Kakao Bank, South Korea’s biggest online bank, has been reshaping the banking industry here with its mobile banking services that attracted younger customers. The ongoing coronavirus crisis has also been accelerating the offline-to-online transition, giving the online-only bank a timely chance to expand its user base in other age groups, including senior citizens. “Kakao Bank has secured the half of the nation’s population as customers with its mobile services, offering new

Cryptocurrency bitcoin plunged Thursday night after a weekslong rally, while other crypto coins also posted double-digit percentage declines. The precipitous fall raised the alarm about aother epic bust, like the one three years ago. The bitcoin price slid as much as 12.25 percent to $16,374, before settling at $17,226, down 7.69 percent, according to Dunamu, operator of local cryptocurrency exchange Upbit. The price of bitcoin soared near a record high of $19,511 in the early Thursday tradi

The global economy has been seriously affected by the coronavirus pandemic, with trade and international travel being restricted due to economic lockdowns worldwide. Amid the ongoing battle against the economic fallout from the virus, the Korea Customs Service will hold a conference Friday to promote the authorized economic operator (AEO) program, which helps both exporters and importers carry out customs procedures swiftly. After the Sept. 11 terrorist attacks, the World Customs Organization

South Korean credit card issuer Lotte Card has issued social bonds worth 150 billion won ($135 million), the company said Monday. The newly issued bonds, a type of environment, social and governance investment, are aimed at supporting the socioeconomically vulnerable population and creating jobs. Funds raised from the bond issuance will be used to pay settlement costs in advance for mom-and-pop stores and small businesses, which have been bearing the brunt of the ongoing coronavirus crisis.

Since the passing of the late Samsung Group Chairman Lee Kun-hee on Oct. 25, stocks of the conglomerate’s seven affiliates, including Samsung Electronics and Samsung C&T, rose 13.8 percent on average, according to data released Monday. The increase is thought to be driven by expectations of an economic recovery as well as increased dividend payouts to help late Samsung chairman’s heirs pay inheritance taxes. Samsung Electronics, the crown jewel of the nation’s largest co

Buoyed by the progress of coronavirus vaccine development and monetary easing policies, expectations are on the rise that the global economy can get itself out of the virus crisis soon. The Asia-Pacific region is predicted to post 9 percent growth in its domestic production rate in 2021, and the robust on-year growth will be driven mainly by a strong recovery in private consumption, according to an Asian branch of investment bank Morgan Stanley on Wednesday. “Private consumption could em

South Korean activist private equity fund KCGI on Tuesday lashed out at Korean Air's plan of acquiring its rival Asiana Airlines with the policy lender’s help, claiming that the scheme is being pursued to cement Hanjin KAL chairman Cho Won-tae’s control over the air carrier. Hanjin KAL is the holding company of Hanjin Group, which owns Korean Air. “The state-run Korea Development Bank’s pledge to finance the acquisition in advance helps the Hanjin KAL chairman complete t

After a series of meetings among ministers and high-ranking officials earlier this month, the South Korean government is expected to roll out another package of measures to address issues linked to the soaring cost of housing offered through “jeonse” contracts. Jeonse is a two-year housing rental agreement that involves a large lump-sum deposit in lieu of monthly rent. The new measures are expected to include supplying more than 100,000 subsidized homes for low- and middle-incom

Since the election of Joe Biden as the US president earlier this month, South Korean investors have rushed to purchase stocks of electric vehicle producers in the US that are expected to gather momentum during the new presidency, data showed Sunday. From Nov. 9 to 13, after Biden’s victory started becoming clear, domestic investors bought a combined $96.63 million worth of stocks for electric vehicle makers, including Xpeng Motors and Tesla. Among the EV companies and other US stocks i

Financial affiliates of South Korea’s largest conglomerate Samsung Group announced Thursday that they would halt investment projects linked to coal-power businesses as part of their efforts to run operations in an environmentally responsible manner. Samsung’s insurance arms Samsung Life Insurance and Samsung Fire & Marine Insurance, among others, will stop investing in coal-fired power stations or lending money to operators of such power plants. They will also stop purchasing

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a

Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee

Upon encouraging news on coronavirus vaccine testing in the US, stocks in travel, airline and retail sectors here surged, while stocks of contactless services providers and gold prices slid Tuesday. US pharmaceutical firm Pfizer announced Monday that its experimental COVID-19 vaccine, developed jointly with its German partner BioNTech, was more than 90 percent effective in preventing the virus in participants of its latest trial. Calling it a “great day for science and humanity,&rdquo

State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy sources. According to the memorandum of understanding inked last Friday, LH and KDCC will collaborate with local power generator Korea Hydro & Nuclear Power to build the green energy-based da

South Korea’s leading commercial bank Shinhan Bank announced Sunday that it has signed an agreement to carry out green energy projects with electric parts producer LS Electric. Through the partnership, the two companies will work together to support alternative energy projects involving solar power, energy storage systems and fuel cells. The banking firm and manufacturing firm will build a platform to offer financing services for small and medium-sized companies working with conglomerates

The US stock market rally with the presidential election still up in the air gave a boost to the South Korean stock market Thursday, particularly for tech shares. Extending gains that began earlier in the week, South Korea’s main bourse Kospi rose 2.4 percent, or 56.47 points, to close at 2,413.79 while the tech-heavy Kosdaq added 2.16 percent, or 17.83 points, to reach 844.8. Electric battery makers and biotechnology firms saw their stocks jump on the day. Battery producer SK Innovati

The proportion of South Korean office workers taking a keen interest in stock investment has surged in recent months as retail investors began a buying boom, betting on gains from market volatility, a survey showed Tuesday. According to job portals Job Korea and Albamon, half of the 593 wage-earning respondents said they invested in stocks. The figure was 22.8 percentage points higher than two years ago, when the same survey was conducted.　 The survey also showed that 76.7 percent were investi

Korea Exchange Chairman Jung Ji-won has been recommended as the sole candidate to take the helm at the General Insurance Association of Korea, an organization that represents domestic general insurance firms, according to news reports Monday. After reviewing four candidates, who also included Meritz Fire & Marine Insurance CEO Kang Young-gu and former Financial Supervisory Commission Vice Chairman Yoo Kwan-woo, an eight-member committee under the insurance association chose Jung. The com

The average price for “jeonse,” one of the most common housing lease systems in Seoul, steeply increased, running counter to the government’s efforts to cool the heated real estate market and protect tenants. The average price of jeonse in the capital city rose by 7.5 percent from 510 million won ($449,000) in August to 536.7 million in October, according to KB Kookmin Bank’s real estate services platform Liiv On. Jeonse refers to a minimum two-year least contract wit

COVID-19 has rattled the economies around the world and Korea is no exception.　 In light of the prolonged crisis, however, South Korea, an IT powerhouse, is seeking a paradigm shift in its finance sector. To gauge the impact of the virus on the financial and investment sectors and to discuss how to rejuvenate the coronavirus-hit economy with innovative ideas and technology, The Korea Herald, South Korea’s largest English newspaper, holds its first finance forum on Wednesday in Seoul. Un