Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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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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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Renters 65% less likely than homeowners to get married: study
South Koreans who rent their homes are less likely to get married and have children than those who own their own homes, a private think tank said Wednesday. When people who paid monthly rent were compared with homeowners, the former were 65 percent less likely to tie the knot than the latter, according to the Korea Economic Research Institute, which is under the country’s top business lobby, the Federation of Korean Industries. For people who have “jeonse” apartment leases, t
Oct. 21, 2020
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JB’s Cambodian subsidiary launches e-loan repayment services
Phnom Penh Commercial Bank -- the Cambodian subsidiary of JB Financial Group’s flagship lender -- signed a deal with a Thailand-based financial technology firm to provide electronic loan repayment services to customers, the South Korean banking group said Wednesday. PPC Bank’s latest memorandum of understanding with True Money is to allow customers to repay both the principal and interest back to the lender via the fintech firm’s electronic wallet service known as True Money
Oct. 21, 2020
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Central bank upgrades large-value fund transfer system
South Korea’s central bank on Wednesday held a ceremony for the launch of its upgraded large-value interbank fund transfer system, which started operations last week. The Bank of Korea’s real time gross settlement system is the nation’s only system handling transfers of large funds between financial institutions. The system was first launched in 1994 and was upgraded previously in 2009, but the BOK has been building the “next-generation” version since 2015 t
Oct. 21, 2020
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Wednesday, taking a cue from an overnight rise on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.42 points, or 0.23 percent, to 2,363.83 in the first 15 minutes of trading. Local stocks got a boost from US peers, despite lingering uncertainties from the ongoing talks for the new US virus relief package. The tech-heavy Nasdaq Composite advanced 0.33 percent on Tuesday (New York time), with the Dow Jones Industrial Average adding
Oct. 21, 2020
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Authorities seek to revoke Lime Asset license
South Korea’s financial watchdog on Tuesday recommended that Lime Asset Management lose its license, the toughest penalty possible, for defrauding its investors and costing them trillions of won. The FSS decision followed a meeting to decide the level of sanctions it would advise the regulator, the Financial Services Commission, to impose on the Seoul-based hedge fund manager. If the FSC agrees, Lime’s license as a privately pooled fund manager could be revoked as early as Nov
Oct. 20, 2020
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S. Korea state pension partners with Dutch fund for joint investments
South Korea's state pension fund said Tuesday it has partnered with its Dutch counterpart to make joint investments in overseas assets. The National Pension Service has recently joined hands with APG Asset Management, which runs the biggest Dutch pension fund, to explore investment opportunities in global markets, the NPS said in a statement. The partnership came as the Korean pension fund increases the ratio of alternative investments in global markets amid low rates and an extended slowdown,
Oct. 20, 2020
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Seoul shares up for 2nd day on US stimulus hopes; Korean won at 18-month high
South Korean shares rose for a second straight session Tuesday, as investors hold on to hopes for progress in the new US stimulus talks. The Korean won rose to an 18-month high against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 11.67 points, or 0.5 percent, to close at 2,358.41. Trading volume was moderate at about 862 million shares worth some 11.7 trillion won ($10.3 billion), with losers outnumbering gainers 514 to 323. Foreigners boug
Oct. 20, 2020
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JPMorgan cuts Kiwoom Securities stake for W26.1b
JPMorgan Asset Management has reduced its stake in South Korean securities brokerage house Kiwoom Securities to cash out 26.1 billion won ($22.9 million), in an apparent profit-making move, a filing showed Tuesday. Since August, Hong Kong-based JPMorgan Asset Management Asia Pacific and five affiliated parties had unloaded a combined 1.11 percent stake in the Seoul-based brokerage house without a brick-and-mortar branches. The transaction cut JPMorgan’s stock holding to 3.9 percent, stee
Oct. 20, 2020
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KB Kookmin Bank chief likely to serve third term
Major South Korean bank KB Kookmin’s incumbent CEO is likely to keep his role for another year, as he was tapped by board members on Tuesday as the sole candidate for the position, the firm said. KB Kookmin Bank CEO Hur Yin has been selected by the lender’s holding group KB Financial Group’s affiliate leadership nomination committee to serve his third term as his one-year second term is set to end on Nov. 20. Hur would have to gain approvals from a similar, yet lower committe
Oct. 20, 2020
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KB Financial issues ESG hybrid bonds worth W500b
Major South Korean banking group KB Financial Group said Tuesday that it has issued 500 billion won ($439.1 million) worth of hybrid bonds focused on environmental, social and governance investment. They are the first won-denominated ESG bonds issued by a banking group here, the firm said. While a growing number of local financial institutions have floated ESG bonds in recent years, it was usually the major banking group’s flagship lenders that handled the business, not the holding compan
