Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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South Korea open to Indonesian proposal to cut KF-21 payments
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Like hot tech shares, Bitcoin falls as US bond yields rise
Bitcoin declined Friday, falling below 53 million won ($48,100) in the week that the largest cryptocurrency is suffering its worst pullback in a year. The digital currency fell to as low as 52.88 million won in the afternoon, plunging almost 20 percent from Sunday’s record high of 65.84 million won. Bitcoin’s volatility coincided with a slump in stock markets with investors wary over a sharp rise in US bond yields, hurting steep valuations of tech companies. The te
Feb. 26, 2021
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Financial authorities to inspect firms’ selling of foreign currency insurance
South Korea’s financial authorities plan to launch an industry-wide probe into insurers selling foreign currency insurance -- which has been gaining popularity here in recent years -- next month, on allegations of possible misselling of the high-risk products, sources said Friday. When customers subscribe to foreign currency insurance in Korea, they pay an insurance premium with foreign currency, the most popular being the US dollar, and receive payments with the same currency. The natio
Feb. 26, 2021
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Kospi plunges nearly 3% on US bond yields hike
The South Korean key stock index dipped nearly 3 percent Friday, just managing to stay above 3,000 points. Affected by US inflation woes, foreign and institutional investors accelerated their selloffs of local shares. The main bourse Kospi began trading lower at 3,089.49 points then continuously moved downward throughout the day to close at 3,012.95 points, falling 2.8 percent from the previous session’s close. The index retreated below the 3,000-point threshold until around 3 p.m., but s
Feb. 26, 2021
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Seoul stocks dip nearly 3% on US inflation woes
South Korean stocks dipped nearly 3 percent Friday on the back of an overnight Wall Street plunge that was spurred by a bond yield hike. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 86.74 points, or 2.8 percent, to close at 3,012.95 points. Trading volume was high at about 1.3 billion shares worth some 21 trillion won ($18.7 billion), with losers outnumbering gainers 729 to 153. Foreigners dumped a net 2.8 trillion won, institutions o
Feb. 26, 2021
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Mirae Asset Daewoo looks to launch in-house ESG committee
South Korean brokerage firm Mirae Asset Daewoo said Friday that it plans to set up an in-house committee focused on environmental, social and corporate governance. The brokerage house’s new agenda will be put to a vote at the upcoming shareholders meeting set for March 24. The decision came to reinforce the company’s practices in ESG management. To take the lead in being a socially responsible firm, the committee will handle decisions related to ESG issues and open the results to
Feb. 26, 2021
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Seoul stocks open steeply lower on US inflation woes
South Korean stocks opened steeply lower Friday, tracking an overnight Wall Street plunge that was spurred by a bond yields hike. The benchmark Korea Composite Stock Price Index fell 84.03 points, or 2.71 percent, to 3,015.66 points in the first 15 minutes of trading. Stocks deepened losses as investor worries grew globally over post-pandemic inflation, heralded by a bond yields hike. Overnight, the tech-heavy Nasdaq Composite tumbled 3.52 percent, with the S&P 500 and the Dow Jones Ind
Feb. 26, 2021
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[Herald Interview] NYSE hopes to see more Korean firms listing in US
E-commerce giant Coupang’s application this month to list on the New York Stock Exchange has given hope to Korean firms dreaming of listing on the “big board.” If Coupang’s initial public offering is successful, it will be the first Korean direct listing on the NYSE, and its attempt, often headlined as “the largest IPO by a foreign company after Alibaba,” has been drawing attention around the world. But the NYSE does not want to stop at Coupang. Alexandre
Feb. 25, 2021
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Seoul stocks shoot up 3.5% on US Fed chief's soothing comments over yield hike
South Korean stocks sharply rebounded to surge more than 3 percent Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 104.71 points, or 3.5 percent, to close at 3,099.69 points. Trading volume was moderate at about 1.3 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 807 to 80. Foreigners bought a net 968 billion
Feb. 25, 2021
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[Exclusive] Korean investors' $16.8b coal exposure highlights call for climate action
Forty South Korean investors were found to have invested a total of $16.8 billion in securities issued by thermal coal-related companies worldwide as of January, data exclusively obtained by The Korea Herald showed Thursday. The figure highlights calls for more aggressive climate action on the part of the investors, beyond just declaring an end to additional coal investing, for a nation that pledged to achieve carbon neutrality by cutting emissions to net zero by 2050 for a more sustainable fut
Feb. 25, 2021
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Incumbent Hana Financial chief to take on 4th term, but only for 1 year
