Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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South Korea willing to accept Indonesian proposal for cutting KF-21 payments
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FSC allows online account switching between 1st, 2nd-tier banks
South Korea’s financial regulator said Sunday it will allow customers to swap their online bank accounts among first- and second-tier financial institutions for handling monthly payments. Starting Tuesday, those who wish to switch payment accounts can apply at the bank they wish to deal with or at the Pay Info website, run by the Korea Financial Telecommunications & Clearings Institute, Financial Services Commission officials said. The service, launched in October 2015, simplified t
May 24, 2020
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[Market Close-up] COVID-19 accelerates shift in South Korea’s stock market landscape
The ongoing coronavirus crisis appears to have accelerated changes in South Korea’s stock market landscape with contactless services and biotechnology firms breaking the dominance of manufacturing companies. Twenty years ago, companies focusing on manufacturing or infrastructure businesses were among the 10 largest market cap companies on the main bourse Kospi. The list included auto giants Hyundai Motor and Kia Motors, steelmaker Posco and SK Telecom. The emergence of online services p
May 24, 2020
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FSS warns of puffed-up promotion of offshore life insurance plans
South Korea’s financial watchdog vowed Sunday to stamp out ill-advised sales promotion of offshore retirement plans through unauthorized online channels such as social media. The Financial Supervisory Service also pledged to monitor such sales activities online and issued the mildest level of alert to consumers to protect them. This comes as the online sales promotion of offshore life insurance schemes including retirement plans from outside Korea, such as Hong Kong, became widespread w
May 24, 2020
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Hana Financial, Hahn & Co. agree to buy H-Line Shipping for W1.8tr
South Korea’s private equity house Hahn & Co. and Hana Financial Group have agreed to buy a 100 percent stake in H-Line Shipping, former dry bulk cargo arm of bankrupt carrier Hanjin Shipping, for 1.8 trillion won ($1.45 billion), according to sources on Sunday. The two firms will create a project fund for the leveraged buyout of H-Line Shipping, which is now fully owned by another fund of Hahn & Co. Under the plan, nearly 45 percent of the acquisition cost will be leveraged. T
May 24, 2020
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KEB Hana, Woori appeal regulator's penalty decision
KEB Hana Bank and Woori Bank said Friday they have appealed the levying of penalties by state financial authorities on the lenders' improper sale of derivatives-linked products. The two lenders have raised an objection to the Financial Services Commission (FSC), which imposed fines of 19.71 billion won ($16 million) on Woori Bank and 16.78 billion won on KEB Hana Bank on Jan. 30. "We filed the objection to the financial authorities as we want the court to review
May 22, 2020
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Seoul stocks snap 5-day winning streak on US-Sino dispute
South Korean stocks closed lower Friday, ending a winning streak of five consecutive sessions on an escalating dispute between the United States and China that may further undermine the country's exports. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 28.18 points, or 1.41 percent, to close at 1,970.13. Trading volume was moderate at about 832 million shares worth some 9.3 trillion won ($7.5 billion), with losers outnumbering gainers 719
May 22, 2020
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Financial circles should secure loss-absorbency capacity amid COVID-19: FSS chief
The chief of South Korea’s financial watchdog urged financial circles to be wary of business expansion and to secure capital reserves, assuming that the COVID-19 pandemic will drag on. “The financial circles should maximize their total loss absorbency capacity, bracing for a prolonged fallout of COVID-19,” Yoon Suk-heun, governor of the Financial Supervisory Service, said in a financial supervision advisory committee meeting held Friday at the Korea Federation of Banks headqu
May 22, 2020
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Seoul stocks open lower on fears of US-China dispute
South Korean stocks opened slightly lower Friday, apparently tracking overnight losses on Wall Street related to a brewing dispute between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.58 points, or 0.13 percent, to 1,995.73 in the first 15 minutes of trading. The Dow Jones Industrial Average lost 101.78 points, or 0.41 percent, to close at 24,474.12 on Thursday (New York time). Fears of a dispute between the world's two largest economies apparen
May 22, 2020
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Kospi rises close to 2,000 points on coronavirus vaccine news
South Korean stocks opened higher Thursday on encouraging news about another COVID-19 candidate vaccine in the US. Extending gains for the fifth consecutive day, the nation’s main bourse Kospi crossed the 2,000-point mark in early morning trading for the first time since March 6 as it rose 13.65 points, or 0.68 percent, to 2,003.20. It closed at 1998.31, up 0.44 percent. Retail investors drove the index as they bought stocks worth some 204.9 billion won ($166.5 million) while instituti
May 21, 2020
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W550b Young City prime office deal closes
A consortium composed of D&D Investment and NH Investment & Securities has completed its acquisition of Young City office complex from UK-based investment house Actis for 550 billion won ($447.2 million), the deal manager Cushman & Wakefield Korea said Thursday. D&D Investment, an affiliate of SK conglomerate’s real estate development arm SK D&D, seeks to establish a real estate investment trust called Young City REITs by securitizing the properties. The deal allowe
