Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Foreigners’ selling of emerging market stocks highest in S. Korea
Among emerging market stocks, South Korean shares were most offloaded by overseas investors last month as a result of Asia’s fourth-largest economy’s reduced weighting in the Morgan Stanley Capital International emerging markets index, a report by a local brokerage said Thursday.According to Yuanta Securities, foreigners net sold South Korean shares worth nearly $3 billion in November alone, which marked the largest volume among 10 major emerging markets during the same period.
Dec. 12, 2019
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Watchdog warns foreign would-be voice phishers
The Financial Supervisory Service on Thursday warned that even foreigners who are accomplices to voice phishing crimes will be subject to punishment amid escalating financial crimes.Announcing a plan to tighten its grip over bank account transactions, the watchdog shared campaign materials -- in Korean and Chinese -- to help prevent voice phishing, reflecting the involvement of Chinese and Korean Chinese in such crimes.Recently, an increasing number of foreigners were caught for participating in
Dec. 12, 2019
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Chubb Life Korea welcomes new CEO
Chubb Group, the world’s largest property insurer based in the US, has named Albert Kim as the new chief executive officer of Chubb Life Korea, its life insurer subsidiary operating here, officials said Thursday.Throughout his 25-year career, Kim has worked in various global insurers including AIG, Allianz and AXA. Until recently, he served as vice president in charge of sales and management at AIG Korea.“We are glad to announce that Albert Kim will henceforth lead Chubb Life Korea,
Dec. 12, 2019
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Kyobo Life chief wins award for humanistic management
Kyobo Life Insurance Chairman Shin Chang-jae has won an international prize for humanistic management, becoming the first winner of the newly established award, the company said Thursday.The International Council for Small Business, the world’s oldest and largest nonprofit organization devoted to small and medium enterprises, has selected the South Korean insurer chief as winner of its Humane Entrepreneurship Award.The awards ceremony took place on the sidelines of the SME World Forum 2019
Dec. 12, 2019
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Palladium price outpaces gold over growing demand
The price of palladium, a metal used to reduce harmful emissions in vehicle exhaust, has surged to a record high, making it a precious metal more expensive than gold.According to the New York Mercantile Exchange, the price of palladium futures for December delivery closed Tuesday at $1,871.30 per ounce, 0.67 percent higher from the previous session. The figure rose nearly 49.2 percent from the price on Dec. 31 last year, which was $1,253.90 per ounce. Its growth rate far surpassed those of other
Dec. 11, 2019
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Kakao Pay starts payment service on Google Play, YouTube Premium
Kakao Pay, a South Korean mobile payment platform, said Wednesday that it has started its payment service on the Google Play Store and YouTube Premium.Through the service, users can purchase any paid content on both applications by choosing Kakao Pay as a payment method. Users can also purchase various services such as YouTube Movies, Channel Membership and Super Chat on YouTube. Once users choose Kakao Pay to make payments on the Google Play Store, they can automatically use it for tr
Dec. 11, 2019
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S. Korea's household debt continues to rise in Nov.
Household debt extended by banks in South Korea continued to increase at a steady pace in November, while fresh bank deposits spiked at the highest level in nearly five years amid lack of viable places to park their money, central bank data showed Wednesday.Fresh bank loans extended to households came to 7 trillion won ($5.9 billion) in the month, slightly slowing from a 7.2 trillion-won increase the month before, according to the data from the Bank of Korea.Outstanding home-backed loans added 4
Dec. 11, 2019
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KRX vows to tighten regulations on algorithmic trading
South Korea’s bourse operator, the Korea Exchange, said Tuesday that it will establish a clear definition of algorithmic trading and adopt various risk management systems next year to prevent destabilization of the local stock market. “As our task for 2020, we will adopt a management system for algorithmic trading, which has become a regularized practice,” KRX Chairman Jung Ji-won said at an end-of-year press briefing. “By establishing a clear definition of algorithmic tr
Dec. 10, 2019
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Mirae Asset Daewoo wins presidential award at 26th Corporate Innovation Awards
South Korean brokerage Mirae Asset Daewoo said Tuesday that it received a presidential award at the 26th Corporate Innovation Awards for its efforts to create new markets through innovation and change, while boosting venture capital investment.The Corporate Innovation Awards, co-hosted by the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry, recognize local firms in various sectors that have proven successful in areas related to corporate innovation. Ac
Dec. 10, 2019
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[Contribution] Breakthrough in exports decline needs support of overseas
South Korea’s exports fell in November on-year, keeping its downward trend for the 12th consecutive month. Concerns are growing over the protracted slump in exports, the nation’s key driver for growth -- due to the sluggish semiconductor industry and falling exports to China. It is important to recover the level of export duties collected from key industries and on shipments heading to major overseas destinations. However, we need to think whether our nation is heavily dependent on a
Dec. 10, 2019
