Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Commercial banks slash savings, checking account yields to near 0%
Korean commercial banks had cut their yields on savings and checking accounts to near zero as of Sunday, in line with the central bank’s move to slash its policy rate to a record low of 0.5 percent last month to combat economic risks from the coronavirus pandemic. Major commercial banks Shinhan, KB Kookmin and NH Nonghyup have lowered their yields on one-year savings and checking accounts -- which are most popular among customers here -- to a range of 0.3 percent to 0.75 percent, in rec
June 14, 2020
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[Herald Interview] ‘Start saving as early as possible for financial freedom in later years’
For many people in advanced economies, retirement means freedom. But for South Koreans, it means deteriorating health and reduced financial independence. Asia’s fourth-largest economy has its own pension system, a subscription-based national pension program and the basic income support for senior citizens living in poverty. Together they serve as an important social safety net. But that is not enough to ensure a healthy and independent life, according to Park Jin, who studies the rela
June 14, 2020
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KRX sees gold trading double on tax benefit
The Korea Exchange, an exchange operator where securities, derivatives and commodities are traded, said Sunday its daily average of gold transactions had doubled this year as investors sought safe assets and a tax benefit took hold in January. The KRX has been trading on average of 93.6 kilograms of gold per day on its spot market from January until June 11, up 114.8 percent from the 2019 average at 43.6 kilograms. At the same time, the spot gold price on the KRX surged 18 percent. Besides i
June 14, 2020
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Seoul stocks likely to suffer extended slump this week
South Korean shares are expected to hover below the psychologically important 2,200-point level this week amid concerns over a resurgence in the coronavirus, which will also cause investor sentiment to wobble, analysts said Sunday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,181.87 points Friday, down 2.3 percent from a week ago. The KOSPI has been struggling to stay above the 2,200-point threshold seen as a return to a level seen prior to the coronavirus pandemic.
June 14, 2020
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Kospi cushions losses from Wall Street plunge
South Korea’s main stock bourse Kospi slipped 2 percent Friday in its biggest daily loss in over a month, as stock markets in the United States took another major blow due to resurfacing coronavirus woes. Kospi closed at 2,132.30 on Friday. Losers outnumbered gainers 720 to 160. As numbers of infections rose in some of the states that have reopened, including Texas and Arizona, both stocks and crude tumbled in the US on Thursday. The Dow Jones Industrial Average plummeted 6.9 percent, S
June 12, 2020
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Seoul stocks sink 2% on renewed concerns over virus, won falls
South Korean stocks closed sharply lower Friday as investor sentiment was hurt by renewed concerns over the new coronavirus outbreak, analysts said. The Korean won fell against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) declined 44.48 points, or 2.04 percent, to finish at 2,132.30, the lowest in eight sessions. Trading volume was moderate at 681.3 million shares worth 14.7 trillion won ($12.2 billion), with losers outpacing gainers 720 to 160
June 12, 2020
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Seoul stocks open sharply lower as US market plunges over virus fears
South Korean stocks nosedived over 4 percent at the opening bell Friday, taking a cue from overnight plunges in US markets over renewed fears about the new coronavirus pandemic, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 80.33 points, or 3.69 percent, to 2,096.45 in the first 15 minutes of trading. Seoul shares closed lower to snap a nine-day winning streak Thursday, as investor sentiment was hurt by a bleak economic outlook by the US Federal Reserve. Overnig
June 12, 2020
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[Exclusive] WeWork Korea offers voluntary retirement to employees
Shared working space operator WeWork’s Korean subsidiary has offered its employees a voluntary retirement last week as part of its restructuring plan, sources with knowledge about the matter told The Korea Herald on Thursday. “The voluntary retirement scheme was offered to the entire staff last week,” said a source on condition of anonymity. The scheme is in line with WeWork headquarters’ bid “to shut down the Korean operations,” another source told The Kor
June 11, 2020
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FSC vows to innovate personal identification in financial services
The Financial Services Commission said Thursday it will innovate the current personal identification system in a way that consumers can enjoy diverse authentication services other than face-to-face method when using financial services. “Most of the current ID verification measures in the financial sector are based on face-to-face system, which given rise to the need to diversify verification services,” Financial Services Commission Chairman Eun Sung-soo told the reporters during a
June 11, 2020
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Lawmakers call for eased rules for conglomerates’ investments in startups
A group of lawmakers, professors and industry officials on Thursday urged the government to relax regulations that have prevented the marriage between industrial and financial capital, stressing that they hinder the growth of corporate venture capital. The South Korean government has long prevented non-financial holding companies from wholly owning financial entities due to concerns about the excessive influence of business titans over both the industrial and financial segments. Though the
