Most Popular
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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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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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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
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Seoul shares open higher on dip-buying
South Korean opened higher Friday, following a big drop in the previous session, amid lingering concerns over the US rate hikes and a global economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.02 points, or 0.33 percent, to trade at 2,423.63 points as of 9:15 a.m. The index tumbled more than 2 percent Thursday, as investors were worried about the US Federal Reserve's aggressive monetary tightening to tame inflation. Overnight, US shares ended mixed. The Dow Jo
Sept. 2, 2022
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Seoul stocks dip over 2% on US rate hike woes; Korean won at 13-year low
South Korean stocks fell more than 2 percent Thursday on deepening concerns over aggressive rate hikes by the US Federal Reserve. The Korean won slid to a 13-year low against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 56.44 points, or 2.28 percent, to close at 2,415.61. Trading volume was moderate at 563.43 million shares worth 8.15 trillion won ($6.12 billion), with decliners outpacing gainers 827 to 78. Institutions and foreigners shed shares worth 833.69 billion won and
Sept. 1, 2022
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Seoul shares open lower on US rate hike woes
South Korean stocks got off to a weak start Thursday, tracking overnight losses on Wall Street, on lingering concerns over the US Federal Reserve's aggressive policy tightening and a global economic slowdown. The benchmark Korea Composite Stock Price Index (KOSPI) lost 39.89 points, or 1.61 percent, to trade at 2,432.16 points as of 9:15 a.m. The stock market has lost steam in recent sessions, after Fed Chair Jerome Powell stressed his determination to tame inflation during the annual Jacks
Sept. 1, 2022
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Won seesaws amid mixed signals
The South Korean won fluctuated sharply Wednesday, reaching a 13-year intraday low at 1,352.3 won per US dollar in the onshore market before closing at 1,337.6, 0.68 percent stronger than the Tuesday’s close, as the dollar continued its rally and the euro pared losses later the day. The search for safe-haven assets like the dollar is still strong, as investors reassess the prospect for higher US rates in light of a more hawkish tone on inflation set by the US Federal Reserve over the week
Aug. 31, 2022
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[Market Eye] Lone Star verdict sheds light on Korea’s systematic flaws, experts say
An international dispute settlement body’s order Wednesday that South Korea must pay a “smaller-than-expected” $216.5 million to Lone Star may seem like a reasonable resolution to a decadelong battle between the government and the US-based private equity firm. But the verdict and the 10-year-long battle itself have revealed flaws in Korea’s financial and legal system that must be fixed before it can make the progress it aspires to, experts said. “The dispute has
Aug. 31, 2022
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Seoul shares open lower on US rate hike woes
South Korean stocks opened sharply lower Wednesday, tracking a continued drop on Wall Street that stemmed from concerns about the US Federal Reserve's aggressive policy tightening. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 23.83 points, or 0.97 percent, to trade at 2,427.1 points as of 9:15 a.m. Stocks have been in a slump in the wake of the Fed chairman's reaffirmation in Jackson Hole that the US central bank would continue its fight against four-decade high infl
Aug. 31, 2022
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Troubled Optimus Asset Management declared bankrupt
A South Korean court on Tuesday officially declared the bankruptcy of Optimus Asset Management, which had been mired in massive financial fraud leading to losses worth some 560 billion won ($415.8 million) for investors. The Seoul Bankruptcy Court declared the troubled asset manager bankrupt, citing its incapability to make payments due to its “heavy debt.” Optimus filed for bankruptcy with the Seoul court in June. Optimus was found to have raised 1.35 trillion won from more than 3
Aug. 30, 2022
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Seoul stocks end higher amid persistent rate hike concerns
South Korean stocks finished higher Tuesday, as investors moved to buy beaten-down shares while digesting the possibility of the U.S. Federal Reserve keeping its aggressive monetary tightening stance. The Korea Composite Stock Price Index (KOSPI) rose 24.04 points, or 0.99 percent, to close at 2,450.93. Trading volume was rather slim at 327.21 million shares worth 6.69 trillion won ($4.97 billion), with winners far outnumbering losers 647 to 208. Institutions and foreign investors unloaded a net
Aug. 30, 2022
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Seoul shares open higher amid persistent rate hike woes
South Korea's stock market opened higher Tuesday, as investors digested the possibility of the US Federal Reserve continuing its aggressive monetary tightening. The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.05 points, or 0.66 percent, to trade at 2,442.94 as of 9:15 a.m. The market has faced renewed fears about aggressive rate hikes since last Friday when Fed Chair Jerome Powell said at the annual Jackson Hole meeting that the US central bank will keep rates at an elevated
Aug. 30, 2022