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Kakao Bank launches mobile version of piggy bank
Kakao Bank, an internet-only bank subsidary of Kakao, announced Tuesday the launch of a savings product that automatically saves only small change daily.Through the Coin Box service, users can save money easily, according to company officials. When users open Coin Box and select a coin-collecting service, small change under 1,000 won (84 cents) that was previously saved in deposit and savings accounts will be automatically transferred the next day on weekdays. The service reinterprets
Dec. 10, 2019
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Defense stocks surge after N. Korea’s ‘very important test’
Shares of South Korean defense-related firms jumped Monday in the wake of North Korea’s announcement about a “very important test” at its western satellite launching site over the weekend.Shares of asphalt plants manufacturer Speco closed nearly 12.9 percent higher from the previous session, at 4,115 won ($3.46). Victek, a provider of military systems and power supply systems, extended gains for the second day and closed nearly 2 percent up at 3,275 won. Both firms are listed o
Dec. 9, 2019
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Korean investors turn to real estate, less interested in stock market
Korean investors have been turning their attention toward the real estate market, reflected in an increase in mortgage lending, while cash flows in the equity market have been overall stagnant, recent data showed. According to data released by the Bank of Korea last month, the outstanding balance of mortgage loans held by banks and other financial institutions here came to a combined 830.3 trillion won ($700.5 billion) as of September. The latest data is a noteworthy jump from the corresponding
Dec. 8, 2019
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Foreign investors’ bond holdings hit 6-month low
Foreign investors in South Korea continued to recoup investments from the local bond market for three consecutive months, dragging the amount of locally listed bonds they held to the lowest level in six months, according to the financial regulator on Sunday. The latest data of the Financial Supervisory Service showed foreign holdings of locally listed bonds amounted to 122.3 trillion won ($103 billion) as of Wednesday, dropping from 124.77 trillion won at end-November. It also marked the lowest
Dec. 8, 2019
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FSS directs banks to pay up to 80% compensation to DLF customers
The financial watchdog on Thursday directed local banks to compensate up to 80 percent of the losses suffered by customers due to their controversial sale of derivative-linked funds earlier this year. The Financial Supervisory Service held its dispute settlement committee meeting to review six representative cases of investor damages due to miselling -- three from Woori Bank and three from KEB Hana Bank.“In the past cases of misselling (of financial products), the compensation rate was usu
Dec. 5, 2019
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Restructuring involves inevitable financial consequences: KDB chief
Social disturbances and financial costs during restructuring are the inevitable price one has to pay in order to reform the economy and prevent further damages, according to the chief of South Korea’s largest state-run bank.“During my past 2 1/2 years in office, I have felt the high level of distrust in our society,” said Lee Dong-gull, chairman of the Korea Development Bank, in a press conference.“Many blame us for persecuting workers along the way but our unchanging goa
Dec. 4, 2019
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4 industry doyens join race to be next KOFIA leader
Four industry experts have joined the race to head the leading nonprofit, self-regulatory financial organization in South Korea.According to the Korea Financial Investment Association on Wednesday, Daishin Securities CEO Na Jae-chul, Hana Financial Investment Executive Managing Director Seo Jae-ik, former IBK Securities CEO Shin Seong-ho and KTB Asset Management Vice Chairman Jung Ki-seung have thrown their hats into the ring. Other strong potential candidates, including Korea Investm
Dec. 4, 2019
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[News Focus] Unlisted stock market gains momentum with attention to startups
With stocks on major bourses failing to satisfy the appetite of South Korean investors and brokerages, the unlisted securities market has been gaining high popularity, buoyed by growing interest in startups.Unlisted stocks largely remained a foreign concept for domestic investors until 2014, when the Korea Financial Investment Association upgraded and rebranded its over-the-counter trading platform Freeboard -- which was launched in 2005 -- to K-OTC. OTC markets around the globe serve as a platf
Dec. 4, 2019
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HSBC Securities names new co-CEOs
HSBC Securities has appointed Lee Jong-jin and Rhee Sang-ho as co-chief executive officers, the firm announced Wednesday.Lee joined HSBC in Hong Kong in 2009 from Dresdner Bank and transferred to HSBC Korea in 2010. He has since led fixed income sales, and in 2019 he expanded sales coverage to cash equity products. Lee is also said to specialize in risk management.Rhee joined HSBC in 2010 from JPMorgan and has been leading the Korea debt capital markets team.HSBC Securities provides market resea
Dec. 4, 2019
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Naver takes top place in stock conversion price ranking
Naver, South Korea’s No. 1 internet portal, ranked first among all stocks listed on the main bourse in terms of conversion prices, according to the Korea Exchange on Tuesday.The conversion price of Naver was 8.57 million won ($7,220) based on Monday’s closing price of 171,500 won per share. That was followed by SK Holdings, the holding firm of Korean conglomerate SK Group, with 6.4 million won and Samsung C&T, the construction and fashion unit of Samsung Group, at 5.02 million wo
Dec. 3, 2019