Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Seoul to promote luxurious side of the city
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Financial audits drag on lackluster IPO market
Longer-than-expected financial audits are posing hurdles to privately-held companies seeking initial public offerings on South Korea’s stock markets, amid a sharp fall in the volume of total investments through IPOs this year through the third quarter. Following the withdrawals of lubricant oil maker SK Lubricant and game software developer Kakao Games from plans to go public in April and in September, respectively, investors’ attention is on whether refiner Hyundai Oilbank, projecte
Oct. 1, 2018
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Financial watchdog vows to eradicate phone scams
South Korea's financial watchdog on Monday launched a fresh campaign to eradicate phone scams known as "voice phishing," calling for banks and other financial institutions to make more efforts to protect their customers.Such scams involve the use of fraudulent phone calls that trick people into giving away private financial information, enabling scammers access to their accounts. The Financial Supervisory Service's monthlong campaign calls for employees of banks and other financial ins
Oct. 1, 2018
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Real estate funds continue strong growth as investment
Real estate-related investment funds reached the highest-ever total of 69.97 trillion won ($62.97 billion) as of the end of August, continuing the streak of monthly increases for nearly three years, data showed Monday.Records from the Financial Supervisory Service and Korea Financial Investment Association showed that the spike in property funds clearly exceeded that of other types of funds. While the money flowing to real estate funds jumped 30.9 percent last year, the comparable figures w
Oct. 1, 2018
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[Contribution] Bond investing in late-economic cycle
The Korea Herald publishes a regular contribution series written by senior investment strategists at Standard Chartered Group Wealth Management. – Ed.It is understandable that bond investors are worried as the economic cycle matures, especially in the US, and as the Federal Reserve continues to hike interest rates gradually. Conceptually, as we head toward the late stage of an economic cycle, corporate profitability -- and their ability to repay bond holders -- typically peaks. Meanwhile,
Sept. 30, 2018
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Fed rate hike won’t have huge impact on Korea: BOK chief
The US Federal Reserve’s latest quarter-point interest rate hike will not have a huge impact on the local financial market as the move was already expected, according to the Bank of Korea governor and the finance minister on Thursday. On Wednesday, the Federal Reserve raised interest rates by 25 basis points for the third time this year and also predicted it would further raise its base rate in December. The rate gap between Korea and the US now stands at 0.75 percentage point, as Seoul fr
Sept. 27, 2018
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Top regulator hints at launch of 3rd internet-only bank
Anticipation is growing for the nation’s third internet-only bank as the authorities move to clear away hurdles affecting nonbanking institutions, including limits on ownership, following positive remarks from South Korea’s top financial regulator last week.Choi Jong-ku, chairman of Korea’s financial regulatory body, the Financial Services Commission, mapped out a plan to help the new digital banks to move in tandem with the changing environment in the financial industry landsc
Sept. 26, 2018
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Seoul shares to seek upturn on eased trade woes next week
Seoul shares may undergo upward momentum next week, as eased concerns over global trade disputes and positive forecasts for corporate earnings could whet investors' appetite for bargains, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,339.17 on Friday, up 2.32 percent from a week earlier.The index started the week on a bearish note, as conflicts over tariffs between the United States and China appeared to worsen due to President Trump's decision to proceed wit
Sept. 22, 2018
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[Newsmaker] Opposition lawmaker’s office raided for state budget information leak
A senior lawmaker of the main opposition party faced seizure over charges of accessing and leaking confidential government data on the state budget, prosecutorial officials said Friday.The Seoul Central District Prosecutors’ Office seized and searched the office of Rep. Shim Jae-cheol, a fifth-term lawmaker of the conservative Liberty Korea Party, whose aides are suspected of leaking information from the government’s digital budget accounting system.“Please gather immediately a
Sept. 21, 2018
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Banks ready for inter-Korean economic cooperation
Fired up by the thawing peninsular mood built on the latest inter-Korean summit, banks here have buckled down on establishing business in the North in the near future, their initial focus fixed on the resumption of the Kaesong industrial park and Kumgangsan tours.Steering the move are the state-run banks that strive to win an upper hand in infrastructure financing, as well as Woori Bank and NH NongHyup Bank, which had operated businesses in the joint operations zones in the past.On Wednesday and
Sept. 20, 2018
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SC Bank Korea launches My Run Savings Account
SC Bank Korea, the Korean subsidiary of British banking giant Standard Chartered, has launched a new money market deposit account, offering a relatively high interest rate opportunity to customers, officials said Wednesday.The bank has launched My Run Savings Account, a new kind of compound account that combines the convenience of a checking account and the profitability of a fixed deposit. The account offers an annual interest rate ranging from 0.1 percent to 2.1 percent maximum, depending on t
