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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SCI Information Service, CrePASS Solution to create new credit rating model
SCI Information Service and CrePASS Solution signed a new partnership on Friday to boost business cooperation and create a new credit rating model for the financially marginalized. Under the partnership, the two South Korean credit rating agencies will seek synergy by combining SCI Information Services’ accumulated credit information and CrePASS Solution’s alternative information methodologies. Their new planned credit rating model, in particular, aims to help people who have difficu
Sept. 20, 2022
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Seoul stocks snap 4-day losing streak ahead of Fed policy meeting
Seoul stocks ended their four-day losing streak on Tuesday as investors scooped up oversold stocks ahead of the Fed's policy meeting later this week. The Korean won rose against the US dollar. After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) stayed in positive terrain, closing at 2,367.85, up 12.19 points, or 0.52 percent. Trading volume was light at 407.9 million shares worth 6.9 trillion won ($4.96 billion) with decliners outnumbering gainers 654 to 198. "
Sept. 20, 2022
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Saudi public VC funds in town in search of Korean startups
Saudi Arabia’s two major public investment funds have arrived in South Korea to look for local startups to add to their portfolios, the Seoul Metropolitan Government said Tuesday. Jada, a fund-of-funds set up by Saudi sovereign wealth fund Public Investment Fund, and fellow state-run Saudi Venture Capital will cooperate with the Seoul government to find Korean “unicorns” or startup companies with a value of over $1 billion to invest in. The investment funds arrived in Seoul on
Sept. 20, 2022
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Upbit Developer Conference to return in person this week
The Upbit Developer Conference, the nation's largest blockchain developer conference, will be back in person this year after two years of pandemic disruptions. According to Dunamu, the operator of South Korean crypto exchange Upbit, on Tuesday, the 2022 UDC will be held in Busan from Sept. 22 to 23, with 50 speakers and over 3,000 attendees set to join the event. Launched in 2018, the annual gathering has attracted more than 617 companies and 15,100 visitors. This year’s event will cove
Sept. 20, 2022
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Seoul stocks open higher ahead of Fed policy meeting
South Korean stocks opened higher Tuesday as investors picked up oversold issues ahead of the highly anticipated US Federal Reserve's rate-setting meeting. The Korea Composite Stock Price Index (KOSPI) rose 24.61 points, or 1.04 percent, to 2,380.27 in the first 15 minutes of trading. The market has been roiled amid worries that the Fed could raise its base interest rate by at least another 75 basis points in its two-day policy meeting that will kick off on Tuesday (US time). Some market wa
Sept. 20, 2022
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Seoul shares hit over 2-month low on prospect of another aggressive rate hike by US Fed
South Korean stocks dipped by more than 1 percent on Monday to extend their losing streak to a fourth day as market sentiment was dampened by the prospect of another sharp rate hike this week by the US Fed. The Korean won fell sharply against the US dollar. After opening higher, the benchmark Korea Composite Stock Price index (KOSPI) shed 27.12 points, or 1.14 percent, to 2,355.66, marking the lowest since July 12 when the corresponding reading was 2,330.98. Trading volume was light at 395.3 mil
Sept. 19, 2022
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S. Korean stocks open lower ahead of Fed policy meeting this week
South Korean stocks opened lower Monday as investors continued to remain cautious ahead of the US Federal Reserve's policy meeting later this week. The Korea Composite Stock Price Index (KOSPI) fell 8.43 points, or 0.35 percent, to 2,374.35 in the first 15 minutes of trading. The country's stock market has been roiled by expectations that the Fed could raise the base rate at least by another 75 basis points in its upcoming policy meeting slated for Sept. 20-21. In Seoul, market heavywe
Sept. 19, 2022
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Financial workers’ strike has little short-term impact
Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti
Sept. 18, 2022
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Seoul shares fall for 3rd day on Fed rate-hike jitters
South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest US economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to 2,382.78. Trading volume was moderate at 432.5 million shares worth 8.4 trillion won ($6.04 billion) with decliners outnumbering gainers 687 to 193. "The after
Sept. 16, 2022
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Seoul shares open lower on Fed rate hike jitters
South Korean stocks opened lower Friday, as the latest US economic data made it more certain that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.31 points, or 0.72 percent, to 2,384.52 in the first 15 minutes of trading. US retail sales posted a higher-than-expected gain in August in the latest government release Thursday (local time), supporting the view that the Fed will push
Sept. 16, 2022
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FSS to step up market scrutiny amid volatility
South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p
Sept. 15, 2022
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Terraform founder could face ‘severe punishment,’ say legal experts
Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c
Sept. 15, 2022
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Seoul shares down for 2nd day amid US inflation rout
South Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the US Federal Reserve after the strong US inflation data. The local currency fell slightly against the US dollar. After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 4
Sept. 15, 2022
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Woori Card partners with Korean singer IU to attract Gen Z
Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I&U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ
Sept. 15, 2022
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Seoul shares open marginally higher after US inflation rout
South Korean stocks opened marginally higher Thursday, after the previous day's steep fall on fears of further aggressive rate hikes by the US Federal Reserve following the strong US inflation data. The benchmark Kospi was up 1.51 points, or 0.06 percent, to 2,412.93 in the first 15 minutes of trading. Wall Street managed to end higher Wednesday after wavering between gains and losses, as investors chose to take a pause following the market jolt over the stronger-than-expected US consumer p
Sept. 15, 2022
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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