Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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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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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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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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Legoland Korea Resort to open until 9 p.m.
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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
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Process for internet-only bank applications to resume
South Korea’s financial regulator is to resume the process to select a new online-only bank here, hoping to announce the result by the year’s end, according to officials Monday.The Financial Services Commission plans to announce later this month its plan to receive applications for business approval for an internet-only bank, officials said. The feasible timeline is to receive applications starting October and grant a preliminary license to one or more successful applicants by the en
July 8, 2019
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Japan’s export curbs bring attention to Tokyo’s capital in local market
Japan’s decision to restrict key supplies for South Korea’s semiconductor industry has shed light on the considerable size of Japanese investment in the nation’s financial market, stoking concerns over its impact on the nation’s economy if political bickering spreads to the capital market.According to data from the Korea Center for International Finance on Sunday, Japanese banks held nearly 21 trillion won ($17.6 billion) worth of outstanding loans in Korea. The instituti
July 7, 2019
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Watchdog to wrap up multitrillion won KIKO dispute review
South Korea’s financial market watchdog is set to wrap up its long-stalled arbitration over the disputed sales of currency-option contracts within the month, and is likely to suggest a compensation rate of 20-30 percent on the product by banks.The dispute arbitration committee of the Financial Supervisory Service will hold its final meeting as early as next Tuesday to confirm its recommendations on the damage compensation for the so-called KIKO case, officials said Monday.The given arbitra
July 1, 2019
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Families to be notified when seniors purchase financial products
Starting in October, elderly people will receive twofold protection when subscribing to financial products, as it will become mandatory for service providers to notify a predesignated family member before confirming contracts.The Financial Services Commission said Sunday that it has come up with action plans on the notification service for elderly financial product subscribers. The announcement came as a follow-up to the road map for financial consumer protection unveiled in April this year
June 30, 2019
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[Feature] Korean banks ready to work less but pressured to hire more
Starting Monday, local banks and financial companies come under the 52-hour workweek rule, becoming late starters in South Korea’s initiative to reduce long working hours and improve the quality of life.Due to the one-year grace period, the financial sector is apparently off to a better start than the manufacturing sector which had undergone radical changes in the labor environment last year, simultaneously with the double-digit hike in the nation’s hourly minimum wage.Their core dil
June 30, 2019
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Divorce news rattles Song-Song couple-related stocks
Entertainment shares and others related to “Descendants of the Sun” power couple, Song Joong-ki and Song hye-kyo, displayed a weak performance Thursday following the surprise announcement of their divorce filing. Studio Dragon, the main production studio behind “Arthdal Chronicles,” closed 1.29 percent lower from the previous day’s trading at 68,800 won ($59.40). “Arthdal Chronicles” is a blockbuster historical-fantasy series starring Song Joong-ki
June 27, 2019
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S. Korea to maintain criteria for setting minimum wage
The Minimum Wage Council decided on Wednesday not to consider employers' ability to pay salaries in setting the minimum wage for next year.Business groups, mainly small firms and mom-and-pop stores, have been demanding that they be allowed to establish different minimum wages depending on industry and business sizes.The wage council -- a trilateral panel of business and labor representatives and outside experts -- closed its deliberations earlier in the day and deci
June 26, 2019
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Retired MLB pitcher hopes to give back as SparkLabs partner
Retired Major League Baseball pitcher Park Chan-ho is hoping to have a good influence on the South Korean startup ecosystem and give back to society as a venture partner of Seoul-based global accelerator SparkLabs.“I’m glad I was given a chance to have a virtuous influence on startups,” Park said in a press conference on Wednesday. “Young entrepreneurs are brimming with passion and dreams. I think I can share with them my experience and know-how (as a former professional
June 26, 2019
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[News Focus] Government offloading Woori stakes to elevate holding company
The government’s latest decision to dispose of its remaining stakes in Woori Financial Holdings is seen as a turning point for South Korea’s financial sector, indicating the withdrawal of decadeslong public interference triggered by the 1997 Asian financial crisis.While the financial holding company will henceforth gain further momentum in the market as a fully privatized player, state coffers will at last be able to recoup taxpayers’ money.According to the Financial Services C
