Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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Actor Yoo Ah-in accused of sexual attack
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Man who let his father die due to financial difficulties to be released on parole
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S. Korea, China shifting from tensions to cooperation: Seoul
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LG Electronics achieves record earnings in Q2
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‘Jeonse’ loans taken out by those in 20s, 30s soar W60tr
The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday. Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outstanding balance of jeonse loans at five major lenders here -- KB Kookmin Bank, Shin
Oct. 22, 2021
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Seoul stocks open tad lower on China's Evergrande risk
South Korean stocks opened slightly lower Friday amid concerns about a debt crisis of Evergrande Group, a leading Chinese property developer. The benchmark Korea Composite Stock Price Index (Kospi) slipped 3.11 points, or 0.1 percent, to 3,004.22 in the first 15 minutes of trading. Stocks got off to a weak start amid the uncertainties surrounding Evergrande, largely as the firm has to pay some $80 million worth of bond coupons by Saturday. Overnight, the tech-heavy Nasdaq composite added 0.62
Oct. 22, 2021
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KB Financial‘s Q3 profit hits record high
South Korea’s KB Financial Group said Thursday its net profit in the January-September period came to 3.7 trillion won ($3.14 billion), eclipsing last year’s annual net profit. KB’s net profit in the first nine months of the year jumped 31.1 percent on-year and surpassed last year’s annual net profit of 3.4 trillion won, hitting a record high for the cited period. Onlookers said that the banking group is likely to see a record high for fiscal 2021 as well, likely surpas
Oct. 21, 2021
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Blackstone-backed Simone Acc Collection pulls IPO plan
Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm. According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Securities and Mirae Asset Securities. The news came after its two-day book building targeting in
Oct. 21, 2021
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Bitcoin inches closer to record high amid ETF launches
The world’s largest and best-known cryptocurrency, Bitcoin hit 80 million won ($67,900) on Thursday in Korea, inching closer to a historical high, following the much-anticipated listing of a Bitcoin exchange-traded fund in the US. Bitcoin briefly touched 81.2 million won at around midnight, according to the largest crypto exchange Upbit on Thursday. On April 14, Bitcoin’s price reached its record high of 81.48 million won. As of 1:50 p.m, Bitcoin was trading at 79 million won
Oct. 21, 2021
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Seoul stocks down for 2nd day over inflation woes
South Korean stocks closed lower Thursday after a choppy session, as the hopes for economic recovery is balanced against concerns about fast inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.8 points, or 0.19 percent, to close at 3,007.33 points. Trading volume was moderate at about 871 million shares worth some 10.3 trillion won ($8.7 billion), with loser outnumbering gainers 563 to 297. Foreigners bought a net 42 billion won
Oct. 21, 2021
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8 in 10 young Koreans invest in stocks, crypto to buy home: data
Eight out of 10 young Koreans are currently investing in stocks, funds, cryptocurrencies and other assets, and their main purpose behind making such investments is to buy a home, a survey showed Thursday. According to the survey conducted by insurance agency Rich Planner Consulting Co. on 1,000 Koreans in their 20s and 30s, 88.2 percent of them answered they are investing in stocks. Nearly 35 percent said they are trading cryptocurrency. For the purpose of investment, 42.2 percent of young in
Oct. 21, 2021
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Shinhan Bank opens Hungary office
Shinhan Bank said Thursday it has opened an office in Hungary, becoming the first South Korean commercial lender to enter the central European country. The flagship lender under the nation’s No. 1 banking group by assets said it was granted the license to operate by the Hungarian National Bank in September and opened the office Tuesday. It also marked Shinhan’s latest overseas market entry since the launch of its subsidiary in Mexico in 2018. The new office is expected to bolste
Oct. 21, 2021
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New law to foster Koreans’ private credit deals
South Korean private fund managers are poised to take advantage of revised rules and dedicate themselves to the domestic nonbank lending business with legal clarity. Starting Thursday, when amendments to the Financial Investment Services and Capital Markets Act went into effect, private funds comprising no more than 100 backers are entitled to carry on private credit strategies in Korea. Under the new rules, any Korea-domiciled private fund may extend nonbank loans to corporations. Direct loan
Oct. 21, 2021
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Investors hope for jackpots from crypto exchanges' official market entry
With four crypto exchanges having nearly passed market authorities’ high bar for official registrations, investors are turning their eyes to the four entities already enjoying soaring profits and making steps for their respective market debuts. The four -- Upbit, Korbit, Coinone and Bithumb -- were able to apply for registration by undertaking the long list of anti-money laundering and security measures required by financial authorities. As of Tuesday, Upbit and Korbit have received appr
