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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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
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S. Korea to cut maximum legal lending rate to 20% next year
South Korea’s government and the ruling Democratic Party of Korea have decided to lower the maximum legal lending rate to 20 percent from the current 24 percent starting next year to ease financial burdens on beleaguered debtors, the nation’s top financial regulator said Monday. Through the rate cut, nearly 87 percent or 2.08 million of 2.39 million borrowers across the country -- being charged with 20 percent interest rate per annum or more -- are expected to see their debt shrin
Nov. 16, 2020
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Seoul stocks open sharply higher on chip, auto gains
South Korean stocks opened sharply higher Monday on strong advances by chip and auto heavyweights, despite concerns over the spreading coronavirus pandemic in the global markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.86 points, or 0.88 percent, to 2,515.73 in the first 15 minutes of trading. Investor sentiment remained strong in the wake of the vaccine rally that elevated the KOSPI to an over 2-year high and the S&P 500 to a pre-pandemic high. The strong local c
Nov. 16, 2020
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S. Korean investors bet on electric vehicle stocks
Since the election of Joe Biden as the US president earlier this month, South Korean investors have rushed to purchase stocks of electric vehicle producers in the US that are expected to gather momentum during the new presidency, data showed Sunday. From Nov. 9 to 13, after Biden’s victory started becoming clear, domestic investors bought a combined $96.63 million worth of stocks for electric vehicle makers, including Xpeng Motors and Tesla. Among the EV companies and other US stocks i
Nov. 15, 2020
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Shinhan Bank partners with Microsoft to develop R&D platform
Shinhan Bank said Sunday said it would collaborate with Microsoft Korea in building and operating its new research and development platform. On Friday, the two companies signed a strategic partnership for Shinhan’s Expace -- a combination of “experience” and “space” -- which will allow the bank’s digital team to work with fintech companies, startups and other innovative firms to develop and test cutting-edge financial services and technology. Expace’s
Nov. 15, 2020
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Shinhan presses ahead with zero-carbon drive
South Korea’s financial behemoth Shinhan Financial Group has pledged to promote carbon neutrality in Korea and the rest of East Asia by adopting environmentally friendly standards for its investment portfolios and intra-group management. By announcing its “zero carbon drive,” at a board meeting for social responsibility on Friday in Seoul, the nation’s No.1 banking group by total assets vowed to adopt eco-friendly lending and investment rules for firms and industries res
Nov. 15, 2020
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Mirae Asset Daewoo listed on DJSI for 9th consecutive year
Korean brokerage firm Mirae Asset Daewoo has been included in the Dow Jones Sustainability World Index for the ninth consecutive year in recognition of its sustainable efforts for environmental, social and governance, or ESG, causes, the company said Sunday. The Dow Jones Sustainability World Index, the longest-running global sustainability benchmark, provides information about companies’ sustainable business practices as reflected in their investment portfolios. Launched in 1999, it curr
Nov. 15, 2020
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KRX, S&P DJI develop carbon efficiency green new deal index
South Korea’s sole bourse operator Korea Exchange and S&P Dow Jones Indices are set to launch a new index Monday that gauges the contributions of companies in reducing carbon emissions in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of its economic stimulus package, the officials said Sunday. The KRX/S&P Carbon Efficiency Green New Deal Index aims to persuade local companies to put greater effort into cutting carb
Nov. 15, 2020
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Korean institutional investors turn to fast-growing private debt market
Despite the pandemic increasing the risk of doing so, institutional investors in South Korea said they would venture into unfamiliar nonbank financing bets, such as private debt funds. Representatives of Korean investors said last week at PDI Seoul Forum Virtual Experience 2020 that they are developing an eye for suitable external partners dedicated to private debt fund management, as this particular asset class has become a more reliable source of income than traditional assets like stocks, wh
Nov. 15, 2020
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Seoul stocks rebound on chip rally despite global virus resurgence
South Korean stocks closed at a nearly two-year high Friday on advances in chipmakers, backed by massive foreign buying amid the resurgence of the new coronavirus around the globe. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.74 percent, to close at 2,493.87 points. Trading volume was high at about 1.1 billion shares worth some 16.8 trillion won ($15.1 billion), with losers outnumbering gainers 530 to 299. "Tod
Nov. 13, 2020
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Hanwha Life’s Q3 operating profit jumps 134.6%
Hanwha Life Insurance‘s third-quarter operating income surged by 134.6 percent on-year to 206.9 billion won ($185.5 million), mainly due to a lower loss ratio, the company said Friday. An increase in sales of Hanwha Life‘s guaranteed products has reduced its ratio of insurance claims to premiums, officials said. The company’s third-quarter earnings was also driven by a decline in the insurer’s reserves set up to cover claims of variable life insurance products,
Nov. 13, 2020
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Asiana Airlines stocks rally on possible takeover by Hanjin Group
Stocks of Asiana Airlines’s key affiliates sharply rose Friday following news report saying Korea’s Hanjin Group, parent of the nation’s largest airline Korean Air Lines Co Ltd, is in talks with the state-run Korea Development Bank to acquire the cash-strapped airline. Shares of Asiana Airlines, the country’s No. 2 carrier, rose by 19.1 percent to 4,745 won ($4.25) in the early morning trading session, while its low-cost carrier unit Air Busan jumped 16.1 percent t
Nov. 13, 2020
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Seoul stocks open a tad higher on chip gains amid concerns over COVID-19
South Korean stocks opened a tad higher Friday on chip gains, despite concerns over the spread of the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.31 points, or 0.13 percent, to 2,478.93 in the first 15 minutes of trading. Stocks traded choppy, with investors paying keen attention to the COVID-19 circumstances in global financial markets, particularly in the United States. Federal Reserve Chair Jerome Powell said the world's largest economy is on
Nov. 13, 2020
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Seoul stocks snap 8-day winning streak on lockdown concerns
South Korean shares snapped an 8-session winning streak Thursday, as growing lockdown concerns in major economies sapped investor sentiment. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) fell 10.25 points, or 0.41 percent, to close at 2,475.62. Trading volume was high at about 1.3 billion shares worth some 15.7 trillion won ($14.1 billion), with gainers outnumbering losers 443 to 402. Foreigners bought a net 490 bill
Nov. 12, 2020
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Kasa Korea unveils first investment property in Seoul
Kasa Korea, a real estate investment platform operator, on Thursday unveiled the first property to be listed on its platform, offering retail investors relatively easy entry into the property investment market in the form of small-sum securities. The corresponding property is Yeoksam London Vill, a recently built eight-story commercial property located in Seoul’s Gangnam-gu. The building is currently occupied entirely by PCA Korea, the domestic branch of US-based private school Provid
Nov. 12, 2020
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Chicken franchise Kyochon joins Kospi
Kyochon F&B, South Korea’s largest fried chicken franchise operator, made a market debut on the nation’s main bourse Kospi on Thursday, with its shares hitting the upper price limit of 29.98 percent at the closing bell. With the opening price set at 23,850 won ($21.40) per share, Kyochon F&B started off at 93.9 percent higher from its offering price of 12,300 won per share. The firm’s stock plunged by 14.68 percent to 20,350 won per share within five minutes of tradi
Nov. 12, 2020