Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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S. Korean market loses ground over Trump-Kim summit breakdown
The South Korean stock market, the Korean won and bond prices lost ground Thursday following the summit between US President Donald Trump and North Korean leader Kim Jong-un, which ended without any agreement contrary to widespread anticipation for a breakthrough.The nation’s main bourse Kospi closed 1.76 percent or 39.35 points lower from the previous trading day at 2,195.44, while the Kosdaq ended 2.8 percent lower at 731.25. The Kospi marked its biggest daily percentage loss since late
Feb. 28, 2019
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Seoul shares close lower on US-N. Korea uncertainty
South Korean stocks closed lower Thursday following uncertainties over the US-North Korea summit, analysts said. The local currency gained against the US dollar.The benchmark Korea Composite Stock Price Index plunged 39.35 points, or 1.76 percent, to 2,195.44. Trading volume was high at 489 million shares worth 8 trillion won ($7.15 billion), with losers outpacing gainers 748 to 115.Analysts said Seoul shares closed lower as investors expressed concern over the outcome of the meeting between US
Feb. 28, 2019
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Vietnamese funds draw attention in S. Korea
South Korean investors have been turning their heads toward funds that invest in Vietnamese stocks, which have been boasting a strong presence among foreign funds, market data showed Thursday, as a summit between the leaders of the US and North Korea was held in the Southeast Asian country.Sixteen South Korea-based investment funds established with a balance of more than 1 billion won ($892,000) saw net inflows of 109.8 billion won over the past three months as of Tuesday, according to financial
Feb. 28, 2019
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[News Focus] KEB Hana Bank in tight spot over 3rd term of CEO Ham Young-joo
KEB Hana Bank, one of South Korea’s major commercial banks, is at odds with local financial regulators over the reappointment of its incumbent CEO and President Ham Young-joo as chief for the third time.The Financial Supervisory Service has expressed concerns that Ham, currently indicted and under trial here for alleged involvement in a hiring scandal at the bank, may be unfit to lead. Hana, meanwhile, is said to be prioritizing Ham’s “proven managerial talents and profit miles
Feb. 28, 2019
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S. Korea central bank freezes key rate at 1.75% for February
The South Korean central bank on Thursday held its policy rate unchanged at 1.75 percent for February amid widespread concerns over an economic slowdown. The monetary policy board of the Bank of Korea voted to leave the base rate steady for the third straight month after raising it by a quarter percentage point in November.The BOK‘s wait-and-see stance has been widely expected as Asia’s fourth-largest economy shows some signs of a downturn in exports and employment amid protracted U.
Feb. 28, 2019
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How far has Korea's FSS got in investigation of Merrill Lynch high-speed trading case?
In August, South Korea’s financial auditor and the Korea Exchange set out to scrutinize Merrill Lynch’s Seoul office over mounting complaints that the US investment bank’s high-speed trading was unfairly disrupting local stock prices. About six months later, it remains to be seen how far the Financial Supervisory Service has come in terms of monitoring high-frequency trading and collecting evidence. The FSS and KRX had strengthened their monitoring of the investment bank after
Feb. 27, 2019
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Korea's Financial Supervisory Service to crack down on unfair trading
South Korean financial regulators said Wednesday that they would crack down on unfair trading practices this year, with a focus on false disclosures, unlawful short-selling and high-frequency trading activities.The Financial Supervisory Service has set its sights on curbing unlawful short-selling by closely monitoring sudden increases in stock value and their possible links to insider trading. The agency said in a statement that it would also step up its monitoring of foreign investment companie
Feb. 26, 2019
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Korea to form open financial payment network to boost fintech
South Korea’s financial regulator plans to establish an open interbank payment network this year that can be accessed not only by banks but also financial technology companies, with the goal of bolstering the country’s fledgling fintech business sector. The Financial Services Commission on Monday announced plans to create an open financial payment system accessible to nonbank players, and to lower the required usage costs. The move is expected to help Korea foster more successful fin
Feb. 25, 2019
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[News Focus] Grand vision aside, who pays for Zero Pay?