June 11, 2020
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Seoul stocks end 9-day winning streak ahead of Fed outlook, won falls
South Korean shares closed lower to end its nine-day winning-streak on Thursday, with a gloomy outlook from the US Fed for the pandemic-hit economy spooking investors. The Korean won fell against the US greenback. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.91 points, or 0.86 percent, to close at 2,176.78. Trading volume was high at about 814 million shares worth some 16.6 trillion won ($13.7 billion), with losers outnumbering gainers 660 to 218. The index opened in negati
June 11, 2020
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Asset management firms’ profits halve in Q1
South Korea’s asset management companies’ combined net profit has shrunk by over half on-year in the first quarter, data showed Thursday. The net income of 300 AMCs here came to 116.4 billion won ($97.32 million) during the January-March period, down 52.3 percent from the previous year, according to data by the Financial Supervisory Service. The volume fell 11.4 percent on-quarter. Their return on equity -- a key measure of financial performance -- stood at 6.1 percent in the firs
June 11, 2020
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Seoul stocks open lower on Fed's gloomy forecast
South Korean stocks opened lower Thursday, following the Federal Reserve's dismal US economic forecast and the absence of stronger stimulus tools earlier anticipated amid the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.42 points, or 0.61 percent, to 2,182.27 in the first 15 minutes of trading. The drop came after Fed Chairman Jerome Powell predicted that the economic damages of COVID-19 may have lasting effects despite the Fed's plan to keep the curr
June 11, 2020
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FSS plans to review security of fintech solutions due to unauthorized payments on Toss
The unauthorized transactions on Toss, an online money transfer platform operated by fintech startup Viva Republica, are likely to trigger extensive inspections of similar solutions by the financial watchdog. “We plan to conduct reviews of fintech systems that adopt payment technology similar to Toss, if necessary,” an official from the Financial Supervisory Service said. “Some 40 companies could be subject to such inspections,” the official added. The Seoul-b
June 10, 2020
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Stock recovery puts Woori privatization plans back on track
Woori Financial Group’s privatization plan, which has been stalled due to the novel coronavirus outbreak here coupled with its plunge in stock price, is likely to move forward again, on account of its recent stock price recovery, government sources said Wednesday. The Public Fund Oversight Committee under the policymaking Financial Services Commission, overseeing Woori’s privatization, plans to discuss the sell-off of the state-run Korea Deposit Insurance’s stake in Woori in
June 10, 2020
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Seoul stocks extend winning streak to 9th session ahead of FOMC meeting
South Korean stocks closed higher for the ninth consecutive session Wednesday, while investors sat on the sidelines before the outcome of the US Federal Reserve meeting currently in progress, analysts said. The Korean won gained against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) gained 6.77 points, or 0.31 percent, to finish at 2,195.69. Trading volume was moderate at 695 million shares worth 12.6 trillion won ($10.6 billion), with losers outpacing gainers 500 to 34
June 10, 2020
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[Herald Interview] ‘Retail investors’ impact grows more powerful in Korea’
South Korea’s stock market still remains more vulnerable to global crises than its neighboring country, namely Japan. But its fast recovery from the initial impact of the COVID-19 pandemic was buttressed by the powerful influence of local individual investors, dubbed ant warriors, and that was an impressive event to mark, a foreign analyst in Seoul has said. As global stock markets rallied on rising hopes on a possible exit from the coronavirus shock, South Korea’s stock market r
June 10, 2020
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Samsung Asset creates feeder fund to invest in Man AHL’s signature fund
Samsung Asset Management said Wednesday it has launched a fund to pool South Korean retail investor’s money into a signature fund by London-based quantitative hedge fund manager Man AHL. By investing in Man AHL’s TargetRisk fund, the Korean feeder fund is expected to offer capital growth through a long-only exposure, under which the fund manager takes advantage of profit opportunities by betting solely on undervalued assets. The Korean feeder fund, dubbed Samsung MAN Investment Ba
June 10, 2020
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NH Bank forges consortium for cryptocurrency services
NH NongHyup Bank announced Wednesday its partnership with a local law firm as well as blockchain developer to set up a consortium for jointly developing financial services using virtual assets. The bank has signed a memorandum of understanding with law firm Bae, Kim & Lee and Hexlant, a blockchain technology laboratory, to launch a joint institution for the research and development of cryptocurrency exchanges. The move came as the revised bill of the Act on Report and Use of Specif
June 10, 2020
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Wednesday as investors raked in profits while taking a wait-and-see approach on the results of the US Federal Reserve meeting due this week. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.97 points, or 0.14 percent, to 2,185.95 in the first 15 minutes of trading. Seoul shares closed higher for an eighth consecutive session a day earlier, tracking the reopening of businesses across the globe, including the United States. Overnight, the Dow Jone
June 10, 2020