Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Oh’s election win likely to boost construction shares
Construction businesses in the South Korean stock market are likely to benefit from an election win by Seoul Mayor Oh Se-hoon over his pledges focusing on housing redevelopment plans. “Based on plans such as expanding floor area ratio, supplying 360,000 housing units in five years and abolishing the restriction on building apartments with more than 35 floors near the Han River, reconstruction and redevelopment businesses are expected to be revived,” said Kim Dae-jun, an analyst at K
April 8, 2021
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‘Korea’s private equity market hindered by chaebols’
Foreign investors have a hard time navigating South Korea’s “unique” private equity investment landscape, having to face obstacles such as family-run conglomerates’ dominance in the domestic industry, a private equity professional said in a virtual seminar on Thursday. “South Korea is very unique market,” Chue En Yaw, managing director and head of private equity funds at Temasek-owned Azalea Asset Management, told audience of the virtual seminar hosted by ca
April 8, 2021
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Samsung Asset, Manulife IM ink strategic alliance
Seoul-based Samsung Asset Management and Canadian counterpart Manulife Investment Management have signed a memorandum of understanding for the bilateral strategic alliance, Samsung Asset said Thursday. The largest asset management firm in South Korea, overseeing some 280 trillion won ($250 billion) assets in March, will team up with Manulife IM to explore opportunities in overseas alternative investing, private assets and specialized public market strategies. The partnership will also allow the
April 8, 2021
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Thursday as investors attempted to cash in recent gains amid a lack of events. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.63 points, or 0.31 percent, to 3,127.78 points in the first 18 minutes of trading. The KOSPI got off to a lackluster start as the Federal Reserve reiterated its stance that it would continue the existing support despite positive economic signals. In Seoul, top cap Samsung Electronics lost 0.82 percent, and No. 2 chipma
April 8, 2021
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Apartment prices in Seoul show no signs of coming down
The prices of apartments in Seoul measuring 60 square meters or less continued an upward trend last month, according to data on Wednesday. A report on monthly housing price trends released by commercial bank KB Kookmin Bank showed that the average selling price of a small apartment in Seoul stood at 768 million won ($687,793), up 22.7 percent on-year. For newlyweds and small families, 60 square meters is a popular size. Nowon-gu, Dobong-gu, Gangbuk-gu and Geumcheon-gu were among the distric
April 7, 2021
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K bank sees hike in savings on cryptocurrency frenzy
K bank, one of South Korea’s largest online banks, saw a significant hike in savings in recent months in line with its operations linked to cryptocurrency trading. Deposits at the nation’s first online bank exceeded 10 trillion won ($8.96 billion) earlier this month, compared with just 1.85 trillion won in June last year, officials said. The bank held 8.72 trillion won in deposits as of the end of March. The figure was almost double that of Jeju Bank, whose deposits came to 5.4
April 7, 2021
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KOFIA chief, Vietnamese ambassador discuss cooperation
The chief of the Korea Financial Investment Association and the Vietnamese ambassador to South Korea on Wednesday discussed ways to expand investment and bolster financial cooperation between the two nations. Six local brokerages and 10 asset management companies currently have subsidiaries or offices in Vietnam. KOFIA Chairman Na Jae-chul said the organization hopes to strengthen cooperation by signing a memorandum of understanding with the State Securities Commission of Vietnam. “We&rs
April 7, 2021
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Seoul stocks up for 5th session on recovery hope
South Korean stocks rose for the fifth straight session Wednesday as foreign investors continued to scoop up local stocks amid growing hopes for global economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.33 points, or 0.33 percent, to close at 3,137.41 points. Trading volume was moderate at about 1.96 billion shares worth some 14.3 trillion won ($12.77 billion), with gainers outnumbering losers 544 to 292. Foreigners pi
April 7, 2021
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[Top Bankers] Citigroup’s rumored plans put Korea’s first female bank chief to the test
This is part of a series of interviews and analyses of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the third installment. -- Ed. Citibank Korea CEO Yoo Myung-soon and her rise to the top made fresh headlines late last year, when she became the first female chief of a South Korean commercial bank. The news brought hopes for greater gender diversity in a finance market long dominated by men. Her vision of making the bank stand out a
April 7, 2021
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NH NongHyup receives preliminary approval for Beijing branch
South Korea’s NH NongHyup Bank said Wednesday it has earned preliminary approval from China’s financial authorities to open a branch in Beijing. The nation’s sixth-largest lender by assets won the approval from the China Banking and Insurance Regulatory Commission on Friday, after lodging the application in August last year. It plans to receive the final approval by the end of the year, officials said. The opening of the branch would mark NH NongHyup’s first move to lau
April 7, 2021
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Foreign investors swoop up S. Korean stocks in April
