Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Seoul stocks open sharply lower on Wall Street plunge
South Korean shares opened sharply lower Thursday on an overnight Wall Street plunge, as the new coronavirus outbreaks in the major global economies continued to surge at an alarming rate. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.96 points, or 1.11 percent, to 2,319.3 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as a resurgence in virus cases in the United States and Europe raised concerns that the worsening pandemic may deliver heavy damage
Oct. 29, 2020
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Hyundai Capital reshaping COVID-hit volleyball scene
The monthslong coronavirus pandemic has affected much of South Korean society, and the sports sector is one of many that has felt the brunt of the crisis. Athletes in nearly all sports play in empty stadiums, while others have had their seasons canceled. Aiming to reignite fans’ passion for volleyball amid the pandemic, the Hyundai Capital Skywalkers, owned by auto financing firm Hyundai Capital, recently organized an online event to show fans around the team’s locker room a
Oct. 29, 2020
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Hong vows deregulation for nonspeculative home buyers
Responding to continuing public complaints that the latest and forthcoming real estate policies impose excessive burdens upon nonspeculative end users, the South Korean government is set to lowering the tax rate for budget residences, the nation’s fiscal chief said Wednesday. He also rolled out a “phased” housing system that would allow prospective homebuyers with limited credit to eventually own a residential home by accumulating stake in the given property throughout the
Oct. 28, 2020
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Seoul stocks snap 2-day losing streak on tech gains
South Korean shares ended their two-day losing streak Wednesday, helped by a tech rally, amid intensifying woes over the pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.42 points, or 0.62 percent, to close at 2,345.26. Trading volume was moderate at about 695 million shares worth some 8.8 trillion won ($7.8 billion), with gainers outnumbering losers 615 to 237. Foreigners bought a net 15 billion won, with retail investors pu
Oct. 28, 2020
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Woori Bank launches Korea desk in Bangladesh
Woori Bank said Wednesday it has launched a Korea desk at its branch in Dhaka, Bangladesh, to help South Korean companies extend their business into the South Asian country. Through the service desk, the lender will provide useful market information, including local financial regulations, along with special offers like hotel reservations and airport pickup for customers on business trips to Bangladesh. Also, the officials will conduct financial counseling programs targeting those who are plan
Oct. 28, 2020
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New Citibank Korea CEO stresses risk management
Yoo Myung-soon, the new CEO of Citibank Korea -- the local branch of New York-based Citigroup -- urged the bank’s leaders as well as employees to ramp up efforts to counter potential managing risks for consumer protection in her inaugural speech Wednesday, officials said. “New risk factors evolve as our operating environment changes. Risk management and internal controls are a key responsibility for all of us,” Yoo said. Also, she vowed to enhance the lender&rsq
Oct. 28, 2020
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Local fintech startup unveils Korea’s first commercial system to rule out naked short selling
A local startup on Wednesday unveiled the nation‘s first commercial securities lending system targeting institutional investors at home and abroad to help them prevent errors that can lead to naked short selling activities against the law, often unintended. TruWeb, new securities lending platform developed by financial technology startup Tru Technologies, allows an institutional investor -- investment banks or brokerage firms -- to take advantage of automated process when making arrangeme
Oct. 28, 2020
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Seoul stocks open lower on virus spikes
South Korean shares opened lower Wednesday as new coronavirus outbreaks in major economies increased at alarming rates, raising concerns that the worsening pandemic may deliver heavy damage to the global economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.47 points, or 0.19 percent, to 2,326.37 in the first 15 minutes of trading. Investor sentiment grew risk-averse, as US COVID-19 hospitalization soared in the past week, with parts of Europe pushing or having adopted stric
Oct. 28, 2020
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State pension fund to vote against LG Chem's spin-off plan
South Korea's National Pension Service decided Tuesday to oppose LG Chem Ltd.'s plan to spin off its battery business at a shareholders' meeting later this week. In September, LG Chem, the country's leading chemical company, announced a plan to separate the battery business to better cope with growing demand for electric vehicle batteries. The company plans to hold a shareholders' meeting for approval on Friday. The state pension fund, the second-largest shareholder of LG Chem with a 10.2 pe
Oct. 27, 2020
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Kakao’s financial subsidiaries gear up for 2021 IPOs
Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources Tuesday. Kakao Pay, set for an IPO during the first half of next year, has chosen Goldman Sachs as one of its underwriters, while KB Securities selected an underwriter last month, the officials said. The details of the d
