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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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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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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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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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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KT launches new mobile plans for foreign residents
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Eased rules to heighten pension fund engagement
A revision of local financial laws is opening the doors for a higher level of shareholder engagement, empowering the role of pension funds in South Korea, including the world’s third-largest National Pension Service. In forthcoming shareholder meetings slated for March, the NPS is likely to hold sway over those listed on what is equivalent to a “focus list” by the California Public Employees’ Retirement System, out of more than 300 portfolio companies trading on the domes
Jan. 22, 2020
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Shinhan chief gets suspended sentence over influence-peddling charges
Shinhan Financial Group Chairman Cho Yong-byoung on Wednesday received a suspended sentence for influence-peddling in connection with a recruiting scandal at the flagship banking unit, yet his leadership remains unscathed. The Seoul Eastern District Court handed the 63-year-old executive a six-month prison term, suspended for two years. Expressing disappointment, Cho said he would appeal the case to a higher court.The court found Cho guilty of some of the accusations against him, including influ
Jan. 22, 2020
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Samsung’s financial units brace for changes with new CEOs
South Korea’s largest conglomerate on Tuesday appointed new chief executives -- all in their 50s -- in an apparent move to tackle challenges in the fast digitalization of the capital market and diversify its business portfolio for sustainable growth.Samsung Group’s insurance unit, Samsung Life, has appointed Jeon Young-muk as its new CEO. He has served as CEO of Samsung Asset Management since 2018. Samsung Life vice presidents -- Kim Dae-hwan and Shim Jong-keug -- have been tapped to
Jan. 21, 2020
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Cyclical risk persists in Korean equity market: AllianceBernstein
Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve
Jan. 21, 2020
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Hana Financial diversifies portfolio, acquires non-life insurer
Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the
Jan. 21, 2020
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Foreign deposits rise on weak dollar in Dec.
Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in December, central bank data showed Tuesday, apparently on the weakening of the US greenback that prompted both individuals and firms to boost their dollar holdings.The outstanding foreign currency deposits here came to $79.44 billion as of end-December, up $4.57 billion from a month before, according to the data from the Bank of Korea.The increase marks a turnaround from a $3.67 billion drop in November.F
Jan. 21, 2020
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Number of stock-trading accounts nears 30m
The number of active security accounts in South Korea is nearing 30 million amid growing stock trading activities focused on overseas markets, according to data from the Korea Financial Investment Association on Monday.As of Thursday, the number of active equity accounts was around 29.4 million. It is expected to soon reach 30 million, considering its fast growth, the self-regulatory financial organization said.Active security accounts are those with depository assets of 100,000 won ($86.4) and
Jan. 20, 2020
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Myeong-dong rent costs drop amid fast shift to e-commerce
Myeong-dong, one of the largest retail districts in Korea, was the only area among the world’s top 10 global shopping streets that saw an average rent drop on-year in 2019, according to global real estate consulting firm Cushman & Wakefield. According to a recent report published by the consulting firm, the annual average rent in the Myeong-dong district came in at $862 per square foot, down 1.5 percent on-year. In order to rent a store area of 30 pyeong, or 99 square meters, for insta
Jan. 20, 2020
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Insurance industry looks forward to more active investments, M&A deals
Amid growing concerns over worsening profits, insurance companies in South Korea said Monday they plan to roll out new services, incorporating new technologies such as big data and artificial intelligence. They also pledged more investments for the emerging technologies and startups.“Korean insurance firms will utilize new technologies, including AI, in different areas from risk assessment, to have a competitive edge in the face of the looming ‘fourth industrial revolution,’&rd
Jan. 20, 2020
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34 Kospi 200 firms lack whistleblowing policy: report
More than 30 Kospi 200 firms still have no whistleblowing policy for transparent management of their accounting control system, according to the latest report released by Samjong KPMG on Monday. The accountancy firm’s report shows that 34 of the top 200 Kospi firms, have no whistleblowing policy within their account rule books, while three others did not publicly disclose their policies through the regulatory filing. The Kospi 200 is the index tracking a basket of 200 blue chip firms liste
Jan. 20, 2020
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DRAM prices up for 11 consecutive days, boding well for chipmakers
