of bonds last month, up 5.5 trillion won from the previous month, according to the data from the Korea Financial Investment Association. The amount was far larger than a forecast of 6.5 trillion won for the month's estimated demand for corporate debt sales. The association said

With the nation’s stock market plummeting and investors offloading shares en masse, tens of thousands have flocked to sign online petitions calling for a ban on short selling. As of Sunday afternoon, over 49,000 Koreans have signed 10 online petitions from end-January, demanding that the short selling of local securities be abolished or at least temporarily banned when stock indexes drop over 10 percent. Short selling is a strategy of borrowing, selling and repurchasing stocks to return

In contrast with the slump in major global stock markets amid the continuing spread of the new coronavirus, gold trading in South Korea has posted stellar returns this year, local experts said Sunday. According to data compiled by Daishin Securities, gold has recorded the highest investment earnings rate so far this year. The price of a gold bar at the Korea Gold Exchange -- a private gold exchange here -- stood at 64,010 won ($53.80) per gram as of Friday, surging 13.21 percent from the end

Applications to register trademarks reminiscent of the deadly novel coronavirus, or COVID-19, are on a rapid rise in Korea, according to data from the Korean Intellectual Property Office. Since the government reported the first confirmed case of the acute respiratory disease on Jan. 20, a total of eight trademarks christened “corona” have been applied for at the patent office -- from both individuals and companies.  The growth in applications of such trademarks coincided wi

South Korea’s state pension fund said Friday that it would exercise its voting rights at Hanjin KAL, the holding firm of logistics conglomerate Hanjin Group, an apparent move to intervene in an ongoing leadership feud among the founding family members. “The National Pension Service has decided to exercise its voting rights at Hanjin KAL and GIIR on its own after retrieving them from its proxy agents,” said the state-run pension fund operator after a meeting among its commit

As the deadly coronavirus outbreak (COVID-19) is sparking fears of a global pandemic, investors in South Korea are flocking to safe haven assets, gold in particular, according to data Friday. The accumulative transactions of gold in the first two months of this year at the Korea Gold Exchange, a private gold exchange here, stood at 27,243, up 192 percent from the same period last year. The exchange said investors’ increasing preference toward safe haven assets is behind the drastic gro

Shinhan Bank, KEB Hana Bank to decide stance Friday

The US subsidiary of South Korea’s Lutronic is facing a lawsuit for allegedly misappropriating trade secrets through former employees of Cutera it hired recently, according to documents reviewed by The Korea Herald. Aesthetic laser equipment maker Cutera -- listed on Nasdaq -- claimed that forensic research results showed that Lutronic Aesthetic had poached 13 employees, encouraging them to steal trade secrets and destroy evidence until February. In return, they were rewarded with stock o

Unexpected rejection likely to further undermine money-losing K bank’s businesses　

Despite the ongoing coronavirus outbreak, the amount of funds floating around South Korea’s stock market hit an all-time high, market data showed Thursday. The amount of capital available for stock-related funds marked nearly 124.91 trillion won ($105.3 billion) as of end-February, up 8.77 trillion won from a month earlier, according to latest market data. The funds refer to equities looking for investment opportunities such as investor deposits at brokerage firms, repurchase agreement