Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Over 9,000 hotline calls made by stalking victims in 2023
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SparkLabs partners with Shinhan Capital for startup fund
Seoul-based global startup accelerator SparkLabs said Monday it has joined hands with nonbanking lender Shinhan Capital to create a 10.1 billion won ($8.28 million) fund to support early-stage startups. The vehicle is aimed at investing in SparkLabs alumni and other early-stage startups with growth potential, as well as secondary investing in fast-growing companies in the fields of health care, biotechnology and manufacturing. The fund is co-managed by SparkLabs and Shinhan Capital, and
April 13, 2020
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Seoul stocks open lower despite US gains
South Korea's exports fell sharply from a year earlier in the first 10 days of April amid the economic fallout from the new coronavirus, customs data showed Monday. The country's outbound shipments came to $12.2 billion in the April 1-10 period, down 18.6 percent from the same period a year earlier, according to the data from the Korea Customs Service. The daily average exports during the cited period also slipped 18.6 percent on-year. The data came amid growing concerns that the coronavir
April 13, 2020
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How does coronavirus affect individuals’ financial management?
Individual subscribers are rapidly losing faith in savings deposits amid ultralow rates and volatile markets, with withdrawals topping 7.7 trillion won ($6.36 billion) in March, nearly a 35 percent increase from each of the previous two months. According to data compiled by five commercial banks -- KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH Bank -- the combined withdrawals from individuals’ savings and deposit accounts last month reached some 7.7 trillion won from
April 13, 2020
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‘S. Korea’s stock market to foster recovery from 2H’
Despite lingering volatility, South Korea’s main bourse Kospi is expected to recover starting from the second half of this year if the novel coronavirus comes under control globally and that sense of stability boosts consumption demand on the back of policy efforts, research heads of brokerages in Seoul said Sunday. “As pent-up demand sparks and corporate earnings increase with the government’s liquidity support, stock markets will gradually rise from the second half,”
April 12, 2020
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Acquisition of Prudential Life gives green light for KB Financial
For KB Financial Group, the latest acquisition of Prudential Inc.’s local unit was not just an expensive price to expand its nonbanking sector, but also a positive signal for its management stability. While taking a step closer to regain its title of “winning banking group,” the group has also raised the possibility of prolonging the term of its incumbent chief later this year. KB Financial on Friday signed a 2.34 trillion-won ($1.86 billion) deal to purchase the local ope
April 12, 2020
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Amount of unemployment benefits hits record in Feb.
The amount of unemployment benefits handed out in February surpassed the 800 billion won ($660 million) mark for the first time in February, according to data compiled by the Korea Employment Information Service on Saturday. The amount of subsidies given to the unemployed in February reached 808.3 billion won, up 28 percent on-year. The sharp increase came even before the novel coronavirus hit the nation in earnest in March, reflecting the sluggish domestic job market in recent months. Of 1
April 11, 2020
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Nexon founder expands investment in non-gaming sector
Kim Jung-ju, founder of South Korea’s largest game company Nexon, has invested in Canadian high-end outwear brand Moose Knuckles, seeking new opportunities in the non-gaming sector. Kim, who now serves as chief of Nexon’s holding company NXC, took over 23.9 percent stake of the Canadian garment manufacturer for 64.2 billion won ($53 million). Moose Knuckles is one of the top three high-end winter jacket brands, along with Nobis and Canada Goose. Their winter luxury parkas cost
April 11, 2020
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Korean banks flock to Myanmar for ‘next big market’
Major South Korean lenders are gearing to start business in Myanmar, hoping to sustain their momentum in the Southeast Asian region. Korea Development Bank, Industrial Bank of Korea and KB Kookmin Bank obtained preliminary approval from the central bank in Myanmar earlier in the week, industry sources said Friday. KDB was granted preliminary approval from the Central Bank of Myanmar a day prior to open a new branch in Yangon, the country’s largest city. It marks the first time in 22 yea
April 10, 2020
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Seoul stocks up for 2nd day on US stimulus measure
South Korean shares ended higher for the second straight session Friday on improved investor sentiment over the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 24.46 points, or 1.33 percent, to 1,860.67. Huh Jae-hwan, a strategist at Eugene Investment Co., said the US Federal Reserve's provision of liquidity programs that also i
April 10, 2020
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Sencoretech’s listing plan is litmus test for Korean IPO market
Attention is centered on what is poised to become the only initial public offering deal in April, as investors are hinging on a change in market tides. Starting Monday, Sencoretech -- a Seoul-based engineering firm dedicated to manufacturing steel structure -- will go on a two-day institutional investor tranche to confirm the IPO price, estimated to be at least 27.16 billion won ($22.35 million). Samsung Securities is a lead underwriter for the IPO on the development bourse Kosdaq. This comes
