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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Foreigners extend stock sell-off to 5th straight month in June
Foreign investors extended their selling spree of South Korean stocks to a fifth straight month in June, data showed Monday. Foreigners sold a net 420 billion won ($348.6 million) worth of local stocks last month, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 2.5 trillion won worth of stocks last month, while British investors net purchased 1.7 trillion won worth of stocks, according to the FSS. As of end-June, local stocks held by foreign
July 13, 2020
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Seoul stocks open higher on stimulus hopes
South Korean shares opened higher Monday on hopes for economic rebound despite rising virus outbreaks around the globe. The benchmark Korea Composite Stock Price Index (KOSPI) added 13.51 points, or 0.63 percent, to 2,163.76 in the first 15 minutes of trading. The gains were led by optimism for a quick economic recovery. South Korea's exports fell 1.7 percent on-year in the first 10 days of July, but a slower rate of decline signaled recovery in outbound shipments. This week, South Kore
July 13, 2020
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[Herald Interview] Former WeWork Korea general manager dives into proptech scene with platform Dongnae
Looking for a home, whether to rent or own, is an extremely time-consuming and painstaking job in South Korea. House hunters have to jump from one real estate agency to another to find the right one to fit their budget. Many factors contribute to this decision, including proximity to educational resources, commute times, and the neighborhood itself. And the mission of finding a perfect house for Matthew Shampine, former general manager of coworking space giant WeWork Korea, was also difficul
July 12, 2020
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Kospi likely to rebound to 2,200-level amid key economic policies
Facing a series of key economic events slated for this week, South Korean stocks are set to rebound slightly with investors weighing hopes against the coronavirus woes, according to market watchers Sunday. At the core is the “New Deal” package scheduled to be unveiled Tuesday -- seeking to create jobs and foster economic growth amid the COVID-19 fallout, President Moon Jae-in’s administration put forward a program to invest more than 100 trillion won ($83.29 billion) into &ld
July 12, 2020
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COVID-19 shocks on wane in Seoul’s office leasing market
The prime office market in Seoul has recently showed signs of normalization, as uncertainties due to the economic impact of the coronavirus outbreak have been on the wane in key business districts, data showed Sunday. Demand from the information technology industry remained healthy, allowing major prime buildings to sign leases with large tenants, according to an estimate from real estate service firm Colliers International. In Gangnam, one of the larger business districts of the city, financ
July 12, 2020
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Bourse operator to review normalization plan of SillaJen at risk of delisting
South Korean bourse operator Korea Exchange said Friday that it will review a business normalization plan by bio tech firm SillaJen to decide whether to delist it. The KRX has been reviewing the company's listing, after the company's chief executive and key management were indicted over charges of embezzlement and breach of trust. SillaJen submitted its business normalization scheme to the bourse operator, and the KRX will have to decide whether to accept it by Aug. 4. In the case of granti
July 10, 2020
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Doosan’s plan to meet bailout requirements gathers momentum
Debt-saddled Doosan’s efforts to secure cash in response to the policy lenders’ bailout appears to be coming to fruition, as the construction-to-equipment giant is finding new investors to help the conglomerate improve its balance sheet. In line with ongoing moves, Doosan is looking to embark on talks with Daewoo Development Engineering & Construction, the Korean subsidiary of Chinese real estate developer JL Global, to sell Doosan Engineering & Construction. The final de
July 10, 2020
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Seoul stocks slump on virus concerns
South Korean shares closed lower Friday, as investors turned risk-averse amid rising new coronavirus infections around the world. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 17.65 points, or 0.81 percent, to close at 2,150.25. Trading volume was high at about 876 million shares worth some 11.9 trillion won ($9.9 billion), with losers outnumbering gainers 675 to 190. The index's fall came after daily COVID-19 cases in the United State
July 10, 2020
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Credit loan balance rises in June amid tougher mortgage rules
The amount of credit loans taken out by individuals sharply increased in June due to the government’s tough regulations on mortgage loans and the recent stock market rallies. According to data released by the Financial Services Commission and the Financial Supervisory Service on Friday, the entire outstanding balance of credit loans at commercial banks and savings banks totaled 3.5 trillion won ($2.9 billion) last month. The amount of loans extended at commercial banks last month, stan
July 10, 2020
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Seoul stocks open lower on virus fear
South Korean shares opened lower Friday amid concerns over a resurgence of the new coronavirus infections around the world. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.78 points, or 0.41 percent, to 2,159.12 in the first 15 minutes of trading. Investor sentiment weakened globally as concerns of the spreading COVID-19 toll outweighed the economic rebound hopes. The daily COVID-19 cases in the United States topped 60,000 for the first time Thursday (US time), with record d
