Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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[Weekender] How DDP emerged as an icon of Seoul
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Seoul to provide housing subsidy to married couples with newborns
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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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
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Mirae Asset Daewoo becomes first S. Korean IPO underwriter on Nasdaq
Mirae Asset Daewoo said Monday that its Hong Kong branch has become the first South Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech. BioNTech raised $150 million in its IPO last month and started trading on Oct. 10. The firm’s shares were trading at $16.52 on Monday and its market value currently stands at around $3.7 billion. Established in 2008, it specializes in so-called messenger RNA or mRN
Nov. 4, 2019
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S. Korean listed firms’ earnings outlook rosy in 2020: data
Despite their disappointing earnings results so far, major South Korean listed firms are likely to see a robust performance next year in line with the recovery in the global chip industry, data compiled by a local market tracker showed Monday.According to FnGuide, the combined operating profit of 279 publically traded companies is projected to climb 26 percent next year on a consolidated basis to 165.8 trillion won ($142 billion) from 131.6 trillion won this year.Their net profit and sales are p
Nov. 4, 2019
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Woori Financial Group extends W6.6tr loan support to SMEs, startups
Woori Financial Group said Friday that it has helped finance small and midsized companies and startups with 6.6 trillion won ($5.6 billion) in loans as of September. The announcement came a day after Woori held a meeting of its innovation finance committee to discuss both existing and future plans to support SMEs and startups. The committee, led by Woori Financial Group Chairman Sohn Tae-seung, was launched in May in an effort to improve access to financing for SMEs and startups. The lates
Nov. 1, 2019
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US rate cut to have positive impact on S. Korean economy: BOK official
Regarding the US Federal Reserve’s latest decision to cut interest rates, South Korea’s central bank on Thursday said the move will have a positive impact on the local economy, though other factors will be considered for its own rate cut decision.“On the principle that a US rate cut leads to a rise in stock prices and interest rate cuts, the latest decision is expected to contribute to growth in the global economy,” Yoon Myun-shik, senior deputy governor of the Bank of Ko
Oct. 31, 2019
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Brokerages’ association chief refuses to step down despite ‘gapjil’ brawl
The head of South Korea’s self-regulatory organization of the financial investment services industry refused to step down on Wednesday despite a public outcry over recent allegations of verbal abuse of his staff -- behavior dubbed “gapjil” in Korean.“I have decided to continue as Korea Financial Investment Association chairman until the end of my term,” Kwon Yong-won said in a press conference held at the organization’s headquarters in Yeouido. “I w
Oct. 30, 2019
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Kyobo Life Insurance launches the world’s first AI underwriter
Kyobo Life Insurance said Wednesday it had developed the world’s first artificial intelligence-based underwriting system that automatically analyzes and approves contracts with clients. The system -- named “BARO” in abbreviation of best analysis and rapid outcome -- employs machine learning technology, along with the ability to process large amounts of natural language data, according to the insurer. Like a human underwriter, BARO has the ability to insure or reject client
Oct. 30, 2019
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[Advertising Awards] Shinhan Card’s new advertisement highlights gratitude for customers
CREATIVE AWARDS/ GOLD PRIZESHINHAN CARDBy Kim Il-bongGeneral manager of Brand CommunicationWe would first like to thank our customers who have always had faith in us. Shinhan Card is honored that The Korea Herald has recognized its “My DIY series: Deep Making Deep Taking Card” advertisement. With the beginning of a new digital era, Shinhan has deeply considered ways to provide customized services through technologies such as big data and artificial intelligence. The “Deep
Oct. 29, 2019
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Seoul stocks open higher on Wall Street gains
Seoul stocks opened higher Tuesday, taking a cue from gains on Wall Street and growing hope for a trade deal between the United States and China. The benchmark Korea Composite Stock Price Index moved up 6.52 points, or 0.31 percent, to reach 2,100.12 in the first 15 minutes of trading. Wall Street advanced Monday, encouraged by a wave of better-than-expected earnings results by major companies. Tech shares gained. Market behemoth Samsung Electronics edged up 0.39 percent, and No. 2 chipmake
Oct. 29, 2019
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S. Korea to bolster fintech cooperation with ASEAN
South Korea's financial regulator said Monday it will deepen cooperation with the 10-member Association of Southeast Asian Nations in the financial technology sector.Sohn Byung-doo, vice chairman of the Financial Services Commission, said in a meeting with envoys from ASEAN earlier in the day that an upcoming summit is expected to help better connect South Korea to ASEAN. President Moon Jae-in is set to host the special summit with his counterparts from the region in South Korea's southern port
Oct. 28, 2019
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S. Korea doubles contribution to Green Climate Fund to $200m
