Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Seoul stocks open higher on Wall Street tech gains
South Korean shares opened higher Tuesday, taking a cue from stellar US tech gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) added 29.24 points, or 1.37 percent, to 2,155.97 in the first 15 minutes of trading. The increase was largely attributed to the gains on Wall Street, led by tech giants Apple and Microsoft. The tech-laden Nasdaq gained 110.35 points, or 1.11 percent, to close at a fresh record high of 10,056.47 Monday (US time). Apple CEO Tim Cook annou
June 23, 2020
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[Banks of Future] With online banks rising, financial giants gear up for digital transformation
The prolonged COVID-19 pandemic has taken its toll on domestic banks this year, with lower interest rate margins and enhanced loan regulations. The key challenge, however, is not the tangible loss so far, but rather the forthcoming competition in the digital arena -- where conventional financial firms find themselves overrun by big tech rivals. Racing against the clock, the conventional financial industry is now scrambling to grab the digital initiative, in line with the ongoing deregulatory
June 22, 2020
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Seoul stocks fall on concerns over virus resurgence
South Korean shares closed lower Monday amid fears of a second wave of new coronavirus cases at home and abroad, reducing investors' appetite for risks. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.59 points, or 0.68 percent, to close at 2,126.73. Trading volume was moderate at about 779 million shares worth some 9.9 trillion won ($8.1 billion), with losers outnumbering gainers 610 to 252. Foreigners sold a net 251 billion won, whi
June 22, 2020
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Swedish pension fund blacklists Korean firm for alleged human rights abuses in Peru
Swedish public pension fund AP7 has added SK Holdings, a South Korean company at the apex of SK conglomerate’s governance structure, to its blacklist of companies to be excluded from its investment universe, its recent report showed Monday. SK Holdings was one of three firms added in the latest move, along with Canadian cannabinoid firm Cronos Group and Egyptian electrical company Elsewedy Electric, according to the blacklist updated as of June 15. According to the report by the institu
June 22, 2020
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Korea to allow conglomerates to own startup VCs
South Korea is working on relaxing financial regulations to boost the startup ecosystem by allowing conglomerates to own venture capital firms, according to news reports Monday. The government is also preparing measures to prevent any adverse effects that could arise if deep-pocketed businesses were to own such investment firms. A working group that will be formed by different ministries and government agencies, including the Ministry of Economy and Finance, the Fair Trade Commission and th
June 22, 2020
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SK Biopharm likely to join Kospi 200 in September: analysts
South Korean drug developer SK Biopharmaceuticals is likely to get an early admission to join the Kospi 200 -- a basket of top 200 blue-chip stocks of the nation’s benchmark index Kospi -- possibly only two months after its planned market debut in July, according to local analysts Monday. If a newly listed stock’s market cap reaches the top 50 in the market, the firm’s stock is qualified to join the league of 200 blue-chip stocks even before the bourse operator announces regu
June 22, 2020
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Seoul stocks open lower on increasing COVID-19 cases
South Korean shares opened lower Monday amid fears of a resurgence in the new coronavirus at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.6 points, or 0.54 percent, to 2,129.72 in the first 15 minutes of trading. The drop was mainly attributed to worsening investor sentiments, prompted by a steep rise in the number of new COVID-19 infections over the weekend. The World Health Organization (WHO) reported Sunday (Geneva time) that there were 183,020 new in
June 22, 2020
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[Herald Interview] Korea’s data economy drive strengthens amid pandemic
South Korea is making all-out efforts to accelerate digital transformation in the financial sector, having launched a data exchange platform last month for convenient transactions. From credit card transaction histories, spending trends in online shopping malls to transport payments, data processed for marketing and research purposes is now being traded without having to worry about security breaches, on FinDX. FinDX is Korea’s first financial data exchange platfor
June 21, 2020
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BlackRock Korea head to extend term
BlackRock Investment Management Korea said in a filing Sunday its incumbent CEO Choi Man-yeon is set to extend his term by two years, starting June 27. Choi has headed the Korean arm of the world’s largest asset management firm since 2014. His three-year term at the top post was renewed in 2017. Choi formerly headed sales at Schroder Investment Management’s Korean unit. The filing also showed that, along with Choi, his colleague Graham Turl will serve his term until 2023 as
June 21, 2020
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Investment house Optimus under spotlight for alleged fraud
South Korea’s Optimus Asset Management is being probed by financial authorities over allegations that it had breached contracts with fund investors in its portfolio construction. Investors in the privately placed funds appear to be wary of what could trigger another financial fiasco following ones surrounding disgraced fund management firms including Lime Asset Management. The Financial Supervisory Service on Friday launched an investigation on the Seoul-based investment house to examin
