Most Popular
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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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Naver’s Line ownership in jeopardy as Japan ups pressure
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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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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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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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Samsung Pay marks W40tr in total transactions in Korea
Samsung Pay, the mobile payment service operated by Samsung Electronics, has reached 40 trillion won ($33.7 billion) in accumulated transactions in South Korea, the company said Tuesday.Since its launch in August 2015, the mobile payment system logged transactions worth 2 trillion won during the first year and surpassed the 40 trillion won mark in end-April. The number of subscribers also exceeded 14 million.Of the total amount, 25 percent were online payments, reflecting the shift of payment tr
May 14, 2019
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S. Korean stocks rebound amid intensified US-China trade dispute
South Korean stock markets rebounded slightly Tuesday after getting off to a weak start, amid signs of escalating tensions between the US and China in a trade war. The nation’s main bourse Kospi closed 0.12 percent higher than the previous trading, at 2,081.59. It had recovered on the back of institutional buying after opening 0.9 percent lower than the previous close at 2060.24.The secondary tech-heavy Kosdaq ended 0.24 percent higher at 710.49, having gained throughout the day after open
May 14, 2019
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Korea’s finance-banking sector sets aside W584b toward digital transformation projects in 2019
Technology is shaking up South Korea’s banking-finance industry, with players embracing digital transformation as a core part of their business strategy going forward. Reflecting this shift, 71 of the 108 (65.7 percent) finance companies here are pursuing various business projects aimed at digital transformation. And this year, these firms have set aside 584.5 billion won ($492.7 million) toward running such projects, an analysis by the Financial Supervisory Service showed Tuesday. The 10
May 14, 2019
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Korea’s promissory note market projected to top W10tr
The market size for promissory notes issued by South Korean investment banks is projected to reach 10 trillion won ($8.5 billion) this year, according to data released Monday, with securities firms seeking to further solidify their identities as IBs. Promissory notes are short-term means of financing with less than one-year maturity and a maximum limit of 200 percent of their capital. The business segment can provide capital to expand the scope of overseas and alternative investments. The licens
May 13, 2019
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[News Focus] Convenience, tangible benefits propel prepaid cards to popularity in Korea
In South Korea, credit cards have long dominated the payment scene. Most locals prefer credit cards over other forms of payment and the use of cash is on the wane, particularly among consumers in their 20s and 30s. But now a new form of payment -- the prepaid card model -- is rising in popularity here, revitalizing cash usage and diversifying the offline payment landscape.Put simply, “prepaid cards” are cards that people can charge with cash and use like debit cards. Launched by loca
May 12, 2019
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Despite jitters, bourse closes higher as China-US trade talks extend
South Korean stock markets rebounded at Friday’s close, after the main bourse fell below 2,100 earlier in the day, reflecting market fluctuations caused by ups and downs in the trade confrontation between the US and China. Tension had peaked at midday, as US tariff hikes on $200 billion of Chinese imports going from 10 percent to 25 percent took effect in the midst of negotiations. The higher close, however, also showed the market stabilizing for the time being, as the two sides are expect
May 10, 2019
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Chiefs of AIA, SK discuss ways to strengthen social value
The chiefs of global insurance group AIA and South Korean telecom-to-chips conglomerate SK Group met in Seoul Thursday to discuss ways to cooperate in creating shared value and strengthening social value. AIA Group CEO and President Ng Keng Hooi met with SK Chairman Chey Tae-won at SK Telecom’s headquarters in Seoul for an in-depth discussion on corporate social responsibility and creating shared value for the local community, AIA said. The two exchanged ideas on ways to strengthen social
May 9, 2019
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Korean markets tumble on US-China trade tensions
South Korean markets were rattled Thursday, along with other markets in the region, after US President Donald Trump claimed that Beijing “broke the deal” in the ongoing trade talks with Washington. Trump’s remarks made at a rally in Florida early in the day, dragged down major indexes by further dampening investor sentiments. Korea’s main bourse Kospi closed at 2,159.79, 66 points or 3.04 percent lower from the previous session. The secondary Kosdaq also slipped 21.1
May 9, 2019
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Korean securities firms post strong Q1 earnings
South Korean securities firms delivered strong first-quarter earnings this year by shifting their focus from equities to investment banking, principal investments and asset management services. This comes after most suffered an earnings shock in the fourth quarter last year due to a lackluster stock market. Meritz Securities’ first-quarter operating profit jumped 22.8 percent on-year to 165.9 billion won ($141.9 million), according to data from the Financial Supervisory Service, mark
May 8, 2019
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FSC rejects Anyband, leaving Toss, Kiwoom vying for internet-only bank license