South Korea and other donor states have collectively pledged to add $9.6 billion to the Green Climate Fund over the next four years. Asia’s fourth-largest economy will be the ninth-largest contributor, providing $200 million, which is double the amount it provided for the 2015-2018 period.The fund held its first high-level replenishment conference in Paris last week, seeking donations to finance its activities for the 2020-2023 period, Seoul’s Ministry of Economy and Finance said Mon
Oct. 28, 2019
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Hanwha Systems seeks up to W460b in IPO
Hanwha Systems, the defense technology unit of Hanwha Group, announced Monday that it is expected to raise as much as 460.1 billion won ($393.7 million) for its initial public offering and join the benchmark Kospi by the end of next month. The firm is offering around 32.9 million shares at 12,250 won to 14,000 won apiece, the firm said in a press conference. The exact share price will be determined Wednesday through book building before receiving investor orders Nov. 4-5. NH Investment &am
Oct. 28, 2019
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Seoul stocks open higher on hopes of US, China deal
Seoul stocks opened higher Monday as investor sentiment was boosted by signs that the United States and China may settle their protracted trade row in the near future.The benchmark Korea Composite Stock Price Index increased 13.11 points, or 0.63 percent, to reach 2,101.00 in the first 15 minutes of trading. The US stock market also gathered ground on Friday following reports that Washington and Beijing are getting closer to finding common ground in their trade talks.Market kingpin Samsung Elect
Oct. 28, 2019
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ABS issuance dips 11.9% in Q3
The issuance of asset-backed securities in South Korea slipped 11.9 percent on-year in the third quarter because of a decline in sales of government-led mortgage funds, data showed Monday. The value of ABSs issues stood at 9.6 trillion won ($8.1 billion) during the July-September period, down 1.3 trillion won from a year ago, according to the data from the Financial Supervisory Service. ABSs are structured with mortgages, auto loans, credit card receivables and students loans as underlying
Oct. 28, 2019
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KEB Hana, Woori chiefs likely to face heavy penalties over derivatives misselling
With financial authorities set to finish their monthslong investigation of the sale of high-risk derivatives-linked securities and related funds, key sellers are likely to be handed down heavy penalties for failing to properly warn investors of the risks.At the heart of the commotion was KEB Hana Bank, which has recently been found to have discreetly deleted related internal documents, attempting to stifle evidence. The market watchdog Financial Supervisory Service is scheduled to wrap up its in
Oct. 27, 2019
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Brokerages post weak Q3 net profit amid sluggish market
South Korean brokerages posted worse-than-expected third-quarter net profit, data from the Financial Supervisory Service showed Sunday, with the lackluster performance attributed to a sluggish stock market coupled with local investors’ soured sentiment toward derivative products. According to the FSS’ electronic disclosure board, five major brokerages that have disclosed their third-quarter earnings report all saw substantial drops in net profit on-quarter and fell short of market ex
Oct. 27, 2019
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KRX launches platform for cross-border M&A deals
The nation’s sole stock bourse operator said Thursday that is has launched an online platform to support merger and acquisition deals of South Korean firms overseas. According to the Korea Exchange, the platform aims to connect local firms with materials and parts firms in ASEAN and other economies. The new system will provide smoother transactions in the M&A deal-making process. It will provide a list of overseas candidates reviewed by global M&A advisors, including New York-based
Oct. 24, 2019
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KB Kookmin CEO likely to serve second term
KB Financial Group said Thursday that the current CEO of its commercial banking unit, Hur Yin, has been tapped as a contender for the lender’s chief executive position for a second term, strongly hinting that the incumbent chief will remain in his role. Hur’s current and first term is set to expire later this year. But he is widely expected to remain KB Kookmin Bank CEO for another year, having drawn praise for his leadership after the financial group separated the roles of group cha
Oct. 24, 2019
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Court holds brokerage employees 50% liable for ‘fat finger’ scandal
South Korea’s local court has decided that the employees of Samsung Securities involved in the “fat finger” scandal in which nonexistent stocks were issued, should pay compensation for about half of the damage they caused the company.The Seoul Central District Court has recently ruled that the 13 employees of the local brokerage must compensate $4.7 billion won ($4 million) of the losses they caused the company by selling nonexistent stocks, officials said Wednesday.The company
Oct. 23, 2019
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Korean Air, Asiana bagged W2b from airline miles deal with commercial banks
South Korea’s two major carriers Korean Air and Asiana Airlines have received a combined 2.1 billion won ($1.79 million) from selling airline miles to commercial lenders in the past four years, Financial Supervisory Service data showed Wednesday. The data comes amid criticisms of local airlines bagging profits from mileage deals with financial institutions, despite some clients’ complaints of strict conditions and terms surrounding the use of the miles. Calls for transparency in the
Oct. 23, 2019