Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Korean, Romanian leaders discuss defense tech, nuclear energy
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Minimum investment amount for private equity funds forecast to rise
South Korea will likely increase the minimum amount of investment for private equity funds from the current 100 million won ($83,373) to 300 million won as early as next month in its efforts to protect individual investors on the heels of a series of alleged fraud cases linked to funds in South Korea, according to news reports on Sunday. The Ministry of Government Legislation has been reviewing the measure, which will be included in the planned revisions of the nation’s Financial Investm
July 5, 2020
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[Herald Interview] Investment guru sees opportunities in post-COVID era
In his first public letter in 10 years, South Korea’s value investment guru Chen Kang in March urged fund investors to remain unperturbed by the coronavirus uncertainties and search for where purchasing power would flock to in the post-coronavirus era. The investor with over 30 years of experience in stock investing added this was a way of targeting value creation even in trying times. “Investors should keep an eye on how daily life evolves, because that’s where the future of
July 5, 2020
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HK-based hedge fund’s liquidity crisis spooks Korean investors
Gen2 Partners, a Hong Kong-based hedge fund, has notified South Korean financial institutions of a fund freeze regardless of the deadlines for fund redemption, according to news reports Sunday. This comes as its flagship fund using a leveraged scheme suffered losses due to the coronavirus outbreak, facing a liquidity crunch. The Korean entities dedicated to pooling investor money for Gen2 Partners’ multistrategy funds include brokerage houses Shinhan Investment, Kiwoom Securities and S
July 5, 2020
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[News Focus] Will Kospi be alright when short sellers return in September?
SEJONG -- An eye-catching issue in the nation’s economy is whether the growth of gross domestic product will bounce back in the second half of the year after touching a bottom in the first half. While GDP growth was minus 1.3 percent in the first quarter, compared to the previous quarter, there is a possibility that the coming figure for the second quarter (April-June) will also post negative growth or dip further. Exports fell by 11.2 percent in the first half, on an on-year basis. For
July 5, 2020
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Number of fake banknotes in S. Korea further dips in H1
The number of fake South Korean banknotes found here continued to decline in the first half, and the combined face value of the counterfeits also dropped sharply, central bank data showed Sunday. In the January-June period, the number of counterfeit banknotes found here came to 129, down 19.4 percent from 160 bills found a year earlier, according to the Bank of Korea (BOK). The half-year tally marks a steady decline since the second half of 2017. The combined face value of the counterfeits f
July 5, 2020
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Seoul stocks likely to face volatile sessions next week: analysts
South Korean stocks are expected to face choppy trading next week amid signs of a global economic recovery and the rising number of new coronavirus infections, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,152.41 points Friday, up 0.83 percent from a week earlier. "The gap is narrowing between the stock index and the real economy," said Daeshin Securities global strategist Moon Nam-joong. "The improved US jobs data seems to have gi
July 4, 2020
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Seoul stocks close higher on economic recovery hopes
South Korean shares closed higher Friday on hopes of economic recovery buoyed by better-than-anticipated economic indicators from major economies, including the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.04 points, or 0.80 percent, to close at 2,152.41. Trading volume was moderate at about 754 million shares worth some 8.5 trillion won ($7.1 billion), with gainers outnumbering losers 529 to 307. The gains were led
July 3, 2020
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SK Biopharmaceuticals shares spike for 2nd day in row
SK Biopharmaceuticals, the largest initial public offering of this year so far, continued to perform strong Friday, soaring to a daily limit of 30 percent in the second trading session. The bio unit of South Korean conglomerate SK Group began trading at 127,000 won ($105.75) per share, then spiked 38,000 won, or 29.92 percent, to reach 165,000 won in early trading hours. Throughout the trading day, the stock price continuously maintained, while marking its market capitalization of more than
July 3, 2020
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Seoul stocks open tad higher on US jobs data
South Korean shares opened slightly higher Friday, tracking overnight gains on Wall Street led by estimate-beating US jobs data. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.76 points, or 0.22 percent, to 2,140.13 in the first 15 minutes of trading. Major US stock indices closed higher on surprising US jobs data. The NASDAQ Composite gained 0.52 percent to a fresh record high of 10,207.63 on Thursday (New York time), following reports that the US jobless rate in June fe
July 3, 2020
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Seoul stocks close higher on recovery hopes
South Korean shares closed sharply higher Thursday on hopes of an economic recovery fueled by improved US economic indicators. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 28.67 points, or 1.36 percent, to close at 2,135.37. Trading volume was high at about 1.1 billion shares worth some 10.4 trillion won ($8.7 billion), with gainers outnumbering losers 671 to 176. Foreigners sold a net 13 billion won, extending their latest selling
July 2, 2020
