Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Medical feud leaves hospitals in financial crisis
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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'Queen of Tears' riding high on Netflix chart
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Speaker floats dual citizenship as solution to falling births
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Kakao Bank makes IPO plans official
South Korea’s leading internet-only bank, Kakao Bank, made its market debut plans official as it decided to apply for auditor designation and select an underwriter by the end of this year, the company said Thursday. But the company has not yet decided when or where to list its shares -- on the main bourse, Kospi, or the tech-heavy Kosdaq -- or on the size of the offering. The company is expected to become the first online-only bank to be listed in the local stock market, and the second
Sept. 24, 2020
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BTS agency begins IPO demand forecasting for institutions
Big Hit Entertainment, the management agency for K-pop super group BTS, was to start demand forecasting for domestic and overseas institutions Thursday in the runup to its initial public offering (IPO). Big Hit Entertainment will determine the initial offering price following the two-day forecasting session as one of the largest talent agencies is slated to debut on the country's main stock market next month. General subscription for its shares is scheduled for Oct. 5 and 6 amid keen interest
Sept. 24, 2020
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Seoul stocks open sharply lower on Wall Street plunge
South Korean shares opened sharply lower Thursday, taking a cue from a plunge in tech stocks on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 33.58 points, or 1.44 percent, to 2,299.66 in the first 15 minutes of trading. Investor sentiment worsened as key US stock indexes tumbled, with tech shares leading the market slump. The tech-laden Nasdaq Composite plummeted 3.02 percent to 10,632.99 on Wednesday (New York time). The Dow Jones Industrial Average dropped 1.
Sept. 24, 2020
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Seoul stocks slightly up on bargain-hunting
South Korean shares snapped a two-day losing streak to inch higher Wednesday on the back of retail investors' massive bargain-hunting. The Korean won rose against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 0.65 point, or 0.03 percent, to close at 2,333.24. In the previous session, the index fell 2.38 percent. Trading volume was moderate at about 725 million shares worth some 13.4 trillion won ($11.5 billion), with losers outnumbering gaine
Sept. 23, 2020
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Tesla’s lukewarm Battery Day disappoints Korean market
Electric vehicle maker Tesla’s promises of a $25,000 electric car and affordable batteries were good enough to receive honks from its fans seated in EVs at the annual Battery Day conference and shareholder meeting. They, however, fell short of exciting investors as the company‘s stock price dropped. The disappointment among global investors also dragged down stock prices of Korean companies in the electric vehicle segment. Many Korean firms in the EV battery industry, including LG
Sept. 23, 2020
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Seoul stocks open slightly higher on Wall Street rebound
South Korean shares opened slightly higher Wednesday, tracking an overnight rebound on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.41 points, or 0.23 percent, to 2,338.0 in the first 15 minutes of trading. The index got off to a strong start after a 2.38 percent plunge the previous session. Tech shares advanced, taking a cue from an upturn in US tech heavyweights. The tech-laden Nasdaq composite rose 1.71 percent to 10,963.64 on Tuesday (New York time). The
Sept. 23, 2020
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Standard Chartered CEO cements partnership with S. Korean fintech leaders
After completing a two-week self-quarantine period in South Korea, London-based Standard Chartered Bank CEO Bill Winters has been traveling back and forth between South Korea’s capital Seoul and Pangyo, touted as the nation’s Silicon Valley, meeting with a number of high-profile figures in the domestic financial technology industry in recent days, according to sources Tuesday. Winters was initially granted a quarantine exemption upon his arrival in the country on Aug. 30, but decide
Sept. 22, 2020
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Seoul stocks plunge more than 2% on virus fears
South Korean stocks dipped more than 2 percent on Tuesday, as investor sentiment worsened over dimming hopes for recovery from the coronavirus pandemic in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 56.8 points, or 2.38 percent, to close at 2,332.59. Trading volume was high at about 1 billion shares worth some 17.5 trillion won ($15 billion), with losers outnumbering gainers 816 to 80. The KOSPI plunged after losi
Sept. 22, 2020
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Shinhan Card joins forces with Visa to offer data consulting services
South Korea’s leading card issuer, Shinhan Card, is ratcheting up its efforts to tap into global markets. As part of its recent global expansion scheme, it has joined hands with global credit card giant Visa to offer joint consulting services based on data analysis. The two firms plan to deploy their data analysis capacities to provide consulting services for local and global governments and companies. The partners will also try to develop solutions to monitor global payment and consump
Sept. 22, 2020
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[Decoding Shareholders] Woori Financial Group on long road to privatization
This is a part of a series exploring the governance structure of financial giants in South Korea and examining diversity and transparency in boardrooms. -- Ed. It was a 12.7 trillion won ($10.6 billion) government bailout that saved Woori Financial Group, then known as Hanvit Bank, in 1998 when it was reeling from the 1997 Asian financial crisis. For more than 20 years, the lender survived and kept its status as one of South Korea’s financial giants. But the remaining presence of state fu
Sept. 22, 2020
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FSS stresses need for environment monitoring system in financial sector
The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles. “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon Suk-heun, governor of the Financial Supervisory
Sept. 22, 2020
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NPS joins hands with Keppel Capital for Asia infrastructure investment
The National Pension Service, South Korea‘s public pension fund, has entered into a strategic cooperation with Singapore-based Keppel Capital to beef up private infrastructure investment in Asia. According to the investment arm of offshore rig builder and shipbuilder Keppel, the strategic cooperation is meant to foster capabilities to manage energy and environmental infrastructure assets, including renewables and related technology solutions, urban development and connectivity solutions.
