Most Popular
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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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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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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
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Regulator unveils measures to bolster investor protection over risky assets
South Korea's financial regulator on Thursday unveiled a raft of measures to better protect consumers in the wake of improper sales of derivatives linked to overseas interest rates that carry the risk of losing nearly all the money invested in them.Under the measures, banks will be banned from selling high-risk privately placed funds, according to the Financial Services Commission.Banks and other financial firms will be required to strengthen their internal control systems when they sell high-ri
Nov. 14, 2019
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Hyundai Card bets on ‘super customization’
Hyundai Card, the credit card unit of Hyundai Motor Group, is preparing to level up its business with “super customized” marketing, officials said Wednesday.The new system, heavily based on the data of over 8 million customers accumulated by the company over the years, uses artificial intelligence to measure a customer’s real-time circumstances, such as location and weather, and uses that information to provide tailored marketing messages.The company explains that super customi
Nov. 13, 2019
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Hanwha Systems’ listing signals accelerating succession plan
Hanwha Group’s defense technology unit was listed Wednesday, suggesting that succession plans are being hastened and Chairman Kim Seung-youn is ready to hand over the reins to his sons. Hanwha Systems currently has a market cap of nearly 1.3 trillion won ($1.1 billion) and traded slightly below its initial public offering price of 12,250 won at 11,100 won on its first day of trading on the benchmark Kospi.According to analysts and industry insiders, the company’s Kospi debut will hel
Nov. 13, 2019
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S. Korea's key rate in new territory but not in trouble: BOK board member
The gap between South Korea's policy rate and that of the United States may have placed South Korea in unexplored territory, but the rate gap has yet to cause any serious problems for Asia's fourth-largest economy, a member of the Bank of Korea's monetary policy board said Wednesday."(Future rate decisions) will have to be made after carefully examining various factors as South Korea is exploring an unwalked territory," Lim Ji-won said in a meeting with reporters. Lim's remarks came le
Nov. 13, 2019
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Credit card firms entice e-shoppers ahead of Black Friday
With Black Friday falling in the US on Nov. 29, South Korea’s credit card operators are rolling up their sleeves to lure online shoppers with discounts and giveaways, industry data showed Wednesday.Overseas online retail customers -- dubbed “jikgu-jok” in Korean -- are expected to flock to various shopping sites in the upcoming season, running from Black Friday in end-November, to Cyber Monday in early December, up to Christmas and year-end.According to Korea Customs Service, b
Nov. 13, 2019
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S. Korea’s issuance of green bonds more than doubles on-year
Green bond issuance in South Korea has more than doubled so far this year, compared to the cumulative total floated last year, data provided by local companies showed Tuesday.Green bonds are fixed-income securities that fund eco-friendly projects. The size of the bond market and diversity of its issuers have been increasing in recent years as firms deem it helpful to improve their corporate image and make investors feel environmentally conscious. According to disclosures issued by the firms, the
Nov. 12, 2019
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Young chaebol scions own W1.8tr worth of stocks: data
Among South Korea’s chaebol owner family members, 51 are aged 30 or younger and also own stocks worth 10 billion won ($8.6 million), industry data showed Monday.According to conglomerate tracker Chaebul.com, the total value of such stocks amounted to over 1.8 trillion won, with the per capita average of 36.8 billion won, as of the closing price Wednesday. Compared to the previous survey in January 2017, the number of young superrich dropped by one while the aggregated value of their assets
Nov. 11, 2019
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Samsung, SK, Hyundai see gain in market cap
Amid a sluggish stock market, the top three South Korean conglomerates -- Samsung, SK and Hyundai Motor Group -- saw their market capitalizations rise this year, while values of the other top 10 plunged in the same period, data compiled by a local market tracker showed.According to FnGuide, the combined market cap of Samsung’s 16 listed subsidiaries increased nearly 18 percent, from Jan. 2 to Oct. 30, to 434.9 trillion won ($382 billion). Of the 16 subsidiaries, nine saw a growth in their
Nov. 10, 2019
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[Feature] S. Korean banks in heated competition over ‘open banking’
Struggling to innovate in a fast-changing, competitive market, South Korean banks have their eye on a new integrated financial service -- open banking.The service lowers the threshold for bank customers by allowing them to use virtually all banking services of different banks via a single mobile application. While this new financial technology service increases user convenience, it has also raised concerns about excessive competition.On Oct. 30, 10 major commercial banks here started offering th
