Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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[Advertorial] Designer-friendly co-working space brings startup idea to life
Acquiring an office space for a fledgling startup is a grueling, if not impossible, task. Hence on the rise were co-working spaces that are shared and utilized by numerous freelancers, independent contractors and other professionals.Add to that a sense-stirring interior design, 3-D printers ready to use, recreational spaces, regular networking events and even shower booths, and the result is a hybrid version of co-working spaces operated by Hyundai Card.“Every piece of tableware,
Nov. 30, 2017
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Conglomerates' insider stock ownership drastically up in 2017
Insider stock ownership of family-run conglomerates, such as Samsung and Hyundai Motor, jumped sharply this year to 58.9 percent, the country's antitrust watchdog said Thursday.According to the Fair Trade Commission, the insider stock ownership rate of the 57 conglomerates rose 29 percentage points this year from last year's 29.9 percent.Insider stock ownership refers to stocks held by the owner and his or her immediate family and top executives of companies affiliated with a business group. Thi
Nov. 30, 2017
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Korea's risk premium falls despite NK missile launch
South Korea's credit default risk has gone south despite North Korea's latest launch of a new long-range ballistic missile, market sources said Thursday.The credit default swap premium for South Korean foreign exchange stabilization bonds with a five-year maturity came to 57.09 basis points Wednesday, down 1.02 basis points from the previous session, according to financial information provider Market and Yonhap Infomax, the financial news arm of Yonhap News Agency.The risk premium also declined
Nov. 30, 2017
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Overseas stock funds yield more than domestic ones in Nov.
South Korean funds for overseas stock investment posted higher returns than domestic-focused ones in November due to a sluggish equity market here, a market tracker said Thursday.The average return of overseas stock funds with a net asset of 1 billion won ($930,000) or more came to 1.62 percent as of Tuesday, compared with a yield of 0.79 percent for domestic equity funds, according to KG Zeroin.The figures mark a turnaround from their yields the previous month. Domestic stock investment funds p
Nov. 30, 2017
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Korean shares end lower on foreign selling
South Korean stocks ended lower Wednesday as foreign selling of market bellwether Samsung Electronics Co. and other large-cap stocks weighed on the main index. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 1.29 points, or 0.05 percent, to 2,512.90.Foreign investors offloaded shares worth more than 162 billion won ($150.4 million).Kim Ye-eun, an analyst at IBK Securities Co., said the decline can be blamed on the foreign selling of Samsung Electron
Nov. 29, 2017
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BITPoint Japan announces entry into Korea
Japanese cryptocurrency exchange operator BITPoint Japan has launched a website in South Korea through a joint venture, stepping into a market that accounts for as much as 15 percent of global cryptocurrency transactions. Transactions made in Korea are worth 2 trillion won ($1.86 billion) per day on average.The joint venture, named BITPoint Korea, was founded in August by BITPoint Japan and Korean experts in equity and futures trading. In a press conference held Wednesday, the firm said it
Nov. 29, 2017
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Kyobo Life Insurance chief awarded Legion of Honor
Shin Chang-jae, Kyobo Life Insurance chairman and chief executive, will be awarded the French Legion of Honor Thursday for his contribution to fostering cultural exchanges between France and South Korea, the firm said Wednesday. Shin will receive the Chevalier merit from French ambassador to Korea Fabien Penone at French Embassy in Seoul.Shin, 64, was recognized for establishing the Daesan Foundation in 1992 and serving as a chairman of the nonprofit organization, designed to translate and promo
Nov. 29, 2017
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Korea to write off bad debt for 1.59 million people
South Korea's financial authority on Wednesday announced that it will forgive up to 6.2 trillion won ($5.7 billion) worth of bad debt, in the latest measure to help hard-pressed people who cannot pay back their debts. The move, which will affect 1.59 million debtors, is aimed at reducing the nation's nonperforming consumer loans, as the Bank of Korea is expected to raise its key interest rate in the coming months. Starting in February, the government will receive applications for write-offs from
Nov. 29, 2017
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Seoul stocks open higher on eased Chinese restrictions on Korea
Seoul stocks opened higher Wednesday on China's decision to partially lift its ban on group tours to South Korea.The benchmark Korea Composite Stock Price Index rose 1.12 points, or 0.04 percent, to 2,515.31 in the first 15 minutes of trading.Cosmetic and other shares related to China gained ground as China's National Tourism Administration made a decision to allow offline tourist agencies in Beijing and Shandong Province to sell package tours to South Korea, said Park Chun-young, an analyst at
Nov. 29, 2017
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Stock funds for Asia's emerging markets shine this year
South Korean funds for stock investment in Asia's emerging economies have posted the highest returns among local overseas equity investment funds this year, a market tracker said Wednesday.The average return of equity investment funds for Asian emerging markets came to 37.4 percent as of Monday, the biggest yield among overseas stock funds with net assets of 1 billion won ($920,000) or more, according to KG Zeroin.Funds for investing in Chinese stocks came next with a return rate of 37.3 percent
