Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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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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Korean shares inch down despite foreingers' buying spree
South Korean stocks closed slightly lower Friday as institutions and retail investors dumped local stocks offsetting a buying spree by foreign traders. The South Korean won extended its rally against the US dollar.The benchmark Korea Composite Stock Price Index slipped 0.8 point, or 0.03 percent, to close at 2,533.99. Trade volume was moderate as 355.21 million shares worth 6.46 trillion won ($5.88 billion) changed hands, with gainers barely beating losers 404 to 394.The index started higher on
Nov. 17, 2017
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Three major groups take lion's share of corporate earnings
South Korea's top conglomerate Samsung and two other major business groups took the lion's share of listed firms' earnings this year as their subsidiaries posted stellar performances, data showed Thursday.According to the data from the Korea Exchange, 29 listed companies belonging to Samsung, LG and SK groups registered a combined net profit of 56.2 trillion won ($50.7 billion) in the first nine months of the year, 2.1 times the amount during the same period a year earlier. The figure accounted
Nov. 16, 2017
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S. Korea, Canada agree on currency swap deal
South Korea and Canada clinched a standing bilateral currency swap deal that will help expand financial exchanges between the two countries, Seoul's central bank said Thursday.Bank of Korea Governor Lee Ju-yeol and his Canadian counterpart Stephen S. Poloz signed the agreement at a ceremony at the Bank of Canada's head office in Ottawa, on Wednesday, according to the BOK. The liquidity swap arrangement does not stipulate any ceilings. "The arrangement allows for the provision of liquidity i
Nov. 16, 2017
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S. Korea’s economy to remain stable in 2018: Moody‘s
Global ratings agency Moody’s on Wednesday forecast that South Korea’s economic growth and its companies’ credit conditions will remain stable in 2018 on the back of synchronized growth throughout the globe.“For the first time since the global financial crisis, we expect growth in all major areas next year,” Christian de Guzman, vice president and senior credit officer of Moody’s sovereign risk group, said in a media briefing.The press event, held jointly by M
Nov. 16, 2017
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Korean stocks retreat on lack of momentum
South Korean stocks extended a fifth-day losing streak Wednesday as upward momentum faded after enjoying a sharp rally and investors grew cautious over economic uncertainties at home and abroad. The Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index dropped 8.38 points, or 0.33 percent, to close at 2,518.26. Trade volume was moderate as 394.23 million shares worth 7.19 trillion won ($6.46 billion) changed hands with losers far outnumbering gainers 563 to 270.&q
Nov. 15, 2017
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Card firms' Q3 profit tumbles 20% on fee cuts
South Korean credit card companies saw their third-quarter earnings plunge due mainly to a cut in their fee rates on member stores, data showed Wednesday.The combined net income of eight stand-alone card firms stood at 419.6 billion won ($375 million) in the July-September period, down 20 percent from a year earlier, according to the data by the Financial Supervisory Service and industry sources. The nosedive was attributed to the fee-rate cut conducted in August. The card issuers lowered their
Nov. 15, 2017
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Seoul stocks down on weak Chinese economic data
South Korean stocks finished lower Tuesday as investors took to the sidelines over weak Chinese economic data and uncertainties over US tax policy. The Korean won strengthened against the greenback.The benchmark Korea Composite Stock Price Index lost 3.71 points, or 0.15 percent, to close at 2,526.64. Trade volume was relatively light, as 283.65 million shares worth 5.67 trillion won ($5.07 billion) changing hands, with losers outnumbering gainers 432 to 372.Market heavyweights had a bearish day
Nov. 14, 2017
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Brokerages upbeat on stock market in 2018
South Korea's main stock market is expected to gain further ground next year on a stronger economy with the key index breaching the 2,900-point level, local brokerages said Tuesday.Driven by brisk foreign buying stemming from resilient corporate earnings, the benchmark Korea Composite Stock Price Index had been renewing all-time highs before going south in recent sessions. The KOSPI hit an all-time high of 2,557.97 on Nov. 3 before closing at 2,530.35 Monday.In a research note, KB Securities Co.
