Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Seoul stocks open steeply lower on US inflation woes
South Korean stocks opened steeply lower Friday, tracking an overnight Wall Street plunge that was spurred by a bond yields hike. The benchmark Korea Composite Stock Price Index fell 84.03 points, or 2.71 percent, to 3,015.66 points in the first 15 minutes of trading. Stocks deepened losses as investor worries grew globally over post-pandemic inflation, heralded by a bond yields hike. Overnight, the tech-heavy Nasdaq Composite tumbled 3.52 percent, with the S&P 500 and the Dow Jones Ind
Feb. 26, 2021
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[Herald Interview] NYSE hopes to see more Korean firms listing in US
E-commerce giant Coupang’s application this month to list on the New York Stock Exchange has given hope to Korean firms dreaming of listing on the “big board.” If Coupang’s initial public offering is successful, it will be the first Korean direct listing on the NYSE, and its attempt, often headlined as “the largest IPO by a foreign company after Alibaba,” has been drawing attention around the world. But the NYSE does not want to stop at Coupang. Alexandre
Feb. 25, 2021
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Seoul stocks shoot up 3.5% on US Fed chief's soothing comments over yield hike
South Korean stocks sharply rebounded to surge more than 3 percent Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 104.71 points, or 3.5 percent, to close at 3,099.69 points. Trading volume was moderate at about 1.3 billion shares worth some 16.9 trillion won ($15.3 billion), with gainers outnumbering losers 807 to 80. Foreigners bought a net 968 billion
Feb. 25, 2021
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[Exclusive] Korean investors' $16.8b coal exposure highlights call for climate action
Forty South Korean investors were found to have invested a total of $16.8 billion in securities issued by thermal coal-related companies worldwide as of January, data exclusively obtained by The Korea Herald showed Thursday. The figure highlights calls for more aggressive climate action on the part of the investors, beyond just declaring an end to additional coal investing, for a nation that pledged to achieve carbon neutrality by cutting emissions to net zero by 2050 for a more sustainable fut
Feb. 25, 2021
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Incumbent Hana Financial chief to take on 4th term, but only for 1 year
Kim Jung-tai, the incumbent chairman of Hana Financial Group, was officially tapped by board members to lead the banking giant for another year, the group said Thursday. Hana Financial Group’s recommendation committee for CEO nominations had recommended Kim as the sole candidate for the next president, allowing him to clinch a fourth term in office. Once the appointment is confirmed during a general meeting of stockholders and board of directors slated for March, Kim
Feb. 25, 2021
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Provisioning, relief measures to support S. Korean banks’ performance: Fitch
US credit rating agency Fitch Ratings said on Wednesday that the near-term performance of South Korea's four major banks will be supported by loan-loss provisioning already made in 2020 and sustained relief measures introduced by the regulator. The pressure on their financial profiles, however, may persist as the ramification of last year’s pandemic-induced recession is likely to linger and affect the banks' asset quality and profitability, according to the company. “The prelimina
Feb. 25, 2021
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Seoul stocks open steeply higher on US Fed Chairman's soothing comments
South Korean stocks opened steeply higher Thursday as the US Federal Reserve chairman's comments soothed inflation worries. The benchmark Korea Composite Stock Price Index (KOSPI) rose 47.82 points, or 1.6 percent, to 3,042.8 points in the first 15 minutes of trading. Stocks lifted largely on Federal Reserve Chairman Jerome Powell's overnight reiteration that the world's largest economy still has a long way to go to recover from the pandemic's fallout. The rebound came a day after the key
Feb. 25, 2021
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NPS gains W72tr for 2020
South Korea’s public pension fund, the National Pension Service, has logged a 9.7 percent return last year to gain 72.1 trillion won ($65 billion) in its preliminary estimate, the government said Wednesday. Health Minister Kwon Deok-chul, who chairs NPS’ Fund Management Committee, added that the world’s third-largest pension fund was managing 833.7 trillion won worth of assets as of end-2020, in a committee meeting held in Seoul. The estimate will be finalized in June, accordi
Feb. 24, 2021
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Bitcoin moves with extreme volatility amid warnings
Bitcoin prices continued to fluctuate on Wednesday as authorities in and out of the country expressed concerns over the digital coin’s volatility. After plunging 22 percent from Sunday’s record high of 65.84 million won ($59,294) to 50.9 million won on Tuesday, bitcoin prices stabilized at about 56 million won in the afternoon on Wednesday, Upbit data showed. The recent surge was driven by endorsements from Silicon Valley and Wall Street. Tesla, a US electric vehicle maker, said
Feb. 24, 2021
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Seoul stocks dip more than 2% to nearly 1-month low on foreign selling binge
South Korean stocks tumbled by more than 2 percent to dip below the 3,000-point threshold Wednesday on massive foreign selling, largely due to concerns over a US bond yield hike that drove the key stock index down for the past few sessions. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 75.11 points, or 2.45 percent, to close at 2,994.98 points. Trading volume was moderate at about 1.5 billion shares worth some 16.7 trillion won ($17.7