Whether it’s a subway station or a local market, it’s easy to spot signs across Seoul promoting Zero Pay, a state-sponsored mobile payment system designed to lower credit card processing costs for small merchants and business owners here.Led by the Seoul Metropolitan Government, the Zero Pay system was introduced in beta trials in December. But a couple of months into its launch, public interest in the state-sponsored mobile pay system remains weak, while doubts persist about the mer
Feb. 25, 2019
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Solar stocks buoyed by China’s potential U-turn on subsidies
Stocks of South Korea’s solar energy-related businesses rose Monday on the latest reports that China might be mulling changes to a major solar power subsidy policy announced last year. A meeting between China’s National Energy Administration and companies involved in the solar energy industry took place last week and participants discussed whether subsidies for utility-scale projects would be renewed, reports said. The subsidies were largely halted in June 2018, resulting in lo
Feb. 25, 2019
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Dividend payouts likely to hit record-high W30tr
The total dividend payments by listed companies in South Korea are likely to exceed 30 trillion won ($26.7 billion) this year, data showed Sunday, reaching a record high in light of mounting pressure from the country’s largest investor, the National Pension Service, to raise their dividend payouts.The total cash dividends of 612 Kospi- and Kosdaq-listed companies that have disclosed figures for 2018 as of Sunday amounted to 27.5 trillion won, according to Seoul-based financial data provide
Feb. 24, 2019
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NK-related stocks set to fly on Vietnam summit
With the US-North Korea summit scheduled to take place in Hanoi this week, North Korea-related stocks have been buoyed by the latest conciliatory mood, and a rally is forecast into the future. Shares of South Korean resort operator Ananti, an operator of a resort at Kumgangsan in the North, was among the most traded shares on the Kosdaq bourse last week, with its weekly transactions amounting to nearly 705.3 billion won ($626.9 million), according to the Korea Exchange. The firm’s shares c
Feb. 24, 2019
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Fintech app Banksalad sees no. of monthly active users triple to 1.5m
Banksalad, South Korea’s leading mobile app for personal finance management, said Friday that the number of its monthly active users had reached 1.5 million, marking a threefold increase from its average for last year.Founded in 2012 by local startup Rainist, Banksalad pools a user’s financial information from different banks and finance companies into a single platform. This consolidates data for bank accounts, investments, savings bonds and more. Upon analyzing a user’s finan
Feb. 22, 2019
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Korea’s producer price index drops to 12-month low in January
South Korea’s wholesale prices hit a 12-month low in January, affected by a decline in crude oil prices, the Bank of Korea said Friday.The central bank said the producer price index, an economic indicator that tracks the prices of goods sold in a country before they reach consumers, had reached 103.75 last month, down 0.2 percent from a month earlier. The index was seen continuing its downward streak for a fourth consecutive month and hitting its lowest point since January 2018, when
Feb. 22, 2019
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[News Focus] US’ decision on Bitcoin ETF to set mood for Korea‘s cryptocurrency market
The bearish global cryptocurrency market has prompted investors to turn their attention to “safer” bitcoin exchange-traded funds. But South Korean institutions have kept a tight leash on the whole cryptocurrency industry, instead observing the US’ steps for the time being.“The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of bitcoin ETFs within the market -- which is why we are observin
Feb. 20, 2019
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Woori Financial kick-starts nonbanking M&A push with bid for Hi Asset Management
Woori Financial Group has set out to acquire Hi Asset Management, marking the first step in its stated moves to expand its nonbanking business through strategic mergers and acquisitions and strengthen its holding company structure.Woori Financial was among those that joined the preliminary bidding process for Hi Asset Management on Monday, alongside Kiwoom Securities and a number of private equity funds from Korea and abroad, according to an industry report. Hi Asset Management, a subsidiary of
Feb. 19, 2019
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Hana Financial partners with SKT, Kiwoom Securities seek to form internet bank
Hana Financial Group, South Korea’s third-largest banking group, said Tuesday that it has partnered with SK Telecom and Kiwoom Securities to take aim at forming a new internet-only bank here.The three companies have formed a consortium with Kiwoom Securities holding the biggest stake. Together, they are embarking on preparations to apply for a government-issued license to operate an online-only bank here, according to Hana Financial. The move comes as the firms seek to further embrace the
Feb. 19, 2019
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Woori Financial seeks to buy asset management company
Woori Financial Group Inc. expressed its intent to buy an asset management company on Monday, industry sources said, as the financial group seeks to diversify its revenue sources.Woori submitted a letter of intent to buy HI Asset Management to Deloitte Anjin, a sales manager, according to the sources. HI Asset Management is an affiliate of HI Investment & Securities Co. which came under DGB Financial Group's wing last September.Woori Financial Group has vowed to proactively seek mergers
Feb. 18, 2019
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5G services to impact telecom stocks
South Korea’s telecom stocks have been underperforming this year, and analysts point out that the commercialization of 5G network services, likely to start in March, will impact their price.According to the Korea Exchange, the nation’s top mobile operator SK Telecom’s share price plunged 5.2 percent since the beginning of the year, as of Friday’s closing. KT and LG Uplus shares dropped 4.2 percent and 15 percent, respectively, in the same period. Foreign investors,
Feb. 18, 2019
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Foreign investors net purchase W3.73tr in Korea-listed stocks
Foreign investors in South Korea continued to purchase more locally listed stocks while offloading bonds last month, the latest data on foreign investors’ stock and bond ownership by the Financial Supervisory Service showed Monday.Foreign investors net purchased some 3.73 trillion won ($3.32 billion) in locally listed stocks during January, continuing the transition to net buying observed in December last year, according to the FSS.By region, Europe net purchased 1.7 trillion won in stocks
Feb. 18, 2019