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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Fintech groups set to thrive in e-signature market
With the National Assembly likely to pass revisions to the Electronic Signature Act on Wednesday, fintech groups and mobile carriers are projected to dominate the related market with their existing online identification services. The revision bill -- likely to be among a set of legislations that the 20th National Assembly will pass at its last plenary meeting –- is projected to fuel privatization of the e-signature industry by abolishing the nation’s public e-certificate system, a
May 19, 2020
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Seoul stocks jump over 2% on hope of vaccine development
South Korean stocks closed sharply higher Tuesday, joining other Asian and global stock markets in a rally that came on hopes of a vaccine for COVID-19. The local currency sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) spiked 43.50 points, or 2.25 percent, to close at 1,980.61, extending its winning streak to a third day. Trading volume was moderate at some 762 million shares worth about 11.7 trillion won ($9.55 billion), with gainers outnumbering l
May 19, 2020
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W550b Lotte Mart properties deal in legal dispute
South Korea’s Ryukyung PSG Asset Management and retailer Lotte Shopping are facing legal action from entities that proposed to buy four Lotte Mart discount stores for some 550 billion won ($448.4 million) in 2019, according to industry sources on Tuesday. The prospective buyers, real estate developer Moon Development Marketing and subsidiary the Korea Asset Investment Trust, filed a lawsuit in April against Ryukyung PSG -- a local asset management company that oversaw some 1.59 trillion
May 19, 2020
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KRX provides remote learning program for foreign institutions
The Korea Exchange (KRX) said Tuesday it has started providing remote learning program to facilitate untact -- non-face-to-face contact -- services for foreign institutions in the wake of the prolonged coronavirus outbreak. The nation’s sole stock market operator used to offer offline education programs to offshore institutions such as stock exchanges, supervisory authorities and financial companies, but it has now launched online services by providing video clips on its official English
May 19, 2020
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Individuals replenish cash bullets for direct stock investments
Individual investors are flocking to direct stock investment, choosing to bet on their own picks over brokerage houses' funds, data showed Tuesday. Outstanding margin loans came to 9.95 trillion won ($8.14 billion) as of Friday, up 10.1 percent from a month ago, according to the data from the Korea Financial Investment Association (KOFIA). Margin loans refer to those that retail investors take out from brokerage houses to invest in stocks. A rise in outstanding margin loans usually points to
May 19, 2020
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Seoul stocks open sharply higher on hopes of virus vaccine
South Korean shares opened sharply higher Tuesday, tracking overnight gains on Wall Street that followed reports of positive results from a vaccine development test. The benchmark Korea Composite Stock Price Index (KOSPI) surged 40.35 points, or 2.08 percent, to 1,977.46 in the first 15 minutes of trading. The stock market rally follows overnight gains on Wall Street, where hopes of COVID-19 vaccine development and a pledge from US Fed chief to support the economy helped boost investor sentim
May 19, 2020
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[Herald Interview] ‘Long-term views are critical to survive crisis like coronavirus’
Since its first outbreak was reported in South Korea in January, COVID-19 has been wreaking havoc on the nation’s economy, forcing factories to suspend operations and claiming jobs in a wide range of sectors. The investment segment has also been affected as face-to-face meetings have been delayed or called off over growing concerns of infections. In times of crisis such as the ongoing coronavirus pandemic, investors need to maintain long-term perspectives, according to Chae Jung-hoon, m
May 18, 2020
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Warren Buffett’s stock unload dampens outlook for S. Korean banks
South Korea’s major financial groups and their flagship lenders are projected to exhibit weaker performances this year, analysts said Monday, as they were rattled by Warren Buffett’s recent offloading of big bank stocks coupled with new circumstances under the COVID-19 crisis. Following reports of the Berkshire Hathaway CEO’s unloading of airlines and big bank stocks such as Goldman Sachs and US Bancorp last week, share prices of four major banking groups here -- Shinhan, KB
May 18, 2020
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Gold prices hit record high on escalating US-China tension
Gold prices rose to a record high on Monday as investors sought to park their money in safer destinations amid the COVID-19 pandemic and renewed tensions between the US and China, data showed. According to the Korea Exchange Gold Market, the price stood at 69,840 won ($56.66) per gram at Monday’s close, jumping 1,190 won, or 1.73 percent, from the previous session’s close. The price had surged to 70,000 won the same day, the highest since April 27, when the figure reached 68,890 w
May 18, 2020
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Banking groups add momentum to digital financing amid coronavirus fallout
Reacting to the untact market trend triggered by the COVID-19 outbreak, South Korea’s financial groups are scrambling to gain an upper hand in digital financing. Untact, or non-face-to-face, has become a new standard in the local financial industry as consumers are increasingly turning to contactless financial services via smartphones amid fears of the ongoing COVID-19 or other plausible contagious diseases in the future. While the number of visitors to local bank branches decreased by