June 21, 2020
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S. Korea’s debt grows at fastest pace in 2019: BIS data
The level of household debt in Asia’s fourth-largest economy rose at the fastest pace among major economies in 2019, data showed Sunday. According to the data from the Bank for International Settlements, household debt in South Korea accounted for 95.5 percent of the country’s gross domestic product as of the fourth quarter last year, increased by 1.6 percentage points from a year earlier. The growth rate ranked first among 43 major economies alongside Hong Kong. Norway came
June 21, 2020
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[News Focus] N. Korea’s liaison office demolition dampens cross-border projects of banks
Nearly two years ago, South Korean financial groups hurriedly launched special teams to pursue inter-Korean businesses on the back of a reconciliatory mood between Seoul and Pyongyang. But the mood quickly soured with the collapse of the second summit between US President Donald Trump and North Korean leader Kim Jong-un in February last year. Now, with North Korea blowing up an inter-Korean liaison office in the border town of Kaesong, the hostile mood has cast one of the darkest clouds yet o
June 21, 2020
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[Weekender] As pandemic rages, funds test water with robo-investing
Since its inception in 2015, robo-investing has emerged as a tool with the potential to minimize the impact of market volatility in South Korea. The profitability of this investment method -- based on computerized data analysis, not human instinct -- has been questioned. But the time has come, unexpectedly, to prove who is correct. The catalyst is the coronavirus outbreak that has been rattling the stock market at home and abroad. According to market data tracker FnGuide, 17 robo-investing fu
June 20, 2020
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Seoul stocks likely to stay range-bound next week amid virus fears
South Korean shares are expected to move in a tight range next week, due to concerns over the further spread of the coronavirus and North Korea's additional provocations. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,141.32 points Friday, up 0.42 percent from a week ago. In the face of growing concerns over a potential second wave of virus outbreaks and Pyongyang's aggressive actions, the KOSPI suffered a 4.76 perc
June 20, 2020
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Biotech firm SillaJen faces review on possible delisting
The nation’s sole bourse operator announced Friday that it has decided to examine SillaJen’s listing eligibility. “We are set to decide whether to delist SillaJen or give it some more time for improvement after reviewing for 15 trading sessions,” said an official of Korea Exchange (KRX). “If the firm submits its improvement plan within the period, our review will be delayed by another 20 trading sessions.” Depending on KRX’s conclusion, SillaJen ma
June 19, 2020
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Seoul stocks close higher amid slight decline in virus tally
South Korean stocks pared earlier losses to close a tad higher Friday, with investors weighing cautious optimism over the new coronavirus tally that is still high yet on a decline. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.84 points, or 0.37 percent, to close at 2,141.32. Trading volume was high at about 1.1 billion shares worth some 12.1 trillion won ($10 billion), with gainers outnumbering losers 432 to 423. The index started o
June 19, 2020
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Seoul stocks open lower amid virus fears, NK risks
South Korean shares opened lower Friday amid concerns over a recent rise in new coronavirus infection cases here and abroad, with lingering inter-Korean tensions further spooking investors. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.06 points, or 0.38 percent, to 2,125.42 in the first 15 minutes of trading. The index's loss was largely attributed to the growing investor concerns over the high infection toll in major economies and at home, which countered economic recovery
June 19, 2020
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Seoul stocks snap 2-day winning streak amid spreading coronavirus concerns
South Korean stocks closed lower Thursday, ending a two-session gaining streak, on investor concerns over a second wave of new coronavirus infections in the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.57 points, or 0.35 percent, to close at 2,133.48. Trading volume was moderate at about 754 million shares worth some 10.8 trillion won ($8.9 billion), with winners outnumbering losers 523 to 331. The dro
June 18, 2020
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Hyundai Capital issues green bonds worth $316m
South Korean auto financing firm Hyundai Capital said Thursday that it has issued three-year Swiss franc-denominated green bonds worth 300 million francs ($316 million). The bonds are being issued by the subsidiary of Hyundai Motor Group for the automaker’s lease financing programs on its green car lineup. It is the firm’s third overseas green bond issuance since 2016. A green bond is specifically earmarked to be used for climate and environmental projects. The latest deal enabl
June 18, 2020
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Amid continued selling spree, foreign investors eye Celltrion shares
Despite their continued selling spree of local stocks, foreign investors have grabbed 427 billion won ($351.4 million) worth shares of local biopharmaceutical firm Celltrion’s key affiliates, according to stock market data Thursday. The Korea Exchange noted that between June 1-17, Celltrion became the most purchased stock by offshore investors here, with net purchase of 291.1 billion won. Celltrion Pharm was first on the list of foreigners’ top-bought stocks in the tech-heavy Kos
June 18, 2020