Most Popular
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Criminals who drugged teens' drinks with meth sentenced to up to 18 years
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Rival parties unite to form 4-way body to break med school standoff
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Korea to certify safety of EV battery from October
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Wartime sexual slavery victims file for Japanese govt. asset disclosure
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S. Korea logs current account surplus for 3rd month in July
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Producer Teddy's girl group Meovv debuts, showcasing dual feline charms
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Farewell summit: Yoon, Kishida pledge to keep momentum in revitalizing ties
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Man to pay W727m for opening plane door before landing
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Two Korean women arrested for stealing tourist's bag in Turkey
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Frieze Seoul sees slower sales, yet confirms stronger art scene in Seoul
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Non-life insurers’ profits rise on smaller loss ratios for cars
South Korea’s non-life insurers saw their profits rise due to reduced loss ratios for car insurance and the rise in medical insurance rates in the first quarter, data showed Sunday.However, criticism persisted as the insurers appear to rely on group buying schemes, which allows them to overcharge customers to sustain financial stability for coverage, observers said.The combined net profit of the five major non-life insurers -- Samsung Fire & Marine Insurance, Dongbu Insurance, Hyundai
April 30, 2017
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Banks continue to raise household lending rates
Commercial lenders in South Korea have raised interest rates for household lending, weighing on household debt, the central bank’s data showed Sunday. Fresh household loans with rates lower than 3 percent, extended by local banks, took up 26 percent of total household loans in March, hitting a 25-month low, according to data from the Bank of Korea. The proportion of new loans with interest rates below 3 percent plummeted by 50 percentage points to reach 25.8 percent, from 76 percent in Aug
April 30, 2017
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Big biz CEOs paid average 22-times more than ordinary workers: data
Chief executive officers leading South Korea's biggest businesses receive salaries that are on average 21.9-times higher than those of ordinary employees, a local market researcher said Sunday.According to FN Guide, CEOs at the 30 largest companies in terms of market capitalization, took home substantially more pay than the average worker in 2016, with the gap widening to more than 50 to 60-fold in some cases. The data was based on 28 companies that released the salaries of their workers. It sai
April 30, 2017
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Value of shares owned by 100 richest stockholders exceed W100tr
The combined value of shares owned by South Korea's 100 richest stockholders surpassed 100 trillion won ($87.7 billion), swelled by rising stock markets, industry data showed Sunday.Despite geopolitical risks surrounding North Korea, the nation's benchmark KOSPI index closed at a near six-year high last week. The index gained about 9 percent from the end of last year. As of last Friday, the combined value of shares owned by the 100 richest stockholders stood at 100.8 trillion won, up 7.2 t
April 30, 2017
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Seoul stocks slip from 6-year high, Samsung continue to rise
South Korean stocks snapped their six-day winning streak on Friday, slipping from their six-year high, as investors cashed in recent gains, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 4.02 points, or 0.18 percent, to close at 2,205.44.Trade volume was moderate at 263 million shares worth 5.64 trillion won ($4.96 billion), with losers outnumbering gainers 502 to 285.The local stock market opened higher as top market cap Samsung Ele
April 28, 2017
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Korean stocks trade almost flat in late morning
South Korean stocks traded almost flat at their six-year highs Friday morning, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index shed 0.5 point, or 0.02 percent, to 2,208.96 as of 11:15 a.m.Market kingpin Samsung Electronics shot up 2.97 percent after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back stocks worth 9.3 trilli
April 28, 2017
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Korean stocks appear undervalued despite recent gains
South Korean stocks still appear undervalued despite some 9 percent gain in the benchmark index this year, according to market data and a local brokerage on Friday. The Kospi index closed at a near six-year high of 2,209.46 points on Thursday, supported by healthy earnings by Samsung Electronics Co. and foreign inflows. From Jan. 2 to Wednesday, the index gained 8.95 percent from the end of last year, but the gain lagged behind an average rise of 10.51 percent among the world's 40 stock ma
April 28, 2017
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Stocks open slightly lower on profit-taking
South Korean stocks opened slightly lower on Friday, as investors attempted to cash in recent gains, but top market cap Samsung Electronics continued to build up gains.The benchmark Korea Composite Stock Price Index fell 0.76 point, or 0.03 percent, to 2,208.70 in the first 15 minutes of trading.Market kingpin Samsung Electronics was 2.65 percent up on its strong first-quarter earnings and shareholder-friendly policies.SK hynix, a major chipmaker, also rose 1.12 percent.In contrast, Hyundai Moto
April 28, 2017
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Kospi hits another record high for 2017
South Korea‘s benchmark Korea Composite Stock Price Index hit another record high for 2017 Thursday, thanks to individual investors’ buying, offsetting its weak start earlier affected by Samsung’s refusal to reshape corporate structure. Kospi continued a seven-trading-day rally, closing at 2,209.46 points. It was up 0.07 percent, or 1.62 points from a day earlier, when it crossed the 2,200 mark for the first time in six years. The stock market index dropped to 2,199.76 at
April 27, 2017
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Korean stocks down from 6-yr high, Samsung spikes
