Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Foreign holdings of Korean bonds regionally diversified: analyst
Foreign investors’ holdings of Korean bonds have become more regionally diverse and long-term focused, an analyst said Tuesday.According to data by the Financial Supervisory Service, foreign investors held a total of 97.4 trillion won ($85.2 billion) worth Korean bonds as of March 31, a 600 billion won increase from a month ago.By region, Asia held 37.3 percent of Korean bonds, Europe, 35.5 percent, and the U.S., 14.6 percent.“Since foreign investment in Korean bonds has diversified in terms of
April 12, 2016
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[Market Now] Korea’s tax revenue increases W11tr in first 2 months
The Ministry of Strategy and Finance said that the country’s tax revenue increased by 10.9 trillion won ($9.5 billion) in January-February from the same period last year.The ministry said in a report Tuesday that total tax revenue amounted to 42.7 trillion won in the first two months, despite growing economic uncertainties and slowdown.The report showed that its rate measuring actual tax collection in proportion to target revenue increased by more than 4 percentage points to 19.1 percent.It attr
April 12, 2016
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Investors borrowing more to buy Korean shares
More investors borrowed money from brokers to bet on Korean shares, causing the country‘s stock purchases made on credit to rise to a seven-month high.As of April 8, outstanding margin loans reached 7.05 trillion won ($6.15 billion), according to data from the Korea Financial Investment Association on Tuesday. Seoul share prices are displayed at the Korea Exchange. (Yonhap)The figure marks the first time since Aug. 24 last year that the amount surpassed the 7-trillion won mark. It was also up s
April 12, 2016
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From a Korean orphan to NFL owner
No one would have thought that superrich NFL owner Kim Pegula had a sad past. The co-owner of high-profile professional American football teams -- along with her husband Terry Pegula -- has an estimated combined net worth of a whopping $4 billion, according to Forbes. Kim Pegula (left) and Terry Pegula, owners of NFL Buffalo Sabres and Buffalo BillsHowever, Kim started her life penniless. Abandoned in front of a police station in Seoul, Kim became an orphan when she was five years old. Nonethele
IndustryApril 12, 2016
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[Newsmaker] Kakao’s profit estimates nosedive
Kakao, the operator of South Korea’s most-used mobile messenger, is likely to see its profits nosedive in the first quarter despite its aggressive moves to expand mobile and offline businesses, analyst reports said Tuesday. However, the company’s issuance of convertible bonds worth 250 billion won ($219 million) will clear the uncertainty over its funding needs, they said.Kakao’s net profit in the first quarter is expected to have plunged 45.3 percent year-on-year to 22.1 billion won, and operat
TechnologyApril 12, 2016
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Board room member pay 10 times higher than ordinary employees: report
The average annual paycheck of registered board members at major listed companies in Korea was about 10 times that of rank-and-file employees last year, with financial workers earning the most, data showed Tuesday.The average salary of registered board members of 241 companies under the wings of 52 major business groups was 626 million won ($545,771) in 2015, according to the data compiled by the Korea 20,000 Company Research Institute. (123RF)Their wage level was 10 times that of ordinary emplo
BusinessApril 12, 2016
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[Photo News] Samsung rotating laptop
SAMSUNG ROTATING LAPTOP -- Samsung Electronics on Tuesday unveiled its Samsung Notebook 9 Spin, a laptop with a rotating touch screen display that also works like a tablet PC. (Samsung Electronics)
TechnologyApril 12, 2016
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Korean team develops graphene-utilized solution to collecting spilled oil
Korean scientists have developed a vessel made of the new material graphene that can bring about an important yet basic solution to tackling pollution-causing oil spills, they said Tuesday.A team of researchers from Seoul National University, led by the school's mechanical and aerospace engineering professor Kim Yong-hyup, devised the autonomous graphene vessel for suctioning and storing the liquid body of spilled oil. Graphene (123RF)Graphene, a thin layer of pure carbon, is known as a wonder
TechnologyApril 12, 2016
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KEB Hana, Woori chosen as won clearing house in China
The Bank of Korea said Tuesday that it has appointed branches of KEB Hana Bank and Woori Bank in Shanghai, China, as clearing houses for won-yuan direct trading when the market opens. The envisioned currency market in Shanghai, scheduled to launch within the first half of this year, is Korea’s maiden step to allow offshore trading of its currency. China is Korea’s biggest trading partner, accounting for some 25 percent of its exports. Hana Financial Group (Yonhap)In Seoul, the won-yuan market op
April 12, 2016
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Franchise coffee shops hit by cheap coffee amid economic slowdown
Major franchise coffee shops in Korea saw their revenue fall in 2015 in the face of tougher competition with cheap take-out coffee amid economic slowdown, heading to another tough year, data showed Tuesday.Homegrown coffee brands have sprung up in Asia's fourth-largest economy over the past decade to capitalize on the growing population of coffee drinkers, but their growth has slowed recently in the saturated domestic market. Adding to their woes, low-cost coffees at convenience stores and mini
IndustryApril 12, 2016
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Mutual growth through partnership between public and private sectors
