Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Seoul stocks open higher after Fed minutes released
South Korean stocks opened higher Thursday, as the US Federal Reserve's January minutes largely remained within the market expectations. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.44 points, or 0.53 percent, to 2,744.12 points in the first 15 minutes of trading. According to the Fed's minute, the officials reiterated their stance that they would soon start raising the key interest rates to rein in price pressure. The January document did not include the impacts from the U
Feb. 17, 2022
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Seoul stocks surge nearly 2% higher on eased Ukraine tensions
South Korean stocks rebounded nearly two percent Wednesday, snapping a three-day losing streak, as Ukraine tensions eased. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) surged 53.14 points, or 1.99 percent, to close at 2,729.68 points. Trading volume was moderate at about 415 million shares worth some 8.3 trillion won ($6.9 billion), with losers far outnumbering gainers 832 to 64 Foreign and retailer investors sold a net 43.1 billion won
Feb. 16, 2022
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Brother of Seoul envoy to Beijing suspended for misselling of funds
South Korea’s financial regulator on Wednesday decided to suspend Jang Ha-won, the chief executive of Discovery Asset Management from his duty, and fine the state-run Industrial Bank of Korea for misselling of funds with frozen assets amounting to 256.2 billion won ($214 million). Jang is the younger brother of South Korea’s incumbent ambassador to China, Jang Ha-sung. The Financial Services Commission upheld the watchdog Financial Supervisory Service’s earlier ruling to &l
Feb. 16, 2022
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Hana signals start of HQ transfer to Incheon
South Korea’s Hana Financial Group marked the transfer of its headquarters from Seoul to Incheon with a groundbreaking ceremony, the firm said Wednesday. The groundbreaking ceremony for the planned 22-level building with seven underground floors was held Tuesday at Cheongna International City, which is part of the Incheon Free Economic Zone. Hana Financial and five of its affiliates –- flagship commercial bank Hana Bank, brokerage Hana Financial Investment, credit card issuer Hana
Feb. 16, 2022
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[Feature] A boom with a view: Prices of riverside apartments soar
Nicknamed “celebrity town,” Seoul Forest Trimage is a luxurious apartment complex in eastern Seoul’s Seongsu-dong, known to be the home of K-pop stars, actors, athletes and other public figures. With a four-room unit measuring 152 square meters last quoted at 5.5 billion won ($4.59 million), the housing complex built in 2017 near Seoul Forest consists of two 47-story buildings that overlook the Han River, which bisects the capital. High-rise apartments with views of Seoul la
Feb. 16, 2022
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Seoul stocks open sharply higher on eased Ukraine tensions
South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street that stemmed from eased Ukraine tensions. The benchmark Korea Composite Stock Price Index (Kospi) rose 40.21 points, or 1.5 percent, to trade at 2,716.75 points in the first 15 minutes of trading. Overnight, US stocks rallied, snapping a three-day losing streak, on the back of overall gains in tech shares amid eased tensions over Russia's possible invasion of Ukraine. The Dow Jones Industrial Average
Feb. 16, 2022
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KakaoBank to launch AI mortgage service
Korea’s largest internet-only lender KakaoBank will launch a mobile mortgage loan service powered by an artificial intelligence-based chatbot this month, allowing for a user-friendly and convenient loan application process, the firm said Tuesday. “Most of the mobile mortgage loans in the country require customers to swipe left and right on a phone screen to go through a complicated process of loan application. But KakaoBank’s mortgage loan service provides much more seamless
Feb. 15, 2022
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No breakthrough in talks to turn post offices into banking branches
South Korea’s financial regulator’s plan to allow nationwide post offices to work as brick-and-mortar branches for commercial banks here continues to face major hurdles as the plan has been stalled for nearly two years. On Monday, the Financial Services Commission mentioned its plans to review post offices and other similar institutions that could partner up with lenders in offering offline banking services, in its 2022 annual plan. The plan is part of its efforts to narrow the gap
Feb. 15, 2022
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Seoul stocks open nearly flat amid Ukraine risk
South Korean stocks opened nearly flat Tuesday, as investors took to the sidelines amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) edged up 0.79 point, or 0.03 percent, to 2,705.27 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed unchanged and the Dow Jones Industrial Average lost 0.49 percent. In Seoul, market bellwether Samsung Electronics added 0.27 percent,
Feb. 15, 2022
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Goldman Sachs expects market index upgrade for S. Korea in 2024
Morgan Stanley Capital International, the world’s largest index provider, could reclassify South Korea as a developed market from the current emerging market status as early as 2024, if Seoul works to internationalize currency markets, Goldman Sachs said Monday in a report. “If Korea addresses MSCI market accessibility concerns, it could be placed on the annual review watchlist this June,” the report said, referring to a necessary step before Korea can be officially included i
Feb. 14, 2022
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Seoul stocks down for 2nd day on US-Russia tensions
South Korean stocks closed sharply lower Monday, tracking a plunge on Wall Street last week amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 43.23 points, or 1.57 percent, to close at 2,704.48 points. Trading volume was moderate at about 606 million shares worth some 11.3 trillion won ($9.4 billion), with losers outnumbering gainers 787 to 117. Reta
Feb. 14, 2022
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Financial watchdog to step up crackdown on Big Tech
South Korea’s financial watchdog pledged Monday to announce its own monitoring measures for Big Tech firms’ financial services. As part of its annual plan for this year, the Financial Supervisory Service said it would prepare “Korean-type Big Tech monitoring measures to stimulate competition and innovation from Big Tech’s foray into the finance sector and to achieve financial stability and customer protection.” The purpose of the measures is to establish systemat
Feb. 14, 2022
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Foreigners net sellers of Korean stocks in Jan.
