Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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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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DP leader says he will meet Yoon without conditions
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Sales of private equity funds fall after fiasco: report
Sales of private equity funds for individual investors dropped for the fifth consecutive month in November, amid growing distrust in the aftermath of damages incurred by risky derivatives-linked funds sold by banks and asset management firms, a local self-regulatory organization said Wednesday. According to the Korea Financial Investment Association, local banks sold a combined 24.1 trillion won ($20.9 billion) of private equity funds, down by 600 billion won, or 2.4 percent, in November from th
Jan. 1, 2020
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Sungdong Shipbuilding averts liquidation with W200b deal
A consortium led by HSG Heavy Industries signed a contract Tuesday to buy debt-saddled South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering for 200 billion won ($173 million), allowing the shipbuilder to avert liquidation of its assets.So far the consortium has paid 10 percent of the total, with the balance due by February.This came a month after the consortium, composed of HSG Heavy and private equity firm Curious Partners, was chosen as the preferred bidder for the Tongyeong
Dec. 31, 2019
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M&As to keep Korean industries going in 2020
South Korea was brimming with billiondollar mergers and acquisitions in 2019, mainly propelled by large business groups in search of new growth opportunities, along with the divestment of their noncore business units.Throughout 2019, Korean entities announced a record-high volume of M&A transactions worth a combined 37.7 trillion won ($32.6 billion), according to Maeil Business Newspaper’s capital market tracker Radar M.Experts say this uptrend will continue and will eventually fuel an
Dec. 31, 2019
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Probable top-down nomination of new IBK CEO triggers backlash
The state-run Industrial Bank of Korea faced the new year amid heated controversy concerning the likely nomination of a former senior presidential aide as its next CEO.On Tuesday, Reps. Chae Yi-bai of the Bareunmirae Party and Chu Hye-seon of the Justice Party held a press conference at the National Assembly along with members of the Korean Financial Industry Union, opposing the nomination of Yoon Jong-won, former senior presidential secretary for economic affairs, as IBK chief.“It seems t
Dec. 31, 2019
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Kospi falls below 2,200, Kosdaq rises near 670 in 2019 finale
South Korea’s stock market continued its sluggish performance on Monday -- the last trading day of 2019 -- amid a lack of significant momentum. The benchmark Kospi closed at 2,197.67 points, down 0.30 percent, or 6.54 points, from the previous session, according to stock market operator the Korea Exchange. The figure however rose by 8.53 percent, or 187.57 points, from the first trading session of the year -- which closed at 2010. Korean shares opened nearly flat on the day as invest
Dec. 30, 2019
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[Best Brand] Lotte Card launches I’m DRIVING for frequent drivers
Credit card/ Lotte CardFor customers driving long distances, Lotte Card, a major credit card company in the nation, has launched the I’m DRIVING card that offers discounts at gas stations across the country and other auto-related benefits.Two types of the new credit card are offered -- DC One and DC All. For the DC One type, customers can choose one of four oil retail brands -- SK Energy, GS Caltex, Hyundai Oilbank and S-Oil -- or choose either weekdays or weekends as an option, to get a d
Dec. 30, 2019
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Woori Financial chief recommended for 2nd term
Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung is likely to pursue a second term as head of the financial holdings company. On Monday, a group of outside directors responsible for selecting leadership candidates recommended Sohn as the sole candidate for the group’s next chairman position, citing the stability of its operations as a holding company. If the recommendation is approved at the shareholders meeting in March 2020, Sohn will serve another three years as the grou
Dec. 30, 2019
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W4.1tr Korean hedge fund Lime Asset faces fraud accusations
The Financial Supervisory Service, South Korea’s financial watchdog, intends to take legal action against Lime Asset Management, a Korean hedge fund that manages 4.1 trillion won ($3.5 billion) worth of assets, on allegations that it concealed losses from its investors.The news comes as its 600 billion won fund dedicated to trade finance was found to have been associated with a debacle involving New York-based investment adviser International Investment Group, which was accused of running
Dec. 30, 2019
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FSS fines KEB Hana W3b for misselling ETNs
South Korea’s financial watchdog on Monday fined KEB Hana Bank, one of four major commercial banks here, nearly 3.2 billion won ($2.7 million) for selling exchange-traded notes without providing sufficient information to customers. According to the Financial Supervisory Service, KEB Hana violated the Financial Investment Services and Capital Markets Act by allowing its 140 local branches to recommend and sell high-risk exchange-traded notes through bank trusts to its clients who were unawa
Dec. 30, 2019
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[Best Brand] Mirae Asset Daewoo banks on diversified global investment
Mirae Asset Daewoo / Securities firmSouth Korean brokerage Mirae Asset Daewoo said Monday it had expanded its presence by creating synergy with multiple businesses -- such as investment banking and trading in Korea and abroad -- and diversifying its investment portfolio. Mirae’s capital surpassed 9 trillion won ($7.76 billion) at the end of the third quarter this year. Its net profit came to 123.9 billion won in the same period, making it the country’s first securities firm to mark a
Dec. 30, 2019
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Bithumb faces W80b taxation, despite lack of assessment standards
South Korea’s tax agency has handed down more than 80 billion won ($68.9 million) in taxation on the market’s top cryptocurrency exchange Bithumb, raising controversies on the lack of assessment standards.According to industry insiders, Vidente, the largest shareholder of Bithumb, announced Saturday via DART -- the Financial Supervisory Service’s electronic disclosure board -- that the National Tax Service has forced Bithumb to pay foreign customers’ withholding taxes wor
Dec. 29, 2019
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Hyundai Capital’s car-sharing service helps digitalization of rental firms
Hyundai Capital’s car-sharing service Deal Car has partnered with local small and medium-sized rental firms to help them digitalize their operations and platforms. According to the consumer financial service providing unit of Hyundai Motor Group, Deal Car has noticed key hurdles that traditional rental businesses now face in the digital age, including the struggle to find a digital alternative to face-to-face interactions for booking and passing of car keys. Through the partnership, Deal C
Dec. 29, 2019
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[News Focus] Can NPS shareholder engagement curtail power of chaebol?
