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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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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Coupang chooses NYSE for IPO to take advantage of dual-class share
South Korean e-commerce giant Coupang appears to have chosen to go public in the US, not in its home base, to keep its chief’s control over the company under a dual-class share system that is not allowed here. The initial public offering application filed at the US Securities and Exchange Commission showed that shares that will be issued by the Seoul-headquartered firm will consist of two classes of common stocks - Class A with one voting right and Class B with 29 voting rights. Only th
Feb. 14, 2021
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Woori Bank’s Indonesian unit wins higher capital grade
Woori Bank’s Indonesian unit has received a higher grade in capital requirement imposed by the Southeast Asian country’s market watchdog, bringing it one step forward in expanding its business portfolio in the region, officials said Sunday. As of December last year, Bank Woori Saudara raised a combined capital of 5.2 trillion rupiah, or approximately 413 billion won, which falls under a BUKU3 rating, the third-highest in Otoritas Jasa Keuangan’s four-tier bank capital class
Feb. 14, 2021
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Brokerage houses chalk up sharp earnings increase amid bull run
Earnings of brokerage houses in South Korea soared to a record-high last year amid a stock rush, chasing closely after those of first-tier banks, data showed Sunday. The combined operating profit of the top 20 brokerages by capital base stood at 7.85 trillion won ($7.09 billion) in 2020, soaring 36.7 percent from the previous year, according to the Financial Supervisory Service's regulatory filing. The brokerages' yearly net profit jumped 25.1 percent on-year to 5.96 trillion won. Their total
Feb. 14, 2021
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New Seollal tradition: Cash transfers, gift cards
The social distancing rule that prohibits a gathering of more than five people during the Lunar New Year holiday has led Koreans to seek practical alternatives to the tradition of gifting cash to children -- now via mobiles, not in-person. Kakao Bank, South Korea’s internet-only lender, is capitalizing on the special circumstances created by the coronavirus that restrict in-person family visits. The firm has launched a giveaway event for those who send or receive New Year‘s mone
Feb. 13, 2021
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Activist funds to watch in Korea proxy season
Activist fund managers at home and abroad are expected to play a bigger role in the forthcoming proxy season this year in South Korea that starts in March. Seoul-based proxy advisory services firm Korea Corporate Governance Service said in a report Tuesday the shareholders of the companies subject to proxy battle needs closer monitoring, as their results are “unpredictable.” Homegrown private equity firms including Korea Corporate Governance Improvement and HYK Partners are expecte
Feb. 13, 2021
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S. Korea's major banks likely to keep creditworthiness: S&P
South Korea's four major commercial banks appear likely to maintain their creditworthiness this year due to adequate capitalization and resilient asset quality, according to a recent report from S&P Global Ratings. Kookmin Bank, Shinhan Bank, KEB Hana Bank and Woori Bank have emerged from a pandemic-scarred 2020 with asset quality intact. Earnings for the whole of 2020, announced last week, show a decline in net interest margins and slightly higher credit costs f
Feb. 13, 2021
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[Herald Interview] Korean retail investors seek ties with WallStreetBets against short sellers
A group of local retail stock traders is working on a global anti-short selling campaign that may involve forging a partnership with WallStreetBets -- a regiment of amateur investors on the US social-networking website Reddit that drew attention for taking action against sophisticated hedge funds last month. Jung Eui-jung -- head of the Korea Stockholders Alliance, which represents some 22,000 stock investors -- told The Korea Herald that he had gone to the online forum and proposed a cros
Feb. 12, 2021
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Seoulites in 20s and 30s prefer property investments north of the Han
‘Ma-yong-seong,’ a portmanteau of three Seoul districts -- Mapo, Yongsan, and Seongdong -- is where Koreans in their 20s and 30s most want to invest, while Gangnam is the place favored by those in their 40s, according to poll results recently released by property data provider Zigbang. A survey of 1,796 Zigbang subscribers showed that 15.5 percent of participants said they think real estate properties in the three districts are the best investment choices, while 15.3 percent said
Feb. 12, 2021
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February set to be blockbuster month for IPOs
February is set to be another busy month for the South Korean stock market as a large number of companies are seeking to launch initial public offerings on retail investors’ strong appetite for direct investments, according to investment banking sources. This month alone, 12 firms are scheduled to float their shares on the stock market or hold retail subscriptions. The IPO subscriptions of five newcomers such as semiconductor equipment manufacturer Auros Technology and medical artificia
Feb. 11, 2021
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Kospi returns above 3,100 points ahead of Lunar New Year
South Korean benchmark Kospi bounced back after a roller coaster ride Wednesday ahead of the Lunar New Year holiday, surpassing the 3,100-point mark. The main bourse got off to a slightly strong start but fluctuated widely until the late afternoon trade. The key stock index then moved upward during the remaining trading hours to close at 3,100.58 points, 15.91 points or 0.52 percent higher from the previous session’s close. Despite a brief respite overnight on Wall Street and the local