Foreign investors have been on a buying spree of South Korean stocks so far this month, picking up a net 2.2 trillion won ($1.97 billion) worth of local shares, reversing their selling trend earlier this year. Offshore investors have been net buyers of local shares for five straight sessions -- the first time this year -- from April 1 to 7, while retail investors have sold a net 1.2 trillion won over the cited period and institutions have offloaded a net 1 trillion won, according to financial i
April 7, 2021
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Seoul stocks open higher on hopes of global economic recovery
South Korean stocks opened higher Wednesday on investor optimism for a faster-than-expected global economic recovery, backed by the latest forecast from the International Monetary Fund (IMF). The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.75 points, or 0.28 percent, to 3,135.83 points in the first 15 minutes of trading. The firm start comes after the IMF raised its global economic growth forecast for this year to 6 percent from its earlier estimate of 5.5 percent. Market kingp
April 7, 2021
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Seoul stocks up for 4th day on global economic recovery hopes
South Korean stocks rose for the fourth straight session Tuesday as investors pinned their hopes on a faster-than-expected global economic recovery, backed by strong US economic data. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 6.25 points, or 0.2 percent, to close at 3,127.08 points. Trading volume was moderate at about 1.26 billion shares worth some 13.5 trillion won ($12.06 billion), with losers outnumbering g
April 6, 2021
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Tougher penalties come into force for naked short selling
Investors engaged in naked short selling will be fined up to 100 percent of their order amount, the nation’s top financial regulator said Tuesday. According to the policymaking Financial Services Commission, the revised Capital Markets Act, which imposes tougher penalties for naked short selling, has taken effect on the same day. Short selling is a trading tactic where investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to later re
April 6, 2021
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Banking groups signal hope of launching internet-only banks
South Korean banking groups have approached the financial authorities in hopes of launching their own internet-only lenders, industry insiders said Tuesday, amid the growing popularity of platforms such as Kakao Bank. The Korea Federation of Banks, a body that represents commercial lenders here, recently received a joint message from the banking groups, including the five major ones -- KB, Shinhan, Hana, Woori and NH -- conveying their plans to foray into the internet-only banking business, if
April 6, 2021
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KCGS downgrades ESG scores of Samsung, SKT, and LGD
The Korea Corporate Governance Service, a nonprofit organization that offers environmental, social and governance evaluations for companies, said Tuesday that it had downgraded the ESG ratings of nine companies, including Samsung Electronics, SK Telecom and LG Display. Samsung was given an overall rating of B+, down from the previous score of A. The company scored a B in the governance category after Samsung Vice Chairman Lee Jae-yong received a 30-month jail sentence in January for bribery a
April 6, 2021
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Stable US Treasury yields, market rallies support scenario of Kospi rebound in Q2
South Korea’s benchmark Kospi could log a fresh record high in the second quarter, a local analyst suggested Tuesday, citing stable US Treasury yields and market rallies on Wall Street as fundamentals. KB Securities analyst Lee Eun-taek wrote in a report that the rise in value of the Korean won against the US dollar is also another positive factor to foreigners’ net purchases in the local stock market. “Kospi is expected to continue its upward movement in the middle of the se
April 6, 2021
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NH Investment ‘fully responsible’ for W300b Optimus misselling: FSS
South Korea’s financial watchdog said Tuesday that it holds NH Investment & Securities, the nation’s second-largest brokerage firm by net assets, entirely accountable for the misselling practices associated with the Optimus Asset Management alleged hedge fund fraud. The Financial Supervisory Service ordered NH Investment to compensate end-investors for losses of some 300 billion won ($267 million) incurred in 326 cases they brought to the Financial Dispute Conciliation Committe
April 6, 2021
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Seoul’s hotel transactions, occupancy shrink by half
Hotel transaction volume in South Korea’s capital city of Seoul fell sharply in 2020 as travel restrictions stemming from the coronavirus pandemic sent shock waves through the accommodation industry, data showed Tuesday. The 22 hotel transactions that closed in Seoul last year amounted to 701.8 billion won ($624.8 million), down 53 percent from a year prior, according to data from real estate services firm GenstarMate. In the meantime Seoul’s hotel occupancy rate, a key indicator
April 6, 2021
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S. Korean stocks open higher on Wall Street gains
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street on the back of strong US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 12.36 points, or 0.40 percent, to reach 3,133.19 points in the first 15 minutes of trading. The strong start followed overnight gains on Wall Street, which got a boost from better-than-expected US jobs data released Friday. The Dow Jones Industrial Average rose 1.13 percent, and the tech-heavy Nasdaq Composite adde
April 6, 2021