Most Popular
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Controversy rekindled over when to name criminals, suspects
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Seoul vows action over Naver's Line, Yahoo dispute
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Court's ruling set to shape path of medical school expansion
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Loans of self-employed swell 50% in four years
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FSS in hot water for failing to prevent derivatives disaster
South Korea’s financial watchdog, the Financial Supervisory Service, has become the target of criticism for having failed to prevent the recent fiasco involving derivatives-linked funds. The state-run agency is also accused of trying to duck responsibility for the incident, which involved two of the largest banking groups here. The FSS on Monday decided to impose sanctions on the CEOs of major banking groups -- Woori Financial Group and Hana Financial Group -- which will have
Feb. 7, 2020
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Lime likely to release result of audit on its funds: FSC
Hedge fund operator Lime Asset Management will likely announce the amount of losses made by some of its troubled funds next week, according to the Financial Services Commission on Friday. The audit process on Lime’s now frozen funds, being conducted by audit firm Samil PricewaterhouseCoopers, has reportedly completed and the result is scheduled to be sent to the fund operator today. “The audit seems to have taken more time than expected because necessary documents and data have
Feb. 7, 2020
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S. Korea to control supply of masks, hand sanitizers
Finance Minister Hong Nam-ki said on Friday that the ministry will implement measures to control the supply and distribution of masks and hand sanitizers next week, warning that the government would impose harsh penalties on those hoarding the products. “The government will take stricter measures to prevent illegal activities that could risk the public health and stoke concerns among the people,” said the finance minister, who chaired a meeting with officials at the ministry on t
Feb. 7, 2020
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Seoul stocks open lower on virus woes
Seoul stocks opened lower Friday following a three-session winning streak as investors continue to assess the economic impact of the new coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.21 points, or 0.41 percent, to 2,218.73 in the first 15 minutes of trading. Some investors turn to offload stocks on profit-taking following the market's solid rebound in the past three sessions from a 5.7 percent decline last week. Positive factors include China's decision to cut
Feb. 7, 2020
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Seoul’s office vacancy hits 10-year low in Q4: JLL Korea
The vacancy rate of Grade A offices in Seoul reached a 10-year low last year as landmark buildings in central business districts welcomed new tenants, global real estate service provider Jones Lang LaSalle said Thursday. The latest quarterly report of JLL Korea showed that the vacancy rate for Grade A offices in the capital city came to 7.7 percent in October-December last year, down 1.9 percentage point on-quarter, marking the lowest since the third quarter in 2010. The key business district
Feb. 6, 2020
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Woori Financial chief to remain until further notice
South Korea’s Woori Financial Group on Thursday said its current chief would maintain his role for the time being despite sanctions imposed by financial authorities for misselling of derivatives-linked funds. The announcement came as a result of a preliminary board meeting, on the eve of the regular board meeting scheduled Friday. Woori Financial’s seven board members, including Chairman Sohn Tae-seung, gathered with the goal of releasing a statement conveying the chairman’s
Feb. 6, 2020
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Insurance sector speeds up digital transition
Traditional insurance companies in South Korea are speeding up digital transformation of their operations and services to compete with emerging tech-savvy companies that are proliferating in the financial sector. However, their digital strategy also involves industrial crossover partnerships with the emerging competitors, if necessary. Samsung Fire & Marine Insurance, the nation’s largest non-life insurance firm, and Kakao Pay, a fintech spin-off of mobile messenger giant Kakao,
Feb. 6, 2020
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Kakao’s entry into brokerage to vitalize fintech market: reports
Mobile messenger Kakao’s entry into the stock trading market, via its fintech spinoff Kakao Pay, will boost growth of the financial technology sector and the brokerage market, according to local analysts on Thursday. The Financial Services Commissions, South Korea’s financial regulator, on Wednesday approved Kakao Pay’s request to acquire a controlling 60 percent stake in local brokerage Baro Investment & Securities. The stock trader has been renamed to Kakao Pay Securi
Feb. 6, 2020
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Kyobo Securities to establish dual CEO system
Kyobo Securities is set to launch a dual CEO system to strengthen the company’s two business pillars -- investment banking and wealth management -- the company said Wednesday. The board of directors approved the nomination of Park Bong-kweon, the former vice president of Kyobo Life Insurance, as the firm’s new CEO in charge of wealth management. Park’s CEO designation will be finalized at the general meeting of stockholders in March. The securities firm has been led by incu
Feb. 5, 2020
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NPS short on time for March proxy season
South Korea’s public pension fund, the National Pension Service, is now gearing up for new committees to ramp up the shareholder engagement push for its portfolio firms here at an unprecedented level. But time appears to be running short ahead of the March proxy season in Korea. The NPS’ Fund Management Committee has to start from scratch to forge a fully fledged decision-making system to shortlist companies under what is equivalent to a “focus list” by the California P
