Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Shares extend gains on additional stimulus plan
South Korean benchmark indexes continued to be upbeat Wednesday, following the government’s additional economic measures to counter the ongoing coronavirus crisis. The nation’s main bourse Kospi rose to a high of 1,992.20 points in intraday trading, up 0.59 percent from a day earlier, while the secondary Kosdaq crossed the 700-point mark for the first time in a year. The Kospi index closed at 1,989.64, up 0.46 percent while Kosdaq ended at 708.76, up 1.78 percent. The gains wer
May 20, 2020
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S. Korean stocks open higher, bucking Wall Street losses
South Korean stocks opened slightly higher Wednesday despite heavy overnight losses on Wall Street sparked by renewed fears over the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.09 points, or 0.16 percent, to 1,983.70 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 390.51 points, or 1.59 percent, to close at 24,206.86 Tuesday (US time). The sharp decline came one day after global stock markets rallied on reports of positiv
May 20, 2020
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Stock market rallies on positive interim results of vaccine development
The South Korean stock market was upbeat Tuesday on hopes of the successful development of a coronavirus vaccine in the US. The local currency rose against the US dollar. Local shares opened sharply higher in early morning trading with the nation’s main bourse Kospi soaring 2.26 percent to 1980.84 points. Continuing the momentum throughout the day, the index closed at 1,980.61, up 2.25 percent. The local rally came on the heels of news reports about the positive results of US pharmac
May 19, 2020
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Cross-selling of public funds in APAC to kick off in May
Cross-border transactions of public funds will kick off this month in South Korea and four other Asia-Pacific countries, to expand corporate and individual investors’ portfolios, according to the Financial Services Commission on Tuesday. The scheme named Asia Region Funds Passport system enables cross-selling of public funds among five countries in the Asia-Pacific region -- South Korea, Japan, Australia, New Zealand and Thailand. The system will be implemented on May 27, as Korea&rsquo
May 19, 2020
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Fintech groups set to thrive in e-signature market
With the National Assembly likely to pass revisions to the Electronic Signature Act on Wednesday, fintech groups and mobile carriers are projected to dominate the related market with their existing online identification services. The revision bill -- likely to be among a set of legislations that the 20th National Assembly will pass at its last plenary meeting –- is projected to fuel privatization of the e-signature industry by abolishing the nation’s public e-certificate system, a
May 19, 2020
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Seoul stocks jump over 2% on hope of vaccine development
South Korean stocks closed sharply higher Tuesday, joining other Asian and global stock markets in a rally that came on hopes of a vaccine for COVID-19. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) spiked 43.50 points, or 2.25 percent, to close at 1,980.61, extending its winning streak to a third day. Trading volume was moderate at some 762 million shares worth about 11.7 trillion won ($9.55 billion), with gainers outnumbering l
May 19, 2020
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W550b Lotte Mart properties deal in legal dispute
South Korea’s Ryukyung PSG Asset Management and retailer Lotte Shopping are facing legal action from entities that proposed to buy four Lotte Mart discount stores for some 550 billion won ($448.4 million) in 2019, according to industry sources on Tuesday. The prospective buyers, real estate developer Moon Development Marketing and subsidiary the Korea Asset Investment Trust, filed a lawsuit in April against Ryukyung PSG -- a local asset management company that oversaw some 1.59 trillion
May 19, 2020
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KRX provides remote learning program for foreign institutions
The Korea Exchange (KRX) said Tuesday it has started providing remote learning program to facilitate untact -- non-face-to-face contact -- services for foreign institutions in the wake of the prolonged coronavirus outbreak. The nation’s sole stock market operator used to offer offline education programs to offshore institutions such as stock exchanges, supervisory authorities and financial companies, but it has now launched online services by providing video clips on its official English
May 19, 2020
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Individuals replenish cash bullets for direct stock investments
Individual investors are flocking to direct stock investment, choosing to bet on their own picks over brokerage houses' funds, data showed Tuesday. Outstanding margin loans came to 9.95 trillion won ($8.14 billion) as of Friday, up 10.1 percent from a month ago, according to the data from the Korea Financial Investment Association (KOFIA). Margin loans refer to those that retail investors take out from brokerage houses to invest in stocks. A rise in outstanding margin loans usually points to
May 19, 2020
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Seoul stocks open sharply higher on hopes of virus vaccine
South Korean shares opened sharply higher Tuesday, tracking overnight gains on Wall Street that followed reports of positive results from a vaccine development test. The benchmark Korea Composite Stock Price Index (KOSPI) surged 40.35 points, or 2.08 percent, to 1,977.46 in the first 15 minutes of trading. The stock market rally follows overnight gains on Wall Street, where hopes of COVID-19 vaccine development and a pledge from US Fed chief to support the economy helped boost investor sentim
May 19, 2020