May 18, 2020
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Seoul stocks close higher on hopes of global stimulus
South Korean stocks closed higher Monday on hopes of global stimulus measures and rising oil prices. The local currency fell against the US dollar amid a renewed trade dispute between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.83 points, or 0.51 percent, to close at 1,937.11. Trading volume was moderate at about 752.7 million shares worth some 9.24 trillion won ($7.49 billion), with losers outnumbering gainers 424 to 423. The index got off t
May 18, 2020
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NH Investment joins consortium to acquire stake in UAE’s natural gas pipeline
NH Investment & Securities, the brokerage unit of South Korea’s NongHyup Financial Group, has joined a consortium to acquire a stake in the United Arab Emirates’ state-owned Abu Dhabi National Oil Company’s natural gas pipelines, according to investment banking sources Monday. It is part of the $8 billion project financing from the oil firm, composed of the American private equity fund firm Canadian Brookfield Asset Management, Italian infrastructure operator Snam, Ontari
May 18, 2020
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Illicit stock trading soars in 2019 amid uncertainties
Incidents of suspected illicit stock trading soared last year, reflecting the rampant amount of false and exaggerated information in the market amid uncertainties, the Korea Exchange said Sunday. The bourse operator’s market supervisory committee reported that 120 suspected cases of unfair transactions were observed here last year, up from 118 in 2018 and 117 in 2017. Of the total, illicit trading accounted for 28 cases, or 23.3 percent, up 47.4 percent -- 19 more cases -- from a year e
May 18, 2020
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S. Korean shares open lower on tech, auto losses
South Korean stocks opened slightly lower Monday with major techs and autos suffering heavy losses. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.86 points, or 0.20 percent, to 1,923.42 in the first 15 minutes of trading. Large caps traded mixed. Market kingpin Samsung Electronics lost 0.21 percent, while No. 2 chipmaker SK hynix plunged 3.17 percent. Leading carmaker Hyundai Motor slipped 0.87 percent, with its smaller affiliate Kia Motors losing 0.34 percent. Pharmaceuti
May 18, 2020
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FSC pledges to tackle overheated ETFs amid pandemic
South Korea’s financial regulator has vowed to gain control over the country’s overheated exchange-traded funds, even at the cost of a temporary market contraction. The Financial Services Commission has recently unveiled a road map to normalize exchange-traded funds and exchange-traded notes, bolstering the mandatory education of brokerages and the minimum deposits of investors. “Short-term adjustments are inevitable in order to normalize the currently excessive speculative d
May 17, 2020
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Virus-hit firms look to raise capital to ensure liquidity
As the number of moviegoers, air passengers and shoppers shrank sharply largely due to the coronavirus outbreak and social distancing, related companies have recently turned to fundraising efforts to meet the deadline for debt repayment or refinancing. Also, those raising share capital are offering equities at a discounted price to subscribers in order to ensure success. A leading example is multiplex cinema operator CJ CGV, which aims to raise 250.2 billion won ($202.9 million) in July from in
May 17, 2020
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BOK likely to cut interest rate amid virus pandemic
Amid the prolonged economic fallout from the COVID-19 pandemic, the Bank of Korea may slash its policy rate at the next monetary policy board meeting, according to local brokerages Sunday. The yield of three-year treasury bonds on Friday closed at 0.87 percent, down 0.13 percentage point from end-April, while that of 10-year bonds fell to 1.38 percent, down 0.14 percentage point during the same period. Bond prices, which move inversely to yields, have been on a sharp decline since market expe
May 17, 2020
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Nexon's market cap tops W20tr on soaring demand amid virus pandemic
Nexon Co. became the first South Korean game developer to log a market capitalization of more than 20 trillion won ($16 billion), data showed Sunday, on the back of soaring demand for home entertainment contents during the virus pandemic. The gaming giant saw its market value reach 1.9 trillion yen (21 trillion won) on the Tokyo Stock Exchange as of Friday, with its shares closing at 2,152 yen, up 3.86 percent from a session earlier, industry data showed. Shares in Nexon jumped a whopping 14
May 17, 2020
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Seoul shares set to trade in tight range next week on pandemic, US-China tension
South Korean stocks are expected to trade in a tight range next week due to the growing tension between the United States and China, coupled with a rise in new virus cases here, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 1,927.28 points Friday, down 0.95 percent from a week earlier. On Monday, the stock market lost ground on growing concerns over new cluster infections of COVID-19 in the capital city. South Korea had added fewer than 15 cases of COVID-1
May 16, 2020
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Coupang, KB Kookmin to start early payout for virus-hit SMEs
E-commerce giant Coupang said Friday it has partnered with KB Kookmin Bank to launch early payout services for merchants, through which small and medium-sized business owners will receive payment for their sales in advance of the regular payday. Through the early payout on Coupang’s Marketplace, the nation’s biggest online platform for merchants, the e-commerce firm aims to financially support the coronavirus-hit SMEs, who are in need of cash either to pay their employees’ sa
May 15, 2020