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Regulator to crack down on pooled funds to restore investor trust
The Financial Services Commission, South Korea‘s top financial regulator, said Thursday it would carry out an all-out inspection of all privately-pooled investment schemes in a preemptive measure to protect financial consumers from exposure to unanticipated risks. The target of the scrutiny will be 10,304 pooled funds and 233 investment houses dedicated to privately pooled funds as of the end of May. The total inspection is scheduled to be completed by September, while investment firms w
July 2, 2020
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As largest IPO of year, SK Biopharmaceuticals makes strong market debut
In the largest market debut of the year, SK Biopharmaceuticals was listed on the nation’s main bourse Kospi on Thursday, with its share price soaring to a daily limit in the first trading session. Buoyed by the growing market interest in the bio industry as well as increased capital flow to the local stock market, the initial public offering of the SK subsidiary marked the highest offering deal since the 1 trillion-won market debut of Celltrion Healthcare in 2017. SK Biopharmaceuticals
July 2, 2020
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Seoul to set up online data platform to fight viruses
The government said Thursday it plans to establish a so-called “bio data station” -- an online data platform for biotechnology -- in a bid to accelerate research and development in the emerging sector. Minister of Economy and Finance Hong Nam-ki mapped out the plan for the biotech platform at an emergency economic meeting in Seoul. All the data linked to results of state-run research projects will be registered at the online hub for drug development and research projects including
July 2, 2020
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Seoul stocks open higher on pharmaceutical gains
South Korean shares opened higher Thursday, led by pharmaceuticals. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.86 points, or 0.61 percent, to 2,119.56 in the first 15 minutes of trading. SK Biopharmaceuticals Co. Ltd., the largest IPO offering of the year so far, spiked 29.59 percent on the day of its debut. Top pharmaceutical firm Samsung BioLogics surged 4.26 percent, with Celltrion spiking 3.87 percent. Most large caps were in positive terrain. Market bellwether
July 2, 2020
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With low interest rates and nowhere to invest, more opt to simply hold money
Major banks in South Korea saw their time deposits decline from a month earlier in June, while their money market deposits jumped sharply, apparently suggesting more people were hoping to invest their money amid record low interest rates but were unable to do so amid a coronavirus-caused slump, data showed Thursday. According to the data from five major local lenders, the combined outstanding time deposits at the banks came to 633.1 trillion won ($526 billion) as of end-June, down more than 10
July 2, 2020
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Kakao Pay Securities highlights fun factor in stock trading
Riding the wave of contactless service, Kakao Pay Securities, a brokerage backed by mobile messenger operator Kakao, said Wednesday that it would take the stock trading scene to the next level by adding a dab of fun to investment activities and launching easy-to-use services. “Because of high barriers in the investment and financial sectors for the public, there are even new terms being coined, such as geum-al-mot in Korean, to describe financially illiterate people despite high digital
July 1, 2020
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Seoul stocks edge down over Hong Kong security law
South Korean shares closed a tad lower Wednesday, erasing earlier gains amid rising US-China tensions over a new security law in Hong Kong imposed by China's central government. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.63 points, or 0.08 percent, to close at 2,106.70. Trading volume was moderate at about 1.1 billion shares worth some 10.1 trillion won ($8.4 billion), with losers outnumbering gainers 482 to 356. Foreigners sold a
July 1, 2020
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Watchdog urges full compensation for damages from ponzi-involved Lime fund
South Korea’s financial watchdog Financial Supervisory Service on Wednesday urged 10 financial institutions to fully compensate for investors’ losses, holding them accountable for their inadvertent decision to draw investments in the disgraced Lime Asset Management’s trade finance fund. In an unprecedented move, financial institutions -- including seven banks and three brokerage houses -- will be forced to reimburse a total of 161.1 billion won ($133.8 million) in principal of
July 1, 2020
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Korean PEF inches closer to KDB Life acquisition
Korean private equity firm JC Partners has become a preferred bidder to buy a controlling stake in KDB Life Insurance, in policy lender Korea Development Bank’s move to exit from a troubled financial institution that has strived to turn around amid restructuring. JC Partners was the sole participant in the open bidding process to sell KDB Life Insurance, whose 92.73 percent stake is jointly controlled by KDB and investment house Consus Private Equity, according to KDB on Wednesday. The bi
July 1, 2020
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[Exclusive] S. Korea’s drive to develop pan-Asia stock index ends in failure
South Korea’s drive to launch the first pan-Asian benchmark comprising major blue chip stocks in the region appears to have fallen apart, thanks to political differences and a lack of interest from larger markets. The project, led by the nation’s bourse operator Korea Exchange (KRX), was designed to attract more foreign capital in the stock market, and was hoped to be a precursor of becoming a new financial hub in Asia. Tentatively named the Asia Index, it was modeled after the Eu
July 1, 2020