Nov. 8, 2019
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Woori Bank Vietnam celebrates office opening in Danang
Woori Bank Vietnam, the local subsidiary of South Korea’s Woori Financial Group, held its office opening ceremony in Danang this week, officials said Friday.The bank’s Danang office had earlier obtained its business license in September and kicked off business on Oct. 25, becoming Woori’s tenth bank office in Vietnam and the first in the central region. It was also the first foreign bank to kick off since the State Bank of Vietnam reinforced regulations for foreign banks in May
Nov. 8, 2019
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Shinhan Card announces 3-year partnership with Amazon
South Korea’s Shinhan Card said Thursday it has signed a three-year partnership agreement with US-based online retail giant Amazon, as it seeks to aggressively expand its list of global partners. According to the card issuer, an array of benefits will be provided for Shinhan Card users who use e-commerce and other services by Amazon. Both firms will first jointly launch a promotion on Nov. 15 for its customers seeking overseas direct purchases during the fast-approaching Black Friday sales
Nov. 7, 2019
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Upbit operator Dunamu launches OTC trading app U-Stockplus
Dunamu, operator of global cryptocurrency exchange Upbit, said it has launched a comprehensive over-the-counter trading platform on Thursday that will allow users to both sell and purchase unlisted stocks.The platform dubbed U-Stockplus, released in the form of an app, is available for download on Google Play. It will be available as an iOS app in mid-November. The fintech firm joined hands with local brokerage Samsung Securities and big data analytics company Deep Search to resolve the is
Nov. 7, 2019
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S. Korea’s CDS premium hits lowest since 2008
South Korea’s credit default risk has dropped to its lowest point in over 12 years, to a level last seen before the 2008 global financial crisis, government data showed Wednesday.The credit default swap premium on the country’s foreign exchange stabilization bonds with a five-year maturity came to 27 basis points as of Tuesday on the New York market, according to the Ministry of Economy and Finance. The spread on CDS reflects the cost of hedging credit risks on corporate or sovereign
Nov. 6, 2019
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Mirae Asset Global Investments highlights trailblazing role in global markets
Asset manager Mirae Asset Global Investments has been a trailblazer among South Korean financial institutions in entering global markets. According to the asset management unit of Mirae Asset Financial Group on Wednesday, it was the first among its peers to establish a Hong Kong subsidiary in 2003. The move marked its first foray overseas. In 2005, it became the first Korean asset manager to launch an offshore fund and provided local investors early opportunities to make overseas investments.In
Nov. 6, 2019
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[Breaking] Kofia chief reported dead: police
Kwon Yong-won, chairman of the self-regulatory organization Korea Financial Investment Association, was found dead Wednesday, according to local news reports.The Bangbae Police Station said the unnatural death of the financial officer was reported during the day, adding that the detailed cause of death has yet to be identified.The financial officer’s reported death came in the wake of a recent allegations of his verbal abuse against staff -- behavior dubbed “gapjil” in Korean.L
Nov. 6, 2019
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Private fund market shrinks for third consecutive month: data
The number of private funds in South Korea has fallen sharply over the past three months amid controversies over derivative-linked funds and a liquidity crisis at a major company, data compiled by a market operator showed Tuesday.According to the Korea Financial Investment Association, the number of private funds -- including private equity funds and hedge funds -- in the country tallied 11,177 as of the end of October, down 302 from three months earlier.October marked the third consecutive mont
Nov. 5, 2019
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[Global Finance Awards] The Korea Herald invites applications for 3rd financial sector awards
The Korea Herald is looking for domestic financial firms that are seeking to play a leading role in global markets.As South Korea’s No. 1 English daily newspaper, The Korea Herald has established the Global Finance Awards to give wider publicity to financial firms who have shown outstanding performance and further promote their global competitiveness. For a fair and thorough evaluation, a judging committee consisting of renowned industry experts will screen candidate companies and the
Nov. 5, 2019
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Korean card issuers enter Vietnamese market eyeing growth potential
South Korean credit card companies have recently been tapping into and expanding their business in Vietnam, eyeing the Southeast Asian country’s growing economy while seeking to diversify due to a sluggish domestic market.The credit card unit of Hyundai Motor Group, Hyundai Card, announced last month that it has signed a deal worth 49 billion won ($41.9 million) to acquire a 50 percent stake in Vietnamese retail bank Finance Company Limited for Community. FCCOM is a wholly-owned subsidiary
Nov. 5, 2019