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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Cryptocurrency exchange Youbit shuts down after hack attack
One of South Korea’s cryptocurrency markets, YouBit, was forced to shut down on Tuesday after a hacking attack, the exchange said. Hackers stole about 17 percent of YouBit’s cryptocurrency in the attack, which happened at 4:35 a.m., the exchange said in a statement posted on its website. YouBit did not reveal the value of the stolen cryptocurrency. “To minimize the damages to our customers, we will allow them to withdraw about 75 percent of their balance,” the state
Dec. 19, 2017
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Govt. set up W1tr fund for restructuring of SMEs
The government will set up a 1 trillion-won ($918 million) fund to restructure struggling small and medium-sized enterprises as part of its drive for "market-oriented" corporate restructuring, officials said Monday. Under the scheme, eight state-run and retail banks, including Korea Development Bank, will raise 500 billion won by the end of next February as a "mother" fund, the Financial Services Commission said in a statement. The remaining 500 billion won will be rais
Dec. 18, 2017
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Commercial banks to raise floating mortgage rates this week
South Korea's commercial banks are set to raise floating rates for mortgage loans this week in line with a benchmark money market rate hike, industry officials said Sunday.The top five banks -- KB Kookmin, Shinhan, Woori, KEB Hana and NH Nonghyup -- will reflect a rise in the Cost of Funds Index, a benchmark for variable-rate mortgages, starting from Monday.The COFIX, which is decided by the Korea Federation of Banks, has increased for three consecutive months since September on expectations of
Dec. 17, 2017
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[Herald Interview] Education key to dealing with bitcoin craze
Following phenomenal bitcoin demand by retail investors in South Korea in the past few weeks, local cryptocurrency exchanges might represent the nation’s potential to take the lead in blockchain technology. But the bitcoin craze does not necessarily mean investors understand the way blockchain works, or that they can even tell the difference between cryptocurrency and blockchain, since they are more interested in high returns than the underlying technology. Cryptocurrencies are digital cur
Dec. 15, 2017
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KCS official blamed for leak of gov't measures against cryptocurrency speculation
A Korea Customs Service official was found to have leaked a government press release announcing a package of measures aimed at curbing cryptocurrency speculation earlier this week, officials said Friday.The government launched an investigation after a draft of the press release was leaked online hours before the official announcement of regulatory measures Wednesday. The leak is believed to have impacted cryptocurrency trading. According to the Office for Government Policy Coordination, the draf
Dec. 15, 2017
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Cryptocurrency exchanges seek to improve market transparency
South Korea‘s cryptocurrency exchanges said Friday they will adopt self-regulatory measures to boost transparency in the highly speculative market.The Korea Blockchain Association, consisting of 14 virtual currency exchanges here, announced plans to raise the market entry barrier for operators as part of ongoing efforts to protect investors in the fluctuating market. Starting in January, the exchanges will bear responsibility to force traders to store at least 70 percent of cryptocurrency
Dec. 15, 2017
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Weakest gold in year ‘not relevant’ to bitcoin surge: analyst
South Korean gold prices are at their lowest in almost a year while bitcoin prices rise exponentially, but a Korean analyst on Friday rebutted claims that gold’s decline was down to the bitcoin craze.Gold was trading at 44,180 won ($40.60) per gram 10 minutes ahead of closing at 44,200 won Friday, according to an estimate by the Korea Exchange. On Wednesday, the price dipped below 44,000 won for the first time since Dec. 23, 2016. By contrast, bitcoin has skyrocketed past 20 million won, w
Dec. 15, 2017
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Turnover of derivatives market gains 9% in H1
The trading volume of South Korea's derivatives market expanded nearly 9 percent in the first half of the year on the back of a bullish stock market, the financial regulator said Friday.The combined turnover of derivatives, such as stock options and futures, reached 20,047 trillion won ($18.4 trillion) in the January-June period, up 8.6 percent from a year earlier, according to the Financial Supervisory Service.Exchange trading jumped 11.4 percent on-year to 13,267 trillion won, while the turnov
Dec. 15, 2017
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Senior Korean official to protest EU's tax haven blacklisting
A senior foreign ministry official will protest the European Union's recent blacklisting of South Korea as a tax haven country during a meeting in Brussels Friday, a government source said.Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon left for Brussels on Thursday to attend a regular Korea-EU meeting, a ministry official told Yonhap on the condition of anonymity."It is an annual gathering that marks the 14th of its kind. But as it comes after the blacklisting decision, the iss
Dec. 15, 2017
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US rate hike to have little impact on Korean market
South Korea's central bank chief said Thursday that the latest rate rise by the US Federal Reserve will have little impact on the local financial market, as the move was widely expected."The market has long anticipated the Fed's base rate increase this month," Bank of Korea Gov. Lee Ju-yeol told reporters. "The BOK is focused on the Fed's pace of rate rises next year and has kept its 2018 outlook unchanged."He said the Fed remained less "hawkish" than expected despi
