Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Seoul stocks dip nearly 2% on massive foreign selling
South Korean stocks dipped almost 2 percent Thursday on massive foreign selling, generated by results of the Federal Open Market Committee (FOMC) meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.51 points, or 1.71 percent, to close at 3,069.05 points. Trading volume was moderate at about 1.3 billion shares worth around 22.7 trillion won ($20.3 billion), with losers outnumbering gainers 768 to 114. Foreigners sold a net 1.6 tri
Jan. 28, 2021
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Kakao Pay to halt part of service due to unsolved large shareholder issue
Kakao Pay is expected to halt its integrated personal data management services after failing to obtain a license from the financial authorities, the company said Thursday. The move could leave the firm lagging behind rivals, which are aggressively tapping into the business area. The fintech arm of mobile giant Kakao said its asset management service, which allows users to keep track of all their bank accounts, credit card records and insurance policies, will cease Feb. 5. Other companies that
Jan. 28, 2021
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S. Korea's daily FX turnover dips 5% last year amid won's gain
The daily foreign exchange (FX) trading by banks in South Korea fell 5.3 percent on-year in 2020 as the local currency rose against the US dollar, central bank data showed Thursday. The daily FX turnover came to an average $52.8 billion last year, down $2.93 billion from the previous year, according to the data by the Bank of Korea (BOK). The BOK said the drop in the daily FX turnover came as the won's gain reduced demand to hedge risks with FX derivative trading. The Korean currency apprecia
Jan. 28, 2021
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FSC recommends banks to keep dividends below 20% of earnings
South Korea’s top financial regulator said Thursday it has decided to advise major banks to maintain their dividend payouts below 20 percent of net income during the first half of this year in response to the prolonged economic fallout of COVID-19. Under the latest guidance by the Financial Services Commission, local lenders are expected to cut payments to shareholders by about 5 to 7 percentage points. Last year, the country’s four major banking groups -- KB Financial, Shinha
Jan. 28, 2021
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Dutch investor NNIP says Korean bonds have less upside potential than EM peers
Netherlands-based investor NN Investment Partners said Thursday the search for yield will make emerging markets the most attractive destination for bond investors, but that South Korea was not likely to be their first choice. “Although Korea is part of the emerging market universe in indices, it is much closer to the developed than many other emerging market universe,” Valentijn van Nieuwenhuijzen, chief investment officer of NNIP, said in a teleconference with Korean reporters. &
Jan. 28, 2021
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Seoul stocks open sharply lower on US slump
South Korean stocks opened sharply lower Thursday, taking a cue from overnight drops on Wall Street. The benchmark Korea Composite Stock Price Index fell 49.67 points, or 1.59 percent, to 3,072.89 in the first 15 minutes of trading. Foreign selling increased as the US Fed did not announce new measures to quicken the economic recovery. Overnight, the tech-heavy Nasdaq composite retreated 2.61 percent, with the Dow Jones Industrial Average and the S&P 500 closing down 2.05 percent and 2.57
Jan. 28, 2021
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Venture investment hits record high in 2020
South Korea’s venture investment set records in 2020 both in the number of deals and their value, despite the fallout from the coronavirus pandemic, the Ministry of SMEs and Startups announced Wednesday. The country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year. The number of investment deals also hit a record high of 4,231 while the number of invested companies logged an all-time high
Jan. 27, 2021
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KB Securities wraps up sale of UK logistics facility
South Korean brokerage firm KB Securities said Wednesday that it had completed the sale of a UK logistics facility, in which it jointly invested with LB Asset Management in 2017. The two Korean companies bought the facility through funds designed to invest in UK property assets in 2017. The exact investment amount for the acquisition was not unveiled at the time. KB Securities and LB Asset Investment sealed the sale deal of the facility in January. The facility is leased to UK supermarket ch
Jan. 27, 2021
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Seoul stocks fall on foreign selling ahead of US Fed meeting
South Korean stocks slumped after a choppy session Wednesday, largely due to heavy foreign selling related to concerns over fiscal policy tightening in major financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.75 points, or 0.57 percent, to close at 3,122.56 points. Trading volume was moderate at about 905 million shares worth some 19.4 trillion won ($17.6 billion), with losers outnumbering gainers 574 to 293. Foreigner
Jan. 27, 2021
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New Korean equity fund bets on ESG momentum
South Korean investment firm Truston Asset Management said Wednesday that it is establishing a fund to invest in companies that have room for improvement in their environmental, social and governance standards, and to make changes through shareholder activism if necessary. The company, which managed assets worth 9.3 trillion won ($8.4 billion) as of end-2020, aims to raise some 500 billion won from public distribution channels in the nation, where unorthodox family business succession plans to
Jan. 27, 2021
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NPS chalks up gains from stock investments in 2020
South Korea’s state-run pension fund raked in over 58 trillion won ($52.6 billion) from stock investments last year amid a bullish run on the local stock market, data showed Wednesday. The total amount of shares that the National Pension Service holds in listed companies, of which it owns 5 percent or more, was worth nearly 181.3 trillion won as of Friday. The figure has soared over 57.68 billion won or 46.7 percent from the start of last year, according to corporate tracker CEO Score.