July 10, 2020
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Seoul stocks close higher on advance of 'untact' businesses
South Korean stocks closed higher Thursday on strong gains by 'untact' businesses prompted by fears over a prolonged pandemic, analysts said. The Korean won stayed flat. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.02 points, or 0.42 percent, to close at 2,167.90. Trading volume was moderate at about 609 million shares worth some 12.8 trillion won ($10.7 billion), with losers outnumbering gainers 421 to 417. Foreigners sold a net 33 billion won, while retail investors purcha
July 9, 2020
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PM vows stern measures against illegal private finance
The South Korean government vowed to speed up measures to stem the rampant practices of illegal private lending Thursday. Prime Minister Chung Sye-kyun visited a counseling center within the market watchdog Financial Supervisory Service that addresses consumer damages caused by illicit private lending, which normally target low-income families with high interest rates and related frauds. He was accompanied by FSS Gov. Yoon Suk-heun, Financial Services Commission Vice Chairman Sohn Byun
July 9, 2020
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Amid prolonged COVID-19, S. Korea’s ‘untact’ stocks on bullish run
Amid the ongoing coronavirus pandemic, stocks related to untact -- non-face-to-face contact -- businesses continued their bullish run in South Korea on Thursday, as investors attempt to profit from the beneficiary sectors. Shares of Kakao, the operator of the local top mobile messenger, began trading at 328,000 won ($274.80), then soared by 24,500 won, up 7.47 percent in early trading hours. The stock price continuously moved up to close at 355,500 won, reaching its 52-week high. Due to the
July 9, 2020
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NPS ups domestic chemical stocks exposure
South Korea’s National Pension Service has bagged more domestic chemical stocks over the course of three months, filings showed Thursday. The world’s third-largest public pension fund increased its exposure to chemical stocks dedicated to second-life electric vehicle batteries -- such as LG Chem, Posco Chemical and Korea Petrochemical Ind. -- from April until Tuesday, according to respective disclosures. LG Chem has been vying to be the world’s top passenger vehicle cell s
July 9, 2020
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Seoul stocks open higher on US gains
South Korean shares opened higher Thursday, apparently tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.93 points, or 0.60 percent, to 2,171.81 in the first 15 minutes of trading. Global recovery hopes boosted investor sentiment, leading to general gains on the US stock indices. The NASDAQ Composite jumped 1.44 percent Wednesday (New York time), setting another record at 10,492.50. The Dow Jones Industrial Average added 0.68 percent, w
July 9, 2020
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SkyLake signs MOU to buy Doosan’s EV battery foil arm
Debt-ridden Doosan Group’s holding firm said Wednesday it has signed a memorandum of understanding with local private equity firm SkyLake Investment to sell a majority stake in its battery foil maker unit. “Doosan Corp. has signed an MOU with SkyLake Investment with regards to the sale of Doosan Solus,” the construction-to-energy conglomerate said in a filing. “The company will immediately disclose the details of the stake transaction once the terms are finalized.”
July 8, 2020
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KB Financial chief to discuss post-COVID-19 measures
KB Financial Group is scheduled to hold an online workshop of executives and board members led by Chairman Yoon Jong-kyoo on Friday to discuss plans for the post-virus era and digital innovation, sources close to the matter said Wednesday. Yoon is expected to adjust the time frame and specific plans for the banking group’s goals for this year including expansion of business and digital innovation. The local banking groups’ initial plans and time frame for this year –- includi
July 8, 2020
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Seoul stocks down for 2nd day on economic recovery concerns
South Korean stocks closed lower for a second straight day on Wednesday as investor sentiment was dented by concerns over a delay in economic recovery amid spikes in virus cases, analysts said. The Korean won rose slightly against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 5.29 points, or 0.24 percent, to close at 2,158.88. Trading volume was high at 670 million shares worth some 11.4 trillion won ($9.5 billion), with gainers outnumbering
July 8, 2020
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Cross-border REIT listings to heat up Korea’s IPO market
A series of listings of Korean real estate investment trusts -- including ones that involve investments in foreign properties -- are adding vigor to the upbeat initial public offering scene in the local stock market. This comes as investment houses here are moving to attract stable cash streams by luring investors to their own vehicles used to buy properties at home and abroad. In the latest move, JR Asset Management on Wednesday released a prospectus for its REIT ahead of the flotation plan
July 8, 2020
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Hyundai Card launches credit card for delivery service Baedal Minjok
Hyundai Card said Wednesday it has joined forces with delivery platform operator Woowa Brothers to launch a credit card that provides tailored benefits for food-delivery service Baedal Minjok. A credit card specifically designed for a food-delivery service is the first of its kind here. Commerce companies and airlines, including eBay Korea, Korean Air and Starbucks Korea, have issued a similar private label credit card. “Baedal Minjok and Hyundai Card will keep working together to offe
July 8, 2020