Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Korean won sinks to worst level since 2008 financial crisis
South Korea is inching ever closer to a repeat of the 2008-2009 global financial crisis as the local won weakened against the US dollar to close at 1,390.9 won in the onshore market -- a 17.3 won retreat from the previous session and its weakest level since 1,391.5 won in March 2009. Stronger bets on US tightening amid the latest discouraging news on inflation led to the dip. The benchmark Kospi shed 38.12 points or 1.56 percent to 2,411.42 from Tuesday, prompted by a sell-off by foreign and ins
Sept. 14, 2022
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Seoul shares dip over 1.5% as US inflation data signals more aggressive rate hikes
South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected US inflation data fueled concerns over the Federal Reserve's looming sharp rate hikes. The local currency fell sharply against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume was moderate at 454 million shares worth 7.53 trillion won ($5.41 billion) with decliners outnumbering gainers 721 to 167. "The stronger-t
Sept. 14, 2022
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Seoul shares open sharply lower on dashed hopes for US inflation
South Korean stocks tumbled at the opening bell Wednesday, driven by big IT and bio shares, after the hotter-than-expected US inflation data sparked fears the Federal Reserve would push ahead with aggressive monetary tightening. The Kospi sank 62.19 points, or 2.54 percent, to 2,387.35 in the first 15 minutes of trading. The US August consumer price index slowed to an 8.3 percent on-year gain, which was above the consensus of an 8.1 percent increase. The core CPI, which excludes food and energy
Sept. 14, 2022
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Seoul shares spike 2.7% on expectations of slowdown in US inflation
South Korean stocks rallied by nearly 3 percent Tuesday as investors were optimistic ahead of the release of the US inflation data, with eyes on the Federal Reserve's rate-setting policy meeting set for next week. The local currency rose against the US dollar. The Korea Composite Stock Price Index (KOSPI) advanced 65.26 points, or 2.74 percent, to 2,449.54. Trading volume was moderate at 361.7 million shares worth 9.05 trillion won ($6.58 billion) with gainers far outpacing decliners 771 to
Sept. 13, 2022
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Prosecutors mull defining luna as security
South Korean prosecutors are considering whether to view the troubled cryptocurrency luna as a security, a move which could put the coin developers and those complicit under scrutiny for not only fraud, but also for violations of the Capital Markets Act. The Seoul Southern District Prosecutors Office’s Financial and Securities Crime Joint Investigation Team has met with crypto experts and financial authorities to review if luna can be categorized as a security, the prosecution said Tuesda
Sept. 13, 2022
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KB opens Korea's largest premium private banking branch
South Korea’s KB Financial Group said Tuesday it has recently opened the nation’s largest premium private banking branch in Seoul in a bid to provide a fuller range of services to its wealthy clients. The seven-story building, named after the bank’s recently launched premium banking service “KB Gold & Wise the First,” is located in Seoul's posh district of Apgujeong. The floor space, themed on books and art, consists of 15 consulting rooms and 1,400 vaults. At the
Sept. 13, 2022
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JYP overtakes entertainment giant CJ ENM in market cap
The market capitalization of JYP Entertainment, one of South Korea’s four major K-pop powerhouses led by producer Park Jin-young, has remained higher than that of Korea's largest entertainment firm CJ ENM for three consecutive weeks, data showed Tuesday. According to Korea Exchange on Tuesday, JYP shares closed Thursday at 63,000 won ($45.81) per share, while its market cap closed at 2.23 trillion won, just before the Chuseok holiday. On the same day, CJ ENM shares settled at 91,000 w
Sept. 13, 2022
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Seoul shares open higher ahead of US inflation data
South Korean stocks got off to a strong start Tuesday as investors await the new US inflation data ahead of the Federal Reserve's rate-setting policy meeting next week. The Korea Composite Stock Price Index (KOSPI) soared 43.34 points, or 1.82 percent, to 2,427.62 in the first 15 minutes of trading. US stocks rallied Monday (local time) amid hopes that the likely slowdown in the August inflation would prod the Fed to go easy on its future rate hikes if it were to stick to its third consecut
Sept. 13, 2022
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Foreigners dump W12tr Korean stocks this year
A net selling by foreign investors in stocks traded on South Korea’s main board Kospi since January has reached 11.96 trillion won ($8.6 billion) Thursday, according to data from the Korea Exchange Monday. The data showed shares of Samsung Electronics accounted for a little over 9 trillion won, with Naver, LG Energy Solution and Kakao roughly making up the remaining purchases at over 1 trillion won, respectively. That contrasts sharply with a net buying by individual investors, who in the
Sept. 12, 2022
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Won slips to fresh 13-year low despite hint at intervention
The South Korean won tumbled to 1,384.2 won per US dollar on Wednesday in the onshore platform, the lowest closing figure since March 2009 during the global financial crisis, despite a warning from authorities that intervention could take place to steady the currency market. The US dollar’s rally – led by investors pricing in higher US interest rates to come by year-end – has been weakening not only the local currency, but six other major currencies, including the Japanese yen.
