Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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Airline stocks fall on Boeing 737 Max storm
Hit by waves of concern prompted by last week’s deadly crash of a Boeing 737 Max 8 jet and a possible spike in oil prices, South Korean airline stocks took a dive throughout Wednesday’s trading. Asiana Airlines, the nation’s second-largest carrier by sales, closed 0.37 percent lower from the previous day, trading at 4,050 won ($3.58) per share. Budget airlines T’way and Jin Air also slipped 1.35 percent and 0.64 percent to 8,010 won and 23,450 won, respectively. Tho
March 20, 2019
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[Herald Interview] Yulchon M&A lawyer predicts ‘new wave’ in Indonesia
For decades, lawyer Yoon Hee-woong has built his career providing legal advice for corporations. Since joining the South Korean law firm Yulchon in 2000, he has been paving the way for large business groups to take over financial companies, especially in the wake of the global financial crisis in 2007-2008.A big deal he helped close in 2007 was retail giant Lotte’s purchase of Daehan Fire & Marine Insurance. A year later, Yoon was involved in Hyundai Motor’s takeover of Shinheung
March 19, 2019
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Talks for alternative trading system rekindle in Korea
Companies have recently restarted discussions on creating an alternative trading system in South Korea, encouraged by the government and financial sector’s moves to encourage more active trading.Neoframe, a local IT firm and home trading system developer, said Monday it had developed an ATS platform that provides the same service as the Korea Exchange, the operator of the nation’s main stock exchange.But the company will need to work with financial partners to run a trading system.Kn
March 19, 2019
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S. Korea’s banks see 22.2% rise in overseas profits in 2018
The overseas branches of South Korean banks last year saw their profit climb 22.2 percent on-year, reflecting the rise in interest income, data showed Tuesday.According to market watchdog Financial Supervisory Service, the banks’ overseas net profit stood at $983 million as of end-2018, which accounted for 8 percent of their total net profit.The total asset volume of overseas businesses came to $114.25 billion, up $93.7 billion or 8.9 percent from a year earlier.“The pick-up mostly r
March 19, 2019
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Toss app operator, Kiwoom Securities vie to become Korea’s 3rd internet-only bank
As South Korea prepares to welcome new players into the internet-only banking business, two consortiums have emerged as the main contenders for the upcoming bid -- led by Viva Republica and Kiwoom Securities. Viva Republica, the company behind popular mobile money transfer app Toss, has formed a consortium with local finance and digital commerce powerhouses for the bid. The firms plan to finalize members of the consortium within this week and formally apply for an operational license.So far, it
March 19, 2019
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Overseas securities firms struggle in S. Korea
Overseas financial firms are losing their grip on the South Korean securities market, and their lackluster performance is making possible newcomers nervous amid concerns there will a mass withdrawal from the local market. Natixis, a France-based financial services provider, had announced last year its plans to enter the local securities market by the first half of 2019, but it is now reportedly skeptical. Its shift in attitude apparently stems from the almost $300 million loss from its portfolio
March 18, 2019
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Kyobo Life IPO in peril as FIs issue ultimatum
South Korea’s third-largest insurer in terms of assets, Kyobo Life Insurance Co. Ltd., is facing a dead end ahead of its planned initial public offering as financial investors have effectively issued an ultimatum, rejecting further negotiations.Chairman Shin Chang-jae on Sunday expressed regrets over the financial investors’ latest announcement of an arbitration application to implement their put option.“I request that (the FIs) reconsider (the decision and) re-engage in the ne
March 18, 2019
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Major banking groups kickstart annual shareholders meetings
South Korea’s major banking-finance groups are kicking off their annual shareholders meetings this week, with projections of smooth proceedings to formalize predetermined events including the appointment of new CEOs.The banking sector’s shareholders meetings this year see a stark change of mood from last year’s events, when high-stake issues such as group leadership changes and corporate governance problems were on the table.But the groups’ shareholders are also expected
March 18, 2019
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Korea introduces AI app that auto-detects ‘voice phishing’ scams
Starting this week, South Korea’s financial watchdog is rolling out an artificial intelligence app for mobile devices that automatically detects “voice phishing” scams – a crime that last year conned members of the public out of a combined 444 billion won ($391 million).The Financial Supervisory Service, National Information Society Agency and the state-run Industrial Bank of Korea have co-developed an AI-based voice phishing detection app, which will start beta operation
March 17, 2019
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Seoul shares expected to make limited gains next week
South Korean stocks are expected to move in a tight range next week as investors await the US Federal Reserve's rate decision amid ongoing trade talks between Washington and Beijing, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,176.11 points Friday, up 1.8 percent from a week earlier.The index rose for four days except Wednesday following heavy losses the previous week.Investors kept a close watch on the latest developments in US-China trade negotiations and