May 21, 2020
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Seoul stocks extend winning streak to 5th session
South Korean stocks closed higher Thursday to extend their winning streak to a fifth session, the longest period of this year, on growing hope over the resumption of global business activities. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.67 points, or 0.44 percent, to close at 1,998.31. Trading volume was moderate at some 588 million shares, worth about 8.5 trillion won ($6.92 billion), with gainers outnumbering losers 463 to 3
May 21, 2020
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[Market Close-up] Doosan Bobcat under credit pressure on US unit’s $300m leveraging plan
South Korea’s construction equipment maker Doosan Bobcat is under credit pressure as its US subsidiary Clark Equipment is looking to leverage $300 million via five-year senior secured notes in May, filings showed Thursday. Clark Equipment’s leveraging plan is adding a financial burden to Doosan Bobcat, as affiliates and subsidiaries of conglomerate Doosan Group‘s liquidity crunch might spill over to Doosan Bobcat that is already suffering a sharp fall in sales due to the ongo
May 21, 2020
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Eximbank issues AU$700m Kangaroo bonds
The state-run Export-Import Bank of Korea said Thursday it has issued a three-year Australian dollar-denominated bonds worth AU$700 million ($460 million) to investors. Following the deal, Eximbank said it has become the first Asian financial institution to sell Kangaroo bonds, or Australian dollar-denominated bonds issued by a non-Australian entity, since the coronavirus outbreak. The bonds were oversubscribed as Eximbank received AU$1.7 billion subscriptions from 57 investors. JPMorgan, Mits
May 21, 2020
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Seoul stocks open higher on hopes of economic recovery
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street apparently backed by hopes of an economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.15 points, or 0.66 percent, to 2,002.79 in the first 15 minutes of trading. The Dow Jones Industrial Average surged 369.04 points, or 1.52 percent, to close at 24,575.90 on Wednesday (US time). Hopes of a quick economic recovery sparked the stock market rally with virus-related restrictions
May 21, 2020
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NPS to cut back in Korean stock exposure
South Korea’s public pension fund National Pension Service on Wednesday has affirmed its plan to shrink its exposure to domestic stocks in a move to ward off uncertainties due to fallout from the coronavirus outbreak, Welfare Minister Park Neung-hoo told reporters Wednesday. “(NPS) is certainly lowering the allocation of Korean stocks from the mid- to long-term perspective,” said Park, who also heads NPS Investment Management Committee. He added NPS Investment Management Comm
May 20, 2020
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Hana Financial to set up digital insurance unit in June
Hana Financial Group, South Korea’s third-largest banking group will launch a digital insurance unit next month through its newly acquired subsidiary, The-K NON-Life Insurance, according to industry sources Wednesday. Branded as Hana General Insurance, the group’s new affiliate, previously a general insurance firm focusing on auto insurance, will serve as a digital insurance company starting June 1 under the leadership of Kwon Tae-gyun, former vice president of Hana Capital.
May 20, 2020
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Shares extend gains on additional stimulus plan
South Korean benchmark indexes continued to be upbeat Wednesday, following the government’s additional economic measures to counter the ongoing coronavirus crisis. The nation’s main bourse Kospi rose to a high of 1,992.20 points in intraday trading, up 0.59 percent from a day earlier, while the secondary Kosdaq crossed the 700-point mark for the first time in a year. The Kospi index closed at 1,989.64, up 0.46 percent while Kosdaq ended at 708.76, up 1.78 percent. The gains wer
May 20, 2020
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S. Korean stocks open higher, bucking Wall Street losses
South Korean stocks opened slightly higher Wednesday despite heavy overnight losses on Wall Street sparked by renewed fears over the coronavirus pandemic. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.09 points, or 0.16 percent, to 1,983.70 in the first 15 minutes of trading. The Dow Jones Industrial Average plunged 390.51 points, or 1.59 percent, to close at 24,206.86 Tuesday (US time). The sharp decline came one day after global stock markets rallied on reports of positiv
May 20, 2020
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Stock market rallies on positive interim results of vaccine development
The South Korean stock market was upbeat Tuesday on hopes of the successful development of a coronavirus vaccine in the US. The local currency rose against the US dollar. Local shares opened sharply higher in early morning trading with the nation’s main bourse Kospi soaring 2.26 percent to 1980.84 points. Continuing the momentum throughout the day, the index closed at 1,980.61, up 2.25 percent. The local rally came on the heels of news reports about the positive results of US pharmac
May 19, 2020
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Cross-selling of public funds in APAC to kick off in May
Cross-border transactions of public funds will kick off this month in South Korea and four other Asia-Pacific countries, to expand corporate and individual investors’ portfolios, according to the Financial Services Commission on Tuesday. The scheme named Asia Region Funds Passport system enables cross-selling of public funds among five countries in the Asia-Pacific region -- South Korea, Japan, Australia, New Zealand and Thailand. The system will be implemented on May 27, as Korea&rsquo
May 19, 2020