Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened slightly higher Friday, taking a cue from overnight Wall Street tech gains despite an increase in the new coronavirus cases. The benchmark Korea Composite Stock Price Index rose 2.9 points, or 0.11 percent, to 2,550.32 in the first 15 minutes of trading. Stocks started off with a mild gain after the index hit a nearly three-year high the previous session. Overnight, the tech-heavy Nasdaq composite gained 0.87 percent, with the Dow Jones Industrial Average edging u
Nov. 20, 2020
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KDB says PEF-led injunction could halt KAL-Asiana merger
Top officials of the state-run lender Korea Development Bank said Thursday that the proposed merger of South Korea’s two flag carriers, Korean Air Lines and Asiana Airlines -- largely orchestrated by the creditor of the two -- may be scrapped if the court grants an injunction grinding the blockbuster deal to a halt. If the injunction is granted, the state lender has no choice but to go back to square one and pursue a plan that could cost it 5.4 trillion won ($4.8 billion) by 2027 to keep
Nov. 19, 2020
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FSC looks to increase retail investors’ chance for IPO allotment
South Korea’s financial regulator, the Financial Services Commission, is looking to invite a wider range of retail investors to get access to shares offered when a company goes public on the Korean stock market. The key to the new measure is encouraging Korean underwriters of the initial public offering -- eligible for securities brokerage firms -- to allocate at least 10 percent of stocks potentially to any retail participant, regardless of how many bids retail investors place when subsc
Nov. 19, 2020
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Toss to launch brokerage unit next year, targeting 20s, 30s
South Korea’s leading fintech startup Viva Republica is set to launch a mobile brokerage unit in the first half of next year as it received operational approval from the financial regulator. Named Toss Securities, the envisioned brokerage is the first local securities firm to be set up in 12 years. IBK Securities and KTB Investment & Securities were so far the last two that jumped into the market in 2008. Toss Securities aims to offer brokerage services for the local stocks first th
Nov. 19, 2020
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Seoul stocks continue climb on battery gains despite virus concerns
South Korean stocks continued to build up gains Thursday after hitting a nearly three-year high the previous session, as battery makers remained in positive terrain amid concerns of surging COVID-19 cases. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.78 points, or 0.07 percent, to close at 2,547.42, the highest since Feb. 1, 2018. Trading volume was moderate at about 961 million shares worth some 12.3 trillion won ($11
Nov. 19, 2020
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Seoul stocks open lower on valuation pressure, virus concerns
South Korean stocks opened lower Thursday after hitting a nearly three-year high the previous session, as valuation pressure and concerns of surging COVID-19 cases offset vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 12.41 points, or 0.49 percent, to 2,533.23 in the first 15 minutes of trading. Stocks fell after hitting a 33-month high in the previous session. Investor wariness increased on valuation pressure and rising coronavirus cases. Market kingpin Samsung
Nov. 19, 2020
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Seoul stocks hit nearly 3-year high; Korean won at 29-month high
South Korean shares hit the highest in 33 months Wednesday on a rally in bio stocks amid concerns over a flare-up of new coronavirus outbreaks. The Korean won surged to a 29-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.49 points, or 0.26 percent, to close at 2,545.64. The reading marks the highest closing since 2,568.54 points on Feb. 1, 2018. Trading volume was moderate at about 911 million shares worth some 13.3 trillion won ($12 billion),
Nov. 18, 2020
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FSC, BOK feud over e-payment settlement supervisory power
The financial regulator’s latest move to introduce regulations on the payment settlement system is facing a backlash from the industry, and especially the central bank. The trigger was the revision bill of the Electronic Financial Transactions Act, drafted by the Financial Services Commission and submitted to Rep. Youn Kwan-suk of the ruling Democratic Party of Korea, who chairs the parliamentary National Policy Committee. The bill includes e-payment business deregulations for big te
Nov. 18, 2020
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Economic recovery in Asia-Pacific region to be driven by private consumption: Morgan Stanley
Buoyed by the progress of coronavirus vaccine development and monetary easing policies, expectations are on the rise that the global economy can get itself out of the virus crisis soon. The Asia-Pacific region is predicted to post 9 percent growth in its domestic production rate in 2021, and the robust on-year growth will be driven mainly by a strong recovery in private consumption, according to an Asian branch of investment bank Morgan Stanley on Wednesday. “Private consumption could em
Nov. 18, 2020
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Shinhan Bank set to bring together finance, retail, telecom with ‘MyData’
Starting next year, financial consumers will be able to manage their banking histories, shopping patterns at beauty stores as well as cellphone data usage via a single digital platform. Shinhan Bank said Wednesday it has signed a memorandum of understanding with CJ Olive Networks, an online retail arm of CJ Group and Korean mobile carrier LG U+ in order to jointly set up a digital platform for MyData services, the bank said. MyData is a government-led business model that collect