South Korean stocks traded lower early Thursday morning, slipping from their six-year highs, with top market cap Samsung Electronics hitting a fresh record high.The benchmark Korea Composite Stock Price Index (Kospi) shed 3.85 points, or 0.17 percent, to 2,203.99 as of 11:15 a.m.Market kingpin Samsung Electronics was 1.73 percent up after reporting the biggest quarterly earnings in three years aided by robust chip sales.The world's largest manufacturer of smartphones also said it would buy back
April 27, 2017
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K-Bank meets more than half of full-year deposit target in 24 days
K-Bank, South Korea's first Internet-only bank, has achieved more than half of its full-year target of attracting deposits just 24 days after launching operations, the nation's financial regulator said Thursday. The pace of growth in K-Bank's deposits is much faster than expected and the Internet-only bank is fueling increased competition with traditional banks, the Financial Services Commission said in a statement. K-Bank, formed by a consortium of KT Corp., Woori Bank and 19 other compani
April 27, 2017
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Stocks open lower on Samsung affiliates, automakers
South Korean stocks got off to a weak start on Thursday, led by losses in Samsung Electronics and its affiliates and automakers.The benchmark Korea Composite Stock Price Index shed 4.74 points, or 0.21 percent, to 2,203.10 in the first 15 minutes of trading.On Wednesday, the Kospi closed at a fresh six-year high, driven by continued foreign buying.Investors also seem to be tempted to cash in gains.Market kingpin Samsung Electronics was 0.47 percent down and Samsung C&T, the de facto holding
April 27, 2017
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Kospi tops 2,200
South Korea’s stock market stayed bullish, with its benchmark Korea Composite Stock Price Index crossing the 2,200 mark for the first time in six years Wednesday, amid world market rallies and the earnings parade of local corporations. The main bourse closed at 2,207.84 Wednesday, up 0.5 percent, or 10.99 points compared to the previous day. It surpassed the 2,200 mark for the first time after May 4, 2011, when the market ended at 2,201.69. It opened at 2,202.37 Wednesday, up 5.52 points,
April 26, 2017
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[Election 2017] How will presidential candidates raise taxes?
The following is the third in a series of articles breaking down the presidential candidates’ major economic pledges in a simulated question-and-answer format by gathering their answers from official websites, media interviews, public speeches, books and more. The third installment delves into their proposals on increasing taxes and enhancing welfare. -- Ed.South Korea’s tax code is likely to reach a turning point upon the May 9 presidential election, as the majority of the president
April 26, 2017
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Standard Chartered Bank Korea to hold fintech forum
Standard Chartered Bank Korea announced Wednesday it plans to hold a forum dedicated to financial technology at its main branch in Korea on May 17.Michael Gorriz, group chief information officer at the London-based Standard Chartered Bank and Lim Jung-wook, managing director of Startup Alliance in Korea, will deliver keynote speeches at the forum.Under the theme of “Digital Technology Reshaping the Banking Industry,” the forum will involve sessions on the innovation of financial serv
April 26, 2017
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BOK chief calls for efforts to better reflect economic reality in GDP
The head of South Korea's central bank called Wednesday for efforts to better reflect the rapidly changing economic reality in the gross domestic product.GDP -- the broadest measure of an economy's performance -- is the total value of goods and services produced within the economy in a given period. It has been used as one of the major indicators in economic policy-making. Still, some critics say GDP does not properly reflect new activities such as digital or economic sharing. They also say GDP
April 26, 2017
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Rates for household loans inch up in March
Bank lending rates on new household loans inched up in March and interest rates paid by banks on new deposits remained unchanged, central bank data showed Wednesday.The average interest rates on fresh household loans extended by local banks came to 3.43 percent in March, up 0.05 percentage point from the previous month, according to the Bank of Korea. The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's outstanding household credit -- which is composed of h
April 26, 2017
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Korean stocks trade at 6-yr high in late morning
South Korean stocks traded at a six-year high early Wednesday morning, led by gains in tech companies, chemicals firms and automakers.The benchmark Korea Composite Stock Price Index rose 10.01 points, or 0.46 percent, to 2,206.86 as of 11:15 a.m.Market kingpin Samsung Electronics was 0.09 percent down and SK hynix, a major chipmaker, surged 2.19 percent.Hyundai Motor, the No. 1 automaker, moved up 0.69 percent, and AmorePacific, the country's top cosmetics maker, remained unchanged.SK Innovation
April 26, 2017
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More listed firms seek to use shadow voting this year
A total of 642 listed firms in South Korea have sought the practice of shadow voting this year to meet quorum requirements for approval at their annual meetings of shareholders, sharply up 40 percent from a year ago, data showed Wednesday. Shadow voting, or mirror voting, is a practice under which companies can ask stocks registered with the Korea Securities Depository to vote in the same proportion as voters who participate in an annual shareholder meeting.Introduced in 1991, the practice is se
April 26, 2017
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Kospi tops 2,200 for first time in 6 years
South Korea’s benchmark Korea Composite Stock Price Index topped 2,200 points, for the first time in six years when it opened Wednesday.The main bourse soared 5.52 points, or 0.25 percent, to reach 2,202.37 at 9 a.m. After 36 minutes of trading, it reached 2,206.22, up 9.37 points, or 0.43 percent. The Kospi closed at 2,196.85 Tuesday. This is the first time in six years that Kospi has surpassed the 2,200 mark. On May 4, 2011, the market closed at 2,201.69. The first-tier stock market has
April 26, 2017