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South Korean President Yoon Suk Yeol declares martial law
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'Is this happening in 2024?' South Koreans in panic, disbelief
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Ruling party leader denounces Yoon's declaration of emergency martial law
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President Yoon Suk Yeol declares end to martial law after six-hour chaos
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South Korea sees first martial law in over 40 years
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Assembly passes motion to revoke martial law
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What unfolded on Tuesday night in Seoul: A timeline
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Seoul defense chief calls meeting of key commanders
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Does cross atop Christmas tree at Seoul Plaza reflect religious bias?
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Assembly speaker declares martial law as invalid
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Stock rebounds signal recovery from omicron scare: analysts
South Korean stocks rebounded Wednesday on foreign buying amid growing hopes that the omicron variant would not derail a global economic recovery. Analysts in Seoul also said that stocks will shake off their pandemic-caused weakness early next year when supply disruptions are resolved. The main benchmark Kospi closed at 3001.80, up 0.34 percent from a day earlier, surpassing the 3,000-mark again for the first time since Nov. 24. The junior tech-heavy Kosdaq closed at 1006.04, up 0.94 percent f
Dec. 8, 2021
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Seoul stocks gain for 6th session on eased virus woes
South Korean stocks advanced for a sixth straight session Wednesday on the back of eased concerns about the omicron variant. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 10.08 points, or 0.34 percent, to close at 3,001.8 points. The key index retrieved the 3,000-point mark for the first time in about two weeks. Trading volume was moderate at about 482 million shares worth some 11 trillion won ($9.4 billion), with losers outnumbering g
Dec. 8, 2021
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Home prices stabilize in some Seoul districts: minister
SEJONG -- Deputy prime minister and Finance Minister Hong Nam-ki said Wednesday that home prices in some districts of Seoul and others nationwide have stabilized. During a meeting with real estate-related ministers, Hong said prices of some apartments in Seoul have “stabilized to the level before entering a possible downhill phase.” His remarks indicate that some districts of the capital might be seeing a plateau or slowdown in prices. He said the trend of stabilization has been at
Dec. 8, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened steeply higher Wednesday, tracking overnight gains on Wall Street that stemmed from easing concerns about the omicron variant. The benchmark Korea Composite Stock Price Index (Kospi) rose 25.72 points, or 0.86 percent, to trade at 3,017.44 in the first 15 minutes of trading. The Kospi got off to a bullish start, backed by comments by Anthony Fauci, top medical adviser to the US president, that the symptoms of the omicron variant are most likely lighter than other var
Dec. 8, 2021
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Seoul stocks up for 5th session on tech, auto gains
South Korean stocks extended their winning streak to a fifth session Tuesday after choppy trading, led by advances in tech and auto shares. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 18.47 points, or 0.62 percent, to close at 2,991.72 points. Trading volume was moderate at about 528 million shares worth some 9.9 trillion won ($8.4 billion), with gainers outnumbering losers 586 to 268. Foreigners bought a net 207 billion won, whi
Dec. 7, 2021
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Woori Bank opens Hungary office
South Korea’s Woori Bank opened its first representative office in Budapest, Hungary, after financial authorities there last week granted the license to operate, the firm said Tuesday. Woori said it plans to finance both Korean businesses that have entered the market and Hungarian businesses through the new office. Hungary has grown as a key destination for Korean businesses seeking to launch electric vehicle battery plants or auto parts manufacturing factories in recent years. Woori&r
Dec. 7, 2021
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Seoul stocks open lower amid inflation concerns
South Korean stocks opened lower Tuesday, largely as the estimate-beating jobs data in the United States raised investors' concerns that the Federal Reserve could hasten its key rate hike to reign in the inflation pressure. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 8.49 points, or 0.29 percent, to 2,964.76 in the first 15 minutes of trading. In Seoul, market bellwether Samsung Electronics lost 0.66 percent, and No. 2 chipmaker SK hynix traded flat. Pharmaceutical gi
Dec. 7, 2021
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Mirae Asset names first non-family chairman
Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities. Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehe
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Citibank Korea seeks real change with contributions beyond charity
Citibank Korea runs a number of programs that contribute to Korean society based on three principles -- employee participation, long-term commitment and leading activity. The bank does not simply deliver donations but also makes contributions to drive real change by partnering with nonprofit organizations to plan programs and giving them long-term support. It also encourages employees to voluntarily participate in these programs. On of the programs is “Citi Global Community Day” wh
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Kyobo Life Insurance accelerates digital transformation drive
