Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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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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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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At least W436b to evaporate from Optimus hedge fund scam: FSS
The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month
Nov. 11, 2020
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Kakao Bank’s IPO plan picks up speed
South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a
Nov. 11, 2020
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Ministers discuss steps to address housing crisis
Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee
Nov. 11, 2020
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Seoul stocks at over 2-year high on vaccine hopes; Korean won at nearly 2-yr high
The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion
Nov. 11, 2020
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SK’s bio, chemical units, Doosan Heavy join MSCI Korea Index
Morgan Stanley Capital International announced Wednesday that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipated by market watchers, the Geneva-based MSCI added the three, but didn’t invite the South Korean novel drugs developer Hanmi Science to the club. It also removed Amorepacific preferred, BNK
Nov. 11, 2020
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Seoul stocks open higher on vaccine hopes, export increase
South Korean shares opened higher Wednesday, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved chip exports. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.05 points, or 0.53 percent, to 2,465.88 in the first 15 minutes of trading. Stocks came to a strong start after a straight seven-day gain. Investors remained optimistic about Pfizer's COVID-19 vaccine test results, backed by positive comments by top US infectious disease speciali
Nov. 11, 2020
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Tourism, airline stocks soar on COVID vaccine breakthrough
Upon encouraging news on coronavirus vaccine testing in the US, stocks in travel, airline and retail sectors here surged, while stocks of contactless services providers and gold prices slid Tuesday. US pharmaceutical firm Pfizer announced Monday that its experimental COVID-19 vaccine, developed jointly with its German partner BioNTech, was more than 90 percent effective in preventing the virus in participants of its latest trial. Calling it a “great day for science and humanity,&rdquo
Nov. 10, 2020
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Proxy advisers oppose KB's union-recommended outside directors
South Korea’s largest proxy adviser, alongside Institutional Shareholder Service and Glass Lewis, has urged KB Financial Group shareholders against the appointment of two outside directors apparently recommended by the firm’s labor union, industry sources said Tuesday. The Korea Corporate Governance Service has officially requested KB’s shareholders to vote against the appointment of Sustinvest CEO Ryu Young-jae and Seoul National University environmental studies professor Yun
Nov. 10, 2020
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Seoul stocks up for 7th day on Dow's COVID-19 vaccine rally
The South Korean stock market extended its winning streak to a seventh session on Tuesday, as investor appetite for risk strengthened over better-than-expected efficacy of a COVID-19 vaccine by US pharmaceutical giant Pfizer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.63 points, or 0.23 percent, to close at 2,452.83. Trading volume was moderate at about 1.4 billion shares worth some 17.7 trillion won (US$15.9 billion), with gainer
Nov. 10, 2020
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Hana Bank to adopt casual dress code
Hana Bank is set to allow employees to wear business-casual attire to create a relaxed working environment, industry sources said. The lender has recently decided to adopt a more casual dress code as more than 80 percent of its employees surveyed were in favor of the plan. It has not decided yet when to implement the new dress code. The dress code transition is part of the financial company’s move to prove itself as an innovative bank. “To achieve innovation, the bank must c
Nov. 10, 2020
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Less than 1% of banking done in person: data
Less than 1 percent of all banking transactions across the country were made in person, data showed Tuesday, suggesting an apparent change in the retail banking landscape favoring non-face-to-face services. In the first half of this year, the proportion of banking transactions carried out in person at bank branches accounted for 0.75 percent of the total. This was sharply down from 1.08 percent in 2019, continuing a downtrend that began in 2015, when the figure was 2.12 percent, said Rep. Yoon
Nov. 10, 2020
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Seoul stocks open nearly flat despite Dow's COVID-19 vaccine rally
South Korean shares opened nearly flat Tuesday despite the overnight rally on Wall Street triggered by better-than-expected efficacy of a COVID-19 vaccine by Pfizer, as investors turned to profit-taking after a sixth straight rise. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 point, or 0.02 percent, to 2,447.7 in the first 15 minutes of trading. Stocks came to a muted start after hiking 1.27 percent on the Biden effect the previous session. US top infectious disease exper
Nov. 10, 2020
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Seoul stocks surge to over 2-yr high on Biden effect; Korean won at nearly 2-yr high
South Korean shares extended their winning streak to a sixth day to hit an over 2-year high on Monday as investor appetite for risky assets increased following Joe Biden's victory in the US presidential election. The Korean won surged to a 22-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.7 points, or 1.27 percent, to close at 2,447.2 points, the highest since 2,468.83 points on June 12, 2018. Trading volume was high at about 1.3 billion shar
Nov. 9, 2020
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State-owned firms plan to build W4tr data center park
State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy sources. According to the memorandum of understanding inked last Friday, LH and KDCC will collaborate with local power generator Korea Hydro & Nuclear Power to build the green energy-based da
Nov. 9, 2020
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Weak dollar triggers 15 month-high foreigner influx into stock market
The weakening US dollar against South Korean won has invited the highest amount of foreign investment in Korean stocks in 15 months, data showed Monday. Foreign investors net bought Korean listed stocks worth 1.36 trillion won ($1.22 billion) in October, the highest monthly figure since August 2019, according to data by the Financial Supervisory Service. As a result, foreigners owned some 30 percent of listed shares in Korea, valued at a combined 584.8 trillion won as of end-October. Beforehan
Nov. 9, 2020
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Seoul prime office transactions pick up in search of safety
Prime office transactions in South Korea’s capital city of Seoul came to 4.6 trillion won ($4.13 billion) during the third quarter of 2020, as real estate investors have searched for safety in times of ongoing uncertainties, data showed Monday. This surpassed the 4.2 trillion-won figure for the first half of 2020, according to data compiled by commercial real estate services firm Savills Korea. If combined, the transaction of the January-September period took up 75 percent of the yearly v
Nov. 9, 2020
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Seoul stocks open higher on Biden effect
South Korean shares opened higher Monday on tech and battery gains, following Joe Biden's victory in the US presidential election. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.21 points, or 0.88 percent, to 2,437.71 in the first 15 minutes of trading. The market got off to a strong start after a five-session winning streak, as investors pinned hopes that a Biden presidency and Republican-controlled Senate would benefit the local chip and battery suppliers. Most large caps
Nov. 9, 2020
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Foreigners remain net buyers of S. Korean stocks in October
Foreign investors remained net buyers of South Korean stocks in October, extending their buying spree for a second consecutive month, partly thanks to the weak US dollar, data showed Monday. Foreigners bought a net 1.35 trillion won ($1.2 billion) worth of local stocks in October, according to the data from the Financial Supervisory Service (FSS). British investors net purchased 1.3 trillion won worth of stocks, while American investors sold a net 800 billion won worth of stocks last month, ac
Nov. 9, 2020
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Investors watchful after Biden victory
With the election of Democrat Joe Biden as the next US president, investors here and abroad are paying keen attention to the impact of the outcome on the financial market. What was widely perceived as a worst-case scenario in the eyes of market watchers -- a Biden presidency combined with Republican control of the US Senate -- has so far instead given a boost to the market. The results defied predictions of a bearish gridlock that might derail stock markets, primarily centering on the Democrat
Nov. 8, 2020
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Shinhan Bank joins forces with LS Electric for green energy push
South Korea’s leading commercial bank Shinhan Bank announced Sunday that it has signed an agreement to carry out green energy projects with electric parts producer LS Electric. Through the partnership, the two companies will work together to support alternative energy projects involving solar power, energy storage systems and fuel cells. The banking firm and manufacturing firm will build a platform to offer financing services for small and medium-sized companies working with conglomerates
Nov. 8, 2020