Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Banks' loan delinquency rate inches up in October
The delinquency rate for South Korean banks' won-denominated loans edged up in October from a month earlier due to a slight hike in bad loans extended to firms and households, data showed Thursday.The rate for bank loans more than 30-days overdue stood at 0.46 percent at the end of October, up 0.02 percentage point from a month earlier, according to the data from the Financial Supervisory Service.But compared with a year ago, the rate was down 0.12 percentage point, it said.The delinquency rate
Dec. 26, 2019
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Indebted CJ Group moves to generate cash through divestment
Korean food-to-entertainment conglomerate CJ Group is moving to generate cash through divestment efforts by its affiliates this month, making potential room to tackle the group’s snowballing liabilities.The group’s debt -- which stood at 16.6 trillion won ($14.3 billion) as of end-June according to Korea Ratings -- has cast a shadow on Chairman Lee Jae-hyun’s “Great CJ 2020” initiative to secure 100 trillion won in annual group revenue, pushing the conglomerate to t
Dec. 25, 2019
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Trilateral summit raises hopes for recovery of consumer goods stocks
At the end of a sluggish year, South Korea is gradually coming to anticipate the recovery of its consumer goods stocks, placing its hopes on the latest trilateral talk with China and Japan.The key point of interest comes down to whether Seoul will break free of the consequences of economic retaliatory measures taken by Beijing in response to the deployment of an advanced US missile defense system in 2016.On Tuesday, the leaders of the three Northeast Asian states reaffirmed their shared goals of
Dec. 25, 2019
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Banking groups’ overseas assets grow 40% in 3 years
The combined assets of the overseas subsidiaries of South Korean financial groups have expanded nearly 40 percent over the past three years, data showed Wednesday.According to data by the state-run Korea Deposit Insurance Corp., the total assets owned by overseas subsidiaries of South Korea’s major 10 financial groups tallied 61.6 trillion won ($529.2 billion) as of end-June.The list includes Shinhan Financial Group, Hana Financial Group, Woori Financial Group, KB Financial Group, JB Finan
Dec. 25, 2019
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Kakao M carries on M&A push with $23m deal
Kakao M, a subsidiary of South Korean internet giant Kakao, is again adding momentum to mergers and acquisitions to consolidate its content production capacity and generate synergy among its media units.In the latest move, Kakao M subsidiary Starship Entertainment inked a deal to buy a 100 percent stake in a local performing arts company, Shownote, for 26.8 billion won ($23 million) in cash. Starship Entertainment also announced a plan to raise 11 billion won in capital, part of which will come
Dec. 25, 2019
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Investors turned to real estate, gold and foreign stocks in 2019: KRX
Reflecting the slowing economy and prolonged low interest rates, investors here have increasingly turned their eyes to real estate, gold and overseas securities, South Korea’s stock market operator said Wednesday.Based on a survey of industry experts and media correspondents, the Korea Exchange selected its top 10 news stories about the domestic stock and derivative markets this year.A representative phenomenon was the soaring demand for real estate investment trusts, or REITs, led by the
Dec. 25, 2019
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Glenwood PE signs W608b deal to acquire SKC Kolon PI
South Korea’s investment house Glenwood Private Equity has inked a deal to buy a controlling stake in the world’s leading polyimide film maker SKC Kolon PI for 608 billion won ($523.2 million) from its two major stakeholders, according to regulatory filings on Tuesday. The purchase price of a 54.07 percent stake in SKC Kolon PI has shrunk from earlier market estimates of some 700 billion won. The transaction is poised to take place by Feb. 28. SKC Kolon PI is a joint venture of Korea
Dec. 24, 2019
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What Korean commercial banks face in 2020
With unresolved problems set to drag into the new year, South Korean commercial lenders face a number of burdens that will keep them occupied throughout 2020. One of the major issues that drew public flak earlier this year was the misselling of derivatives products worth a combined 800 billion won ($688 million) by Woori Bank and KEB Hana Bank, putting its customers at risk of losing large sums. The banks failed to provide customers with adequate information about the high-risk nature of the pro
Dec. 24, 2019
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Hyundai Investments partners with La Francaise to create European office-focused fund
Seoul-based Hyundai Investments said Tuesday it has joined hands with French investment house La Francaise to create a blind pool fund that focuses on small and midsized office buildings in Western Europe. The new fund seeks 8 percent internal rate of return through a 10-year investment, according to Hyundai Investments. The Korean vehicle did not disclose the fund’s volume and its limited partners committed to the fund. The fund will target core-plus commercial buildings in key citie
Dec. 24, 2019
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IMM PE to invest W134.7b to become HanaTour’s top shareholder
