Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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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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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Seoul to provide housing subsidy to married couples with newborns
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New head of doctors' association vows war in case of disadvantage to medical professors
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Korean commercial bank apps struggle to stave off competition
Almost two years after South Korea’s leading commercial banks launched mobile apps to attract new customers and keep existing ones, the focus is now on whether their quality matches the prestige of the banks they are attached to.To compete against fast-paced and innovative internet-only banks Kakao Bank and K-Bank, the big four -- Shinhan, KB Kookmin, KEB Hana and Woori -- have been providing low-cost services, merging separate apps into one, and even hiring K-pop celebrities as brand amba
June 18, 2019
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Korean brokerages see record-high Q1 net profit
South Korean brokerages’ combined net profit hit a record high in the first quarter, the nation’s financial watchdog said Monday, boosted by profit from investment banking services and diversified sources of revenue. The combined net profit of 56 brokerages jumped 183.3 percent on-quarter to 1.46 trillion won ($1.18 billion) in the January-March period, data from the Financial Supervisory Service showed. The figure narrowly beat the previous record, 1.45 trillion won, set in the firs
June 17, 2019
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Foreign-currency deposits rise in May
Foreign currency deposits held by banks in South Korea increased in May, central bank data showed Monday, as both individuals and companies apparently sought to expand their foreign exchange holdings amid the weakening of the local currency.As of end-May, foreign currency savings here came to $65.61 billion, up $2.41 billion from the month before, according to the data from the Bank of Korea. "The amount increased as local companies delayed exchanging their currency holdings on hope of furt
June 17, 2019
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Korean stocks up late Monday morning
South Korean stocks traded higher Monday morning as institutions turned net buyers ahead of a Federal Reserve meeting this week and the Group of 20 summit later this month.The benchmark Korea Composite Stock Price Index rose 3.41 points, or 0.16 percent, to 2,098.82 as of 11:15 a.m. Institutions bought a net 29 billion won ($24 million) worth of stocks, allowing the main index to trade in positive territory.Foreigners and individuals sold a combined 27 billion won worth of stocks. Large-ca
June 17, 2019
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Brokerages' Q1 profit at record high on investment gains
South Korean securities firms saw their combined net profit jump to a record high in the first quarter, fueled by investment gains and higher commission fees from their wealth management businesses, data showed Monday.The combined net profit of 56 brokerages stood at 1.4 trillion won ($1.18 billion) in the January-March period, up 183.3 percent from three months earlier, according to the data from the Financial Supervisory Service. Brokerage commission fees rose 1 percent on-quarter to 891.3 bil
June 17, 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 key economic events, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,095.41 points on Friday, compared with 2,072.33 points a week ago.The index rose for two sessions in a row to a one-month high on Tuesday as China's exports remained bullish in May and it eased rules on local government spending on public projects.The KOSPI, however, closed
June 15, 2019
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Mirae Asset hosts Global ETF forum
Mirae Asset Global Investments said Thursday it hosted a forum last week where top fund managers and experts from eight countries gathered to share their insights on the latest trends in global exchange-traded funds market.The 2019 Mirae Asset Global ETF Rally was held June 7-8 in Seoul and Hongcheon, located about 100 kilometers northeast of the capital city. The participants included Australia-based ETF manager BetaShares CEO Alex Vynokur, Canada’s Horizon ETFs CEO Steve Hawkins, U
June 13, 2019
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[Herald Interview] KIS Vietnam to become first foreign brokerage to launch covered warrants in Vietnam
HO CHI MINH, Vietnam -- In Vietnam, one of the fastest growing economies in the world, investors have been searching for ways to hedge risks in times of equity market volatility. Last year, the benchmark index on Ho Chi Minh Stock Exchange (Hose) slipped 9.3 percent, while that of the development board fell 10.8 percent.One alternative they found was the derivatives market. Among the many instruments, they pounced on covered warrants -- a publicly traded product that allows investors to make lev
June 12, 2019
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Foreign investors’ Korean bond holdings hit record high in May
Foreign holdings of South Korean bonds amounted to 119.2 trillion won ($111 billion) at the end of last month, reaching a new monthly high, according to data from the Financial Supervisory Service, while the local stock market remained stagnant. The figure surpassed the previous monthly record high of 114.3 trillion won in August 2018. Overseas investors’ debt holdings accounted for 6.7 percent of the total market, according to the FSS data. They net purchased 11.3 trillion won worth
June 10, 2019
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Toss needs new investors to reapply for 3rd internet bank: FSC
Weeks following the Korean financial regulator’s rejection of its request to set up the nation’s third and fourth internet-only banks, Toss Bank may have to draw up a fresh list of strategic investors to get a second shot. The Financial Services Commission on Sunday pointed out issues with Toss Bank’s shareholding structure and lack of a feasible plan to raise capital as key reasons behind its decision to reject the application. In a shocking turn of events, the FSC on Ma
