Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New head of doctors' association vows war in case of disadvantage to medical professors
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Seoul shares open higher after extended market rout
Seoul shares opened higher Friday after the market plunged to a 19-month low the previous session amid growing concerns about a recession. The Korea Composite Stock Price Index (KOSPI) rose 11.80 points, or 0.51 percent, to 2,326.12 in the first 15 minutes of trading. Overnight, the US stock market inched up on the second day of Federal Reserve Chair Jerome Powell's testimony before Congress, during which he reaffirmed the central bank's commitment to bringing down high-flying inflatio
June 24, 2022
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Won sinks to 13-year low, Kospi slips after rate hike
The South Korean won weakened to more than 1,300 per US dollar for the first time in 13 years in onshore spot trading Thursday, breaching the key psychological threshold as recession worries boosted the dollar’s safe-haven appeal. The won lost 0.35 percent from the previous session to 1,301.8 per dollar, the lowest close since July 14, 2009, when the won dropped to 1,303 during onshore trading hours. The 1,300 mark, last seen in the wake of the 2007-2008 financial crisis, is con
June 23, 2022
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Seoul stocks again gripped by panic selling on recession fears; Korean won at 13-year low
South Korean stocks fell again Thursday, as investors avoided risky assets amid monetary tightening and recession fears. The local currency fell to the lowest point against the US dollar in almost 13 years. After choppy trading, the Korea Composite Stock Price Index (KOSPI) dropped 28.49 points, or 1.22 percent, to close at 2,314.32, after falling to as low as 2,306.48. Trading volume was moderate at 729.97 million shares worth 9.98 trillion won ($7.67 billion), with decliners far outpacing gain
June 23, 2022
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TGS hires Go master Lee Se-dol for TV campaign
South Korean retail and finance company, TGS Holdings, said Thursday that it has produced a TV commercial featuring former professional Go master Lee Se-dol last month. Lee Se-dol, who competed with Google’s artificial intelligence program AlphaGo in 2016 during the peak of his career, signed a contract to become the face of TGS in Novermber 2021. The newly produced commercial introduces TGS’s new smart currency called C-Cash. It is the world‘s first hybrid smart currency t
June 23, 2022
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AFoCO, Woori Financial to cooperate for forest management
The Asian Forest Cooperation Organization (AFoCO) said it has signed an agreement with Woori Financial Group to cooperate for climate control through sustainable forest management and environmental, social and corporate governance. The AFoCO is an international organization established upon Seoul’s proposal at the 2009 special summit between South Korea and the Association of Southeast Asian Nations. Through a public-private platform known as the AFoCO green partnership, AFoCO offers bus
June 23, 2022
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Won falls to 13-yr low against dollar in intraday trading
South Korea's currency on Thursday fell below the 1,300-won level against the US dollar for the first time in about 13 years amid growing concerns about global monetary tightening and an economic recession. The Korean currency was trading at 1,300.70 won against the dollar as of 9:52 a.m., down 3.40 won from the previous session. It marked the first time that the won has fallen through the 1,300-won level since July 14, 2009, in intraday trading. Market volatility has recently heightened ov
June 23, 2022
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Seoul shares open higher; Korean won hits 13-yr low
Seoul shares opened slightly higher Thursday after another market rout the previous session amid growing woes over an economic slowdown. The Korea Composite Stock Price Index (KOSPI) rose 4.67 points, or 0.2 percent, to 2,327.68 in the first 15 minutes of trading. Overnight, Wall Street closed lower after Federal Reserve Chair Jerome Powell acknowledged the central bank's aggressive rate hikes could cause an economic downturn. The US central bank raised its policy rate by 0.75 percentage po
June 23, 2022
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Producer prices grow for 5th month in May on high energy, service costs
South Korea's producer prices grew for the fifth straight month in May, driven by rising prices of coal, oil and services, central bank data showed Thursday. The producer price index, a major barometer of consumer inflation, stood at 119.24 in May, up 0.5 percent from a revised 118.59 a month earlier, according to the preliminary data from the Bank of Korea (BOK). From a year earlier, the index jumped 9.7 percent, the 18th straight month of on-year rises. Energy and raw material prices rema
June 23, 2022
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Seoul stocks dip almost 3 pct on recession fears; Korean won at 13-year low
South Korean stocks fell again, shedding almost 3 percent Wednesday as recession woes made investors avoid risky assets amid hawkish monetary policy in major economies. The local currency fell to the lowest point against the US dollar in 13 years. The Korea Composite Stock Price Index (KOSPI) dropped 66.12 points, or 2.74 percent, to close at 2,342.81. Trading volume was moderate at 520.87 million shares worth 8.50 trillion won ($6.54 billion), with decliners far outpacing gainers by 870 to 40.
