South Korean markets were rattled Thursday, along with other markets in the region, after US President Donald Trump claimed that Beijing “broke the deal” in the ongoing trade talks with Washington. Trump’s remarks made at a rally in Florida early in the day, dragged down major indexes by further dampening investor sentiments. Korea’s main bourse Kospi closed at 2,159.79, 66 points or 3.04 percent lower from the previous session. The secondary Kosdaq also slipped 21.1

South Korean securities firms delivered strong first-quarter earnings this year by shifting their focus from equities to investment banking, principal investments and asset management services. This comes after most suffered an earnings shock in the fourth quarter last year due to a lackluster stock market.  Meritz Securities’ first-quarter operating profit jumped 22.8 percent on-year to 165.9 billion won ($141.9 million), according to data from the Financial Supervisory Service, mark

South Korea’s financial regulator has rejected one of three contenders seeking a license to operate a new internet-only bank here, making way for a two-way competition between two local finance powerhouses: fintech company Viva Republica and local brokerage Kiwoom Securities.　The Financial Services Commission said late Tuesday that it had rejected Anyband Smart Bank’s application due to a weak shareholder base and the submission of inadequate documents -- a move that had been widely

Under new bill, all SMEs permitted to engage in crowdfunding activities

With the Korean won extending its losing streak against the dollar, analysts voiced concerns on Monday that the prolonged trend may trigger an outflow of foreign capital from the local stock market. The won remained at 1,170 won -- its closing price on Friday -- against the US greenback, which marked the lowest value in 27 months. Korean stocks, bonds and foreign currency markets were closed for a public holiday Monday. On Friday, foreign investors net purchased shares worth 150.8 billion w

Two Seoul-based private equity firms have been selected as the most preferred bidders for the respective acquisition of South Korean-Japanese conglomerate Lotte Group’s nonbanking financial arms Lotte Non-Life Insurance and Lotte Card, according to industry sources on May 3. South Korean PEF Hahn & Co. was the surprising pick for Lotte Card, topping other banking group rivals such as Hana Financial Group and Woori Financial Group-MBK Partners consortium. Hahn & Co. has reportedly v

Household loans given out by South Korean banks grew at the fastest rate since the start of the year last month, industry data showed Friday, indicating possible signs of worsening economic conditions in Asia’s fourth-largest economy.　As of end-April, outstanding household loans by Korea’s five major banks -- KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and NH NongHyup Bank -- came to 579.5 trillion won ($494.8 billion), up 3.38 trillion won from the previous month, the b

South Korean brokerage firm Mirae Asset Daewoo has simultaneously issued a three-year dollar-denominated, socially responsible investment bond and five-year senior notes, the firm said Tuesday. This makes Mirae Asset Daewoo the first among global securities firms to successfully issue a three-year overseas SRI bond while issuing both types of bonds at the same time.  SRI bonds are a type of bonds with proceeds earmarked for socially beneficial or environmentally friendly projects. Proceeds

WeWork, the world’s biggest co-working company, is planning to go public, joining a wave of highly valued technology startups moving to the U.S. markets.The New York-based company said Monday it filed paperwork confidentially with the U.S. Securities and Exchange Commission to hold an initial public offering. WeWork, which rents office space to companies and freelancers, would likely be the year’s biggest U.S. IPO after Uber Technologies, which expects to start trading next week

South Korea’s financial regulator will take initial steps in reviving the comprehensive inspection of financial firms within the next few weeks after four years, prompting concerns the practice may keep the sector on a tight leash. The Financial Supervisory Service will launch the inspection of at least five local financial firms, starting with KB Securities in May. The confirmed list as of Tuesday included KB Financial Group, KB Kookmin Bank, KB Securities, Hanwha Life Insurance, and Meri

South Korea’s special task force for “innovative finance” kicked off its first meeting Tuesday, with the participating government ministries and finance corporations pledging some 225 trillion won ($194 billion) in total investment and loan financing.　The collaborative task force is being led by the chief of the Financial Services Commission, the country’s top financial regulator, with participation by the Ministry of Economy and Finance, the Ministry of Justice and the F

Private equity firm MBK Partners has teamed up with Woori Financial Group Inc., a major financial holding firm, in its bid to buy a majority stake in Lotte Card Co., an industry source said Monday.The move is expected to make the sale of Lotte Card a two-way race with Hana Financial Group Inc., another major financial holding firm, according to the source.  Lotte Card, a credit-card unit of Lotte Group, has been put up for sale as the business conglomerate stepped up efforts to turn itself

KB Financial Group announced Monday it has launched the “KB Innovation Finance Council” to provide investment and credit support to innovative startups as well as small and medium-sized enterprises.The council, consisting of 12 executive members from KB affiliates including KB Investments, KB Securities, and KB Kookmin Bank, has been created to “revitalize venture capital and innovative finance among startups and SMEs,” said the group.Outlining various ways the council wi

Woori Bank has established a strengthened anti-money laundering surveillance system whose protocols are on par with global standards to fight financial crime and strengthen compliance, the bank said Sunday.Woori said it has become the first commercial bank in Korea to adopt an anti-money laundering system that meets the standards of the Financial Action Task Force. FATF is a global standard-setting body to fight money laundering and finance terrorism of which South Korea is a member.  In st