Most Popular
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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Seoul shares extend losses in late morning trading
South Korean stocks extended losses late Thursday morning as investors remain skeptical about any breakthrough in a 90-day trade deal between the United States and China.The benchmark Korea Composite Stock Price Index fell 19.04 points, or 0.91 percent, to 2,082.27 as of 11:20 a.m. Investors remain cautious ahead of a series of issues that could result in volatility for the rest of the year, analysts said. The issues include Thursday's meeting of the Organization of Petroleum Exporting Countries
Dec. 6, 2018
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Seoul shares open lower on lingering trade worries
Seoul shares opened lower Thursday amid skepticism about prospects for a trade deal between the United States and China. The benchmark Korea Composite Stock Price Index fell 12.62 points, or 0.60 percent, to 2,088.69 in the first 15 minutes of trading. Investors remain wary of hot-button issues that could generate volatility for the rest of the year. The issues include Thursday's meeting of the Organization of Petroleum Exporting Countries, a 90-day deadline for US-China trade talks and Britain'
Dec. 6, 2018
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Korea's current account surplus expands to $9.19b in Oct.
South Korea's current account extended its black figure performance to 80 straight months in October thanks to solid exports, central bank data showed Thursday.The country's current account surplus came to US$9.19 billion in October, up sharply from $5.72 billion a year earlier, according to the preliminary data from the Bank of Korea. The number, however, decreased from September when it stood at a 12-month high of $10.83 billion. Also, Asia's fourth-largest economy has maintained a current acc
Dec. 6, 2018
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Parliament fails to adopt report on finance minister nominee
A parliamentary committee on Wednesday failed to adopt a report on the finance minister nominee, a move that could cast a pall over the nomination process.The main opposition Liberal Korea Party boycotted the parliamentary finance committee as the rival parties were at odds over how to handle next year's budget.The opposition party questioned whether Hong Nam-ki is a right person to tide over South Korea's grave economic situation, though it stopped short of opposing the adoption of a committee
Dec. 5, 2018
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Seoul shares open lower on Wall Street losses
South Korean stocks started lower Wednesday following sharp overnight losses on Wall Street.The benchmark Korea Composite Stock Price Index slid 23.6 points, or 1.12 percent, to 2,090.75 in the first 15 minutes of trading. The Dow Jones Industrial Average dropped 3.1 percent overnight, and the Nasdaq composite moved down 3.8 percent.No. 1 tech giant Samsung Electronics plunged 1.19 percent and chipmaker SK hynix slid 1.3 percent. LG Display fell 0.57 percent and LG Electronics lost 1.64 percent.
Dec. 5, 2018
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Korea's FX reserves climb in Nov.
South Korea's foreign exchange reserves edged up in November on a slight depreciation of the US dollar, the central bank said Wednesday.The total value of its foreign currency holdings came to $402.99 billion as of end-November, up $240 million from a month earlier, according to the Bank of Korea. It slightly lagged behind the all-time high of $403 billion tallied in September.Foreign exchange reserves consist of securities and deposits denominated in overseas currencies, as well as Internationa
Dec. 5, 2018
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Savings banks' combined 9-month profit climbs 3.6% on interest income
South Korean savings banks reported a 3.6 percent rise in their combined net profit for the nine months that ended in September thanks to a modest gain in interest income, data showed Wednesday.The combined net income of the 79 savings banks came to 851.3 billion won ($767.8 million) for the January-September period, compared with a profit of 821.8 billion won a year earlier, according to the data by the Financial Supervisory Service. Their nine-month interest income rose 13.3 percent on-year to
Dec. 5, 2018
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State adjustment of credit card fees to have negative impact on card firms: Moody's
The South Korean government's plan to reduce credit card transaction fees for smaller business owners will affect the bottom line of local card firms, a global ratings agency has said.Late last month, the government announced its plans to expand the number of business owners eligible for preferential credit card merchant fees in a move to reduce their financial burdens. "These changes are credit negative for credit card companies such as Shinhan Card Co. and Woori Card Co. whose profitabili
Dec. 4, 2018
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Seoul shares open lower on tech, auto, steel losses
South Korean stocks opened lower Tuesday as investors offloaded tech, auto and steel shares. The benchmark Korea Composite Stock Price Index fell 9.82 points, or 0.46 percent, to 2,122.11 in the first 15 minutes of trading. The main index ended 1.67 percent higher at 2,131.93 as the United States agreed to postpone a planned tariff hike on Chinese goods for 90 days at the Group of 20 summit Saturday in Argentina.China said it will increase purchases of farm and industrial goods to reduce the tra
Dec. 4, 2018
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More listed firms buying back, canceling company stocks
The number of listed firms buying back or canceling company shares increased in the first half of this year, already having surpassed 70 percent of last year's total, a corporate research report showed Tuesday.Data from the Korea Corporate Governance Service said 67 companies bought back company stocks while seven retired them in the January-June period. The sum is nearly 72 percent of 103 companies for all of 2017. The monetary sum of the transactions reached 5.3 trillion won ($4.76 billion), 2
