Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Seoul to promote luxurious side of the city
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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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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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Competition heats up over SK Bioscience’s book building
As COVID-19 vaccination campaigns have picked up pace around the globe, South Korean drugmaker SK Bioscience has garnered keen attention from investors at home and abroad ahead of its market debut. The vaccines unit of the nation’s No. 3 conglomerate SK Group wrapped up its two-day book building Friday. While institutional investors placed bids to obtain new shares for the initial public offering, a total of 1,464 domestic and foreign institutions participated, according to investment ba
March 8, 2021
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Seoul stocks fall under 3,000 amid renewed inflation concerns
South Korean stocks fell under the 3,000-point threshold on Monday, as improved Chinese economic data and higher US bond yields stoked renewed concerns over rising inflationary pressure. The Korean won weakened against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 30.15 points, or 1 percent, to close at 2,996.11 points. Trading volume was moderate at about 1.9 billion shares worth some 15.5 trillion won ($13.7 billion), with losers outnumbering gainers 551 to 302.
March 8, 2021
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Korean Air raises W3.3tr by issuing new shares
South Korea’s largest airline, Korean Air, said Monday that it had successfully raised 3.3 trillion won ($2.9 billion) by issuing new shares. Of the funds raised through the latest capital increase, some 1.5 trillion won will be used to acquire domestic rival Asiana Airlines, according to the carrier. In the funding round, which ran from March 4 to 5, the right to buy the newly issued shares was given only to the firm’s existing shareholders and members of the employee stock owne
March 8, 2021
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Tesla tumble disappoints Korean stockholders
Korean investors holding some $8 billion worth of stocks in US electric vehicle maker Tesla appear to be unnerved after its recent stock price fall. According to the latest data from the Korea Securities Depository, Tesla was Korea‘s favorite foreign stock, holding a combined $8.1 billion worth of shares as of March 2. This was followed by US tech giants Apple, Amazon and Alphabet, the holding company of Google. In the past two months, Korean investors net bought $1.36 billion worth of
March 8, 2021
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Seoul stocks open higher on strong Chinese data
South Korean stocks opened higher Monday on improved Chinese economic data and slowing bond yield hikes in the United States. The benchmark Korea Composite Stock Price Index rose 9.39 points, or 0.31 percent, to 3,035.65 points in the first 15 minutes. Steel, financial and tech stocks led the KOSPI's hike, while retail and insurance traded bearish. Samsung Electronics added 0.37 percent, and No. 2 chipmaker SK hynix advanced 0.36 percent. Leading chemical firm LG Chem retreated 1.11 perce
March 8, 2021
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Foreign investors' stock sell-offs extended in Feb.
Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a third consecutive month, data showed Monday. Foreigners sold a net 3.24 trillion won ($2.87 billion) worth of local stocks in February, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.37 trillion won of stocks last month, while investors from the Cayman Islands net purchased 840 billion won worth of stocks, according to the FSS. As o
March 8, 2021
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Woori Financial Group joins first movers list of ESG bonds
Woori Financial Group plans to issue environmental, social and governance hybrid bonds in South Korean won after gaining top credentials, the company said Sunday, joining a growing list of investment firms tapping into the fast-growing market. The financial company said it plans to issue ESG bonds in the form of hybrid securities after acquiring ST1, the highest grade for sustainable financing in a five-tier grading system, from Korea Ratings, a credit rating company. Woori plans to decide the
March 7, 2021
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Korean golf courses pricier than ever for investors
South Korea‘s golf courses are carrying heftier price tags as investment destinations than ever, and their transactions are becoming more and more active, as the coronavirus pandemic since last year has opened doors to more golfing activities and investors are scrambling for more attractive options for their real asset investments, data showed Sunday. The total investment transaction volume of Korean golf facilities in 2020 reached an all-time-high, rising twofold year-on-year to 1.43 tri
March 7, 2021
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S. Korea’s number of ultra-high net worth individuals up 6.3%
South Korea marked the eighth-highest rate of growth in the number of individuals with ultrahigh net worth, recent data compiled by a global property consultancy showed Sunday. The number of ultrawealthy people in Korea -- those with net assets worth $30 million or more -- increased by 6.3 percent on-year to 7,354 in 2020, according to the annual wealth report released by Knight Frank. The number of people around the globe at the same standard of net wealth rose by 2.4 percent on-year to 521,6
March 7, 2021
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Stocks narrow losses as strong retail trading offset bond yield woes
South Korea‘s stock market narrowed down losses in the early morning session on Friday as retail trading has nearly offset lingering bond yield concerns in the United States. The Korea Exchange’s main board Kospi shed 0.6 percent to close at 3,026.26 points, as Kospi was down 2 percent in early morning trade. The development board Kosdaq inched down 0.3 percent in closing, reducing from 2 percent in the morning. Retail investors here continued to be active in trading. On Friday, l
