Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Medical reform committee kicks off despite boycott from doctors
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Shinhan Bank’s call center workers start remote working
Shinhan Bank said Sunday that its call center employees will start remote working as part of its preventive measures against the spread of the new coronavirus. A total of 150 call center employees working regular hours of 9 a.m. to 6 p.m. will start working from home starting Monday. The list, however excludes those who deal with telecommunications fraud and sign language. The decision came amid growing concerns over mass transmission of the virus at call centers. Earlier, nearly 102
March 15, 2020
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Bank deposits surge amid market volatility fears
South Korean banks are seeing a surge in deposits, reflecting investors’ concerns amid growing uncertainties in the capital market, according to latest data Sunday. Nearly 36 trillion won ($30 billion) flowed into bank deposits last month -- the largest in five years -- Bank of Korea data showed. According to the central bank, the combined bank deposits came to nearly 1770.1 trillion won, up 35.9 trillion won from a month earlier, the biggest monthly change since Dec. 2014
March 15, 2020
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[Herald Interview] ‘Korea’s impact investors should seek cross-border deals’
South Korea was the first country in East Asia to introduce a legal definition for impact investment under the Promotion of Social Enterprises Act in 2007, which paved the way for a mature ecosystem. Impact investments aim to generate specific beneficial social or environmental effects in addition to financial gains -- actively seeking to make a positive impact, for example, by investing in nonprofits that benefit the community or in clean-technology enterprises that benefit the environment.
March 15, 2020
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S. Korea temporarily bans stock short selling for 6 months
South Korea on Friday announced a temporary ban on stock short selling for six months amid a market rout triggered by the outbreak of the new coronavirus. The Financial Services Commission said the six-month ban will affect all listed firms, starting from Monday. FSC Chairman Eun Sung-soo said the duration of the ban may be extended, or even shortened, depending on future conditions. "The ban on short selling may be lifted (before six months) when and if the market becomes stabilized,&
March 13, 2020
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Busan-based VC to control mask inventory app operator Carelabs
Busan-based venture capital Maple Investment Partners has been selected as the preferred bidder to become the largest stakeholder of Carelabs, a South Korean company listed on the development stock bourse Kosdaq, a regulatory filing showed Friday. Carelabs operates a mobile app Gooddoc, which allows users to track the nearest hospitals and drugstores. The app began to feature real-time face mask inventory tracking function earlier in March. Facing a mounting fallout of COVID-19 here and the c
March 13, 2020
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KRX activates ‘circuit breaker’ on Kospi, Kosdaq markets
South Korea’s stock market dived more than 8 percent during Friday morning trading, triggering the stock exchange to temporarily halt trading on both the country’s main bourse Kospi and tech-heavy Kosdaq market. It is the first time in Seoul stock market to activate circuit breakers in both Kospi and Kosdaq market in one trading session. The Korea Exchange activated the circuit breaker to suspend the Kospi’s operation for 20 minutes around 10:43 a.m., as the index plumm
March 13, 2020
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Asian stocks nosedive, extending global rout on recession fears
TOKYO (AFP) -- Asian markets opened in freefall on Friday, extending a global rout that saw bourses experience their worst day in decades on fears of a recession caused by the coronavirus pandemic. Tokyo's benchmark Nikkei index nosedived more than seven percent shortly after the open, with markets around the region plummeting after a historically bad trading day in the US and Europe. The Nikkei 225 index dropped 7.12 percent or 1,322.15 points to 17,237.48 in early trade, while the broader T
March 13, 2020
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Seoul stock market crashes 6% as virus panic deepens
South Korea's stock market trading was halted Friday minutes after the opening bell due to sharp falls as panic sell-offs sparked by an overnight plunge on Wall Street amid growing concerns over the new coronavirus' economic fallout around the globe. The benchmark Korea Composite Stock Price Index surrendered 107.82 points, or 5.87 percent, to 1,726.51 as of 9:30 a.m. The local stock market trading was halted after the sharp plunge. The benchmark index dipped by more than 8 percent to as low
March 13, 2020
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[COVID-19 Market Impact] IPOs, business meetings delayed, commercial banks on high alert
Local brokerages and banks in Yeouido, the country’s main investment and financial district, have allowed employees to work from home as part of efforts to contain the new coronavirus. Over 73 percent of the nation’s financial companies are reviewing telecommuting plans, according to a poll conducted by job portal Saramin. “Except IT and other core departments, many employees are working from home through the company’s intranet,” said a 35-year-old office worker a
March 12, 2020
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[COVID-19 Market Impact] Stocks in steep decline, fear spreads to real estate, M&As
The coronavirus outbreak, now declared to be a pandemic by the World Health Organization this week, has started to send shockwaves across the global economy and markets that have prospered for years on the back of ultra-low interest rates, relatively stable energy prices and the increased productivity of the corporate sector. The economic shock of COVID-19 could be a lot like the 2008 financial meltdown, economists have warned, reminding investors of South Korea’s painful past 12 years ag
