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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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Korean firms rush for audit lifeline amid coronavirus spread
South Korea’s financial regulator said Thursday that 69 domestic companies have sought audit relief due to shortcomings in their reports for 2019, as the novel coronavirus has undermined their key operations, especially in China. Over two-thirds of companies that have applied for regulatory relief have a presence in China, and determined their filings cannot be completed by March 30, according to the Financial Services Commission. They include tobacco product maker KT&G, light bulb ma
March 19, 2020
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Foreigners sell stocks in S. Korea and other emerging markets
Foreign investors have sold a large sum of stocks in South Korea and other emerging markets largely due to concerns over the coronavirus pandemic, data showed Thursday. Offshore investors sold a net $5.8 billion worth of South Korean stocks in the first two weeks of March, according to data by brokerage Yuanta Securities Co. In comparison, foreign investors sold a net $6.7 billion worth of Taiwanese stocks during the cited period, followed by Indian stocks worth $3.8 billion and Brazilian stoc
March 19, 2020
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Gold funds lose luster on coronavirus scare
Gold funds in South Korea have posted dismal returns over the past month amid falling gold prices due to the coronavirus scare, data showed Thursday. Local gold funds with assets of 1 billion won ($796,000) or more registered an average return of minus 12.45 percent over the last one-month period, according to the data from FnGuide. They outperformed stock investment funds over the cited period, but the performance failed to live up to expectations, given the metal's nature as a traditional s
March 19, 2020
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Viva Republica inches closer to launching brokerage service
Fintech platform operator Viva Republica said Wednesday that it has received preliminary approval to run a stock trading business from the nation’s financial watchdog, the Financial Services Commission. In order to run the stock business in a safe and stable manner, the company, which runs peer-to-peer money transfer app Toss, will beef up workforce and upgrade systems in the coming months before receiving final approval from the financial authority, the Seoul-based financial technolog
March 18, 2020
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Kospi dips below 1,600-point mark, lowest since May 2010
South Korean stocks crashed further Wednesday, hitting the lowest point in a decade, as the novel coronavirus panic spread despite stimulus packages released around the globe. The benchmark Kospi opened slightly higher at 1,686.12 -- up 13.68 points, or 0.82 percent, from the previous session. The index, however, slipped throughout the day and suddenly plunged in the afternoon, closing at 1,591.2. It marked the lowest closing price since May 26, 2010, at 1,582.12 points. Offshore investors o
March 18, 2020
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‘Proxy advisers KCGS and ISS have lost objectivity on Hanjin’
Major shareholders of logistics giant Hanjin KAL on Wednesday rebelled against proxy advisory firms Korea Corporate Governance Service and Institutional Shareholder Service for their decision to support the extension of Chairman Cho Won-tae’s term. The group consists of his elder sister and former Korean Air Vice President Cho Hyun-ah, KCGI -- local activist fund, Hanjin’s biggest shareholder with 18.68 percent stake -- and construction firm Bando Construction. “The latest d
March 18, 2020
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Coronavirus fears dent corporate bond deals
Coronavirus fears in the financial market are quashing bond investors’ appetite for investment-grade bonds issued by South Korean companies, dragging on their plans to raise capital. From Friday to Wednesday, all corporate bonds of three companies were undersubscribed in the respective institutional tranches in Korea. This stems from the bond price hike along with monetary easing stance at home and abroad. Bond yields, which move inversely with bond prices, were on a downtrend in Kore
March 18, 2020
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Apartment price gap in Seoul widens
The price gap between apartments in areas south and north of the Han River has increasingly widened last month, data showed Wednesday. In February, the average price per pyeong (3.31 square meters) for apartments in 11 areas of Gangnam-gu, southern Seoul surpassed 40 million won ($32,372) while apartments in 14 areas in Gangbuk-gu, northern Seoul, recorded 27 million won ($21,851), according to data released by real estate information provider 10000-lab. The apartment pric
March 18, 2020
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Banking groups under profit pressure by rate cut
South Korea’s major banking groups are operating under emergency systems to deal with impact by the central bank’s record-low key rate on the financial and forex markets. The current 0.75 percent interest rate has been putting pressure on the commercial banks’ profit margins, analysts say, which in turn is likely to affect related stock prices amid the general shareholders meeting season this month. Commercial banks are the flagship business units of banking groups here. &l
March 18, 2020
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Seoul stocks lose earlier gains late Wednesday morning
South Korean stocks returned to negative terrain late Wednesday morning, offsetting earlier gains from the opening bell as foreigners and institutions both became net sellers. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 6.61 points, or 0.4 percent, to 1,665.83 as of 11:20 a.m. The market earlier rebounded as investors welcomed a set of additional stimulus packages being considered by the United States. Washington announced Tuesday (local time) it is considering a stimul
