The head of Kakao Bank, South Korea's second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country's banking sector."The pace of innovation could slow down unless the restrictions are eased," Yun Ho-young, one of the bank's two co-CEOs, said in a news conference in Seoul marking the first 100th day anniversary of the lender starting operations.Kakao Bank, led by Kakao Corp., o

South Korean shares closed at a new high Friday as investors' sentiment was boosted by abated uncertainties from the United States on the nomination of a new chief of the Federal Reserve, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index added 11.61 points, or 0.46 percent, to close at 2,557.97. Trading volume was low at 289 million shares worth 5.47 trillion won ($4.91 billion), with gainers outpacing losers 455 to 331.Analysts said Seo

Woori Bank CEO Lee Kwang-goo resigned Thursday, amid accusations that the bank offered special favors to children of high-profile officials and VIP clients in last year’s open recruitment.“As chief executive of Woori Bank, I offer my sincere apology to the people and to our clients for causing controversies related to the 2016 open recruitment,” Lee said in an email to employees. “Bearing the responsibility, I have notified the directorate of my intention to resign and re

South Korean shares closed lower Thursday, snapping a four-day rise, as institutional and foreign investors sought profits after the main bourse posted new records for the fourth consecutive session this week, analysts said. The local currency rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 10.11 points, or 0.4 percent, to close at 2,546.36. Trading volume was high at 521 million shares worth 6.17 trillion won ($5.53 billion), with losers outpacing gainers 450 to

Markets in South Korea were moderately mixed Thursday, while analysts here noted that dovish decisions in the United States would leave the market free of immediate impacts, citing the unlikelihood of a rate hike by the Korean central bank at least until the end of this year.The top-tier stock market index took a breather Thursday. The Kospi closed at 2,546.36, down 0.4 percent from Wednesday’s close. This marked an end to the record run that lasted for the four previous days, which lifted

South Korea's 100 richest people own stocks worth more than one third of the country's national budget amid a recent stock rally, industry data showed Thursday.The value of stocks held by the 100 richest people reached 123.2 trillion won ($110.5 billion) as of the end of Wednesday, up 35.6 percent from early January, according to industry tracker Chaebul.com.Last year, parliament approved a 400.5 trillion won budget bill for 2017. A recent stock rally has further boosted the value of stocks held

Financial authorities seek to help struggling brokerages build momentum

Credit loans extended by South Korea's five major banks rose slightly in October from a month earlier, data showed Thursday, as the government tightened mortgage lending rules.The outstanding balance of credit loans by the five retail banks, including KB Kookmin Bank and Shinhan Bank, stood at 95.62 trillion won ($85.8 billion) at the end of October, up 1.77 trillion won from the end of September, according to the data from the financial industry.The increase is the highest since 2016, according

Samsung Group shares account for roughly one-third of market capitalization on South Korea's main bourse as they continue to gain ground, data showed Thursday.Finance market analyzer FN Guide put the total market cap of 15 Samsung Group affiliates at 529.36 trillion won ($476.25 billion) as of Wednesday's closing. It marks a 9.04 percent increase since Oct. 10, when the main KOSPI market reopened after the 10 day Chuseok, or autumn harvest, holiday.The KOSPI's market cap rose 4.95 percent during

South Korean stocks opened nearly flat Thursday as the market took a breather after the main bourse renewed its record highs for the fourth consecutive session.The benchmark Korea Composite Stock Price Index edged down 2.2 points, or 0.09 percent, to 2,554.27 in the first 15 minutes of trading. Market kingpin Samsung Electronics inched up 0.07 percent, with its smaller rival LG Electronics increasing 1.95 percent. LG Display also added 1.86 percent.No. 1 carmaker Hyundai Motor, in contrast, shed

South Korean stocks closed at another record high Wednesday, led mainly by technology shares, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index rose 33.04 points, or 1.31 percent, to close at 2,556.47. The gain marks the fourth consecutive session that the main bourse has moved up. Trade volume was moderate at 357.9 million shares worth 7.44 trillion won ($6.79 billion), with gainers outnumbering losers 449 to 354.Analysts said the growth wa

Kookmin Bank celebrated its 16th anniversary on Wednesday, amid anticipations that it would become the nation’s largest commercial bank this year.Yoon Jong-kyoo, chief executive officer of KB Financial Group and its flagship Kookmin Bank, said 2017 is “(the bank’s) first year as a leading bank” in a speech at the anniversary event. This came days after KB Financial Group and Kookmin Bank were found to have both outperformed Shinhan Financial Group and its commercial Shinh

South Korean consumers’ card transactions in the third quarter this year jumped 14.5 percent on-year, while consumer card payments soared 11.9 percent, partly on the back of a 10-day holiday early in September and the rise in car purchases on the domestic market, data showed Wednesday.Consumers made nearly 4.5 billion card transactions, accounting for over 90 percent of all debit and credit card transactions in the third quarter, according to an estimate from the Credit Finance Association

Nearly two-thirds of South Korea's top 30 conglomerates have been dissolved or dropped out of the standings since the 1997 Asian financial crisis, a market tracker said Wednesday.According to corporate tracker CEO Score, 19 family-controlled conglomerates, called chaebol here, disappeared altogether from the list with the remainder maintaining their status or being split up.Out of the 19 chaebol, 11 business groups -- including Daewoo, Ssangyong, Dongah, Kohap -- were dissolved in the wake of th

South Korea moved up to fourth place in this year's business environment survey, thanks to high scores in legal settlements and electricity supply, a report by the World Bank showed Tuesday.According to the organization's "Doing Business 2018" report, which is based on an annual survey, the country's ranking represents a one-notch gain from its standing a year earlier.For this year, the World Bank analyzed 190 countries' business environments by breaking them down into 10 broad categor