Oct. 20, 2020
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Shared office operator Sparkplus eyes IPO next year
Local office space sharing firm Sparkplus is gearing up for an initial public offering next year, according to company officials on Tuesday. As the company plans to make its debut on the nation’s tech-heavy Kosdaq bourse, it recently chose local brokerage firm Mirae Asset Daewoo as its leading underwriter. However, the exact size of the deal and the date of listing have not yet been decided, the firm said. Sparkplus was jointly established by Aju Hotels & Resorts and accelerator Spar
Oct. 20, 2020
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Seoul shares open nearly flat amid stalled US stimulus talks
South Korean shares opened nearly flat Tuesday amid slower-than-expected progress in the new US stimulus talks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.3 points, or 0.06 percent, to 2,348.04 in the first 15 minutes of trading. Investor sentiment remained risk-averse as negotiations for the fresh US stimulus scheme are showing meaningful progress. The Dow Jones Industrial Average fell 1.44 percent to 28,195 on Monday (New York time). The tech-heavy Nasdaq composite inde
Oct. 20, 2020
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Half of credit loan users still get top rating grade: data
Nearly a half of local lenders’ borrowers have received the top credit rating as their ability to repay interest improved under the ultra-low interest rate environment, data showed Monday. As of end-September, 3.11 million, or 48 percent of the 6.46 million individual customers who borrowed money on credit were found to have received top score of the 10-level credit assessment system, according to Rep. Yoon Du-hyeon, citing data from credit rating firm NICE Credit Information Service.&nbs
Oct. 19, 2020
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Card issuers, retailers team up for big data development
Big name retail chains have been recently joining forces with card companies to analyze spending patterns and cater to diverse needs of consumers. Spearheading the trend, South Korea’s largest card company Shinhan Card inked a partnership with GS Retail, the operator of convenient store chain GS25, on Monday to develop new business models by analyzing data linked to items purchased and consumer behavior. By combining a wide range of data, including items sold at convenience stores and
Oct. 19, 2020
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Seoul stocks snap 4-day losing streak on bargain hunting
South Korean stocks ended a four-session losing streak Monday on investors' bargain hunting rush despite disappointing growth data from China. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.21 points, or 0.22 percent, to close at 2,346.74. Trading volume was moderate at about 911 million shares worth some 10.2 trillion won ($8.9 billion), with gainers outnumbering losers 442 to 394. Institutions purchased a net 297 billion won, and fo
Oct. 19, 2020
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Big Hit suffers extended slide after market debut
Shares in Big Hit Entertainment, the creative nest of K-pop superstar BTS, continued to suffer an extended slump on the third day since the company's market debut as some institutional investors dumped the stocks. Big Hit shares tumbled 5.74 percent to close at 189,000 won ($165), far underperforming the benchmark Korea Composite Stock Price Index's (KOSPI) 0.22 percent gain. The company dipped to as low as 187,000 won at one point. The entertainment firm had a rollercoaster market debut on Th
Oct. 19, 2020
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Ottogi, AhnLab among money-losing investors in Optimus funds
About 60 local listed firms, state-run companies and major universities had invested in the scandal-ridden Optimus funds that have lost more than 5 trillion won ($4.38 billion) so far, according to local reports Monday. The list of investors for fraudulent hedge funds operated by South Korea’s Optimus Asset Management included leading food company Ottogi, which invested 15 billion won, and Kosdaq-listed antivirus software firm AhnLab, which invested 7 billion won, according to the local K
Oct. 19, 2020
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KIC under fire for investing in money-losing marijuana stocks
South Korea’s sovereign wealth fund Korea Investment Corp. was seeing a stock price fall in Ontario-based marijuana maker Canopy Growth, as its $18 million bet on the company lost glitter in the first half of 2020, a lawmaker said Monday. The ruling Democratic Party of Korea’s Rep. Jung Sung-ho added the investment in the pot producer is a point of contention, not only because KIC’s bet has not led to an instant success, but also because investing in marijuana makers is an &l
Oct. 19, 2020
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Monday on investors' bargain hunting rush following a drop for four straight days. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 15.37 points, or 0.66 percent, to 2,356.9 in the first 15 minutes of trading. Stocks came to a strong start, led by gains in tech and bio firms. Most large caps traded higher, with top market cap Samsung Electronics adding 1.18 percent and No. 2 chipmaker SK hynix gaining 1.88 percent. Giant pharmaceutical firm
Oct. 19, 2020
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PDI Seoul Forum turns virtual in 2020
London-based financial intelligence company PEI said Sunday it planned to hold PDI Seoul Forum Virtual Experience on Nov. 10. The virtual event, organized by PEI’s publication Private Debt Investor, is expected to offer participants a glimpse of private debt investment strategies, debt investor preferences in asset allocations and fund manager selection and monitoring processes amid challenges posed by the COVID-19 pandemic in the global capital market, PEI said. The event will feature
Oct. 19, 2020