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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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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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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'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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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
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Seoul stocks dip for 3rd day on virus fears, economic woes
South Korean stocks closed lower for a third consecutive session on Friday, as investor sentiment worsened over the economic fallout from the new coronavirus pandemic. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 15.75 points, or 0.71 percent, to close at 2,200.44. Trading volume was high at about 979 million shares worth some 16.1 trillion won ($14 billion), with losers outnumbering gainers 583 to 279. Foreigners bought a net 87 bill
July 24, 2020
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JB’s asset management arm buys Milan office building
An asset management arm of South Korea’s JB Financial Group said Friday it has purchased the headquarters of Italian energy firm ENI for 200 million euros ($232 million) as part of its efforts to expand global investments. JB Asset Management has been expanding its infrastructure investment fund overseas since last year, making 300 billion won ($250 million) investment in gas–fired combined cycle power plants in New England and Ohio in the US. Earlier this month, JB forged a partn
July 24, 2020
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Seoul stocks open lower on virus woes
South Korean shares opened lower Friday on concerns over the virus pandemic's impact on the export-driven economy. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.73 points, or 0.44 percent, to 2,206.46 in the first 15 minutes of trading. The index got off to a weak start, with signals that the economic recovery from the COVID-19 pandemic may be slower than the authorities earlier expected. South Korean vice finance minister warned that the country's export slump is likely t
July 24, 2020
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IGIS drops Gangnam apartment renovation plan amid backlash
IGIS Asset Management said Thursday it has canceled a plan to renovate an apartment building in Gangnam, an affluent southern district of Seoul, it acquired in April. The nation’s largest commercial property investor added it would liquidate the privately pooled fund that was created to invest in the redevelopment project, immediately after it sells the residential building. The asset management company purchased Samsung World Tower from an individual for 42 billion won ($35 mil
July 23, 2020
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Seoul stocks down for 2nd day on weak data, US-China tensions
South Korean shares closed lower for the second straight day Thursday due to weaker-than-expected growth data and the rising US-China frictions. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.47 points, or 0.56 percent, to close at 2,216.19. Trading volume was high at about 920 million shares worth some 16.1 trillion won ($13.4 billion), with losers outnumbering gainers 597 to 271. Foreigners sold a net 210 billion won, and instituti
July 23, 2020
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Watchdog accuses Optimus hedge fund of alleged fraud, embezzlement
The nation’s financial watchdog said Thursday its probe revealed that scandal-ridden hedge fund Optimus Asset Management faked the fund portfolio to its investors, misappropriated their money and obstructed the authorities’ investigation. “Optimus misguided fund investors to pool their money, which led to fraudulent transactions,” Financial Supervisory Service Deputy Governor Kim Dong-hoe, who is in charge of financial investment services supervision, said in a briefing
July 23, 2020
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Local PEF zeroes in on Mr. Pizza acquisition
TR Investment has been given exclusive rights to negotiate with shareholders of MP Group, the operator of pizza restaurant chain Mr. Pizza, to buy a 41.39 percent stake for 35 billion won ($29.19 million), a disclosure showed Thursday. Under the binding memorandum of understanding, the South Korean private equity firm has agreed to buy 10 million existing shares of MP Group -- which operates pizza restaurants and coffeehouse chain -- from its current major shareholders including founder and e
July 23, 2020
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Seoul stocks open lower on disappointing Q2 GDP growth
South Korean shares opened lower Thursday as investor sentiment worsened over the country's biggest economic contraction in the second quarter in over two decades. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.99 points, or 0.40 percent, to 2,219.67 in the first 15 minutes of trading. In the April-June period, South Korea's real gross domestic product (GDP) shrank 2.9 percent from the same period last year, marking the slowest growth since a 3.8 percent on-year contraction in
July 23, 2020
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FSC OKs BC Card’s acquisition of controlling stake in K bank
South Korea’s financial regulator said Wednesday it has permitted BC Card to acquire a 34 percent controlling stake in internet-only K bank. With the Financial Services Commission’s approval, the credit card processing subsidiary of telecom giant KT will become the largest shareholder of the country’s first online-only lender. Earlier in May, the company had requested the FSC to review its eligibility to become K bank’s largest shareholder. Initially, KT had so