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[Herald Interview] ‘Long-term views are critical to survive crisis like coronavirus’
Since its first outbreak was reported in South Korea in January, COVID-19 has been wreaking havoc on the nation’s economy, forcing factories to suspend operations and claiming jobs in a wide range of sectors. The investment segment has also been affected as face-to-face meetings have been delayed or called off over growing concerns of infections. In times of crisis such as the ongoing coronavirus pandemic, investors need to maintain long-term perspectives, according to Chae Jung-hoon, m
May 18, 2020
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Warren Buffett’s stock unload dampens outlook for S. Korean banks
South Korea’s major financial groups and their flagship lenders are projected to exhibit weaker performances this year, analysts said Monday, as they were rattled by Warren Buffett’s recent offloading of big bank stocks coupled with new circumstances under the COVID-19 crisis. Following reports of the Berkshire Hathaway CEO’s unloading of airlines and big bank stocks such as Goldman Sachs and US Bancorp last week, share prices of four major banking groups here -- Shinhan, KB
May 18, 2020
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Gold prices hit record high on escalating US-China tension
Gold prices rose to a record high on Monday as investors sought to park their money in safer destinations amid the COVID-19 pandemic and renewed tensions between the US and China, data showed. According to the Korea Exchange Gold Market, the price stood at 69,840 won ($56.66) per gram at Monday’s close, jumping 1,190 won, or 1.73 percent, from the previous session’s close. The price had surged to 70,000 won the same day, the highest since April 27, when the figure reached 68,890 w
May 18, 2020
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Banking groups add momentum to digital financing amid coronavirus fallout
Reacting to the untact market trend triggered by the COVID-19 outbreak, South Korea’s financial groups are scrambling to gain an upper hand in digital financing. Untact, or non-face-to-face, has become a new standard in the local financial industry as consumers are increasingly turning to contactless financial services via smartphones amid fears of the ongoing COVID-19 or other plausible contagious diseases in the future. While the number of visitors to local bank branches decreased by
May 18, 2020
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Seoul stocks close higher on hopes of global stimulus
South Korean stocks closed higher Monday on hopes of global stimulus measures and rising oil prices. The local currency fell against the US dollar amid a renewed trade dispute between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.83 points, or 0.51 percent, to close at 1,937.11. Trading volume was moderate at about 752.7 million shares worth some 9.24 trillion won ($7.49 billion), with losers outnumbering gainers 424 to 423. The index got off t
May 18, 2020
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NH Investment joins consortium to acquire stake in UAE’s natural gas pipeline
NH Investment & Securities, the brokerage unit of South Korea’s NongHyup Financial Group, has joined a consortium to acquire a stake in the United Arab Emirates’ state-owned Abu Dhabi National Oil Company’s natural gas pipelines, according to investment banking sources Monday. It is part of the $8 billion project financing from the oil firm, composed of the American private equity fund firm Canadian Brookfield Asset Management, Italian infrastructure operator Snam, Ontari
May 18, 2020
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Illicit stock trading soars in 2019 amid uncertainties
Incidents of suspected illicit stock trading soared last year, reflecting the rampant amount of false and exaggerated information in the market amid uncertainties, the Korea Exchange said Sunday. The bourse operator’s market supervisory committee reported that 120 suspected cases of unfair transactions were observed here last year, up from 118 in 2018 and 117 in 2017. Of the total, illicit trading accounted for 28 cases, or 23.3 percent, up 47.4 percent -- 19 more cases -- from a year e
May 18, 2020
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S. Korean shares open lower on tech, auto losses
South Korean stocks opened slightly lower Monday with major techs and autos suffering heavy losses. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.86 points, or 0.20 percent, to 1,923.42 in the first 15 minutes of trading. Large caps traded mixed. Market kingpin Samsung Electronics lost 0.21 percent, while No. 2 chipmaker SK hynix plunged 3.17 percent. Leading carmaker Hyundai Motor slipped 0.87 percent, with its smaller affiliate Kia Motors losing 0.34 percent. Pharmaceuti
May 18, 2020
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FSC pledges to tackle overheated ETFs amid pandemic
South Korea’s financial regulator has vowed to gain control over the country’s overheated exchange-traded funds, even at the cost of a temporary market contraction. The Financial Services Commission has recently unveiled a road map to normalize exchange-traded funds and exchange-traded notes, bolstering the mandatory education of brokerages and the minimum deposits of investors. “Short-term adjustments are inevitable in order to normalize the currently excessive speculative d
May 17, 2020
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Virus-hit firms look to raise capital to ensure liquidity
As the number of moviegoers, air passengers and shoppers shrank sharply largely due to the coronavirus outbreak and social distancing, related companies have recently turned to fundraising efforts to meet the deadline for debt repayment or refinancing. Also, those raising share capital are offering equities at a discounted price to subscribers in order to ensure success. A leading example is multiplex cinema operator CJ CGV, which aims to raise 250.2 billion won ($202.9 million) in July from in
May 17, 2020