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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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Speaker floats dual citizenship as solution to falling births
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[Herald Interview] ‘Crypto-based fintech firms will emerge amid COVID-19 pandemic’
Despite the economic impact of the new coronavirus outbreak in South Korea, the fintech industry is bustling as it has been relatively unaffected. The nation’s gross domestic product in the second quarter fell 3.3 percent from the previous quarter, the biggest drop since the Asian financial crisis in late 1990s. Riding the wave, the fintech industry combined with blockchain and cryptocurrency technologies will also gain momentum, according to a seasoned crypto consultant. “Som
July 28, 2020
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Local crypto firm combines health care with digital coin
A diet store may not appear to have anything in common with cryptocurrencies on the surface. For Cryptocurrency Rebalancing CEO Baek Chun-soo, however, it means the expansion of his coin investment business. The Gaindiet Shop is a new business that CEO Baek has just launched,which he plans to link with the digital coin technology. He plans to make coin-based payments available at the shop, which he aims to set up across the Korean market. The shop is designed to offer diet programs based on h
July 28, 2020
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Stock transactions driven by retail investors jump in H1
Stock trading transactions on mobile platform Stockplus more than doubled in the first half of the year, mainly due to retail investors, platform operator Dunamu said Tuesday. The transaction volume between in the January-June period rose 117.5 percent on-year, with the accumulated transactions exceeding 100 trillion won ($83.9 billion). The transaction volume reached 24.4 trillion won in the six months, surging from 11.2 trillion won in the same period last year. The figure is even higher t
July 28, 2020
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Gold prices soar to all-time high
Gold prices surged to a record high on Tuesday, as investors sought to park their money in safer destinations amid the continued spread of coronavirus and renewed US-China tensions. According to the Korea Exchange Gold Market, the price stood at 80,100 won ($66.70) per gram at the closing, jumping 2,640 won, or 3.41 percent, from the previous session. Gold prices rose for a fifth consecutive session. The price hit an intraday high of 82,970 won in early morning trading, the highest figure si
July 28, 2020
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S. Korea's daily FX turnover sinks in Q2 on eased market rout
The daily foreign exchange (FX) turnover by banks in South Korea dropped sharply from three months earlier in the second quarter, central bank data showed Tuesday, amid an eased market rout stemming from the new coronavirus pandemic. The daily FX turnover came to an average $52.02 billion in the April-June period, down 12.4 percent from a daily average of $59.37 billion in the first quarter, according to the data from the Bank of Korea (BOK). Such a drop is "largely attributed to a cut i
July 28, 2020
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Seoul stocks open sharply higher on hopes for economic rebound
South Korean shares opened sharply higher Tuesday on hopes for an economic rebound, as well as slowing new coronavirus infections in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 28.17 points, or 1.27 percent, to 2,246.03 in the first 15 minutes of trading. Investor sentiment ran high on large-scale stimulus plans in the US and Europe. The Dow Jones Industrial Average rose 0.43 percent on Monday (New York time), with the tech-heavy NASDAQ Composite up 1.67
July 28, 2020
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Woori, IBK suffer earnings slump in Q2 on coronavirus, fund misselling
Woori Bank and Industrial Bank of Korea reported on Monday that their second-quarter net profit plummeted by 45 percent and 25 percent, respectively, weighed down by risks stemming from the coronavirus and hedge fund misselling. Woori Bank’s net profit for the April-June period slipped 45.28 percent on-year to 682.1 billion won ($570.2 million), while its operating profit fell 35.04 percent to 1.3 trillion won. But revenue increased 21.34 percent to 13.8 trillion won. The commercial ban
July 27, 2020
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[Herald Interview] Digital forensics to play bigger role in Korean companies’ foreign litigation
The dominance of digital devices in the work environment has led to significant changes in global litigation involving corporate disputes. The massive amounts of intangible data have increasingly emerged as key evidence of business misconduct that is becoming more and more sophisticated. A high-profile case in the US this year was a true testament to the trend. Electronic discovery conducted by the US International Trade Commission led to a preliminary ruling -- by default -- in favor of plai
July 27, 2020
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S. Korea’s ample liquidity mostly remains in bank savings
South Korea’s lenders saw savings by customers climb rapidly during the first six months of the year, along with household and corporate loans, central bank data showed Monday. Such a visible rise was seen as a signal that the ample liquidity triggered by expansionary fiscal and monetary policies did not spill out into the market, despite policy intentions. According to data from the Bank of Korea, the credit balance of domestic banks came to 1.86 quadrillion won ($1.55 trillion) as
July 27, 2020
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Seoul stocks snap 3-day losing streak on stimulus hopes
South Korean shares closed higher Monday, snapping a three-day losing streak, as stimulus steps in major economies boosted investors' appetite for risk. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.42 points, or 0.79 percent, to close at 2,217.86. Trading volume was high at about 918 million shares worth some 9.3 trillion won ($11.7 billion), with gainers outnumbering losers 561 to 284. Foreigners bought a net 156 billion won, with
