Most Popular
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Koreans, Americans differ on prestigious jobs: lawmakers vs. firefighters
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Only half of S. Koreans willing to marry: data
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Disgraced ex-minister rises as major threat to ruling party
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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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Jungkook of BTS updates life in Army
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Med professors to resign starting March 25
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Ryu Joon-yeol, Han So-hee confirm dating since early 2024
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Leaders call for action against threats to democracy posed by AI
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Dyson founder visits Seoul for global debut of new hair dryer
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Citibank strengthens contactless services amid prolonged pandemic
Riding the rapid digital transformation trend in the financial sector triggered by the coronavirus pandemic, Citibank Korea said Sunday it will ramp up contactless wealth management services. The bank will hold a series of online seminars, titled “Citi Webinar On-Air,” in the second half of this year -- categorized into three sections. One of the programs, “Open Seminars” invites all clients every other week to its YouTube channel, where it will share its outlook on g
Aug. 23, 2020
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Climbing loan delinquencies keep banks on edge
The delinquency rates for loans extended by South Korean banks have overall surged last month, sending lenders jitters as they apparently brace for side-effects of the government’s forbearance extension measures. Loan delinquency rates of the five major commercial banks here -– KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -– all came in an estimated range of 0.23 percent and 0.36 percent, according to data provided by the banks. The top and bottom lines of the range ea
Aug. 23, 2020
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[Herald Interview] Shared space operator FastFive turns to small buildings for sustainable profits
Amid the growing need to have a fresh approach in the already saturated shared space industry, local company FastFive is turning to small commercial building landlords to minimize initial expenditures and build a sustainable profit structure. Kim Dae-il, chief executive officer of FastFive, told The Korea Herald in a recent interview that the company is looking to forge more partnerships with landlords of small commercial buildings instead of signing long-term lease contracts with landmark bui
Aug. 23, 2020
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As Kospi recovers, foreign ownership hits 42-month low
Foreign stock ownership of South Korea’s main bourse Kospi dipped to a 42-month low in August due to their massive selling amid a faster-than-expected recovery of the coronavirus-affected market, data showed Sunday. The average monthly ownership of foreign investors came to 35.78 percent of the bourse’s market capitalization this month, the lowest monthly average since Feb. 2017, when it was 35.74 percent, according to data from the bourse operator Korea Exchange. Since the main b
Aug. 23, 2020
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Korea Investment & Securities to divest coal assets
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administration’s “Green New Deal” initiative, one of the key pillars of the so-called “Korean New Deal” economic stimulus package. “We will stop investing in coal from now on. To fulfill our social responsibility as a firm, we’ll strengthen ESG -- environmental, social and governance -- investments instead,” a KI
Aug. 23, 2020
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[Weekender] The golden dream: What it takes to be ‘rich’ in South Korea
“Since I was a teenager, I have always dreamed of becoming rich. In my standard, having 10 billion won ($8.43 million) worth of assets could be considered rich but this goal is almost impossible to reach on an annual salary,” Park Jee-hye, a 33-year-old, said. Eager to save at least 100 million won before her 30s, Park chose to get a job at a big firm, where she has saved about 200 million won so far. The real problem is where to park this amount, besides investing in stocks and f
Aug. 22, 2020
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New NTS chief pledges to support COVID-19-hit businesses
Kim Dae-ji, the new chief of South Korea’s tax authority, the National Tax Service, vowed Friday that the tax office would give full support for small and midsized businesses reeling from the lingering coronavirus pandemic while strictly enforcing rules against tax evasion. “The tax office will try to deploy measures to help overcome the coronavirus crisis and prop up the economy by lightening the tax burden on entrepreneurs and small-business owners,” said Kim at his inau
Aug. 21, 2020
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Seoul stocks rebound on bargain hunting
South Korean shares rebounded Friday on bargain hunting after stock prices recently plunged amid fears over the fast-spreading coronavirus. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 30.37 points, or 1.34 percent, to close at 2,304.59. Trading volume was high at about 855 million shares worth some 14 trillion won ($11.8 billion), with gainers outnumbering losers 600 to 237. Foreigners bought a net 197 billion won, ending a two-da
Aug. 21, 2020
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S. Korean private equity market needs higher transparency: Preqin
Despite managing $61 billion in assets, South Korea‘s private equity industry is considered a relatively immature market, compared to global financial hubs like London, New York and Hong Kong. The segment, however, has growth potential if it is able to improve transparency by addressing issues, including a lack of standardized reporting practices and inconsistency in the portfolio valuation methodology by private equity fund managers, according to Preqin, a London-based financial data prov