South Korea’s financial regulator has rejected one of three contenders seeking a license to operate a new internet-only bank here, making way for a two-way competition between two local finance powerhouses: fintech company Viva Republica and local brokerage Kiwoom Securities. The Financial Services Commission said late Tuesday that it had rejected Anyband Smart Bank’s application due to a weak shareholder base and the submission of inadequate documents -- a move that had been widely
May 8, 2019
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Korea moves to ease crowdfunding, asset management regulations
South Korea is moving to amend its finance and investment-related laws to allow more diverse players to utilize crowdfunding for raising capital and ease requirements for those engaging in the asset management business.The Financial Services Commission said Tuesday that a bill to amend the Financial Investment Services and Capital Markets Act has been passed by the Cabinet.As a result, the bill will now move to the National Assembly for further deliberation by the relevant committees. Korea&rsqu
May 7, 2019
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Strong dollar fans fear of foreign capital outflow from Korean market
With the Korean won extending its losing streak against the dollar, analysts voiced concerns on Monday that the prolonged trend may trigger an outflow of foreign capital from the local stock market. The won remained at 1,170 won -- its closing price on Friday -- against the US greenback, which marked the lowest value in 27 months. Korean stocks, bonds and foreign currency markets were closed for a public holiday Monday. On Friday, foreign investors net purchased shares worth 150.8 billion w
May 6, 2019
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Seoul-based PEFs likely to acquire Lotte’s financial arms
Two Seoul-based private equity firms have been selected as the most preferred bidders for the respective acquisition of South Korean-Japanese conglomerate Lotte Group’s nonbanking financial arms Lotte Non-Life Insurance and Lotte Card, according to industry sources on May 3. South Korean PEF Hahn & Co. was the surprising pick for Lotte Card, topping other banking group rivals such as Hana Financial Group and Woori Financial Group-MBK Partners consortium. Hahn & Co. has reportedly v
May 3, 2019
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Korean banks’ household lending growth picks up speed in April
Household loans given out by South Korean banks grew at the fastest rate since the start of the year last month, industry data showed Friday, indicating possible signs of worsening economic conditions in Asia’s fourth-largest economy. As of end-April, outstanding household loans by Korea’s five major banks -- KB Kookmin Bank, Shinhan Bank, KEB Hana Bank, Woori Bank and NH NongHyup Bank -- came to 579.5 trillion won ($494.8 billion), up 3.38 trillion won from the previous month, the b
May 3, 2019
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[Photo News] Heading for Myanmar
May 2, 2019
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Mirae Asset Daewoo issues world’s first 3-year SRI bond
South Korean brokerage firm Mirae Asset Daewoo has simultaneously issued a three-year dollar-denominated, socially responsible investment bond and five-year senior notes, the firm said Tuesday. This makes Mirae Asset Daewoo the first among global securities firms to successfully issue a three-year overseas SRI bond while issuing both types of bonds at the same time. SRI bonds are a type of bonds with proceeds earmarked for socially beneficial or environmentally friendly projects. Proceeds
May 1, 2019
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WeWork files confidentially to hold initial public offering
WeWork, the world’s biggest co-working company, is planning to go public, joining a wave of highly valued technology startups moving to the U.S. markets.The New York-based company said Monday it filed paperwork confidentially with the U.S. Securities and Exchange Commission to hold an initial public offering. WeWork, which rents office space to companies and freelancers, would likely be the year’s biggest U.S. IPO after Uber Technologies, which expects to start trading next week
April 30, 2019
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FSS’ revival of comprehensive inspection of financial firms prompts concerns
South Korea’s financial regulator will take initial steps in reviving the comprehensive inspection of financial firms within the next few weeks after four years, prompting concerns the practice may keep the sector on a tight leash. The Financial Supervisory Service will launch the inspection of at least five local financial firms, starting with KB Securities in May. The confirmed list as of Tuesday included KB Financial Group, KB Kookmin Bank, KB Securities, Hanwha Life Insurance, and Meri
April 30, 2019
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Korea kick-starts ‘innovative finance’ body, pledging W225tr in investment
South Korea’s special task force for “innovative finance” kicked off its first meeting Tuesday, with the participating government ministries and finance corporations pledging some 225 trillion won ($194 billion) in total investment and loan financing. The collaborative task force is being led by the chief of the Financial Services Commission, the country’s top financial regulator, with participation by the Ministry of Economy and Finance, the Ministry of Justice and the F
April 30, 2019
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MBK teams up with Woori Financial in bid for Lotte Card
Private equity firm MBK Partners has teamed up with Woori Financial Group Inc., a major financial holding firm, in its bid to buy a majority stake in Lotte Card Co., an industry source said Monday.The move is expected to make the sale of Lotte Card a two-way race with Hana Financial Group Inc., another major financial holding firm, according to the source. Lotte Card, a credit-card unit of Lotte Group, has been put up for sale as the business conglomerate stepped up efforts to turn itself
April 29, 2019