Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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Stocks find bottom, uncertainties to persist
South Korea’s financial market on Tuesday rebounded from Monday’s dip that had brought the top-tier Kospi and second-tier Kosdaq to the lowest in 2018.But analysts noted the market will remain exposed to external uncertainties including persisting trade war threats between China and the US, rate hikes from the US Federal Reserve in sight and widening currency volatility. Stock markets in Korea found bottoms in Tuesday closing. The Kospi edged up 0.1 percent to close at 2,272.76
July 3, 2018
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S. Korea to release FX intervention records in March
South Korea said Sunday that its records on currency market intervention in the second half of this year will be posted on the website of the Bank of Korea in March of 2019.The move is part of South Korea's efforts to boost transparency and clear itself of suspicion of exercising undue influence on exchange rates. The information subject to disclosure is the net amount of US dollars used for selling and buying by South Korea's currency authorities. The quarterly releases will begin in the third
July 1, 2018
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Retail investors buy net W9.5t worth of local shares in H1: data
South Korea's retail investors bought up a net 9.5 trillion won ($8.52 billion) worth of local shares in the first half of 2018, as institutional investors and foreigners sold off their holdings, market data showed Sunday. Data by Korea Exchange and Koscom Corp. -- the systems manager of South Korean bourse operator -- revealed that the buying spree was the largest tallied for the six month period since 2000.The purchase data show small-time investors effectively buying up the net 4.4 trillion w
July 1, 2018
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Financial regulator to apply new risk gauging system to business groups
The Financial Services Commission on Sunday presented a comprehensive risk management road map for business groups owning financial units, raising the baseline for capital adequacy. Starting Monday, the financial regulator is to activate a special supervision system seeking to detect the financial risk exposure level of subject groups and to prevent risk transfer among affiliates, it said in a release.During the six-month trial period, seven business groups -- Samsung, Hanwha, Kyobo, Mirae Asset
July 1, 2018
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Startup True Short launches service tracking institutional short selling
South Korea‘s financial technology startup True Short unveiled Thursday a service that tracks information related to institutional short sellers’ activities.The service, run on paid subscriptions on True Short online platform, aims to enable retail investors to gain access to information exclusive to institutional investors and take pre-emptive actions against a possible fall in stock price due to institutional short-selling practice.The service offers a listed share‘s outstand
June 28, 2018
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Corporate watchdog chief vows stern measures against unfair biz practices
The chief of South Korea's corporate watchdog said Thursday that his agency will get tough on any unfair business practices."Unfair terms of contracts for subcontractors and any other business practices, such as an unreasonable cut in selling prices, would be targeted by our investigation," Fair Trade Commission Chairman Kim Sang-jo said during a meeting with heads of ship-parts suppliers in Busan.The FTC has been stressing that it will promote fair business practices and take stern me
June 28, 2018
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Watchdog to probe 3 banks' loan interest miscalculation
South Korea’s financial watchdog said Wednesday it will inspect three banks alleged to have overcharged borrowers for more loans by incorrectly calculating the interest. On Tuesday, KEB Hana Bank, Citibank Korea and Kyongnam Bank were revealed to have taken a combined 2.7 billion won ($2.4 million) in revenue from information input errors such as omitting the borrowers’ income or collateral in lending rate calculations. The Financial Supervisory Service said they will be first lookin
June 27, 2018
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[Advertorial] KRX moves to boost coverage of small cap shares through new web portal
The Korea Exchange, South Korea‘s sole market operator, has moved to boost investor attention to small cap shares through a new web portal launched in May.The core function of the web portal, dubbed “Smile,” is to release technology analysis reports of small-cap companies that have little analyst coverage. Analysts in Korea have found it hard to cover all listed shares -- the number of which amounts to 2,000 in the top-tier Kospi and the second-tier Kosdaq combined. By tea
June 25, 2018
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Bills on P2P lending, cryptocurrency still pending in National Assembly
Lawmakers have proposed bills to regulate peer-to-peer lending and cryptocurrencies, but the bills have gained little momentum in the National Assembly, industry watchers said Monday.Rep. Min Byung-doo of the ruling Democratic Party and Rep. Kim Su-min of the minor opposition Bareunmirae Party filed two separate bills to regulate P2P lending firms in July last year and in February, respectively.With the bills still pending in the National Assembly, financial authorities have been struggling to t
June 25, 2018
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Woori Bank secures Korea's largest offshore branch network on takeover in Cambodia
Woori Bank has acquired Cambodia’s microfinance institution VisionFund Cambodia, becoming a South Korean financial company with the largest offshore retail branch network. Through the acquisition, the Cambodian entity with $196 million total asset as of end-2017 earned the new name of WB Finance, according to Woori Bank Sunday. The institution with 106 branches across the nation will play the role in microfinance deposit-taking, according to a Woori Bank spokesperson. As a resul
