Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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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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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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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 tumble almost 1% over virus scare
South Korean shares dipped nearly 1 percent Wednesday as a new coronavirus cluster infection threatened hopes for quick economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 22.67 points, or 0.94 percent, to close at 2,380.48. Trading volume was moderate at about 880 million shares worth some 10.5 trillion won ($9.2 billion), with losers outnumbering gainers 638 to 227. Foreigners sold a net 38 billion won and institutions o
Oct. 14, 2020
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KB, SC Bank, Mirae Asset Daewoo get top grades in governance, ESG
Standard Chartered Bank Korea, KB Financial Group and Mirae Asset Daewoo were recognized for their best practices in corporate governance and ESG management, respectively, the companies said Wednesday. SC Bank Korea, wholly owned by London-based Standard Chartered Bank, received the “A+” rating for a second consecutive year in the Korea Corporate Governance Service‘s corporate governance evaluation on companies‘ shareholder-friendly approach an
Oct. 14, 2020
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More than half of card loan users juggle multiple debts
More than a half of credit card loan users in South Korea pay debts with cash withdrawn from multiple financial institutions, data showed Monday, indicating that both credit card issuers and commercial banks are facing a growing default risk. About 56 percent of the country’s 2.6 million holders of credit card loans were found to have received loans from more than three financial service companies, including credit card issuers and banks, between January and June, said Rep. Jeon Jae-su fr
Oct. 14, 2020
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Seoul stocks open lower on US stimulus deadlock, vaccine worries
South Korean shares opened lower Wednesday, as investor sentiment weakened over a deadlock in US fiscal stimulus plans and slow progress in new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 point, or 0.03 percent, to 2,402.38 in the first 15 minutes of trading. Stocks traded bearish, taking a cue from Wall Street losses that stemmed from worries that the new US stimulus plan is losing steam ahead of the November presidential election. Inve
Oct. 14, 2020
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IBK provides online PR channel for coronavirus-hit local SMEs
The Industrial Bank of Korea said Tuesday that it will help local small and medium-sized enterprises promote their products via online channels amid the prolonged market fallout of COVID-19. The state-run lender, in partnership with the Seoul Business Agency, will hold an online promotion campaign for a selected list of quality SME products. After receiving applications in May, the bank singled out 10 beneficiaries and created video advertisements that will be posted on IBK and SBA’s cha
Oct. 13, 2020
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Kakao affiliate Kids Note sets its eyes on IPO in 2022
Kids Note, an operator of a mobile platform for nursery schools and parents in South Korea, said Tuesday it was preparing to go public in 2022. As part of its initial steps for the planned initial public offering, the company has recently picked Daishin Securities as a lead underwriter. Founded in 2012, Kids Note runs a communication service between child care centers and parents. In 2015, it became an affiliate of mobile tech behemoth Kakao. Mimicking Kakao’s free-of-charge business mod
Oct. 13, 2020
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State trade insurer fails to recover overseas debt worth W1.4tr: data
South Korea’s state-run trade insurance firm has failed to retrieve some 1.4 trillion won ($1.2 billion) so far spent to cover local exporters' losses in their deals with foreign companies, data showed Tuesday. The Korea Trade Insurance Corp. also known as K-Sure under the Ministry of Trade, Industry and Energy, mainly offers guarantees to banks that extend loans to Korean overseas developers that require large-scale and long-term financing and issue bonds to exporters. But it also offers
Oct. 13, 2020
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Yoon under siege in Assembly audit over hedge fund fiasco
Troubled hedge fund mis-selling scandal that led to losses for South Korean investors and the fund managers’ alleged collusion with ruling party lawmakers and former Cheong Wa Dae officials were at the center stage during the parliamentary audit on the Financial Supervisory Service on Tuesday. FSS Gov. Yoon Suk-heun pledged to take stern actions against those responsible for the mis-selling, as the financial watchdog‘s investigation into managers such as Lime Asset Management and O
Oct. 13, 2020
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Seoul stocks turn lower late Tue. morning on virus resurgence
South Korean stocks turned lower late Tuesday morning, as investors went risk-averse over the local resurgence of the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) lost 14.43 points, or 0.6 percent, to 2,389.3 as of 11:20 a.m. The KOSPI fell back into negative terrain after opening a tad higher following the overnight Wall Street rally. Investor sentiment worsened as the country's new COVID-19 infections bounced back to the triple digits, stoking fears that the p
Oct. 13, 2020
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Seoul stocks snap 8-day winning streak on virus resurgence
South Korean stocks ended their eight-session winning streak Tuesday, as investors went risk-averse over a resurgence of the new coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.58 point, or 0.02 percent, to close at 2,403.15. Trading volume was moderate at about 715 million shares worth some 10 trillion won ($8.7 billion), with losers outnumbering gainers 504 to 322. Foreigners bought a net 209 billion won, while instituti
Oct. 13, 2020
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Massive cash floating around stock markets after BTS agency's IPO subscription
Tens of trillions of won are floating around stock markets after last week's fierce competition for the subscription of Big Hit Entertainment, the management agency of K-pop superstar BTS, data showed Tuesday. Retail investors, including BTS fans, chipped in 58.4 trillion won ($50.8 billion) in the agency's two-day subscription from Oct. 5-6. Of that amount, about 26 trillion won stayed floating in cash management accounts (CMA) and investor deposits, according to the data from the Korea Finan
Oct. 13, 2020
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Seoul stocks open higher on soaring US stock
South Korean stocks opened higher Tuesday on overnight Wall Street rallies, led by strong advances by tech and e-commerce heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.93 points, or 0.25 percent, to 2,409.66 in the first 15 minutes of trading. The KOSPI opened with a mild gain after an eight-day winning streak. Investor sentiment remained high, following gains by US tech and e-commerce heavyweights, ahead of Apple's upcoming presentation of a new smartphone
Oct. 13, 2020
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BNP Paribas moves to defend partnership with Shinhan Financial Group
Shinhan Financial Group said Monday that minority shareholder BNP Paribas has bought a stake worth an undisclosed amount in the South Korean banking group by securing the minimum threshold to keep the strategic partnership intact after a scheduled equity increase. According to Shinhan, BNP Paribas is set to defend the partnership even after the 1.2 trillion won ($1 billion) equity increase by inviting new shareholders -- Affinity Equity Partners and Baring Private Equity Asia -- on Oct. 20.