July 22, 2020
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'Korean investors’ growing interest in US tech stocks risky'
Persisting economic uncertainties due to the coronavirus outbreak appear to have only made blue chip tech stocks in the United States more expensive, while growing retail investors’ appetite for US stocks on global monetary expansion have left them prone to risks, said a strategist at global asset management firm AllianceBernstein. “On the issue of COVID-19 risk, we would just very simply say why bet on things that we don’t know?” David Wong, a senior investment strateg
July 22, 2020
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Hospitality industry’s Q1 output contracts to 10-year low: BOK
South Korea’s lodging and dining industry’s revenue plummeted to a 10-year low in the first quarter with a surge in loan requests, the central bank said Wednesday. According to data from the Bank of Korea, the industrial production index for the hospitality sector stood at 85.6, down 15.5 percent from the same quarter last year, marking the steepest fall since 2010. The IPA -- which measures current economic conditions -- is calculated based on sales figures in each busine
July 22, 2020
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Seoul shares end almost flat on profit-taking
South Korean stocks closed flat Wednesday as investors cashed in profits as virus fears marred economic recovery hopes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 0.17 point, or 0.01 percent, to finish at 2,228.66. Trading volume was heavy at 839 million shares worth 15.3 trillion won ($12.8 billion), with gainers outpacing losers 423 to 412. The KOSPI closed up 1.4 percent Tuesday, buoyed by a European Union economic stimulus
July 22, 2020
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‘Korean listed REITs are undervalued amid bio, tech rallies’
Despite a number of REITs attempting to make their market debuts on the nation’s main bourse Kospi in the second half, their value remains underestimated, according to the chief of the Korea Association of Real Estate Investment Trusts on Wednesday. “Beginning with IGIS Value Plus REIT’s list on the Kospi in July, 10 REITs have either been listed or waiting to be listed in the market in the second half. Unlike our expectation, nominal values of the REITs were underestimated,&
July 22, 2020
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Korea's FX deposits climb to record high in June
Foreign currency deposits at banks in South Korea surged to a new record high in June, central bank data showed Wednesday, amid pandemic-caused uncertainties that pushed both businesses and individuals to boost their currency holdings. Foreign currency deposits held by local residents came to $84.53 billion as of end-June, up $3.61 billion from a month earlier, according to the data from the Bank of Korea (BOK). The amount marks the highest since the BOK began compiling such data in June 2012
July 22, 2020
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State pension fund snaps up drug, tech stocks amid virus
South Korea's state pension operator has raised exposure to pharmaceutical and tech stocks this year amid the coronavirus outbreak while unloading retailers and other virus-hit issues, a corporate tracker said Wednesday. The National Pension Service (NPS), the biggest institutional investor in South Korea, newly bought stakes of 5 percent or more in 24 companies traded on the country's major and secondary bourses as of Friday, according to CEO Score. DoubleU Games Co. was the pension provider
July 22, 2020
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Seoul shares open nearly flat on profit-taking
South Korean stocks opened nearly flat Wednesday as investors cashed in profits following a sharp gain in the previous session over economic recovery hopes. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) gained 0.14 point or 0.01 percent to 2,228.97 in the first 15 minutes of trading. Seoul shares closed up 1.4 percent Tuesday as investor sentiment was boosted by a European Union economic stimulus deal and hopes for coronavirus vaccines. Overnight, Wall Street
July 22, 2020
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Foreigners turn to net buyers of Samsung Electronics this month
Foreign investors have turned to net buyers of top-cap Samsung Electronics Co. this month following months of massive selling, data showed Wednesday. Offshore investors' net purchase of Samsung shares stood at 1.07 trillion won ($900 million) in the first 21 days of July, making the tech giant their most-bought issue, according to the data from the Korea Exchange. The figure represents a sharp turnaround from their previous selling binge. In the first five months of the year, foreigners sold
July 22, 2020
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Scholars hold authorities responsible for hedge fund fiasco
Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown hedge fund asset managers, a drastic change in local financial supervision system has to
July 21, 2020
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Number of taxpayers for property ownership increases with price hike
The number of people subject to pay tax for residential property ownership increased by more than 110,000 last year, while the corresponding tax revenue neared 1 trillion won ($834 million) due to a price hike, government data showed Tuesday. As the given progressive tax rate is imposed on those who own high-priced residences, such expanded tax yields were seen to reflect the fast increasing housing price hike here. The number of individuals and companies subject to the comprehensive real
July 21, 2020