Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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FSS orders Kakao Bank to improve contingency plan
Financial regulator Financial Supervisory Service said Thursday that it has ordered online-only bank Kakao Bank to beef up its plans to deal with emergent situations, such as shortage of capital. The watchdog regularly assesses financial companies’ capital adequacy and risk management schemes, and it orders them to fix inefficient emergency measures if there is any. It was the first time for the online bank to be reviewed by the financial authority over its contingency plan. The nation&
Dec. 17, 2020
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Seoul stocks close nearly flat amid virus woes
South Korean stocks closed nearly flat Thursday as investors remained wary of spiking COVID-19 cases and looming virus restrictions. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.36 points, or 0.05 percent, to 2,770.43 points. Trading volume was moderate at about 998.4 million shares worth some 15.8 trillion won ($14.5 billion), with losers outnumbering gainers 493 to 352. Foreigners sold a net 301.1 billion won, and institutions off
Dec. 17, 2020
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Seoul stocks open lower as virus cases surge
South Korean stocks opened lower Thursday as the country is mulling implementing the strongest COVID-19 restrictions amid a recent surge in virus cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.73 points, or 0.24 percent, to 2,765.06 in the first 15 minutes of trading. On Wednesday, South Korea's daily new coronavirus cases hit a new high of 1,078, prompting authorities to consider adopting the highest level of social distancing measures, which would ban gatherings of 10
Dec. 17, 2020
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NPS likely to log 7% return on investments: welfare minister
South Korea’s National Pension Service is likely to log a 7 percent return on its investments this year, the nation’s welfare minister said Wednesday. “Investment environments seem to be on a recovery path with domestic and global economic indices improving and the (local) stock market hitting record highs recently,” said Park Neung-hoo, minister of health and welfare, who chairs the NPS’ asset management committee. “The fund operator will be able to ac
Dec. 16, 2020
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Bitcoin rally continues on institutional interests
Bitcoin on Wednesday came under market watch after it spiked nearly to $20,000 earlier this month and continued its rally for days, on the back of institutional investors diversifying their portfolios. The most popular cryptocurrency remained above $19,000 per coin for a third straight day Wednesday morning, according to Upbit, one of the leading cryptocurrency exchanges here operated by local financial technology firm Dunamu. After the digital coin reached a recent high of $19,850 on Dec. 1,
Dec. 16, 2020
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Naver, Kakao excluded from toughened watch list of financial conglomerates
Financial authorities on Wednesday ruled out Big Tech firms Naver and Kakao as subjects to one of the “three fair economy bills,” designed to rein in dominance of conglomerates and add transparency to corporate governance here. “At the moment, Kakao and Naver do not meet the standards,” Financial Services Commission Vice Chairman Doh Kyu-sang said in a briefing of related ministries for the revised bills. Companies with two or more financial units and total assets of
Dec. 16, 2020
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Seoul stocks hit fresh record high on US stimulus hopes
Seoul stocks hit fresh record high on US stimulus hopes South Korean stocks snapped their two-day losing streak to end at a fresh record high Wednesday, backed by optimism over the US stimulus talks and positive reports related to US biotech company Moderna's COVID-19 vaccine candidate. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.97 points, or 0.54 percent, to close at 2,771.79.Trading volume was high at about 1.1 billion shares wo
Dec. 16, 2020
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Stock investment loans surge as Kospi hits new high
The Kospi hit a new all-time high on Wednesday on growing hopes over US stimulus talks and reports on vaccine candidates, closing at 2,771.79. The tech-heavy Kosdaq also rose to 939.65, marking its highest level in nearly 19 years. Amid the continued stock market rally, the total amount of loans taken out for stock investments by individuals in South Korea has exceeded 19 trillion won ($17.37 billion) for the first time, market data showed. After crossing the 19 trillion-won mark Monday, the
Dec. 16, 2020
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Pandemic is negatively affecting overseas property fund: FSC
The market watchdog Financial Supervisory Service said Wednesday the novel coronavirus outbreak has been posing a negative impact to the country’s real estate funds that invest in overseas properties. A real estate fund is an investment vehicle designed to pool money from both individual and institutional investors to trade in properties. To profit, the funds usually either purchase commercial real estate for lease or provide loans to companies working on infrastructure and industri
Dec. 16, 2020
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Seoul stocks open higher on US stock gains
South Korean stocks opened higher Wednesday after overnight Wall Street gains, as investors pinned their hopes on a US stimulus deal. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.31 points, or 0.52 percent, to 2,771.13 in the first 15 minutes of trading. The KOSPI rebounded after a two-session retreat, despite the country's surging COVID-19 cases. Stocks increased on rosy expectations of a Santa rally, in addition to anticipations that the world's largest economy would ha