Dec. 14, 2017
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Vulnerable households likely to suffer from increased debt repayments after rate rise: BOK
An interest rate rise in South Korea will increase the debt repayment burdens of vulnerable households who over-extended themselves on mortgages during the low rate period, the central bank said Thursday."In general, household and corporate borrowers will be able to afford an increase in debt repayment incurred by a 1 percent point rise in loan rates, if they have solid income and financial assets," the Bank of Korea said in a report submitted to the parliament. "But those who too
Dec. 14, 2017
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Fed move heralds possible rate reversal in US, Korea
The US central bank's latest rate hike has raised the possibility of a reversal of key interests in the world's top economy and South Korea next year that could destabilize the local financial market, analysts said Thursday.In a widely expected move, the US Federal Reserve hiked interest rates for the third time this year to 1.5 percent Wednesday and retained its forecast for three rate increases in 2018.With the hike, America's benchmark interest rate has equaled that of South Korea. In Novembe
Dec. 14, 2017
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Gold funds fare ill ahead of US rate decision
Gold funds in South Korea have fared poorly over the past months ahead of a US interest rate decision, a market tracker said Thursday.Those funds chalked up an average return of minus 11.6 percent over the three months to Tuesday, the worst performer among local investment funds worth 1 billion won ($920,000) or more, according to financial information provider FnGuide.Comparable yields were minus 5.6 percent for stock funds, minus 3.3 percent for funds investing in farm products and minus 2.7 p
Dec. 14, 2017
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Korea unveils measures to tame cryptocurrencies
South Korea rolled out plans Wednesday to curb speculation on cryptocurrencies, including trade bans for minors and ways to impose taxes on investment returns, in its resolve to tame the country’s bitcoin craze without completely shutting it off. Banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones and prohibit minors from opening accounts, according to the plan.The regulators will also
Dec. 13, 2017
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Korea decides on range of measures to curb cryptocurrency speculation
South Korea's government decided Wednesday to seek a series of measures to curb cryptocurrency speculation and crimes, including barring minors from trading cybermoney and opening investment accounts, officials said.During an emergency meeting of senior officials from related ministries, the government also decided to prohibit local financial institutions from possessing, purchasing or investing in the virtual currencies.The measures also include checking the identities of those doing bank trans
Dec. 13, 2017
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Foreign stock buying slows down in Nov.
Foreign investors bought South Korean stocks at a slower pace in November, but they turned to net sellers in the bond market amid security jitters and profit-taking, the central bank said Wednesday.Foreigners purchased $450 million worth of local stocks last month, down sharply from $2.8 billion in the previous month, according to the Bank of Korea.In the bond market, they offloaded $1.41 billion in November, compared with a $650 million purchase in October.Foreigners have been low key in the So
Dec. 13, 2017
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Growth pace of household lending slows down in Nov.
South Korea's household lending by banks slowed down slightly last month amid the government's toughened financial measures to cool down the real estate market, central bank data showed Wednesday.Outstanding household loans from lenders came to 762.7 trillion won ($698.4 billion) as of the end of November, according to the data by the Bank of Korea. This marks a 6.6 trillion-won increase from a month earlier, down from a 6.9 trillion-won rise in OctoberMortgages climbed 3 trillion won on-month t
Dec. 13, 2017
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Fed forecast to hike rates four times in 2018
A growing number of market experts are forecasting the US central bank will raise its key interest rate four times in 2018 on an economic recovery and a tax overhaul, industry sources said Wednesday.Global investment bank Goldman Sachs has recently projected the US Federal Reserve Board to jack up the federal funds rate four times in the coming year, with JP Morgan and Jefferies making the same forecast, according to the sources.So far, six investment banking giants -- Bank of America Merrill Ly
Dec. 13, 2017
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Govt. decides on range of measures to curb cryptocurrency speculation
South Korea's government decided Wednesday to roll out a series of measures to curb cryptocurrency speculation, including barring minors from opening investment accounts, officials said.During an emergency meeting of senior officials from related ministries, the government also decided to prohibit local financial institutions from possessing, purchasing or investing in the virtual currencies.The measures also include checking the indentities of those doing bank transactions related to cybermoney
Dec. 13, 2017
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New 'supernote' found in S. Korea could be from North
A new high-quality counterfeit $100 bill has been found in South Korea, bank officials said Tuesday, prompting suggestions the sanctions-hit North might have resumed forging "supernotes".A team of forgery specialists at KEB Hana Bank have confirmed that a $100 note found at a Seoul branch in November was a fake which was almost impossible to distinguish from real banknotes, they said."It was the first of a new kind of supernote ever found in the world," Yi Ho-Joong, head of t
Dec. 12, 2017