Kim Jung-tai, the incumbent chairman of Hana Financial Group, was officially tapped by board members to lead the banking giant for another year, the group said Thursday. Hana Financial Group’s recommendation committee for CEO nominations had recommended Kim as the sole candidate for the next president, allowing him to clinch a fourth term in office. Once the appointment is confirmed during a general meeting of stockholders and board of directors slated for March, Kim
Feb. 25, 2021
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Provisioning, relief measures to support S. Korean banks’ performance: Fitch
US credit rating agency Fitch Ratings said on Wednesday that the near-term performance of South Korea's four major banks will be supported by loan-loss provisioning already made in 2020 and sustained relief measures introduced by the regulator. The pressure on their financial profiles, however, may persist as the ramification of last year’s pandemic-induced recession is likely to linger and affect the banks' asset quality and profitability, according to the company. “The prelimina
Feb. 25, 2021
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Seoul stocks open steeply higher on US Fed Chairman's soothing comments
South Korean stocks opened steeply higher Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.82 points, or 1.6 percent, to 3,042.8 points in the first 15 minutes of trading. Stocks lifted largely on Federal Reserve Chairman Jerome Powell's overnight reiteration that the world's largest economy still has a long way to go to recover from the pandemic's fallout. The rebound came a day after the key
Feb. 25, 2021
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NPS gains W72tr for 2020
South Korea’s public pension fund, the National Pension Service, has logged a 9.7 percent return last year to gain 72.1 trillion won ($65 billion) in its preliminary estimate, the government said Wednesday. Health Minister Kwon Deok-chul, who chairs NPS’ Fund Management Committee, added that the world’s third-largest pension fund was managing 833.7 trillion won worth of assets as of end-2020, in a committee meeting held in Seoul. The estimate will be finalized in June, accordi
Feb. 24, 2021
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Bitcoin moves with extreme volatility amid warnings
Bitcoin prices continued to fluctuate on Wednesday as authorities in and out of the country expressed concerns over the digital coin’s volatility. After plunging 22 percent from Sunday’s record high of 65.84 million won ($59,294) to 50.9 million won on Tuesday, bitcoin prices stabilized at about 56 million won in the afternoon on Wednesday, Upbit data showed. The recent surge was driven by endorsements from Silicon Valley and Wall Street. Tesla, a US electric vehicle maker, said
Feb. 24, 2021
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Seoul stocks dip more than 2% to nearly 1-month low on foreign selling binge
South Korean stocks tumbled by more than 2 percent to dip below the 3,000-point threshold Wednesday on massive foreign selling, largely due to concerns over a US bond yield hike that drove the key stock index down for the past few sessions. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 75.11 points, or 2.45 percent, to close at 2,994.98 points. Trading volume was moderate at about 1.5 billion shares worth some 16.7 trillion won ($17.7
Feb. 24, 2021
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Commercial real estate investment to reach W17tr
The entire volume of commercial real estate investments in the South Korean market is forecast to reach 17 trillion won ($15.3 billion), similar to last year’s level, analysts predicted. “Foreign investors are paying keen attention to the local market due to the country’s relatively successful containment of the pandemic, and Seoul was named in the top three most attractive markets, according to CBRE’s 2021 Asia Pacific Investor Intentions Survey,” said Don Lim,
Feb. 24, 2021
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Watchdog orders banks to compensate investors for damages from Lime misselling
South Korea’s financial watchdog on Wednesday ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of
Feb. 24, 2021
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Seoul stocks open lower on inflation worries
South Korean stocks opened lower Wednesday, tracking overnight tech losses on Wall Street that stemmed from US inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.46 points, or 0.37 percent, to 3,058.63 points in the first 15 minutes of trading. Samsung Electronics retreated 0.49 percent, and No. 2 chipmaker SK hynix shed 0.36 percent. Top automaker Hyundai Motor moved down 0.2 percent, with internet portal operator Naver declining 1.02 percent. Leading chemica
Feb. 24, 2021
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Once-hot P2P lending industry faces tough road ahead
Peer-to-peer lending platforms that were once the talk of the town are facing a myriad of challenges amid ongoing litigation and tougher regulations, highlighted by a lawsuit against Tera Funding, experts said on Tuesday. Tera Funding is facing another class action from investors who are unhappy with delayed payments and loss of investments. This is the second time the company has had to deal with a lawsuit since August 2020 when a group of 500 investors took the company to the court, alleging
Feb. 23, 2021
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FSC chief urges local insurers to join ESG trend
Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a
Feb. 23, 2021