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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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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[Grace Kao] American racism against Stray Kids
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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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NewJeans' members' parents complained to Hybe, email shows
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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IBK chief takes office, ending 27 days of labor protests
The head of the Industrial Bank of Korea officially took office Wednesday after nearly a month of being unable to enter his office in the face of fierce protests from the labor union, which objected to the government’s influence on financial organizations. After reaching an agreement with the labor union to improve management transparency, IBK CEO Yoon Jong-won had his inauguration ceremony Wednesday, vowing to turn the state bank into a world-class financial institution that upholds et
Jan. 29, 2020
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Investors eye low-risk assets as Seoul stocks trim losses
South Korean stocks trimmed their losses Tuesday, losing 3 percent on the first trading session after the four-day Lunar New Year’s holiday, as the fast-spreading Wuhan coronavirus outbreak weakened investor sentiments. The local currency closed at 1,176.7 won against the US dollar, up 8 won from the previous session’s close, declining to a two-month low. The benchmark bourse Kospi opened sharply low -- down 53.91 points, or 2.40 percent, from the previous session. The weak start c
Jan. 28, 2020
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State-backed W1.5tr infra fund to raise private money
Korea’s state-backed fund seeking a commitment of 1.5 trillion won ($1.27 billion) is looking to raise 900 billion won in private money, its lead fund manager Samsung Asset Management said Tuesday. The fund has a maturity of 30 years and is set to close all transactions by October 2024. The fund is designed to target overseas infrastructure assets, ranging from new and renewable energy plants, oil and gas plants, airports and roads to railways and smart city infrastructure. Managing th
Jan. 28, 2020
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NPS wins big from Samsung affiliates’ recent rally
The overall value of the shares in Samsung affiliates and subsidiaries held by South Korea’s largest institutional investor, the National Pension Service, jumped nearly 60 percent over the past year, according to data made public Tuesday. The NPS’ shares in 13 Samsung units were worth 49.28 trillion won ($41.7 billion) as of Wednesday last week, up 57 percent from 31.4 trillion won ($26.7 billion) Jan. 2 last year, according to financial research firm FnGuide. The whopping increa
Jan. 28, 2020
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Hedge fund AlpenRoute may freeze W180b investor funds as distrust builds
AlpenRoute Asset Management said Tuesday it may opt to suspend investor withdrawal of assets worth 181.7 billion won ($154.4 million) from its 26 open-ended funds by February to ward off illiquidity, as the distrust of hedge fund managers across South Korea has triggered abrupt money withdrawal attempts. Of its 226.4 billion won assets in open-ended funds -- designed to allow investors to withdraw at will -- that mainly target equities in privately held companies, AlpenRoute has decided to defe
Jan. 28, 2020
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Seoul stocks open sharply lower amid Wuhan coronavirus woes
South Korean stocks opened sharply lower Tuesday, the first trading session after the four-day Lunar New Year's holiday, as the fast-spreading Wuhan coronavirus around the globe sapped investor sentiment. The benchmark Korea Composite Stock Price Index fell 57.43 points, or 2.56 percent, to 2,188.70 in the first 15 minutes of trading. The local stock market was closed Friday and Monday. South Korea on Monday reported its fourth confirmed Wuhan coronavirus case amid mounting concerns the pneum
Jan. 28, 2020
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Market watchers downplay long-term impact of coronavirus in Korea
Although concerns over the possible impact of the deadly coronavirus on the financial market are rising here, analysts say that the “noise” caused by the contagious virus originating from China will be short-lived and eventually overshadowed by company fundamentals that remain strong, coupled with the easing trade conflict between China and the United States. “The spread of coronavirus will not likely cause an unprecedented pandemonium but merely an uncanny noise to investors,
Jan. 27, 2020
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US, Japanese investors biggest players in S. Korean stock, bond markets: FSS
The number of foreign investors in South Korea’s stock and bond markets exceeded 480,058 last year, up 1,358 from a year earlier, according to the nation’s financial regulator Financial Supervisory Service on Monday. Of the total figure, individuals made up 11,657, while institutional investors made up 36,401, including 23,064 private funds, 2,305 pension funds, 997 stock brokerage firms, 738 banks and 512 insurance firms. By nationality, the US and Japan were the two largest pl
Jan. 27, 2020
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Mobile payment accelerates demise of coins, banking branches
Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday. The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value, the lowest since comparable data started being compiled in 1992 and down 14.3 percent from a year earlier. The figure is even lower than the 39.6 billion won worth of newly made coins i
Jan. 27, 2020
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Investors flock to real estate funds, seeking stable, high returns
Investors have been increasingly turning to real estate funds, looking for low-risk, high-return investments, according to data on sunday. Total investments in real estate funds stood at 99.39 trillion won ($84.90 billion) -- 96.19 trillion won for private equity funds and 3.21 trillion won for public funds -- as of Jan. 21, according to data released by the Korea Financial Investment Association, a nonprofit self-regulatory organization. The figure has been on a steady uptrend over the year
