Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Banks' average capital adequacy ratio down in Q1
South Korean banks saw their average capital adequacy ratio fall slightly in the first quarter from the previous quarter, data showed Monday. The average capital adequacy ratio of 19 commercial and state-run banks stood at 14.72 percent as of the end of March, down 0.54 percentage point from the end of December, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measures the proportion of a bank's capital to its risk-weighted
June 8, 2020
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Foreigners extend stock sell-off to 4th straight month in May
Foreign investors became net sellers of South Korean stocks in May, extending their selling spree to a fourth straight month, data showed Monday. Foreigners sold a net 4.06 trillion won ($3.3 billion) worth of local stocks last month, according to the data from the Financial Supervisory Service (FSS). American investors sold a net 1.8 trillion won of stocks last month, while Saudi investors net purchased 600 billion won worth of stocks, according to the FSS. As of end-May, local stocks held
June 8, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened higher Friday, tracking gains on Wall Street that followed an estimate-beating jobs report in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.62 points, or 0.81 percent, to 2,199.49 in the first 15 minutes of trading. The gains were largely attributed to a drop in the US unemployment rate in May, possibly suggesting an economic recovery. The Dow Jones Industrial Average jumped 829.16 points, or 3.15 percent, to close at 27,110,98
June 8, 2020
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[Banks of Future] Virtual banks come of age in COVID-19 era
The Korea Herald is publishing a series of articles on South Korea’s fast-growing online-only banks and fintech firms facing opportunities and challenges. This is the first installment. -- Ed. Virtual banks that have no physical presence but offer immediate services online have been touted as banks of the future in recent years, despite resistance from traditional players. Labeling them as financial services of the future seems far-fetched. In recent months, they have grown faster t
June 7, 2020
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S. Korea to supervise non-holding financial groups
In an effort to stem unfair practices and illegal activities, South Korean authorities propose to set up a system to oversee non-holding financial conglomerates, which have been in the blind spot of regulations so far. The Financial Services Commission and Financial Supervisory Service made an advance legislation notice Friday about an act to reinforce the supervision of non-holding financial giants, including Samsung Group, Kyobo Group, and Hyundai Motor Group. Under the new rules, loc
June 7, 2020
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Shinhan BNP Paribas draws W520b to support domestic solar projects
Shinhan BNP Paribas said Sunday it has clinched a combined 520 billion won ($430.1 million) commitment to create a fund to support small firms dedicated to 280-megawatt solar energy projects across South Korea. The Seoul-based asset management firm’s deal comes amid growing new and renewable energy momentum buttressed by the nation’s recent environment initiative, called “green new deal,” aimed at investing in environmentally-friendly energy businesses and creating jobs
June 7, 2020
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IGIS Asset Management to list 1st REIT on Kospi
South Korea’s biggest real estate asset management firm IGIS Asset Management said Friday that it is eyeing its first real estate investment trust to list on the nation’s main bourse Kospi in mid-July. IGIS Value Plus REIT is designed to indirectly invest in the commercial Taepyeongno Building. Located in central Seoul next to the Korea Chamber of Commerce and Industry, the 23-story office building was valued at 302.5 billion won ($250.6 million) as of July 1 last year, IGIS Asset
June 5, 2020
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Seoul stocks up for 6th straight session; won jumps against dollar
South Korean shares closed sharply higher Friday, extending their winning streak to a sixth session on global stimulus hopes. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) surged 30.69 points, or 1.43 percent, to close at 2,181.87, reaching the highest point since Feb. 20. Trading volume was moderate at about 840.1 million shares worth some 12.6 trillion won ($10.4 billion), with gainers outnumbering losers 586 to 249. Institutions boug
June 5, 2020
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Credit loan balance for stock investment exceeds W11tr
The balance of credit loans taken out for stock investments by individuals has reached over 11 trillion won ($9.1 billion), data showed Friday. According to data from the Korea Financial Investment Association, the balance for credit financing marked nearly 11.47 trillion won as of Wednesday, the highest figure since Oct. 11, 2018, when it marked 11.57 trillion won. As stock markets around the globe were hit hard by the coronavirus pandemic, the balance dipped to 6.41 trillion won on March 25
June 5, 2020
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Seoul stocks open higher on economic recovery hopes
South Korean shares opened higher Friday, tracking overnight gains on Wall Street helped by hopes of an economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.64 points, or 0.31 percent, to 2,157.82 in the first 15 minutes of trading. The gain was mainly attributed to hopes for an economic recovery, fueled by the European Central Bank's announcement to additionally purchase assets to fight the economic fallout from the new coronavirus. The Dow Jones Industrial Ave
June 5, 2020
