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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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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Shinhan Financial raises $500m via debt sale
Shinhan Financial Group Co., a major financial holding firm in South Korea, said Tuesday it has raised $500 million by selling sustainability bonds. Sustainability bonds are floated to exclusively finance a combination of green and social projects.The US dollar-denominated bonds carry an yield of 3.34 percent, Shinhan Financial said in a statement. Proceeds from the sale will be used to help Shinhan Financial fund for a range of environmental, social and governance projects, the company said. (Y
July 30, 2019
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Financial groups see earnings boost in H1 despite sluggish market
South Korea’s major financial groups posted record-breaking earnings during the first half of the year, notwithstanding external challenges that have weighed down the overall market, industry data showed Sunday. Shinhan Financial Group and KB Financial Group, the nation’s top two banking groups in terms of assets, logged 1.91 trillion won ($1.6 billion) and 1.84 trillion won in net profit, respectively, according to their recent earnings announcements.Runners-up Hana Financial Group
July 28, 2019
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Woori acquires Kukje Asset Trust to beef up nonbanking sector
Woori Financial Group said Friday it has acquired Kukje Asset Trust, a local real estate trust company, in an effort to boost its nonbanking portfolio.The financial holding firm signed a stock purchase agreement to acquire a combined controlling stake of 65.7 percent from Kukje Asset Trust Chairman Yoo Jae-eun and his partners. Woori said it has acquired the first batch of stock traded -- 44.5 percent -- and the remaining 21.27 percent will be acquired three years later, with Chairman Yoo
July 26, 2019
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Eximbank to be more inclusive in financing new exporters
South Korea’s official export credit agency Export-Import Bank of Korea said Thursday it will expand its credit policy to be more inclusive in financing new exporters with low credit ratings. According to Eximbank, it has allocated a total of 20 billion won ($17 million), with individual raw material exporters funded up to 3 billion won.Also, firms in the innovative growth industry -- such as the energy, information and communications technology, and future transportation and materials sec
July 25, 2019
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S. Korean investors favor Disney stocks among foreign stocks
South Korea’s individual investors chose Walt Disney stocks as their favorite foreign stock, a poll showed Wednesday.The survey, conducted by local brokerage Samsung Securities, involved 484 investors that participated in its foreign stocks seminar. About 20.9 percent of the respondents chose the media giant in a question asking which foreign stocks they would purchase before heading off to their summer holidays.Microsoft ranked No. 2 with 15.1 percent and Amazon No. 3 with 10.3 perce
July 24, 2019
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BOK chief says another rate cut possible
Bank of Korea (BOK) Gov. Lee Ju-yeol hinted at an additional rate cut Tuesday, less than a week after the central bank slashed the key rate to help spur growth in Asia's fourth-largest economy."(BOK) maintains its stance that it will take measures if necessary, depending on the (rate of) economic growth," Lee said while speaking in front of the parliamentary finance committee. Lee's remarks came five days after the central bank cut the key rate by 25 basis points to 1.50 percent despit
July 23, 2019
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Foreign investors on buying spree of Korean stocks amid trade row with Japan
Overseas investors have been on a buying spree of South Korean stocks this month, despite a dampening mood from the escalating Seoul-Tokyo trade row, data showed Tuesday. According to the Korea Exchange, foreign investors net purchased stocks on the benchmark Kospi worth nearly 1.8 trillion won ($1.5 billion) from July 1 to Tuesday. Separate data compiled by local brokerage Yuanta Securities showed that Korean stocks were the most popular among those categorized as emerging markets. Foreign inve
July 23, 2019
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Woori Financial Group reports record-high net profit for H1
Woori Financial Group said Monday that it recorded a net profit of nearly 1.8 trillion won ($1.53 billion) for the first half of the year, marking a new high.The figure comes as the result of combined first-quarter and second-quarter net profits this year. Its second-quarter net income increased 7.2 percent on-quarter to 610.3 billion won. An official at the firm explained that they improved their financial structure by expanding core deposits and boosting noninterest income business center
July 22, 2019
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[Contribution] 2019 has been good for investors so far, but can it last?