July 27, 2020
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Koramco’s REIT to invest in 187 gas stations
South Korean firm Koramco REITs Management & Trust said Monday it plans to raise 106.6 billion won ($89.04 million) from retail investors for its market debut on the nation’s main bourse Kospi next month. Koramco Energy Plus REIT is designed to directly invest in the 187 gas station sites, including the land, buildings, tanks and pipelines. Spanning an area 316,621 square meters, the land and buildings were valued at nearly 1.13 trillion won as of May 31 this year, Koramco REITs Man
July 27, 2020
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K bank to launch ‘untact’ loan transfer service
South Korea’s online-only lender K bank said Monday it plans to launch a new untact -- non face-to-face -- loan balance transfer service in the second half of this year, the first of its kind in the industry. Customers will have digital signatures registered to its own electronic system, so it can lend money instead of having to go through paper work needed to verify the authenticity of one’s seal certificate. A loan balance transfer is a service that allows borrowers to
July 27, 2020
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Seoul stocks open higher on stimulus hopes
South Korean shares opened higher on Monday on hopes for stimulus measures in major economies, bucking concerns over escalating tensions between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.37 points, or 0.70 percent, to 2,215.81 in the first 15 minutes of trading. Investor sentiment improved in Seoul, following reports that US Republicans were set to roll out a $1 trillion COVID-19 aid package early this week, with support from the White House.
July 27, 2020
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S. Korea’s housing prices soar ahead of real economy
South Korea’s housing prices were 2.64 times that of the gross domestic product in 2019, as the property market spiked, central bank data showed Sunday. Last year, the aggregate market price of houses here came to 5.67 quadrillion won ($4.62 trillion), up 7.4 percent from a year earlier, according to the Bank of Korea. The corresponding figure exceeded the 1 quadrillion won mark for the first time in 2000 and doubled up during the next six years to surpass 2 quadrillion won in 2006. Du
July 26, 2020
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[Future of Plastic Cards] With digital payments rising, will plastic cards become things of past?
This is the first installment in a series of articles and interviews assessing the future of credit cards as a major payment platform and challenges ahead. -- Ed. The rapid growth of mobile payment services is offering wider options for customers, but for the South Korean credit card industry it is both an opportunity and threat. Some naysayers even predict the demise of plastic credit cards that replaced cash payments for years. Fears linger over the possible emergence of a Korean-version of
July 26, 2020
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Shinhan Financial hands over leading bank title to rival KB in Q2
Taking a hit from the private equity debacle, Shinhan Financial Group failed to prolong its solid earnings streak in the second quarter and handed over the industry’s top position to rival KB Financial Group, data showed. For the three months that ended June 30, Shinhan posted a net profit of 873.1 billion won ($725.9 million), down 6.4 percent from a quarter earlier and 12.3 percent from a year earlier, the company said in a statement Friday. The latest result came in line with outlo
July 26, 2020
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REIT IPOs elicit lukewarm response from retail investors
The initial public offerings of South Korean real estate investment trusts are drawing lackluster response from retail investors before their listing on the local stock market, estimates showed Sunday. The latest was the undersubscription of the stock offering to individual investors, when JR Asset Management’s REIT was going public on the main bourse Kospi to invest in Finance Tower Complex in Brussels, Belgium. REITs are companies designed to generate returns for investors in the for
July 26, 2020
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Samsung Asset delays merger with hedge fund arm
Samsung Asset Management disclosed Sunday it has put a merger plan with its wholly owned hedge fund subsidiary on hold. The Seoul-based asset manager that oversees 26.9 trillion won ($22.3 billion) assets -- largest in South Korea -- added it would make an announcement once the date of merger is rescheduled. The deal was initially set to be closed by Aug. 1, following regulatory approval. The news comes amid intensifying scrutiny by authorities of Korean privately pooled funds -- private equ
July 26, 2020
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Seoul stocks set for mild gain next week: analysts
South Korean stocks are expected to log mild gains next week on hopes for a US stimulus package in the pipeline, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,200.44 points on Friday, nearly unchanged from 2201.19 points a week ago. The index managed to stay above the psychologically important 2,200-point mark despite disappointing economic indices and Sino-American tensions. Local analysts said the KOSPI is likely to post a gradual hike next week, large
July 25, 2020
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Cigna’s Korean subsidiary denies sell-off rumors
Lina Life Insurance, an affiliate of Cigna, on Friday denied market rumors that it is up for sale. According to recent market rumors, the US-based health service company plans to sell its stake in the wholly owned South Korean insurance firm. The company has reportedly selected Goldman Sachs as a lead manager for the sale. As per reports, Cigna could have fetched over 3 trillion won ($2.5 billion) from the sale. Founded in 1987, Lina Life, the 13th largest insurer here, has made most of its
July 24, 2020