Most Popular
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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Daishin Securities head to lead Kofia
Na Jae-chul, CEO of medium-sized brokerage Daishin Securities, was elected as new chairman of the Korea Financial Investment Association on Friday.Starting from Jan. 1, the 60-year-old will serve his three-year term as the fifth chairman of the leading nonprofit, self-regulatory financial organization in South Korea.According to Kofia, Na earned 221 of 295 votes, beating out KTB Asset Management Vice Chairman Jung Ki-seung and former IBK Securities CEO Shin Seong-ho.Na has been the head of Daish
Dec. 22, 2019
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Shinhan Financial to set up W2.1tr fund to support 2,000 startups, 10 unicorns
Shinhan Financial Group said Sunday it plans to launch a 2.1 trillion won ($1.8 billion) fund to support 2,000 startups and foster 10 unicorns in the next three years.Unicorns refer to privately held startups valued at over $1 billion -- eight South Korean firms have made it to the list so far, according to US market research firm CB Insight. Through its Triple-K Project, the Korean financial giant will support overseas forays of budding enterprises in collaboration with institutions and compani
Dec. 22, 2019
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Recovery of chip industry to boost Korean stock market in 2020: global IBs
South Korea’s semiconductor industry is projected to walk the road to recovery next year, which will propel the local stock market in turn, recent reports by global investment banks said.Most financial institutions upgraded their ratings of the stock market by one or two notches, and said the benchmark Kospi will trade at an average 2,300 points, higher than the corresponding figure of 2,100 points this year. France-based financial institution BNP Paribas adjusted its rating on the South K
Dec. 22, 2019
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Foreigners set to snap 4-month selling streak of Korean stocks in Dec.
Foreign investors have purchased more South Korean stocks than they have sold so far this month, possibly on the way to ending their four-month selling streak, data showed Sunday.As of Friday, foreign investors have purchased a net 113.9 billion won ($98 million) worth of local shares since Dec. 2, according to the data from Seoul bourse operator Korea Exchange. Their shift toward a buying mode apparently comes amid a heightened hope for a long awaited deal between the US and China that, if sign
Dec. 22, 2019
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Foreign currency deposits slightly drop in Nov.
Foreign currency deposits held by banks in South Korea dropped slightly from a month earlier in November, largely on local businesses taking advantage of favorable exchange rates, central bank data showed Thursday.The outstanding foreign currency deposits held by banks here came to $74.87 billion as of the end of last month, down $3.67 billion from a month before, according to the data from the Bank of Korea.It marked the first on-month drop since July, when the amount slipped $700 million from
Dec. 19, 2019
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Lotte Group excluded from FSC watchlist upon disposal of financial arms
South Korea’s fifth-largest conglomerate Lotte Group was excluded from supervision by financial authorities, in line with its disposal of financial subsidiaries earlier this year, the Financial Services Commission said Wednesday.With this, the number of those subject to financial supervision came to six -- Samsung, Hyundai Motor, Hanwha, Kyobo Life Insurance, Mirae Asset Financial Group and DB Group.“The current regulations state that financial groups with assets of 5 trillion won ($
Dec. 19, 2019
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2020 to be big year for South Korean IPOs
With a healthy pipeline of companies seeking initial public offerings next year, industry watchers say the proceeds raised could exceed 10 trillion won ($.8.9 billion) for the first time since 2010. According to corporate announcements made so far, the first major IPO of 2020 is expected to be South Korean drug development firm SK Biopharmaceuticals. The drug unit of South Korea’s telecom-to-energy conglomerate SK Group submitted a preliminary application for an IPO to the Korea Exchange i
Dec. 18, 2019
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Korean investment in European office market jumps 152%
South Korean investments in the European office market increased 152 percent as of November on-year, buoyed by a currency-swap premium, but is projected to decline and diversify next year, commercial real estate services company Cushman & Wakefield said Wednesday. “Around 18 trillion won ($16.5 billion) was invested in the overseas office building market so far this year and European properties accounted for 86 percent of the total volume,” Philip Jin, head of research at the Kor
Dec. 18, 2019
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S. Korea formally launches ‘open banking’ service
South Korea formally launched an open banking service Wednesday to increase convenience and lower transaction costs for bank customers. The new system enables bank customers to access nearly all banking services offered by any bank through a single smartphone application, including withdrawals and transfers, according to the Financial Services Commission.Previously, 10 commercial banks, including KB Kookmin Bank, Shinhan Bank, Woori Bank and KEB Hana Bank, joined a preliminary service that began
Dec. 18, 2019
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BOK minutes hint at possible policy rate reduction next year
Some members of the central bank's rate-setting board see the need for additional steps to boost the country's economic growth and consumer price hikes down the road, minutes from the board's latest meeting showed Tuesday, indicating a possible rate cut in the near future.According to the minutes from the latest meeting of the Bank of Korea monetary policy board, at least three members of the seven-member board expressed concerns over the country's slowing growth and low consumer price growth.Th
