The Export-Import Bank of Korea said Thursday that its employees volunteered at a soup kitchen near Seoul Station earlier this week, as part of its efforts to consistently engage in community welfare. Twenty Eximbank’s employees, who were part of the lender’s Hope Seed Volunteer program served hearty meals to the homeless on Tuesday, ahead of this year’s Jan. 24-27 Lunar New Year holidays, the bank said. Eximbank has been funding Warm Hearted Food Supply Center near Seoul Stati

Finance Minister Hong Nam-ki said Wednesday that three sectors for electronic materials, parts and equipment, which have been affected by trade restrictions of Japan since last year, are back on a stable track as a result of governmental support.“We have come with specified measures on the voluntary investment worth 2 trillion won ($1.72 billion) by the private sector here and additional investment plans by global companies,” said Finance Minister Hong at a meeting in Incheon.“

The Korea Exchange said Wednesday it will make efforts to revitalize the sluggish stock market with more convenience for domestic and foreign investors.“To attract more long-term investors to the market and contribute to the nation’s economy, we will also offer new and diverse global investment products to raise the dynamics of the stock market,” said Lim Jae-joon, president of the Kospi Market Committee, at a press conference.Lim also pledged to invigorate its KIND regulatory

A revision of local financial laws is opening the doors for a higher level of shareholder engagement, empowering the role of pension funds in South Korea, including the world’s third-largest National Pension Service. In forthcoming shareholder meetings slated for March, the NPS is likely to hold sway over those listed on what is equivalent to a “focus list” by the California Public Employees’ Retirement System, out of more than 300 portfolio companies trading on the domes

Younger leaders tasked with improving profits, accelerating digital transition

Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve

Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the

The number of active security accounts in South Korea is nearing 30 million amid growing stock trading activities focused on overseas markets, according to data from the Korea Financial Investment Association on Monday.As of Thursday, the number of active equity accounts was around 29.4 million. It is expected to soon reach 30 million, considering its fast growth, the self-regulatory financial organization said.Active security accounts are those with depository assets of 100,000 won ($86.4) and

Seoul’s famed shopping district ranks 9th worldwide, 1 notch down from previous year

Amid growing concerns over worsening profits, insurance companies in South Korea said Monday they plan to roll out new services, incorporating new technologies such as big data and artificial intelligence. They also pledged more investments for the emerging technologies and startups.“Korean insurance firms will utilize new technologies, including AI, in different areas from risk assessment, to have a competitive edge in the face of the looming ‘fourth industrial revolution,’&rd

More than 30 Kospi 200 firms still have no whistleblowing policy for transparent management of their accounting control system, according to the latest report released by Samjong KPMG on Monday. The accountancy firm’s report shows that 34 of the top 200 Kospi firms, have no whistleblowing policy within their account rule books, while three others did not publicly disclose their policies through the regulatory filing. The Kospi 200 is the index tracking a basket of 200 blue chip firms liste

Spot market prices for DRAM chips are surely on a rising course as they went up for 11 straight days, industry data showed Monday, boding well for South Korean chipmakers. The spot price of 8-gigabit DDR4 DRAM, a benchmark price for the category, reached $3.34 as of last Friday, according to data from market tracker DRAMeXchange, marking the 11th consecutive day of a rise. This is the first time since October 2017 that the spot price of DRAM went up for 11 consecutive days.  The latest DRAM

D.Camp, a leading South Korean startup accelerator, said Sunday that augmented reality solution startup Qrio and health tech startup 9to6 topped its first pitching competition of 2020, held last week in Seoul. The event was organized together with InvestHK, an agency responsible for foreign direct investment in Hong Kong, and the Hong Kong Economic and Trade Office, a state-run trade organization.Qrio has developed a mobile AR application that helps users create their own virtual action figures

Samsung Group is expected to replace most of the chief executives at its financial units, including Samsung Life Insurance and Samsung Card, according to news reports on Sunday.According to local business daily the Korea Economic Daily, the conglomerate is scheduled to carry out its annual reshuffle of C-level executives this week, starting with its flagship Samsung Electronics and other IT affiliates on Monday.Financial units, including Samsung Securities and Samsung Card, will follow suit on T

South Korea’s stock market was tepid in 2019 and continues to face uncertainties, rankling many investors who are complaining that technology firms are being preferred for listing on the secondary Kosdaq bourse.While the stock market operator has highlighted the system as a vital foothold for new promising and innovative business players, skeptics also suggest that it provides excessive benefits to underqualified rookies.The number of companies listed on Kosdaq through the preferential pro