Most Popular
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Yoon calls for dialogue, trust from medical community
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NK leader guides firing drills involving super-large multiple rocket launchers
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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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Asiana Airlines wins data transfer certification in China
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Dispute heats up over dispatch of scandal-ridden envoy to Australia
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Dodgers beat S. Korea in final exhibition before MLB opener in Seoul
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Disgraced ex-K-pop star released after serving time for sex crimes
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Trump unlikely to unravel IRA: experts
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Yoon says medical licenses should not be used as tool against people
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Seoul stocks open sharply lower on renewed virus fears
South Korean shares opened sharply lower Monday amid renewed fears over the new coronavirus prompted by a spike in the number of new cases over the weekend. The benchmark Korea Composite Stock Price Index (KOSPI) plunged 31.70 points, or 1.49 percent, to 2,102.95 in the first 15 minutes of trading. The drop is largely attributed to the resurgence in new COVID-19 cases. South Korea added 62 new cases on Sunday, including 40 local infections, raising the total caseload to 12,715. The tally m
June 29, 2020
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NPS offloads 1.1m shares of Hotel Shilla in Q2
South Korea’s National Pension Service sold 1.09 million shares in the nation’s leading hospitality and duty-free operator Hotel Shilla in the second quarter, a filing showed Sunday. As of Wednesday, NPS was holding 9.73 percent voting rights in the hotel and resort unit of Samsung, down 2.74 percentage points from March 31, with 12.47 percent. From April 1 to June 24, the pension fund sold Hotel Shilla’s shares 50 times out of 78 times of its stock trading. Despite the sta
June 28, 2020
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[News Focus] Chaebol ownership of corporate venture capital sparks debate
Deregulatory moves by financial authorities to allow South Korean conglomerates to own corporate venture capital firms have raised concerns over the manifold consequences of such a scheme. The Finance Ministry is set to unveil plans next month to revise the law so that Korean equivalents of Alphabet-backed GV -- formerly known as Google Ventures -- can be launched. The revision of the Fair Trade Act is expected to make significant changes in the history of corporate environment that has banned
June 28, 2020
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Appetite of US investors in Korea’s stock market grows
The impact of US shareholders has grown on South Korea’s stock market, as they expand investments in large-cap stocks, according to the latest data Sunday. In a survey of shareholders from the US and China with more than 5 percent ownership in the local stock market, investors from the US marked nearly 27.71 trillion won ($23.02 billion) as of June 22, up 52.7 percent, or 18.15 trillion won from March 2016. While 45 retail and institutional investors owned over 5 percent stake in 111
June 28, 2020
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NH Prime REIT to invest in NY’s 195 Broadway, Paris’ Tour Eqho
NH Prime REIT said Sunday it has decided to invest in landmark buildings in New York, Paris and Helsinki to expand its portfolio. South Korean banking group NH Financial’s real estate investment trust affiliate plans to purchase beneficiary certificates of 195 Broadway, a 29-story building in New York City with luxury brand Gucci as a key tenant and Tour Eqho in Paris that has global accounting firm KPMG taking most of the floors. It will invest in securities of Finland-based OP Finan
June 28, 2020
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IPO stocks fly high, appetite for newcomers set to grow further
Newly listed stocks enjoyed substantial gains in the first half this year, fueling an investor rush amid volatile market trends, data showed Sunday. A total of 12 companies made debuts on the main KOSPI and the tech-laden KOSDAQ markets, nine of which far exceeded their IPO prices, according to the data from the bourse operator Korea Exchange (KRX). As of Friday, these firms' stock price hikes averaged as high as 52.4 percent. Among them, Leading Edge Technology Co. Ltd. closed Friday at 20,
June 28, 2020
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US drug firm backed by GC LabCell attracts $78m in Series A funding
GC LabCell, a manufacturer of cell therapy products, said on Friday that its US strategic partner Artiva Biotherapeutics has raised $78 million in Series A funding round. Launched in March last year jointly by South Korean drugmaker GC Pharma and GC LabCell, Artiva focuses on research and development of cell therapy drugs and commercialization of GC LabCell’s anti-cancer drugs based on natural killer cells, a type of immune cell in the human body. Among the investors of the funding ro
June 26, 2020
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Seoul stocks up 1% on tech gains
South Korean stocks closed 1.05 percent higher Friday as large-cap tech shares rallied. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) went up 22.28 points to close at 2,134.65. Trading volume was moderate at 728 million shares worth 9.4 trillion won ($7.8 billion), with gainers outpacing losers 432 to 395. Foreigners and individuals scooped up a net 61.5 billion won and 106.2 billion won, respectively, while institutions offloaded a net 163
June 26, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Friday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 15.3 points, or 0.72 percent, to 2,127.67 in the first 15 minutes of trading. On Thursday (local time), US stocks finished higher on the back of a rally in bank shares. The Dow Jones Industrial Average rose 1.18 percent, the tech-laden Nasdaq gained 1.09 percent and the S&P 500 rose 1.1 percent. In Seoul, most large caps got off to a strong s
June 26, 2020