Oct. 21, 2021
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Seoul stocks open slightly higher on tech, auto gains
South Korean stocks opened slightly higher Thursday, led by advances in techs and autos. The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.82 points, or 0.16 percent, to 3,017.95 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average gained 0.43 percent to 35,609 points and the tech-heavy Nasdaq composite slipped 0.05 percent to 15,121 points. Market bellwether Samsung Electronics edged up 0.14 percent to 70,400 won, while LG Chem shed 2.62 percent to
Oct. 21, 2021
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BlackRock becomes 3rd-largest shareholder of Hanwha Solutions
US-based investment manager BlackRock has become the third-largest shareholder of energy services company Hanwha Solutions, a filing showed Wednesday. BlackRock’s 11 affiliated entities were holding a combined 5.08 percent stake in Hanwha Solutions -- which is dedicated to petrochemicals, advanced materials and solar energy -- as of Friday, according to the disclosure filed with the Financial Supervisory Service. Solely on Friday, BlackRock had invested 65.4 billion won ($55.6 million)
Oct. 20, 2021
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Seoul stocks retreat on institutional selling
South Korean stocks retreated Wednesday, led by strong institutional sell-offs. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) fell 15.91 points, or 0.53 percent, to close at 3,013.13 points. Trading volume was moderate at about 668 million shares worth some 11 trillion won ($9.4 billion), with losers outnumbering gainers 521 to 337. Institutions sold a net 208 billion won, while retail investors bought 284 billion won. Foreigners offloaded
Oct. 20, 2021
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Only 15% of Kospi firms pursue ESG management: survey
Despite industrywide efforts to promote sustainable corporate management through environmental, social and governance aspects, many South Korean companies appear to be struggling to integrate the values into their businesses, a survey suggested Wednesday. Only 123 companies, or 15 percent of all Kospi-listed firms, have established committees to deal with ESG issues, according to the survey conducted by CEO Score, a local corporate tracker. Most of the ESG management committees included chief
Oct. 20, 2021
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Analysts upbeat over Kakao Pay’s valuation
South Korean mobile payment app operator Kakao Pay embarked on a two-day book building process targeting institutional investors Wednesday, following delays due to local authorities’ requests. The result will determine at which price a share of Kakao Pay, the Ant Group-backed financial technology firm, would be offered, as well as the proceeds Kakao Pay will be able to attract through the initial public offering, ahead of its proposed market debut on Nov. 3. Korean analysts are valuing
Oct. 20, 2021
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KB Kookmin acquires remaining stake in Cambodia’s Prasac Microfinance
South Korea’s KB Kookmin Bank said Wednesday that it has acquired the remaining stake in Prasac Microfinance Institution, to wholly own Cambodia’s largest microfinance deposit-taking firm. KB Kookmin had acquired 70 percent stake in Prasac Microfinance for $603.4 million from Sri Lanka-based nonbanking lender LOLC Holdings in April 2020, becoming the majority and largest shareholder of the institution. The price of the 30 percent stake which KB Kookmin recently acquired has yet t
Oct. 20, 2021
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Number of retail investors' overseas stock accounts soars 74% in H1
The number of overseas stock accounts held by South Korean retail investors jumped 74 percent in the first half of the year from six months earlier amid their brisk investment in foreign shares, data showed Wednesday. Local individual investors held about 3.31 million overseas stock accounts as of end-June, up from some 1.89 million at the end of last year, according to the data submitted to the National Assembly for an annual parliamentary audit by the Financial Supervisory Service. The numbe
Oct. 20, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 5.66 points, or 0.19 percent, to 3,034.7 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.71 percent to 15,129 points on hopes of strong corporate earnings, and the Dow Jones Industrial Average gained 0.56 percent to 35,457 points. South Korea's new virus cases stayed below 2,000 for the 12th consecutive day Wedn
Oct. 20, 2021
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Seoul halves recommended agency fees to relieve housing price burden
Legally suggested brokerage fees were lowered around 50 percent starting Tuesday, over implementation of the related law revised to reduce burden on soaring housing prices. For those selling or buying a house worth more than 1 billion won, real estate agents can receive commissions up to 5 million won, 4 million won down from up to 9 million won, according to new guidelines. For “jeonse” and monthly rent contracts worth also over 1 billion won, agents can demand brokerage fees up to
Oct. 19, 2021
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Seoul stocks rebound on easing virus woes, stabilizing currency market
South Korean stocks rebounded Tuesday on easing concerns about the new coronavirus and the volatility in the currency market. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.36 points, or 0.74 percent, to close at 3,029.04 points. Trading volume was moderate at about 833 million shares worth some 10 trillion won ($8.5 billion), with gainers outnumbering losers 449 to 381. Foreigners bought a net 146 billion won, while retail investors
Oct. 19, 2021