Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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[Weekender] How DDP emerged as an icon of Seoul
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Banks’ private equity funds sold to investors dip 37%
Amid the ongoing controversy regarding the improper sales of derivative-linked products by Korean commercial banks, investors in local lenders’ private equity funds have dipped nearly 37 percent, data compiled by a market operator showed Tuesday. According to the Korea Financial Investment Association, the number of private equity fund accounts sold by local commercial banks tallied 37,409, as of end-December last year. The figure was down 37.1 percent from six months prior. Since July
Feb. 4, 2020
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KKR to sell its logistics center to Pebblestone Asset Management
Global private equity fund operator Kohlberg Kravis Roberts said Tuesday that it will sell a landmark logistics center to a South Korean real estate asset manager. The US-based company issued a release to confirm that Pebblestone Asset Management is to acquire BLK Pyeongtaek Logistics Center from a KKR-led consortium. The precise amount of the deal was not disclosed. “The rapid growth of e-commerce is transforming South Korea’s logistics sector, creating a growing demand for fully
Feb. 4, 2020
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Vacation rental management startup snaps up $7m funding
H2O Hospitality, a Korean startup dedicated to vacation rental management in Japan, said Tuesday it has raised $7 million funding from five investors to meet its fast-growing working capital needs on the back of strong growth. Joining the latest round were Samsung Venture Investment, Stonebridge Ventures, IMM Investment, Shinhan Capital and Wonik Investment Partners. The round brought H2O’s total funding to $18 million. The valuation of the firm has jumped threefold since the previous
Feb. 4, 2020
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Seoul stocks nearly flat after roller-coaster ride on coronavirus fears
South Korean stocks ended nearly flat Monday, with fears of the rapid spread of the new coronavirus weighing down investor sentiments. Stocks on China’s major exchanges plunged on the first trading session after an extended Lunar New Year holiday that lasted from Jan. 24 to Feb. 2, which dragged down local indexes here even further. The benchmark bourse Kospi opened sharply lower at 2,086.61 points -- down 32.40 points, or 1.53 percent, from the previous session. The weak start continu
Feb. 3, 2020
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Coronavirus scare may derail W250b IPO plans in February
Seven South Korean firms are looking to raise as much as a combined 247 billion won ($206.6 million) through initial public offerings in February, but market watchers are wary as the local stock market grapples with the Wuhan coronavirus scare. While the number of infections in Korea grew to 15 as of Sunday, from just three a week prior, the Korea Exchange’s main bourse, Kospi, dipped 5.7 percent and its development board, Kosdaq, sank 6.3 percent. The companies may have weaker incentive
Feb. 3, 2020
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Financial sector rolls out support measures for SMEs hit by coronavirus
South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)
Feb. 3, 2020
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Electronics comparison startup receives W300m from Kakao Ventures
Consumer Bridge, which runs electronics comparison website Honey Review, said Wednesday it has attracted seed investment of 300 million won ($251,022) from Kakao Ventures, an investment unit of the nation’s largest mobile messenger firm Kakao. The startup was established in October last year by Shin Jae-hyun, a former developer at cryptocurrency exchange platform UPbit and travel information startup MyRealTrip, and Park Seong-hwan, who previously worked for Kakao and fashion startup S
Feb. 3, 2020
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NHN, Google expand mobile payment partnership
NHN, one of South Korea’s largest internet service providers, said Monday that its credit and debit card-based payment services will be available on tech giant Google’s flagship platforms including Google Play, YouTube and Google Drive. The firm -- based in Pangyo, Gyeonggi Province -- offers a mobile payment solution called Payco, which was already available to a limited extent on the Google platforms. Since November 2017, Payco subscribers have been able to use Payco membershi
Feb. 3, 2020
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Woori Financial faces tough choices over chairman
South Korea’s Woori Financial Group is likely to have a tough week ahead, as the financial watchdog’s recent decision to impose sanctions on its chairman threatens its governance. Woori Financial’s regular board meeting is scheduled Friday, and an intense round of discussions is expected to take place over the fate of Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung. The Financial Supervisory Service on Thursday slapped Sohn and Hana Financial Vice Chairman
Feb. 2, 2020
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Seoul stocks plummet nearly 6% amid spread of new coronavirus
South Korean stocks have fluctuated between losses and gains amid growing fears about the Wuhan coronavirus outbreak around the world. Since health authorities confirmed the first coronavirus case here, Seoul’s benchmark Kospi has dipped nearly 6 percent, according to the nation’s sole stock market operator on Sunday. As of Friday, the Kospi index shed 5.85 percent from Jan. 17, the last trading session before the first case of the virus was confirmed here, the Korea Exchange sai
Feb. 2, 2020
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Opposition lingers in Shinhan’s Orange Life merger
Shinhan Financial Group’s plans to merge Orange Life Insurance with its wholly owned life insurance unit seemed to have been working out smoothly. However, trouble persists as minority shareholders continue to demand an increase in their dividend payouts. Small shareholders of Orange began making the demand after teaming up with civic activist group the Korea Stockholders Alliance in November, but Shinhan refuses, saying it would constitute a breach of trust with its other shareholders.
