Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Korean stocks newly added to MSCI EM moderately rally
Large and mid-cap South Korean stocks set to be added to global and regional equity indexes by MSCI moderately rallied Tuesday, after an announcement by the US index publisher to rebalance its indexes. MSCI, formerly Morgan Stanley Capital International, is an American provider support tool widely used as investment guidance. In the May 2018 Semi-Annual Index Review for the MSCI Equity Indexes released Monday, MSCI unveiled five Korean won-denominated shares to be added starting June 1. New to
May 15, 2018
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[Photo News] Commemorating cultural heritage
COMMEMORATING CULTURAL HERITAGE -- The state-owned Korea Minting and Security Printing Corp. unveiled Monday in Seoul commemorative medals that depict a now-defunct Korean consulate in Washington, built some 130 years ago. The cultural heritage building was repatriated by the government in 2012, about a century after being sold to the US upon the start of Japanese occupation in 1910. (Yonhap)
May 14, 2018
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[Kosdaq Star] 3-D inspection tech pioneer Koh Young avoids market slump
This is the 55th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. While leading sectors of South Korea’s second-tier stock market Kosdaq have suffered downward pressure over the past few weeks, some powerhouses have pulled through.One of the firms is Koh Young Technology, which has striven to make a linear growth since it was listed a decade ago. On the back of it was its earnings increase with its unrivaled tech prowess suitable for manufact
May 14, 2018
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Financial firms to launch massive recruitment
Major financial firms are poised to kick off massive recruiting in the latter half of this year, industry sources said Sunday, after allegations of illicit hiring caused many lenders to hold off offering jobs in the past. According to the financial industry sources, the nation's four major banks -- KEB Hana Bank, Woori Bank, Kookmin Bank and Shinhan Bank -- are preparing to hire a large of number of junior employees for this year. The hiring process had temporarily been frozen since late l
May 13, 2018
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Trade protectionism, household debt endanger S. Korean financial system: poll
Rapidly spreading global trade protectionism and South Korea's growing household debt are major risks now facing country's financial system, a survey showed Sunday.According to the poll of 72 market watchers of financial officials, researchers and investors conducted by the Bank of Korea, 76 percent said intensifying trade pressure and global protectionism was the biggest problem facing the country. The rate was 26 percent in a survey held in November last year.Asia's fourth-largest economy is o
May 13, 2018
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Foreigners shift to net sellers last month vs month earlier
Foreigners turned net sellers of South Korean stocks in April from a month earlier, with their stock holdings on the local exchanges reaching 32 percent of all listed shares, the financial regulator said Saturday. Last month, foreign investors sold a net 2.204 trillion won ($2.1 billion) worth of local stocks, a reversal from net purchases of 123 billion won worth of stocks a month earlier, data from the Financial Supervisory Service showed. By country, British investors sold the most, at a net
May 12, 2018
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Battle between FSS, Samsung BioLogics exacerbates market jitters
A war of words between the nation’s financial watchdog and Samsung BioLogics intensified Thursday over the legitimacy of authorities disclosing the biotech company’s alleged accounting fraud, further raising already heightened market fears.The Financial Supervisory Service found itself cornered, with officials at the upper echelon turning a cold shoulder, saying that its decision to reveal the content of a preliminary notice sent to Samsung has caused “market chaos.”On Ma
May 10, 2018
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[Herald Interview] Heenam’s scraper to make filing easier
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 14th installment. - Ed.The advent of financial technology has minimized a South Korean smartphone user’s effort to manually collect personal information registered across the Web when submitting filings needed to buy a financial product online.Upon agreement by a user who logged on to a financial company‘s website, his or her set of private information from pu
May 9, 2018
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New FSS chief stresses watchdog's supervisory role, independence
Yoon Suk-heun, the newly inaugurated chief of the Financial Supervisory Service, on Tuesday underlined the need for the watchdog to remain independent from administrative pressure and market interests.“As suggested in the name ‘Financial Supervisory Service,' our role is to supervise financial (businesses)," said the 70-year-old reformist scholar upon taking office as the FSS governor, viewing independence as a key virtue in accomplishing such function. “Financial supervis
May 8, 2018
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Samsung Securities to face legal consequences over dividend fiasco
South Korea’s financial watchdog said Tuesday it will take legal actions against Samsung Securities for failing to operate with due internal standards for safe electronic financial transactions, which had resulted in a dividend fiasco last month involving the trade of unauthorized shares worth tens of billions of won. Such flaws are respectively violations of the Act on Corporate Governance of Financial Companies and the Electronic Financial Transactions Act, according to the Financial Sup
May 8, 2018
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Watchdogs take aim at Samsung BioLogics