June 22, 2022
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Citibank partners with KB, Toss Bank for W8tr performing loan portfolio transfer
Citigroup’s South Korean subsidiary has said it will cooperate with local financial giant KB Kookmin Bank and the internet-only Toss Bank on transferring its unsecured personal loan portfolio worth some 8 trillion won ($6.1 billion). The move is part of Citibank Korea’s decision announced in October last year to shut down its retail banking operations in phases, after its monthslong attempt to find a buyer of the business failed. Its parent firm and US banking giant Citigroup decide
June 22, 2022
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Foreign currency deposits up in May amid increased corporate savings
Foreign currency deposits at banks in South Korea grew in May due to increased corporate savings, central bank data showed Wednesday. Residents' outstanding foreign currency-denominated deposits reached $89.17 billion as of end-May, up $2.18 billion from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, companies, foreigners staying here for more than six months and foreign firms. The data excludes interbank foreign currency deposits.
June 22, 2022
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Seoul shares open lower despite Wall Street gains
Seoul shares opened lower Wednesday despite Wall Street's overnight rebound, as investor sentiment remained fragile amid bold monetary tightening in major economies and fears about a recession. The Korea Composite Stock Price Index (KOSPI) fell 8.71 points, or 0.36 percent, to 2,400.22 in the first 15 minutes of trading. Wall Street made a comeback overnight, following a brutal week in the wake of the US Federal Reserve's rate hike of 0.75 percent, its steepest increase since 1994, to
June 22, 2022
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Seoul shares rebound amid slowdown woes
South Korean stocks rebounded Tuesday from a fresh 19-month low the previous session on bargain hunting amid lingering concerns over high inflation and a global economic slowdown. The local currency fell against the US dollar. After a choppy session, the Korea Composite Stock Price Index (KOSPI) added 17.90 points, or 0.75 percent, to close at 2,408.93. The gain came after the index tumbled 2.04 percent to the lowest level since November 2020. Trading volume was a bit slim at 468.76 million shar
June 21, 2022
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Crypto-related stocks plunge amid liquidity crisis
South Korea’s cryptocurrency-related stocks have been nosediving in recent weeks, weighed down by the growing liquidity crisis in the global virtual currency market, data showed Tuesday. According to the nation’s sole bourse operator Korea Exchange, Vidente, the largest shareholder of Bithumb Holdings and the company behind one of top crypto exchanges here, nearly halved from the beginning of the year to close at 8,910 won ($6.89) on the secondary bourse Kosdaq on Tuesday. It traded
June 21, 2022
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Seoul shares open slightly higher after Monday's rout
Seoul shares opened slightly higher Tuesday, after the market slipped by more than 2 percent the previous day on concerns that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) rose 2.62 points, or 0.11 percent, to 2,393.65 points in the first 15 minutes of trading. On Monday, the index slumped 2.04 percent to close at a fresh 19-month low of 2,391.03, weighed by tech heavyweights, including
June 21, 2022
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Socially responsible investment bonds surpass W200tr in value
The aggregate value of Socially Responsible Investment bonds issued surpassed 200 trillion won for the first time, the Korea Exchange said. The total value of SRI bonds listed on the market stood at 200.2 trillion won as of June 10, marking a 154-fold increase from 1.3 trillion won in 2018 when an SRI bond was first listed. Also known as environmental, social and governance bonds, thematic and social contribution bonds or green, social and sustainable bonds, SRI bonds are used to fund eco-frie
June 20, 2022
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Seoul shares open sharply lower on recession woes
Seoul shares opened sharply lower Monday, as investors still were gripped by fears that a recession in the global economy may come amid faster-than-expected monetary tightening in major economies. The Korea Composite Stock Price Index (KOSPI) lost 24.44 points, or 1 percent, to 2,416.49 points as of 9:20 a.m. Most local heavyweights dropped, still bracing for the impact of the US Fed's key rate hike last week, the largest increase since 1994. In Seoul, market bellwether Samsung Electronics
June 20, 2022
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Samsung Electronics shares plummet to 52-week low
Samsung Electronics shares, which account for some 18 percent of South Korea’s benchmark Kospi’s market capitalization, closed at a 52-week low on Friday hit by the prolonged global memory chip supply shortage coupled with concerns of an economic slowdown. The market bellwether closed at its lowest price since Nov. 4, 2020 and 1.81 percent lower from the previous day’s trading at 59,800 won ($46.30). This also marks the first time it closed below the 60,000-won threshold sin
June 17, 2022
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Kospi slumps to sub-2,400 points in 19 months on US inflation woes
South Korea’s key stock index plunged below the 2,400-point threshold for the first time in 19 months on Friday, weighed down by risks stemming from the US Federal Reserve’s boldest rate hike in nearly two decades. The benchmark Kospi opened 1.7 percent lower from its previous closing of 2,409.72, but fell to 2,396.47 at one point in early morning trade. This marked the first time the index fell below the 2,400-point threshold since Nov. 5, 2020. Early in the morning, foreign in
June 17, 2022
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Seoul shares open sharply lower on recession worries
Seoul shares opened sharply lower Friday, tracking big losses on Wall Street, as investors worried that the US Federal Reserve's aggressive monetary tightening could cause a global economic recession. The Korea Composite Stock Price Index (KOSPI) lost 39.79 points, or 1.62 percent, to 2,411.62 points in the first 15 minutes of trading. Overnight, US shares tumbled, following rallies the previous session, on concerns over the possible impact of the Fed's monetary tightening on global ec
June 17, 2022