Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Seoul stocks open higher tracking Wall Street gains
Seoul stocks opened higher Friday, tracking overnight gains on Wall Street boosted by a decrease in the number of jobless claims in the world's top economy. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.9 points, or 1.14 percent, to 1,950.51 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average moved up 0.89 percent on data that 3.16 million Americans had applied for unemployment benefits last week, down 677,000 from a week earlier. The figure, how
May 8, 2020
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[Market Close-up] New real estate policy receives mixed reviews
A set of new real estate policy measures aimed at turning public land in Seoul into massive housing complexes is designed to resolve the supply shortage in the capital city, but experts say it may not be enough to cool down the heated property market. According to the new policy package announced Wednesday, the government will supply 70,000 new housing units in Seoul, including 8,000 residential units in Yongsan and 250,000 in the surrounding areas. It is the left-leaning Moon Jae-in governm
May 7, 2020
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Seoul stocks close nearly flat on mixed economic data
South Korean stocks closed nearly flat Thursday as investors lost direction on mixed global economic data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.15 point, or 0.01 percent, to finish at 1,928.61. Trading volume was moderate at 762 million shares worth 7.2 trillion won ($5.8 billion), with gainers outpacing losers 527 to 297. The index opened lower following dismal economic data from the United States and Europe. The US emplo
May 7, 2020
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SK affiliate to acquire Young City office complex for W545.8b
An affiliate of Korean real estate developer SK D&D is poised to acquire the Young City office building complex for 545.8 billion won ($444.6 million), a regulatory filing showed Thursday. A real estate investment trust established by SK D&D’s wholly owned subsidiary D&D Investment will take over the asset from investors including London-based investment firm Actis within May, according to the disclosure. Young City REIT is designed to acquire the asset, generate income th
May 7, 2020
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Seoul stocks open lower on dismal data from major economies
Seoul stocks opened lower Thursday following dismal economic data from major economies amid the novel coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.74 points, or 0.35 percent, to 1,922.02 in the first 15 minutes of trading. US stocks closed mixed Wednesday (local time). The Dow Jones Industrial Average lost 0.91 percent to close at 23,664.64, but the tech-heavy Nasdaq Composite advanced 0.51 percent to finish at 8,854.39. Investors apparently focused on
May 7, 2020
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Kakao Bank triples operating profit
South Korea’s top internet-only bank Kakao Bank said Wednesday that its operating profit nearly tripled in the first three months this year over soaring demand for mobile loan services and stock trading accounts. The internet-only bank’s operating profit came in at 18.4 billion won ($15 million) in the first quarter, up from 6.4 billion a year before. Founded in January, 2016, the company posted losses in the first couple of years, but made a turnaround in 2019 with a net profit o
May 6, 2020
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Seoul stocks end higher on hopes over economy reopening
South Korean stocks advanced by more than 1 percent Wednesday as investors bet on the reopening of businesses around the globe after coronavirus lockdowns. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 33.39 points, or 1.76 percent, to close at 1,928.76. Trading volume was high at 1 billion shares worth 8.4 trillion won ($6.7 billion), with gainers far outpacing losers 695 to 146. The index stayed above the flatline througho
May 6, 2020
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Tech firms gear up for IPOs in H2
Twenty firms have submitted preliminary applications for initial public offerings to the Korea Exchange in April, five times higher than the previous month, a report by a local brokerage showed Wednesday. “With the number of confirmed COVID-19 cases sharply declining and the continued stock index rally in mid-April, the number of firms preparing for listing plans has greatly increased,” said Lee So-joong, an analyst at SK Securities. “Despite lingering uncertainty of the CO
May 6, 2020
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Seoul stocks open higher on Wall Street gains
Seoul stocks opened higher Wednesday, tracking overnight gains on Wall Street amid the new coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 23.51 points, or 1.24 percent, to 1,918.88 in the first 15 minutes of trading. US stocks advanced for a second straight day Tuesday (local time) as investors bet on a gradual reopening of businesses around the country after coronavirus lockdowns. American stocks also received a boost from a rebound in oil prices. The
May 6, 2020
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FSC to foster senior-friendly ‘untact’ financial services
South Korea’s financial authorities said Tuesday they plan to set detailed guidelines on non-face-to-face services -- recently labeled “untact.” As part of its efforts to help seniors adapt to digital trends and technologies in the financial sector, the Financial Services Commision announced last week that it will commission research to identify demand for digital banking and financial services among seniors through surveys and data collection. In addition, the financial auth
May 5, 2020
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S. Korea plans extra emergency loans to virus-hit small businesses