Jan. 27, 2020
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Samsung may see passive funds cut exposure sooner than expected
A cap on Samsung Electronics’s weight in a Korean equity index could kick in earlier than planned, triggering fears that billions of dollars will exit the stock.Instead of the bi-annual adjustment, the Korea Exchange is considering putting a 30 percent limit on Samsung’s weighting on the Kospi 200 Index earlier due to the stock’s recent rally, said Ahn Kil-Hyun, the manager of the team that oversees the index. Given the gauge’s popularity among passive funds, research pro
Jan. 23, 2020
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Duty-free shares suffer decline amid new coronavirus fear
Shares in South Korean duty-free operators took a hit amid concerns that the outbreak of the Wuhan coronavirus may hurt the companies’ revenues from Chinese visitors, data showed Thursday. Hotel Shilla closed at 97,000 won ($83) on Thursday, down 10.6 percent from Friday’s closing price of 108,500 won. Shinsegae fell 4.37 percent over the cited period to finish at 306,500 won. Lotte Shopping also tumbled 4.76 percent to close at 130,000 won.On Monday, South Korea reported
Jan. 23, 2020
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FSS expands consumer protection in reshuffle
The Financial Supervisory Service on Thursday unveiled its reshuffle blueprint, focusing on consumer protection and innovative finance.The move came amid the ongoing controversy regarding the so-called derivatives-linked fund fiasco -- the improper sales of products by local banks and securities. The FSS is slated to announce its sanction decision for two major banking chiefs later this month.“To respond to the stronger consumer protection needs and enhance the supervisory functions over
Jan. 23, 2020
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Kakao’s prospects for brokerage biz brighten
South Korea’s mobile payment platform Kakao Pay has got preliminary approval to enter the securities business, according to the financial regulator Thursday.The Securities and Futures Commission, under the Financial Services Commission, has given its temporary approval to Kakao Pay to become the majority shareholder of local brokerage Baro Investment & Securities. A final decision will be made at the commission’s next meeting, slated for Feb. 5.Having got the nod to acquire a loc
Jan. 23, 2020
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Seoul stocks trim earlier losses amid new coronavirus fear
Seoul stocks trimmed earlier losses late Thursday morning amid rising concerns over the spread of Wuhan coronavirus.The benchmark Korea Composite Stock Price Index had fallen 11.24 points, or 0.50 percent, to 2,256.01 as of 11:15 a.m.Foreign and institutional investors sold a combined 246.7 billion won ($211.4 million) worth of stocks, weighing down the bourse.Daishin Securities analyst Lee Kyung-min said investors went for profit-taking ahead of the holiday after the index jumped to its highest
Jan. 23, 2020
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[Newsmaker] Union protest over Moon-appointed IBK chief set to intensify
Protests outside the state-run Industrial Bank of Korea are expected to intensify, with the union’s fight against the top-down appointment of CEO Yoon Jong-won gaining support from powerful national labor associations in recent weeks. The Federation of Korean Trade Unions, one of the two largest umbrella labor organizations here, announced Wednesday that it was joining the IBK unionists in protesting what they see as excessive government meddling in the organization’s personnel affai
Jan. 23, 2020
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Eximbank employees volunteer at soup kitchen
The Export-Import Bank of Korea said Thursday that its employees volunteered at a soup kitchen near Seoul Station earlier this week, as part of its efforts to consistently engage in community welfare. Twenty Eximbank’s employees, who were part of the lender’s Hope Seed Volunteer program served hearty meals to the homeless on Tuesday, ahead of this year’s Jan. 24-27 Lunar New Year holidays, the bank said. Eximbank has been funding Warm Hearted Food Supply Center near Seoul Stati
Jan. 23, 2020
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Shinsegae chief owns most expensive house in Korea
A luxury mansion owned by the chairwoman of retail giant Shinsegae Group remained the most expensive house in South Korea this year, data showed Wednesday. According to the Land Ministry, the declared value of Shinsegae chief Lee Myeong-hee’s 2,861-square-meter house in Hannam-dong, Seoul, was 27.7 billion won ($23.82 million) this year, taking the top spot on the list of 220,000 detached houses selectively chosen for the survey across the country.The declared value of Lee’s house ro
Jan. 22, 2020
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Fiscal chief says materials, parts, equipment industries ‘stabilized’
Finance Minister Hong Nam-ki said Wednesday that three sectors for electronic materials, parts and equipment, which have been affected by trade restrictions of Japan since last year, are back on a stable track as a result of governmental support.“We have come with specified measures on the voluntary investment worth 2 trillion won ($1.72 billion) by the private sector here and additional investment plans by global companies,” said Finance Minister Hong at a meeting in Incheon.“
Jan. 22, 2020
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KRX aims to revitalize stock market, add to foreign investors’ convenience
The Korea Exchange said Wednesday it will make efforts to revitalize the sluggish stock market with more convenience for domestic and foreign investors.“To attract more long-term investors to the market and contribute to the nation’s economy, we will also offer new and diverse global investment products to raise the dynamics of the stock market,” said Lim Jae-joon, president of the Kospi Market Committee, at a press conference.Lim also pledged to invigorate its KIND regulatory
Jan. 22, 2020