Nov. 14, 2017
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Five local brokerages obtain license for investment banking
The nation’s financial regulator on Monday gave approval to five brokerage companies on starting investment banking businesses, as part of the government’s economic blueprint to boost the global competitiveness of local financial players.The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, according to the Financial Services Commission. Among them, Korea Investment & S
Nov. 13, 2017
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Government vows incentives to ‘social finance’ players
Financial authorities on Monday vowed full-fledged support for companies that pursue social values, under a long-term vision that co-prosperity is vital for the nation‘s economic sustainability.“In order for the social finance model to settle as an independent and sustainable economic system, it is crucial to build a related hardware,” said Choi Jong-ku, chairman of the Financial Services Commission, in a meeting with the FSC-affiliated Financial Development Council members. Ca
Nov. 13, 2017
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5 brokerages granted licenses for investment banking
South Korea's financial regulator on Monday granted licenses to five brokerages so they can engage in investment banking businesses and help local firms become global players in this critical business sector going forward. The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, the Financial Services Commission said in a statement. However, only Korea Investment & Securities wa
Nov. 13, 2017
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Seoul stocks down on US tax reform jitters
South Korean stocks finished lower on Monday as investors locked in profits from recent gains and fretted over the delay in corporate tax cuts in the United States.The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 12.6 points, or 0.5 percent, to close at 2,530.35. Trade volume was relatively small at 263.65 million shares worth 6 trillion won ($5.35 billion), with losers outnumbering gainers 424 to 375.Market heavyweights retreated after US Republican
Nov. 13, 2017
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Seoul stocks open higher on tech, auto gains
South Korean stocks opened higher Monday, led by gains in the tech and auto sectors. The benchmark Korea Composite Stock Price Index added 4.09 points, or 0.16 percent, to 2,547.04 in the first 15 minutes of trading.Market kingpin Samsung Electronics inched up 0.14 percent, and SK hynix, a major chipmaker, climbed 0.73 percent. Hyundai Motor, the No. 1 automaker, advanced 3.24 percent, and its parts maker Hyundai Mobis went up 2.61 percent. Cosmetics firms also rose. AmorePacific, the leading co
Nov. 13, 2017
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Samsung Electronics' share target price revised up on hope over dividends
South Korean brokerage houses are revising up the target share price for market kingpin Samsung Electronics Co. as the company continues to make friendly gestures towards shareholders, market watchers said Saturday.Shares of Samsung Electronics closed at 2,820,000 won ($2,523) on Friday, up 0.11 percent from the previous session.The price marks a 56.2 percent surge from 1,805,000 won posted in the first trading session of 2017.According to the data compiled by Yonhap Infomax, the financial arm o
Nov. 11, 2017
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Seoul stocks down amid uncertainties over US tax reform
South Korean stocks finished lower on Friday as foreign investors went on a heavy selling spree amid uncertainties over a possible delay of US tax reform. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 7.62 points, or 0.3 percent, to close at 2,542.95. Trade volume was moderate at 288 million shares worth 5.4 trillion won ($4.8 billion), with gainers outnumbering losers 409 to 385.The main bourse opened lower, taking a cue from overnight losses
Nov. 10, 2017
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Seoul stocks open lower on overnight US losses
South Korean stocks opened lower Friday, taking a cue from overnight losses on Wall Street amid a possible delay of US tax reforms.The benchmark Korea Composite Stock Price Index fell 12.04 points, or 0.47 percent, to 2,538.53 in the first 15 minutes of trading. Market kingpin Samsung Electronics lost 0.78 percent, and SK hynix, a major chipmaker, was down 0.36 percent.Hyundai Motor, the No. 1 automaker, retreated 0.96 percent, and AmorePacific, the leading cosmetics firm, edged down 0.46 percen
Nov. 10, 2017
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Cryptocurrency coming under increasing malware attack
Malicious code targeting cryptocurrency is increasing at an alarming rate with the rising value of virtual money, statistics showed Friday.According to Korea Internet & Security Agency, 5,366 cases of damage from ransomware were reported in the January-September period this year, up 3.7-fold from 1,438 in the same period last year. Reported instances of malicious code in the July-September period increased to 452 from 436 in the second quarter. Among them, 347 were ransomware and 44 we
Nov. 10, 2017
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BOK to maintain current monetary stance, rate hike likely on market conditions
South Korea's central bank said Thursday that it will maintain the current monetary easing stance but may raise rates if market conditions are favorable."We plan to maintain our stance of monetary policy accommodation, as the inflationary pressures on the demand side are not expected to be high, although the trend of domestic economic growth is likely to continue," the Bank of Korea said in a report submitted to the National Assembly earlier in the day. Still, the central bank said &qu
Nov. 9, 2017
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Seoul stocks trade higher late Thursday morning
South Korean stocks traded higher Thursday morning on the back of gains in shipbuilders and insurance shares.The benchmark Korea Composite Stock Price Index rose 3.15 points, or 0.12 percent, to 2,555.55 as of 11:20 a.m. Shipbuilders traded higher, with industry leader Hyundai Heavy Industries rising 0.61 percent and Samsung Heavy Industries adding 3.11 percent.Samsung Life Insurance, the top life insurer, advanced 1.14 percent and Samsung Fire & Marine Insurance increased 0.19 percent.The l
Nov. 9, 2017
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Shareholder advocacy firm opposes KB Financial labor's proposals
With KB Financial Group Inc.'s extraordinary shareholders meeting 10 days away, a global corporate advisory firm has objected to two agenda items offered by the major banking group's labor union, industry sources said Thursday.In a recent report, US-based Institutional Shareholder Services Inc. has advised shareholders to vote against the nomination of a union-selected lawyer with a history of civil activism and politics as an outside director.The company has also expressed its opposition to the
Nov. 9, 2017