June 17, 2021

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EDITOR'S PICKS

• Markets 
  

  Kospi hits new high in 5 months ahead of FOMC decision

  South Korea’s benchmark Kospi hit a fresh high during intraday trading on June 16, with foreign and institutional investors returning to the market ahead of a US Fed meeting that could signal a market moving stance. It extended a winning streak for a whopping fifth session in a row. The Kospi closed at 3,278.68, replacing an all-time high closing for a third consecutive session. The index once touched as high as 3,281.96 in the morning trade, breaking its previous record high of 3,266.23

• Markets 
  

  Citibank Korea suggests voluntary retirement

  Citibank Korea suggested that its workers consider voluntary retirement in a recent email sent to its employees, sources said on June 16, as the firm prepares to sell off its consumer banking business. “Our executives understand your concerns due to the announcement concerning Citigroup’s pursuit of a consumer banking business exit strategy here,” Citibank Korea CEO Yoo Myung-soon said in the email, written in Korean. “We will make our best efforts to hold onto our emp

• Markets 
  

  Hybe’s market value jumps on BTS’ new single ‘Butter’

  The South Korean entertainment agency behind the global sensation BTS saw its market valuation exceed 10 trillion won ($8.95 billion) for the first time, as the boy band’s new single “Butter” swept global charts. After closing at 282,000 won per share on the nation’s main bourse Kospi on June 14, Hybe’s market valuation exceeded 10 trillion won and continued its winning streak on June 15 rising 2.48 percent to 289,000 won at close. The benchmark Kospi, the country&

• Markets 
  

  MKIF acquires 2 gas utilities for W798b

  Macquarie Korea Infrastructure Fund, which is listed on the Korea Exchange, has agreed to acquire the full 100 percent stake of two gas utilities for a combined 798 billion won ($714 million), a disclosure showed on June 16. The gas utilities, Haeyang Energy and Seorabeol City Gas, distribute natural gas to ratepayers in South Jeolla Province and North Gyeongsang Province, respectively. MKIF said it has pinned hopes on an upshot in industrial usage of natural gas in line with South Korea&rsq

• Markets 
  

  Korea Investment to fully compensate problematic funds losses

  Korea Investment & Securities on Wednesday pledged to fully compensate the losses from problematic funds sold via the brokerage firm. “The decision came to protect financial consumers and restore our customers’ trust,” Jung Il-mun, chief executive officer of KIS told reporters during an online press briefing. “Both retail investors and institutional investors will be compensated for their losses.” The company sold 10 troubled funds, including Lime Fund, Disco

• Markets 
  

  Mark Zuckerberg’s sister mulls blockchain-focused content firm in Busan

  Randi Zuckerberg, a former chief marketing officer of Facebook, is mulling whether to set up a special-purpose vehicle in Busan and invest in a digital media content startup, according to the Busan Metropolitan Government on June 14. Zuckerberg, the older sister of Facebook founder and CEO Mark Zuckerberg, met with Busan Mayor Park Heong-joon last week and expressed her intention to establish a digital content company focusing on blockchain-based content, the metaverse, augmented reality, virt

• Markets 
  

  Toss investment is to stop unicorn exodus: KDB chief

  Korea Development Bank’s plan to invest 100 billion won ($89.4 million) in the nation’s latest internet-only bank, backed by Viva Republica, the operator of fintech app Toss, is meant to keep local unicorns in the local market, the head of the state-run bank said. The announcement follows the nation’s financial regulator’s decision last week to grant final approval to a consortium led by Viva Republica to launch and operate the nation’s third internet-only bank. T

• Markets 
  

  ‘When key rate is up 1 point, housing prices to decline 3%’

  Economies with solid demand for home-backed lending, including South Korea, are likely to see housing prices decrease merely 3 percent in the event of a 1 percentage point hike in the benchmark interest rate, a report showed on June 15. Korea’s ratio of mortgage loans to gross domestic product came to 47.1 percent last year, up 14.7 percentage points from the 2010 estimate, according to a report from the London-based Center for Economic Policy Research on how monetary policy affects a co