Sept. 7, 2022
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[Newsmaker] Apple Pay in final-stage talks to enter Korean market
Apple Pay is in the final stage of talks with local credit card issuer Hyundai Card to start its Korean services by the end of this year, according to news reports on Wednesday. Apple’s digital payments service, launched in 2014, has since expanded its Asian reach, including China, Japan, Singapore and Hong Kong. But it has struggled to enter Korea mainly due to a lack of technological infrastructure here. Most local retailers use the magnetic secure transmission technology, in which devic
Sept. 7, 2022
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Seoul shares tumble, local currency at over 13-yr low amid recession woes
Seoul shares tumbled on Wednesday as foreigners and institutions dumped holdings amid worries over the US Federal Reserve's continued aggressive rate hikes and their impact on the global economy. The Korean won also slid to the lowest point in more than 13 years. The Korea Composite Stock Price Index (KOSPI) fell 1.39 percent, or 33.56 points, to 2,376.46. Trading volume was moderate at 370.02 million shares worth 7.29 trillion won (US$5.3 billion), with decliners outpacing gainers 768 to 1
Sept. 7, 2022
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SK Broadband invests $4m in collaboration platform developer Swit
SK Broadband has decided to invest $4 million (5.5 billion won) in US collaboration platform developer Swit as the company seeks to boost its competitiveness in the business-to-business sector, the South Korean internet service provider said Wednesday. On top of the investment, SK Broadband said the company will become the sole distributor of Swit in the domestic market while pushing for collaboration businesses including new products that will integrate its message and fax services with Swit&r
Sept. 7, 2022
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MBK chairman to donate $10m to New York’s Met Museum
Seoul-based private equity house MBK Partners Founder and Chairman Michael Byung-ju Kim will donate $10 million to help the renovation work of the Metropolitan Museum of Art in New York, both the firm and the museum said Wednesday. “The Metropolitan Museum of Art announced today that Michael ByungJu Kim has pledged $10 million to support the renovation of the Museum’s Oscar L. and H.M. Agnes Hsu-Tang Wing for modern and contemporary art," the Met said in an official press relea
Sept. 7, 2022
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Won dips below 1,380 level per dollar for 1st time in more than 13 years
The South Korean currency on Wednesday declined below the 1,380-won level against the U.S. dollar for the first time in more than 13 years during intraday trading amid a sharp decline in the country's current account surplus. The local currency had been trading at 1,387.30 won per dollar as of 11:25 a.m., down 15.60 won from the previous session's close. In the morning session, the won slid to as low as 1,388.40 against the greenback at one point. It marked the first time that the Kore
Sept. 7, 2022
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Seoul shares open lower on US losses; local currency plunges
Seoul stocks opened lower Wednesday, tracking losses on Wall Street as investors remained concerned over the US Federal Reserve's aggressive rate hikes to combat runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 0.71 percent, or 17.06 points, to 2,392.96 as of 9:15 a.m. Overnight, the Dow Jones Industrial Average fell 0.6 percent, and the tech-heavy Nasdaq dropped 0.7 percent amid worries over the Fed's continued rate increases and a looming energy c
Sept. 7, 2022
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Seoul stocks end 3-day losing streak; Korean won at over 13-year low
Seoul shares closed higher on Tuesday, snapping a three-day losing streak, as individuals scooped up large-cap stocks amid concerns over the Federal Reserve's aggressive rate hikes and a global recession. The Korean won tumbled to an over 13-year low against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 0.26 percent, or 6.34 points, to 2,410.02. Trading volume was moderate at 283.43 million shares worth 5.34 trillion won ($3.9 billion), with gainers
Sept. 6, 2022
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Seoul stocks down for 3rd day amid recession woes; Korean won at over 13-year low
Seoul stocks ended lower for a third consecutive session Monday on concerns over the Fed's aggressive rate hikes and a global economic recession. The Korean won tumbled to an over 13-year low against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) fell 0.24 percent, or 5.73 points, to 2,403.68. Trading volume was moderate at 346.4 million shares worth 6.13 trillion won ($4.5 billion), with decliners outpacing gainers 606 to 252. The KOSPI opened higher on
Sept. 5, 2022
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Seoul shares open higher on bargain hunting
Seoul stocks opened higher Monday on bargain hunting following a decline for two consecutive sessions amid concerns over the Fed's aggressive rate hikes and a global economic downturn. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 percent, or 11.98 points, to 2,421.39 as of 9:15 a.m. The KOSPI opened higher after falling 2.5 percent in the past two sessions as large-cap stocks advanced on institutional buying. Tech and auto stocks were the lead gainers, with market bellwe
Sept. 5, 2022
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Foreign reserves fall in August on strong US dollar
South Korea's foreign reserves fell in August as the strong US dollar reduced the conversion value of euro and other currency-denominated assets, central bank data showed Monday. The country's foreign reserves came to $436.4 billion as of end-August, down $2.2 billion from the previous month, according to the data provided by the Bank of Korea (BOK). Foreign reserves consist of securities and deposits denominated in overseas currencies, International Monetary Fund reserve positions, sp
Sept. 5, 2022