Nov. 29, 2017
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NK missile launch to have limited impact on financial market: finance minister
North Korea's latest missile launch is expected to have a limited impact on South Korea's financial market, but authorities vowed to take swift actions, if necessary, to cushion any fallout from the latest provocation, Seoul's top economic policymaker said Wednesday.Earlier in the day, North Korea fired an apparent long-range missile from an area north of Pyongyang, resuming its provocations after a 75-day lull, according to the South Korean and US militaries. The missile flew some 960 kilo
Nov. 29, 2017
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State pension fund grows sharply over 30 years
South Korea's state-run pension fund has posted exponential growth since its inception about 30 years ago, but it still has a long way to go in order to serve its intended purpose, analysts said Tuesday.South Korea adopted the state pension program in 1988 to guarantee income for the elderly after retirement, and to provide coverage for disabilities and surviving family members. According to data from the National Pension Service, the number of subscribers to the National Pension Fund came
Nov. 28, 2017
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[Advertorial] KRX’s ETN business scales up in 3 years
After Barclays created structured debt security products called exchange-traded notes in 2006, the Korea Exchange in November 2014 opened markets to trade the structured products to meet growing demand for high-return investments amid low key rates and an aging society. Three years later, the market operator has seen visible growth of its ETN market, on the back of the sole market operator’s efforts to diversify the types of products, ranging from ones designed to hedge losses to those wit
Nov. 27, 2017
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Equity funds in Korea gain on bull market, bond funds dwindle
Equity funds in Korea gain on bull market, bond funds dwindleBy Son Ji-hyoungStock market momentum and a looming key rate hike by the central bank in South Korea drove up domestic equity fund investment, while leaving local bond funds bearish, data showed Sunday.Riding the stock bull run in both the first-tier Kospi and second-tier Kosdaq, private and public equity funds in Korea had 78.6 trillion won ($72.3 million) of net assets as of Wednesday, according to data compiled by the Korea Financia
Nov. 26, 2017
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[Kosdaq Star] TissueGene’s epic debut represents bio boom
This is the 45th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdMid-stage osteoarthritis treatment developer TissueGene’s market cap rose by more than 2 trillion won ($1.84 billion) within three weeks of making its debut, becoming the fifth-largest firm on South Korea’s second-tier Kosdaq market Friday. The stock performance of the Maryland-headquartered firm reflects a market-wide biotech boom built on overheated investor anticipation
Nov. 26, 2017
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Watchdog probes Samsung chief’s alleged borrowed name accounts
Financial authorities started to investigate financial companies in relation to the accounts under borrowed names allegedly belonging to Samsung Chairman Lee Kun-hee, an issue raised during the parliamentary audit last month.The Financial Supervisory Service on Friday said that it has since earlier this week been carrying out inspections on all the banks and securities firms which opened accounts under borrowed names for Lee.The currently bed-ridden conglomerate chief is thought to have 1,021 of
Nov. 24, 2017
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Kosdaq ends down after brief surge past 800
Korea’s second-tier Kosdaq market is continuing to soar, exceeding the 800-marker for the first time in more than a decade on Friday. The Kosdaq index rose 4 points (0.50 percent) to 800.80 as of 9:32 a.m., surpassing 800 for the first time since Nov. 7, 2007. The index opened at 797.97, jumping 1.17 points (0.15 percent). The Kosdaq ended up closing at 792.74 on Friday, down 4.06 points, however, managed to exceed 800 in intraday trading . “The US stock market is closed for the ni
Nov. 24, 2017
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Seoul stocks mildly lower amid wait-and-see stance by investors
South Korean stocks finished slightly lower Thursday as investors took a wait-and-see stance amid the lack of momentum, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index inched up 3.36 points, or 0.13 percent, to close at 2,537.15. Trade volume was slim at 248.4 million shares worth 5.2 trillion won ($4.3 billion), with gainers outnumbering loser 499 to 272.On Wednesday (local time), the major US indexes retreated from their latest record hi
Nov. 23, 2017
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Watchdog to empower auditors in accounting reform
South Korea‘s top financial watchdog on Thursday unveiled measures to enhance external auditors’ independence, by making it mandatory for auditors to add risk assessments on auditors’ reports.A task force under the Financial Services Commission, steered by the watchdog‘s vice chairman Kim Yong-beom, said that from 2019, an accountant in an auditor’s report must include key audit matters such as risks from revenue recognition, as well as clients’ actions after
Nov. 23, 2017
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Q3 ratio of short-term debt to foreign reserves hits highest in two years
The ratio of South Korea's short-term foreign debt to its foreign reserves hit the highest level in two years in the third quarter, central bank data showed Thursday.The country's short-term external debt -- with a maturity of one year or less -- totaled $119.8 billion as of the end of September, up $2.5 billion from three months earlier, according to the data by the Bank of Korea.The end-September figure accounted for 29.3 percent of the country's total external debt, the highest percentage sin
Nov. 23, 2017