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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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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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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SC Bank Korea’s Miles card targets young customers
To the young generation increasingly placing work-life balance over career progression or income, an airline miles credit card could be attractive to those who make more overseas trips, Standard Chartered Bank Korea said in a release. The Korean unit of the London-based banking giant has offered its flagship airline miles card since March, called Plus Mile, so that miles earned can be used for airlines in Korea. The card offers a maximum bonus of 3.5 miles to fly with Asiana Airlines o
July 25, 2018
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[Herald Interview] DeepSearch spearheads financial data analytics
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 19th installment. -- Ed.Offshore institutional investors have often come across a lack of financial information about South Korean securities when building an investment portfolio for Asian markets.Some 3 million privately held Korean companies are barely on the map. Relevance from overflowing information about listed companies in Korea -- largely embellished -- was also
July 24, 2018
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Kospi undergoes most bearish H1 in 5 years
The Kospi, a benchmark index representing South Korea’s top-tier market, experienced the most bearish first half this year in five years, data showed Monday.From January to June, the Kospi fell 5.7 percent to 2,326.13, the sharpest since a 6.7 percent drop in the first half of 2013, according to data compiled by the Korea Exchange. Analysts cited a market impact from US-China trade war threats and strengthening US dollar that are associated with sluggish earnings of local manufacturers in
July 23, 2018
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[Herald Interview] Small-cap index can ‘reduce risk’ as long as qualities are checked
In February this year, the Korea Exchange, South Korea’s market operator and stock index developer, birthed the KRX 300 benchmark index that represents the tiered stock market in Korea. The KRX unveiled the mid-cap index called KRX Mid 200 in June, comprising constituents from the top-tier Kospi and second-tier Kosdaq, and released plans for another index for small caps in the near future. The moves aimed to balance institutional influx into tiered stock markets in Korea and enable investo
July 22, 2018
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30 richest stockholders' share value tumbles this year
South Korea's 30 richest stockholders have lost more than 10 trillion won ($8.81 billion) combined in the value of their shares this year amid a bearish equities market, data showed Sunday.As of last Wednesday, the aggregated value of shares owned by the top 30 stockholders stood at 77.69 trillion won, down 11.84 percent from the end of last year, according to the local financial information provider FnGuide Inc.The benchmark KOSPI has lost 7.19 percent this year, dropping to 2,290.11. On the fi
July 22, 2018
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Proclaimed discovery of wrecked Russian cruiser disrupts stock market
A South Korean company’s proclaimed discovery of the armored Russian cruiser Dmitrii Donskoi that was scuttled off the sea near the Korean islet Ulleungdo in 1905 has disrupted local stock market.The stock price of Jeil Steel Mfg, a rolling steel product maker listed on the second-tier Kosdaq, fluctuated throughout this week on the rumored connection with Shinil Group, the Korean company that claimed to have found the sunken vessel. Jeil Steel Mfg sank 20.5 percent Thursday in closin
July 19, 2018
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SK Securities selloff up for final regulatory decision next week
South Korea’s Securities and Futures Commission on Wednesday approved SK Holdings’ 51.5 billion-won ($45.6 million) deal plan, putting the matter up for final regulatory decision by the top regulator, the Financial Services Commission. SK Holdings’ deal is designed to sell off its controlling stake of brokerage house SK Securities to local private equity firm J&W Partners. As the SFC approved the eligibility of J&W Partners as the securities firm’s major sharehold
July 18, 2018
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Nearly 300 workers caught for unfair stock trading over 3 yrs: data
A total of 281 officials of listed companies have been caught for unfair stock trading over the past three years, data by the state watchdog showed Wednesday.Between 2015 and 2017, the Financial Supervisory Service caught 184 executives and 97 employees of the listed firms for illegal acts involving stock trading. Of them, 30.6 percent were from companies listed on the main KOSPI bourse (43 executives and 25 employees), while 69.4 percent worked for KOSDAQ-listed firms (129 executives and 66 emp
July 18, 2018
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Warrant for Naturecell CEO issued over stock-rigging
The South Korean district court has issued an arrest warrant for Ra Jeong-chan, chief executive of Korean biotech firm Nature Cell, on allegations that he manipulated stock market using false and misleading company information since 2017. This came after the prosecution sought an arrest warrant against Ra on Friday. Ra has been under custody for interrogation since Tuesday. The company said in a disclosure Wednesday it has nominated an acting CEO, adding that no allegations had been proven.Ra is
July 18, 2018
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Credit unions to adopt stricter rules for mortgage loans next week
Credit unions will adopt stricter guidelines for mortgage loans next week, officials said Tuesday, in the government's latest effort to rein in household debt.The stricter lending calculation for home mortgages, called the Debt Service Ratio, uses a new system that measures all debt principal and interest payments as a proportion of annual income.Financial authorities said the DSR system, which was already adopted at commercial banks in March, better assesses a borrower's repayment ability and r
