Major securities firms saw their operating profits rise in the January to March period this year, mainly boosted by the expansion of investment banking business, Financial Supervisory Service data showed Sunday.According to the watchdog’s electronic disclosure board, NH Investment & Securities, Mirae Asset Daewoo and Meritz Securities all saw the contribution of the IB sector to total quarterly profit surpass 30 percent. Leading the trend was Mirae Asset Daewoo, which logged 142 billio

Kospi’s lackluster performance dampens investor sentiment, pushing buyers toward foreign stocks in hopes of bigger, better profits

The value of South Korean won compared to other major currencies fell to a 19-month low as of Sunday, with the ongoing US-China trade disputes weighing down the economy.Asia’s fourth-largest economy also saw its benchmark Kospi shed 7 percent after US President Donald Trump’s announcement to impose fresh tariffs on Chinese goods, two weeks earlier. According to real effective exchange rate index compiled by the Bank for International Settlements, the value of the South Korean currenc

South Korean shares will likely continue facing downward pressure next week due to lingering effects of the trade dispute between the United States and China but largely remain range-bound, with some positive factors also expected, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,055.80 on Friday, down 52.6 points, or 2.5 percent, from a week earlier. South Korean stocks got off to a weak start this week as the US announced an increase in its import tari

The pending sale of Lotte Group’s credit card unit, Lotte Card, appears uncertain, as an executive of its preferred bidder, Hahn & Co., faces an investigation over alleged tax irregularities -- a development that could preclude the private equity firm from completing the acquisition. Further complicating the situation, Lotte Card’s labor union has strongly opposed the idea of a takeover by a profit-driven PEF due to concerns of employment stability, pledging group acti

South Korean listed firms’ profits tumbled nearly 40 percent in the first quarter of the year due to weaker exports, data showed Friday.　The combined net profit of 573 non-financial companies listed on the main bourse came to 20.9 trillion won (US$17.6 billion) in the January-March period, down 38.8 percent from a year ago, according to the data from the Korea Exchange and the Korea Listed Companies Association.　Sales of the firms, which close their books in December, edged up 0.2 percent

Hana Financial Group’s latest win over Lone Star Funds over the purchase of KEB Hana Bank, formerly known as the Korea Exchange Bank, prevented the South Korean banking group from paying the US private equity fund some $1.44 billion in compensation. All eyes are now on how this outcome will affect another high-profile arbitration that is still pending -- the investor-state dispute settlement between the Korean government and Lone Star involving a $4.68 billion damage claim.Hana Financial s

Hana Financial Group, one of South Korea’s four major banking groups, said Wednesday that it has won an international arbitration against US private equity fund Lone Star Funds over its purchase of KEB Hana Bank, formerly known as Korea Exchange Bank. Lone Star had filed a suit at the International Court of Arbitration under the International Chamber of Commerce in 2016, accusing Hana Financial of internationally lowering the price of KEB in negotiating the deal.　But the court has dismisse

Samsung Pay, the mobile payment service operated by Samsung Electronics, has reached 40 trillion won ($33.7 billion) in accumulated transactions in South Korea, the company said Tuesday.Since its launch in August 2015, the mobile payment system logged transactions worth 2 trillion won during the first year and surpassed the 40 trillion won mark in end-April. The number of subscribers also exceeded 14 million.Of the total amount, 25 percent were online payments, reflecting the shift of payment tr

South Korean stock markets rebounded slightly Tuesday after getting off to a weak start, amid signs of escalating tensions between the US and China in a trade war. The nation’s main bourse Kospi closed 0.12 percent higher than the previous trading, at 2,081.59. It had recovered on the back of institutional buying after opening 0.9 percent lower than the previous close at 2060.24.The secondary tech-heavy Kosdaq ended 0.24 percent higher at 710.49, having gained throughout the day after open

Technology is shaking up South Korea’s banking-finance industry, with players embracing digital transformation as a core part of their business strategy going forward.　　Reflecting this shift, 71 of the 108 (65.7 percent) finance companies here are pursuing various business projects aimed at digital transformation. And this year, these firms have set aside 584.5 billion won ($492.7 million) toward running such projects, an analysis by the Financial Supervisory Service showed Tuesday.　The 10

The market size for promissory notes issued by South Korean investment banks is projected to reach 10 trillion won ($8.5 billion) this year, according to data released Monday, with securities firms seeking to further solidify their identities as IBs. Promissory notes are short-term means of financing with less than one-year maturity and a maximum limit of 200 percent of their capital. The business segment can provide capital to expand the scope of overseas and alternative investments. The licens

While fintech firms’ prepaid cards are doing well now, skeptics question their sustainability

South Korean stock markets rebounded at Friday’s close, after the main bourse fell below 2,100 earlier in the day, reflecting market fluctuations caused by ups and downs in the trade confrontation between the US and China. Tension had peaked at midday, as US tariff hikes on $200 billion of Chinese imports going from 10 percent to 25 percent took effect in the midst of negotiations. The higher close, however, also showed the market stabilizing for the time being, as the two sides are expect

The chiefs of global insurance group AIA and South Korean telecom-to-chips conglomerate SK Group met in Seoul Thursday to discuss ways to cooperate in creating shared value and strengthening social value. AIA Group CEO and President Ng Keng Hooi met with SK Chairman Chey Tae-won at SK Telecom’s headquarters in Seoul for an in-depth discussion on corporate social responsibility and creating shared value for the local community, AIA said. The two exchanged ideas on ways to strengthen social