Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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KDB chief likely to take second term
Lee Dong-gull, chairman of South Korea’s largest state-run lender the Korea Development Bank, has de facto clinched his second term in office, officials said Wednesday. Once the presidential office Cheong Wa Dae makes it official, Lee is to become the first KDB leader in 26 years to serve two consecutive terms and the fourth to do so in the state-run bank’s 65-year history. Speculation about the KDB’s leadership had been rampant as no plausible candidates were in sight wh
Sept. 9, 2020
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KDB finalizes acquisition of Indonesian financial firm Tifa Finance
The state-run Korea Development Bank said on Wednesday that it has recently completed the process to acquire the Indonesian company Tifa Finance. The latest takeover, which is in line with the government’s drive to beef up economic and geopolitical relations with countries in Southeast Asia, is aimed at expanding operations in the local market. In December, the Korean bank signed a contract to acquire an 80.65 percent stake in the Indonesian financial company from DSU Group, a manufact
Sept. 9, 2020
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Mirae Asset Daewoo’s customer assets surpass W300tr amid stock investment boom
Korean brokerage firm Mirae Asset Daewoo said Wednesday that its customer deposits exceeded 300 trillion won ($252 billion) as of end-August, amid growing interest in stock investments in times of ultralow interest rates. At the end of last month, the securities firm’s customer deposits neared 301 trillion won, up more than 60 trillion won from the 239 trillion won recorded at the end of last year. The customer deposits include retail and corporate investors’ money put in their s
Sept. 9, 2020
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Mirae Asset set to acquire Amazon logistics centers in US: sources
Mirae Asset Global Investments, the asset management arm of South Korean financial group Mirae Asset, was selected as a preferred bidder to acquire Amazon’s logistics centers in the US for $17 million, according to local industry sources Wednesday. The three logistics centers, located in Indiana, Ohio and North Carolina, have been put on sale by Scannell Properties, a US real estate development firm, they said. The centers handle Amazon’s last-mile delivery. While Amazon is set to
Sept. 9, 2020
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FSC to provide safeguards for heavy debtors
To help delinquent debtors get back on their feet, Korean authorities plan to draft new legislation that enables them to request a debt restructuring program to financial institutions and have a mediator in the process, the Financial Services Commission said Wednesday. The “consumer credit bill” can force local lenders to cease debt collection activities, upon the debtor‘s request, and offer a revised version of a repayment program within 10 working days. Currently, borrowe
Sept. 9, 2020
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Seoul stocks open sharply lower on Wall Street plunge
South Korean shares opened sharply lower Wednesday, taking a cue from a drop in tech stocks on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) fell 27.2 points, or 1.13 percent, to 2,374.71 in the first 15 minutes of trading. Investor sentiment worsened as key US stock indexes tumbled, with tech shares in particular falling deep. The tech-laden Nasdaq Composite plummeted 465.44 points, or 4.11 percent, to 10,847.69 on Tuesday (New York time). The Dow Jones Industrial Av
Sept. 9, 2020
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Kakao Games to debut on Kosdaq on Thursday
Kakao Games, the game developing unit of South Korean mobile giant Kakao, will debut on the tech-heavy Kosdaq market Thursday, the Korea Exchange said Tuesday. The company's public offering price is 24,000 won per share. It logged record-breaking IPO subscription early this month, far outperforming SK Biopharmacueticals, which went public in July. Subscription deposits for Kakao Games shares were estimated at 58.55 trillion won ($49.4 billion), almost double the 30.99 trillion won deposited fo
Sept. 8, 2020
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CLSA derides Moon’s New Deal fund
A report by Hong Kong-based investment bank CLSA lashed out at President Moon Jae-in‘s Korean New Deal initiative and the 20 trillion-won ($16.8 billion) fund to finance the projects, claiming his scheme promotes moral hazard and is designed to win votes. In the report titled “Moon’s debut as a fund manager,” Paul Choi, head of Korea research at CLSA, addressed possible negative impacts due to the government’s fund scheme, such as the “blowing of a bubble&rd
Sept. 8, 2020
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BOK to buy 5tr won worth of state bonds by end-year to stabilize market
The Bank of Korea (BOK) said Tuesday it plans to buy state bonds worth 5 trillion won ($4.2 billion) directly from the market by the end of this year in a bid to stabilize the debt market. The move is aimed at tackling potential market jitters and easing a sharp rise in market rates in a preemptive manner as the government is expected to increase bond issuance, the BOK said in a statement. The government plans to sell more bonds to finance the fourth extra budget designed to cushion the fallo
Sept. 8, 2020
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Seoul stocks surpass 2,400-level on European monetary easing hopes
South Korean shares gained for a second consecutive session on Tuesday as investors pin hopes on the possibility that the European Central Bank (ECB) may signal further easing moves in its upcoming monetary policy meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.69 points, or 0.74 percent, to close at 2,401.91. Trading volume was high at about 966 million shares worth some 17 trillion won ($14.3 billion), with losers outnumberi
Sept. 8, 2020