April 10, 2020
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VIG Partners to acquire funeral service firm
South Korea’s midcap buyout fund VIG Partners said Friday it plans to acquire the nation’s leading funeral service firm Preedlife. While neither the acquisition price nor the amount of stake were disclosed, the transaction is expected to close in the third quarter of 2020. This comes amid the private equity firm’s move to carry out a bolt-on strategy, under which its existing portfolio firms Jounlife and Preedlife will be combined to become the biggest funeral goods and servi
April 10, 2020
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Seoul stocks down late Friday morning
South Korean shares traded lower late Friday morning as investors attempted to cash in recent gains amid a lack of upside momentum. The benchmark Korea Composite Stock Price Index shed 9.52 points, or 0.52 percent, to 1,826.69 as of 11:15 a.m. The main index opened higher, tracking overnight gains on Wall Street on the back of the United States' latest stimulus effort meant to minimize the economic fallout from the new coronavirus. US stocks rose after the US Federal Reserve unveiled program
April 10, 2020
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Shinhan Card launches facial recognition payment system
Shinhan Card said Thursday it has launched a facial recognition-based payment system that replaces the use of plastic cards for purchases. Branded as Shinhan Face Pay, the new payment system is the first service of its kind here, the local credit card issuer said. To authorize payment, customers take a photo of their faces and a kiosk then matches their facial information with the one registered in advance at Shinhan Bank’s local branches. “As long as customers register their ph
April 10, 2020
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Foreign banks report 11.8% rise in assets
The South Korean branches of foreign banks held a combined 305.2 trillion won ($250.9 billion) in assets last year, 11.8 percent increase from the previous year, mainly due to derivative products and securities, latest data showed Thursday. The increase was mainly attributable to their derivative product assets which rose by 14.3 trillion won, according to the Financial Supervisory Service in its report on 36 foreign banks here. Their securities and cash and deposits also increased by 7.7 tril
April 9, 2020
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Businesses brace for liquidity crisis by selling assets
Facing a looming liquidity crunch due to the coronavirus crisis, South Korean companies have sold off their assets, including real estate and equities, to keep enough cash in their vaults, according to the Korea Exchange on Thursday. From January to April 7, 29 companies sold a combined 1.5 trillion won ($1.23 billion) worth of tangible assets, compared to 481.6 billion won worth assets sold by 18 companies during the same period last year, the bourse operator said. Most of the asset sales we
April 9, 2020
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Seoul stocks hike 1.6% on eased coronavirus woes
South Korean stocks rose more than 1 percent on Thursday on hopes that coronavirus infections around the globe are nearing a peak. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.07 points, or 1.61 percent, to 1,836.21. The main index tracked overnight gains on Wall Street. US stocks soared amid the possibility that the coronavirus death toll and infections in the United States could peak this week, Huh Jae-hwan, a strategist at Eugen
April 9, 2020
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Togo Comm. to hire new employees through online interviews
Togo Communication, a local PR agency based in Seoul, will hire new employees by conducting video interviews online as part of efforts to participate in nationwide campaign to contain COVID-19 virus, the company said Thursday. The agency will continue so-called “untact” job interviews with applicants for internships and accountant executive posts, until the government declares an end of the pandemic. “Even though we face the danger of COVID-19, we decided to conduct untact j
April 9, 2020
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Seoul shares open higher on Wall Street gains
South Korean shares opened higher Thursday, tracking overnight gains on Wall Street amid optimism that coronavirus infections around the globe are nearing a peak. The benchmark Korea Composite Stock Price Index (KOSPI) rose 29.59 points, or 1.64 percent, to 1,836.73 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones industrial average rose 3.4 percent, and the tech-heavy Nasdaq composite index gained 2.6 percent. US stocks soared amid the
April 9, 2020
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Brokerages on alert as overseas real estate investments suffer losses
South Korean brokerages are on high alert as funds related to foreign real estate -- and their direct investment in property ownership abroad -- are likely to suffer losses in the novel coronavirus pandemic situation, according to industry sources on Wednesday. As the current crisis sends property values tumbling with market chaos in major countries, the S&P Global REIT index plummeted 31.87 percent from the beginning of the year to Monday, while the S&P 500 plunged 17.55 percent in th
April 8, 2020
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Individual investors bet on oil price recovery
With oil prices sinking, individual investors in South Korea are increasingly opting for investments linked to oil prices, according to the Korea Exchange on Wednesday. The stock market operator noted that the combined value of 10 oil-linked exchange-traded funds and exchange-traded notes that individuals bought last month jumped more than ninefold from the previous month to reach 1.42 trillion won ($1.16 billion). Kodex WTI Crude Oil Futures ETFs, in particular, attracted 421.4 billion wo
April 8, 2020