Most Popular
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Only half of S. Koreans willing to marry: data
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Yoon calls for dialogue, trust from medical community
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Summit for Democracy opens in Seoul in mega-election year
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Dyson founder visits Seoul for global debut of new hair dryer
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NK leader guides firing drills involving super-large multiple rocket launchers
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Leaders call for action against threats to democracy posed by AI
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Asiana Airlines wins data transfer certification in China
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Dodgers beat S. Korea in final exhibition before MLB opener in Seoul
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Dispute heats up over dispatch of scandal-ridden envoy to Australia
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Trump unlikely to unravel IRA: experts
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Thursday due to an overnight tech rally on Wall Street, despite concerns over the rising new COVID-19 cases in the country. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. Stocks traded choppy as a recent spike in South Korea's daily new COVID-19 cases sparked concerns of a lockdown. The Nasdaq Composite jumped 1.73 percent to close at 11,665.06 points on Wednesday (
Aug. 27, 2020
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KB Kookmin expands presence in Indonesia with acquisition of local lender
South Korea’s largest commercial lender KB Kookmin Bank said Wednesday it is now in the final stage of acquiring Indonesia-based Bank Bukopin. The Seoul-headquartered bank said its shareholders have approved its purchase of 33.1 percent of new shares in Bank Bukopin. The latest deal came after the Korean bank bought a 22 percent stake in the Indonesian firm in 2018 and an additional 11.9 percent in July. KB Kookmin said it has paid a combined 400 billion won ($337.1 million) over the pas
Aug. 26, 2020
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Finance groups pledge multitrillion won investment for 'New Deal' projects
South Korea’s major banking groups have recently outlined long-term plans for multitrillion won investments in “green” and “digital” projects -- the two key pillars of the “Korean New Deal.” Staying true to its identity, agricultural NH NongHyup Bank said Wednesday that it would commit 8 trillion won ($6.7 billion) over five years to support new energy projects and loans for smart farms, which would enable greater use of information and communication te
Aug. 26, 2020
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Koscom acquires HSBC-owned IT asset management business
South Korean firm Koscom disclosed Wednesday that it plans to acquire HSBC Fund Services Korea, to dive into the asset management sector. After a year of preparation for the takeover, the company has signed an agreement with the United Kingdom-based HSBC to acquire a 92.66 percent stake in the fund administration services firm. The latest deal marks the first acquisition project for the Korean company since it was founded in September 1977. Koscom seeks to expand its business into the IT as
Aug. 26, 2020
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Hedge fund sells off stake in local builder Taeyoung E&C
South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector. Since July 20, Must had offloaded a 4.61 percent stake in Taeyou
Aug. 26, 2020
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Seoul stocks close nearly flat on virus resurgence
South Korean shares closed nearly flat on Wednesday, as investor sentiment was spooked by increasing new COVID-19 cases in the country. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.59 points, or 0.11 percent, to close at 2,369.32. Trading volume was high at about 941 million shares worth some 14.3 trillion won ($12 billion), with losers outnumbering gainers 522 to 324. Foreigners purchased a net 190 billion won, extending thei
Aug. 26, 2020
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Kakao Games aims to raise up to W384b on stock market debut
Kakao Games, the gaming arm of local mobile messenger giant Kakao, said Wednesday it was looking to raise as much as 384 billion won ($298 million) in its initial public offering on the nation’s tech-heavy Kosdaq in September. The game developer is offering around 16 million new common shares in the price band of 20,000-24,000 won, CEO Namkoong Whon said in an online press conference. Targeting institutional investors, book building is to take place Wednesday and Thursday to determine t
Aug. 26, 2020
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Seoul stocks open tad higher on Wall Street gains
South Korean shares opened slightly higher Wednesday on overnight tech gains on Wall Street, despite concerns over the recent surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.34 points, or 0.14 percent, to 2,370.07 in the first 15 minutes of trading. Stocks traded choppy after three-session gains, as investors weigh the pace of stock rally and the risk from the spreading COVID-19 cases. The Nasdaq Composite advanced 86.75 points, or 0.