March 18, 2020
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S. Korea raises cap on bank's currency forward positions
South Korea said Wednesday it will raise the cap on bank's currency forward positions to inject more dollars into the currency market, the latest follow-up to the market stabilization measures. The cap for local banks will be revised up to 50 percent from the previous 40 percent, with that for foreign banks operating in the country to be set at 250 percent, up from the previous 200 percent, according to the Ministry of Economy and Finance. The measure will take effect Thursday, the min
March 18, 2020
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NongHyup Financial nominates VP as new CEO for bank unit
NongHyup Financial Group’s committee for nominating executive members announced Tuesday that it has recommended incumbent Vice President Son Byung-hwan as the sole candidate for the new CEO post of its bank subsidiary. The announcement came after the bank’s former CEO Lee Dae-hoon offered to resign earlier this month. Son, 58, joined the National Agricultural Cooperative Federation in 1990 and has led the bank’s digital transformation by implementing an open ap
March 17, 2020
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Seoul markets sink as monetary easing fails to quell virus fears
South Korean stocks declined again Tuesday as surprise monetary policies around the globe failed to soothe market jitters over the economic fallout from the new coronavirus pandemic. The Korean won also continued to sink against the US dollar. The benchmark Kospi opened sharply low at 1,640.84 -- down 74.02 points, or 4.32 percent, from the previous session. The index even plummeted to 1,637.88 points in early morning, then inched up to close at 1,672.44. Foreign investors offloaded a net 1.
March 17, 2020
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Interest rates of savings products, mortgages to drop on BOK’s rate cut
South Korean banks are expected to start lowering interest rates tied to fixed deposit products and mortgages on Tuesday amid the Bank of Korea’s decision to slash its benchmark interest rate to a record low of 0.75 percent. The rate affects what banks pay to borrow money overnight, affecting the level of interest rates of products that they offer to customers. At the moment, the most popular and main fixed deposit products are those with a tenure of one year. Such products designed a
March 17, 2020
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Kakao Bank to be led by sole CEO
South Korea’s leading online-only bank Kakao Bank announced Tuesday that Yoon Ho-young, who headed the bank as co-CEO, will now serve as the company’s sole chief. The online bank has been managed by Yoon and former co-CEO Lee Yong-woo -- who were respectively from mobile messenger firm Kakao and investment company Korea Investment & Securities. The two companies are major shareholders of the bank. Since Lee left the company in January to run for parliamentary election sched
March 17, 2020
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Eximbank donates W250m to virus-hit Daegu
The state-run Export-Import Bank of Korea has donated 250 million won ($201,000) to nonprofit groups to support small business owners and senior residents living in Daegu, the southeastern city hit hardest by the novel coronavirus outbreak. Korea Eximbank has donated 100 million won to the comprehensive welfare center for the elderly staying at home alone, outsourced by the Ministry of Health and Welfare. The center will purchase food from traditional markets in Daegu and deliver them to the
March 17, 2020
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[Market Close-up] Have tech shares hit rock-bottom?
With stock prices of major tech firms plummeting, retail investors think it is a big opportunity to profit, given the ultralow interest rates. Past experience of the local stock market’s dramatic rebound -- led by the memory chip market boom -- and pervasive advisory reports by local analysts, led many individual investors to jump on the bandwagon. The stock prices are really appealing now, but is it worth it? According to the stock market operator Korea Exchange (KRX), the share pric
March 17, 2020
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[News Analysis] Housing market boom may snap under COVID-19
In addition to Moon Jae-in government’s policy actions so far to curb housing prices, the escalating fallout of COVID-19 may daunt South Korea’s overheated real estate market, observers noted Monday. The key question is whether the impact of the pandemic will escalate to a global financial crisis. Last week, the Bank of Korea pointed out that COVID-19 has been exerting a more direct and drastic impact on the stock market, compared to past major epidemics. Throughout the outbre
March 16, 2020
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Foreign investors beef up shareholder activism with legal clarity
South Korea introduced a law in February to support a new form of activism by “general” equity investors, enabling minority shareholders to have a say in corporate decisions. The revision of the Capital Markets Act has offered investors legal clarity in their move to boost shareholder value and adhere to stewardship codes. So far, four foreign investors have declared they are “general” investors in eight listed companies,” so that they can be more actively engage
March 16, 2020
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Bandi & Luni’s bookstore chain up for sale
The owners of the Seoul Book Center -- operator of South Korea’s third-largest bookstore chain, Bandi & Luni’s -- are looking to put their stake in the company up for sale through deal manager eBest Investment & Securities, the brokerage house said Monday. Founded in 1988, the Seoul Book Center operates 10 bookstores and stationery stores across the country, as well as an online bookstore. The deal is meant to give its owners, including CEO Kim Dong-kook and his father, Ki
March 16, 2020