Feb. 10, 2021
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Seoul stocks rebound on tech, auto gains
South Korean stocks snapped a two-session losing streak to end higher Wednesday, buoyed by strong gains in tech and auto stocks, ahead of the Lunar New Year holiday. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.91 points, or 0.52 percent, to close at 3,100.58 points. Trading volume was high at about 2.13 billion shares worth some 18.07 trillion won ($16.32 billion), with gainers outnumbering losers 486 to 334. Foreigners picked up
Feb. 10, 2021
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Foreigners remain net sellers of S. Korean stocks in January
Foreign investors remained net sellers of South Korean equities in January, extending their selling spree for a second straight month, the central bank said Wednesday. Foreigners sold a net $1.07 billion worth of local stocks last month, compared with a net selling of $2.36 billion in December last year, according to the Bank of Korea (BOK). Offshore investors turned net buyers of Korean bonds worth $1.32 billion last month, the BOK said. Meanwhile, volatility in South Korea's currency slight
Feb. 10, 2021
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New law to allow reversal of fat-finger transactions via Kakao Pay, Toss
Mistaken transactions made through mobile payment apps will be subject to aid from a state-run deposit insurer after a revision of a depositor protection legislation takes effect later this year. Starting on July 6, the Korea Deposit Insurance Corporation will help reverse error remittances that have occurred not only in accounts of financial institutions but also in mobile payment services such as Toss and Kakao Pay, according to amendments to the Depositor Protection Act. However, transact
Feb. 10, 2021
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened slightly higher Wednesday, tracking overnight gains on Wall Street amid hopes for progress in US stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.55 points, or 0.08 percent, to 3,087.22 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite rose 0.14 percent to a new record high, while the Dow Jones Industrial Average dipped 0.03 percent. Large caps traded mixed in Seoul. Market kingpin Samsung Electronics fell
Feb. 10, 2021
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Seoul stocks down for 2nd day ahead of options expiration day
South Korean stocks finished lower for a second straight day Tuesday, as uncertainties increased, with investors seeking to take profits ahead of the expiration of stock options. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.57 points, or 0.21 percent, to close at 3,084.67 points. Trading volume was moderate at about 2.1 billion shares worth some 18.1 trillion won ($16.2 billion), with losers outnumbering gainers 362 to 474. Foreigne
Feb. 9, 2021
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Bitcoin hits record on Tesla’s $1.5b bet
Bitcoin prices hit a record high on Tuesday, as US electric vehicle maker Tesla unveiled it had purchased $1.5 billion in bitcoin. Bitcoin prices inched closer to 50 million won ($44,800) each in Korean exchanges on Tuesday, while exceeding that threshold in overseas exchanges. Bitcoin in South Korean exchanges were being traded at a discount of more than 3 percent on Tuesday, due to different market environments such as regulations and trading volume. In its latest annual report Monday
Feb. 9, 2021
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Top BlackRock researcher sides with hedge funds in GameStop saga
A top researcher of the world’s largest asset manager BlackRock expressed regrets on Tuesday over the retaliation aimed at hedge funds for taking short positions in the United States’ stock market in the GameStop saga. Henny Sender, managing director of the asset manager‘s internal think tank BlackRock Investment Institute, said it was “a sad thing” that retail stock traders had directed their anger at hedge funds. Ensuring hedge funds are given an option to perce
Feb. 9, 2021
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Pension funds unload W10.5tr worth of Korean stocks in 2021 so far
South Korean pension funds extended stock sell-offs to a 31st straight session, setting a record selling spree in local market history, data showed Tuesday. The combined net sales of the pension funds came to nearly 10.47 trillion won ($9.38 billion) -- 10.02 trillion won on the main bourse Kospi and 450 billion won on the tech-heavy Kosdaq -- in the period from Jan. 4 to Tuesday, according to the Korea Exchange. Their selling volume stood out even more when compared to other major trading gr
Feb. 9, 2021
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FSC to allow Naver, Kakao sell insurance products
The Financial Services Commission said Tuesday it will draft a policy framework this month to allow local platform operators, including Naver and Kakao, to enter the insurance market to expand customer access to digitized financial products. Under the envisioned plan, the financial regulator will ease the current regulations to enable the internet companies to develop and sell micro insurance products, in accordance with its “sandbox” program. The regulatory framework is aimed a
Feb. 9, 2021
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Seoul stocks open higher on Wall Street rallies
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that stemmed from growing hopes of progress in the US stimulus talks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.52 points, or 0.79 percent, to 3,115.76 points in the first 15 minutes of trading. Market kingpin Samsung Electronics added 1.81 percent, and No. 2 chipmaker SK hynix hiked 3.2 percent. Hyundai Motor gained 1.07 percent following heavy losses the previous session after saying tha
Feb. 9, 2021