June 9, 2019
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Regulator to sanction major brokerages for lax control of overseas stocks
The Financial Supervisory Service has decided to take disciplinary action against major securities firms for lax control on their overseas stock trading systems, officials said Friday. The financial market watchdog earlier conducted an investigation on 17 local brokerages, of which more than 10 turned out to have loopholes in their foreign stock trading systems, according to officials.The list included major players such as Korea Investment & Securities, Samsung Securities, NH Investment &am
June 7, 2019
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[Photo News] Citibank Korea hosts Singapore Digital Day in Seoul
William B. Stanton, Citibank Korea’s head of commercial bank, speaks at the “Singapore Digital Day” seminar, hosted by the Korean unit of the international banking giant, at Google Campus in Seoul on Wednesday. Around 100 corporate strategy, planning and treasury officers as well as Yip Wei Kiat, Singapore’s ambassador to Korea, attended the event, where experts shared their knowledge of the digital market and global opportunities in Singapore and ASEAN nations. (Citibank
June 5, 2019
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Kospi shows poor performance in May
South Korea’s benchmark Kospi shed 7.34 percent in May alone, according to the Korea Exchange on Tuesday, its largest monthly loss since October last year.The main bourse’s lackluster performance last month is fueling concerns among investors still recovering from the shock in October, when the stock market experienced the steepest monthly decline in a decade. At that time it shed 13.37 percent, weighed down by the US’ decision to implement 10 percent tariffs on $200 bill
June 4, 2019
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Korea’s wealthy most concerned about inheritance: data
South Korea’s wealthy are more concerned about inheritance issues than generating profit from financial products in terms of asset management, data compiled by Samsung Securities showed Monday.The data was based on 1,630 cases of regular consulting with the firm’s clients who have over 3 billion won ($2.6 million) deposited in the firm for investment. Of the clients, 30.2 percent acknowledged that inheritance issues were their priority concern, while 30 percent chose collecting
June 3, 2019
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Korea’s fintech-led overseas money transfers grow 25x in over a year
The amount of international money transfers handled by South Korea’s fintech firms have increased more than 25 times over the past year, hinting at the growing popularity of small-sum cross-border money transfer services.According to the Financial Supervisory Service, Korea handled $365 million worth of small-sum money transfers in the first quarter of 2019, up 2,507 percent from $14 million handled in the fourth quarter of 2017 when such services began operations here.This total figure is
June 2, 2019
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Kospi logs 2nd-weakest return among G20 bourses
South Korea’s main bourse Kospi posted a weak return rate of 0.03 percent since the beginning of the year, data from the Korea Exchange showed Sunday, putting the bourse near the bottom rank among its G20 counterparts. According to the KRX, the Kospi’s rate of return stood at a lackluster 0.03 percent as of Friday, the last trading day of May, placing it at No. 19 out of 20 major bourses around the world. Its rate of return hovered just above Turkey’s benchmark XU100, which ran
June 2, 2019
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Seoul shares up for 2nd day on upbeat BOK assessment
South Korean stocks rose for the second straight session Friday as the central bank said the economy is recovering. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index edged up 2.94 points, or 0.14 percent, to 2041.74. Trading volume was moderate at 426 million shares worth 4.8 trillion won ($4.3 billion), with gainers outnumbering decliners 485 to 348. The index opened lower, but it moved into positive terrain, apparently tracking Wall Street gains.US
May 31, 2019
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State pension to increase overseas investment to 50% in 2024
South Korea's state pension will gradually increase its overseas investment to some 50 percent of its assets under management in 2024 as part of its effort to boost returns and diversify its portfolio, its management committee said Friday.Under the five-year investment plan, the National Pension Service, the fund's operator, aims to log a return rate of 5.3 percent for the 2020-2024 period.As of late 2018, some 30.1 percent of the pension fund's assets were invested in overseas assets."With
May 31, 2019
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Bank of Korea freezes base rate at 1.75%, citing uncertainties
South Korea’s central bank on Friday froze the key interest rate at 1.75 percent, leaving the rate unchanged for six consecutive months, amid lingering concerns over weakening economic growth and rising global risks.The Bank of Korea’s Monetary Policy Board voted to leave the rate unchanged, with Gov. Lee Ju-yeol reiterating that now is not the time for a rate cut considering macroeconomic conditions and financial stability. “Expectations for a base rate cut seem to be eme
May 31, 2019
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Stock transaction tax cut to take effect Thursday
South Korea’s decision to lower the tax rate on securities transactions by 0.05 percentage point is set to take effect on Thursday, with the financial sector divided on whether it will successfully stimulate the market.Tax levied on stocks listed on the nation’s main bourse Kospi will be cut down to 0.1 percent from the previous 0.15 percent. Stocks on the secondary tech-heavy Kosdaq will be traded at the rate of 0.25 percent instead of the previous 0.3 percent. The rate for third-ti
May 29, 2019