Nov. 18, 2020
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Bitcoin price hits almost 3-year high as investors seek low-risk assets
The price of largest cryptocurrency Bitcoin reached a recent high dating back nearly three years, rising more than 4 percent within 24 hours amid investors’ rising demand for safe investments, digital currency data showed Wednesday. According to US-based cryptocurrency data provider CoinMarketCap, Bitcoin surpassed the $17,000 per bitcoin mark on Tuesday. The figure was the highest since $20,089 observed in December 2017. As of 4:30 p.m. on Wednesday here, bitcoin traded at $17,769.48,
Nov. 18, 2020
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Seoul stocks open nearly flat on virus flare-up
South Korean shares opened nearly flat Wednesday, as investors remained worried over soaring COVID-19 cases. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.16 point, or 0.01 percent, to 2,539.31 in the first 15 minutes of trading. Stocks came to a muted start despite vaccine hopes, as South Korea's new coronavirus cases hovered above 200 for the fourth day in a row Tuesday, with authorities warning that infection cases may further increase due to cluster infections in greater S
Nov. 18, 2020
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Kakao Bank to raise W250b from Anchor Equity Partners
South Korea’s mobile-only commercial lender Kakao Bank said Tuesday that it plans to raise 250 billion won ($226 million) from Hong Kong-based private equity firm Anchor Equity Partners. Under the plan approved by the board the same day, Anchor Equity Partners will complete the payment by Dec. 7 to buy 1 million new ordinary shares of Kakao Bank, as the lender plans to fetch a combined 1 trillion won by year-end before its initial public offering next year. Kakao Bank also said US inves
Nov. 17, 2020
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Banking circles grapple over new chief selection
South Korea’s banking industry on Tuesday sorted out seven candidates for the Korea Federation of Banks’ next chairmanship, set to make the final choice as early as Monday. In an apparent response to criticism that the bankers’ association is under excessive bureaucratic influence, the latest list included several figures from the private sector -- incumbent or former chiefs of commercial banks. The KFB board of directors met in a closed-door breakfast meeting early in the
Nov. 17, 2020
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KFCC boosts global ties amid COVID-19 pandemic
The Korean Federation of Community Credit Cooperatives, the nation’s leading financial cooperative, has been strengthening global cooperation with its foreign counterparts in the midst of the COVID-19 pandemic, the federation said Tuesday. Under KFCC President Park Cha-hoon’s initiative, the financial cooperative has been exchanging messages with cooperatives around the world via Facebook and Twitter to encourage each other to stay strong during the pandemic. A total of 21 foreign
Nov. 17, 2020
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KCGI criticizes Hanjin KAL chief over merger plan
South Korean activist private equity fund KCGI on Tuesday lashed out at Korean Air's plan of acquiring its rival Asiana Airlines with the policy lender’s help, claiming that the scheme is being pursued to cement Hanjin KAL chairman Cho Won-tae’s control over the air carrier. Hanjin KAL is the holding company of Hanjin Group, which owns Korean Air. “The state-run Korea Development Bank’s pledge to finance the acquisition in advance helps the Hanjin KAL chairman complete t
Nov. 17, 2020
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Late Samsung chairman’s stock value exceeds W20tr on November gains
Boosted by the recent surge in stock prices of Samsung Group affiliates, the stockholding value of late group Chairman Lee Kun-hee surpassed the 20 trillion won ($18.07 billion) mark for the first time, data showed Tuesday. According to data compiled by local corporate tracker Chaebul.com, the accumulated stock value of the late chairman came to some 20.08 trillion won as of Monday, soaring about 14 percent from some 17.62 trillion won at the end of last year. Lee died last month after six year
Nov. 17, 2020
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Seoul stocks down as investors lock in gains
South Korean shares snapped their two-day gains Tuesday after hitting a nearly three-year high the previous session, as valuation pressure offset optimism over Moderna's experimental COVID-19 vaccine. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 3.88 points, or 0.15 percent, to close at 2,539.15. Trading volume was high at about 1.2 billion shares worth around 17.5 trillion won ($15.8 billion), with losers outnumb
Nov. 17, 2020
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Pelicana-backed PEF to close W20b deal to acquire Mr. Pizza
South Korea’s private equity fund backed by fried chicken franchise Pelicana Chicken is on the verge of closing a 20 billion won ($18.1 million) acquisition deal to become the biggest shareholder of MP Group, which owns pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, a filing showed Tuesday. The deal will reach a final close once MP Group gets the green light to resume trading on the Korea Exchange’s development bourse Kosdaq in a decision affecting some 10,000 smal
Nov. 17, 2020
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Seoul stocks open flat on valuation pressure
South Korean shares opened flat Tuesday after hitting a nearly three-year high the previous session, as valuation pressure offset optimism over Moderna's experimental COVID-19 vaccine. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.1 point to 2,542.93 in the first 15 minutes of trading. Stocks traded choppy after a 1.97 percent gain the previous session. Valuation pressure, along with the unrelenting coronavirus toll, increased investor caution. Market bellwether Samsung Elec
Nov. 17, 2020