Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Seoul stocks snap 8-day winning streak on virus resurgence
South Korean stocks ended their eight-session winning streak Tuesday, as investors went risk-averse over a resurgence of the new coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.58 point, or 0.02 percent, to close at 2,403.15. Trading volume was moderate at about 715 million shares worth some 10 trillion won ($8.7 billion), with losers outnumbering gainers 504 to 322. Foreigners bought a net 209 billion won, while instituti
Oct. 13, 2020
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Massive cash floating around stock markets after BTS agency's IPO subscription
Tens of trillions of won are floating around stock markets after last week's fierce competition for the subscription of Big Hit Entertainment, the management agency of K-pop superstar BTS, data showed Tuesday. Retail investors, including BTS fans, chipped in 58.4 trillion won ($50.8 billion) in the agency's two-day subscription from Oct. 5-6. Of that amount, about 26 trillion won stayed floating in cash management accounts (CMA) and investor deposits, according to the data from the Korea Finan
Oct. 13, 2020
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Seoul stocks open higher on soaring US stock
South Korean stocks opened higher Tuesday on overnight Wall Street rallies, led by strong advances by tech and e-commerce heavyweights. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.93 points, or 0.25 percent, to 2,409.66 in the first 15 minutes of trading. The KOSPI opened with a mild gain after an eight-day winning streak. Investor sentiment remained high, following gains by US tech and e-commerce heavyweights, ahead of Apple's upcoming presentation of a new smartphone
Oct. 13, 2020
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BNP Paribas moves to defend partnership with Shinhan Financial Group
Shinhan Financial Group said Monday that minority shareholder BNP Paribas has bought a stake worth an undisclosed amount in the South Korean banking group by securing the minimum threshold to keep the strategic partnership intact after a scheduled equity increase. According to Shinhan, BNP Paribas is set to defend the partnership even after the 1.2 trillion won ($1 billion) equity increase by inviting new shareholders -- Affinity Equity Partners and Baring Private Equity Asia -- on Oct. 20.
Oct. 12, 2020
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Lawmakers call for stricter taxation rules on foreign firms, rich asset holders
Among foreign-based companies operating in South Korea, almost half defaulted on their corporate tax payments last year, with two of them logging more than 5 trillion won ($4.36 billion) in annual sales, a ruling party lawmaker said Monday. According to data submitted by the National Tax Service to Rep. Kim Soo-heung of the ruling Democratic Party of Korea, 46.6 percent or 4,956 out of the 10,630 registered foreign companies here did not pay corporate taxes at all in 2019. The figure was up
Oct. 12, 2020
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Sale prices of upscale Seoul apartments surge amid tightened rules
Despite the South Korean government’s all-out efforts to curb the heated property market, apartment prices in Seoul have been soaring recently, with some in upscale residential areas even hitting a record sales prices last month. According to data compiled by the Ministry of Land, Infrastructure and Transport, a Hannam The Hill apartment unit in Hannam-dong, Yonsan-gu, was recently sold for 7.75 billion won ($6.8 million). The housing unit with a usable floor area of 243.642 square meter
Oct. 12, 2020
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Seoul stocks up for 8th day on eased virus curbs, tech gains
South Korean shares extended gains for an eighth consecutive session Monday on the back of strong advances by chipmakers and the government's decision to loosen quarantine measures against the new coronavirus pandemic. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.77 points, or 0.49 percent, to close at 2,403.73. Trading volume was moderate at about 832 million shares worth some 10.5 trillion won ($9.2 billion), with gainers outnumbe
Oct. 12, 2020
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SC Bank Korea to host webinar on ESG investment
Standard Chartered Bank Korea said Monday it planned to host a webinar on environmental, social and governance investment on Thursday as such standards become more prominent in the coronavirus pandemic era. The event, co-hosted by a local youth civic group Green Environment Youth Korea, will discuss the subject of climate change along with sustainable financial investment for millennials, among other subjects. Standard Chartered Group CEO Bill Winters, who recently wrapped-up a monthlong tr
Oct. 12, 2020
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Seoul stocks open higher on eased virus curbs
South Korean shares opened higher Monday, as the country loosened its antivirus curbs. The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.51 points, or 0.31 percent, to 2,399.47 in the first 15 minutes of trading. The local stock market got off to a strong start, as the country lowered the COVID-19 social distancing guidelines to the lowest level Sunday, raising hopes that the eased virus curbs will boost the economic recovery. Large caps traded mixed. Market bellwether Samsung
Oct. 12, 2020
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KB, K-Growth to select partners for social impact investing
KB Financial Group and the Korea Growth Investment Corp. said Sunday that they would select two external partners to establish funds worth at least 30 billion won ($26 million) as part of their five-year social impact investing initiative. KB Financial Group will commit 15 billion won to the two external partners combined, and K-Growth will provide 5 billion won. The selected partners will pool at least 10 billion won to create the funds by the first half of 2021, according to K-Growth’s