Sept. 22, 2020
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Tuesday, taking a cue from overnight losses on Wall Street over the new coronavirus concerns. The benchmark Korea Composite Stock Price Index fell 15.13 points, or 0.63 percent, to 2,374.26 in the first 15 minutes of trading. Investor sentiment worsened after US Federal Reserve Chairman Jerome Powell said a full recovery from the pandemic will take a considerably long time. In a related move, former Food and Drug Administration Commissioner Scott Gottl
Sept. 22, 2020
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Hanwha Solutions stocks plunge as Nikola doubt deepens
Shares of Hanwha Solutions plunged Monday immediately after electric vehicle developer Nikola announced a leadership shakeup, as it faces a heap of fraud allegations and an upcoming probe. Hanwha Solutions common shares retreated 7.4 percent Monday, while its preferred stocks dipped 10 percent. Hanwha Solutions, a Seoul-based petrochemical arm of the Hanwha conglomerate, indirectly controls a minority stake in Nikola. Nikola fetched a combined $100 million of funding evenly from Hanwha Ene
Sept. 21, 2020
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[Market Close-up] W520b per BTS member? Market worth of K-pop stars in limelight as agency IPO nears
With a mere estimate of the market value of Big Hit Entertainment, the label behind BTS, reaching nearly 4.6 trillion won ($3.97 billion) after listing, eyes are on the seven-member boy band that generates most of the company’s revenue. The K-pop agency is scheduled to make its market debut on South Korea’s main bourse, Kospi, in October, offering 7.13 million shares at a price between 105,000 won and 135,000 won per share. Its market capitalization is anticipated to reach nearly
Sept. 21, 2020
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Litigations pile pressure on Mirae Asset Group
Korean investment banking group Mirae Asset Group is being swamped by litigations at home and abroad, including one against China’s Dajia Insurance Group surrounding high-profile hotel deals in the United States, filings showed Monday. As of the end of June, the total litigation costs incurred to brokerage house Mirae Asset Daewoo and its affiliates could exceed 7 trillion won ($6 billion) if the group loses all 35 lawsuits in which it is involved. The cost has gone up from 68.8 billion
Sept. 21, 2020
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Apartment transactions dive amid lingering market anxiety
Confusion in South Korea‘s real estate market has continued with the transaction volume of Seoul apartments taking a dive while a buying drive by 30-somethings concerned over further price hikes remained strong last month, data showed Monday. According to data released by the state-run Korea Appraisal Board, a total of 6,880 apartment units changed hands in Seoul last month, down 57 percent from 16,002 in July. Apartment transactions reached a fever pitch in 2019 with the sales volume
Sept. 21, 2020
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Hyundai Motor Group's market value recovers to 100 tr won
The market value of South Korean auto giant Hyundai Motor Group has recovered to the 100 trillion-won ($85.9 billion) level after more than 28 months thanks to brisk sales of hydrogen and electric vehicles, data showed Monday. The total market capitalization of Hyundai Motor Co. and 11 other listed subsidiaries came to 100.2 trillion won as of Thursday, according to the data from the Korea Exchange. South Korea's leading automaker was valued at 39.3 trillion won, with No. 1 auto parts manufac
Sept. 21, 2020
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Seoul stocks dip almost 1% amid valuation pressure
South Korean shares fell below the 2,400 mark on Monday, as lingering valuation pressure drove down the key index. The Korean won rose against the U.S. dollar to the highest level in eight months. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.01 points, or 0.95 percent, to close at 2,389.39. Trading volume was high at about 1 billion shares worth some 14 trillion won ($12.1 billion), with losers outnumbering gainers 694 to 168. Foreigners sold a net 77 billion won, while re
Sept. 21, 2020
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Hyundai Motor Group returns to W100tr club
The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday. As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first time in 28 months, according to the Korea Exchange. Of the total, the combined market va
Sept. 21, 2020