Dec. 17, 2019
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Hyundai Card, Korean Air launch private label credit card
Hyundai Card, a subsidiary of Hyundai Motor Group, has jointly launched an exclusive credit card with flag carrier Korean Air, officials said Tuesday.“Korean Air and Hyundai Card have launched a private label credit card (PLCC) and signed a partnership agreement. Hyundai Card will be in charge of marketing and operations,” the credit card firm said.PLCC refers to a credit card branded for a specific retailer, independent dealer or manufacturer. While partnership cards involve the com
Dec. 17, 2019
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[Contribution] Short-termism works... in the short term
The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.We believe the three- to six-month outlook for global equities, credit and other income-generating assets looks favorable. This is based on our view that global growth prospects are stabilizing after a period of downgrades, event risks are declining and the US Federal Reserve has injected significant dollar liquidity into the global financial
Dec. 17, 2019
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Viva Republica gets preliminary approval for 3rd internet-only bank
The consortium led by Viva Republica, operator of the popular mobile money transfer service Toss, was granted preliminary approval by the financial authorities Monday to launch the nation’s third internet-only bank.Following the Financial Services Commission’s decision, the company said it plans to establish Toss Bank soon after final approval in the first half of 2021. The move is expected to increase competition in the online-only banking sector which has only two operators now --
Dec. 17, 2019
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Samil PwC publishes sustainability report
Samil PricewaterhouseCoopers, the local unit of the world’s largest accounting firm, said Monday that it has published a report on its sustainable business operations and accomplishments in 2019. While reinforcing the External Audit of Stock Companies Act and the stewardship code adopted by the National Pension Service, the firm said it would implement a business model that fulfills accounting transparency and raises environmental, social and governance levels. The report covers four
Dec. 16, 2019
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JB Financial acquires brokerage in Vietnam, expands in ASEAN region
JB Financial Group has acquired a Vietnam-based brokerage owned by Morgan Stanley, in line with its recent moves to expand business in the Southeast Asian region, officials said Monday.The holding group of North Jeolla Province-based JB Jeonbuk Bank thereby became the first provincial banking group here to own a comprehensive overseas financial network comprising banking, capital and securities.A public announcement was made Monday that JB Financial had recently signed a sales and purchase agree
Dec. 16, 2019
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Listed firms' share buybacks top W19tr in 3-year period
South Korean listed companies bought back their own shares worth almost 20 trillion won ($17 billion) in total in the past three years, with Samsung Electronics buying back the most, data showed Monday. A stock buyback occurs when a company seeks to increase its stock price and consolidate ownership, which benefits the shareholders with larger dividends.From January 2017 through August 2019, a total of 676 listed firms here bought back 19.6 trillion won worth of their own shares, according to th
Dec. 16, 2019
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Socially responsible investments grow rapidly in S. Korea
South Korea is catching on to the global trend of socially conscious investments. There are currently seven listed funds in the country categorized as ESG funds, standing for environmental, social, and governance. Among them, five were launched this year by local asset management companies, including Korea Investment Management, KTB Asset Management, Koreit Asset Management, KB Asset Management and Kiwoom Asset Management.Last month, Samsung Asset Management also launched KODEX 200ESG -- an ETF
Dec. 15, 2019
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Watchdog advises banks to partially cover losses from KIKO misselling
Wrapping up long-stalled arbitration proceedings Friday to settle disputed sales of currency-option contracts, South Korea’s financial market watchdog advised local banks to compensate local businesses for up to 41 percent of the loss they inflicted.At a press briefing, the Financial Supervisory Service’s Dispute Arbitration Committee urged six banks to pay about 25.5 billion won ($21.7 million) in total to four local businesses that signed “knock-in, knock-out” currency
Dec. 13, 2019
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Bank Salad ties up with Kakao Bank for open banking service
South Korean budget app Bank Salad said Friday it will start providing tie-up services with internet-only Kakao Bank later this month, allowing users to manage their online bank accounts more efficiently in line with the launch of open banking services.Financial technology firm Rainist, which operates Bank Salad, had launched a task force to prepare for the services in partnership with Kakao Bank, ahead of Dec. 18, when financial authorities will formally greenlight operations of open banking se
Dec. 13, 2019
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Seoul stocks extend gains late Friday morning
Seoul stocks extended gains late Friday morning as investor sentiment was further boosted by reports of an imminent US-China trade deal. The Korean won gained further against the US dollar. The benchmark Korea Composite Stock Price Index rose 29.08 points, or 1.4 percent, to 2,166.43 as of 11:20 a.m. The main index opened higher and gained further for a sixth straight session as the United States and China are reportedly getting very close to signing a trade deal, with US P
Dec. 13, 2019