The Korea Herald is publishing a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. -- Ed.Asset markets rebounded strongly in the first half of 2019, following a poor 2018. Global equities led the way, rising more than 10 percent, but bonds (particularly riskier bonds) also performed well. Oil has rallied and gold recently broke out into a six-year high. The strong first-half performance has made some investors cautious on the outl
July 21, 2019
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Stocks held by K-pop agency owners plummet
The value of stocks owned by both former and current entertainment agency owners in South Korea have dropped nearly 30 percent compared to last year, data showed Sunday, as the industry struggles to cope with a slew of scandals as well as trade tensions between Korea and Japan, a key market. According to conglomerate research firm Chaebul.com, the combined value of stocks held by seven most stock-rich entertainment agency owners fell 28.7 percent to 512 billion won ($435.5 million) as of Fr
July 21, 2019
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Seoul shares forecast to remain in tight range next week
South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of the release of key economic data and earnings reports from major players such as Hyundai Motor, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,094.36 points on Friday, slightly up from 2,086.66 points a week earlier.The index started weak on Monday as investors took to the sidelines over an escalating trade row with Japan. The Seoul-Tokyo t
July 20, 2019
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S. Korea’s top financial regulator offers to resign ahead of Cabinet reshuffle
Financial Services Commission Chairman Choi Jong-ku said Thursday he has offered to resign, to give President Moon Jae-in a wider range of options in the upcoming Cabinet reshuffle. “The term of office for a Financial Services Commission chairman is three years, but I have tendered my resignation to give (President Moon) a wider option in the reshuffle under the current situation, where Cheong Wa Dae is considering a Cabinet reshuffle,” Choi told reporters during a briefing held at t
July 18, 2019
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Israeli economic delegation visits Hyundai Card HQ
A 15-member economic mission from Israel visited Hyundai Card’s headquarters Wednesday, amid Israeli President Reuven Rivlin’s state visit to South Korea, the firm said Thursday. The delegation, which consisted of Israeli government officials and heads of startups in the auto-tech and ICT sector, met with Hyundai Card CEO Chung Tae-young at the firm’s headquarters in Yeouido, western Seoul. Chung joined the tour of the office, explaining the firm’s key design projec
July 18, 2019
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Financial regulator launches squad with investigative power
South Korea's financial regulator said Thursday it launched a squad with investigative power to effectively crack down on unfair practices in the financial market. So far, financial authorities have audited financial firms and referred unfair trading cases to police or prosecutors because they have no investigative power. The launch of a "special judicial police" at the Financial Supervisory Service came after the National Assembly passed a revised law in 2015 that gives investigative
July 18, 2019
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South Korean FIs nervous on trade row with Japan
With mounting anti-Japanese sentiment, financial institutions in South Korea, especially lenders, are closely monitoring how it could affect them, according to sources Wednesday. Tokyo’s decision to tighten controls on exports of key materials needed for the Korean tech industry, coupled with mounting tensions over Japan’s wartime forced labor has fueled strong anti-Japanese sentiment here in recent weeks. Of the four major commercial banks in Korea, Shinhan is known to have a s
July 17, 2019
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S. Korea to receive applications for new internet bank in October
South Korea's financial regulator said Tuesday it will receive applications in October for a third internet bank, as it seeks to reinvigorate the nation's financial industry. The Financial Services Commission said applications will start being received Oct. 10 and an initial approval will be granted by early January next year. If things go well, a final approval will be granted by early February next year, it said. "Financing ability is one of the important standards used by an evaluation c
July 16, 2019
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[Herald Interview] Mirae Asset stands tall on Wall St. amid strong rivals
NEW YORK -- Located a few blocks north of the bustling Times Square on 7th Avenue Manhattan, a South Korean brokerage is standing its ground and making inroads in the bustling financial sector.“It’s been nearly 25 years since our foray on Wall Street,” Mirae Asset Securities New York Office CEO Jae Ryu told The Korea Herald recently. “The significance of having a foothold in New York is that the office helps us expand globally and build our brand image.” But the fic
July 14, 2019
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Kakao Bank accounts top 10 million
Kakao Bank, one of the first internet-only banks launched in South Korea nearly 2 years ago, said Friday that its customer count surpassed 10 million the previous day. Launched in July, 2017, the online bank owned by Kakao Corp. has been outperforming its industry rival K-Bank in terms of popularity and users. Kakao and K-Bank are the nation’s only internet banks at the moment, with financial authorities currently mulling the approval of the nation’s third and fourth candidates. 
July 12, 2019
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Lotte shares stagger on anti-Japanese sentiment
Shares of Lotte Group subsidiaries continued to stagger Wednesday following anti-Japanese sentiments due to trade restrictions on exports of key raw materials to local tech conglomerates. The retail giant with its owner family’s roots in Japan is in hot water due to its association with popular Japanese brands including Uniqlo and Asahi.Shares of Lotte Corp., holding company of Lotte Group, closed nearly 1.5 percent lower from the previous session at 40,400 won ($34.19). Lotte Shopping, wh
July 10, 2019
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Korean stocks roiled by Japan’s export controls, lower odds of US rate cut
South Korean stocks suffered extended losses Tuesday, likely the result of Japan’s decision to place export restrictions on key semiconductor materials along with the growing possibility that the US Federal Reserve will leave interest rates unchanged this month. The benchmark Kospi closed 0.59 percent lower from the previous trading at 2,052.03, despite opening higher. It fell more than 2 percent Monday, the worst decline in two months, amid a strong mood of lowered anticipation of an aggr
July 9, 2019