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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KEB Hana, KB Kookmin banks suspected of illicit hiring
South Korea's two major banks are suspected of creating lists to give undue hiring favors to the families and acquaintances of influential figures, sources said Sunday.The Financial Supervisory Service has recently filed complaints with the prosecution against five banks, including KEB Hana Bank and KB Kookmin Bank, over alleged irregularities in hiring new staff. The complaints allegedly included the two banks' lists of candidates suspected of receiving preferential treatments in the hiri
Feb. 4, 2018
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End to ‘Kimchi premium’? Bitcoin nosedives below W8m
Bitcoin, the largest cryptocurrency in the world in market cap, sank further in South Korea on Friday, amid government talks for tighter regulation on the unfettered market. It was trading below the world average in Korea at around 7.7 million won ($7,090) per coin at around 9:50 p.m., a decrease of nearly 25 percent in 24 hours, according to the a local cryptocurrency exchange Bithumb.Bitcoin plummeted a day after the police raided the operator of Bi
Feb. 2, 2018
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[Newsmaker] Samsung's share price to rank far lower after stock split
The share price of top-cap Samsung Electronics Co. would rank much lower after its stock split is completed, data showed Friday.On the heels of record 2017 earnings driven by strong demand for chips, Samsung's board of directors Wednesday announced a dramatic 50:1 stock split aimed at enhancing shareholders' value and making the tech giant more accessible to investors.The decision -- if endorsed at the company's annual shareholders' meeting on March 23 -- would cut the face value of Samsung from
Feb. 2, 2018
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Sovereign bonds take breather despite hawkish FOMC
South Korea’s state bonds took a breather Thursday despite a hawkish stance posed by the US Federal Open Market Committee during its decision to hold the key rate steady Wednesday.On Thursday, the three-year state bond yield slid 2.5 basis point to 2.25 percent, while the five-year sovereign bond yield sank 3.2 basis points to 2.54 percent compared to the Wednesday session’s close, according to an estimate by the Korea Financial Investment Association. The 20-year bond yield dipped 2
Feb. 1, 2018
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Korea court orders seizure of bitcoins worth $2.3m earned from pornography
South Korea‘s appellate court ordered Tuesday the seizure of 191 bitcoins, worth 2.4 billion won ($2.3 million), as of 11:15 a.m. earned by providing online pornography content, overturning a district court‘s rule in September 2017 that implied seizing cryptocurrency was unlawful.This is the first time a Korean court has recognized virtual currencies encrypted on distributed ledgers as a means of profit, and therefore subject to confiscation. This carries with it an acknowledgement t
Jan. 30, 2018
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KRX unveils new composite benchmark KRX 300 week ahead of launch
The Korea Exchange, operator of the stock markets Kospi and Kosdaq, announced immediately after markets closed Tuesday a list of firms included on the new composite benchmark index KRX 300, ahead of its launch on Feb. 5. On the list were 305 firms. Of them 237 -- making up of 91.1 percent of the index’s market cap as of Friday -- were from the top-tier Kospi, while the other 68 came from the second-tier Kosdaq. The 305 companies were selected among the top 700 firms in market cap from both
Jan. 30, 2018
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Market takes wait-and-see approach to real name cryptocurrency trading
South Korea on Tuesday began a real-name trading system for cryptocurrencies, after weeks of a transitional ban on all new accounts as part of the government’s move to curb covert speculative investment in virtual coins.Despite anticipation that aspiring investors would flock to open trading accounts on the first day, the number of bank customers remained in the average range. Some of the operators saw a connection delay in their online system as a number of conventional investors sought t
Jan. 30, 2018
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[Herald Interview] Aim leads robo advisor for retail investors, overcoming years of hurdles
The Korea Herald is publishing a series of interviews on promising startups in the fintech industry. This is the ninth installment. — Ed.Robo advisers were invented in the early 2000s in the United States to achieve convenience in making extra returns by harvesting tax losses and rebalancing portfolios for investors.But bringing such convenience to retail investors in South Korea through the automated process was more painstakingly long, according to Jenna Lee, founder and chief executive
Jan. 30, 2018
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Korea starts real-name trading system for cryptocurrencies
South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities.The real-name trading system is also part of the government's latest measures to curb speculative investment into virtual coins amid growing fears that a cryptocurrency bubble may be set to burst.About 3 million people in South Korea are estimated to have invested in cryptoc
Jan. 30, 2018
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[Monitor] Retail investors take up 70% of stock market
With the stock market rallying, the number of stock accounts has surpassed 25 million with the first time in history, while the percentage of individual investors has topped 70 percent, data by Korea financial Investment Association showed Monday.Watchers pointed out that individual investors are seen moving more into the stock market as the regulations against real estate and cryptocurrency trades tighten.Simply put, about nine out of 10 economically active people are theoretically involved in
Jan. 29, 2018
