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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Mirae Asset launches equity fund to bet on clean tech
South Korea‘s investment house Mirae Asset Global Investments said on Thursday it has launched a new equity fund to invest in domestic companies with clean technology prowess. With the launch, Mirae Asset aims to ride on the green wave among financiers that is triggering a seismic shift across the industries. Its portfolio will mainly comprise of Korean firms dedicated to solar, wind and hydroelectric power resources, waste management, electric vehicles, hydrogen cars, as well as smart
Feb. 4, 2021
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K bank sees record inflow of deposits, new customers in Jan.
South Korea’s first internet-only lender, K bank, saw a hike in term deposits in January backed by new customers looking to invest in bitcoins through the online bank. Under the partnership between K bank and crypto exchange Upbit forged in June, retail investors can open a bitcoin trade account via the online lender. A bitcoin frenzy in January appears to have pushed the number of customers subscribing and depositing cash at K bank, according to market watchers. K bank’s sav
Feb. 4, 2021
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KB Kookmin Bank adopts global ESG-related risk management framework
South Korea’s KB Kookmin Bank on Thursday said it has adopted a global environmental, social and governance-related risk-management framework, known as the Equator Principles, to better uphold its environmental responsibilities. By complying with the international convention adopted by financial institutions around the world, KB Kookmin hopes to bolster its ESG standards in its decision-making process. Project financing over $10 million and corporate loans of over $50 million are subje
Feb. 4, 2021
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Seoul stocks open lower on tech, pharmaceutical losses
South Korean stocks opened lower Thursday largely on tech and pharmaceutical losses. The benchmark Korea Composite Stock Price Index fell 18.48 points, or 0.59 percent, to 3,111.2 in the first 15 minutes of trading. Stocks quickly fell to the negative terrain due to strong foreign and institutional selling, after the key index rallied 5.2 percent in the past three sessions. Top cap Samsung Electronics lost 1.42 percent, and No. 2 chipmaker SK hynix shed 1.92 percent. Pharmaceutical giant Sam
Feb. 4, 2021
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Under pressure, FSC extends short selling ban by May
South Korea’s top financial regulator said Wednesday that it has decided to extend a temporary ban on short selling until May 2, amid growing pressure from retail investors voicing concerns over possible damages in battles with sophisticated hedge funds. The ban was previously set to end March 15. The Financial Services Commission will then implement a partial reactivation of short selling from May 3, while establishing a stock loan system in the meantime, which enables ret
Feb. 3, 2021
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Hanwha Investment to buy 6.15% stake in Dunamu
Hanwha Investment and Securities, the brokerage arm of Hanwha Group, said Wednesday it has agreed to buy a 6.15 percent stake in Dunamu, an operator of global cryptocurrency exchange Upbit, for nearly 58.3 billion won ($52.24 million). The announcement came via DART -- the Financial Supervisory Service’s electronic disclosure board -- that the acquisition of some 2.06 million shares is set to take effect on Feb. 22. The deal is a mid- to long-term investment for the brokerage house to c
Feb. 3, 2021
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With easy-to-use app, Toss aims to captivate young, new stock investors
Toss Securities, the brokerage arm of South Korea’s leading fintech startup Viva Republica, on Wednesday unveiled a mobile trading system with a goal to attract 1 million active users within the year. During the unveiling of the service which is expected to be launched later this month, Toss Securities said it plans to offer a simple and intuitive mobile trading system to grab investors who are having trouble using existing trading systems and young investors in their 20s and 30s. Toss
Feb. 3, 2021
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Seoul stocks up for 3rd day on continued foreign buying
South Korean stocks extended their winning streak to a third consecutive session Wednesday, as foreigners continued to buy local stocks on expectations of a speedy economic recovery in Asia and globally. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.87 points, or 1.06 percent, to close at 3,129.68 points. Trading volume was high at about 877 million shares worth some 21.6 trillion won ($19.4 billion), with gainers outnumbering losers
Feb. 3, 2021
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Law firm Yulchon partners with ERM to expand ESG advisory biz
South Korea‘s law firm Yulchon said Wednesday it has signed a strategic partnership with international consultancy firm Environmental Resources Management to strengthen its corporate legal advisory capability with respect to environmental, social and governance, or ESG, issues. The partnership is a leap forward from Yulchon’s move in December to establish an in-house unit devoted to legal advice as to how corporate clients should cope with ESG issues, such as regulatory risk manage
Feb. 3, 2021
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FSC advises internet-only banks expand mid-interest loans
South Korea’s top financial regulator has advised the nation’s internet-only lenders to expand the supply of loan products for borrowers with low to moderate credit scores, officials said Wednesday. “While the percentage of those with credit scores below 4 on a scale of 1 to 10 accounted for nearly 40 percent of all borrowers at first-tier banks, the country’s existing internet-only lenders Kakao Bank and K bank posted some 36 percent and 20 percent, respectively,”
