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 stock ownership hits 6-year low on Ukraine risk, US rate hike jitters
Foreign ownership of South Korean stocks fell to a six-year low, bourse data showed Sunday, as overseas investors preferred safer assets in the wake of the Ukraine crisis and ahead of a widely expected US rate hike. As of Friday, foreign investors held 666 trillion won (U$538 billion) worth of local stocks on the main KOSPI, accounting for 31.86 percent of the entire 2,091 trillion-won market capitalization, according to the data compiled by the Korea Exchange (KRX). The foreign ownership shrank
March 13, 2022
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Legal hurdle cleared for Hana vice chief to seek chairmanship
Hana Financial Group Vice Chairman Ham Young-joo has been cleared of any wrongdoing in the flagship bank’s hiring scandal, removing a major hurdle for him to take the reins of one of the biggest financial groups here. On Friday, the Seoul Western District Court found Ham not guilty of receiving favors in exchange for getting his friend’s son hired at Hana Bank, when he was CEO in 2015. The latest court decision puts an end to a four-year trial which kicked off in June 2018 when
March 11, 2022
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Yoon’s pledge to ease mortgage rules draw attention
SEJONG -- The real estate market could see a boost in the second half of this year, as the coming Yoon Suk-yeol administration is seeking to ease mortgage rules for homebuyers. President-elect Yoon had pledged to raise the loan-to-value ratio up to 70 percent in Seoul and other regions, which is the same level during the Park Geun-hye administration from 2013-2017. But skyrocketing apartment prices have also put into question the proposal’s feasibility. Under a 70 percent loan-to-value c
March 11, 2022
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[Newsmaker] Giant Saudi wealth fund gobbles up stakes in Korean game makers
Saudi Arabia is pouring money into South Korean game makers NCSoft and Nexon, doubling down on its bet in the gaming industry. Public Investment Fund, the Middle Eastern country’s sovereign wealth fund, acquired an additional 563,566 shares of NCSoft for about 290 billion won ($240 million) through six transactions between Feb. 8 to 16., according to a regulatory filing submitted to the Financial Supervisory Service on Thursday. With the latest investment, PIF has become NCSoft’s s
March 11, 2022
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A win-win: Korea-US FTA marks 10th year
South Korea and the US have seen their trade volume surge almost 70 percent since a free trade pact was signed in 2011, with their economic ties being enhanced as a key partnership to resolve the current supply chain disruptions. According to a report released Friday by the Korea International Trade Association that marks the 10th anniversary of the Korea-US Free Trade Agreement, trade volume between the two countries soared 67.8 percent to $169.1 billion last year from $100.8 billion in 2011.
March 11, 2022
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Samsung Heavy wins W609b order in Europe
Samsung Heavy Industries Co., the world's third-biggest shipbuilder by order backlog, said Friday it has received a 609 billion-won ($494 million) container ship order in Europe. Samsung Heavy obtained the order to build four liquefied natural gas-powered container carriers from an unidentified European shipper by 2024, the company said in a statement. With this latest order, Samsung Heavy has already achieved $1.3 billion, or 15 percent, of its order target of $8.8 billion this year. In 2021, t
March 11, 2022
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10 years after KORUS FTA, bilateral trade soars nearly 70 percent
Trade volume of goods between South Korea and the United States grew nearly 70 percent, and bilateral investment more than doubled over the past decade since their free trade agreement, Seoul's industry ministry said Friday. The Korea-US Free Trade Agreement (KORUS FTA) marked its 10th anniversary this month, as the trade deal came into force in March 2012. The bilateral trade of goods stood at $169.1 billion last year, up 67.8 percent from $100.8 billion logged in 2011, according to the Ministr
March 11, 2022
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Korea Shipbuilding wins ship orders worth W290b in Asia, Oceania
Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Friday it has won ship orders totaling 290 billion won ($235 million) in the Asia and Oceania regions. KSOE obtained orders to build one liquefied natural gas carrier for an Asian shipper by the first half of 2024 and four container ships for an Oceania-based shipper by March 2024, the company said in a statement. Hyundai Heavy Industries Holdings Co. has KSOE as a subholding company under its wing. KSOE has three affiliates -- Hyunda
March 11, 2022
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Exports grow 15% in first 10 days of March
South Korea's exports rose 14.9 percent in the first 10 days of March from a year earlier on the back of demand for chips and petroleum products, customs data showed Friday. The country's outbound shipments stood at $18.7 billion in the March 1-10 period, compared with $16.3 billion a year earlier, according to the data from the Korea Customs Service. Imports gained 15.3 percent on-year to $20.1 billion, resulting in a trade deficit of $1.39 billion during the cited period, the data showed. By s
March 11, 2022
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S. Korea's current account surplus dives in January amid soaring oil, commodity prices
South Korea continued to post a current account surplus in January, but the surplus sharply declined compared with a year earlier as imports expanded sharply amid soaring oil and commodity prices, central bank data showed Friday. The current account surplus came to $1.81 billion in January, marking the 21st straight month that the current account has remained in the black, according to the preliminary data from the Bank of Korea (BOK). The figure, however, was much smaller than the same month a