Jan. 31, 2020
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Entertainment firm behind BTS seeks IPO underwriter: report
Big Hit Entertainment, the agency behind K-pop sensation BTS, is seeking an underwriter in the initial step to go public, according to news reports Friday. Big Hit has sent a request for proposal to multiple securities brokerage firms to underwrite its initial public offering, an investment banking source was quoted as saying by local news outlet the Bell. The news report did not clarify which stock market in Korea that Big Hit would choose to be listed. An underwriter is responsible for offer
Jan. 31, 2020
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Leadership vacuum at Woori and Hana inevitable due to FSS’ heavy sanctions
Financial giant Woori Financial Group said Friday that it has delayed the process to select CEO candidates for its banking unit Woori Bank. The announcement came after the nation’s financial watchdog Financial Supervisory Service decided the day before to impose sanctions on top executives of Woori Financial Group and Hana Financial Group. “The company has decided to readjust the schedule for shortlisting CEO candidates due to recent changes,” the financial conglomerate sai
Jan. 31, 2020
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S. Korea's daily FX turnover jumps to record high in 2019
The daily foreign exchange turnover by local and foreign banks in South Korea climbed to an all-time high in 2019 on a sharp increase in the transaction of derivatives, central bank data showed Friday. The daily FX turnover came to an average $55.77 billion in the year, up $260 million, or 0.5 percent, from a year earlier, according to the data from the Bank of Korea. The amount marks the highest since 2008, when the central bank began including transactions of FX derivatives in such data. &
Jan. 31, 2020
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Watchdog imposes ‘heavy sanctions’ on Woori, KEB Hana executives for DLF misselling
South Korea’s financial watchdog on Thursday said it has decided to impose heavy sanctions on the top executives of two major banking groups -- Woori Bank and KEB Hana Bank -- for misselling derivatives-linked funds last year. The Financial Supervisory Service’s sanctions committee has decided to hand Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung as well as Hana Financial Vice Chairman and former Hana Bank CEO Ham Young-joo “reprimands and warnings,”
Jan. 30, 2020
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Investments in Korean startups hit record high
The startup market here saw record investments of 4.28 trillion won ($3.61 billion) last year, according to the Ministry of SMEs and Startups on Thursday. The figure was up from 2.38 trillion won in 2017. Of the total, private funds invested 1.48 trillion won, or 35 percent, of money injected into the local startup industry. By segment, smart health care companies received 617.2 billion won, while sharing-economy businesses and financial technology firms attracted 276.1 billion won and 12
Jan. 30, 2020
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Median apartment price in Seoul jumps 50% under Moon govt
The median price of apartments in Seoul surpassed the 900 million won ($760,000) threshold in January for the first time, according to commercial bank KB Kookmin Bank on Thursday. The bank’s monthly report on real estate prices showed that the median price of Seoul apartments reached 912.2 million won as of this month, a record high since comparable data started to be compiled in December 2008. A housing unit with a market value of 900 million won or more, categorized as an “exp
Jan. 30, 2020
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[KH Explains] TRS, leverage scheme behind hedge fund debacle in Korea
The recent brouhaha surrounding hedge fund company Lime Asset Management is stoking concerns about a potential liquidity crunch across the financial market in South Korea. At the heart of the controversy is what is called a total return swap. Simply put, a TRS is a financial deal that helps fund operators like Lime Asset enjoy leverage. For instance, a hedge fund can acquire underlying assets, including bonds, equities, commodities and mortgage-backed securities, in partnership with a cash-r
Jan. 29, 2020
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Fear of coronavirus spreads to Korea’s commercial banks
Silence prevails at KEB Hana Bank’s main branch in Myeong-dong, central Seoul, on Wednesday in Seoul, except for a bell ringing that a bank clerk -- wearing a mask -- is ready to serve the next customer. At the entrance, customers wonder if they are entering a hospital by mistake, as they are greeted with noncontact infrared thermometers and hand sanitizers placed at every corner, along with signs that read “preventative measures top priority.” The branch is one of many bri
Jan. 29, 2020
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IBK chief takes office, ending 27 days of labor protests
The head of the Industrial Bank of Korea officially took office Wednesday after nearly a month of being unable to enter his office in the face of fierce protests from the labor union, which objected to the government’s influence on financial organizations. After reaching an agreement with the labor union to improve management transparency, IBK CEO Yoon Jong-won had his inauguration ceremony Wednesday, vowing to turn the state bank into a world-class financial institution that upholds et
Jan. 29, 2020