Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Minister warns against trusting NK stated intentions, says Moon misguided
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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South Korea bans viral North Korea propaganda video praising Kim
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Yoon vetoes bill for special probe into young Marine's death
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Hermes celebrates craftsmanship
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After 6-year hiatus, Kia to return to Paris Motor Show in Europe push
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SoluM, LG Chem’s battery split-off eye IPOs
Amid continuous stock markets rallies and investors’ growing interest in initial public offerings, SoluM, a spin-off from Samsung Electro-Mechanics, and LG Energy Solution, a battery split-off from LG Chem, are eyeing market debuts. Electronic components maker SoluM is looking to raise as much as 99.2 billion won ($90.60 million) from its IPO early next month, becoming the first firm to be listed on the nation’s benchmark Kospi this year, its chief executive officer said Wednesday
Jan. 13, 2021
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NPS vows to beef up overseas investment through reshuffle
South Korea‘s public pension scheme, the National Pension Service, pledged Wednesday to add resilience to its capital deployment to overseas assets through a structural reorganization. Through the reshuffle, the NPS Investment Management will split its global public market division in two -- with one part dedicated to investing in foreign stocks and another in foreign fixed-income products. The move will allow the NPSIM to increase the in-house investment of foreign listed stocks and its
Jan. 13, 2021
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S. Korea's money supply growth quickens in November
South Korea's money supply continued to grow quickly in November last year, as loans to households and firms increased amid the coronavirus pandemic, central bank data showed Wednesday. The country's M2 stood at 3,178.4 trillion won ($2.9 trillion) as of end-November, up 0.9 percent, or 27.9 trillion won, from October, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.7 percent, the BOK said. A key economic indicator closely monitored by authorities, M
Jan. 13, 2021
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Banks expected to tighten grip on loans in Q1 amid pandemic: poll
Banks in South Korea are expected to tighten their lending to households and the small business sector in the first quarter of this year, as credit risks will remain high amid the pandemic, a central bank poll showed Wednesday. The Bank of Korea's index measuring the banks' attitude toward fresh loans came to minus 8 for the first quarter. The lower the reading, the more likely banks will tighten their restrictions on lending. A reading below zero means that the number of lenders that will res
Jan. 13, 2021
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Seoul stocks open higher on investors' bottom-fishing
South Korean stocks opened higher Wednesday, as investors went bottom-fishing for certain large caps that suffered large losses during the key index's two-day slump from an institutional selling spree. The benchmark Korea Composite Stock Price Index rose 15.32 points, or 0.49 percent, to 3,141.27 in the first 20 minutes of trading. The gain was largely led by chemical and tech top caps, as institutions and individuals bought on expectations of improved performance. Investor sentiment also imp
Jan. 13, 2021
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‘No assistance to SsangYong Motor if labor dispute unresolved’
Policy lender Korea Development Bank Chairman Lee Dong-gull said Tuesday that SsangYong Motor’s fate on getting financial assistance depends on its promise of stopping labor disputes until the cash-strapped company marks a turnaround. “We’ve seen many debt-ridden companies face strikes every year during annual negotiations between the labor union and management. To get rid of internal discord, the one-year group agreement needs to be extended to 3 years,” he said at the
Jan. 12, 2021
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Retail investors unnerved by plan to lift ban on short-selling
Concerns over the government‘s announcement that it would end a temporary ban on short-selling rose among retail investors Tuesday, as they claim that the reactivation of such trading practice could create market disruptions. The Financial Services Commissions said it would end the prohibition on the trading strategy that makes a negative bets on stocks on March 15, as planned. The ban was imposed to prevent market volatility in the aftermath of COVID-19 pandemic in March last year for
Jan. 12, 2021
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[Market Close-up] Kospi’s dizzy new heights: Asset bubble or market reality?