March 12, 2020
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Seoul stocks plummet to end at lowest since Aug. 2015
The Kospi plummeted more than 5 percent during Thursday trading, which triggered the stock exchange to temporarily halt trading on Korea’s main bourse, as investor sentiments weighed on the coronavirus pandemic. The Korea Exchange activated a “sidecar,” meaning it temporarily halted the trading of shares, for five minutes around 1:04 p.m. after Kospi 200 index futures slipped over 5 percent. It was the first time the sidecar had been activated for the Kospi since Oct. 4, 201
March 12, 2020
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Seoul stocks open lower on US losses, WHO declaration
Seoul stocks opened lower Thursday, tracking renewed market turmoil on Wall Street, sparked by the UN health body's declaration that the new coronavirus is a pandemic. The benchmark Korea Composite Stock Price Index fell 19.70 points, or 1.03 percent, to 1,8888.57 in the first 15 minutes of trading. On Wednesday, the KOSPI plunged nearly 3 percent to 1,908.27 points, the lowest level since Feb. 17, 2016. The plunge was driven by lack of clarity from the planned US measures to cushion the econ
March 12, 2020
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South Korea’s financial groups still lagging in board diversity
[EMPOWERING WOMEN FINANCIERS] The Korea Herald is publishing a series of articles to shed light on efforts to transform South Korea’s financial market by having more women financiers both at working and leadership levels and the challenges they face. This is the first installment. -- Ed. The industry-wide campaign to “break the glass ceiling” has been going on for years, with little progress so far, particularly in South Korea’s financial market which is
March 11, 2020
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Assetplus ex-CEO returns to top post
Assetplus Investment Management said Wednesday it has named Edward Yang as its new CEO following a shareholders meeting. This marks Yang’s return to the top post in four years -- he served in the top post from June 2012 to May 2016. After his term, he has since led Assetplus’s strategic business division. Yang said he would focus on the firm’s digital marketing scheme that would allow the asset manager to draw retail investments into its funds through mobile trading platfor
March 11, 2020
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Citibank, JP Morgan and two others fined W1.3b for fixing prices of forex derivatives
South Korea’s antitrust watchdog said Wednesday that it had fined four foreign banks a total of 1.3 billion won ($1.1 million) for fixing the prices of foreign exchange derivatives and manipulating the bidding process when dealing with local firms. According to the Fair Trade Commission, Citibank’s Korean subsidiary and local units of JP Morgan Chase, HSBC and Credit Agricole have colluded in price bids to win three forex derivatives contracts from four public and private companies
March 11, 2020
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Banking groups to hold shareholders meetings despite coronavirus scare
Even though the novel coronavirus outbreak is increasing “social distancing,” local banking groups are set to hold shareholders meetings as scheduled, but are also considering complementary measures to prevent infection. KB, Hana, Woori and Shinhan have all asked participating shareholders to bring face masks and warned that they will prohibit attendees from entering the venues if thermal scanners detect high temperature. KB’s shareholders meeting is scheduled to take place
March 11, 2020
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System errors blamed for investment losses
A series of system errors on online transaction platforms run by local brokerages and an internet bank were reported this week, disrupting services. SK Securities suffered a technical glitch at its home trading system and mobile trading system for nearly three hours from about 10 a.m. to 1 p.m., a source told The Korea Herald, saying it caused investment losses. “I wasn’t able to connect to the MTS, so I tried trading through the HTS. I was able to trade my securities in real time,
March 11, 2020
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No. of stock-trading accounts surpasses 30m
Despite the novel coronavirus outbreak continuing to roil financial markets, the number of active security accounts in South Korea has exceeded 30 million for the first time, according to data from the Korea Financial Investment Association and Statistics Korea on Wednesday. As of Friday, the number of active equity accounts marked some 30 million -- up 26,245 from a day earlier and 661,612 from the beginning of this year, the self-regulatory financial organization and nation’s statisti
March 11, 2020
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Heung-A Shipping to undergo KDB-led debt restructuring
South Korea’s No. 5 shipping firm Heung-A Shipping is planning a corporate workout program as its maritime cargo operations have faltered, with snowballing debt, a regulatory filing showed Wednesday. The company’s board has approved a debt restructuring scheme by the policy lender Korea Development Bank, one of its key creditors, to “improve its finances and normalize business operations.” Under the KDB-led financial rescue package, creditors will take control of the t
March 11, 2020
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Fitch sees limited impact of coronavirus on memory chip market
Global rating agency Fitch Ratings Inc. said Tuesday the global memory chip market will suffer a limited risk of supply disruptions in the short term from the spreading coronavirus outbreak. The memory semiconductor market is likely to continue to recover as weakening demand for memory chips used in smartphones and PCs will be offset by stronger demand for those used in servers, Fitch said in a statement. "This is because the industry's manufacturing facilities are highly automated
March 10, 2020