Aug. 26, 2020
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Homegrown walk-thru virus testing booth patented
South Korea’s patent office, the Korea Intellectual Property Office, said Tuesday that it has completed registration of the nation’s first patent for a booth that enables people to get tested for the new coronavirus quickly and with minimal risk to medical workers. The patent was filed in May by Kim Sang-il, chief director of H Plus Yangji Hospital, a medical center in Seoul, and the registration process was completed Aug. 24, according to the patent office. First deployed in the
Aug. 25, 2020
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Seoul stocks up for 3rd session on vaccine hopes
South Korean shares extended gains to a third session on Friday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 36.9 points, or 1.58 percent, to close at 2,366.73. Trading volume was moderate at about 760 million shares worth some 13.4 trillion won ($11.3 billion), with gainers outnumbering losers 783 to 95. Foreigners purchased a net 152 billion won, exte
Aug. 25, 2020
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Asset management firms’ net profits soar 46% in Q2
The combined net profits of asset management firms in South Korea jumped 46 percent on-year during the April-June period this year amid the local stock market’s sharp rebound, data showed Tuesday. The net income of 10 companies here came to 145.8 billion won ($122.95 million) in the second quarter, according to data from the Korea Financial Investment Association. Contrary to the previous quarter, when only four asset management companies saw their net profits rising, all of the AMCs&rsq
Aug. 25, 2020
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[M&A Weekly] Toshiba, Carlyle manage to exit failing Korean equity investment
Foreign investors in two Korean companies -- Unison and Yakjin Trading -- managed to sell their stakes earlier this week, but only at significant losses, disclosures showed Tuesday. The sale price was significantly lower than what the investors -- Japanese conglomerate Toshiba and US private equity firm Carlyle Group -- had paid at least seven years before to acquire the assets. Toshiba, the largest shareholder of wind turbine maker Unison, has agreed to sell a 13.9 percent stake, or 15.5 mil
Aug. 25, 2020
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Korean investors join IFC-led financing package for infra projects in APAC during fiscal year 2020
Korean investors have partly invested in a $650 million financing package for two infrastructure projects in Asia-Pacific countries during its fiscal year from July 2019 to June 2020, International Finance Corp. said in an announcement Monday. Of the major private sector investment deals in 12 Asian countries supported by IFC, Korean entities have invested in two projects including a 216-megawatt hydroelectric plant on the Trishuli River in Kathmandu, Nepal worth $450 million. The other on
Aug. 25, 2020
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Seoul stocks open higher on vaccine hopes
South Korean shares opened higher Tuesday, as optimism for new coronavirus vaccines fueled hopes of an economic rebound in the financial markets. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.03 points, or 0.60 percent, to 2,343.86 in the first 15 minutes of trading. Investor sentiment improved after US bio firm Moderna Inc. said it is close to making a deal on supplying about 80 million doses of COVID-19 vaccines to the European Union. The announcement fueled hopes for a
Aug. 25, 2020
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Seoul Fintech Lab to house 30 more tenant startups
Korean startup incubation program Seoul Fintech Lab plans to house 30 new tenant startups starting from October this year, its operator said Monday. Of the 30 new tenant enterprises, five will be non-Korean while the rest will comprise Korean companies. Eligible applicants must be dedicated to financial technologies for the Asian market and their business must not be more than 7 years old, a Seoul Fintech Lab official said. Applications will be accepted online until Sept. 11. Qualified partic
Aug. 24, 2020
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Seoul stocks extend winning streak to 2nd session on bargain hunting
South Korean shares gained Monday for a second consecutive session, as investors continued to hunt for undervalued stocks despite the resurgence of new coronavirus cases nationwide. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 25.24 points, or 1.1 percent, to close at 2,329.83. Trading volume was moderate at about 640 million shares worth some 11.5 trillion won ($9.7 billion), with gainers outnumbering losers 473 to 361. Foreigners pu
Aug. 24, 2020
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KB, Hana see overseas biz grow in H1 amid coronavirus
Despite border restrictions placed during the COVID-19 pandemic, South Korea’s major lenders KB Kookmin and Hana posted robust net profit overseas in the first-half of the year, buoyed by their performance in Southeast Asia. Overall, the combined net profit of four major banks here -- KB Kookmin, Hana, Shinhan and Woori -- in the first-half of the year increased 20.1 percent to 289.2 billion won ($242.9 million), latest data showed. While KB Kookmin and Hana gained momentum, taking adv
Aug. 24, 2020
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Buyout investors eye Korean waste management firms
Buyout investors at home and abroad are zeroing in on waste management companies in South Korea, as they hope to enjoy rising income over soaring demand for their services, according to market watchers on Monday. Such buyout bids, in turn, present exit opportunities to foreign capital holding majority stakes in such companies, they said. Last week, international investment firm Kohlberg Kravis Roberts closed the acquisition of 100 percent in medical and industrial waste management f
Aug. 24, 2020
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Foreign investment banks raise Kospi target on signs of export recovery
Despite wide fluctuations in South Korea’s stock market, along with a resurgence in novel coronavirus infections, foreign investment banks have painted a rosy outlook for the nation’s main bourse. Swiss banking giant Credit Suisse has raised its yearly Kospi target to 2,600 from the previous estimate of 2,300, saying that exports have begun recovering as major economies ease COVID-19 lockdowns. “The continuous weakened US dollar gives a boost to the Kospi index, improving s
Aug. 24, 2020
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Seoul stocks open nearly flat amid soaring virus cases
South Korean shares opened nearly flat Monday, as investor wariness grew over the resurgence of new coronavirus cases nationwide. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.21 points, or 0.10 percent, to 2,302.38 in the first 15 minutes of trading. The index got off to a weak start, largely on fears that the spiking COVID-19 outbreaks may lead to wider economic lockdowns. South Korea's top quarantine officials said on Sunday that the country may have to raise the current
Aug. 24, 2020