Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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SK Bioscience makes splash on market debut, lands No. 29 on Kospi
SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, made its grand market debut on the nation’s main board Thursday, trading at more than double its initial public offering price. As soon as the opening bell rang, shares of SK Bioscience shot up to the daily permissible limit of 169,000 won ($150.45), up 30 percent from its opening price and its IPO price of 65,000 won. The price level maintained at the upper limit throughout the day. The opening price o
March 18, 2021
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Decisions loom for Woori, Shinhan executives over Lime fiasco
The country’s two major lenders Shinhan Bank and Woori Bank have come under scrutiny again over their sale of unsound products of scandal-ridden Lime Asset Management after being called to a financial watchdog’s meeting that would decide the fate of their top executives. The Financial Supervisory Service held its second sanctions committee meeting Thursday to decide the level of sanctions for Woori Bank, Shinhan Financial Group and Shinhan Bank, major sellers of Lime funds that in
March 18, 2021
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Seoul stocks open higher as FOMC comments calm investor concerns
South Korean stocks opened higher Thursday, following the US Federal Reserve's reiteration that rates would remain at near-zero through 2023. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.5 points, or 1.07 percent, to 3,080 points as of 9:23 a.m. Stocks started strong as the results from a Federal Open Market Committee (FOMC) meeting partially soothed market concerns of earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics advanced 1.22 percent
March 18, 2021
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Kakao shares soar on expectation of its gain from Dunamu’s performance
Kakao, the operator of South Korea’s top mobile messenger KakaoTalk, saw its shares soar on the nation’s Kospi market Wednesday, with market watchers predicting the online giant will benefit from the Bitcoin craze. Shares of Kakao jumped 2.51 percent to 491,000 won ($433) in early morning trading, falling short by only 28,000 won per share from its 52-week high set on Feb. 16. The stock pared part of its earlier gains, but maintained the overall upward movement in the day to close a
March 17, 2021
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Seoul stocks finish lower ahead of FOMC results
South Korean stocks finished lower Wednesday on selling by foreigners and institutions amid rising uncertainties ahead of the US Federal Open Market Committee (FOMC) meeting. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.67 points, or 0.64 percent, to close at 3,047.5 points. Trading volume was moderate at about 803 million shares worth some 13.2 trillion won ($11.7 billion), with losers outnumbering gainers 430 to 409. Foreigners s
March 17, 2021
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S. Korean banks’ average capital adequacy ratio slightly up in 2020
South Korean banks’ average capital adequacy ratio inched up last year from the previous year, indicating improved financial health amid the COVID-19 pandemic, data from the financial watchdog showed Wednesday. The average ratio of 19 commercial and state-run lenders gained 1.08 percentage points to 15 percent on-year as of end-2020, according to the Financial Supervisory Service. The capital adequacy ratio, based on the Switzerland-based Bank of International Settlements’ guidel
March 17, 2021
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Local private equity firm to inject W80b in T'way Air
South Korea’s private equity firm JKL Partners is poised to inject 80 billion won ($70.7 million) in Korean low-cost air carrier T‘way Air in April, a filing showed Wednesday. JKL Partners was offered the opportunity to buy some 31.8 million convertible preferred shares in T’way’s capital increase, so that T’way Air can use its proceeds to pay the cost of airplane lease and maintenance. The securities offering plan to the third-party investor gained board approval
March 17, 2021
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SK Bioscience set to go public this week
South Korean vaccine maker SK Bioscience Co. is set to go public on the local bourse this week and will probably emerge as the top bio pick by investors amid the coronavirus pandemic, according to brokerage houses. The offering price of SK Bioscience, the pharmaceutical unit of major conglomerate SK Group, was set at 65,000 won ($57.47) per share for its market debut Thursday. Brokerage houses predicted that the maker of AstraZeneca's COVID-19 vaccines will jump upon its market debut, probably
March 17, 2021
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Seoul stocks open lower ahead of FOMC results
South Korean stocks opened lower Wednesday amid rising uncertainties ahead of the US Federal Open Market Committee (FOMC) meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.09 points, or 0.33 percent, to 3,057.08 points in the first 15 minutes of trading. Stocks fell as investors continued to wonder if the Federal Reserve would step up to sooth market concerns of the earlier-than-expected post-pandemic inflation. Top cap Samsung Electronics lost 0.24 percent, and No. 2 c
March 17, 2021
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Sanction likely to be delayed as NH CEO gets COVID-19
A sanction committee under the Financial Supervisory Service over the Optimus scandal will likely have to delay its upcoming meeting as one executive facing punitive measures has tested positive for the coronavirus, according to officials Tuesday. NH Investment & Securities’ chief executive Jeong Young-chae tested positive for the virus and is being placed under quarantine, according to the company. Jeong was to attend the third round of the sanction committee’s meeting on Mar
March 16, 2021