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Seoul stocks slump, snapping 3-day winning streak; Korean won falls to lowest level against US dollar in 13 years
South Korean stocks tumbled Monday as investors grappled with renewed concerns over the US central bank's aggressive monetary tightening. The Korean won dropped to its lowest level against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 54.14 points, or 2.18 percent, to close at 2,426.89, ending its three-day rise. Trading volume was moderate at 441.63 million shares worth 7.79 trillion won ($5.77 billion), with losers far outnumbering winners 822 to 86. Ins
Aug. 29, 2022
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Korea hit by market volatility after Powell’s hawkish speech
South Korea’s financial authorities and brokerages on Monday warned of volatilities stemming from US Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole last week, with the private sector expressing more skepticism towards the associated risks. Powell on Friday delivered a hawkish remark saying that the rising interest rates will cause “some pain” to the US economy and that the US Fed will use their “tools forcefully” to combat the nation’s
Aug. 29, 2022
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Probe launched over Morgan Stanley short selling in Korea
South Korea’s top financial watchdog is investigating stock short selling practices at Morgan Stanley’s Seoul office, people familiar with the matter said Monday, in the latest sign of a crackdown set to expand this week to regulate the practice that profits from a drop in stock prices. The Financial Supervisory Service will look at Merrill Lynch and Goldman Sachs next, an official at the watchdog said, noting: “These firms are the top priority because most of the short sellin
Aug. 29, 2022
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Seoul shares open markedly lower on Powell's resolve to continue aggressive monetary tightening
South Korea's stock market opened sharply down Monday, tracking Wall Street's rout last Friday after Federal Reserve Chair Jerome Powell reaffirmed the US central bank would continue its fight against four-decade high inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 57.55 points, or 2.32 percent, to trade at 2,423.48 as of 9:15 a.m. "Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said duri
Aug. 29, 2022
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FSC deputy chairman is S. Korea's wealthiest civil servant
South Korea’s deputy finance policymaker was identified as the civil servant with the highest-value personal assets in the country, including shares worth some 20 billion won ($15 million) in a family business, a government ethics committee said Friday. Financial Services Commission Vice Chairman Kim So-young’s net assets – including real estate, stocks and savings -- amounted to a total of 29.2 billion won, making him the “richest” civil servant in the Yoon Suk
Aug. 26, 2022
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Seoul shares open higher ahead of Powell's Jackson Hole speech
South Korea's stock market opened higher Friday as investors awaited the gathering of central bankers in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.82 points, or 0.4 percent, to trade at 2,487.08 as of 9:15 a.m. Investors will be closely looking for the clue into the pace and the scale of the US central bank's monetary tightening plan at the meeting in Jackson Hole, Wyoming, slated for Friday (US time), where Federal Reserve Chair Jerome Powell is
Aug. 26, 2022
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Tensions rise as Korea waits for verdict on Lone Star dispute
South Korea is watching closely a verdict set to be delivered by an international dispute settlement body for a decadelong dispute between the government and US private equity firm Lone Star next week. The International Center for Settlement of Investment Disputes’ verdict on Aug. 31 will come almost 10 years after Lone Star filed a suit against the Korean government in November 2012, seeking $4.68 billion in compensation. Lone Star claimed that the financial authorities here botched its
Aug. 25, 2022
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KB launches new premium private banking brand
South Korea’s KB Financial Group on Thursday launched its new premium private banking and asset management brand to better cater to its wealthy clients. “KB Gold & Wise the First” plans to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together as a single team for their clients, according to the firm. Clie
Aug. 25, 2022
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Seoul stocks end higher for 2nd day on eased uncertainty over BOK rate hike
South Korean stocks finished higher Thursday as investors gained clarity on the Bank of Korea's monetary tightening. The Korean won also gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) added 29.81 points, or 1.22 percent, to close at 2,477.26, keeping the two-day winning streak. Trading volume was moderate at 410.32 million shares worth 7.06 trillion won ($5.29 billion), with gainers far outpacing decliners 708 to 150. Institutions and foreign investors, c
Aug. 25, 2022
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Seoul shares open higher ahead of BOK rate policy meeting
South Korea's stock market opened higher Thursday as investors brace for yet another rate increase by the Bank of Korea (BOK). The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.02 points, or 0.45 percent, to trade at 2,458.47 as of 9:15 a.m. The BOK is widely expected to raise its policy rate by 0.25 percentage point to 2.5 percent at a policy meeting later in the day. The central bank delivered an unprecedented 0.5 percentage-point rate hike last month to tackle inflation. It
Aug. 25, 2022