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[Newsmaker] Kospi zeroes in on 2,600 closing mark
Both stock markets in South Korea, the Kospi and Kosdaq, rallied Monday to hit records, while the nation’s market operator vowed to improve Kospi operations and become more friendly to foreign investors this year. The top-tier Kospi closed at 2,598.19, up 0.91 percent from Friday, setting a new all-time high. The second-tier Kosdaq closed at 927,05, up 1.53 percent from the previous trading day, the highest in 16 years since March 2002. The Kospi topped 2,600 for the first time in history
Jan. 29, 2018
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Mirae Asset Daewoo's overseas stock value tops W4tr
Mirae Asset Daewoo, South Korea’s largest brokerage by net worth, saw its overseas stock value reach 4.1 trillion won ($3.8 billion) as of Friday, according to the firm Monday. The foreign stock value has jumped 3.5-fold since January 2017, when the firm‘s foreign stock assets were valued at 1.2 trillion won. The foreign stock asset portfolio by the securities firm took 57.8 percent of profits on average. Seven out of 43 overseas stocks recommended by the firm saw the price jump
Jan. 29, 2018
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Retail investors jump into stock market on recent rally
Retail investors are flooding the stock market following a recent rally, with the number of new accounts and transactions moving up sharply, the Korea Financial Investment Association said Monday.As of Thursday, a record 25.06 million stock accounts were active. The number increased from November, when the secondary market, KOSDAQ, began to post strong gains. Some 170,000 stock trading accounts were added in October, which rose to 270,000 in November and to 220,000 in December. 280,000 accounts
Jan. 29, 2018
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Credit card spending rose last year due to long holidays
South Korea's credit card spending surged dramatically in 2017 from a year earlier due to the extended Chuseok holiday and the "golden holiday" in May, industry data showed Monday.Credit card spending soared 10.8 percent to 605 trillion won ($568 billion) last year from the previous year, the Credit Finance Association said.The rising consumption is attributed to the April 29-May 9 golden holiday and the 10-day-long Chuseok holiday that began Sept. 30. Total card spending, including cr
Jan. 29, 2018
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Coincheck to Repay Users Who Lost Money in $400 Million
Japanese cryptocurrency exchange Coincheck Inc. said it will use its own capital to reimburse customers who lost money in Friday’s $400 million theft.The Tokyo-based company will repay all 260,000 users impacted by the theft of NEM coins, at a rate of 88.549 yen (82 U.S. cents) for each coin, according to a statement posted on its website after midnight local time on Sunday. A total of 523 million coins were stolen, it said.“The timing of the reimbursement and the application process
Jan. 28, 2018
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Market remains puzzled ahead of real-name crypto coin trading
Investors, cryptocurrency exchanges and banks in South Korea appeared to be confused Sunday over the government’s push to launch a real-name trade system of digital currencies as part of efforts to tighten its grip on the fast-growing and unfettered market.Starting Tuesday, cryptocurrency purchases using local currency will be allowed only for individual accounts registered under real names. Bank accounts of digital coin buyers using local currency and of cryptocurrency exchanges must be r
Jan. 28, 2018
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Biopharmaceutical stock owners make big gains in assets
Stock values for stakeowners of biopharmaceutical companies nearly doubled over the past year, with Celltrion leading the pack, data showed Sunday.According to Chaebul.com, which tracks corporate records, 32 people each owned more than 100 billion won ($93.76 million) worth of shares in biopharmaceutical firms as of Friday's closing.Their stock values have risen 99.4 percent since Jan. 2 last year. Seo Jung-jin, chairman of Celltrion Inc., claimed 6 trillion won in shares after the stock pr
Jan. 28, 2018
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Virtual currency exchange lobby to persuade govt. not to regulate excessively
The lobby of South Korea's cryptocurrency exchange operators said Friday it will make efforts to ensure the government does not excessively restrict the trading of virtual currencies.The Seoul government has been striving to rein in the virtual currency frenzy in Asia's fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges.Amid concerns over a bubble, the government last month banned the opening of new virtual accounts for cryptocurrency investors and required virtual
Jan. 26, 2018
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Seeking fool's gold, young people jump into cryptocurrency frenzy
Looking at a smartphone app showing the prices of cryptocurrencies, Lee Jae-sung sighed. The 24-year-old university student bought 5 million won ($4,666) worth of a little-known cryptocurrency called Nxt last month.To date, the cryptocurrency has lost about 64 percent of its value, and Lee has been suffering from insomnia these days."I am repeatedly asking myself whether I should sell this at a loss, but I can't make a decision," Lee said.Lee is one of many young and Internet-savvy cry
Jan. 26, 2018
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Kiwoom Securities head to lead brokerages' association
Kwon Yong-won, chief executive of Korea’s online-only brokerage Kiwoom Securities, was elected the chairman of the Korea Financial Investment Association Thursday. Starting Feb. 4, the 56-year-old will serve his three-year term for the self-regulatory organization for financial investment industry in Korea. Kwon is the fourth chairman of the association founded in 2009. Kwon earned 145 votes out of 231 participants to beat contenders, former chief Woori Investment & Securities Hwa
Jan. 25, 2018