Oct. 12, 2020
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Lawmakers call for stricter taxation rules on foreign firms, rich asset holders
Among foreign-based companies operating in South Korea, almost half defaulted on their corporate tax payments last year, with two of them logging more than 5 trillion won ($4.36 billion) in annual sales, a ruling party lawmaker said Monday. According to data submitted by the National Tax Service to Rep. Kim Soo-heung of the ruling Democratic Party of Korea, 46.6 percent or 4,956 out of the 10,630 registered foreign companies here did not pay corporate taxes at all in 2019. The figure was up
Oct. 12, 2020
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Sale prices of upscale Seoul apartments surge amid tightened rules
Despite the South Korean government’s all-out efforts to curb the heated property market, apartment prices in Seoul have been soaring recently, with some in upscale residential areas even hitting a record sales prices last month. According to data compiled by the Ministry of Land, Infrastructure and Transport, a Hannam The Hill apartment unit in Hannam-dong, Yonsan-gu, was recently sold for 7.75 billion won ($6.8 million). The housing unit with a usable floor area of 243.642 square meter
Oct. 12, 2020
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Seoul stocks up for 8th day on eased virus curbs, tech gains
South Korean shares extended gains for an eighth consecutive session Monday on the back of strong advances by chipmakers and the government's decision to loosen quarantine measures against the new coronavirus pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.77 points, or 0.49 percent, to close at 2,403.73. Trading volume was moderate at about 832 million shares worth some 10.5 trillion won ($9.2 billion), with gainers outnumbe
Oct. 12, 2020
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SC Bank Korea to host webinar on ESG investment
Standard Chartered Bank Korea said Monday it planned to host a webinar on environmental, social and governance investment on Thursday as such standards become more prominent in the coronavirus pandemic era. The event, co-hosted by a local youth civic group Green Environment Youth Korea, will discuss the subject of climate change along with sustainable financial investment for millennials, among other subjects. Standard Chartered Group CEO Bill Winters, who recently wrapped-up a monthlong tr
Oct. 12, 2020
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Seoul stocks open higher on eased virus curbs
South Korean shares opened higher Monday, as the country loosened its antivirus curbs. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.31 percent, to 2,399.47 in the first 15 minutes of trading. The local stock market got off to a strong start, as the country lowered the COVID-19 social distancing guidelines to the lowest level Sunday, raising hopes that the eased virus curbs will boost the economic recovery. Large caps traded mixed. Market bellwether Samsung
Oct. 12, 2020
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KB, K-Growth to select partners for social impact investing
KB Financial Group and the Korea Growth Investment Corp. said Sunday that they would select two external partners to establish funds worth at least 30 billion won ($26 million) as part of their five-year social impact investing initiative. KB Financial Group will commit 15 billion won to the two external partners combined, and K-Growth will provide 5 billion won. The selected partners will pool at least 10 billion won to create the funds by the first half of 2021, according to K-Growth’s
Oct. 11, 2020
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Kakao Bank's mid-rate lending total surpasses W2tr
Kakao Bank, South Korea’s leading internet-only bank and an affiliate of mobile platform operator Kakao, has supplied more than 2 trillion won ($1.7 billion) in accumulated mid-range interest rate loans, officials said Sunday. The company has also already achieved its annual target of 1 trillion won and has vowed to sustain its mid-rate lending throughout the rest of the year in a gesture to provide liquidity to people with weak credit ratings. Kakao Bank’s mid-range lending so far
Oct. 11, 2020