Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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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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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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North Korea fires several short-range ballistic missiles into sea: JCS
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Samsung, SK hynix investors dump shares on Nvidia crash
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Seoul stocks sink over 1.5% on profit-taking
South Korean shares dropped more than 1.5 percent Monday after hitting an all-time high the previous session as investors attempted to cash in gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 42.11 points, or 1.6 percent, to close at 2,591.34. Trading volume was high at about 1.28 billion shares worth some 20.4 trillion won ($18.4 billion), with losers outnumbering gainers 511 to 331. Foreigners sold a net 2.4 trillion won, while
Nov. 30, 2020
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Korean Air to sell Incheon yacht marina
Korean Air Lines is inching closer to selling its yacht marina operation in Incheon to a new Korean buyer for roughly 130 billion won ($117 million). The investor group of Consus Asset Management and Mirae Asset Daewoo said Monday it has signed a memorandum of understanding as a preferred bidder to buy 100 percent stake in Wangsan Leisure Development, operator of Wangsan Marina, which is wholly controlled by the nation’s No. 1 flag carrier. Wangsan Marina was built in 2016. Part of the
Nov. 30, 2020
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Percentage of 50,000 won notes returned to central bank falls to all-time low
South Korea’s central bank said Monday that the percentage of 50,000 won ($45.26) notes returned to the bank plummeted to a record low due to sentiment surrounding the COVID-19 pandemic. The return rate fell to 25.4 percent for the first 10 months of this year, the lowest level since the notes began circulating in June 2009 and 39.4 percentage points lower than for the same period last year, the Bank of Korea said in a report. The BOK issued 21.9 trillion won worth of 50,000 won notes
Nov. 30, 2020
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Warren Buffett’s favorite market indicator suggests Korean stocks may be overvalued
While South Korea’s benchmark index hit an all-time record of 2,633.45 on Friday, a global market gauge also reached a new high, suggesting the country’s stock market may be overvalued. The Buffett indicator -- US investor Warren Buffett’s preferred market indicator -- marked 112.7 percent as of Friday, according to data from the Bank of Korea and Korea Exchange on Monday. The indicator is calculated by dividing combined listed stocks’ market capitalization by the coun
Nov. 30, 2020
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Correction to the report titled ‘Gen2 Partners fund freeze headache for Korean brokerages, banks’
In the report titled “Gen2 Partners fund freeze headache for Korean brokerages, banks” dated Aug. 11, 2020, we stated that South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later, and investors who bought a normal fund, which is KS Korea Credit Fund or CM Credit Fund, are not able to withdraw money on the deadline because of leveraged
Nov. 30, 2020
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Seoul stocks open nearly flat amid virus surge
South Korean stocks opened almost flat Monday after the benchmark index set a fresh record high the previous session amid a resurgence of COVID-19 cases. The Korea Composite Stock Price Index (KOSPI) rose 1.05 points, or 0.04 percent, to 2,634.5 in the first 15 minutes of trading. Stocks got off to a muted start as a recent surge in infections dampened investor hopes for a faster-than-expected economic recovery amid global development of new COVID-19 vaccines. Investors are also tempted to lo
Nov. 30, 2020
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[Global Finance Awards] Hana Bank leads digital finance ties among global industries
Hana Bank, a major South Korean lender, has been fostering cross-border connections with overseas firms and gearing up to take its online payment platform global. The firm’s holding group Hana Financial Group hosted a consortium of its Global Loyalty Network platform on Nov. 24, attended by 100 officials from 30 global banking groups, distributors and other financial institutions from 10 nations including China, Japan, Thailand, Russia, the US and the UK. The aim of the GLN is to bec
Nov. 29, 2020
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[Global Finance Awards] Woori Bank integrates ESG values with finance
Woori Bank has been upholding environmental, social and governance values through issuance of ESG bonds and supporting green projects here. The lender won the Prime Minister Awards at the 2020 Global Green Management Excellence Awards co-hosted by Ministry of Environment and the Ministry of Trade, Industry and Energy. The award was created in 2006 to shed light on those that contribute to state-planned green projects. Woori’s issuance of sustainable bonds and financial support for rene
Nov. 29, 2020
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[Global Finance Awards] Mirae Asset Global shines with high returns from local, overseas investments
Mirae Asset Global Investments, South Korea’s leading asset management firm, has a long track record both in and out the country. Especially during the volatile market amid the spread of COVID-19 around the globe this year, the firm’s performance has shone, as it newly launched or operated funds with high returns. By using a balanced portfolio strategy, its funds listed on Korea’s benchmark Kospi, and on the Nasdaq market in the US, outperformed by mainly investing in sectors
Nov. 29, 2020
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[Global Finance Awards] NH NongHyup takes key role in supporting virus-hit communities
As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year. So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here. The lender has put more money than any othe
