The Korea Herald

China stretches finance muscle through AIIB

Jun 16, 2017

China has been striving to take the lead in reshaping regional and global economic governance by creating a fresh network that connects Eurasia and South Pacific through a multilateral development financing institution, the Asian Infrastructure Investment Bank.In 2013, China’s President Xi Jinping expressed the country’s aim to leverage and realize its centerpiece foreign policy, the “One Belt, One Road” initiative. Since 2015, China has encouraged 65 countries to partici
Seoul stocks end almost flat amid profit-taking

Jun 16, 2017

South Korean stocks finished almost flat Friday as foreign investors dumped local shares to lock in recent gains, offsetting a buying spree by institutions and individuals, analysts said. The Korean won sharply lost ground against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.18 point, or 0.01 percent, to close at 2,361.38. Trade volume was slim at 323.92 million shares worth 5.7 trillion won (US$5.1 billion), with losers outnumbering gainers 439 to 365.Foreig
Korean think tank to hold forum at AIIB meeting

Jun 16, 2017

South Korea's state-run think tank said Friday it will hold a forum on how to promote infrastructure investment in Asia on the sidelines of an annual meeting of a China-led regional lender. During the Saturday forum in Jeju, economists will discuss ways to step up cooperation between the government and private sectors as well as multilateral lenders for infrastructure investment, the Korea Development Institute (KDI) said in a statement. Rhee Chang-yong, director of the Asia and Pacific Departme
Rebidding for remaining Incheon airport duty-free store license falls through again

Jun 16, 2017

The rebidding to lease out the remaining duty-free store license for Incheon International Airport's new passenger terminal fell through again due to a lack of tenders, the transportation hub operator said Friday.The license bidding to run an apparel and accessories store in the second terminal failed for the sixth time with Shinsegae DF as the only company taking part in the auction, according to Incheon International Airport Corp. (IIAC). Incheon airport, lying west of Seoul, is South Korea's
Finance minister holds talks with head of China-led regional lender

Jun 15, 2017

Finance Minister Kim Dong-yeon held talks on Thursday with Jin Liqun, president of a Chinese-led regional lender, during which the two sides agreed to step up cooperation, officials said. The talks between Kim and Jin were held a day before the annual meeting of the Asian Infrastructure Investment Bank (AIIB) in South Korea's southern island of Jeju. During the meeting, Kim told Jin that South Korea wants to develop "strategic cooperation" with the AIIB, Kim's ministry said in a
[AIIB] Finance leaders welcome AIIB delegates

Jun 15, 2017

Lee Dong-geol, chairman and CEO of the Korea Development BankI extend my warm congratulations to the 2017 Asian Infrastructure Investment Bank Annual Meeting to be held in Jeju from Friday to Sunday. Under the theme of sustainable infrastructure, the meeting will be an opportunity for all participants to engage in finding solutions for the balanced development and shared growth of Asia, and draw the attention of the world to the immense infrastructure potential of the region. As one of Korea&rsq
[Photo News] Online banking upgrade

Jun 15, 2017
Fed hike dents Korean stock markets

Jun 15, 2017

South Korea’s stock markets dipped Thursday after the US Federal Reserve on Wednesday decided to raise its benchmark interest rate by 0.25 percent and shrink its balance sheet. The benchmark indexes -- the Korea Composite Stock Price Index and Korean Securities Dealers Automated Quotations -- sank along with other Asian markets in Tokyo, Hong Kong and Shanghai. The Kospi closed at 2,361.65, down 0.46 percent, compared to Wednesday, while the Kosdaq slid 0.26 percent in closing from a day e
K bank meets annual goal in deposits

Jun 15, 2017

K bank has drawn 520 billion won ($463.1 million) in deposits in total within less than three months since its launch, surpassing its annual goal, according to news reports Thursday. K bank, South Korea‘s first online-only lender, reportedly exceeded its earlier goal by the end of 2017 on Tuesday, after kicking off the customer service on April 3. It had aimed to attract 500 billion won in customer deposit and lend 400 billion won. As of the end of May, K bank extended some 410 billion won
Seoul stocks end lower after US Fed rate hike

Jun 15, 2017

South Korean stocks finished lower Thursday as institutional investors dumped major large cap shares to lock in recent gains, following the US rate hike, analysts said. The Korean won lost ground against the US dollar.The benchmark Korea Composite Stock Price Index lost 10.99 points, or 0.46 percent, to close at 2,361.65. Trade volume was moderate at 333.18 million shares worth 5.78 trillion won ($5.14 billion), with losers far outnumbering gainers 555 to 236.The local stock market had opened a
Asian countries show high receptivity to smart payment

Jun 15, 2017

South Korea, China and Southeast Asian countries appear to be open to adopting new ways of payment involving devices such as smartphones, wearables and other connected devices for greater convenience, said global card payment company Visa on Thursday.International internet-based market research firm YouGov conducted a survey on 10,500 adults from 13 countries in the Asia-Pacific region to find out their receptivity to new payment technologies. Eighty-seven percent of the respondents from Korea s
[Herald Interview] AIIB chief puts quality ahead of quantity in projects

Jun 15, 2017

The Asian Infrastructure Investment Bank, a China-backed multilateral development bank, aims to put the quality of projects ahead of quantity, the bank’s head said.Since launching with 57 signatory countries in January, 2016, the AIIB saw its members increase to 77 and the bank invest in 13 projects worth $2.1 billion as of the end of May. “We anticipate our 2017 investments to be between $2 and $2.5 billion, but our focus remains on quality projects not just quantity,” AIIB Pr
Seoul shares down in late morning on tech losses

Jun 15, 2017

South Korean stocks traded lower late Wednesday morning as institutions offloaded large-cap tech stocks in an apparent move to lock in profits, analysts said.The benchmark Korea Composite Stock Price Index lost 13.27 points, or 0.56 percent, to 2,359.06 as of 11:20 a.m. Most large caps traded mixed with tech shares bolstering the market.Market kingpin Samsung Electronics added 0.31 percent after opening higher. SK hynix, a major chipmaker, meanwhile, was up 1.35 percent.The local currency was tr
Banks' foreign currency deposits rises in May

Jun 15, 2017

Foreign currency deposits held by banks operating in South Korea rose in May as exporters increased their deposits of dollar-denominated earnings, central bank data showed Thursday.Outstanding foreign currency deposits held by local banks, domestic and foreign, reached $69.94 billion in May, up $2.55 billion from a month earlier, the Bank of Korea said in a statement. Broken down, foreign currency deposits held by domestic lenders came to $59.87 billion in May, up from 57.98 billion in April. Th
Seoul shares open tad higher on tech shares

Jun 15, 2017

South Korean stocks opened mildly higher Thursday, largely helped by bullish tech large caps, analysts said.The benchmark Korea Composite Stock Price Index inched up 1.05 points, or 0.04 percent, to reach 2,373.69 in the first 15 minutes of trading. Large-cap stocks on the bourse were mixed across the board, with tech shares pushing up the market.Market behemoth Samsung Electronics gained 1.6 percent, and global chipmaker SK hynix advanced 1.35 percent.The local currency was trading at 1,11