Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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[Grace Kao] American racism against Stray Kids
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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NewJeans' members' parents complained to Hybe, email shows
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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MMAA selects 8 external partners to back W130b
The Military Mutual Aid Association said Friday it has selected eight South Korean external partners dedicated to investment in private equities and venture capital to back a combined 130 billion won ($107.1 million) this year. The Korean institutional investor will invest a total of 100 billion won to blind pool funds managed by private equity houses KStone Partners, Aju IB Investment, SkyLake Investment, KTB Private Equtiy and Dominus Investment. In the meantime, a combined 30 billion won w
Feb. 28, 2020
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Yeouido on guard after COVID-19 case confirmed at Eximbank
Yeouido, packed with financial companies and home to the National Assembly, was on its guard against the new coronavirus on Friday following news of confirmed cases in the area. The state-run Export-Import Bank of Korea said early in the morning that one of its employees was confirmed with COVID-19 around 7:30 p.m. the previous day. The bank immediately initiated emergency measures, shutting down its headquarters in west Yeouido and carrying out extensive quarantine. Some 800 employees w
Feb. 28, 2020
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NPS harvests record yield in 2019
The National Pension Service, South Korea’s largest public pension fund, reaped record investment return in 2019 largely thanks to a bull run in overseas stock markets, its preliminary data showed Thursday. Its annual rate of return came to 11.31 percent last year, the highest since the launch of NPS Investment Management in 1999, followed by 10.39 percent in 2009 and 10.37 percent in 2010. Over the past year, it earned 73.4 trillion won ($60.4 billion) return, which is 1.5 times large
Feb. 27, 2020
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Seoul shares fall, bonds gain over BOK key rate freeze
South Korean stocks dipped over 1 percent Thursday after the nation’s central bank decided to keep its policy rate steady for now despite the market’s widespread anticipation of a further cut. The benchmark Kospi opened lower at 2,073.87 -- down 2.90 points, or 0.14 percent, from the previous session. The index edged up in early morning then suddenly headed south after the Bank of Korea’s announcement. The weak trend continued throughout the day to close at 2,054.89 -- the l
Feb. 27, 2020
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Mirae Asset Group donates W2b to support fight against coronavirus
Mirae Asset Financial Group has donated 2 billion won ($1.64 million) to the Hope Bridge Association of the National Disaster Relief to support medical personnel and provide relief goods amid the COVID-19 outbreak. The donation was made to provide items needed for medical and relief aid, such as protective outfits and masks, and daily necessities, especially for people in Daegu and North Gyeongsang Province, the company said. Mirae Asset has been helping its cooperative firms by making paym
Feb. 27, 2020
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Price gap widens between jeonse, apartment cost
The price gap between the average jeonse -- a real estate term unique to South Korea that refers to property lease -- and average sale price of apartments in Seoul reached a record high in February in seven years, increasing the financial burden on potential home buyers, according to latest data Thursday. Jeonse refers to a two-year leasing system that requires tenants to pay a large deposit instead of monthly rent. The average jeonse price amounted to 55.6 percent of the average apartment
Feb. 27, 2020
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Korea's private bad bank eyes 1st exit from distressed assets
South Korea’s private bad bank, United Asset Management Co. (UAMCO), is betting on exiting from an investment in a distressed company here -- highlighting its growing role in corporate restructuring here. Seha, an industrial paper maker based in Daegu, is inching closer to inviting a new group of controlling shareholders led by Hankuk Paper to take the place of UAMCO, after Samil PricewaterhouseCoopers selected it as the preferred bidder for Seha’s majority stake and its bonds. Up
Feb. 27, 2020
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Daishin, KB Securities, Woori Bank raided in Lime scandal probe
Prosecutors raided Daishin Securities, KB Securities and Woori Bank on Thursday as part of a probe into the snowballing Lime Asset Management fiasco. Investigators from the Seoul Southern District Prosecutors’ Office executed a search and seizure operation at the headquarters of Daishin Securities and KB Securities in central Seoul and KB Securities’ office in Yeouido in the morning. Prosecutors had raided Lime Asset Management and Shinhan Investment last week, after the f
Feb. 27, 2020
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30-somethings major apartment buyers in Seoul
Property buyers in their 30s were the biggest players in the apartment market in Seoul in the last two months of last year, according to a report Wednesday. Of the entire 10,491 transactions of apartment units registered in January in the city, those aged 30-39 accounted for 30.4 percent, or 3,188 transactions, according to a report released by the Ministry of Land, Infrastructure and Transportation and the Korea Appraisal Board. Since transactions are reported to district offices within 60
Feb. 26, 2020
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Seoul stocks slip after brief recovery
South Korean stocks headed south Wednesday -- after a brief rally a day earlier -- as the number of confirmed COVID-19 virus cases here reached over 1,000. The local currency also dipped against the US dollar, closing at 1,216.90 won -- down 6.60 won from the previous session’s close. The benchmark Kospi opened sharply lower at 2,064.07 -- sinking 39.54 points, or 1.88 percent, from the previous session. The weak start continued through the day, but rose slightly to close at 2,076.77. It
