Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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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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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Financial watchdog urges credit card firms to focus on risk management
The head of the financial watchdog on Tuesday called for credit card firms to focus on their risk management processes this year, as global trade wars and market volatility further weigh on the nation's economy. Yoon Suk-heun, governor of the Financial Supervisory Service, made the remarks at a meeting with chief executives of credit card firms earlier in the day. "This year will be the most difficult year amid a global economic slowdown, trade pressures and household debt," Yoon
Jan. 22, 2019
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[Photo News] Break rules, create markets
Jan. 21, 2019
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BOK to entrust transactions of advanced market stocks to local asset managers
South Korea's central bank said Monday that it will entrust local asset management firms with investment of its foreign reserves into advanced market stocks this year.The Bank of Korea held more than $400 billion worth of foreign reserves in 2018, consisting of securities and deposits denominated in overseas currencies, as well as International Monetary Fund reserve positions, special drawing rights and gold bullion. As of end-2017, the BOK manages 80.9 percent of its foreign assets directly, wi
Jan. 21, 2019
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G-20 to take measures to address global imbalances and aging populations
The members of the Group of 20 leading economies have agreed to work together to tackle global imbalances and aging populations, viewing them as structural issues that could hinder sustainable and inclusive growth of the global economy, South Korea’s finance ministry said Sunday. The G-20 will look into imbalances between savings and investments for multilateral solutions to global imbalances while seeking various policy options, such as fiscal, monetary and structural reform, to deal with
Jan. 20, 2019
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KB, Shinhan regroup as competition heats up for ‘leading bank’ title
South Korea’s KB Kookmin Bank and Shinhan Bank held key meetings to review and recognize last year’s business performance and set fresh operational strategies for 2019, as the country’s two largest banking groups step up their competition to clinch this year’s “leading bank” title.Over the weekend, KB Kookmin Bank held a strategy meeting that brought together the bank’s CEO Hur Yin and the deputy directors at the bank’s nationwide branches to discu
Jan. 20, 2019
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Korea’s pension fund suffers loss in investment in 10 conglomerates
South Korea’s state-run pension fund suffered valuation losses from its investment in the country’s 10 major conglomerates due to declines in their stocks, data showed Sunday. The National Pension Service held an average 7.76 percent stake in the conglomerates at the end of 2018, compared with 6.62 percent at the end of 2017, according to data compiled by Chaebul.com, which tracks South Korean conglomerates. But the value of the NPS’s stock holdings in the 10 conglomerates fel
Jan. 20, 2019
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4 foreign banks fined W693m for price-fixing of FX derivatives
South Korea‘s antitrust watchdog said Sunday that it has fined four foreign banks 693 million won ($618,000) for fixing the prices of foreign exchange derivatives and selling them to five South Korean companies. The Fair Trade Commission said Standard Chartered Bank Korea and the local units of Deutsche Bank AG, JPMorgan Chase & Co. and HSBC agreed on prices of foreign exchange derivatives on seven occasions between March 2010 and February 2012. Deutsche Bank, JPMorgan Chase & Co.
Jan. 20, 2019
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BOK issues catalogue on currency history
The central bank has issued a new art catalogue, offering a periodic introduction to South Korea’s currency, officials said Sunday.The Bank of Korea’s Money Museum has published “Korea’s Money,” a catalogue that lists the country’s currencies dating back to the Goryeo Dynasty. The latest catalogue, a new edition of its previous art books, includes large- pictures of various currency designs, according to the BOK.“The focus was to improve the visual effec
Jan. 20, 2019
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Seoul shares to move within limited range next week
South Korean stocks are expected to move sideways next week as concerns about lackluster corporate earnings and China's slowing economy could dent investor sentiment, with eyes trained on ongoing trade negotiations between Washington and Beijing, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,124.28 points on Friday, marking a 2.3 percent surge from a week earlier.The index started on a weak note as the prolonged US government shutdown and concerns over the sl
Jan. 19, 2019
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Credit card firms bet on digital switchover, big data for survival
Local credit card operators are stepping up efforts to expand big data management and reinforce digital functions as they face the imminent markdown of their commission fees and a consequent decline in business margins, according to industry sources.The CEOs of major credit card service providers, expressing concerns over what they saw as a profit cliff situation, have vowed swift action to achieve a digital switchover and adopt big data-based marketing.“There is a growing sense of crisis
Jan. 18, 2019
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Stocks close higher on ‘hydrogen economy’ road map
Fueled by the government’s road map to build a “hydrogen economy,” South Korea’s top automaker and hydrogen-powered car parts firms continued a two-day gaining streak.Hyundai Motor, which launched the fuel cell electric vehicle Nexo early last year, closed at 131,000 won ($116.80) per share Friday, up 1.16 percentage point from the previous close and hitting a 16-week high. Companies that manufacture or supply hydrogen electric vehicle parts also marked sharp gains.
