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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Dyson founder visits Seoul for global debut of new hair dryer
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Leaders call for action against threats to democracy posed by AI
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Ryu Joon-yeol, Han So-hee confirm dating since early 2024
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Seoul stocks swing to gains despite COVID-19 resurgence
South Korean shares closed higher Wednesday, ending a two-session losing streak despite fears of the resurgence of the novel coronavirus in Seoul and its surrounding areas. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 12.30 points, or 0.52 percent, to close at 2,360.54. Trading volume was moderate at about 613 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 664 to 184. The KOSPI erased a
Aug. 19, 2020
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Shinhan Alpha REIT to buy Twincity Namsan offices for W238.6b
Shinhan Alpha REIT rolled out plans to buy 37,600 square meters of office space in Twincity Namsan in central Seoul for 238.6 billion won ($201.6 million) from KB Asset Management, a filing showed Wednesday. The property occupies 20 floors of the 30-story commercial building. Built in 2015 and located in Yongsan-gu, in the vicinity of Seoul Station, Twincity Namsan is composed of two buildings -- commercial and residential. The office segment is composed of 18 floors above ground and two base
Aug. 19, 2020
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Seoul stocks open sharply higher on Wall Street gains
South Korean shares opened sharply higher Wednesday, tracking an overnight rally on Wall Street led by positive economic indices that fueled optimism for a global economic rebound. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.92 points, or 1.06 percent, to 2,373.16 in the first 15 minutes of trading. Bucking a 2.46 percent plunge in the previous session, the KOSPI started out bullish despite lingering concerns over a resurgence of new coronavirus infections. The index took
Aug. 19, 2020
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IPOs boost DSC Investment’s H1 performance
DSC Investment, South Korea’s venture capital house trading on the Kosdaq stock market, said Tuesday its first-half performance was buoyed by the successful stock market debut of its portfolio companies. The company last Friday announced it logged 8.6 billion won ($7.3 million) in revenue during the January-June period, up 36.4 percent from a year earlier. Its net profit came in at 4.1 billion won, up 60 percent, during the cited period. The company said the improved earnings were attrib
Aug. 18, 2020
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Seoul stocks drop sharply amid COVID-19 resurgence
South Korean shares tanked Tuesday, following resurging coronavirus cases in Seoul and surrounding areas. The benchmark Kospi closed down 59.25 points, or 2.46 percent, to 2,348.24 points while the tech-heavy Kosdaq declined 34.81 points, or 4.17 percent, to close at 800.22 points. The Kospi, which remained above the 2400-level in recent days, dropped below the threshold as fears of a resurgence of COVID-19 spooked investors. Korea added 246 new coronavirus cases on Tuesday, after reporting 1
Aug. 18, 2020
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Seoul stocks dip to 2-month low amid COVID-19 resurgence fears
South Korean shares plunged by more than 2 percent Tuesday as investor sentiment turned sour amid the resurgence of new coronavirus infections in the country. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 59.25 points, or 2.46 percent, to close at 2,348.24, marking the steepest fall after June 15. Trading volume was high at about 898 million shares worth some 17.3 trillion won ($14.6 billion), with losers outnumbering
Aug. 18, 2020
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Banks may extend loan maturity amid COVID-19 resurgence
South Korea’s major banks are expected to extend due dates on interest payments and loan installments worth more than 39 trillion won ($32.8 billion won) combined, in line with the government’s efforts to reduce the financial burden affecting coronavirus-battered citizens and businesses. According to data compiled by the country’s five key lenders -- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup -- the combined amount of deferred interest and installments from early Febru
Aug. 18, 2020
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Seoul stocks open lower amid fears of COVID-19 resurgence
South Korean shares opened lower Tuesday, following a sharp increase in new coronavirus infections in Seoul and surrounding areas over the holiday weekend. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.31 points, or 0.18 percent, to 2,403.18 in the first 15 minutes of trading. Fears of a resurgence of COVID-19 spooked investors. South Korea reported 197 new cases Monday, a temporarily designated holiday, and 279 on Sunday. The daily new cases surpassed the 200 mark for th
Aug. 18, 2020
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Proposed insurance rules may force Samsung Life to unload Samsung Electronics shares
The push by some lawmakers to revise the Insurance Business Act is weighing down on the nation’s largest life insurance firm, Samsung Life Insurance, as the insurer would have to offload a large part of its Samsung Electronics stake, now worth nearly 30 trillion won ($25.3 billion). The move recently caused Samsung Life stock prices to fluctuate heavily, partly on speculative buying in anticipation that Samsung Life’s valuation will grow higher in the long run as a result of the sel
Aug. 17, 2020
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Pangyo offices under limelight in deregulation hopes: report
Pangyo, a South Korean version of Silicon Valley, is garnering attention as an emerging destination for office investment as key regulations affecting the area are set to expire, a report showed Monday. The stabilizing occupancy in Pangyo 1st Techno Valley and Pangyo Alpha Dome City and the 10-year restrictions being gradually lifted from Pangyo 1st Techno Valley starting this year will generate new investment opportunities despite COVID-19, according to a report by real estate services firm Co