South Korea’s top financial watchdog announced Tuesday it plans to launch the second round of an emergency loan program worth 10 trillion won ($8.2 billion) from May 18 in a bid to financially support small business owners who have been affected by the novel coronavirus outbreak. The affected business owners will be able to borrow loans from six commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank, Hana Bank, Industrial Bank of Korea and NH Bank. Those who have alrea
May 5, 2020
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Jeonse-to-sales price ratio for apartments in Seoul on downtrend
The average jeonse-to-sales price ratio for apartments in Seoul and surrounding areas continued a downward trend last month, according to real estate data tracker KB Kookmin Bank Liiv On on Tuesday. ”Jeonse” is a real estate term unique to South Korea that refers to a two-year property lease. The average apartment lease was equivalent to 54.7 percent of the average sales price in Seoul, while the figures for Incheon and Gyeonggi Province, respectively, came in at 73.1 percent and 6
May 5, 2020
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BTS label Big Hit Entertainment on bumpy road to public offering
Big Hit Entertainment, one of the largest music labels in South Korea and home to K-pop darlings BTS, has been preparing to go public on the nation’s main Kospi bourse this year on the back of the boy band’s worldwide popularity. The K-pop band’s latest album, “Map of the Soul: 7,” sold 422,000 album equivalent units in the first week since its release in February, topping the Billboard 200 chart for the fourth time. The K-pop kings recently performed an online c
May 5, 2020
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FSC to receive applications for digital finance MBA program
The Financial Services Commission said Tuesday that it will start receiving applications for its part-time MBA program focused on digital finance from May 15. The program, slated to launch in September, will be managed by KAIST College of Business, a graduate school from technology and management, and jointly promoted by the FSC and the Seoul Metropolitan Government. The program will receive 40 students for this year’s fall semester to be the first graduating class. Those who have wor
May 5, 2020
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Brokerages' overseas operations see profit jump in 2019
Overseas branches of South Korean securities companies saw their combined net profit rise 48.5 percent in 2019 from a year earlier due mainly to increased interest income and earnings from commission fees, data showed Tuesday. The combined net profit of 67 overseas branches of 14 securities companies stood at $182.4 million in 2019, up $59.6 million won from 2018, according to the data from the Financial Supervisory Service. The hike in net profit came on the back of increased interest income
May 5, 2020
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Yulchon scouts US litigation expert from O’Melveny & Myers Seoul office
South Korean law firm Yulchon said Monday that it had named Kim Yong-sang, a US lawyer specializing in international litigation and arbitration, as co-head of its international dispute resolution team. Kim had previously worked as co-representative of the Seoul office of Los Angeles-based international law firm O’Melveny & Myers since 2016. Kim is noted for his 15 years of experience and expertise in US litigation involving antitrust, anti-corruption, international arbitration a
May 4, 2020
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Ex-Shinhan Bank CEO takes post as Heungkuk Life vice chairman
Former Shinhan Bank CEO Wi Sung-ho has joined Taekwang Group as an executive member of its insurance arm, filling his financial career vacuum after stepping down from his previous post. Wi on Monday attended his first day on the job as the new vice chairman of Heungkuk Life Insurance, according to the insurer’s officials. He will also serve as management adviser for Heungkuk Fire & Marine Insurance, Heungkuk Securities, Heungkuk Asset Management, Goryo Savings Bank and Yegaram Saving
May 4, 2020
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[Market Close-Up] How traditional banks can survive in the fintech era
Competition between traditional banks and fintech or Big Tech companies, such as Kakao, is set to heat up further as the financial authorities clear away hurdles to new projects. In this new environment, traditional lenders will be required to diversify their revenue sources -- from interest on loans to commissions and trusts -- to keep their heads above water in the financial market, officials and experts here say. “With the digitalization of the global economy and the expansion of e-co
May 4, 2020
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Seoul stocks snap 3-day winning streak on renewed US-China tensions
South Korean stocks snapped a three-day rally to drop more than 2 percent Monday on renewed tensions between the United States and China amid the novel coronavirus pandemic. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 52.19 points, or 2.68 percent, to close at 1,895.37. Trading volume was high at 1.1 billion shares worth 10.1 trillion won ($8.2 billion), with losers outpacing gainers 549 to 312. Investor sentiment was spooke
May 4, 2020
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Foreigners likely to extend stock selling spree in May amid sluggish exports
South Korea’s bourse regained some momentum in April as the spread of the new coronavirus showed signs of easing but the prolonged export slump will continue to deter foreign investors, brokerages said Monday. According to the Korea Exchange, the country’s main bourse Kospi plummeted to an 11-year low of 1,439.43 on March 19, but recovered 35.3 percent to reach 1,947.56 on Wednesday. After a selling spree by foreign and institutional investors on Monday, the index once again plung
May 4, 2020