Jan. 27, 2021
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Apartment price gap widens to record high amid overheated housing market
The price gap between high and low-priced apartments nationwide widened to the highest level in 12 years in December last year, showing deepening housing polarization in the country, according to data Wednesday. Apartment prices of the top 20 percent group reached an average of 951.6 million won ($861,198) in December, soaring by more than 200 million won from a year earlier, the monthly housing price trend report released by KB Kookmin Bank showed. Meanwhile, prices of low-cost apartme
Jan. 27, 2021
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Seoul stocks tread water ahead of US Fed meeting
South Korean stocks opened nearly flat Wednesday as investors waited for the results of the US Federal Reserve's policy meeting. The benchmark Korea Composite Stock Price Index fell 1.4 points, or 0.04 percent, to 3,138.91 in the first 15 minutes of trading. Market bellwether Samsung Electronics lost 0.35 percent, while No. 2 chipmaker SK hynix shed 1.16 percent. Leading chemical firm LG Chem moved down 2.2 percent, but rechargeable battery maker Samsung SDI climbed 0.25 percent. Pharmaceuti
Jan. 27, 2021
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Food delivery services cash in on eat-at-home trend
Total payments made on food delivery platforms Baedal Minjok and Yogiyo jumped 75 percent on-year in 2020 to reach a whopping 12.2 trillion won ($11 billion), according to retail market data tracker Wiseapp on Tuesday. The stunning growth is attributed to strong demand for food delivery services in line with the South Korean government’s strict social distancing measures and lockdowns to slow down the spread of the coronavirus pandemic. The payment volume on the two platforms stood at
Jan. 26, 2021
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Retail investors push Kosdaq above 1,000 for first time in 20 years
South Korea’s tech-heavy Kosdaq rose above 1,000 points Tuesday for the first time in 20 years, before wiping out earlier gains in the afternoon. The secondary index inched up as much as 8.10 points to 1,007.40 points in the morning, for the first time since Sept. 14, 2000, then turned negative to close at 994.00 points, 0.53 percent lower than the previous day. The Kosdaq began at 1,000 points on July 1, 1996 and rose as high as 2834.40 points on March 10, 2000 before plummeting to 99
Jan. 26, 2021
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Seoul stocks slump over 2% on profit-taking
South Korean stocks dropped more than 2 percent Tuesday as foreign and institutional investors sought to cash in profits after the key stock index hit its all-time high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 68.68 points, or 2.14 percent, to close at 3,140.31 points. Trading volume was high at about 860 million shares worth some 21.6 trillion won ($19.5 billion), with losers outnumbering gainers 639 to 239.
Jan. 26, 2021
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Hyundai Heavy Industries to go public on Korean stock market this year
Hyundai Heavy Industries Co., South Korea's leading shipbuilder, said Tuesday it will raise 1 trillion won ($907 million) by listing its shares on the main bourse this year for its environment-friendly business. Hyundai Heavy said it will issue new shares equivalent to a 20 percent stake in the company to finance its eco-friendly business projects following the initial public offering on the Korea Exchange within this year. The shipbuilder said it plans to use the proceeds from the new share s
Jan. 26, 2021
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KRX chief to reform short-selling regulations for ordinary investors
The chief of South Korea’s sole bourse operator on Tuesday pledged to strengthen pre-to-post management of short-selling -- a strategy of borrowing, selling and repurchasing stocks to return them to the lender -- and reform unfair systems and practices on the matter. The nation’s financial watchdog previously announced it would be resuming short-selling from March 16, after first introducing a temporary ban in March last year, as the pandemic impact rattled the stock market. Local p
Jan. 26, 2021
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Bourse operator to boost consumer trust, short selling system: KRX chief
South Korea's bourse operator said Tuesday it is willing to raise financial consumers' trust by strengthening monitoring of suspicious trading transactions and improving short selling regulations. The increase in the number of investors has raised people's standard for the local market, requiring a higher level of protection and fairness, Korea Exchange (KRX) Chairman Sohn Byung-doo said in an online press conference held in Seoul. "We are open to hearing different voices to reasonably ov
Jan. 26, 2021
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Flurry of IPOs on horizon to join stock rally
It will be another busy year for initial public offerings in South Korea as a slew of companies are rushing to debut on the local stock market amid a stock rally and strong appetite from retail investors, analysts said Tuesday. Companies ranging from bio, battery makers, fintech to games are set to go public in 2021, following a string of successful IPOs last year driven by ample liquidity. The IPO market in Asia's fourth-largest economy could raise a record amount of money this year, analysts
Jan. 26, 2021