Kyobo Life Insurance, one of Korea’s biggest life insurers, has picked up speed in its digital transformation efforts this year by innovating its traditional businesses and securing future growth engines. According to Kyobo Life Insurance, the company reorganized its structure with a digital transformation, opening departments on digital strategy, digital new businesses and IT support. The life insurer also implemented Amazon’s Public Cloud services in order to cope with the para
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Woori Bank's green finance generous to COVID victims, but strict to polluters
When banks gave out loans, the only question they asked was, “Can you pay it back?” This was before the pandemic. But now, people hit hard by the COVID-19 are flocking to banks, desperate to get their hands on cash. Suddenly, lending money has become an emotional task. Banks have also come under increased scrutiny against the backdrop of a stronger push for environmental, social and governance values. If loans are used for controversial purposes, such as building coal power plant
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Global X ETFs expands Europe foray with themed funds
Global X ETFs, an exchange-traded fund provider fully owned by South Korea-based asset manager Mirae Asset Global Investments, is making inroads into European stock markets by adding new products to its lineup. As of Monday, Global X was trading 12 ETFs in European stock markets. Among them, seven new themed ETFs started trading on the London Stock Exchange earlier in November. The seven new products allow ETF buyers to get exposure to a wider range of sectors, targeting robotics, cybersecuri
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] Mirae Asset Securities sets new records this year
BROKERAGE OF THE YEAR / MIRAE ASSET SECURITIES Mirae Asset Securities, a South Korean brokerage firm, has set new records this year. Mirae’s overseas stock and retirement pension assets each reached a record high of 20 trillion won ($16.8 billion), the brokerage firm said. The company’s overseas stock trading volume has surged 20 times more than it was in 2017. Compared to 2020, it increased by 4.3 trillion won this year. Investors who purchased and sold overseas stocks through t
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] KakaoBank CEO embraces digital wave, innovates financial services
Yun Ho-young, CEO of South Korea’s largest digital-only bank, KakaoBank, has brought changes in one of the country’s most conservative industries with innovative noncontact services. Playing a key role in leading the company’s digital banking drive, Yun has put KakaoBank in a position to receive the highest market valuation among local financial companies. Investors are keeping an eye on the CEO’s next steps toward innovation. “From the start, KakaoBank was differ
Dec. 6, 2021
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[GLOBAL FINANCE AWARDS] KB chairman joins ranks of global ESG leaders
FINANCIER OF THE YEAR / KB FINANCIAL GROUP CHAIRMAN YOON JONG-KYOO Despite the problems of the pandemic, 2021 was a landmark year for KB Financial Group as it celebrated its 20th anniversary. Under the leadership of its Chairman Yoon Jong-kyoo, the firm not only clinched the title of the nation’s No.1 banking group by total asset, but made unprecedented progress in adoption of environmental, social and governance values, including an endorsement by one of the most important global ESG o
Dec. 6, 2021
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Seoul stocks gain for 4th session on easing virus woes
South Korean stocks advanced for the fourth straight session Monday on easing woes over the impact of the omicron variant of the coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.92 points, or 0.17 percent, to close at 2,973.25 points. Trading volume was moderate at about 468 million shares worth some 9.1 trillion won ($7.7 billion), with gainers outnumbering losers 543 to 319. Foreigners bought a net 97 billion won and ins
Dec. 6, 2021
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Will eased rule on capital gains tax effective?
SEJONG -- Homeowners will enjoy an increased capital gains exemption when they sell their homes after a law was passed. The National Assembly has passed the bill on raising the upper level for the tax exemption from the current 900 million won to 1.2 billion won. The revised law -- which is not applicable to multiple homeowners but to those owning only one home -- will take effect in the coming weeks. Under the current 900 million-won standard, a homeowner who purchased a property at 700 mill
Dec. 6, 2021
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Seoul stocks open lower on omicron concerns
South Korean stocks opened steeply lower Monday, tracking losses on Wall Street that stemmed from worries about the omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) fell 30.26 points, or 1.02 percent, to 2,938.07 points in the first 15 minutes of trading. Stocks came off to a weak start, led by foreign and institutional sell-offs. The Dow Jones Industrial Average retreated 0.17 percent, and the tech-heavy Nasdaq composite declined 1.92 percent amid r
Dec. 6, 2021
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[ESG Talk] Implant basic principles of ESG, competitiveness in 2022
Companies are facing a stricter and more standardized ESG business environment. Recently, the Korean state-run bodies have released the K-ESG guidelines, or guidelines for domestic players to abide by. As 2021 ends, reputable ESG rating agencies are publishing ESG scores in Korea. One of the most famous rankers globally is MSCI, and its ESG ratings recently added the new climate change section as part of their rating systems. The newly included ”Implied Temperature Rise“ element trac
Dec. 5, 2021
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US keeps S. Korea on monitoring list for currency practices
The United States said Friday that it is keeping South Korea on its list of countries to be monitored for currency practices. The US Treasury Department named 11 other countries, including China and Japan, on the monitoring list in its semiannual report to Congress. It, however, said none of the countries were found to have purposefully intervened in currency markets for unfair gains. "Pursuant to the 2015 Act, Treasury has also established a Monito
Dec. 4, 2021