Feb. 5, 2020
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Kakao Pay gets green light to acquire local brokerage
The Financial Services Commission, South Korea’s financial regulator, said Wednesday that it has approved fintech firm Kakao Pay’s request to become the largest shareholder of brokerage house Baro Investment & Securities. With that final authorization, the fintech firm will be able to operate stock trading businesses on its own mobile platforms as well as those run by its parent firm, mobile messenger giant Kakao. Last year the Kakao fintech spinoff submitted an application
Feb. 5, 2020
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Net assets of Mirae Asset’s ETF surpass W100b
Seoul-based asset management giant Mirae Asset Global Investments said Wednesday that the net asset value of its exchange-traded fund invested in the US-based Nasdaq has surpassed 100 billion won. Mirae’s Tiger Nasdaq 100 ETF tracks 100 companies listed on America’s tech-heavy stock market Nasdaq including Microsoft, Apple and Amazon. Having gained total returns of 391.03 percent since October 2010, the net worth of the company’s fund has doubled from 56.5 billion won in 201
Feb. 5, 2020
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Hahn & Co. to buy SK Chemicals’ biofuel operation for W382.5b
Seoul-based private equity house Hahn & Co. agreed to buy SK Chemicals’ biofuel operation for 382.5 billion won ($322.2 million) in cash on Wednesday. The proposed acquisition of South Korea’s No. 1 biodiesel producer marks the first deal to be announced since Hahn & Co. closed a new Korea-focused fund worth $3.2 billion in October last year, a Hahn & Co. official said. As of end-2018, SK Chemicals took up one-third of market share here by biodiesel production. This c
Feb. 5, 2020
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K-Growth to earmark W5.4tr risk capital for 2020
South Korea’s state-led fund of funds manager Korea Growth Investment (K-Growth) said Wednesday it plans to earmark a combined 5.4 trillion won ($4.5 billion) risk capital to spur venture investments across the nation in 2020. The company said it aims to raise at least 1 trillion won for its portfolio, adding to the 1.6 trillion won from its flagship fund of funds. The majority of the funds worth 3.3 trillion won will be used to nurture startups for later-stage funding rounds, K-Growth
Feb. 5, 2020
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Patent applications for masks rise amid health concerns
Patent applications for masks have increased notably in recent years, according to South Korea’s patent administrator, reflecting growing concerns about microfine dust and epidemics, such as the new coronavirus outbreak. The number of patent applications here for antibacterial face masks came to an annual average of 68 during the 2014-2018 period, almost double the figure for the previous five years, the Korean Intellectual Property Office said Tuesday in a release. The individual ann
Feb. 4, 2020
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S. Korean commercial real estate to prolong boom in 2020: CBRE
Investment in South Korean commercial real estate will remain upbeat this year, with total transactions exceeding 10 trillion won ($8.4 billion), according to leading US-based commercial real estate service provider CBRE on Tuesday. This anticipated yearly figure falls lower than the record-high 16 trillion won seen in 2019, but was on a par with the country’s five-year average. “Record-low interest rates and global economic instability are leading individual investors to focus
Feb. 4, 2020
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Danaher ordered to offload assets for GE biopharma unit acquisition
Ahead of Danaher’s acquisition of General Electric’s biopharmaceutical unit for $21.4 billion, South Korea’s Fair Trade Commission on Tuesday ordered either of the two firms to divest certain assets in its conditional approval. The latest decision, according to the antitrust watchdog, is meant to thwart monopoly in Korea’s bioprocessing market. The order forces either Danaher or GE’s biopharma unit to sell off the entire eight bioprocessing product assets in Kore
Feb. 4, 2020
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[News Focus] Watchdog’s final approval of sanctions puts Woori, Hana in tight spot
South Korea’s banking groups accused of misselling high-risk derivative products were treading on thin ice Tuesday, as they seek the best course of action to protect their governance against the financial watchdog’s decision to penalize top executives. Financial Supervisory Service Gov. Yoon Suk-heun on Monday gave his final seal of approval to the sanctions committee’s decision to impose “reprimands and warnings” on Woori Financial Group Chairman and Woori Bank
Feb. 4, 2020
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Hana Bank considers acquiring stake in local bank in Myanmar
Hana Bank, one of the largest commercial banks in South Korea, said Tuesday it is considering acquiring a stake in a local bank in Myanmar. The Southeast Asian nation has recently started allowing foreign financial companies to run operations, to a limited extent. “While having applied at the local financial authorities in Myanmar for launching a branch in the local market, Hana Bank is also considering to acquire a stake in a major local bank,” said a spokesperson from Hana Fi
Feb. 4, 2020
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Credit card firms vigilant over fear of new coronavirus spread
Responding to the quick spread of the new coronavirus, South Korea’s credit card issuers are running a hotline with the Korea Centers for Disease Control and Prevention, according the Credit Finance Association Tuesday. Through the emergency communication line, the KCDC makes real-time requests to card companies for payment records to identify the places visited by the infected -- both Korean citizens and foreign nationals. Health authorities are allowed to access the payment informat
Feb. 4, 2020