March 11, 2022
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At Semicon to raise W10.1b via stock offering
At Semicon Co. on Friday announced that it will sell stocks to raise 10.1 billion won. The proceeds from the stock sale will be used mainly to finance its operations. According to a regulatory filing, the company will issue some 9.28 million common shares at a price of 1,089 won per share. The stocks will be sold to the investors that the firm designated. (Yonhap)
March 11, 2022
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S. Korean regulator unveils guideline on world‘s 1st in-app payment law
South Korea‘s telecommunications regulator on Thursday unveiled a guideline to clarify potential violations of a revised law banning store operators, like Apple and Google, from forcing developers to use their own in-app payment systems. Earlier this week, the country’s Cabinet approved an enforcement decree revision of the Telecommunications Business Act that went into effect in September. South Korea became the first country in the world to introduce such curbs on in-app billin
March 10, 2022
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Chaebol reform not on Yoon’s agenda
Chaebol reform had been a key agenda in previous presidential campaigns, but it was no longer present in this year’s election. Except for Justice Party candidate Sim Sang-jung, none of the major presidential contenders mentioned chaebol reform in their campaign pledges. With more pressing economic issues such as runaway home prices, small business owners struggling from the pandemic and inflation, chaebol reform was pushed aside in campaigns. “There seems to be a consensus that is
March 10, 2022
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Bio, game, tech industries mixed over Yoon’s campaign pledges
With Yoon Suk-yeol set to be South Korea’s next president, the country’s biopharmaceutical and gaming industries are paying vigilant attention as the president-elect pledged to increase support for the bio and health sectors while vowing to tighten regulations on game makers’ random box items. The pharmaceutical and biopharmaceutical industries on Thursday welcomed Yoon’s campaign promise to set up a prime ministerial control tower called the Pharmaceutical Bio Innovati
March 10, 2022
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What to expect from Yoon’s market policy change
Investors are bracing themselves for a bumpy ride ahead and keeping a close watch on how President-elect Yoon Suk-yeol’s campaign pledges to cut capital gains tax and rein in corporate spinoffs will pan out. The president-elect, representing the conservative bloc, has proposed reversing capital gains taxes that the current liberal-leaning Moon administration has put on investors, saying removing them would help to revitalize the stock exchange. But Yoon faces an uphill battle in doing so
March 10, 2022
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Corporate Korea pins high hopes on Yoon’s push for small government
South Korea’s business lobby groups on Thursday welcomed Yoon Suk-yeol, a conservative opposition leader who has pledged to pursue a small government and ease regulations, as the nation’s next president. The 61-year-old former prosecutor won an extremely tight race earlier in the day, bringing conservatives back to power in five years. He will replace President Moon Jae-in, a progressive leader whose single five-year term ends in May. The Korea Chamber of Commerce, the nation&rsq
March 10, 2022
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Banks concerned over Yoon's pledge to move headquarters out of Seoul
South Korea’s large financial companies are in agony over President-elect Yoon Suk-yeol’s election pledge to relocate several bank headquarters outside Seoul. In the weeks leading up to Wednesday’s presidential election, then-conservative candidate Yoon made a pledge in both January and earlier this month to relocate the state-run Korea Development Bank to the nation’s southern port city of Busan. He added at a campaign rally in Busan last week that he would make effort
March 10, 2022
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Banks' household lending down for 3rd month in Feb. amid tightened rules
Household loans extended by banks in South Korea shrank for the third straight month in February as the central bank delivered a series of interest rate hikes to rein in inflation and household debt, central bank data showed Thursday. Outstanding bank loans to households came to 1,060.1 trillion won ($865.4 billion) as of the end of February, down 100 billion won from the previous month, according to the data from the Bank of Korea (BOK). This marked the third straight month that the banks' ho
March 10, 2022
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Higher inflation may be prolonged amid soaring energy prices: BOK
South Korea's central bank said Thursday that it cannot rule out the possibility of inflation running high for a longer period due to sky-high energy prices that could further rise amid heightened geopolitical risk from Ukraine. In a report submitted to the National Assembly, the Bank of Korea (BOK) also said that the country's exports growth could slow slightly this year due to continued global supply chain disruptions but the impact of the ongoing war in Ukraine will not be significant in affe
March 10, 2022
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S. Korea's gasoline prices hit 8-year high amid Russia-Ukraine war
Gasoline prices in South Korea rose to the highest level in more than eight years Thursday as the deepening conflict between Russia and Ukraine pushes global oil prices higher amid growing supply concerns. The average retail gas price had reached 1,904.35 won ($1.55) per liter as of 9:10 a.m., up 11.95 won from the previous day, according to Opinet, a crude oil price provider run by the state-run Korea National Oil Corp. It marks the first time since October 2013 the countrywide average has surp
March 10, 2022