Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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Yoon's office denies considering liberal figures for key posts
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Why is Apple Pay struggling to get purchase in Korea?
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Seoul says Fu Bao loan 'not going to happen'
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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
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State banks to make emergency loans to pandemic-hit Korean Air
State-run Korea Development Bank and Export-Import Bank of Korea said Friday they would provide 1.2 trillion won ($972 million) of fresh loans to beleaguered Korean Air, the country’s flag air carrier. The emergency funding came after the government announced Wednesday its plans to raise relief funds worth 40 trillion won to relieve key industries amid the economic fallout of COVID-19. As that rescue plan is still pending at the National Assembly, authorities decided to take financial
April 24, 2020
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Seoul stocks dip 1.34% on doubt over virus drug, earning concerns
South Korean shares ended lower Friday, snapping a two-day winning streak, as investors remain concerned about progress in the development of drugs to treat COVID-19 despite rebounding oil prices. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 25.72 points, or 1.34 percent, to 1,889.01. Trading volume was moderate at 922 million shares worth 9.5 trillion won ($7.7 billion), with losers far outpacing gainers 684 to 165. The main index g
April 24, 2020
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Mobile stock transactions surge in April
Stock trades carried out through mobile transaction platforms accounted for nearly half of total transactions in April, data showed Thursday. According to the Korea Exchange, the stock trading volume via mobile trading systems accounted for 47.6 percent in the Kospi market from April 1-17, followed by home trading systems on computers at 36.53 percent. Smartphones overtook personal computers as the preferred stock trading platform last year. Not only due to the convenience, but also local br
April 24, 2020
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Seoul stocks open lower on dashed hopes for virus treatment
Seoul stocks opened lower Friday, despite rebounding oil prices, as investor sentiment was spooked by the news that a leading experimental coronavirus drug has shown a disappointing test result. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.90 points, or 0.78 percent, to 1,899.83 in the first 15 minutes of trading. The main index got to a weak start on reports that Gilead Sciences Inc.'s antiviral drug remdesivir didn't show a satisfactory result in its first clinical trial,
April 24, 2020
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[Market Close-up] Socially responsible investments draw limelight in pandemic-hit global market
The unprecedented coronavirus pandemic has presented an opportunity for ESG investments -- those in companies that comply with environmental, social and governance standards -- according to market experts Thursday. According to the experts, ESG investing will continue to grow in the capital market that is now reeling from uncertainty and volatility, citing rising demand for sustainability in corporate management and investment. Despite the renewed global attention to ESG investing, Sout
April 23, 2020
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NPS forecasts W25tr stock market loss
The state-run National Pension Service could lose up to 25 trillion won ($20.3 billion) from its investments in the South Korean stock market this year, local reports said on Thursday. A asset management report compiled in late January showed that the maximum amount of potential losses of the overall financial assets stood at 40.8 trillion won as of late January, which amounts to 53.6 percent of a limit of 76.2 trillion won. The figure increased by 300 billion won from late November. Poten
April 23, 2020
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Seoul stocks up for 2nd day on rebounding oil prices
South Korean stocks ended higher for the second straight session Thursday on improved investor sentiment over rebounding oil prices. The Korean won gained ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 18.58 points, or 0.98 percent, to 1,914.73. Institutions bought a net 99.5 billion won ($81 million) worth of stocks, offsetting combined net sell-offs valued at 121.3 billion won by foreigners and individuals. Foreigners continued to offload local s
April 23, 2020
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Testing kit maker Solgent gears up for IPO
South Korean genetic technology firm Solgent has picked local brokerage Mirae Asset Daewoo as an underwriter for its initial public offering, buoyed by sales of its diagnostic kits for the novel coronavirus, the company said Thursday. The Daejeon-based company and the underwriter are in the nascent stages of the IPO process, which precedes its listing on the development bourse Kosdaq. Details as to when the company will be listed and which option it will go for have yet to be determined. &ldqu
April 23, 2020
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Seoul stocks open higher on rebounding oil prices
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, as investors took some comfort from rebounding oil prices and signs of a slowdown in the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.34 points, or 0.55 percent, to 1,906.49 in the first 15 minutes of trading. The main index ended up 0.9 percent at 1,896.15 on Wednesday after shedding 1.8 percent in the previous two sessions. The KOSPI's rebound will be limited, howe
April 23, 2020
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KRX warns retail investors for investment binge on leveraged WTI futures ETN
The Korea Exchange (KRX) on Wednesday warned investors about the possibility of total losses of their investments in leveraged West Texas Intermediate crude oil futures exchange-traded notes. The nation’s market operator will suspend trading for local ETN products with an excessive disparate ratio of over 30 percent -- Shinhan Leverage WTI Futures ETN(H) and MiraeAsset Leveraged Crude Oil Futures ETN(H) 9 -- on Thursday and Friday. It has planned to resume single-valent trading for the
April 22, 2020
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Seoul stocks end up on stimulus amid virus woes
Seoul stocks closed higher Wednesday, snapping a two-day losing streak, as investors reacted to the government's stimulus packages and await corporate earnings results amid coronavirus woes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 16.77 points, or 0.89 percent, to close at 1,896.15. Trading volume was moderate at 805 million shares worth 9.3 trillion won ($7.5 billion), with gainers outpacing losers 435 to 404. The main index end
April 22, 2020
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Credit card loans soar in March amid COVID-19 fallout
South Korea’s credit card loans soared 25.6 percent on-year in March, amid the prolonged economic fallout of the COVID-19 outbreak, industry data showed Wednesday. Seven major credit card service providers -- Shinhan, KB Kookmin, Woori, Hana, Samsung, Hyundai and Lotte -- extended 4.3 trillion won ($3.47 billion) in new loans last month, up 882.5 billion won from a year earlier. The corresponding figures for January and February were up 1.6 percent and 16.6 percent, respectively. The
April 22, 2020