Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Will China's self-sufficient dream in HBM come true?
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Colliers exec advises Korean investors to join debt financing for US warehouses
South Korean institutional investors may see opportunities in the US commercial real estate market as industrial properties in the country garner traction amid the resumption of sales activities, an executive at Colliers International said Thursday. While pointing out that major global blue-chip investors are increasingly tapping into top-tier warehouses in the US, Jeff Black, executive vice president of the company, said Koreans may have room to partner with them as long as they are willing to
Aug. 30, 2020
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Top 10 Kospi stocks' market cap approaches 45%
South Korea’s 10 largest stocks trading on the main bourse Kospi are seeing its combined market cap account for 45 percent of Kospi constitutents‘ total market cap as local retail investors flock to the large-caps betting on changes in the domestic industry. According to data by the Korea Exchange, the top 10 large-caps on the Kospi stock market took up 44.78 percent of Kospi’s market cap on average in August, up over 11 percentage points on-year. The figure has been on a co
Aug. 30, 2020
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Seoul stocks finish higher on US Fed's dovish signal
South Korean shares closed higher Friday on the US Fed Reserve's dovish gesture, but gains were trimmed due to the heightened social distancing level in the greater Seoul area. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.35 points, or 0.4 percent, to close at 2,353.8. Trading volume was high at about 1.3 billion shares worth some 15.3 trillion won ($12.9 billion), with gainers outnumbering losers 583 to 253. Foreigners sold a net 2
Aug. 28, 2020
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Large-sized apartment prices in Seoul surpasses W2b mark
The market price of large-sized apartments in Seoul surpassed the 2 billion won ($1.69 million) mark in August, reflecting the unsubdued housing price rally in popular areas, industry data showed Friday. According to the monthly housing price trend report by KB Kookmin Bank, the average transaction price for large-sized apartments came to 2.03 billion won, exceeding the milestone for the first time since the bank started tallying such data in 2016. The latest figure was up 171.54 million w
Aug. 28, 2020
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Viva Republica raises additional $173m funds to drive new initiative
Viva Republica, operator of mobile fintech platform Toss, said Friday that it has raised $173 million in new funding from multiple investors to drive its new initiative to open a comprehensive financial service application. Investors participating in the fundraise include Aspex Management, Sequoia Capital China, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital. Despite the pandemic-sparked market turmoil, the latest funding marks the single larges
Aug. 28, 2020
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Seoul stocks open higher on US gains
South Korean shares opened higher Friday, taking a cue from overnight gains on Wall Street, despite concerns over the rising new COVID-19 cases at home. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.12 points, or 0.56 percent, to 2,357.57 in the first 15 minutes of trading. Stocks traded bullish, after the index plunged 1.05 percent the previous session due to spreading new COVID-19 cases. Investor sentiment strengthened on an overnight speech by Federal Reserve Chairman
Aug. 28, 2020
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Banks, brokerages to return principals to investors in fund misselling scandal
Banks and brokerages that handled fund products by a local asset manager said Thursday they will return the principals on investments made by consumers, in line with the advisory issued by the country's financial regulator. Hana Bank, Woori Bank, Mirae Asset Daewoo Co. and Shinhan Investment Corp. said their boards accepted calls to provide full refunds in regard to the misselling scandal centered on Lime Asset Management Co. The dispute settlement board at the Financial Supervisory Service c
Aug. 27, 2020
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S. Korea to extend short-selling ban until March
South Korea’s top financial regulator said Thursday its temporary ban on short-selling activities of all listed Korean shares will be extended to March 2021, immediately after the current six-month restriction expires in September. The Financial Services Commission’s decision is meant to keep the stock market volatility at bay as the impact of the coronavirus still persists across the nation. The decision was made as FSC collected written agreements from its commissioners after the
Aug. 27, 2020
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NH Investment to repay Optimus investors in advance
NH Investment & Securities, a brokerage unit of South Korea’s NongHyup Financial Group, decided Thursday to offer up to 70 percent of funds invested in now-frozen Optimus Asset Management’s funds via the firm. Stressing its ethical, not legal, responsibility as the seller of the troubled fund, the company said it would pay 30-70 percent of investment funds to retail and corporate investors in advance. The payment is not a sort of compensation, but is designed to provide financi
Aug. 27, 2020
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Seoul stocks snap 4-day winning streak on spiking virus cases
