Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Koramco closes W134b fund to invest in pre-IPO REITs
Korean real estate investment firm Koramco Asset Management said Tuesday it has signed a combined 134 billion won ($109.5 million) in commitments to its two blind-pool funds to capitalize on the potential of the nation’s growing properties market. Mainly targeting real estate investment trusts that eye initial public offerings here, the funds received commitments by undisclosed institutional investors and corporate investors. A REIT refers to a company that owns income-generating commerc
April 28, 2020
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‘Lime bad bank’ to start in May, sanction process in June: FSS chief
South Korea’s financial watchdog said Tuesday it plans to establish a bad bank in May to help companies recoup their losses from the troubled funds sold by Lime Asset Management. Citing the recent buying binge by retail stock investors here, Financial Supervisory Service Gov. Yoon Suk-heun urged them to be cautious about the excessive preference for high-risk and high-return investments amid the low-growth, low-interest rate environment. “During the remaining period of my term,
April 28, 2020
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SK hynix, LG, KB Financial recognized for climate change efforts
The South Korean division of the Carbon Disclosure Project awarded prizes to local companies in recognition of their efforts to fight climate change, at a ceremony held Tuesday. The 2019 CDP Korea Award recipients included SK hynix, LG Electronics and KB Financial Group. SK hynix received the grand prize, granted to a company rated “Leadership A” in the area of water security. The award is for companies making top-class efforts to recycle and conserve water reso
April 28, 2020
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Seoul stocks up for 2nd day on hopes for economic rebound
South Korean stocks closed higher for the second straight day Tuesday amid hopes for an economic rebound, offsetting concerns over the fallout from the novel coronavirus outbreak. The Korean won gained ground against the US dollar. After a choppy session, the benchmark Korea Composite Stock Price Index (KOSPI) gained 11.32 points, or 0.59 percent, to close at 1,934.09. Trade volume was heavy at 1.16 billion shares worth 10.3 trillion won ($8.4 billion), with gainers outnumbering losers 487 to
April 28, 2020
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Foreign stock ownership hits 43-month low due to coronavirus
Foreign ownership of South Korean stocks dipped to a 43-month low in March due to their massive sell-off and a market rout amid the coronavirus impact, data showed Tuesday. Foreign investors held 468.7 trillion won ($382 billion) worth of local stocks and other stock-related instruments as of end-March, down 76 trillion won from the prior month, according to the data from the Financial Supervisory Service. The amount was the lowest since the end of August 2016, when it came to 467.6 trillion
April 28, 2020
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Seoul stocks open higher on Wall Street rally
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street, despite falling oil prices. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.45 points, or 0.65 percent, to 1,935.22 in the first 15 minutes of trading. On Monday (local time), US stocks ended higher as investor sentiment was boosted by efforts to normalize economic activities. The Dow Jones Industrial Average rose 1.51 percent, the S&P 500 added 1.47 percent, and the Nasdaq composite index
April 28, 2020
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Local grain supplies stable amid global fear on trade suspension: report
South Korea has maintained stable supplies of grains amid growing uncertainties about the global trade of grains caused by massive lockdowns imposed across borders to combat the spread of the novel coronavirus, industry data showed Monday. As the deepening coronavirus pandemic sparked border closures and strict lockdowns, governments across the globe embarked on restrictions of grain exports to prevent a potential food shortage. Countries including Russia, Ukraine, Cambodia and Kazakhsta
April 28, 2020
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Tmon’s planned IPO gathers steam
Tmon, a leading South Korean e-commerce company, is gearing up to go public in earnest, as it has recently chosen local investment firm Mirae Asset Daewoo as its leading underwriter. The move came after the IPO plan faced a number of hurdles in finding underwriters earlier this year due mainly to negative outlooks for the highly saturated domestic e-commerce market. “Mirae Asset Daewoo has been picked as the sole underwriter, outgunning NH Investment & Securities and Nomura Securit
April 27, 2020
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Seoul stocks rebound 1.8% on stimulus hopes, eased virus woes
South Korean stocks closed 1.79 percent higher Monday as the country continued to see the novel coronavirus outbreak wane. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 33.76 points to close at 1,922.77. Trading volume was moderate at 725 million shares worth 8 trillion won ($6.5 billion), with gainers far outpacing losers 738 to 126. The index opened higher and continued to build up gains on hopes that the coronavirus outbreak is p
April 27, 2020
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Jeonbuk Bank’s Cambodian subsidiary issues corporate bonds worth $10m
Jeonbuk Bank’s Cambodian subsidiary recently floated corporate bonds worth $10 million, becoming the first South Korean financial institution to do so in the Southeast Asian nation, the lender’s holding group, JB Financial Group, said Monday. Phnom Penh Commercial Bank issued the bonds with a maturity period of three years and an annual interest rate of 6.5 percent. They are worth $25 in par value. The plan was approved by the Securities and Exchange Commission of Cambodia, whic
April 27, 2020
