Building trust is key in marketing for French consumers, CEO says

Tech firms, banks clash in digitalization race of finance industry, look for new opportunities overseas

Industry experts and KRX warn investors of drastic stock fluctuation

Escalating geopolitical tensions between the United States and Iran have caused gold prices to rise in South Korea and led to a surge in trade of the precious metal, according to the local exchange on Sunday.According to the Korea Exchange, a gram of gold changed hands at 57,850 won ($49.50) on Friday, up 1.74 percent from a day earlier. The bourse operator also said the value of daily gold trading jumped 60.1 percent on-day to 3.64 billion won on Friday.  In contrast, the benchmark Korea C

Smartphones overtook personal computers as the top stock-trading platform in South Korea last year, data showed Sunday. Stock trading via smartphones accounted for an average 40.66 percent of daily trading on the main KOSPI market last year, according to the data by the nation's bourse operator. In comparison, stock trading via personal computers accounted for 38.89 percent of daily trading on the KOSPI market last year.  It was the first time that more stock trading took place on smartphon

Kakao Bank, South Korea's largest internet-only bank, is pushing for a listing on the country's stock market by the end of this year, a top executive said Friday.Lee Yong-woo, co-CEO at Kakao Bank, gave the time frame for an initial public offering (IPO) during a meeting with reporters at a Seoul hotel. It marked the first time that a top bank executive mentioned a specific time frame.Still, another Kakao Bank official said Lee's comments mean that the bank will make preparations in the second h

The state-run Industrial Bank of Korea on Friday faced a dispute over the appointment of its new chief, as its labor union protests what it called the government’s “abuse of authority.” On Friday, newly appointed CEO Yoon Jong-won, 59, a former senior presidential secretary for economic affairs, failed to enter the bank’s headquarters in central Seoul amid protests by union members, who barricaded all entrances to the building starting early in the morning. The previ

South Korean stocks opened sharply higher Friday tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index added 26.35 points, or 1.21 percent, to 2,201.52 in the first 15 minutes of trading. US stocks rose to fresh highs on the first trading day of the new year following the news that China's central bank opted to stimulate the economy by adding more liquidity in the financial market.  The Dow Jones Industrial Average advanced 0.9 percent to 28,868.80, while t

National Pension Service Chairman Kim Sung-joo has offered to resign so that he can run in the general elections in April, according to news reports citing political sources Thursday.Kim has reportedly tendered his resignation to President Moon Jae-in, who appointed him as head of the state-run pension fund two years ago. He has a year left in his three-year term as chairman. Before assuming his current post in 2017, the former lawmaker served as a member of a National Assembly health and welfar

Amid a sluggish market and harsher business conditions in 2020, South Korea’s brokerages on Thursday stressed the need to seek new growth engines and market opportunities overseas.Choi Hyun-man, executive vice chairman and CEO of Mirae Asset Daewoo, urged the company’s staff to focus on strengthening global networks, saying globalization was not just about the physical expansion of portfolios but also about striking a solid balance in asset management.“Clients can manage their

With a new year stretching ahead, the chiefs of Korea’s top-tier banking groups underlined the urgent need to restore customers’ trust, defining the latest market situation as a “crisis.”While pointing to external factors such as slow economic growth and low interest rates, they also referred to disputed sales of derivatives-linked funds that led to extensive customer damages last year.“Shinhan should look beyond market ranking and aim for first class in the true se

Brokerages say Kospi may rise to 2,450, with possibility of falling below 2,000 due to global trade disputes

The state-run Industrial Bank of Korea faced the new year amid heated controversy concerning the likely nomination of a former senior presidential aide as its next CEO.On Tuesday, Reps. Chae Yi-bai of the Bareunmirae Party and Chu Hye-seon of the Justice Party held a press conference at the National Assembly along with members of the Korean Financial Industry Union, opposing the nomination of Yoon Jong-won, former senior presidential secretary for economic affairs, as IBK chief.“It seems t

South Korea’s stock market continued its sluggish performance on Monday -- the last trading day of 2019 -- amid a lack of significant momentum. The benchmark Kospi closed at 2,197.67 points, down 0.30 percent, or 6.54 points, from the previous session, according to stock market operator the Korea Exchange. The figure however rose by 8.53 percent, or 187.57 points, from the first trading session of the year -- which closed at 2010.  Korean shares opened nearly flat on the day as invest

Mirae Asset Daewoo / Securities firmSouth Korean brokerage Mirae Asset Daewoo said Monday it had expanded its presence by creating synergy with multiple businesses -- such as investment banking and trading in Korea and abroad -- and diversifying its investment portfolio. Mirae’s capital surpassed 9 trillion won ($7.76 billion) at the end of the third quarter this year. Its net profit came to 123.9 billion won in the same period, making it the country’s first securities firm to mark a