July 17, 2018
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Calls grow to deregulate market for online-only banks
Panelists from academic circles at a roundtable discussion Monday called on financial authorities to lower the regulatory bar for South Korea’s digital banks, which face difficulties in launching new financial services due to failures in raising capital.Among issues at debate were calls to ease regulation on nonfinancial firms’ maximum ownership of banking firms, with some panelists saying such a regulation is outmoded. The ban was put in place to prevent companies from using banks a
July 16, 2018
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K bank faces impasse on capital increase failure, regulation
K bank, South Korea’s first online-only bank, has come under financial pressure over its failure in capital increase through issuing new stocks, as pledged in May. By Thursday, K bank shareholders were scheduled to buy 24 million newly issued common stocks and 6 million convertible preferred stocks without voting rights, worth a combined 150 billion won ($132.4 million). Of the total pledges with 5,000 won per share, only 30 billion won for the convertible securities purchase had been paid
July 15, 2018
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Mirae Asset yields over 20% return from global ‘innovative firms’
Mirae Asset Global Investments, a South Korean asset management company, has harvested returns of over 20 percent a year in its stock funds dedicated to investing in innovative firms, the company said Sunday. Mirae Asset G2 Innovator Fund, investing in innovative companies in the United States, China and Taiwan, has generated some 33.02 percent of yearly returns, the highest among all Korean stock funds, according to an estimate by fund evaluator KG Zeroin on Wednesday. The secret behind the yie
July 15, 2018
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Elliott starts ISD suit against Korea, claiming $770m in damage
US-based hedge fund Elliott Associates has officially filed for an investor-state dispute settlement against the South Korean government seeking $770 million in compensation for the merger between two Samsung Group affiliates, the Justice Ministry said Friday.Elliott submitted its application for arbitration claiming it has suffered $770 million due to “unfair” mediation by the Korean government in the process of approving the merger between Samsung C&T and Cheil Industries in 20
July 13, 2018
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Morgan Stanley, JP Morgan expect rate hike in August
US financial services firms Morgan Stanley and JP Morgan said Friday that they expect the South Korean central bank to raise the base rate next month on a modest economic recovery and low inflationary pressure.In a monetary policy committee meeting on Thursday, the Bank of Korea held the benchmark policy rate unchanged at 1.5 percent, citing signs of an economic slowdown and uncertainties over global trade disputes.The BOK has maintained the accommodative stance for eight months since the 0.25 p
July 13, 2018
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FSC rules Samsung BioLogics’ accounting breach was ‘intentional’
South Korea’s financial regulator on Thursday imposed a top-level sanction on Samsung BioLogics over a past accounting irregularity, concluding that its omission of key governance information notices was intentional, but reserved its final opinion on accounting fraud charges.The biopharmaceutical affiliate of Samsung Group is therefore to face a prosecutorial probe over the case and have its stock transactions suspended, but has so far avoided the worst scenario of being delisted.“Th
July 12, 2018
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Association affirms 12 cryptocurrency exchanges’ security standards
The Korea Blockchain Association on Wednesday gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges in Korea, including major players such as Bithumb, Coinone, Korbit and Gopax. This came over two months after the association launched a self-regulatory inspection in May of 14 member exchanges among the total 23, upon agreement by the exchanges.Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, OKCoin Korea, Huobi Korea, Bithumb, Upbit, Neofra
July 11, 2018
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BOK likely to freeze key rate for July
The South Korean central bank is expected to hold the country's key rate at the current 1.5 percent in its upcoming monetary policy meeting amid rising uncertainties at home and abroad, market insiders said Wednesday.The Korea Financial Investment Association said that in its latest poll, 89 percent of 100 local bond traders forecast a rate freeze at the BOK meeting scheduled for Thursday.Global investment banks and credit appraisers, such as HSBC and Moody's, also expected the BOK to not move t
July 11, 2018
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[Herald Interview] Crowdfunding platform Tumblbug calls for eased barriers to inbound payments
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 18th installment. -- Ed. An online crowdfunding platform is a marketplace of ideas. And equipping that marketplace with a convenient payment tool is obviously key for the involved parties -- fundraisers with an idea and backers buying into the idea.For sponsors on Tumblbug, a startup operating an online rewards-based crowdfunding platform for content creators since 2011,
July 10, 2018
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IIS honors co-authors of paper on digital insurance with Shin Award
The International Insurance Society has selected co-authors of “Digital Agendas in the Insurance Industry: The Importance of Comprehensive Approaches” as the winners of Shin Research Excellence Award this year, according to Kyobo Life Insurance Tuesday. Recipients of the annual award in 2018 are Alexander Bohnert and Albrecht Frizche, both professors at Friedrich-Alexander University in Germany, and Shirley Gregor, a professor at Australian National University. The prize was gi
July 10, 2018