As South Korea’s main bourse continues its upward movement backed by an unprecedented buying spree by individual investors, some analysts said Tuesday warned that it might be overheating. “The level of return on equity calls for a cautious approach at the moment. You could say the market is heading upward for many reasons, but it’s too fast,” said Kim Han-jin, a senior analyst at KTB Investment and Securities. ROE is the rate of return on the capital provided by the c
Jan. 12, 2021
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Coupang’s rumored IPO in March lifts stocks of partner firms
The recent news of e-commerce unicorn Coupang going public as early as March has boosted stocks of partner companies in South Korea on Tuesday. Dongbang, a logistics firm that handles Coupang’s delivery services, saw its stock jump by a daily upper limit of 29.96 percent to reach 3,915 won ($3.56) in intraday trading on Tuesday. It also soared by the same percentage point a day earlier to close at 3,015 won. Media content platform company KTH’s stock also jumped by the daily limit
Jan. 12, 2021
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Seoul stocks down for 2nd day on profit-taking
South Korean stocks closed lower for the second straight session Tuesday as institutional and foreign investors cashed in gains amid concerns of an overheated market. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 22.5 points, or 0.71 percent, to close at 3,125.95 points, falling for the second consecutive session. Trading volume was high at about 1.37 billion shares worth around 31.1 trillion won ($28.3 billion), with losers outnumb
Jan. 12, 2021
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Housing transactions surpasses W360tr in value
Total sales transactions in South Korea’s housing market last year crossed the 300 trillion-won mark for the first time over abundant liquidity and low interest rates, according to a report released by property platform operator Zigbang on Monday. The report, based on the data of real transaction prices of houses last year, showed the sales volume reached an all-time high of 360.8 trillion won ($328.6 billion) in value, up from 246.2 trillion won in 2019. The previous record was 262.8 t
Jan. 11, 2021
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Seoul stocks slip on institutional profit-taking
South Korean stocks slipped Monday after choppy trading, roiled by foreign and institutional investors who sought to take profits before their stock options expire later this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.73 points, or 0.12 percent, to close at 3,148.45 points, breaking its two-day winning streak. Trading volume was exceptionally high at about 1.7 billion shares worth some 44.1 trillion won ($40.2 billion), with
Jan. 11, 2021
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Retail investors’ net buying of Kospi stocks hits record high
Retail investors turned to strong net buyers, loading up on over 4.47 trillion won ($4.08 billion) worth of shares on South Korea’s benchmark Kospi market Monday, double the previous record. The previous record was set on Nov. 30 last year, when they net purchased some 2.22 trillion won. Amid growing expectations of Samsung Electronics and Hyundai Motor’s partnerships with US tech giants, small domestic investors went on a speculative binge, gobbling up shares in the market heavy
Jan. 11, 2021
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KB Financial chief vows to accelerate digital transformation
KB Financial Group Chairman Yoon Jong-kyoo on Monday urged the group’s employees to strive to gain a digital foothold in the banking industry to become the nation’s No. 1 financial platform company. “While maintaining traditional core values as a financial institution, KB Financial Group should become a complete digital organization as well as financial platform company in the long run,” said Yoon at a strategic management meeting held online. During the online
Jan. 11, 2021
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Seoul stocks open sharply higher on Samsung, Hyundai Motor surge
South Korean stocks opened sharply higher Monday on the back of stellar advances by Samsung Electronics and Hyundai Motor, as investors pinned rosy expectations on the top caps' possible partnership with US tech giants. The benchmark Korea Composite Stock Price Index rose 55.85 points, or 1.8 percent, to 3,209.03 in the first 20 minutes of trading. Samsung Electronics spiked 5.18 percent, following reports that it is rivaling with Taiwan Semiconductor Manufacturing Co. over a chip outsourcing
Jan. 11, 2021
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Credit loans soar again amid relaxed rules, bullish market
Credit loans climbed back up in the first week of 2021, fueled by a bullish stock market and eased bank loan rules, data showed Sunday. The total credit loan balance of the major five commercial banks -- KB Kookmin, Shinhan, KEB Hana, Woori and NH Honghyup -- stood at 134.1 trillion won ($122.6 billion) as of Jan. 7, adding 453 billion won from 133.6 trillion won at the end of 2020. The number of new credit loans via overdraft accounts almost doubled from 1,048 on Dec. 31 to 1,960 on Jan. 7.
Jan. 10, 2021
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Kospi logs record rise in first trading week of 2021
South Korea’s main bourse Kospi posted its strongest rise in the first trading week of this year in more than a decade, according to data compiled by the Korea Exchange on Sunday. The Kospi closed at 3,152.18 points Friday, up 278.71 points or 9.7 percent. It was the largest weekly increase since the last trading week of October 2008, when the index rose 174.31 points or 18.57 percent. Small domestic investors, and foreign and institutional investors rotated to lead the market and took
Jan. 10, 2021
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[Weekender] Young and fearless: Startups enter global race for space, robotics and AI
While overseas global corporations such as Elon Musk‘s Space X, are leading to charge to turn the stuff of science fiction into reality, in South Korea, the brave companies eyeing the likes of space travel and humanoid robots are not its hardware giants, but small startups. Hybrid rocket engine maker Innospace is a prime example. The Sejong-based startup, led by a former Hanwha engineer, manufactures small “hybrid” rocket motors that use a combination of solid fuel and liquid
Jan. 9, 2021
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KOSPI soars past 3,100 on Samsung, Hyundai Motor
South Korea's key stock index logged the largest daily gain in nearly seven months Friday, breaching the 3,100-point mark on stellar advances in market heavyweights such as Samsung Electronics and Hyundai Motor. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 120.5 points, or 3.97 percent, to close at 3,152.18 points, registering the largest daily jump since June 16, 2020. Trading volume was exceptionally high at about 1.3 billion shares
Jan. 8, 2021
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Bull market continues in US, S. Korea with Biden win affirmed
After US Congress confirmed Joe Biden as the presidential election winner, leading US stock benchmarks surged to record highs on Thursday (local time). South Korea’s main bourse also hit an all-time high in intraday trading on Friday. The Dow Jones Industrial Average, the index for 30 top-performing US firms, rose 0.69 percent to 31,041.13 while the tech-heavy Nasdaq Composite jumped 2.56 percent to 13,067.48. The S&P 500, which tracks the stocks of 500 large-cap US firms, increased
Jan. 8, 2021