Feb. 3, 2021
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JPMorgan bets on Korean travel agency despite mounting losses
JPMorgan Asset Management has increased its stake in the ailing Korean travel agency Modetour Network to 7.47 percent, banking on a rebound in the post-COVID era despite piling losses, a filing showed Wednesday. Three of JPMorgan Asset Management subsidiaries obtained an additional 1.07 percent stake, or some 200,000 ordinary shares, in Modetour from December 2019 to January this year, according to the filing. This solidified JPMorgan’s position as the firm’s second-largest share
Feb. 3, 2021
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Seoul stocks open higher on auto gains
South Korean stocks opened higher Wednesday on strong advances by auto-related shares. The benchmark Korea Composite Stock Price Index rose 21.65 points, or 0.7 percent, to 3,118.46 in the first 15 minutes of trading. The KOSPI continued its bullish run after gaining over 4 percent in total in the past two sessions, backed by investor optimism over a fast economic recovery, particularly in exports. Top automaker Hyundai Motor hiked 3.33 percent, with its smaller affiliates Kia Motors and Hyun
Feb. 3, 2021
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S. Korea's FX reserves inch down in January
South Korea's foreign reserves edged down in January due to the US dollar's strength, which trimmed the value of non-US dollar foreign reserves, central bank data showed Wednesday. The nation's foreign reserves came to $442.7 billion as of end-January, down $370 million from a month earlier, according to the Bank of Korea (BOK). It marked the first monthly decline since last March, with the nation's foreign reserves having risen for the ninth consecutive month in December. Foreign reserves co
Feb. 3, 2021
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HAAH bid hinges on SsangYong’s reorganization plan: KDB
An investor consortium led by US auto retailer HAAH Automotive is ready to lay out plans to buy a stake in troubled South Korean automaker SsangYong Motor once it presents its reorganization plan to creditors, Korea’s state-run lender Korea Development Bank said Tuesday. SsangYong Motor is a lossmaking South Korean arm of Indian automaker Mahindra & Mahindra. Senior officials of KDB, SsangYong Motor’s main creditor, said that the reorganization plan is a prerequisite to the co
Feb. 2, 2021
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BOK board members wary of risks from asset rally: minutes
Most members of the Bank of Korea's (BOK) monetary policy board voiced concerns about risks from a rally in the nation's stock and housing markets, citing financial imbalances caused by a flood of liquidity and cheap loans, minutes from their latest meeting showed Tuesday. In the last rate-setting meeting on Jan. 15, the seven-member board unanimously voted to keep the policy rate at a record low of 0.5 percent to support an economic recovery from the coronavirus pandemic. Holding fire on the
Feb. 2, 2021
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Myanmar’s military coup rattles S. Korean banks’ ASEAN biz plans
South Korean banks have ordered their employees in Myammar to stay at home and launched emergency safety measures, as of Tuesday, upon the news of the military having taken control of the ASEAN nation in a coup. The coup is expected to put a damper on the lenders’ plans this year to expand their presence in the ASEAN economies, to recover from blows dealt by the coronavirus pandemic. For local banks this year, Myanmar was supposed to work as a springboard for recovery from coronavirus
Feb. 2, 2021
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Fear on Korean version of GameStop looms
Tension in South Korea’s financial market escalated Tuesday over groups of retail investors vowing to defend themselves in battles with short sellers here if the government moves to lift a temporary ban on the negative betting system next month. The Korea Stockholders Alliance, which represents around 22,000 retail investors, has launched a monthlong protest, threatening to wage an all-out war against short sellers, claiming that foreign and institutional investors benefit the most while
Feb. 2, 2021
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Seoul stocks up for 2nd day amid US rallies, eased China concerns
South Korean stocks advanced for the second straight day Tuesday to finish just short of the 3,100-point mark in tandem with global stock rallies and eased concerns over China's liquidity squeeze. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 40.28 points, or 1.32 percent, to close at 3,096.81 points. Trading volume was moderate at about 874 million shares worth around 18.9 trillion won ($16.9 billion), with gainers outnumbering losers
Feb. 2, 2021
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Average jeonse price sets new high in greater Seoul
Soaring prices for jeonse, a two-year housing lease that requires a lump sum deposit, have been putting a financial burden on tenants despite the government‘s protection measure that extends contract periods by two more years with a price cap, data showed Tuesday. According to KB Kookmin Bank, the average jeonse price in the greater Seoul area in January exceeded 400 million won ($358,710) for the first time since the bank started to collect relevant data in June 2011. It took only fi
Feb. 2, 2021
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Korean sovereign wealth fund takes W23.7tr in investment return
Korea Investment Corporation, a sovereign wealth fund owned by the South Korean government, said Tuesday that it earned 23.7 trillion won ($21.8 billion) from investment last year despite the ongoing coronavirus pandemic. The whopping 23.7 trillion-won profit amounts to 4.6 percent of the government’s budget last year, standing at 513 trillion won, and 1.8 times higher than the amount of corporate tax tech giant Samsung Electronics paid in 2019, at 13.2 trillion won. The KCI’s ret
Feb. 2, 2021