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Retail investors angry over new stock tax scheme
Market concerns grew over a new tax plan on any financial investment, Thursday, with some criticizing that the scheme imposes a heavy burden on retail investors seeking small profits. The government unveiled a set of capital gains taxation of up to 25 percent on annual capital gains worth over 20 million won ($16,600) starting from 2023, while lowering the stock transaction tax. With individuals expressing concerns online, a petition demanding the withdrawal of the new tax scheme on
June 25, 2020
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[Herald Interview] ‘Stock investing should be fun, not a battle’
What surprised John Lee, a former Wall Street fund manager who returned home six years ago, was the widespread perception among South Korean retail investors that real estate is a much safer option for investments than stocks, which they considered too risky. Six years on, things have changed, particularly in recent months with a massive inflow of retail investors to the local stock market, said Lee, now CEO of Seoul-based Meritz Asset Management. “They have learned lessons,” he sai
June 25, 2020
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Seoul stocks sink 2.27% on renewed virus woes
South Korean stocks tumbled more than 2 percent Thursday as the new cases of the novel coronavirus surged, dimming investors' hopes for a quick global economic recovery, analysts said. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 49.14 points, or 2.27 percent, to close at 2,112.37. Trading volume was heavy at 1 billion shares worth 10.6 trillion won ($8.8 billion), with losers far outnumbering winners 732 to 145. Foreigners and insti
June 25, 2020
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[News Focus] Tough apartment, stock rules frustrate ordinary Koreans
SEJONG -- A number of salaried people and ordinary households in South Korea have been resorting to stocks and real estate as their two main investment. But their investments according to market principles have been restricted under the Moon Jae-in administration, which has dumped a variety of regulations on the market. Following a series of regulations to the real estate market over the past three years to 2017, the Moon government is poised to tackle the stock market in terms of enhanced ta
June 25, 2020
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Stocks open sharply lower on Wall Street tumble
South Korean stocks opened sharply lower Thursday, tracking overnight losses on Wall Street amid concerns over a second wave of the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.13 points, or 24.47 percent, to 2,137.04 in the first 15 minutes of trading. On Wednesday (local time), US stocks closed lower as investors were concerned over rising new coronavirus infections in major countries. The Dow Jones industrial average fell 2.7 percent, the S&am
June 25, 2020
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[Banks of Future] S. Korean banks transforming for ‘untact’ era
South Korean banks are going through their biggest transformation since the postwar era in the face of rising online banks and the fast-changing consumer trend favoring non-contact services. With the growing preference for “untact” -- non-face-to-face contact -- the lenders have been closing many brick-and-mortar branches, while giving more authority to chief digital officers who were hired from outside. The combined number of physical branches of all commercial banks here stood
June 24, 2020
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Optimus fund freeze spooks investors as scrutiny intensifies
South Korea’s investment house Optimus Asset Management froze two more feeder funds worth a combined 29.7 billion won ($24.75 million) Wednesday, as prosecutors started to look into fraud allegations against the troubled asset manager. At the same time, Korea’s top financial regulator vowed to carry out a thorough inspection of all privately pooled funds here in a preemptive move to protect fund investors. Optimus on Wednesday notified NH Investment & Securities that the fund
June 24, 2020
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Seoul stocks close 1.42% higher on economic recovery hope, N. Korean relief
South Korean stocks closed 1.42 percent higher Wednesday on the back of upbeat economic data from the United States and Europe and eased tensions with North Korea, analysts said. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 30.27 points to close at 2,161.51. Trading volume was heavy at 895 million shares worth 12.7 trillion won ($10.6 billion), with gainers outpacing losers 518 to 319. Institutions scooped up a net 118.2 billion won
June 24, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.76 points, or 0.93 percent, to 2,151.00 in the first 15 minutes of trading. Major indexes in the United States closed higher Tuesday on recovery hopes, led by a jump in tech shares. The Dow Jones Industrial Average rose 0.58 percent to end at 26,156.1, while the tech-laden Nasdaq gained 0.74 percent to close at a fresh record high of 10,131.
June 24, 2020
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Social contributions by financial groups hit record high in 2019
The combined spending by Korean financial institutions on social contributions hit a record high in 2019, data showed Tuesday. A total of 22 financial institutions in Korea, including five major local lenders and Korea Credit Guarantee Fund as well as Korea Housing Finance Corp., spent 1.3 trillion won ($935 million) on social contribution activities last year, the highest figure since 2006 when the Korea Federation of Banks started compiling relevant data. The figure jumped 15 percent
June 23, 2020
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After choppy session, Seoul stocks end higher on eased Sino-American trade woes
South Korean shares traded higher Tuesday on eased concerns related to the US-China trade dispute. The Korean won rose against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) added 4.51 points, or 0.21 percent, to close at 2,131.24. Trading volume was high at about 906 million shares worth some 13.3 trillion won ($11 billion), with losers outnumbering gainers 586 to 262. Foreigners sold a net 55.6 billion won, while retail investors purchased a n
June 23, 2020