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Apartment prices in Seoul, elsewhere continue to soar
Despite the government’s claim that the housing market is stabilizing, apartment prices in Seoul increased in August from the previous month and the same was true for other cities across the nation, data showed Tuesday. The number of listings for “jeonse” rentals, which involve a large lump-sum deposit in lieu of monthly rent, and regular monthly rentals have dramatically decreased in recent weeks. Furthermore, landlords began raising rents before the government implemented
Sept. 8, 2020
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Korean asset managers take heat from H2O fund freeze
Korean asset management houses are facing a ripple effect from London-based investor H2O Asset Management‘s decision to halt fund withdrawals for four weeks and to draw up measures to seek redress from the fund freeze, according to an announcement Tuesday. VI Asset Management and Kiwoom Asset Management, both based in Seoul, have their combined investment of 460 billion won ($387 million) suspended from the redemptions, as the asset managers had bought mutual funds managed by H2O through
Sept. 8, 2020
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Seoul stocks open higher on tech, bio gains
South Korean shares opened higher Tuesday, buoyed by tech and bio gains on the main bourse. The Korea Composite Stock Price Index (KOSPI) rose 16.84 points, or 0.71 percent, to 2,401.06 in the first 15 minutes of trading. The index rose above the 2,400-point mark as chipmakers continued to gain despite lingering valuation pressure on tech shares in major economies. Large caps traded mixed in Seoul. Market bellwether Samsung Electronics added 1.59 percent, with No. 2 chipmaker SK hynix ed
Sept. 8, 2020
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Number of KakaoPay Securities subscribers reaches 2 million
KakaoPay Securities, the stock brokerage arm of mobile messenger giant Kakao, said Monday that it saw its number of subscribers exceed 2 million some six months after the firm’s official launch on Feb. 27. The number of stock trading accounts has been on an upward trend ever since -- 600,000 in March, 800,000 in April, 1.2 million in May, 1.4 million in June, and 1.7 million in July. The number of new accounts grew by 27.8 percent monthly. Monthly fund investments made via the brokerag
Sept. 7, 2020
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[Herald Interview] TBT aims to link innovation-seeking conglomerates with startups
The coronavirus pandemic is pressing Korean conglomerates to seek innovation for growth. At the same time, a recent change in the nation’s law, allowing a chaebol with a holding company structure to own a venture capital house, is expected to add vigor to the startup ecosystem here. Before the revision, corporations turned to venture capital houses to indirectly invest in startups. The revision, however, still highlights the existing role for local venture capital houses -- to intervene
Sept. 7, 2020
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Bio sector benefits most from K-New Deal Indexes
In line with the “Korean New Deal” economic stimulus package proposed by the administration of President Moon Jae-in, the nation’s sole bourse operator launched indexes on Monday that will be tracked by a 20 trillion won ($16.85 billion) “New Deal Fund.” On its first day, the bio index enjoyed a rally. The Korea Exchange announced the five stock indexes -- for secondary batteries, bio, internet and games, as well as a comprehensive index encompassing all four secto
Sept. 7, 2020
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Seoul stocks rebound on Samsung, bio gains
South Korean shares rebounded Monday, led by an advance in top cap Samsung Electronics and some bio stocks. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.97 points, or 0.67 percent, to close at 2,384.22. Trading volume was moderate at about 1.2 billion shares worth some 16.9 trillion won ($14.2 billion), with gainers outnumbering losers 641 to 224. Foreigners sold a net 247 billion won, while retail investors purchased a net 543 bil
Sept. 7, 2020
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BOK to hold monetary policy meetings online if distancing hits Level 3
In continued efforts to combat the prolonged coronavirus outbreak, the Bank of Korea will reportedly operate its own video conferencing platform in mid-September and hold its monetary policy board meetings online if the current anti-virus steps are raised to the highest Level 3, officials said Monday. “The BOK has decided to implement its own video conferencing system in all regional headquarters as early as in the middle of this month after completing system optimization process
Sept. 7, 2020
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Seoul stocks open tad lower over new coronavirus concerns
South Korean shares opened slightly lower Monday on weak investor sentiment as the country's new coronavirus cases continue to stay at a three-digit figure. The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.36 points, or 0.06 percent, to 2,366.89 in the first 15 minutes of trading. The index got off to a weak start, as investors take a wait-and-see mode over COVID-19 cases in the country. Late last week, South Korean authorities extended the enhanced social distancing scheme
Sept. 7, 2020
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Localization, dividends to remain hurdles for Standard Chartered Korea CEO’s 3rd term
Standard Chartered Bank Korea’s incumbent CEO Park Jong-bok was recently reappointed for a third term, but the weight on his shoulders is likely to remain heavy over the lender’s localization and dividends. For Park, who will begin his third term Jan. 8, one major task is to find a balance between the lender’s identity as a foreign bank operating in South Korea amid rivalry with local banking groups. Though it is still officially called Standard Chartered Bank Korea, Park ch
Sept. 6, 2020