Oct. 27, 2020
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W3tr paid in dividends to late Samsung chairman‘s family since 2014: reports
Amid escalating market interests on a grand succession scenario of late chairman’s shares to his children, data showed on Tuesday that his family may have received some 3 trillion won ($2.7 billion) in dividends since 2014. According to data compiled by the financial regulator Financial Supervisory Service, the total dividend paid to the chairman and his family between 2014 and 2019 reached 2.8 trillion won. When dividends paid to the family this year are added, the figure is highly likel
Oct. 27, 2020
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Seoul shares down on virus concerns, US election uncertainties
South Korean shares closed lower Tuesday, falling for the second straight session, amid concerns of a global resurgence in COVID-19 cases and growing uncertainties over the US presidential election. The Korean won continued to rise against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.07 points, or 0.56 percent, to close at 2,330.84. Trading volume was moderate at 643.2 million shares worth 9.9 trillion won ($8.8 billion), with losers outnumbering gainers 555
Oct. 27, 2020
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Citibank Korea officially names first female CEO
Yoo Myung-soon, incumbent interim chief executive officer of Citibank Korea, was officially tapped to lead the bank as the first female chief to lead the US lender’s local unit, officials said Tuesday. The South Korean subsidiary of the New York-based bank held a general meeting of stockholders and the board of directors early in the morning to approve and confirm Yoo’s appointment. Yoo, who previously served as the bank’s senior executive vice president, was
Oct. 27, 2020
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Hanwha Asset gains PFM license for mainland China
Hanwha Asset Management said Tuesday its wholly owned Chinese unit has been granted a private fund management license for mainland China. A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks and bonds in China to local institutional and wealthy investors. This comes four years after South Korea’s third-largest asset management company with over 93 trillion won ($82 billion) in assets unde
Oct. 27, 2020
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Tuesday, tracking an overnight tumble on Wall Street amid concerns of a global resurgence in COVID-19 cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7 points, or 0.3 percent, to 2,336.91 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 650.19 points, or 2.29 percent, to close at 27,685.38 on Monday (US time). The sharp drop came after countries saw a sharp rise in COVID-19 cases over the past few days, with Fran
Oct. 27, 2020
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Woori Financial posts better-than-expected Q3 net profit
Woori Financial Group said Monday that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million), but was above market expectations amid coronavirus woes. Local brokerages had projected an average 468.7 billion won for Woori’s third-quarter net profit. The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of its units, the figure would amount to 521
Oct. 26, 2020
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Samsung stocks rally on expectations of succession, possible governance revamp
Stocks of Samsung Group’s key affiliates rallied Monday on expectations of a possible corporate governance revamp at South Korea’s largest conglomerate after the passing of Chairman Lee Kun-hee. Anticipation that the companies might increase dividend payouts to help the owner family secure funds to pay inheritance taxes also boosted the stock prices, according to market watchers. Construction firm Samsung C&T and Samsung Life Insurance, two of the companies that allow the Lee
Oct. 26, 2020
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Market in close watch over Samsung inheritance tax
With heirs to the Samsung empire facing a colossal amount of inheritance tax on stocks owned by their late father Lee Kun-hee, the market is closely watching how they will raise the necessary funds to pay it. Any moves they make are likely to affect the market. Samsung Group Chairman Lee, who died Sunday, left Samsung affiliate stocks valued at 18.2 trillion won ($16.1 billion) as of Friday closing. Questions have been raised on how Lee’s heirs -- particularly his only son, Samsung Ele
Oct. 26, 2020
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Seoul stocks sink on renewed virus concern, Korean won at 19-month high
South Korean stocks closed lower Monday as investors remained skeptical of a much-coveted global economic recovery amid a resurgence in the new coronavirus. The Korean won rose to an over 19-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.90 points, or 0.72 percent, to close at 2,343.91. Trading volume was moderate at 803 million shares worth 11.29 trillion won ($10 billion), with losers outnumbering gainers 759 to 119. Foreigners offloaded a
Oct. 26, 2020
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NH NongHyup sets up Myanmar branch
NH NongHyup Bank said Monday it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country. The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June. It is the second regional office branch, followed after NongHyup Finance Myanmar, a microfinancing institution that has been in operation since 2016. The Yangon office will set a foothold for
Oct. 26, 2020