Seoul-based private equity house IMM Private Equity will become the largest shareholder of HanaTour Service, in a capital increase by South Korea’s No. 1 travel agency, HanaTour said on Monday. IMM PE will buy HanaTour’s newly issued 2.3 million common shares, or 16.7 percent of the outstanding shares, for 134.7 billion won ($115.8 million) -- with a 16.3 percent premium to its market price -- according to HanaTour’s disclosure. The funding will be raised from IMM PE&rsquo
Dec. 24, 2019
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Naver-backed VC names head of Startup Alliance as new co-chief
South Korea’s internet giant Naver-backed venture capital TBT said Tuesday it has named Startup Alliance Managing Director Lim Jung-wook as the new co-chief of the investment vehicle. Lim will take office in March, when his term at Startup Alliance expires.He is serving his seventh year as the head of the nonprofit organization, dedicated to startup ecosystem advocacy and community building. Formerly a career journalist, Lim served as the head of web portal operator Lycos and global b
Dec. 24, 2019
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1 in 10 Koreans invest in stocks, as investors are aging: data
One out of 10 South Koreans invest in stocks and nearly half of them are in their 50s or older, government data showed Monday. According to the Ministry of the Interior and Safety, Statistics Korea and the Korea Securities Depository, around 5.55 million people invested in 2,216 listed firms on the domestic stock market, as of end-December last year. The findings showed that one in five of the economically active population were investors and the number reached 10.7 percent of all resident regis
Dec. 23, 2019
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KTB backs acquisition of logistics facility in Ireland
Seoul-based KTB Investment & Securities and KTB Asset Management have backed a 160 million euros ($177.2 million) acquisition of Tesco’s Distribution Center in Dublin, Ireland, by DTZ Investors, its adviser Cushman & Wakefield said Monday.It was the largest single-asset logistics transaction in Ireland by volume. The 73,000 square meter-wide warehouse is a logistics facility for dry goods distribution to some 150 Tesco stores across Ireland within three hours. KTB partnered w
Dec. 23, 2019
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Credit rating downgrades of Korean firms hit 3-year high
The average number of companies that suffered credit rating downgrades hit a three-year high this year, as they have been struggling to cope with the risks stemming from the US-China trade war and global economic slowdown, latest data showed Monday. According to separate evaluations by three major credit rating agencies here, the average number of firms that were downgraded so far this year increased to 55 firms, 15 more than last year. The corresponding figure stood at 37 in 2018 and 45 in
Dec. 23, 2019
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Woori heeds FSS proposal on DLF compensation
The head of Woori Bank on Monday urged employees to do their best to compensate clients who faced losses from derivative options based on their recommendation, in an apparent move to heed the financial watchdog’s reccomendation.“I ask that you actively listen to what customers have to say and draw up additional measures that could minimize their damages,” Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung told his employees in a meeting. The meeting was attended b
Dec. 23, 2019
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ATU Partners to acquire DragonX through esports-focused fund
Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka
Dec. 23, 2019
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[News Focus] Korea clings to record-low rate despite unfavorable indices
SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob
Dec. 22, 2019
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Daishin Securities head to lead Kofia
Na Jae-chul, CEO of medium-sized brokerage Daishin Securities, was elected as new chairman of the Korea Financial Investment Association on Friday.Starting from Jan. 1, the 60-year-old will serve his three-year term as the fifth chairman of the leading nonprofit, self-regulatory financial organization in South Korea.According to Kofia, Na earned 221 of 295 votes, beating out KTB Asset Management Vice Chairman Jung Ki-seung and former IBK Securities CEO Shin Seong-ho.Na has been the head of Daish
Dec. 22, 2019
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Shinhan Financial to set up W2.1tr fund to support 2,000 startups, 10 unicorns
Shinhan Financial Group said Sunday it plans to launch a 2.1 trillion won ($1.8 billion) fund to support 2,000 startups and foster 10 unicorns in the next three years.Unicorns refer to privately held startups valued at over $1 billion -- eight South Korean firms have made it to the list so far, according to US market research firm CB Insight. Through its Triple-K Project, the Korean financial giant will support overseas forays of budding enterprises in collaboration with institutions and compani
Dec. 22, 2019
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Recovery of chip industry to boost Korean stock market in 2020: global IBs
South Korea’s semiconductor industry is projected to walk the road to recovery next year, which will propel the local stock market in turn, recent reports by global investment banks said.Most financial institutions upgraded their ratings of the stock market by one or two notches, and said the benchmark Kospi will trade at an average 2,300 points, higher than the corresponding figure of 2,100 points this year. France-based financial institution BNP Paribas adjusted its rating on the South K
Dec. 22, 2019