Dec. 4, 2018
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Listed firms' dividend payouts jump this year on Samsung Electronics
The interim or quarterly dividend payouts by South Korea's listed firms surged this year, thanks to Samsung Electronics Co., which took steps to win back investors, data showed Tuesday. A total of 54 listed firms paid a combined 9.1 trillion won ($8.19 billion) in interim or quarterly dividends to shareholders this year, compared with 4.6 trillion won last year, according to the data by the Financial Supervisory Service. Samsung Electronics delivered a total of 7.2 trillion won in payments
Dec. 4, 2018
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Korea, China hold talks to boost investment
South Korea and China held working-level talks Monday to seek ways to lower trade barriers and boost investment between the two nations, Seoul's trade ministry said. South Korea's ministry of trade, industry and energy and China's commerce ministry held an investment promotion meeting in Beijing, the second such talks in four years. Senior trade officials discussed ways to create a joint industrial zone and develop investment platforms and reached an agreement to expand exchanges between compani
Dec. 3, 2018
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Investment advisory firms shed net profit in Q2
The combined net profit for investment advisory firms shed 7.1 percent in the second fiscal quarter from the previous quarter this year, notably from a drop in collected commission fees, a regulator's data showed Monday.The net profit at 178 firms amounted to 13 billion won ($11.58 million) for the July-September period, according to the Financial Supervisory Service. Profit from conventional asset management, such as equity values and trading, gained 43.2 percent to 15.9 billion won, but profit
Dec. 3, 2018
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Korean banks' NPL ratio falls below 1% for first time in decade
South Korean banks' nonperforming loans ratio fell below one percent for the first time in 10 years, due to corporate restructuring and stricter lending rules, the financial regulator said Sunday. The NPL ratio, which measures the rate at which a bank's loans are not repaid, fell to 0.96 percent at the end of the third quarter of 2018, the lowest level since it hit 0.82 percent at the end of September, 2008, the Financial Supervisory Service said in a statement. "Conglomerates (partic
Dec. 2, 2018
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Net profit of mutual financing firms soars 47% this year
South Korean mutual financing companies saw their earnings spike more than 47 percent in the first nine months of the year thanks to increased interest income, the financial regulator said Friday.The combined net profit of mutual financing firms came to 2.9 trillion won ($2.6 billion) during the January-September period, up 47.1 percent from a year earlier, according to the Financial Supervisory Service. The stellar bottom line was attributed mainly to a jump in interest income. Their total inte
Nov. 30, 2018
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Finance minister meets Fitch Ratings officials
South Korea's chief economic policymaker has stressed that reduced geopolitical risks and the country's improved economic conditions call for a rating upgrade, the finance ministry said Thursday.In a meeting with Fitch Ratings President Ian Linnell in London on Wednesday, Finance Minister Kim Dong-yeon said the Seoul government will beef up the country's fiscal soundness, according to the finance ministry. Kim also stressed that the country's expansionary fiscal spending is aimed at creating mor
Nov. 29, 2018
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[Global Finance Awards] KEB Hana Bank sweeps financial awards
KEB Hana Bank swept global awards from renowned financial publications this year, solidifying its status as a representative private bank in Korea. Early this month the bank was acknowledged as the best private bank in Korea at the 10th Global Private Banking Awards in London. The event was jointly hosted by two UK publications, The Banker and Professional Wealth Management. The Banker is a monthly international financial affairs publication, and Professional Wealth Management is a magazine
Nov. 28, 2018
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[Global Finance Awards] Mirae Asset Global Investments makes history in overseas business
Ten years have passed since Mirae Asset Global Investments became the first South Korean asset management company to draw investment from foreign clients.Today, as Korea’s leading asset management firm in terms of assets under management, Mirae Asset Global Investments has a long track record of business overseas, ranging from managing foreign investors’ assets to listing exchange-traded funds and taking on cross-border mergers and acquisitions. The numbers indicate the strength of i
Nov. 28, 2018
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[Global Finance Awards] Woori Bank CEO all set for ‘financial holding group’ era
When Sohn Tae-seung took office as Woori Bank CEO in December last year, his leadership had seemed to face multiple hurdles ahead, ranging from prolonged recruitment irregularities that led to the resignation of his predecessor to the uncertainties lingering in the domestic financial market.Over the past year, however, South Korea’s third-largest commercial lender in terms of operating profit has successfully gained new momentum under Sohn’s lead -- renewing its net profit record, to
Nov. 28, 2018
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[Global Finance Awards] Securing global competitiveness through innovation, cooperation
The Korea Herald launched the Global Finance Awards with the understanding that in order for the South Korean economy to make new leaps in the fourth industrial revolution, it is imperative that a global-level financial ecosystem be established and that the competitiveness of the local financial industry be reinforced. The objectives of these awards are to honor financiers and financial firms that have made significant strides in providing convenient financial services with new technologies, des
Nov. 28, 2018