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Woori Financial Q1 profit down 8.9% on loan-loss provisions
Woori Financial Group Inc., a major South Korean banking group, said Monday its first-quarter net profit fell 8.9 percent on-year due to loan-loss provisions. Net profit stood at 518.2 billion won ($421.3 million) for the January-March period, compared with 569 billion won for the same period of last year, Woori Financial said in a statement. The banking group said its loan-loss provisions in the first quarter led to the decline in its net profit. Woori Financial said there was a reversal of
April 27, 2020
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KB Kookmin Card to acquire Thai lender in $20m deal
Seoul-based consumer loan provider KB Kookmin Card said Monday that it had signed a deal to buy a controlling 50.99 percent stake in J Fintech, a Thailand-based personal loan provider, for 650 million baht ($20 million). This marks the first acquisition deal that allows a South Korean credit card company to enter the Thai financial market since the Asian financial crisis in 1997. The deal is awaiting approval from the financial authorities in Korea and Thailand. The credit card company ex
April 27, 2020
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Seoul stocks open higher on Wall Street rally
South Korean stocks opened higher Monday, tracking gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.23 points, or 0.65 percent, to 1,901.24 in the first 15 minutes of trading. On Friday (local time), US stocks ended higher as investor sentiment was boosted by the progress in a coronavirus relief package. The Dow Jones Industrial Average rose 1.11 percent, the S&P 500 added 1.39 percent, and the Nasdaq composite index was up 1.65 percent. Most large-ca
April 27, 2020
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[Feature] Teenage BTS fans swindled by financial frauds
Judy Bae, 19, a member of the global fan club of South Korean boy band BTS known as ARMY never thought she would be exposed to financial fraud risks until she received a Twitter message from a fellow member asking for money in December last year. Pretending as a teen ARMY member, the man who turned out to be in his 20s, claimed that he need money so that he could buy new albums or rare photo images of BTS members. He said he would pay her back soon, but never kept that promise. Bae sent ove
April 27, 2020
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‘Korean New Deal’ discussed to cushion impact of coronavirus
South Korean ministries and state agencies will soon begin to discuss a package of economic stimulus measures, referred to as a “Korean New Deal,” aimed at revitalizing the novel coronavirus-wrecked economy, according to the Ministry of Economy and Finance on Sunday. The “Korean New Deal” will include policies to nurture emerging technologies that have been thrust into the limelight in the ongoing coronavirus crisis, such as remote medical services and online educationa
April 26, 2020
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Authorities tighten grip on PEFs as Lime case shows sign of progress
South Korea’s financial authorities on Sunday unveiled plans to tighten regulations on privately pooled funds to protect investors, as an embezzlement case surrounding disgraced Lime Asset Management, which drew 1.6 trillion won ($1.3 billion) from investors, shows signs of progress with key suspects being arrested. Under the plans finalized Sunday, a private fund -- which comprises money from no more than 49 investors here -- will be subject to external audits if its assets exceed 50 bi
April 26, 2020
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[Weekender] From vintage furniture to Fendi: Flea markets go mobile
A 30-year-old woman living in an apartment complex in eastern Seoul turns on her phone, taps on the screen a few times then quickly heads off to a nearby post office to send a package. A day later, a 45-year-old man in the same neighborhood receives the package containing an Ikea lamp. Despite the novel coronavirus crisis that has weighed down the nation’s consumerism and economy in recent months, mobile flea markets have allowed Koreans to continue engaging in sustainable shopping whil
April 25, 2020
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Major banking groups post mixed Q1 performance amid gloomy Q2 outlook
After a fruitful 2019, some of South Korea’s major banking groups have posted mixed performances for the January-March period as of Friday, with the balance sheets yet to reflect the full impact of the coronavirus. Shinhan Financial Group said Friday that its net profit for the first quarter increased 1.5 percent on-year to 932.4 billion won ($754.9 million), buoyed by its move to acquire the remaining stake in Orange Life and taking complete ownership of the insurer in January. Shinh
April 25, 2020
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Share of domestic factors rising in Seoul’s ultrafine dust
The share of domestic factors in Seoul’s ultrafine dust particles has increased over the past five years, while the ratio of China’s contribution to the local particulate pollution has been stagnant, a report showed Saturday. According to the report issued by the Seoul Metropolitan Government, homegrown pollutants were responsible for 26 percent of the capital’s ultrafine particles smaller than 2.5 micrometers in diameter, or PM 2.5, as of 2019, marking a rise from 22 perce
April 25, 2020
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Samsung Asset to absorb hedge fund arm
Samsung Asset Management will absorb its hedge fund subsidiary Samsung Hedge Asset Management, seeking to enhance efficiency amid escalating market competition, the company said Friday. “The board of directors has approved the merger, upon judgment that there is little advantage in maintaining (the hedge fund firm) as the competitive private equity market has reduced the total value of trust deposits,” the asset manager said in a release. Since its establishment as a subsidiary of
April 24, 2020