Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Immigrant woman stabbed to death by Korean husband
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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IBK seals partnership with Myanmar’s SME policy headquarters
The Industrial Bank of Korea has clinched a partnership with Myanmar’s SME policy headquarters as part of its blueprint to expand business in the Southeast Asian region, officials said Tuesday.The South Korean state-run bank and the Myanmar MSME Development Working Committee signed a memorandum of understanding at Lotte Hotel Busan on Monday.Under the latest agreement, the two organizations vowed to cooperate to nurture small and medium-sized enterprises in both countries and develop joint
Nov. 26, 2019
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Banks' loan delinquency rate inches down in September
The delinquency rate for South Korean banks' won-denominated loans edged down in September due to a slight decline in the number of firms that failed to repay their debts, government data showed Monday. The rate for bank loans more than 30-days overdue stood at 0.44 percent at the end of September, down 0.06 percentage point from a month earlier, according to the data from the Financial Supervisory Service. Compared with a year ago, the rate was also down 0.1 percentage point, it said.The delinq
Nov. 25, 2019
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S. Korean investors turn to overseas funds amid sluggish market
South Korean investors have increased their investments in overseas funds in recent weeks, as they seek to escape from heightened stock volatility stemming from global trade issues, data showed Sunday. According to the Korea Financial Investment Association, nearly 4,700 overseas funds created and managed by local entities have drawn a combined 177.4 trillion won ($150.4 billion) from investors so far, an increase of 2.5 trillion won from the end of last month. The combined net worth of th
Nov. 24, 2019
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Brokerages eye real estate investment amid slow growth, low interest rates
Sluggish economic growth and a bleak stock market outlook have pushed South Korean securities firms to expand their horizons by turning to real estate investment.While some brokerages prefer to operate teams dedicated to real estate investment trusts, or REITs, others choose to establish subsidiaries, suggesting full-scale portfolio expansion.Yet the trend has some observers worried that the competitive game might result not in market diversification but in an oligopoly among top-tier players.&l
Nov. 24, 2019
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Seoul shares to trend lower next week on US-China trade deal uncertainties
South Korean stocks are expected to remain weak next week as the United States and China struggle to reach a deal on their yearlong trade dispute and escalating unrest in Hong Kong poses yet another risk to the local stock market, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,101.96 points on Friday, down 2.7 percent from last week. Earlier this week, South Korean stocks closed lower as investors remained cautious over mixed signals regarding a potent
Nov. 23, 2019
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Investors lose trust in financial firms amid derivative fiasco: survey
South Korean investors have lost their faith in financial firms and their products, amid the latest series of investment fiascos here, a survey showed Friday.According to a poll conducted by the Korea Financial Investors Protection Foundation on 1,000 respondents aged from 25 to 69, 10 out of the 12 questions scored below 50 out of 100 points.Scoring the lowest were the financial firms’ duty to inform investors of all possible investment risks beforehand and their liability for advertiseme
Nov. 22, 2019
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Woori Bank resolves ‘overhang’ issue by divesting holdings share
Woori Bank has cleared out its remaining stake in Woori Financial Holdings, removing the overhang for potential stock value, Woori Financial Group officials said Friday.The bank has disposed of its last remaining 1.8 percent stake in the group’s holding unit Woori Financial Holdings in an over the counter block transition.The corresponding stake was the second batch of the 5.8 percent stake which the bank was holding as part of the all-inclusive exchange of shares to restructure Woori Card
Nov. 22, 2019
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Hyundai Capital expands presence in Brazil
Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, is expanding its presence in Brazil with new retail financial products, officials said Thursday.The financial firm’s joint venture with Santander Brasil -- Banco Hyundai Capital Brasil -- which was launched in April this year, is set to unveil a new retail product that guarantees the residual value of a car, called “personal contract purchase.” It computes the expected price of used cars in the futur
Nov. 21, 2019
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KB Kookmin Card acquires 80% stake in Indonesian credit finance firm
KB Kookmin Card, the credit card operator of KB Financial Group, will take over a major credit finance company in Indonesia, in a move to expand its presence in Southeast Asia. The company’s board has signed off a deal to purchase an 80 percent stake in Indonesia’s PT. Finansia Multi Finance for 94.9 billion won ($80.6 million), aiming to close the transaction by the first quarter of 2020, officials said Thursday.“The prime reason of the investment is to expand (the group&
Nov. 21, 2019
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Kakao becomes largest shareholder of internet-only bank
Kakao is set to become the largest shareholder of its internet-only bank on Friday, marking it as the first nonfinancial services firm to have majority stake in a South Korean lender. The Financial Services Commission on Wednesday approved Korea Investment Holdings’ request to transfer 15 percent and 29 percent of its current 50 percent stake in Kakao Bank to Kakao and Korea Investment Value Asset Management, respectively. Korea Investment Value Asset Management is a second-tier subsidiary
Nov. 21, 2019
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Foreigners continue selling spree of Korean stocks despite trade volume rebound
Foreign investors continued to offload Korean stocks despite a rebound in daily trading volume, a Korea Exchange data showed Wednesday.Analysts cited the lingering uncertainties surrounding the ongoing US-China trade war that has dampened global investor sentiment behind the move. According to the bourse operator, foreigners were net sellers of shares on the benchmark Kospi worth nearly 1.4 trillion won ($1.2 billion) from Nov. 7 to Wednesday. The offloading observed throughout 10 consecutive tr
Nov. 20, 2019
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Foreign currency deposits surge nearly $6b in Oct.
Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in October, largely on local companies seeking to stash the US dollar at its weakest, central bank data showed Tuesday.The outstanding foreign currency savings held by banks here came to $78.54 billion as of end-October, up $5.9 billion from a month earlier, according to the data from the Bank of Korea. The reading marks the third consecutive month of increase, and also an acceleration from a $1.67 billion o
Nov. 19, 2019
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Investment banking becomes primary profit source for brokerages
For South Korea’s largest brokerages, investment banking has replaced traditional income sources such as stock trading and wealth management as the No. 1 profit maker this year, data showed Monday.Local brokerages are bolstering their investment banking divisions and looking to this business area as a steady income source due to the sluggish stock market. According to regulatory filings compiled by the Financial Supervisory Service, Mirae Asset Daewoo’s investment banking unit posted
Nov. 18, 2019
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BOK chief calls for bank's preemptive, practical changes
The head of South Korea's central bank called for preemptive measures Monday to actively prepare the bank for future changes, but insisted such measures must be practical enough to win the support of not only bank officials but also the general public."Changes and innovations are becoming much faster and more complicated than ever before in each sector of our society," Bank of Korea Gov. Lee Ju-yeol said in a biennial meeting of top BOK officials. "Should we not react activel
Nov. 18, 2019
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SC Bank Korea to introduce ‘Frozen 2’ character check cards, bankbooks
SC Bank Korea, the local subsidiary of British banking giant Standard Chartered, said Monday that it will launch a limited edition of its check cards and bankbooks featuring characters from the upcoming Disney animation “Frozen 2.”To commemorate opening of the highly anticipated sequel to the Disney hit “Frozen,” slated to hit local theaters on Thursday, the Korean subsidiary is offering 30,000 Ace Plus Check Cards and 60,000 deposit and savings accounts. Under the
Nov. 18, 2019
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Equity fund supporting local parts makers raises W100b
A local equity fund in which President Moon Jae-in invested has amassed more than 100 billion won ($85 million), fund operator NH-Amundi Asset Management said Sunday.Since its launch in August this year, the NH-Amundi Victorious Korea Equity Fund has logged 6.98 percent in return rate as of Friday.The fund was designed to invest in local firms that manufacture industrial equipment, components and materials impacted by Japan’s export curbs. Its popularity has grown about two weeks after Pre
Nov. 17, 2019
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Top 30 firms’ investment volume dips 16.6%
The amount of investments by South Korea’s top 30 conglomerates as of the third quarter fell over 16 percent on-year amid slow growth and sluggish trend of the semiconductor business, a market tracker said Sunday.The combined investments totaled 54.33 trillion won ($46.3 billion) as of the end of September, down 16.6 percent from 65.17 trillion won a year earlier, CEO Score said in a statement.The tally covered the 272 conglomerate subsidiaries that have unveiled their half-year business r
Nov. 17, 2019
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Penguin character Pengsoo’s popularity excites stock investors
South Korea’s obsession with a penguin character is nothing new, with Pororo the “little penguin” having charmed kids with his orange goggles and innocence for more than a decade. However, Pengsoo -- a penguin character that bears a striking resemblance to Pororo, but armed with a blunter persona -- has gained cross-generational popularity in recent months, even nudging investors to purchase related stocks.Digital education contents producer Uangel -- which signed a memorandum
Nov. 15, 2019
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Seoul stocks open almost flat on lack of market momentum
South Korean stocks opened almost flat on Friday as investors attempted to cash in recent gains amid a lack of market momentum.The benchmark Korea Composite Stock Price Index inched down 0.91 point, or 0.04 percent, to 2,138.32 in the first 15 minutes of trading.Large caps were mixed, with market kingpin Samsung Electronics unchanged.No. 1 portal operator Naver shed 2.78 percent and carmaker Hyundai Motor was down 0.4 percent.In contrast, chipmaker SK hynix climbed 0.48 percent and POSCO, the No
Nov. 15, 2019
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Toss operator converts shares to nonredeemable
Viva Republica, operator of mobile financial service Toss, said Thursday that it has converted all of its redeemable convertible preferred shares to convertible preferred shares, in a move to enhance capital stability.Redeemable shares, or RCPS, refer to preferred stocks that the issuing company may trade for cash, while convertible shares, or CPS, allow the shareholder to exchange for common stocks. The latter is recognized as capital under both Korean Generally Accepted Accounting Standards (K
Nov. 14, 2019