The world’s third-largest pension fund, South Korea’s National Pension Service, may opt to present shareholder proposals to its portfolio companies in Korea -- which number as many as 800 -- starting from Korea’s upcoming proxy season in March next year.The move, long awaited by civic groups that denounced chaebol families’ alleged misdeeds, comes as the public pension fund approved its shareholder engagement guidelines Friday, effective immediately. The latest action wou
Dec. 29, 2019
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Gold investment marks biggest profit in 2019
After soaring nearly 17 percent in 2019, the gold price on South Korea’s bourse is expected to prolong its winning streak throughout 2020, reflecting the market’s preference for risk-free assets amid persistent volatility, local experts said Sunday. According to Daishin Securities, the wholesale price of gold on Korea Gold Exchange closed at 60,670 won ($52.30) per gram Saturday, up 10,400 won, or 17.14 percent, from the end of 2018.The popularity of gold as an investment is seen as
Dec. 29, 2019
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Hana Financial Investment, Hotel Lotte buy $175m hotel in US
Korean brokerage Hana Financial Investment said Sunday that it had acquired a premium hotel in the US, marking its first acceptance financing business via strategic partnership. The brokerage firm on Tuesday acquired Hotel at the Mark, a 44-story building located in downtown Seattle that was previously owned by Hotel Lotte and private equity real estate investment management firm Stockbridge, officials said.Hotel Lotte joined in the $175 million deal as the consigned manager of the hotel. Starti
Dec. 29, 2019
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Regulator to punish heads of 2 banks for derivatives-linked product fiasco
South Korea's financial regulator is planning to punish the heads of two commercial lenders for their improper sales of derivatives-linked products, industry sources said Sunday.According to the sources, the Financial Supervisory Service is set to punish the banks' heads in mid-January.In October, the FSS said about 20 percent of 3,954 cases detected may violate law or internal rules in selling the derivatives, but further investigation is needed into the two leading lenders -- Woori Bank and KE
Dec. 29, 2019
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Seoul shares to trade flat on geopolitical issues
South Korean stocks are predicted to stay mostly flat next week as investors are expected to sit on the sidelines amid the possibility of a provocation by North Korea, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,204.21 points on Friday, little changed from the previous week.Earlier in the week, the market closed lower as investors took a breather and cashed in recent gains after the market hit an almost eight-month high on Friday, buoyed
Dec. 28, 2019
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Seoul stocks open lower, tech rally continues
South Korean shares opened lower Friday as investors cashed in recent profits ahead of the final trading session of 2019 slated for next week. But major tech stocks continued to build up gains.The benchmark Korea Composite Stock Price Index fell 13.41 points, or 0.61 percent, to 2,184.52 in the first 15 minutes of trading. In South Korea, investors should buy stocks one day before the last trading day of the year to receive dividends. The final trading session of 2019 is Monday.US stocks continu
Dec. 27, 2019
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KB Kookmin Bank to acquire Cambodian lender for $603.4m
South Korea’s commercial lender KB Kookmin Bank said Thursday its board has agreed to acquire a 70 percent stake in Cambodia’s lender Prasac Microfinance Institution for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings.Prasac Microfinance is the No. 1 microfinance deposit-taking institution, taking up over 40 percent of market share in Cambodia with 177 branches.KB Kookmin will close the deal within three months, after a due diligence and approval from financial au
Dec. 26, 2019
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NH Investment & Securities launches hedge fund firm
NH Investment & Securities, the country’s second-largest securities firm by net assets, launched a hedge fund company as its own subsidiary, the company said Thursday.NH Hedge Asset Management will be led by CEO Lee Dong-hoon, the former head of the hedge fund division at NH Investment & Securities.In August 2016, the securities firm launched the hedge fund division and has operated the NH Absolute Return Fund worth 700 billion won ($603 million) and NH Pre-IPO Mezzanine Fund worth
Dec. 26, 2019