Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Seoul stocks open higher on vaccine, earnings hope
South Korean stocks opened higher Monday on strong individual buying ahead of the fourth-quarter corporate earnings season this week and hopes for vaccines against the new coronavirus. The benchmark Korea Composite Stock Price Index added 15.05 points, or 0.48 percent, to 3,155.68 points in the first 15 minutes of trading. Airline, chemical and bio large caps did well, while auto and insurance shares traded bearish. Top cap Samsung Electronics rose 0.23 percent, and No. 2 chipmaker SK hynix a
Jan. 25, 2021
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S. Korean retail investors' Tesla holdings top $10b
South Korean retail investors' holdings of shares in electric vehicle leader Tesla Motors Inc. soared nearly 32 percent this year to cross the $10 billion mark, data showed Monday. Local individual investors owned $10.33 billion worth of Tesla shares as of Friday, up 31.9 percent from the end of last year, according to the data from the Korea Securities Depository. The figure also represents a 73 times increase from the end of 2019 and South Korean retail investors' most-bought issue among for
Jan. 25, 2021
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Hyundai Capital launches AI-powered platform to suggest quality second-hand cars
Contactless services have also gone mainstream in the second-hand car market with used car dealers increasingly adopting mobile technology to offer credible information on used cars. Joining in on the trend, auto financing firm Hyundai Capital launched an artificial intelligence-powered mobile platform in September last year, which helps consumers avoid low-quality used cars -- often called lemons and picked peaches -- in their recommendations. The used car mobile platform, named Check, has
Jan. 24, 2021
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Commercial banks seek ideas from new rivals for digitalization
South Korea’s leading commercial banks are seeking ways to accelerate digitalization of their retail services with some even breaking down traditional barriers between new industry rivals in order to share ideas on boosting innovation. Kakao Bank CEO Yoon Ho-young was invited by Woori Bank on Friday to speak about the internet-only banking giant’s success and the future of finance, Kakao Bank said. Woori’s invitation of the head of the fast-growing online banking company is
Jan. 24, 2021
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Foreign investors still strong buyers of LG Chem shares
Foreign investors have continued to scoop up vast amounts of LG Chem shares in the first month of this year, after raking in some 2.38 trillion-won ($2.16 billion) worth of the South Korean chemical giant’s stocks last year, data showed Sunday. Offshore investors purchased a net 605.4 billion-won worth of LG Chem stocks in the Jan. 4-Friday period, according to the Korea Exchange. It was followed by their net buying in internet platform giant Naver with 610.3 billion won across the same p
Jan. 24, 2021
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Seoul office transactions hit record in 2020 despite pandemic
The total volume of office investments in major districts of the Greater Seoul area hit yet another record in 2020 despite the pandemic, as high demand for offices in prime locations led the bullish market, data showed Friday. The full-year transaction total of offices last year in Seoul and the neighboring city of Bundang, Gyeonggi Province, came to 13.4 trillion won ($12.1 billion), up 9 percent from the previous all-time high in 2019, according to data suggested by commercial real estate se
Jan. 22, 2021
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Seoul stocks snap 3-day winning streak on valuation pressure
South Korea's stock exchange ended its three-day winning streak Friday on valuation pressure after hitting another new high the previous session. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 20.21 points, or 0.64 percent, to close at 3,140.63 points. Trading volume was moderate at about 1.1 billion shares worth some 24 trillion won ($21.7 billion), with losers outnumbering gainers 476 to 384. Foreigners sold a net 270 billion won
Jan. 22, 2021
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Korean investors hold $7.8b of Tesla stocks
South Korean investors held a combined $7.8 billion worth of Tesla stocks at the end of last year, data showed Friday, capping off a meteoric rise in 2020 to become Korea’s most-owned foreign stock. This accounted for 16.6 percent of the entire $47 billion foreign currency-denominated stock holdings of Korean individuals and corporations as of December, according to data from the Korea Securities Depository. Tesla was not among the top 10 foreign stocks in 2019. Alongside Tesla, US tech
Jan. 22, 2021
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Seoul stocks open nearly flat on valuation pressure
South Korean stocks opened nearly flat Friday on valuation pressure after they hit another new high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.34 point, or 0.01 percent, to 3,161.18 points in the first 15 minutes of trading. Market bellwether Samsung Electronics added 0.34 percent, while No. 2 chipmaker SK hynix lost 0.76 percent. Leading chemical firm LG Chem moved down 0.3 percent, but rechargeable battery maker Samsung SDI advanced 1.21 percent. P
Jan. 22, 2021
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Kyobo Life shareholder feud intensifies on unfulfilled IPO
A foreign investor group of South Korea-based Kyobo Life Insurance is in hot water as its plan to exit from the insurer faces a setback after an indictment of its officials, while its demand for an initial public offering by Kyobo Life since 2012 remains unfulfilled to this day. Key officials of the international investor group, led by Hong Kong-based private equity firm Affinity Equity Partners, and Seoul-based accounting firm Deloitte Anjin have been indicted by Korean prosecutors for alleged