June 26, 2019
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[Best Brand] Shinhan Card seeks to cater to customers’ lifestyles
Shinhan Card/ Credit card Shinhan Card has maintained its position as the nation’s leading credit card issuer for years, but it now aims to go a step further by integrating its services with customers’ lifestyles. The firm has the largest number of customers among credit card issuers -- around 22 million -- which it hopes to expand to 30 million by 2023. It has been offering a slew of services, such as sign-up bonuses, rewards, and original services, to evolve into a lifestyle platfo
June 26, 2019
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KRX helps Kosdaq firms deal with stricter audit law
The nation’s sole bourse operator has been running an accounting program that helps firms listed on the secondary bourse Kosdaq deal with the reinforced external audit act.According to the Korea Exchange, the number of Kosdaq firms that faced the risk of delisting due to disclaimer of opinion this year increased 66 percent on-year to 30 firms. A disclaimer of opinion is issued when an auditor is unable to complete the audit report due to insufficient information provided by the company.&nb
June 25, 2019
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Finance chief asks banks to increase lending to smaller firms
South Korea's finance minister on Monday asked heads of major banks to increase lending to small and medium-sized firms as part of efforts to boost the economy. Hong Nam-ki, the minister of economy and finance, said it would be good if banks extend loans to smaller firms by taking into account their technology and growth potential, even if their collateral is not enough for borrowing. He made the comments to reporters after a meeting with the heads of 18
June 24, 2019
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Kospi to see relief rally ahead of G20 summit
South Korea’s benchmark Kospi ended higher on Monday, with cautious optimism that the US-China trade talks slated for later this week may help the index recover previously lost ground. It closed 0.03 percent or 0.71 points higher from the previous trading at 2,126.33, despite having jumped back and forth between positive and negative terrains throughout the day. The local stock market in recent months has been heavily weighed down by the US-China trade war, which has escalated a
June 24, 2019
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Woori acquires 65.7% stake in Kukje Asset Trust
Woori Financial Group has decided to acquire controlling stake of 65.7 percent in Kukje Asset Trust from its largest shareholder with approval from its board members, the company said Monday. The group’s latest move to acquire the privately held real estate management company comes as it aims to accelerate integration of its affiliate firms and expand its business. It plans to acquire the majority stake from the real estate management firm’s Chairman Yoo Jae-eun and associates
June 24, 2019
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Entrepreneurs should learn how to hire and fire: Altos Ventures
YEOSU, South Jeolla Province -- For a startup to grow, entrepreneurs should learn how to hire decent staff and fire bad apples, said Han Kim, managing director of Silicon Valley-based venture capital firm Altos Ventures on Friday.“When we decide to engage in a follow-up funding round for our portfolio startups, the most critical factor is the entrepreneur’s capability to bring in more talent, along with the courage to sack employees or board members who are unfit for our goals,&
June 23, 2019
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Swiss scholars win Shin Research Excellence Award
A team of scholars from University of St. Gallen in Switzerland won the International Insurance Society’s 2019 Shin Research Excellence Award, endowed by Kyobo Life Insurance, the Korean insurer said Sunday. According to the firm, Alexander Braun, adjunct professor of risk management, Sebastian Utz, assistant professor of finance, and Jiahua Xu, a postdoctoral researcher, were awarded by the IIS for their research titled, “Are Insurance Balance Sheets Carbon-Neutral? Harnessing
June 23, 2019
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S. Korean IPO capital exceeds W1tr in H1
The volume of capital raised through initial public offering in the South Korean stock market surpassed 1 trillion won ($863 million) in the first half of the year, data from the Korea Exchange showed Sunday, with NH Investment & Securities leading the way among underwriters. Some 1.09 trillion won in equity capital was raised in the first half of the year, according to the nation’s sole bourse operator, a 39.6 percent increase from the same period last year. Eighteen companies j
June 23, 2019
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BOK chief signals rate cut on US Fed meeting results
Mere hours after the US Federal Reserve hinted at an interest rate cut, Bank of Korea Gov. Lee Ju-yeol said Thursday that South Korea would take apt measures to deal with economic shifts, hinting at mirroring the Fed’s move. The policy-setting Federal Open Market Committee on Wednesday left the key rate on hold in the 2.25-2.5 percent range, but added it “will act as appropriate to sustain the expansion,” since uncertainties of the rate outlook have increased. The Fed’s s
June 20, 2019
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FSS likely to launch ‘comprehensive audit’ of KRX
The nation’s financial watchdog plans to launch a “comprehensive audit” on bourse operator the Korea Exchange (KRX) by the year-end, local reports said Wednesday. If carried out, the in-depth audit will mark the first such inspection of KRX in nine years. The news comes amid the Financial Supervisory Service’s ongoing audit of local brokerages and financial institutions, following its decision to revive the comprehensive audit, which was abolished in 2015. The audit
June 19, 2019