Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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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
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Big Hit shares slide to new low after stock market debut
Shares in Big Hit Entertainment, the management agency behind K-pop phenomenon BTS, sunk nearly 10 percent Monday, hitting a new low since the company's market debut earlier this month, as investors question its proper valuation. Big Hit shares slumped 9.57 percent from the previous session's close to 156,000 won ($138), the lowest since its market debut, far underperforming the broader Korea Composite Stock Price Index's (KOSPI) 0.72-percent loss. Big Hit's plunge follows its roller coaster m
Oct. 26, 2020
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Seoul stocks open higher on US stimulus hopes
South Korean stocks opened slightly higher Monday on hopes of fresh US stimulus to insulate the fallout from the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.17 points, or 0.26 percent, to 2,366.98 in the first 15 minutes of trading. On Sunday (Washington time), US House Speaker Nancy Pelosi said she would push for an agreement for the new stimulus scheme amid a resurgence of the virus. The United States reported 83,757 new COVID-19 cases Friday (US time), an all-t
Oct. 26, 2020
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Finance minister turns to YouTube to defend fiscal soundness
October has been a brutal month for South Korean Finance Minister Hong Nam-ki. Amid heated public criticism against the government’s key fiscal decisions, Hong turned to YouTube on Saturday to defend the government’s fiscal soundness plan announced earlier this month, in a rare move as the top public official of the country. The minister, wearing casual clothes, appeared in five videos explaining the “Korean fiscal soundness rules” to give a full picture of how the gov
Oct. 25, 2020
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Retail traders go on selling spree in Oct.
Retail traders, which have so far buttressed the pandemic-hit stock market, appear to have begun to unload shares, becoming net sellers in the market, data showed Sunday. According to the nation’s sole securities exchange operator Korea Exchange, they sold 1.27 trillion won ($1.13 billion) worth of stocks on Oct. 1-23. For the 14 trading days from Oct. 5-23, they sold 1.06 trillion won of shares in market kingpin Samsung Electronics, the most among large-cap companies. They sold off 269.
Oct. 25, 2020
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Under late tycoon’s 27-year leadership, Samsung market cap grew 350 times
The market capitalization of Samsung Group under the late Chairman Lee Kun-hee’s leadership of 27 years grew nearly 350 times, as the corporate empire he built turned into a global information technology powerhouse from a mere home appliance maker. The combined market value of the conglomerate’s affiliates -- including crown jewel Samsung Electronics and construction firm Samsung C&T -- reached 318.7 trillion won ($282.4 billion) in 2014, when the late chairman had a heart atta
Oct. 25, 2020
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Finance Ministry to unveil new counterstep to rising jeonse prices this week
The government is slated to unveil a set of additional real estate policies as early as this week, according to the Ministry of Economy and Finance and related agencies on Sunday. The goal is to ease a supply shortage of “jeonse” apartments sparked by recently introduced tenant protection laws. Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The planned measure, the 24th of its kind, will
Oct. 25, 2020
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Tax agency mulls taxation for Google's 30% commission
South Korea's tax agency said Saturday it will consider imposing taxes on Google Inc.'s planned enforcement of a 30 percent commission on in-app purchases of digital content from its Play Store next year. In a written answer submitted to Rep. Kim Soo-hong of the ruling Democratic Party, the National Tax Service said it will consider various measures to impose taxes on Google's income from the fees and will closely monitor the size of Google's sales in the domestic application market. The NTS sa
Oct. 24, 2020
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Woori Financial to acquire Aju Capital for W572.4b
Woori Financial Group said Friday its board of directors agreed to buy a controlling stake in nonbanking lender Aju Capital from private equity firm Well to Sea Investment for 572.4 billion won ($507.2 million). The move heralds the move of South Korea’s fourth-largest banking group to enhance its nonbanking business and diversify its business portfolio. According to the filing Friday, Woori’s board agreed to acquire 42.6 million common shares, or a 74.04 percent stake, in the co
Oct. 23, 2020
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S. Korea’s remdesivir-themed stocks surge amid US FDA approval
Remdesivir-related South Korea’s bio firms’ stocks skyrocketed Friday, after the US Food and Drug Administration approved Gilead Sciences’ antiviral drug as a treatment for the coronavirus overnight. Shares of Pharmicell on the nation’s main bourse Kospi closed at 18,700 won ($16.50), up 2,600 won, or 16.15 percent, from the previous session’s close. The stock price once peaked at 20,150 won during early afternoon trading hours. The bio firm produces nucleoside, w
Oct. 23, 2020
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Seoul stocks rebound on Q3 earnings hopes
South Korean stocks rebounded after a choppy session Friday, buoyed by optimism for improved corporate earnings in the third quarter amid the pandemic. The Korean won closed unchanged to the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.76 points, or 0.24 percent, to close at 2,360.81. Trading volume was moderate at 874 million shares worth 10.5 trillion won ($9.3 billion), with gainers outnumbering losers 436 to 408. Foreigners bought a net 37 billion won, while r
Oct. 23, 2020
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Retail investors incur big losses from foreign derivative investments in H1
South Korean retail investors' losses from investments in overseas financial derivatives nearly doubled in the first half of the year from a year earlier, data showed Friday. Local individual investors suffered a combined loss of 880 billion won ($775 million) from their exposure to exchange-traded futures, options and other derivatives in the January-June period, according to the data from the Financial Supervisory Service. The amount is almost double their 2019 loss of some 416 billion won.