Jan. 21, 2021
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Upbit launches digital currency exchange in Thailand
Upbit, a South Korean digital asset exchange, said Thursday that its Thailand unit was up and running after receiving the necessary licenses from regulators. The Thailand Securities and Exchange Commission recently granted approval for Upbit Thailand in four business areas -- digital asset exchange and brokerage and digital token exchange and brokerage -- with Upbit Thailand being fully operational as of Wednesday, the company said. “It is a very exciting time for the digital asset indu
Jan. 21, 2021
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Seoul stocks hit record high on optimism for Biden presidency
South Korea's benchmark stock index hit an all-time high Thursday on strong foreign buying, buoyed by stimulus hopes related to the inauguration of US President Joe Biden. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 46.29 points, or 1.49 percent, to close at 3,160.84 points. Trading volume was moderate at about 1.3 billion shares worth some 24.6 trillion won ($22.4 billion), with gainers outnumbering losers 602 to 246. Foreigners bou
Jan. 21, 2021
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KOFIA chief vows support for K-New Deal, ESG
The chief of the Korea Financial Investment Association on Thursday vowed to make greater efforts to support member companies and the capital market, seeking active investment for the state-led New Deal Fund and in environment, social and governance policy changes. Followed by President Moon Jae-in’s announcement of a bold push for a Korean version of the New Deal program last year, the local finance industry has been paying keen attention to the government’s project-related busines
Jan. 21, 2021
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S. Korea to invest W1.1tr in Level 4 autonomous driving technologies: minister
South Korea plans to invest 1.1 trillion won ($1 billion) for commercialization of Level 4 autonomous driving technology, Finance Minister Hong Nam-ki said Thursday, while highlighting the increasing competition in the self-driving car sector driven by global firms like Apple. “With reports of Apple’s plans to enter the future car market, talks of cooperation between big tech firms and traditional carmakers have been growing,” Hong said in a meeting of economy-related officia
Jan. 21, 2021
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Thursday, tracking overnight Wall Street gains as US President Joe Biden took office. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.24 points, or 0.71 percent, to 3,136.79 in the first 15 minutes of trading. Stocks rose on expectations that the new US administration's potential spending increase would spur demand for export-intensive economies. Market bellwether Samsung Electronics edged up 0.11 percent, with No. 2 chipmaker SK hynix gaining
Jan. 21, 2021
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Toss seeks talent to gear up for competition
Viva Republica, the operator of leading finance app Toss, on Wednesday announced that it plans to add 330 new staff in the first quarter ahead of the launch of an internet-only bank and an online securities arm later this year. The latest hunt for talent comes as the 6-year-old startup prepares to become the country‘s third internet-only bank, expected to launch in July, and to kick off the mobile securities firm Toss Securities next month. With five units under its umbrella, including f
Jan. 20, 2021
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Seoul stocks up for 2nd day on tech, auto gains
South Korean stocks advanced for a second consecutive session Wednesday, as auto and tech stocks continued to rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.71 percent, to close at 3,114.55 points. Trading volume was high at about 1.2 billion shares worth some 24.3 trillion won ($22.1 billion), with gainers outnumbering losers 511 to 322. Foreigners sold a net 236 billion won, while retail investors purchased
Jan. 20, 2021
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S. Korea adopts stricter forex rules for brokerages, insurers
South Korea’s financial authorities said Wednesday they plan to adopt stricter guidelines, regulations and monitoring for foreign exchange trading by local non-banking institutions such as brokerages and insurers. “Three types of new monitoring standards will be adopted to keep an eye on forex liquidity in non-banking financial institutions,” Deputy Prime Minister and Finance Minister Hong Nam-ki said in a press briefing. “We will improve the effectiveness of the monit
Jan. 20, 2021
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Mirae Asset picked as lead manager of pension fund investment pool
South Korean asset management firm Mirae Asset Global Investments is poised to become a lead manager of the state-supervised investment pool of 63 Korean pension funds, according to the government on Wednesday. The pension fund investment pool has been under the monitoring of the Ministry of Economy and Finance since it was established in December 2001 on the basis of the National Finance Act. Mirae Asset will take the place of one of the current lead managers, Korea Investment Management, wh
Jan. 20, 2021
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KB Asset closes W220b ESG bond fund
Seoul-based investment firm KB Asset Management said Wednesday it had closed a 220 billion won ($200 million) bond-investing private fund in order to embolden its focus on environmental, social and governance factors. The new private fund -- the largest of its kind in Korea -- will deploy at least 70 percent of its cash to certified South Korean green, social and sustainability bonds or issuers that received integrated ESG rating of “B+” or higher from evaluator Korea Corporate Gove
Jan. 20, 2021