Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Hybe's multilabel system tested amid conflict with Ador
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Medical reform committee kicks off despite boycott from doctors
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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 lower on virus fears, inter-Korean tensions
South Korean shares opened lower Thursday amid growing investor concerns over the escalating tensions between the two Koreas and a resurgence in new coronavirus infection cases in major economies, including the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.57 points, or 0.73 percent, to 2,125.48 in the first 15 minutes of trading. The weak start came one day after North Korea again lashed out at the South, threatening to soon redeploy troops to two locations
June 18, 2020
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KDB refuses to back SsangYong Motor with bailout fund
Korea Development Bank, South Korea’s policy lender, on Wednesday refused to support the liquidity-stricken SsangYong Motor using its bailout fund of 40 trillion won ($32.95 billion) created to extend a lifeline to local companies suffering from the fallout of the novel coronavirus. “Money is not necessarily everything for a company’s survival,” KDB Chairman Lee Dong-gull told reporters at a teleconference. “It takes money for a company to get through hardships, bu
June 17, 2020
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Kakao Bank joins forces with stock brokerages
Kakao Bank said Wednesday its customers can now open KB Securities stock trading accounts via its platform. The local brokerage under KB Financial Group is the latest securities company to forge a partnership with the internet-only bank. As of May, Kakao Bank had ushered in some 2 million accounts for two brokerages -- Korea Investment & Securities and NH Investment & Securities. The company said its easy-to-use platform appeal to those in their 20s and 30s, who tend to prefer mobi
June 17, 2020
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NH Investment seeks to build customer trust via cultural space
NH Investment & Securities said Wednesday it is seeking to build a broader customer base by offering a cultural space in Seoul’s fashion district Apgujeong. Located in the Apgujeong Rodeo area, Culture Salon, or Moonwha Dabang, is part of the brokerage firm’s brand awareness project aimed at presenting its corporate vision. To mark its 50th anniversary last year, the brokerage unit of South Korea’s NongHyup Financial Group set its corporate slogan as “investment c
June 17, 2020
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Seoul stocks slightly up despite escalating inter-Korean tensions
South Korean shares finished a tad higher Wednesday as investors bet that the escalating tensions between two Koreas would have a limited impact on the financial markets. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) rose 3.00 points, or 0.14 percent, to close at 2,141.05. Trading volume was high at about 915 million shares worth some 15.2 trillion won ($12.5 billion), with gainers outnumbering losers 495 to 356. For
June 17, 2020
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Doosan Infracore rallies on hope for new investor
Shares in Doosan Infracore Co., the construction equipment affiliate of South Korea's cash-short Doosan Group, traded higher for a second day on Wednesday as its parent is seeking to sell a stake in the company. On Tuesday, Doosan Infracore soared by the daily permissible limit of 29.86 percent to close at 7,480 won ($6.16), hitting a 52-week high as retail investors bet that the stake sale will boost Doosan Infracore's value going forward. Doosan Group said earlier it will dispose of a 36.27
June 17, 2020
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Posco, Hyundai Steel create W100b fund for smaller firms
Posco and Hyundai Steel, South Korea’s two largest steelmakers, have created a combined 100 billion-won ($82 million) fund to help smaller companies hit hard by the coronavirus, the Industry Ministry said Wednesday. The fund will be used to extend up to 1 billion won with low interest to each struggling smaller steel company, according to the ministry. Posco and Hyundai Steel chipped in 71.4 billion won and 28.6 billion won for the fund, respectively. The move could help ease a credit
June 17, 2020
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Mr. Pizza to invite bids for controlling stake
MP Group, the South Korean company that controls pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, is seeking to sell a controlling stake through an open bidding process, its announcement showed Wednesday. Up for grabs will be a 48.92 percent stake in MP Group by founder and ex-chairman Jung Woo-hyun and owner families, as well as an undisclosed amount of new shares worth at least 20 billion won ($16.43 million). Proposals from potential buyers will be accepted until 5 p.m. on Ju
June 17, 2020
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Interest rates fall to near zero for 6 in 10 savings accounts
Six out of 10 accounts offered at commercial banks in South Korea offer near-zero interest rates on their deposits following the central bank’s key rate cut in May. According to data released Wednesday by the Korea Federation of Banks, 31 out of 51 commercial banks’ 12-month deposit accounts provided their customers with yields of less than 0.5 percent as of June. This indicates that 6 out of 10 major banks’ deposit products do not even offer 1 percent interest a y
June 17, 2020
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Seoul stocks open flat on escalating inter-Korean tensions
South Korean shares opened almost flat Wednesday amid escalating tensions between the two Koreas, bucking overnight Wall Street gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.25 points, or 0.06 percent, to 2,136.80 in the first 15 minutes of trading. The loss followed North Korea's announcement that it will redeploy troops to two inter-Korean business zones near the border and reinstall border guard posts. The communist regime destroyed the inter-Korean liaison office