Sept. 19, 2018
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FSS chief touts Korea as ‘financial hub,’ riding on inter-Korean thaw
The pangovernmental moves to “advance Korean markets to a financial hub in Northeast Asia” will gain steam, riding on the inter-Korean thaw in the wake of this year’s third inter-Korean summit, South Korea’s Financial Supervisory Service Gov. Yoon Suk-heun told heads of foreign financial units in Korea on Wednesday. The remarks came as South Korea President Moon Jae-in and North Korea leader Kim Jong-un signed a joint agreement to reboot plans for bilateral business coope
Sept. 19, 2018
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Market watchers play down summit’s potential impact
South Korean markets gained little impetus on the first day of the third inter-Korean summit on Tuesday, as market analysts remained cautious about the summit’s potential long-term impact.But some analysts expressed the view that positive developments in inter-Korean relations could stimulate long-term market growth.In stock markets, the top-tier Kospi edged up 0.3 percent Tuesday, while the second-tier Kosdaq was 0.4 percent higher.Bond markets were moderately bearish in closing. The thre
Sept. 18, 2018
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Embattled Toptec CEO denies spilling tech secrets
Toptec, a South Korean maker of automated machines for production of display panels and semiconductors, denied recent allegations that it had attempted to sell confidential information on technology related to mobile phone screen lamination machines to China.The company also refuted claims that it had failed to protect company secrets of its biggest buyer, Samsung Display. Suwon District Prosecutors’ Office on Friday raided the Toptec headquarters in Gumi, North Gyeongsang Province, a
Sept. 17, 2018
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Shinhan Bank, EBRD cooperate on trade finance
Shinhan Bank, one of the major commercial lenders in South Korea, has become a confirming bank for a trade program run by the European Bank for Reconstruction and Development, the EBRD said Friday. The cooperation is expected to help Shinhan Bank offer safer trade financing instruments to Korean firms that do business with nations in Eastern Europe, the Middle East and Africa. In a statement, the EBRD said Shinhan Bank joined the multilateral lender's Trade Facilitation Program, which aims
Sept. 14, 2018
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Prime Minister urges BOK rate hike
South Korean Prime Minister Lee Nak-yon urged the Bank of Korea to raise key interest rate Thursday, citing concerns about financial instability.“Without a rate hike, problems related to capital flight, a widening gap in interest rates between Korea and the United States and the (upward) pressure on (the level of) household debt will persist,” said Lee. “It is high time to take this matter more seriously.” Lee also blamed expansionary monetary policy during the forme
Sept. 13, 2018
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Crypto exchanges can discern worthwhile coins, blockchain projects: Upbit CEO
With hundreds of new cryptocurrencies and blockchain projects being released daily, it’s difficult for investors to discern which digital coins are worth backing or are potential scams with no value. Though the decision is ultimately left to the investor, responsible cryptocurrency exchanges can help this selection process by screening for and listing coins linked to worthwhile blockchain projects, said Lee Sir-goo, CEO of Dunamu which runs Korea’s top cryptocurrency exchange Upbit.&
Sept. 13, 2018
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56% of Koreans favor stronger real estate taxes: poll
More than five out of 10 South Koreans are supportive of the government's plan to hike real estate tax rates to curb rising housing prices, a poll showed Thursday.In the survey on 500 adults conducted by Realmeter, 56.4 percent of the respondents said that they are in favor of the government's plan to strengthen the so-called comprehensive real estate tax scheme. It showed that 30.7 percent oppose the move. Later in the day, the government plans to unveil stronger measures to cool down the overh
Sept. 13, 2018
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KRX to tighten rules on maximum per-case stock trading
The maximum possible number of shares investors can purchase in a single order will be reduced starting next week to prevent fat-finger errors, the local bourse operator said Wednesday.Investors will be allowed to buy a maximum of 1 percent of a firm's total shares per order starting Monday, compared to the current level of 5 percent, according to the Korea Exchange. In cases where an order is to purchase shares worth more than 100 billion won (US$88.65 million), such attempts will be rejec
Sept. 12, 2018
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NH Investment & Securities picked as most preferred bidder for Seoul Square sales
NH Investment & Securities, South Korea’s second-largest securities firm by net assets, was picked as the most preferred bidder for Seoul Square, a prime office building located in central Seoul, according to the company Wednesday. NH Investment & Securities expects the deal worth 1 trillion won ($890 million) to be complete by the end of November, which would be the second-priciest bid in Korea following an M&G Real Estate Korea 1.1 trillion-won purchase deal of the Centropoli
Sept. 12, 2018
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Securities firms remove 40% of Korean branches in 7 years
South Korea’s securities firms saw their local branch network shrink by 40.3 percent in the past seven years until June this year, with the arrival of mobile trading infrastructure here, data showed Wednesday. According to the Korea Financial Investment Association, the number of brick-and-mortar branches of 56 securities firms that locate at least one business unit in Korea came to 1,116 as of end-June, indicating that 756 branches in Korea have been removed since June 2011. By brok
Sept. 12, 2018