Feb. 24, 2021
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Commercial real estate investment to reach W17tr
The entire volume of commercial real estate investments in the South Korean market is forecast to reach 17 trillion won ($15.3 billion), similar to last year’s level, analysts predicted. “Foreign investors are paying keen attention to the local market due to the country’s relatively successful containment of the pandemic, and Seoul was named in the top three most attractive markets, according to CBRE’s 2021 Asia Pacific Investor Intentions Survey,” said Don Lim,
Feb. 24, 2021
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Watchdog orders banks to compensate investors for damages from Lime misselling
South Korea’s financial watchdog on Wednesday ordered two Korean commercial banks -- Woori Bank and the Industrial Bank of Korea -- to compensate end-investors for at least half of the damages they incurred in a 1.7 trillion won ($1.5 billion) misselling scandal involving now-defunct hedge fund Lime Asset Management. The authorities held the banks accountable for “poor efforts in the exercise of their duties to protect investors” when they sold nearly 300 billion won worth of
Feb. 24, 2021
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Seoul stocks open lower on inflation worries
South Korean stocks opened lower Wednesday, tracking overnight tech losses on Wall Street that stemmed from US inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.46 points, or 0.37 percent, to 3,058.63 points in the first 15 minutes of trading. Samsung Electronics retreated 0.49 percent, and No. 2 chipmaker SK hynix shed 0.36 percent. Top automaker Hyundai Motor moved down 0.2 percent, with internet portal operator Naver declining 1.02 percent. Leading chemica
Feb. 24, 2021
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Once-hot P2P lending industry faces tough road ahead
Peer-to-peer lending platforms that were once the talk of the town are facing a myriad of challenges amid ongoing litigation and tougher regulations, highlighted by a lawsuit against Tera Funding, experts said on Tuesday. Tera Funding is facing another class action from investors who are unhappy with delayed payments and loss of investments. This is the second time the company has had to deal with a lawsuit since August 2020 when a group of 500 investors took the company to the court, alleging
Feb. 23, 2021
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FSC chief urges local insurers to join ESG trend
Financial Services Commission Chairman Eun Sung-soo said Tuesday that the emerging environmental, social and governance trend could provide local insurance firms with new business opportunities. “The insurance segment, which often handles long-term services and investment, is closely related to ESG management, which is aimed at achieving long-term sustainability,” Eun said at an event for the CEOs of local insurance companies in Seoul. “ESG-driven management could become a
Feb. 23, 2021
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Seoul stocks slump for 2nd day on US inflation concerns
South Korean stocks slumped Tuesday for a second day amid lingering inflation concerns, with major tech and bio stocks coming under heavy selling pressure. The Korean won fell against the US dollar. After veering in and out negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) fell 9.66 points, or 0.31 percent, to close at 3,070.09 points. Trading volume was moderate at about 2.2 billion shares worth some 17.3 trillion won ($15.6 billion), with losers outnumbering gainers
Feb. 23, 2021
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Eximbank to create W200b global ESG fund
The Export-Import Bank of Korea said Monday it plans to set up a global environmental, social and governance-related fund worth at least $200 billion won ($180 million) to support local firms seeking to expand businesses overseas. The size of the fund could be expanded and the state-run bank will invest a combined 50 billion won in the fund. Once the manager of the fund is determined, it would focus on supporting the global forays of businesses under seven areas tied to the Green New Deal an
Feb. 23, 2021
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SK Bioscience seeks up to W1.5tr in blockbuster IPO
SK Bioscience, the vaccines unit of South Korea’s No. 3 conglomerate SK Group, said Tuesday it looks to raise up to some 1.49 trillion won ($1.34 billion) in fresh funds via an initial public offering on the nation’s benchmark Kospi bourse. While its market debut is scheduled for next month, the vaccine producer seeks to issue 22.95 million shares in a price band of 49,000-65,000 won. The exact share price will be determined after the book building process before retail investors ca
Feb. 23, 2021
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Seoul stocks open lower on US inflation concerns
South Korean stocks opened lower Tuesday, tracking overnight losses on Wall Street that stemmed from inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) fell 20.28 points, or 0.66 percent, to 3,059.47 points in the first 15 minutes of trading. Overnight, the Nasdaq dipped 2.46 percent as tech stocks, sensitive to high inflation, retreated. In Seoul, top cap Samsung Electronics retreated 0.61 percent, and No. 2 chipmaker SK hynix shed 1.47 percent. Top automaker Hyun
Feb. 23, 2021
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Bitcoin falls most in a month on worries prices are excessive
Bitcoin gave up all its gains from weekend trading as analysts questioned whether the cryptocurrency is overheated. Prices dropped as much as 8.2 percent during the European session, falling back to around $53,000. The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Tesla and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar. In February alone, Bitcoin is up more than 60 percent, prompting comme
Feb. 22, 2021