South Korea’s financial regulator is likely to decide the fate of Samsung BioLogics on May 23 at the earliest over allegations that the company had doctored its accounting books. The nation’s top financial regulator, the Financial Services Commission, said it would review the case by holding an in-house oversight panel next Thursday. If a breach of accounting regulations is found, the Securities and Futures Commission, a legal entity within the FSC, will decide the level of penalty i
May 7, 2018
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[Herald Interview] Korean investment ‘positive catalyst’ to Mongolian stock market: MSE chief
The Mongolian Stock Exchange chief hailed South Korean financial companies’ engagement with its fledging stock market as a “positive catalyst” in its search for increased attention from foreign investors. Speaking in an interview with The Korea Herald, Altai Khangai, chief executive officer of the MSE, cited the initial public offering of LendMN, Mongolia’s first financial technology company that began trading in March, as well as another upcoming IPO involving Korean inv
May 7, 2018
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Financial regulator to begin review of Samsung Biologics' alleged accounting fraud
South Korea's financial regulator said Sunday its accounting oversight panel will hold the first meeting on Samsung Biologics Co.'s alleged violation of accounting rules next week.The Accounting Oversight Deliberation Committee under the Securities & Futures Commission will hold the meeting on May 17 and review the issue, according to the Financial Service Commission. The SFC, a subcommission of the financial regulator, is responsible for the oversight of the securities and futures markets.L
May 6, 2018
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Individual investors flock to Samsung Electronics after stock split
The transaction volume of Samsung Electronics Co. among retail investors jumped nearly six times as the tech giant's stock split lowered the entry bar, the bourse operator said Sunday.The amount of Samsung Electronics shares traded by individual investors on Friday -- after a three-day hiatus to lower its face value from 5,000 won ($4.64) to 100 won -- came to 1.17 trillion won, up from a daily average of 205 billion won before the split, according to the Korea Exchange (KRX).Transactions made b
May 6, 2018
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BOK chief says Korea-Japan talks for currency swap deal could resume soon
South Korea will push to revive a currency swap deal with Japan that was suspended over diplomatic feuds, Bank of Korea Gov. Lee Ju-yeol has said.During a news conference on the sidelines of a regional forum in Manila on Friday, Lee expressed expectations that the two sides will start negotiations in the near future.In January last year, the Tokyo government broke off the negotiations with Seoul to reopen the currency swap agreement, citing Seoul's move to let a statue symbolizing the victims of
May 6, 2018
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Seoul shares set to move in tight range next week
South Korean shares are expected to move in a tight range next week due to a possible US rate hike next month and the ongoing trade dispute between Washington and Beijing, analysts here said Saturday.Market watchers forecast the benchmark Korea Composite Stock Price Index (KOSPI) to trade between 2,459 and 2,530 in the coming week after shedding 1.2 percent this week to close at 2,461.38 on Friday."Investors will likely adopt a wait-and-see attitude as the US Federal Reserve is set to raise
May 5, 2018
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[News Focus] Moon reiterates financial reform drive with FSS chief nomination
Even after the two previous leaders’ terms ended amid disputes, the next candidate tapped as chief of the financial market watchdog is, again, another reformative nonbureaucrat, reflecting the administration’s determination for financial reform.President Moon Jae-in on Friday approved Yoon Suk-heun as the new governor of the Financial Supervisory Service. Yoon is a visiting professor of business administration at Seoul National University and chairman of the FSC’s Financial Adm
May 4, 2018
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[Newsmaker] Another reformative FSS nomination highlights pledge on financial reform
Even after the two previous leaders’ terms ended amid disputes, the next candidate tapped as chief of the financial market watchdog is, again, another reformative nonbureaucrat, reflecting the administration’s determination for financial reform.The Financial Services Commission said Friday that it had nominated Yoon Suk-heun as the new governor of the Financial Supervisory Service. He is a visiting professor of business administration at Seoul National University and chairman of the
May 4, 2018
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Inter-Korean thaw strengthens Korean won
The local currency strengthened against the greenback for two consecutive trading days until Monday on heightening expectations of a thaw in inter-Korean relations after a summit between North and South Korea. As of the trading session’s close Monday, the US dollar was trading at 1,068 won, according to the Seoul Money Brokerage. The market closed Tuesday due to the Labor Day holiday. The won-dollar exchange rate dropped 12.9 won from Thursday’s close and 8.6 won from Friday’s
May 1, 2018
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[Herald Interview] Blockstream CSO urges crypto caution
Overly-hyped sentiments have begun to give way to skepticism toward a flurry of promises made by founders of distributed ledger systems like blockchain and the digital currencies encrypted and traded on them.Fanning such cynicism was the global race to place cryptocurrency transactions into regulatory frameworks to deter speculation and prevent crimes like money laundering. Such moves have resulted in noticeable declines in prices of cryptocurrencies.The volatility in the cryptocurrency market o
April 30, 2018