Aug. 17, 2020
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KB Group joins gaming firm NCSoft to set up AI-powered investment firm
Financial behemoth KB Financial Group and gaming firm NCSoft are planning to set up a joint investment firm specialized in offering investment consulting services based on artificial intelligence technology, news reports said Monday. The two companies have recently started discussing the establishment of the joint venture, and the planned joint company will likely be operated under KB subsidiary KB Securities. The partnership is seen as an unusual move as few gaming companies here participa
Aug. 17, 2020
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Ruling party prepares to extend temporary ban on shorting
To reduce volatility in the stock market exacerbated by the novel coronavirus pandemic, lawmakers from the ruling Democratic Party are pushing to extend the six-month ban on short selling, news reports said Monday. Short selling, or shorting, is a strategy of borrowing, selling and repurchasing a stock to return it to the lender. In effect, short sellers are betting on a drop in stock prices. The practice, often conducted by institutional investors and offshore investors, has received flak f
Aug. 17, 2020
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Demand for personal credit loans surges amid stricter mortgage rules
Korean banks’ personal credit loans extended to individuals have continued to soar in August, as the government tightened mortgage loan regulations to stabilize the overheated housing market, data showed Monday. Outstanding balance of personal credit loans at five major lenders here -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH Bank -- came to nearly 121 trillion won ($102 billion won) as of Thursday, up 1.28 trillion won from the previous month. Following the largest-
Aug. 17, 2020
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Kakao founder becomes second-richest S. Korean stockholder, bumping Samsung heir
Kakao founder Kim Beom-su snagged the No. 2 spot on the list of South Korea’s wealthiest businesspeople, with his stock assets rising by some 5 trillion won ($4.2 billion), industry data showed Monday. This puts him ahead of Samsung Electronics Vice Chairman Lee Jae-yong, and second only to Samsung Group Chairman Lee Kun-hee. Kim, who currently holds a 14.51 percent stake in Kakao, saw the value of his stock assets surpass 9 trillion won as of Friday, up 136.16 percent from 3.84 trillio
Aug. 17, 2020
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[67th Anniversary Special] Amid contactless boom, Korea steps into cashless society
Cashless stores, digital payment and contactless banking all existed before the pandemic swept South Korea’s retail markets. What’s different now is that walletless services have gained dominance as a payment method, accelerating the nation’s shift to a cashless society. Concerned about the new coronavirus, people are increasingly using mobile services to order food and other necessities online instead of dining out or buying their clothes at brick-and-mortar stores. During t
Aug. 15, 2020
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Citibank, Standard Chartered Bank post mixed Q2 earnings in Korea
Citibank and Standard Chartered Bank’s Korean subsidiaries posted mixed earnings in the second quarter, as per their disclosures Friday. The New York-based lender’s subsidiary bit the dust amid the coronavirus pandemic, with its net profit plummeting 72.4 percent on-year to 30.3 billion won ($25.5 million). This was mostly due to provisions set aside for coronavirus risks coupled with dissipated effects from the sell-off of its landmark headquarters tower last year. Its net profi
Aug. 14, 2020
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Banks to adjust loan payments, ATM fees for temporary holiday
For the temporary national holiday slated for Monday, South Korean lenders and financial authorities said Friday that loan payments, ATM fees and other services would be adjusted for the time being. According to the Financial Services Commission, loan payments due Monday will be automatically delayed to Tuesday. Late fees will be waived, but some loans -- including those that could require early payoff fees, charged when customers pay off their principal balance early -- may require consulting
Aug. 14, 2020
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Seoul stocks snap winning streak on profit-taking
South Korean shares ended their nine-session winning streak Friday, as investors attempted to cash in part of recent gains. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 30.04 points, or 1.23 percent, to close at 2,407.49. Trading volume was high at about 956 million shares worth some 16.4 trillion won ($13.8 billion), with losers outnumbering gainers 531 to 337. Foreigners sold a net 462 billion won, while retail investors purchased a
Aug. 14, 2020
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Hannam The Hill holds the fort as top-priced apartment in S. Korea
Hannam The Hill, a premium residence located in central Seoul’s Hannam-dong, continued to stand as the most expensive apartment in South Korea, extending its record for five consecutive years, data showed Friday. According to data compiled by the Ministry of Land, Infrastructure and Transport, one unit of the apartment with an exclusive use area of 240.305 square meters was valued at 7.3 billion won ($6.16 million) in April this year. The latest amount was up 200 million won from the
Aug. 14, 2020
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Seoul stocks open tad lower on profit-taking
South Korean shares opened a tad lower Friday as investors attempted to cash in part of recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.71 points, or 0.19 percent, to 1,995.73 in the first 15 minutes of trading. The pullback was largely attributed to foreign investors' profit-taking of market heavyweights. The nine-session winning streak that ended Thursday raised valuation pressure, analysts said. Most large caps traded lower. Market bellwether Samsung Elec
Aug. 14, 2020