With a sluggish economy and growing tension on the Korean Peninsula, the beleaguered government is desperately trying to seek a “breakthrough.” We cannot smoothly exit the current situation without taking any initiatives, just as we had surmounted past trials. For instance, construction and engineering companies have been suffering dues to losses from overseas projects and decreasing market share due to the curtailed or suspended number of oil and gas projects after the oil price drop in recent
IndustryApril 12, 2016
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[Market Now] Hong Kong’s Seven Star Works to issue new shares
Seven Star Works, a KOSDAQ-listed broadcasting equipment maker, said that it will issue new shares worth about 8 billion won ($7 million) to four individuals and an investment fund.The company, whose majority shareholder is Hong Kong-based Sun Seven Stars Hong Kong Cultural Development, plans to issue 606,057 new shares at 13,200 won per share. Acquirers of Seven Star Works’ new shares are required to hold onto the shares for at least a year.Seven Star Works said in its disclosure report that th
April 12, 2016
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[Market Now] Lotte Capital extends loans to Lotte Chilsung’s BaekHak
BaekHak Beverage, a privately held bottle water company of Lotte Chilsung Beverage, said that it has borrowed 13 billion won ($11.3 million) from Lotte Capital.With an annual interest rate of 3 percent, the loan is due in April 2017. BaekHak said in a regulatory filing that the inter-affiliate loan is an extension of its previous loan from Lotte Capital.Lotte Chilsung Beverage, a soda giant of Lotte Group, has an 86.06 percent in BaekHak, while the Military Mutual Aid Association, a pension for
April 12, 2016
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[Market Now] Dong-Ah Geological secures orders for Samsung C&T’s subway construction
Dong-Ah Geological Engineering, a listed tunnel construction company, has secured a contract to provide tunnel excavation services to Samsung C&T for the construction of the third phase of Seoul Subway Line No. 9.Dong-Ah will be using its shield tunnel boring machine method for the No. 9 subway tunnel construction under the contract worth about 10.7 billion won ($9.35 million), or about 4 percent of the company’s sales, according to a regulatory filing. The company is obligated to carry out the
April 12, 2016
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Kakao to raise 250 bil. won in convertible bonds
Korea’s messaging app operator Kakao Corp. said it will raise 250 billion won ($219 million) in convertible bonds in a bid to pay back bridge loans taken earlier this year to fund an acquisition.In a public filing Monday, Kakao said the convertible bonds will come with a zero percent coupon rate maturing on April 14, 2021. The conversion price is set at 120,014 won per share and the conversion can be requested from April 14, 2017 to March 14, 2021, the company said.Earlier this month, Kakao borr
April 12, 2016
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Seoul markets to close on election day
Korea’s stock, bonds and foreign currency markets will be closed on Wednesday, as the nation goes to polls to elect members of the parliament. Korea Exchange said the one-day closure affects all the exchanges it operates in Seoul, including those for stocks, bonds, exchange-traded funds, foreign exchanges-linked derivatives and commodities like petroleum, gold and emissions. Clearing of over-the-counter derivatives will also halt for the day. The markets will resume Thursday. By Lee Sun-young (m
April 12, 2016
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[Market Now] Dongbu Securities acquires Hyundai Card bonds
Hyundai Card said Tuesday that Dongbu Securities acquired all of its bonds worth 40 billion won ($34.9 million).The credit card joint venture of Hyundai Motor, Korea’s largest automaker, and GE Capital will use the proceeds to finance its operations, according to a regulatory filing. Dongbu Securities (Yonhap)Hyundai and Kia Motors have a combined 48 percent stake in Hyundai Card, while IGE USA Investments, an affiliate of GE Capital, has a 43 percent stake.With an annual interest rate of 2 perc
April 12, 2016
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[Market Now] Hyundai Wia raises W130b in bond issues
Hyundai Wia, a listed auto parts-maker of Hyundai Motor, said Tuesday that it has issued bonds worth 130 billion won ($114 million) in total to refinance its debt and pay for materials supplied from its partners.Korea Investment & Securities, KTB Investment, HMC Investment, Shinhan Investment and Hana Financial Investment acquired Hyundai Wia’s AA-graded bonds worth 100 billion won with a maturity period of April, 2021. Hyundai Wia said in its regulatory filing that it will use the proceeds of 1
April 12, 2016
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[Market Now] NH Investment issues bonds to finance operations
NH Investment & Securities has issued bonds worth 350 billion won ($306 million) to finance its operations, according to a regulatory filing.Hana Financial Investment, Shinyoung Securities and HI Investment & Securities were among institutional investors that acquired NH bonds graded AA-plus. The maturity period of the bonds is in April 2019, with annual interest rate of 1.84 percent.NongHyup Financial Group has a 49 percent stake in NH Investment, which is the country’s second biggest brokerage
April 12, 2016
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South Korea‘s export prices slip in March
South Korea’s export prices slipped from a month earlier in March due to a strengthening local currency against the U.S. dollar, central bank data showed Tuesday.The export price index stood at 80.72 last month, down 1.5 percent from a revised 81.96 in the previous month, according to preliminary data from the Bank of Korea.From a year earlier, the March reading marked a 4.5 percent decline. It was also a turnaround from an on-month gain in February. The central bank attributed the decline to a
April 12, 2016