March 5, 2021
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Seoul stocks open lower on inflation concerns
South Korean stocks opened lower Friday on overnight Wall Street losses, as investors were disappointed by the absence of comments from the US Federal Reserve to help stave off inflation concerns. The benchmark Korea Composite Stock Price Index fell 39.41 points, or 1.29 percent, to 3,004.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.11 percent as yields of the US benchmark 10-year Treasury surged above the 1.5-percent threshold. In Seoul, t
March 5, 2021
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SK Group expected to launch REIT this month
South Korean conglomerate SK Group will set up a company to run a real estate investment trust, or REIT, this month, according to reports Thursday. A REIT owns or finances real estate property to generate income, and allows investors to partially own valuable real estate and receive dividends. SK Holdings, the holding company of SK Group, is expected to obtain approval to establish the REIT later this month. After setting up a new subsidiary as early as this month, it will likely launch a RE
March 4, 2021
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HK-based Affinity Equity Partners to acquire online recruiting platform
Hong Kong-based private equity firm Affinity Equity Partners has been selected as the preferred bidder for the acquisition of South Korea’s online recruiting portal Jobkorea. According to sources Thursday, Affinity and Korean private equity house H&Q Korea will ink an agreement over the transaction of a 100 percent stake in the company roughly valued at nearly 900 billion won ($800 million). Affinity beat out private equity peers MBK Partners, CVC Capital Partners and TPG Capital As
March 4, 2021
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McKinsey hires former Oliver Wyman Korea head
Consulting firm McKinsey & Company on Wednesday said they have hired Park Joong-ho, former head manager of Oliver Wyman’s Korea office, as a new partner here. Park worked at Oliver Wyman, a consulting firm specialized in financial services companies, for 15 years and led the company for more than three years until December 2020. At Oliver Wyman, he provided consulting services to financial institutions and governmental organizations in areas such as digital transformation, glo
March 4, 2021
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Seoul stocks snap 2-day winning streak on increasing US Treasury yields
South Korean stocks snapped its two-day winning streak Thursday as investor sentiment weakened over concerns of increasing US Treasury yields. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 39.5 points, or 1.28 percent, to close at 3,043.49 points. Trading volume was moderate at about 1.3 billion shares worth some 16.8 trillion won ($14.9 billion), with losers outnumbering gainers 505 to 358. Foreigners sold a net 928 billion won, w
March 4, 2021
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[Newsmaker] FSS head faces ire over staff picks
Financial Supervisory Service Gov. Yoon Suk-heun, whose three-year term ends in two months, is facing intense backlash from the related labor union, which holds him responsible for the watchdog‘s alleged failure in personnel management. Last month, the market watchdog reportedly promoted two officials who had received heavy sanctions due to their involvement in hiring irregularities, immediately prompting fierce criticism from union members. “The FSS’ latest decision to pr
March 4, 2021
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Digital therapeutics developer LifeSemantics eyes March IPO
South Korean digital health platform developer LifeSemantics said Thursday it is looking to raise up to 12.5 billion won ($11.11 million) worth of fresh funds by going public. The firm plans to make a market debut on the nation’s tech-heavy Kosdaq market at the end of this month. Founded in 2012, LifeSemantics has focused its business on health information and technology, and artificial intelligence-powered programs. Its main platform “LifeRecord” provides MyData, digital ther
March 4, 2021
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Korea requires green energy imports to decarbonize: AIGCC
South Korea has less potential to decarbonize autonomously than its Asian peers due to the insufficiency of its solar resources and seasonal variations in electricity demand, showed an analysis by Asia Investor Group on Climate Change on Thursday. Korea appears to require green energy imports to meet its decarbonization target to generate over 25 percent of new and renewable energy-powered electricity by 2034, from the current 7.4 percent, and to increase its new and renewable energy power gen
March 4, 2021
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Seoul stocks open steeply lower on US inflation woes
South Korean stocks opened steeply lower Thursday, taking a cue from the overnight tech drop on Wall Street that was spurred by increased bond yields. The benchmark Korea Composite Stock Price Index fell 35.89 points, or 1.16 percent, to 3,047.1 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite dipped 2.7 percent, with the S&P 500 and the Dow Jones Industrial Average retreating 1.31 percent and 0.55 percent, respectively. Top cap Samsung Electronics lo
March 4, 2021
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Banks still wary of cryptocurrency partnership
The resurgence of cryptocurrency trading as well as upcoming changes in law that mandate investments in bitcoins be made with accounts under real names are likely to provide new opportunities for commercial lenders seeking new income sources. But many are still reluctant to make ties with crypto exchanges, citing risks in the volatile market and lack of confidence over forging partnerships with smaller crypto exchanges here. Currently, three banks -- Shinhan, NH Nonghyup and K bank -- are in p
March 3, 2021