Jan. 18, 2019
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Seoul shares up for 4th day on US-China trade optimism
South Korean stocks rose for the fourth consecutive trading session Friday as predictions of progress in the US-China trade dispute lifted investor sentiment, analysts said. The local currency firmed against the greenback.The benchmark Korea Composite Stock Price Index scored 17.22 points, or 0.82 percent, to finish at 2,124.28. Trading volume was moderate at 449.28 million shares worth 5.2 trillion won ($4.6 billion), with gainers easily beating losers 622 to 208. The index moved up in line wit
Jan. 18, 2019
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SC Bank Korea secures W100b in extra investment from SC Group
Standard Chartered Bank Korea, the local subsidiary of the British banking group, said Thursday that it has attracted an additional investment of 100 billion won ($89 million) from the group.In a directorate meeting held Wednesday, SC Bank Korea approved the capital restructuring resolution on issuing subordinated 10-year bonds worth 600 billion won and paying out an interim dividend totaling 500 billion won, the bank said in a press release. The subordinated bonds, once issued on Jan. 28, will
Jan. 17, 2019
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KB, Shinhan first Korean companies to join Bloomberg’s 2019 Gender-Equality Index
South Korea’s top two finance and banking groups have joined Bloomberg’s fledgling Gender Equality Index, signaling the sector’s rising commitment to promoting gender equality and female-friendly policies in the workplace.KB Financial Group and Shinhan Financial Group said Thursday they have become the first Korean companies to be included in the Bloomberg GEI for their commitment to transparency in gender reporting and advancing women’s workplace equality. KB and Shinhan
Jan. 17, 2019
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Barings recommends diversified investment in US, European high-yield bonds
A global asset management firm on Wednesday suggested diversified overseas investments in US and European high-yield bonds this year to reduce risk or volatility.“The point of this is to say that there can be technically driven differences in the markets that cause one market to outperform or underperform another market … again this is all corporate credit,” said David Mihalick, head of Barings’ US High Yield Investments Group, during a press conference in Yeouido, Seoul
Jan. 16, 2019
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[Monitor] Volume of Korean investors’ holdings in foreign-currency securities
Holdings by South Koreans of securities in foreign currencies grew rapidly last year, data from the Korea Securities Depository showed, with local securities firms expanding relevant services for local investors. The volume of the holdings jumped 43.4 percent to $32.5 billion in 2018, from the previous year’s $22.7 billion, according to the data. It represented an almost sixfold increase over five years, as the corresponding figure for 2013 was $5.2 billion.Overall, local investors’
Jan. 16, 2019
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With regulatory change, Korea’s internet-only banks to see ownership shift, new players
South Korea’s internet-only banking sector is set to undergo a series of ownership changes and to see new market players, as a new regulatory change allowing nonfinancial institutions to own and operate online banks takes effect from Thursday. The new law, designed to ease ownership rules for internet-only banks, enables information and communication technology companies to own up to 34 percent of an internet-only bank, up from the 4 percent (10 percent without voting rights) threshold sti
Jan. 16, 2019
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SoftBank Ventures Asia hires Lee Seung-hoon as new CFO
SoftBank Ventures Asia, the venture investment arm of Japan’s SoftBank Group, announced Wednesday that it has hired Lee Seung-hoon as its new chief financial officer.Lee will be responsible for the management of global funds and limited partners of SoftBank Ventures Asia. He will also oversee financial initiatives of global offices, including Beijing, Singapore and Silicon Valley, the firm said. The new Softbank Ventures Asia CFO has 15 years of experience in advising on mergers and acquis
Jan. 16, 2019
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Regulator vows more support for fintech firms
The head of the financial regulator on Wednesday vowed to lend more support to financial technology firms, with the aim of turning small fintech firms into "unicorns" ith higher market capitalization. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks at a meeting with executives at fintech firms. The government "will help create unicorns that compete in the global market by continuing to ease regulations," Choi told the meeting, referring to
Jan. 16, 2019
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Growth of outstanding state bonds slows in 2018
South Korea saw growth in the value of outstanding state and special bonds slow down in 2018 due to increased tax revenue and public agencies' asset restructuring efforts, data showed Wednesday.The outstanding amount of government bonds and debt issued by public institutions came to 969.2 trillion won ($864 billion) at the end of last year, up 1.7 percent from a year earlier, according to the data from Koscom Corp., the system manager of the South Korean bourse operator Korea Exchange. It was th
Jan. 16, 2019