Aug. 21, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean shares opened sharply higher Friday on overnight tech gains on Wall Street, bucking concerns over the recent hike in new coronavirus outbreaks. 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. The index got off to a strong start after a 3.66 percent plunge in the previous session. The Nasdaq Composite soared 1.06 percent to 11,264.95 points on Thursday (New York time), led by gains in top
Aug. 21, 2020
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BOK names new senior deputy governor
The Bank of Korea promoted Deputy Gov. Lee Seung-heon to replace Senior Deputy Gov. Yoon Myun-shik, whose three-year term in office just ended, officials said Thursday. Lee will henceforth be the No. 2 decision-maker in South Korea’s central bank, next to Gov. Lee Ju-yeol. “During recent years, Lee has successfully displayed capacities in key management agendas such as the establishment of the BOK’s financial network and the construction of the bank’s annex,” the
Aug. 20, 2020
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Shinhan inks W73b deal to buy Doosan‘s investment arm
Shinhan Financial Group signed a deal to acquire a controlling stake in Neoplux, Doosan’s investment arm, for 73 billion won ($61.4 million), a filing showed Thursday. The transaction between Shinhan and the conglomerate‘s holding firm Doosan Co. is set to close by Sept. 29. As a result, Shinhan will control a 96.77 percent stake in Neoplux. The news comes a month after Shinhan was picked as the preferred bidder for the takeover in late July. Neoplux was founded in 2000, and ha
Aug. 20, 2020
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WeWork pledges to stay committed to Korean biz
WeWork said Thursday it would continue to push forward with its Korean business, as the local branch showed signs of resilience in its local operation despite the coronavirus fallout. According to WeWork Korea, which operates 20 shared working space locations in Seoul and Busan, its space-as-a-service platforms here logged their highest figures in monthly membership renewals and sales in July. The company also said that it saw a 7 percent increase in membership from February to July, though i
Aug. 20, 2020
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Samsung Biologics’ market cap ranking leaps to No. 2 on Kospi
South Korean biopharma company Samsung Biologics on Thursday saw its market capitalization ranking climb to No. 2 on the nation’s main bourse Kospi, beating the world’s No. 2 memory chipmaker SK hynix. The market fluctuation came amid the prolonged COVID-19 pandemic, which weighed upon several of the conventional manufacturing champions and empowered other sectors such as pharmaceuticals and digital technology. Shares of Samsung Biologics closed at 794,000 won ($669.33) -- down 15
Aug. 20, 2020
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S. Korean startups shine amid coronavirus recession
While nearly all industries have been affected by the lingering coronavirus pandemic, South Korea’s startup scene is showing resilience with local startups successfully attracting funds. Superbin, a startup that develops solutions for recycling plastic debris, announced this week that it raised 20 billion won ($16.8 million) in Series B funding recently. Investors participating in the funding round included portal giant Naver-backed investment firm TBT and set-top box maker Humax, bo
Aug. 20, 2020
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Seoul stocks dip over 3% on rising COVID-19 fears, recovery concerns
South Korean stocks tumbled more than 3 percent Thursday amid growing concerns over the fast-spreading new coronavirus infections in the country and uncertainties over the recovery of the US economy. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.32 points, or 3.66 percent, to close at 2,274.22. Trading volume was high at about 891 million shares worth some 16.9 trillion won ($14.2 billion), with losers outnumbering gainers 823 to 73.
Aug. 20, 2020
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State-backed W8.6tr fund adds to Korea‘s post-COVID growth capital
South Korea’s signature “Growth Support Fund,” a state-backed financing program for venture firms, raised a combined 8.6 trillion won ($7.2 billion) in commitments as of July, one of the fund backers, Korea Development Bank, said Thursday. Given the higher-than-anticipated matchmaking activities for subfunds by external partners, the Growth Support Fund’s total commitments for growth equities is expected to reach the mark of 9 trillion won by this year, KDB added. This
Aug. 20, 2020
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Thursday, taking a cue from overnight losses on Wall Street over the new coronavirus uncertainties. The benchmark Korea Composite Stock Price Index fell 13.26 points, or 0.56 percent, to 2,347.28 in the first 15 minutes of trading. Key US stock indices closed lower Wednesday (New York time), after the US Federal Reserve said the COVID-19 crisis would "weigh heavily" on the world's largest economy. The Dow Jones Industrial Average retreated 0.31 pe
Aug. 20, 2020
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POBA to select 2 global partners for $350m overseas debt portfolios
The Public Officials Benefit Association said Wednesday it plans to select two global asset management houses as external partners to manage its overseas fixed income portfolios. Under the plan, the state-run institutional investor, which manages funds to support public officials’ welfare, will commit a total of $350 million to the appointed two investment houses. To qualify for consideration, POBA said each prospective manager must oversee over $5 billion worth of debt instruments
Aug. 19, 2020
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[67th Anniversary Special] KRX launches SRI bond information platform
In step with the global trend of sustainable investments, South Korea’s sole stock market operator has launched a platform that provides transparent information on socially responsible investment bonds. The new Korea Exchange system is noted for its comprehensive function, providing all necessary investment information and statistics at a glance. Previously, investors needed to visit individual bond issuance websites. Gaining popularity are SRI -- or socially responsible investment -- b
Aug. 19, 2020