Foreigners were net sellers of Korean shares in January, ending their buying spree in December last year as investor appetite soured on signals from the US Federal Reserve that it was accelerating its policy tightening measures, data showed Monday. In January, foreigners offloaded a net 1.6 trillion won ($1.3 billion) in shares, having bought 629 billion won in the benchmark Kospi market while shedding 2.3 trillion won in the junior Kosdaq. They purchased bonds of 3.6 trillion won in the same p
Feb. 14, 2022
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Foreigners turn net sellers of S. Korean stocks in Jan.
Foreign investors turned net sellers of South Korean stocks in January, but their net investment in local bonds continued to expand, data showed Monday. Foreigners sold a net 1.68 trillion won ($1.4 billion) worth of local stocks last month, compared with their net purchase of 4.36 trillion won in December, according to the data from the Financial Supervisory Service (FSS). It represented offshore investors' first net selling of South Korean stocks in three months. Investors from the United Stat
Feb. 14, 2022
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[Newsmaker] Hana eyes stronger earnings, shareholder value under new leadership
South Korea’s Hana Financial Group announced a record annual net income of 3.5 trillion won ($2.9 billion) for 2021 last week, citing successful portfolio diversification as a driving force behind the banking group’s robust profit. Exceeding market expectations, Hana’s annual net income gained 33.7 percent on-year, driven by a noteworthy increase in earnings of its nonbanking businesses, a regulatory filing showed Thursday. Brokerage arm Hana Financial Investment’s net
Feb. 13, 2022
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Seoul stocks likely to fluctuate next week on US price pressure concerns
South Korean stocks are likely to fluctuate in a broad range as investors digest the high-flying inflation rates in the United States, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,747.71 points Friday, little changed from 2,750.26 points a week ago. The key stock index on Friday snapped its three-day winning streak from corporate earnings hope due largely to the highest US inflation growth in four decades, released the previous night. Analysts said the h
Feb. 12, 2022
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Big 4 banking groups post record earnings on lending growth
South Korea’s top four major banking groups -- KB, Shinhan, Hana and Woori -- saw their combined earnings last year hit a record high, largely buoyed by robust interest and commission income. According to their separate regulatory filings, the total net profit of the firms soared 34.5 percent on-year to 14.5 trillion ($12 billion) last year, eclipsing the previous record of 10.8 trillion won in 2020. KB Financial Group outpaced rivals in terms of net profit. Its net increased 27.6 perc
Feb. 11, 2022
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Seoul stocks open steeply lower on estimate-beating US inflation data
South Korean stocks opened steeply lower Friday due to the stronger-than-expected US inflation data. The benchmark Korea Composite Stock Price Index (Kospi) fell 27.95 points, or 1.01 percent, to trade at 2,743.98 points in the first 15 minutes of trading. The Kospi dropped as the US consumer price index for January was up 7.5 percent, higher than the market consensus. Overnight, the tech-heavy Nasdaq composite decreased 2.1 percent and the Dow Jones Industrial Average lost 1.47 percent. Tech st
Feb. 11, 2022
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KB chairman calls for public-private cooperation to make ESG headway
The chief of South Korea’s KB Financial Group said Thursday that the adoption of environmental, social and governance values is gaining traction, and asked for cooperation between the Korean public and the private sector to make headway in the global race. “ESG values are growing around the world with irreversible speed,” KB Financial Group Chairman Yoon Jong-kyoo said in a special luncheon talk hosted by the National Assembly. “The manufacturing sector accounts for a
Feb. 10, 2022
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.23 points, or 0.37 percent, to trade at 2,779.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite jumped 2.08 percent on tech gains, and the Dow Jones Industrial Average advanced 0.86 percent. In Seoul, market bellwether Samsung Electronics added 0.67 percent, and No. 2 chipmaker SK hynix advanced 1.98 percent. I
Feb. 10, 2022