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Coupang founder divests $42m stake after NYSE debut
Coupang founder Kim Bom-suk has divested his stake in the South Korean e-commerce giant worth $42 million, a filing showed Tuesday. According to the disclosure, Kim converted his Class B stocks into 1.2 million Class A common shares and then on Monday sold all the shares of the same class for the offering price of $35 apiece, which was fixed last week. Coupang‘s Class B shares give Kim 29 times more voting rights than Class A shares. A prospectus filed to the US Securities and Exchange C
March 16, 2021
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[News Focus] Homeowners angry over tax hikes stemming from rising house prices
For a 36-year-old Seoulite surnamed Kang, who owns her own home in the capital, following the trends in apartment transaction prices is far from a happy experience. Over the past year, the value of Kang’s apartment rose by more than twice her annual salary. She has no plans to cash out the property anytime soon. But she may have to pay more taxes than she did last year because her house is worth over 900 million won ($796,073), according to the government’s appraisal. “Som
March 16, 2021
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Korea toughens rules on cryptocurrency amid market frenzy
The government is scurrying to implement new rules on users and operators of digital coins to effectively oversee the industry, which has been growing at a fast pace on the back of increasing appetite for risky assets. Starting from March 25, new penalty standards for cryptocurrency exchanges that infringe anti-money laundering rules will be implemented, according to the Financial Services Commission on Tuesday. Fines will be imposed on virtual asset service providers that fail to report s
March 16, 2021
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Seoul stocks up on hopes for economic rebound
South Korean stocks finished higher Tuesday on optimism for a quick economic recovery in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 21.46 points, or 0.7 percent, to close at 3,067.17 points. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.3 billion), with gainers outnumbering losers 558 to 279. Foreigners sold a net 28 billion won while institutions purchased a net 250 billi
March 16, 2021
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Kosdaq lobby group chief calls for incentives to lure blue-chip firms
The new chief of an association representing listed firms on South Korea’s tech-heavy bourse said Tuesday that the second-tier Kosdaq needs various incentives to attract more blue-chip companies and investors and prevent the exit of unicorn companies to bigger markets. “The Kosdaq market has been regulated stricter than the Kospi market. Regulations such as issuing an ‘investment alert’ to protect investors unintentionally cause the market to be undervalued,” said
March 16, 2021
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Residents' foreign currency deposits rise in February
Foreign currency deposits at banks in South Korea rose in February, mainly due to a gain in corporate holdings of US dollar deposits, central bank data showed Tuesday. Outstanding foreign currency-denominated deposits held by residents amounted to $90.03 billion as of end-February, up $650 million from the previous month, according to the data from the Bank of Korea (BOK). Residents include local citizens, foreigners staying here for more than six months and foreign companies. The data exclude
March 16, 2021
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Number of stock investors soars 49% in 2020 amid market rally
The number of stock investors jumped nearly 49 percent in 2020 from a year earlier amid a bullish market run, industry data showed Tuesday. A total of 9.19 million investors held shares in 2,352 companies listed on the country's main and secondary bourses, up 48.5 percent from a year earlier, according to the data from the Korea Securities Depository. Those investors owned a combined 99.1 billion shares, with per-capita holdings standing at 10,779 shares. Retail investors in those firms closi
March 16, 2021
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Seoul stocks open higher as US Treasury yields fall
South Korean stocks opened higher Tuesday, tracking overnight advances on Wall Street amid falling Treasury yields. The benchmark Korea Composite Stock Price Index (KOSPI) rose 12.72 points, or 0.42 percent, to 3,058.43 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite added 1.05 percent, as the yield on the US 10-year Treasury note fell, easing investor concerns over earlier-than-expected post-pandemic inflation. In Seoul, top cap Samsung Electronics gaine
March 16, 2021
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Market value of cryptocurrencies in S. Korea spikes tenfold over 3 years
The market value of cryptocurrencies in South Korea has shot up nearly 10 times over the past three years amid keen investor interest, industry sources said Tuesday. According to local cryptocurrency exchange Upbit, its market index stood at 9,742.62 points as of 5:45 p.m. Monday, almost 10 times the level of 1,000 points on Oct. 1, 2017, when the index was first calculated The Upbit Market Index covers all cryptocurrencies traded in the exchange's won-denominated market and shows changes in t
March 16, 2021
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Creditor slams SsangYong's passive stance on HAAH deal
The Korea Development Bank, a major creditor of debt-saddled SsangYong Motor, said Monday that the commercial vehicle maker and its labor union had been “uncooperative” when dealing with the proposed acquirer led by US car retailer HAAH Automotive, which clouds prospects for the deal. Their passivity -- failing to present a reorganization plan swiftly and hinging on state financial support -- stands in contrast with the endeavors of the company’s India-based major shareholder,
March 15, 2021