Oct. 11, 2020
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Kakao Bank's mid-rate lending total surpasses W2tr
Kakao Bank, South Korea’s leading internet-only bank and an affiliate of mobile platform operator Kakao, has supplied more than 2 trillion won ($1.7 billion) in accumulated mid-range interest rate loans, officials said Sunday. The company has also already achieved its annual target of 1 trillion won and has vowed to sustain its mid-rate lending throughout the rest of the year in a gesture to provide liquidity to people with weak credit ratings. Kakao Bank’s mid-range lending so far
Oct. 11, 2020
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Fund scam to take center stage in Assembly's financial audit
Tension is escalating at financial institutions as the National Assembly begins two weeks of auditing on financial bodies, focusing on a private equity fund scam and the government’s “Korean New Deal” program. This year, the inspected organizations are especially weighed down by advance paperwork, as only a limited number of people are allowed in the audit hall, as par of anti-coronavirus social distancing rules. The National Policy Committee of the National Assembly will
Oct. 11, 2020
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Tencent-backed Maoyan divests W22b YG Entertainment stake
Tencent-backed online movie ticket booking platform Maoyan Entertainment has unloaded its stake in YG Entertainment worth a combined 22.1 billion won ($19.2 million) since August, disclosures showed Sunday. The selloff reduced the Chinese company’s control over South Korea‘s major entertainment powerhouse -- home to K-pop groups Big Bang, Blackpink and the newly-debuted Treasure -- to 5.78 percent, from the previous 8.09 percent. In September alone, Maoyan divested a combine
Oct. 11, 2020
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No. of fitness centers soar in 10 years: data
The number of fitness centers in South Korea has soared in recent years, reflecting the rising demand for fitness and leisure activities in the midst of the work-life balance culture triggered by the government’s 52-hour workweek cap, an industry report showed Sunday. According to KB Financial Group’s report on self-employed workers here, nearly 9,900 fitness centers are in operation nationwide as of July, increasing 53 percent during the last 10 years. Of them, 1,109 opened last
Oct. 11, 2020
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Corporate retirement pension funds’ poor returns draw flak
Corporate retirement pension funds managed by South Korea’s major commercial banks posted poor returns in the first half of the year, data showed Thursday. Low yields have also drawn criticism from a lawmaker here, who called for swift adoption of improvement measures in operating such funds. Retirement pension funds managed by top commercial lenders saw their yield rates hover at 1.69 percent on average, according to the state regulator Financial Supervisory Service’s data acqui
Oct. 9, 2020
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Race for leadership heats up in local credit card market
Runners-up in the local credit card sector increased their market shares in the April-June period, upping the ante against South Korea’s largest card issuer, Shinhan Card, data showed Thursday. Overall sales from personal and corporate credit cards issued by the nation’s seven leading credit card companies, including Samsung Card, KB Kookmin Card and Hyundai Card, came in at 140.3 trillion won ($121.2 billion) in the second half, according to the state regulator, the Financial Supe
Oct. 9, 2020
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Finance minister considers easing ‘large shareholder’ standards
Amid fierce backlash from retail investors on the Korean government’s major shareholder standards, the Finance Ministry is currently mulling to alter its plan to define retail investors with shares worth 300 million won ($260,000) as large shareholders. “The financial authority is considering to charge stock transfer taxes based on the value of stocks held by each individual, not on the aggregated holdings of households,” said Deputy Prime Minister and Finance Minister Hong Na
Oct. 8, 2020
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Seoul stocks up for 7th day on US stimulus hopes
South Korean stocks extended their winning streak to seven straight sessions Thursday, thanks to the massive foreign buying that stemmed from US stimulus hopes. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.02 points, or 0.21 percent, to close at 2,391.96. Trading volume was moderate at about 939 million shares worth some 12.2 trillion won ($10.6 billion), with gainers outnumbering losers 510 to 300. Foreigners bought a net 756 billi
Oct. 8, 2020
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IFC hosts online workshop to discuss APAC infrastructure opportunities
International Finance Corp., a global development institution, said on Wednesday it hosted a virtual workshop targeting Korean infrastructure developers and investors to allow them to identify new opportunities post-COVID-19. IFC officials discussed the upsides and challenges of public-private partnership projects in Southeast and Central Asia and highlighted the role of IFC to turn the PPP projects into more bankable ones, according to IFC. Speakers also focused on environmental and social ri
Oct. 8, 2020
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Seoul stocks open higher on Wall Street rallies
South Korean stocks opened higher Thursday, taking a cue from U.S. stock rallies over stimulus hopes. The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.88 points, or 0.54 percent, to 2,399.82 in the first 15 minutes of trading. Local stocks got off to a strong start, bolstered by optimistic signals by US House speaker Nancy Pelosi over an airline-relief bill in talks with Treasury Secretary Steven Mnuchin. Investor appetite for risk also hiked on the back of the Federal Open
Oct. 8, 2020