Feb. 26, 2020
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Downside pressure on Kospi mounts as epidemic fears escalate
The unfettered spread of the new coronavirus in South Korea has sparked jitters both here and abroad, with most market observers noting that the spillover effects will continue through March, weighing down on the domestic stock market. For one, global investment bank JP Morgan, in its latest report, has forecast that the infection will peak at around 10,000 by late March. “According to the JP Morgan insurance team’s epidemiology model, Korea’s COVID-19 infection rate has not
Feb. 26, 2020
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KB Financial to launch intraboard ESG committee
KB Financial Group said Wednesday that it plans to set up an intraboard committee focused on environmental, social and corporate governance. The group’s board of directors has decided to officially put the issue up for vote at the upcoming shareholders meeting scheduled for March 20. The committee will handle decisions related to environmental, gender and social issues, the group said. The launch comes after KB Financial Group Chairman Yoon Jong-kyoo vowed to shift to a ESG-centered
Feb. 26, 2020
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PEF to buy IS Dongseo ceramics operation for W217b
E&F Private Equity has inked a deal to acquire the ceramics operation of concrete-to-construction business group IS Dongseo for 217 billion won ($178 million), according to a filing on Wednesday. The private equity firm, managing 342.2 billion won in assets as of 2019, agreed to buy a 100 percent stake in the operation on May 15. Prior to the transaction, the ceramics business will be split off from IS Dongseo earlier in May, which will be named Inus. The business, dedicated to making an
Feb. 26, 2020
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Seoul stocks rebound as investors scoop up undervalued assets
South Korean shares rose more than 1 percent Tuesday as investors went bargain hunting, after COVID-19 fears led to the sharpest fall in 16 months in the previous session. The benchmark Kospi opened slightly low at 2,075.55 -- down 3.49 points, or 0.17 percent, from the previous session. The index fluctuated between losses and gains in the early morning, then moved upward throughout the day to close at 2,103.61. Institutional and individual investors scooped up undervalued shares, with net pu
Feb. 25, 2020
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Kakao Bank expands partnerships for brokerage services
Kakao Bank, an online-only bank in South Korea, said Tuesday that stock trading services of brokerage firm NH Investment & Securities are now available on its mobile application. Since users’ personal data is already registered on the online bank’s mobile platform, Kakao Bank users can open a securities account on the mobile banking platform more easily than with other services via stock traders’ home trading systems or brick-and-mortar branches, according the banking f
Feb. 25, 2020
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Banks initiate emergency response plans against coronavirus
As the number of coronavirus cases continued to surge in Korea on Tuesday, all major banks here launched emergency response plans to protect their core networks. Commercial banks -- including Woori, Hana, KB Kookmin and Shinhan -- have temporarily shut down around a combined 20 brick-and-mortar branches across the nation, as of Tuesday afternoon. They have been following basic quarantine procedures, such as ordering employees at branches that came in contact with coronavirus patients into se
Feb. 25, 2020
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BTS’ management agency gears up for IPO
Big Hit Entertainment, the South Korean entertainment management agency behind K-pop sensation BTS, has selected underwriters for its initial public offering in the country’s stock market. Lead underwriters include NH Investment & Securities, Korea Investment & Securities and JP Morgan, while Mirae Asset Daewoo will also participate in the process. An IPO underwriter is responsible for offering privately held or newly issued stocks to public investors, while protecting investors
Feb. 25, 2020
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KCGI opposes Delta Air Lines' Hanjin stake purchase
Activist private equity firm Korea Corporate Governance Improvement on Tuesday objected to Delta Air Lines decision to hike its stake in Hanjin KAL -- holding firm of Korean Air -- amid the escalating proxy battle that will determine the fate of its owner family. Its disapproval comes amid reports that the US carrier might act as a “white knight” to vote in favor of the Hanjin Group’s controlling family, given its ongoing partnership with Korean Air through a joint venture. K
Feb. 25, 2020
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Hit by COVID-19 fears, Seoul stocks plunge
South Korean stocks plunged about 4 percent Monday, after the number of new coronavirus cases confirmed here nearly tripled over the weekend. The local currency closed at 1,220.2 won against the US dollar -- down 11 won from the previous session’s close -- marking the weakest won since Aug. 13 last year, when the trade spat between the US and China had escalated. The benchmark Kospi opened sharply lower at 2,114.04 -- plummeting 48.8 points, or 2.26 percent, from the previous session. Th
Feb. 24, 2020
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Company K Partners launches W124b later-stage venture fund
South Korean venture capital firm Company K Partners said Monday it has launched a 124 billion won ($101.7 million) vehicle that targets startups at the later stage of growth, bringing its assets under management to over 560 billion won. The vehicle, dubbed Company K High Growth Fund, is backed by major institutional investors including Korea Teachers’ Credit Union and Korea Scientists & Engineers Mutual-aid Association; state-owned risk capital firm K-Growth, as well as Company K&rs
Feb. 24, 2020