Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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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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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Upbit Developer Conference discusses future of blockchain, CBDC
Riding momentum recently created in the blockchain and cryptocurrency industries, cryptocoin exchange operator Dunamu held a five-day conference for domestic and global blockchain developers last week to discuss the future of the industry as central banks around the globe experiment with digital money. Due to the global pandemic, the third annual Upbit Developer Conference was organized as a free online event, broadcasting a series of sessions from Nov. 30 to Friday, but still drew over 3,000
Dec. 6, 2020
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Seoul shares likely to move in tight range next week
South Korean stocks are likely to move in a tight range next week after a continued rally this week as investors take a breather. Despite a surge in new daily COVID-19 cases, the Korea Composite Stock Price Index (KOSPI) closed at an all-time high of 2,633.45 points Friday, up 3.72 percent from a week ago. The KOSPI exceed the 2,700-point mark for the first time Friday on extended foreign buying, buoyed by vaccine hopes and expectations of better earnings for exporters, particularly the chipma
Dec. 5, 2020
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Hyundai Card’s Dive culture app bags top mobile award
South Korean credit card issuer Hyundai Card announced Friday that Dive, Hyundai Card’s culture app, had won a high-profile app award two years in a row. Hosted by the Korea Internet Professionals Association, a nonprofit body that supports the local internet industry, the Smart App Award is one of the most prestigious contests for apps developed by local companies and government agencies. Its annual awards go to the best smartphone apps in six categories -- visual design, user interfa
Dec. 4, 2020
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Kospi tops 2,700-point mark for the first time on foreign buying
South Korea’s main bourse, Kospi, topped the 2,700-point mark for the first time on Friday with a continued rally by giant chipmakers. The local currency’s value against the US greenback also rose further after reaching its highest point in 30 months a day earlier. As soon as trading began, the Kospi surpassed its previous record of 2,696.22 set a day earlier and soared to 2,705.34, up 9.12 points or 0.34 percent. Buoyed by foreign investors’ buying binge to the tune of 766.6
Dec. 4, 2020
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S. Korea's currency again touches 30-month high on US stimulus talks
South Korea's currency rose to a fresh 30-month high against the US dollar on Friday, propelled by signs of progress in US stimulus talks and the development of coronavirus vaccines. The won closed at 1,082.10 won per US dollar, sharply up 14.9 won from the previous session's close. It marked the strongest level since June 14, 2018, when the won closed at 1,083.10 won per US dollar. The won's rally was encouraged by prospects over a big US economic stimulus measure and breakthroughs in COVID-
Dec. 4, 2020
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Seoul stocks open higher on chip gains
South Korean stocks opened higher Friday on a continued rally by giant chipmakers, after the benchmark index closed at an all-time high the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.61 points, or 0.91 percent, to 2,720.83 in the first 15 minutes of trading. Tech, financial and steel related shares performed strongly, backed by expectations that early COVID-19 vaccine development may quicken the export-intensive economy. Overnight, the Dow Jones Indust
Dec. 4, 2020
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Seoul stocks finish record-high again on chip, auto gains; Korean won soars
South Korean stocks set another all-time high Thursday despite a resurgence in new coronavirus cases, led by strong advances by chip and auto heavyweights. The Korean won sharply rose to an almost 30-month high against the US greenback. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.32 points, or 0.76 percent, to close at 2,696.22. Stock trading hours were pushed back by 1 hour due to the nationwide college entrance exam. Trading volume was moderate at about 810 million shar
Dec. 3, 2020
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Fiscal chief reiterates drive to nurture chips, biotech, fuel cell vehicles
Finance Minister Hong Nam-ki on Thursday reiterated his call to foster the non-memory semiconductor, fuel cell vehicle, and bio-health industries to create new growth in the post-coronavirus era. Presiding over a meeting with ministers for economic affairs in Seoul, Hong discussed strategies to nurture the so-called “big three” sectors and lead the global digitalization, among others. “The government and private sector should join forces to revitalize the coronavirus-hit econ
Dec. 3, 2020
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Kospi rally continues as Samsung Electronics shares hit W70,000 mark
South Korea’s main bourse Kospi continued its bullish run on Thursday with shares of market bellwether Samsung Electronics touching the 70,000-won mark during the intraday trading. Kospi started off at 2,686.38, up 10.48 points, or 0.39 percent, from the previous session’s close. Buttressed by both retail investors and foreigners’ buying spree, the index set an all-time high record of 2,696.22, at the closing bell, breaking the previous record high of 2,675.90 set a day earlie
Dec. 3, 2020
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K bank brings lending business back on track
South Korea‘s first mobile-only lender K bank has secured some 650,000 new users over the past five months as it showed signs of business normalization after it resumed its lending business in July, the company said Thursday. The news brought K bank’s accumulated number of bank accounts to over 2 million as of Wednesday, according to the company, which was founded in 2017. From July to November, K bank is estimated to have attracted an average of 130,000 new users each month,