March 16, 2019
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Kumho Tire to delist from London bourse
South Korea’s second largest tire maker Kumho Tire has decided to delist its shares from the London Stock Exchange for cost efficiency, the firm said in a regulatory filing Friday. Its 76,034 shares are scheduled to be pulled out of the bourse on April 30, after which Seoul will be the only market where it will be listed, according to officials. Struck by the struggling replacement tire market last year, Kumho Tire had reported an operating loss of 89.9 billion won ($79.1 million) in
March 15, 2019
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[Newsmaker] Prosecutors raid Seoul bourse on Samsung’s accounting probe
Prosecutors raided South Korea’s main bourse on Friday, as part of a probe concerning the accounting fraud by Samsung BioLogics.Officials of the Seoul Central District Prosecutors’ Office were sent to search the Korea Exchange in western Seoul, officials said. The raid, which reportedly started late Thursday, was part of a probe into Samsung BioLogics, which allegedly violated accounting rules by deliberately overstating the value of affiliate Samsung Bioepis ahead of its initia
March 15, 2019
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KB Kookmin Bank, M. Chat collaborate in Seoul art performance
M. Chat -- the grinning yellow cartoon cat created by renowned French graffiti artist Thoma Vuille -- has arrived in South Korea via a collaborative partnership with KB Koomin Bank, one of the country’s major commercial banks.KB Kookmin Bank on Thursday hosted a live performance featuring Vuille painting his signature M. Chat and KB’s flagship characters “Liiv” at the facilities of the KB Rockstar Youth Lounge, an arts and culture space run by the bank in Hongdae, Seoul.
March 14, 2019
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Hyundai Card to provide IT system for IBM Japan affiliate
Hyundai Card, South Korea’s credit card service provider, has been selected to provide its cloud-based credit card IT system to an affiliate of IBM Japan, the firm said Thursday. Exa Systems, a Japan-based major information technology solutions provider, will now utilize Hyundai Card’s Hyundai-Advanced Library System, which was developed in consideration of Japan’s pursuit of a “cashless society,” according to the Seoul-based firm. The system was also developed ahea
March 14, 2019
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Homeplus cancels REIT IPO
South Korean hypermarket chain operator Homeplus said Thursday it has scrapped its plans to list its REIT on the nation’s main bourse, dissolving all anticipations surrounding what was expected to be the nation’s first real estate investment with an initial public offering worth more than 1 trillion won.“We have decided to cancel our plans to go public, considering that a recent survey pointed to difficult circumstances to properly assess our market value,” the firm said
March 14, 2019
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K-pop stocks waver on ‘Seungri scandal’
Hit by the snowballing sex scandal surrounding an ex-member of boy band Big Bang, shares of major K-pop management agencies in South Korea have been wavering this week. Share prices of the Kosdaq-listed YG Entertainment -- home to former Big Bang member Seungri -- ended 5.2 percent higher from the previous day at 37,750 won ($33.32) Wednesday. They had opened 0.7 percent higher and steadily rose throughout the day. The figure was a noteworthy rebound from the firm’s performance Tuesd
March 13, 2019
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With rise of online banking, number of bank employees in Korea drops 9.2% over two years
The number of employees in South Korea’s banking-finance industry declined 4 percent over a recent two-year period, in part due to the latest expansion of internet-based banking services, according to new industry tracking data released Wednesday. According to local corporate tracking firm CEO Score, the number of employees working at Korea’s top 56 finance companies ranked by net capital stood at 153,195 as of the third quarter of last year.This marks a 4 percent decline from 159,57
March 13, 2019
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Shinhan, Samsung, Lotte Card accept Hyundai’s fee hike offer
Hyundai Motor’s card transaction fee negotiations with Shinhan Card, Samsung Card and Lotte Card are nearing a conclusion, as the three card providers have agreed to accept a fee increase rate proposed by the carmaker, the involved companies said Wednesday.The three South Korean credit and debit card companies on Tuesday notified Hyundai that they each would accept the auto giant’s proposed rate hike. Hyundai is now said to be reviewing the terms of the respective deals.If Hyundai ac
March 13, 2019
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Woori Financial builds up ICT, nonbanking and risk management amid industry upheavals
Facing the most drastic business evolution among South Korea’s major banking groups this year is Woori Financial Group, which has recently resumed its financial holding company structure after years of privatization struggles.As the transformation has come amid the fast rise of financial technology, the downturn of conventional banking business and a generally slowing economy, the novice financial group set its mind this year on buttressing information and communication technology, risk ma
March 12, 2019
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New Woori Financial steps up nonbanking M&A with grand vision
Woori Financial Group, which began operating under a holding company structure from January, is stepping up its push to expand its nonbanking business by actively pursuing mergers and acquisitions. Woori Bank officially adopted a holding company structure on Jan. 14, with Chairman Sohn Tae-seung pledging initial focus on acquiring small asset management firms, real estate investment trusts and savings banks. The banking group plans to pursue larger M&A opportunities -- of securities and life
March 12, 2019