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Social Solidarity Bank, JPMorgan to support micro-businesses
JPMorgan will provide 480 million won ($394,000) worth of immediate support, relief and inclusive recovery fund to small and micro-businesses hit hard by the unexpected coronavirus pandemic in South Korea, according to the local micro-credit institution Social Solidarity Bank on Thursday. As part of the relief efforts, the local unit of the US-based brokerage firm will collaborate with the nongovernmental organization to help SMEs run by female owners digitalize their operations and make online
June 4, 2020
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Seoul stocks hit over 100-day high amid recovery hopes
South Korean shares extended their winning streak to a fifth consecutive session Thursday, reaching the highest in over 100 days on economic recovery hopes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.18 points, or 0.19 percent, to close at 2,151.18, the highest since Feb. 21. Trading volume was high at about 1.4 billion shares worth 15.8 trillion won ($13 billion), with losers outnumbering gainers 441 to 391. The index got off to
June 4, 2020
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Global X launches actively-managed emerging markets bond ETF
New York-based provider of exchange-traded funds Global X ETFs has launched an emerging markets bond ETF in its first actively managed strategy, its parent Mirae Asset Global Investments said Thursday. The product, dubbed Global X Emerging Markets Bond ETF, is listed on the New York Stock Exchange. It will target US dollar-denominated securities including fixed-rate and floating-rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities from emerging market countries. T
June 4, 2020
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Seoul stocks open higher on economic recovery hopes
South Korean stocks opened higher Thursday on hopes of an economic recovery, led by chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.02 points, or 1.49 percent, to 2,179.02 in the first 15 minutes of trading. The gain is largely attributed to rising hope for an economic rebound. The country's largest-ever extra budget proposal to fight the fallout of the new coronavirus also fueled the optimism. Large caps mostly traded higher with chipmakers, financials and shipb
June 4, 2020
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Kospi hits 3-month high in hopes of economic recovery
South Korea’s main bourse Kospi on Wednesday rose 2.87 percent to 2,147 points, the highest in more than three months, with foreign and institutional investors scooping up local shares anticipating an economic recovery. It was the first time that the index moved above the 2,100-point mark since Feb. 25, when it closed at 2,105.49. Kospi also saw a 47 percent increase since it hit rock bottom at 1,430 during a trading day in March under market pressure over COVID-19. A record high of 16.8
June 3, 2020
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Ardian vows more Asian investments as historic secondary fund closes
France-based international private investment house Ardian said Wednesday it seeks to accelerate its push for more secondary investments in Asia, as the company has reached a historic-high $19 billion commitments to its new secondary fund from global investors. Secondary investment refers to a purchase of existing private assets and is considered a source of liquidity for institutional investors. The latest fundraising is expected to underpin Ardian’s position as a lead secondary investo
June 3, 2020
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Mirae Asset Global Investments seeks 1st REITs IPO in Q3
South Korea’s investment firm Mirae Asset Global Investments said Wednesday it is eyeing its first initial public offering for its real estate investment trust followed by a listing on the nation’s main bourse Kospi. The REIT is designed to invest in a commercial space of the commercial-residential complex dubbed Gwanggyo Central Prugio City. The real estate asset is located in a planned city of Gwanggyo in Gyeonggi Province, located some 25 kilometers south of Seoul. The REIT is e
June 3, 2020
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Seoul stocks spike to over 3-month high amid recovery hopes, Korean won sharply up
South Korean shares extended their winning streak to a fourth consecutive session on Wednesday, hitting a more than three-month high amid economic recovery hopes. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 59.81 points, or 2.87 percent, to close at 2,147.00, the highest since Feb. 25. Trading volume was high at about 1.1 billion shares worth a record high of 16.8 trillion won ($13.8 billion), with gainers outnumbering loser
June 3, 2020
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Social casino gaming firm DoubleDown Interactive eyes $100m US IPO
South Korean social casino game developer and publisher DoubleDown Interactive is seeking to get listed on the tech-heavy Nasdaq bourse in the United States, according to its prospectus Wednesday. For its initial public offering, the Seoul-based company plans to issue 400,000 new common shares. Also up for subscriptions will be 360,000 existing shares, or 19.4 percent stake as of current, owned by STIC Investment. DoubleDown Interactive said the book building process to confirm the offered pri
June 3, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened sharply higher Wednesday, taking a cue from overnight Wall Street gains amid hopes of economic reopening and eased Sino-American political turmoil. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.86 points, or 1.57 percent, to 2,120.05 in the first 15 minutes of trading. The Dow Jones Industrial Average advanced 267.63 points, or 1.05 percent, to close at 25,742.65 on Tuesday (New York time). Such an advance followed reports of a reduction of frict
June 3, 2020