Dec. 3, 2020
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Scandal-ridden hedge fund asset transfer begins as regulator revokes license
The transfer of assets associated with scandal-ridden Seoul-based hedge fund manager Lime Asset Management began Thursday as South Korea’s financial regulator scrapped its license to operate in Korea the day before. In a long-awaited move, the bridge institution WellBridge Asset Management is expected to take over all 215 Lime funds to speed up the process of minimizing losses of the assets – most of which are believed to be nearly insolvent -- a key move to mitigate the financial d
Dec. 3, 2020
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US stimulus talks, vaccines boost Korea's currency to 30-month high
South Korea's won currency surged to a 30-month high against the US dollar Thursday and broke a key psychological level, buoyed by optimism over US stimulus talks and developments of coronavirus vaccines. The won was quoted at 1,097.00 won per US dollar at Thursday's closing, up 3.8 won from the previous session's close. It was the strongest level since June 14, 2018, when the risk-sensitive currency closed at 1,083.10 won against the US dollar. The won also broke the key psychological leve
Dec. 3, 2020
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Seoul stocks open nearly flat on valuation pressure
South Korean stocks opened nearly flat Thursday on valuation pressure, after the benchmark index closed at an all-time high the previous session despite the new coronavirus concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.45 point, or 0.02 percent, to 2,676.35 in the first 15 minutes of trading. Stocks traded choppy, with strong advances by chipmakers offset by institutional and foreign selling. Overnight, the Dow Jones Industrial Average edged up 0.2 percent to 29,8
Dec. 3, 2020
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Pandemic pushes major banks to offer early retirement
South Korea’s major banks have been asking employees to accept early retirement to cut costs amid the prolonged coronavirus pandemic, industry sources said Wednesday. More than 1,700 employees at the nation’s five major commercial banks here -- Woori, Hana, Shinhan, KB Kookmin, NH NongHyup -- were offered early retirement between the end of December last year and early this year, industry data showed. To cope with financial setbacks stemming from the pandemic, local banks ar
Dec. 2, 2020
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Seoul stocks set another record high; Korean won surges
South Korean stocks hit another all-time high Wednesday for the second consecutive session on the back of optimism surrounding COVID-19 vaccines and US stimulus. The Korean won sharply rose to an over 29-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 41.65 points, or 1.58 percent, to close at 2,675.9. Trading volume was high at 1.05 billion shares worth around 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 475 to 353. Forei
Dec. 2, 2020
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Kospi rises 10th-sharpest among G-20 bourses in November
South Korea’s main bourse, Kospi, kept pace with the rallies of major stock markets in Group of 20 economies in November amid hopes of a global economic recovery and new coronavirus vaccine developments, data showed Wednesday. The Kospi index soared 14.3 percent through November, breaking the previous monthly increase record of 13.52 percent set in April 2009, according to data compiled by Bloomberg. This was the 10th-largest increase out of the 20 market indexes representing G-20 nations
Dec. 2, 2020
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Kakao Bank pre-IPO cost Korea Investment W142b
Korea Investment & Securities board agreed to pay 142 billion won ($128.9 million) to its wholly owned subsidiary Korea Investment Value Asset Management, as Kakao Bank moves on to raise nearly a combined 1 trillion won by year-end before an initial public offering poised to take place next year, filings showed Wednesday. KIVAM is currently the second-largest shareholder of Kakao Bank after internet giant Kakao. KIVAM‘s proceeds will be used to buy 6 million newly issued common shar
Dec. 2, 2020
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street amid optimism surrounding the possible availability of COVID-19 vaccines. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.16 points, or 0.92 percent, to 2,658.41 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average closed 0.63 percent higher, while the tech-heavy Nasdaq composite rose 1.28 percent, boosted by vaccine hopes. Pfizer with BioNTech and Moderna applied fo
Dec. 2, 2020
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S. Korea's stock price gain in Nov. ranks 10th among G-20
South Korea's stock prices rose at the 10th-fastest pace among the Group of 20 (G-20) nations with major economies posting double-digit surges, data showed Wednesday. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.30 percent in November from the prior month, outpacing the previous record monthly increase of 13.52 percent recorded in April 2009. It was the 10th highest hike among the G-20 economies and outperformed their average 14.1 percent expansion. All G-20 members saw
Dec. 2, 2020
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Mirae Asset wins lawsuit over $5.8b US hotel deal
Mirae Asset Global Investments, one of South Korea’s largest asset management firms, said Tuesday that it won a US court case against Chinese insurer Anbang Insurance Group over legal disputes involving a $5.8 billion deal to acquire luxury hotels. The Delaware Court of Chancery rejected Anbang’s demand of Mirae Asset to pay off the rest of the deal, and ordered the Chinese insurer to return $580 million it received from the South Korean company as a deposit of the deal, with inte
Dec. 1, 2020