Spot market prices for DRAM chips are surely on a rising course as they went up for 11 straight days, industry data showed Monday, boding well for South Korean chipmakers. The spot price of 8-gigabit DDR4 DRAM, a benchmark price for the category, reached $3.34 as of last Friday, according to data from market tracker DRAMeXchange, marking the 11th consecutive day of a rise. This is the first time since October 2017 that the spot price of DRAM went up for 11 consecutive days. The latest DRAM
Jan. 20, 2020
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D.Camp holds first startup pitching event for 2020
D.Camp, a leading South Korean startup accelerator, said Sunday that augmented reality solution startup Qrio and health tech startup 9to6 topped its first pitching competition of 2020, held last week in Seoul. The event was organized together with InvestHK, an agency responsible for foreign direct investment in Hong Kong, and the Hong Kong Economic and Trade Office, a state-run trade organization.Qrio has developed a mobile AR application that helps users create their own virtual action figures
Jan. 19, 2020
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Samsung likely to replace chiefs of most financial units
Samsung Group is expected to replace most of the chief executives at its financial units, including Samsung Life Insurance and Samsung Card, according to news reports on Sunday.According to local business daily the Korea Economic Daily, the conglomerate is scheduled to carry out its annual reshuffle of C-level executives this week, starting with its flagship Samsung Electronics and other IT affiliates on Monday.Financial units, including Samsung Securities and Samsung Card, will follow suit on T
Jan. 19, 2020
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Bias toward tech firms flusters stock market investors
South Korea’s stock market was tepid in 2019 and continues to face uncertainties, rankling many investors who are complaining that technology firms are being preferred for listing on the secondary Kosdaq bourse.While the stock market operator has highlighted the system as a vital foothold for new promising and innovative business players, skeptics also suggest that it provides excessive benefits to underqualified rookies.The number of companies listed on Kosdaq through the preferential pro
Jan. 19, 2020
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Banking chiefs edgy as they await final sanctions decision by authorities
The top executives of three major financial groups in South Korea are on the edge of their seats as they await a final decision by authorities on penalties regarding their malfeasance this week, which will impact governance and profitability.Shinhan Financial Group Chairman Cho Young-byoung -- who is currently under trial over his alleged influence-peddling in the flagship Shinhan Bank’s recruiting scandal -- is facing the most pressure.The Seoul Eastern District Court is expected to annou
Jan. 19, 2020
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S. Korea sees $920m in foreigners’ net purchase last year
Foreign investors in South Korea net purchased some $920 million, or 1.04 trillion won, of locally listed stocks last year, but the figure was conspicuously lower than that of peer emerging economies, data showed Friday.According to Yuanta Securities, the combined net purchase volume by foreigners on the nation’s benchmark Kospi and tech-laden secondary Kosdaq marked $924 million in 2019.Among emerging economies, India topped the list in amount at $14.2 billion, followed by Taiwan and Indo
Jan. 17, 2020
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Three-way merger scenario not yet confirmed: Celltrion affiliates
South Korean biopharmaceutical firm Celltrion’s key affiliates said Friday they have yet to set a clear blueprint in regards to Chairman Seo Jung-jin’s hint at the blockbuster merger of Celltrion, Celltrion Healthcare and Celltrion Pharm by as early as 2021. “The company is considering the merger plan on the premise of shareholder agreement, but we have yet to make any confirmation as to how and when the merger would be undertaken,” the three firms said in respective disc
Jan. 17, 2020
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Woori Financial walks away from W2tr Prudential Life bid
Woori Financial Group, South Korea’s fourth-largest banking group by assets, walked away from a bid to buy a 100 percent stake in Prudential Life Insurance of Korea, according to the group on Thursday.Woori Financial, Korea’s only banking group without an insurance unit, did not join the preliminary bidding round for the sale of a 2 trillion-won ($1.73 billion) stake in Prudential Financial’s Korean unit, a spokesperson of the group said.Other talked-about contenders, including
Jan. 16, 2020
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Seoul Real Estate Forum names new head
The Seoul Real Estate Forum said Thursday that it had named Wang Jeong-han as its sixth president.Wang, 57, will double as head of the SREF and the Seoul-based Ara Group Architects and Planners, dedicated to architecture, design, construction management and audits in South Korea. Wang has led Ara since 1998. Founded in 2003, the SREF is a forum comprising some 200 members, including real estate professionals and professors in Korea. The forum holds monthly seminars that center on the latest
Jan. 16, 2020
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FSC pledges to step up efforts to grow fintech industry
With bills on personal data and credit information passing the legislature, Korean financial authority Financial Services Commission and other financial organizations on Thursday vowed to make joint efforts to create a better, fair environment for the financial technology market.“The FSC hopes to see fintech firms achieve successful results of their businesses this year, and for that, it will not spare efforts to support them,” said Kwon Dae-young, director general of FSC’s fin
Jan. 16, 2020