Dec. 16, 2020
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MSCI advanced index listing key to attracting foreign capital: expert
An extra 60 trillion won ($54.91 billion) worth of foreign funds could flow into the South Korean stock market if the nation joins the Morgan Stanley Capital Investment Advanced Market Index, a market expert suggested Tuesday. Korea, the world’s 10th-largest exporter, ranked No. 9 in terms of stock market capitalization, making it a candidate for the MSCI list of developed markets, said Lee Hyo-seob, a senior research fellow at the Korea Capital Market Institute, at a forum co-hosted by
Dec. 15, 2020
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Seoul stocks down for 2nd day on profit-taking
South Korean stocks slumped for the second consecutive session Tuesday, as investors sought to cash in part of recent gains amid spiking virus cases. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.38 points, or 0.19 percent, to close at 2,756.82, with construction and bio sectors having led the KOSPI's retreat. Trading volume was moderate at about 1.1 billion shares worth some 15.3 trillion won ($14.5 billion), with gainers outnumberin
Dec. 15, 2020
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Housing affordability at worst level on record
The Korea-housing affordability index, or K-HAI, which measures median household income relative to the income needed to buy a median-priced house, in Seoul reached a record high in 11 years in the July-October period this year. The index increased 1.7 points from the previous quarter to 144.5—the highest since the figure came to 150.8 in the fourth quarter of 2009. A value of 100 means that a family would have to put 25 percent of their income toward paying off the mortgage. A higher r
Dec. 15, 2020
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S. Korea's money supply gains at faster pace in October
South Korea's money supply continued to grow quickly in October on increased loans to households and firms amid the coronavirus pandemic, central bank data showed Tuesday. The country's M2 stood at 3,150.5 trillion won ($2.87 trillion) as of end-October, up 1.1 percent, or 34.7 trillion won, from September, according to preliminary data by the Bank of Korea (BOK). October's gain marked the second-highest monthly growth since May this year, when M2 grew by 35.4 trillion won, according to the B
Dec. 15, 2020
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Seoul stocks open lower amid lockdown concerns
South Korean shares opened lower Tuesday tracking overnight Wall Street gains, as lockdown concerns in major economies offset optimism over the emergency launch of Pfizer's coronavirus vaccinations in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.22 points, or 0.48 percent, to 2,748.98 in the first 15 minutes of trading. Local large caps dipped on foreign and institutional selling, as well as on aggravating the pandemic toll in the US, Europe and Asia. So
Dec. 15, 2020
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Citibank to pay partial compensation in KIKO derivative dispute
Citibank Korea on Monday said it would pay partial indemnities to local businesses that signed currency-linked derivatives sold by the bank more than a decade ago. The decision was made during a board meeting held in an apparent response to the financial watchdog’s arbitrary recommendation last year to compensate the firms that had faced losses from KIKO -- or “knock-in, knock-out” -- contracts. “Citibank Korea has been reviewing compensation for firms that have been
Dec. 14, 2020
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FSC chief says too early to discuss expanding access to short-selling
South Korea’s top financial regulator said Monday it is premature to discuss plans on opening individual investors‘ access to short-selling activities of Korean shares, stressing the danger of small investors taking potentially massive risks. “Considering potential financial damage from short-selling, I personally hope ordinary retail investors don’t participate in it,” said the FSC Chairman Eun Sung-soo during a press conference held online due to the COVID-19 r
Dec. 14, 2020
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UK becomes biggest net buyer in S. Korean stock market in Nov.
Investors from the UK became the biggest net buyers in the South Korean stock market, as they bought shares worth 2.2 trillion won ($2.02 billion) in November, which accounted for nearly 36 percent of stocks purchased by foreign investors in the month, according to data Monday. The data from the nation’s watchdog Financial Supervisory Service showed that foreign investors net purchased shares worth some 6.1 trillion won in November, the highest monthly purchase since September 2013, whe
Dec. 14, 2020
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Seoul stocks slump amid spiking COVID-19 cases
South Korean stocks finished lower Monday as investors remained wary of the country's spiking new coronavirus outbreaks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 7.86 points, or 0.28 percent, to close at 2,762.2 points. Trading volume was moderate at about 1.1 billion shares worth some 16.8 trillion won ($15.4 billion), with losers outnumbering gainers 577 to 276. Foreigners sold a net 360 billion won, while retail investors
Dec. 14, 2020
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Retail investors rush to buy soaring Samsung Electronics shares
South Korean retail investors last week injected over 1.2 trillion won ($1.1 billion) to buy Samsung Electronics shares that touched the 70,000 won mark for the first time earlier this month, data showed Monday. During the five trading sessions, small domestic investors scooped up nearly 1.26 trillion won of the blue chip shares, while foreign and institutional investors offloaded a net 1.07 trillion won and 286.4 billion won worth of the shares, respectively, according to the Korea Exchange da
Dec. 14, 2020