Oct. 23, 2020
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Seoul stocks open tad higher on earnings improvement hopes
South Korean stocks opened slightly higher Friday, buoyed by optimism for improved corporate earnings in the third quarter amid the pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.31 points, or 0.06 percent, to 2,356.36 in the first 20 minutes of trading. Stocks started slightly higher despite lingering uncertainties over the ongoing talks for the new US virus relief package. In Seoul, most large caps traded lower. Market bellwether Samsung Electronics traded fla
Oct. 23, 2020
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Lock-up free institutions’ selloff behind Big Hit stock plunge: market watchers
An instant 425.8 billion-won ($375.1 million) selloff by major shareholders of South Korean pop music agency Big Hit Entertainment appears to have caused a sharp decline of the Big Hit stock price in the days after its listing, market watchers said Thursday. Two special purpose companies including the fourth-largest shareholder Mainstone -- which owned a combined 9.16 percent of common shares -- immediately sold nearly half of their holdings in Big Hit, after the company went public o
Oct. 22, 2020
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Seoul stocks snap 3-day winning streak amid US stimulus uncertainties
South Korean stocks ended a three-day winning streak Thursday amid lingering uncertainties over a new stimulus push in the world's largest economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.81 points, or 0.67 percent, to close at 2,355.05. Trading volume was moderate at about 802 million shares worth some 9.6 trillion won ($8.5 billion), with losers outnumbering gainers 543 to 303. Foreigners sold a net 73 billion won, while ret
Oct. 22, 2020
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FSS to limit unlicensed investment consulting via Kakao, Telegram
South Korea’s financial watchdog has decided to restrict unlicensed investment advisers’ activities on instant messaging apps like KakaoTalk and Telegram, financial authorities said Thursday. The Financial Supervisory Service made the decision Wednesday to eliminate messaging app chatrooms from among the list of eligible platforms where such advisers can work. The option would be deleted on the business plan the advisers are required to submit to the watchdog. The current law bans
Oct. 22, 2020
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Kakao to raise $300m in Singapore to muster up M&A dry powder
South Korea‘s internet giant Kakao is planning to issue $300 million worth of exchangeable bonds to accumulate the dry powder for its future mergers and acquisitions activities, the company said in a filing Thursday. The US dollar-denominated exchangeable bonds will be issued privately on Wednesday on the Singapore Exchange. Investors in the hybrid securities will be offered straight bonds with zero interest. Once the bonds mature in April 2023, the hybrid security investor will be offe
Oct. 22, 2020
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Kyochon F&B set for November IPO on Kospi
Kyochon F&B, South Korea’s largest fried chicken franchise, will make its market debut on the nation’s main bourse Kospi next month to raise as much as 71.34 billion won ($62.85 million), its chief executive officer said Thursday. Kyochon will be the first franchise firm to be directly listed on Kospi, he said. “Being the first local franchise firm to list on Kospi means a lot to us. The IPO will set a meaningful milestone for Kyochon’s growth to become a global food
Oct. 22, 2020
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Shinhan Financial, Grab partner on digital finance services in Vietnam
Shinhan Financial Group said Thursday that it had signed a memorandum of understanding with the Vietnamese subsidiary of Singapore-based ride-hailing giant Grab to jointly develop new digital financial services. Under the agreement, Shinhan’s startup accelerator unit, Shinhan Future’s Lab Vietnam, and Grab will join hands to nurture budding local enterprises developing new services ranging from fintech to real estate and will work together to build a startup-friendly ecosyst
Oct. 22, 2020
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Seoul stocks open sharply lower on tech, auto losses
South Korean stocks opened sharply lower Thursday on tech and auto losses, tracking losses from its US peers amid lingering stimulus uncertainties in the world's largest economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 23.28 points, or 0.98 percent, to 2,347.58 in the first 15 minutes of trading. Local stocks got off to a weak start on long-stalled stimulus talks in the United States, one of South Korea's largest trade partners. The Dow Jones Industrial Average lost 0.3
Oct. 22, 2020