South Korean shares ended a four-session winning streak Thursday, as the daily new virus cases in the country spiked to a nearly six-month high. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.87 points, or 1.05 percent, to close at 2,344.45. Trading volume was high at about 898 million shares worth some 14.9 trillion won ($12.6 billion), with losers outnumbering gainers 725 to 152. Foreigners sold a net 24 billion won, ending a four
Aug. 27, 2020
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KB Financial’s acquisition of Prudential Life approved
KB Financial Group said Thursday that it has received approval from the Financial Services Commission to acquire Prudential Life Insurance of Korea. In April, the Korean financial giant inked a deal with Prudential to buy a 100 percent stake in the insurance company for some 2.3 trillion won ($1.94 billion). It is scheduled to pay for the acquisition by Monday. When the deal closes, the insurance firm will become the financial group’s 13th subsidiary. The takeover of the nation&rsquo
Aug. 27, 2020
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Macquarie IM Korea names new CEO
Macquarie Investment Management has named Bastiaan Jeroen van Buuren as its new chief executive to oversee its Korean operation, a filing showed Thursday. The change of leadership has been effective since Aug. 18. Van Buuren replaced Lee Kyung-soo, who served for 16 months at the top post. Joining the Australian asset management house in 2018, van Buuren was head of Asia Distribution based in Hong Kong. He joined Macquarie IM Korea’s board in June 2020. Macquarie IM acquired ING Inve
Aug. 27, 2020
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Kakao, Naver shares continue to surge amid prolonged virus battle
Shares of South Korea’s top mobile messenger operator Kakao and leading portal operator Naver continued their bullish run on the local stock market Thursday, on investors’ profit-taking drive from “untact” -- contactless -- sectors amid the spike in COVID-19 pandemic cases. Kakao’s stock price began trading at 392,000 won ($330.38), then rose by 18,500 won, or 4.72 percent, to close at 410,500 won. It once soared up to 413,000 won in later trading hours, jumping ab
Aug. 27, 2020
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Shinhan BNP Paribas closes W690b private debt fund
Shinhan BNP Paribas Asset Management said Thursday it has raised a total of 690 billion won ($582 million) commitment to close its latest private debt fund, designed to offer nonbank loans to support mergers and acquisitions activities. Backers of the fund include its affiliates Shinhan Bank and Shinhan Life Insurance, under the umbrella of the nation’s largest Shinhan Financial Group. The Seoul-based asset management house’s new blind pool fund will extend loans to an acquirer by
Aug. 27, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Thursday due to an overnight tech rally on Wall Street, despite concerns over the rising new COVID-19 cases in the country. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.36 points, or 1.42 percent, to 2,306.58 in the first 15 minutes of trading. Stocks traded choppy as a recent spike in South Korea's daily new COVID-19 cases sparked concerns of a lockdown. The Nasdaq Composite jumped 1.73 percent to close at 11,665.06 points on Wednesday (
Aug. 27, 2020
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KB Kookmin expands presence in Indonesia with acquisition of local lender
South Korea’s largest commercial lender KB Kookmin Bank said Wednesday it is now in the final stage of acquiring Indonesia-based Bank Bukopin. The Seoul-headquartered bank said its shareholders have approved its purchase of 33.1 percent of new shares in Bank Bukopin. The latest deal came after the Korean bank bought a 22 percent stake in the Indonesian firm in 2018 and an additional 11.9 percent in July. KB Kookmin said it has paid a combined 400 billion won ($337.1 million) over the pas
Aug. 26, 2020
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Finance groups pledge multitrillion won investment for 'New Deal' projects
South Korea’s major banking groups have recently outlined long-term plans for multitrillion won investments in “green” and “digital” projects -- the two key pillars of the “Korean New Deal.” Staying true to its identity, agricultural NH NongHyup Bank said Wednesday that it would commit 8 trillion won ($6.7 billion) over five years to support new energy projects and loans for smart farms, which would enable greater use of information and communication te
Aug. 26, 2020
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Koscom acquires HSBC-owned IT asset management business
South Korean firm Koscom disclosed Wednesday that it plans to acquire HSBC Fund Services Korea, to dive into the asset management sector. After a year of preparation for the takeover, the company has signed an agreement with the United Kingdom-based HSBC to acquire a 92.66 percent stake in the fund administration services firm. The latest deal marks the first acquisition project for the Korean company since it was founded in September 1977. Koscom seeks to expand its business into the IT as
Aug. 26, 2020
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Hedge fund sells off stake in local builder Taeyoung E&C
South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector. Since July 20, Must had offloaded a 4.61 percent stake in Taeyou
Aug. 26, 2020
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Seoul stocks close nearly flat on virus resurgence
South Korean shares closed nearly flat on Wednesday, as investor sentiment was spooked by increasing new COVID-19 cases in the country. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.59 points, or 0.11 percent, to close at 2,369.32. Trading volume was high at about 941 million shares worth some 14.3 trillion won ($12 billion), with losers outnumbering gainers 522 to 324. Foreigners purchased a net 190 billion won, extending thei
Aug. 26, 2020