June 24, 2018
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[Kosdaq Star] Genie Music garners investor attention on anticipated M&A
This is the 57th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Genie Music Corporation, South Korea‘s second-largest music streaming and downloading platform operator by monthly active users, is gaining investor attention on anticipation that it will shake up the local industry through a forthcoming acquisition deal. On Friday, Genie Music’s market cap in market‘s close came to 337.5 billion won ($303.4 million), the 153rd-larg
June 24, 2018
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S. Korean shares to move in tight range next week
South Korean shares are expected to remain in a relatively tight range next week as investors take to the sidelines amid global trade tensions, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,357.22 points on Friday, down from 2,404.04 points a week earlier. The local stock market started lower Monday, falling more than 1 percent amid heightened worries over a U.S.-China trade war. U.S. President Donald Trump announced new tariffs on Chinese pro
June 23, 2018
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Court grants arrests of ex-Samsung Securities employees for selling bogus shares
Three former Samsung Securities employees were arrested on Thursday for selling unauthorized shares mistakenly given to them as dividends in April.The Seoul Nambu District Court approved the arrest warrants sought for three of the four former employees by the prosecution, citing risk of flight and/or evidence tempering. The court said one of the four did not require to be placed under arrest as the person did not appear to have actively participated in the wrongdoing.The former employees face ch
June 21, 2018
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Corporate watchdog chief vows to step up self-reform efforts
The chief of South Korea's corporate watchdog said Thursday that his agency will redouble its efforts to regain the trust of citizens amid the prosecution's probe into alleged job irregularities involving former senior officials.On Wednesday, investigators raided the offices of the Fair Trade Commission as part of an investigation into allegations that former senior officials of the anti-trust watchdog landed jobs they were not supposed to after retirement.Investigators from the Seoul Central Pr
June 21, 2018
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Geopolitical risks persist on Korean Peninsula: Moody‘s
Global credit rating agency Moody‘s Investors Service said Wednesday that uncertainty related to the geopolitical risks on the Korean Peninsula persists even after the recent series of summits and peace mood concerning North Korea.“The key constraining factor restriction to South Korea’s credit rating is its geopolitical risk,” Christian de Guzman, vice president and senior credit officer at Moody’s, said in a press conference held in Seoul.“The fact that the
June 20, 2018
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Bithumb freezes accounts after W35b of cryptocurrencies stolen
Bithumb, South Korea’s second-largest cryptocurrency exchange in trade volume, said Wednesday it would suspend transactions in user accounts after some 35 billion won ($31.6 million) worth of assets were stolen.The financial loss stemmed from “abnormal outside access” that occurred from Tuesday night until Wednesday morning, its spokesperson said. “(Bithumb) will suspend all money deposits or withdrawals, until we secure the stability of the service,” read the
June 20, 2018
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[Herald Interview] Diversifying channels for foreign worker remittances
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 17th installment. -- Ed.Foreign workers in South Korea from Southeast Asia or South Asia have faced various hurdles when remitting their income here to a home country.There are language barriers in financial services offered by banks, hefty commission charges and differences in banking service environments, to name a few.Using schemes such as collateral cash pooling, cros
June 19, 2018
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Arrest warrants sought for 4 Samsung Securities officials in dividend error probe
Prosecutors have filed for arrest warrants for four officials at Samsung Securities Co. for knowingly selling bogus shares that were issued to them by the firm by mistake, a prosecution office said Tuesday. The four officials face charges of fraudulent trading, committing fraud using digital devices and embezzlement in violation of the Capital Market Act, the Seoul Southern District Prosecutors' Office said.They will be arraigned for a review of their writs at a district court Wednesday. Pr
June 19, 2018
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Won breaches 7-month low against dollar
South Korea’s local currency fell for four consecutive trading days and breached a seven-month low against the US dollar, amid investor risk aversion and the strengthening dollar following growing fears of a US-China trade war.The dollar-to-won exchange rate came to 1,104.8 won in closing Monday, up 7.1 won compared to the previous session’s close Friday. The higher rate equals weaker won. The Korean won was the weakest in seven months since closing on Nov. 15, 2017 at 1,112.3 won ag
June 18, 2018
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Woori Bank to seek approval for holding company structure
South Korea’s Woori Bank is set to apply for regulatory approval Tuesday to adopt a financial holding company structure.Following a regular board of directors’ meeting Tuesday, the bank will submit a plan for the restructuring to the Financial Services Commission, a financial regulator, according to the company. If the bank manages to earn a regulatory nod from the FSC by mid-November, the reform plan will be confirmed in the shareholders meeting at the end of this year. A new holdin
June 18, 2018