Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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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
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Late Samsung chief's stock value tops W20tr
The stock value of Lee Kun-hee, the late chief of South Korea's top conglomerate Samsung Group, has surpassed the 20 trillion won mark for the first time thanks largely to a surge in shares of tech giant Samsung Electronics Co., data showed Tuesday. The value of stocks held by Lee, who died on Oct. 25 after being bedridden following a heart attack in 2014, totaled 20.08 trillion won ($18.1 billion) as of Monday, according to the data from market researcher Chaebol.com. It was up about 14 perce
Nov. 17, 2020
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Korean flag carriers eye tie-up as policy lender backs W1.8tr deal
South Korea’s two flag carriers Korean Air Lines and Asiana Airlines are anticipating a tie-up, as the nation’s policy lender Korea Development Bank vowed to finance the 1.8 trillion won ($1.62 billion) megadeal. Announcing a plan to help Korean Air Lines acquire a majority stake in its longtime rival, KDB said Monday that the merger is indispensable in keeping the nation’s struggling aviation industry afloat. “The new integrated Korean flag carrier will rise to one of
Nov. 16, 2020
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Seoul stocks hit almost 3-year high on chip rally, vaccine hopes
South Korean stocks surged to a nearly three-year high Monday despite the spreading coronavirus woes, buoyed by a rally in chipmakers and vaccine hopes that fueled investor appetite for risky assets. The Korean won rose to the highest in nearly two years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 49.16 points, or 1.97 percent, to close at 2,543.03. The reading marks the highest closing since 2,568.54 points on Feb. 1, 2018. Trading volume was high at a
Nov. 16, 2020
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Korea to roll out plans to stabilize soaring rents after long deliberation
After a series of meetings among ministers and high-ranking officials earlier this month, the South Korean government is expected to roll out another package of measures to address issues linked to the soaring cost of housing offered through “jeonse” contracts. Jeonse is a two-year housing rental agreement that involves a large lump-sum deposit in lieu of monthly rent. The new measures are expected to include supplying more than 100,000 subsidized homes for low- and middle-incom
Nov. 16, 2020
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Foreign buying spree pushes Kospi above 2,540, to highest point in 33 months
South Korea’s main bourse Kospi, crossed the 2,540-point mark Monday for the first time in nearly 33 months, amid net buying on a massive scale by foreign investors, according to market operator the Korea Exchange. The nation’s benchmark began trading at 2,507.46, up 13.59 points or 0.54 percent from the previous session’s close. It sustained an uptrend to close at 2,543.03, extending its winning streak for a third consecutive session. The index had not surpassed the 2,500-po
Nov. 16, 2020