June 17, 2020
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[Market Close-up] Stock market volatility spikes on concerns of second wave, foreign buying spree
Volatility in South Korea’s stock market rose this week on fears of a second wave of COVID-19 infections and return of foreign and institutional investors seeking to profit from undervalued stocks, analysts said Tuesday. Just a day after the two main domestic stock indexes saw the biggest drop in three months, both spiked over 5 percent Tuesday, causing the bourse operator Korea Exchange to halt stock trading for five minutes in the morning. At the closing bell, Kospi surged 107.23 point
June 16, 2020
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Seoul stocks spike over 5% on Fed's asset purchase scheme
South Korean stocks spiked over 5 percent Tuesday on the Federal Reserve's plan to purchase corporate bonds, which fueled optimism over a quicker-than-expected recovery in the global economy. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 107.23 points, or 5.28 percent, to close at 2,138.05. Trading volume was high at about 947 million shares worth some 13.4 trillion won ($11.1 billion), with gainers outnumbering losers 868 to
June 16, 2020
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Hyundai Card, Starbucks launch private label credit card
Hyundai Card said Tuesday it has forged a partnership with Starbucks Korea to launch a private label credit card in the second half of this year. The local credit card issuer will be in charge of marketing and operations. PLCC refers to a store-branded credit card -- applicable for either retail or wholesale manufacturers, such as department and specialty stores -- allowing users to enjoy all rewards provided by the partner company. It is Starbucks Korea’s first PLCC partnership sinc
June 16, 2020
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Seoul stocks open higher on Fed's bond purchase plan
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that followed the US Federal Reserve's asset-buying plan against pandemic uncertainties. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 57.32 points, or 2.82 percent, to 2,088.14 in the first 15 minutes of trading. The bullish start followed the Fed's decision to start purchasing a "broad and diversified portfolio" of corporate bonds. The plan is part of the Fed's quantitative easing
June 16, 2020
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Hanhwa Life accelerates digital transformation
Hanwha Life Insurance said Monday that it has completed organizational restructuring and promoted young executives in a bid to reinforce its digital technology capabilities. To secure future growth engines, the life insurance firm under Hanwha Group has assigned nine out of 15 business divisions to take the charge of digital transformation of the company and push for new businesses. Of the company’s entire 56 executives, 22 execs will lead the divisions related to digitalization and bus
June 16, 2020
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Kakao Bank most-favored workplace for university students: survey
Kakao Bank, one of the largest online-only banks in South Korea, has been picked as the most popular workplace among university students here, according to a recent survey Monday. In the survey of 1,045 Korean university students conducted earlier this month by job recruiting portal Incruit, the online bank received 27 percent votes while KB Kookmin Bank, Shinhan Bank and Industrial Bank of Korea, gained 18 percent, 14 percent, and 11 percent, respectively. The biggest reasons that studen
June 15, 2020
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IGIS Asset Management taps Singapore market
South Korea’s biggest real estate asset management firm IGIS Asset Management said Monday it has launched a new office in Singapore as part of its global expansion. The new branch, IGIS Asia, is the company’s third overseas base. It opened IGIS USA in New York and a London office last year. The company said it plans to expand its presence in Southeast Asia and Asia-Pacific region by acquiring other investment firms or by establishing new regional entities. Its new Singaporean un
June 15, 2020
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Seoul stocks sink almost 5% on another looming wave of virus outbreak
South Korean stocks sank almost 5 percent amid rising concerns of a second wave of the new coronavirus pandemic, extending their losing streak to a third consecutive session and dashing hopes for a sharp rebound in the global economy. The Korean won sharply fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,031.04, down 101.26 points, or 4.75 percent, the sharpest fall since March 23. Trading volume was high at about 1.06 bil
June 15, 2020
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SK Biopharmaceuticals eyes W960b blockbuster IPO in July
Seizure treatment developer SK Biopharmaceuticals said Monday it is planning what could be South Korea’s biggest initial public offering in three years, with hopes to raise nearly 1 trillion won ($822 million) in fresh funds. Through its market debut on the nation’s main bourse Kospi, scheduled July 2 if the IPO ends in success, the drug development unit of Korea’s third-largest conglomerate SK plans to raise 959.34 billion won, which would be the largest fundraising attempt s
June 15, 2020
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Seoul stocks open lower on coronavirus resurgence fears
South Korean stocks opened lower Monday amid global concerns of a coronavirus resurgence. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.74 points, or 0.64 percent, to 2,118.56 in the first 15 minutes of trading. The drop was largely attributed to investor concerns of a second wave of the COVID-19 pandemic feared amid the rollback of economic lockdowns in major economies, analysts said. Most large caps traded lower. Market bellwether Samsung Electronics lost 1.72 percent,
June 15, 2020