Nov. 29, 2020
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[Global Finance Awards] Financial industry should lead inclusive growth
Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding its fourth Global Finance Awards. The annual awards recognize individuals and companies that have blazed new trails in the global market by providing innovative, convenient financial services in spite of tight regulations and other challenging environments. These successful business models and achievements should be encouraged a
Nov. 29, 2020
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[Global Finance Awards] Hyundai Card aims to become data-driven company
Hyundai Card, one of South Korea’s leading credit card companies, has been beefing up its abilities to analyze consumer data, such as where consumers use credit cards and what items they buy, to better understand customer habits. These efforts are aimed at offering tailored services and products to meet differing customers’ needs. “Hyundai Card has established a curation system that defines data and cleanses unnecessary data, so that data of diversified nature may be systemat
Nov. 29, 2020
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[Global Finance Awards] Korea Investment and Securities supports young dream
Under the slogan, “Sharing Happiness, Sharing Love,” Korea Investment & Securities has been taking a part in social contribution activities. The brokerage firm has been running a series of projects to support young members of underprivileged households to help them pursue their dreams. As part of its project, the KIS visited Seoul Metropolitan Police Agency on Wednesday and donated 100 million won ($90,000) to support children from families who fell victim to crime. The donati
Nov. 29, 2020
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[Global Finance Awards] Kakao Bank accelerates transition of online retail banking services
Kakao Bank, South Korea’s biggest online bank, has been reshaping the banking industry here with its mobile banking services that attracted younger customers. The ongoing coronavirus crisis has also been accelerating the offline-to-online transition, giving the online-only bank a timely chance to expand its user base in other age groups, including senior citizens. “Kakao Bank has secured the half of the nation’s population as customers with its mobile services, offering new
Nov. 29, 2020
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[Global Finance Awards] Amid pandemic, Mirae Asset Daewoo expands global footprint
South Korean securities brokerage firm Mirae Asset Daewoo is expanding its global footprint as it revs up localization efforts, while its overseas business operations are setting new highs in terms of net income despite the COVID-19 pandemic. Mirae Asset Daewoo operates 11 foreign corporations and three offices, according to its latest financial statement. In the first three quarters of 2020, Mirae Asset Daewoo logged a combined 174.1 billion won ($157.4 million) net profit before taxes, top
Nov. 29, 2020
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Cryptocurrency experts still hopeful despite sharp drop in values last week
Cryptocurrency bitcoin plunged Thursday night after a weekslong rally, while other crypto coins also posted double-digit percentage declines. The precipitous fall raised the alarm about aother epic bust, like the one three years ago. The bitcoin price slid as much as 12.25 percent to $16,374, before settling at $17,226, down 7.69 percent, according to Dunamu, operator of local cryptocurrency exchange Upbit. The price of bitcoin soared near a record high of $19,511 in the early Thursday tradi
Nov. 29, 2020
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Household savings will likely hit highest level since 1999: BOK
South Korea is likely to see its household savings reach their highest level in more than two decades, as the prolonged COVID-19 pandemic has driven people away from consumption and investment, central bank data showed Sunday. A high level of savings may be seen as a positive economic indicator, but may also be cause for alarm over sluggish consumption and negative market sentiment. Through its monthly research statistics report, the Bank of Korea suggested that the country’s househol
Nov. 29, 2020
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As stock market logs new records in November, investors eye year-end rally
While South Korea’s main bourse has been hitting all-time highs, the country’s stock market also set records in November on the back of an extended buying spree y foreign investors’ Following this month’s rally, both market watchers and investors are keeping a close watch on whether the market will sustain its momentum throughout the year. According to the nation’s sole bourse operator, the Korea Exchange, Sunday, the benchmark Kospi on Friday closed at 2,633.45, u
Nov. 29, 2020
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Number of Seoul apartments bought by under-30s doubles
The number of apartments in Seoul purchased by South Koreans below the age of 30 more than doubled on-year in the first 10 months of this year, data from the Korea Appraisal Board showed Sunday. Though Seoul apartment transactions for people in all age groups increased noticeably in the same period, those in their teens and 20s bought 29,287 new homes in the January-October period, compared with 14,809 homes last year, data showed. People under 30 bought some 40 percent of all apartments purc
Nov. 29, 2020
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Overdraft accounts surge on fear of stricter lending rules
The number of South Koreans that flocked to banks to open new overdraft accounts surged in recent days, following the financial authorities’ announcement to tighten lending rules in a bid to curb the nation’s growing household debt, industry data showed Sunday. The five major banks here -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- saw their customers open a combined average of roughly 5,500 accounts daily in days following Nov. 20. The figure stood at 6,324 on Nov. 20 and
Nov. 29, 2020