Most Popular
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Qoo10 liquidity crisis sparks massive complaints, fears of wider damage
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Yoon urges municipalities to embrace foreigners
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What is happening at Hybe?
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Korea unveils tax reform bill to spur economy
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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Actor’s excessive airport security sparks probe into human rights violations
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Crowded public transport, long commutes top stressors for Seoul, Gyeonggi workers: survey
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Man who let his father die due to financial difficulties to be released on parole
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Actor Yoo Ah-in accused of sexual attack
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S. Korea, China shifting from tensions to cooperation: Seoul
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Bond issuance in S. Korea plunges in Sept.
Bond issuance in South Korea fell sharply in September from the previous month due to decreased debt sales by the government and financial firms, data showed Friday. The value of bonds sold in Asia's fourth-largest economy came to 57.5 trillion won ($48.3 billion) last month, down 9.6 trillion won from a month earlier, according to the data from the Korea Financial Investment Association. Last month's drop compares with a 1 trillion-won on-month decrease recorded in August. Sales of state and fi
Oct. 8, 2021
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Seoul stocks open higher on easing US debt ceiling woes, earnings hope
South Korean stocks opened higher Friday on easing concerns of the debt ceiling impasse in the United States and hopes of robust third-quarter earnings by local companies. The benchmark Korea Composite Stock Price Index (Kospi) rose 9.33 points, or 0.32 percent, to 2,968.79 points in the first 15 minutes of trading. The key stock index got off to a strong start after overnight Wall Street gains, as a temporary resolution of the debt-ceiling tussle is due for a vote in Washington. Overnight, the
Oct. 8, 2021
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Vice minister says market ‘excessively reacting’ toward global risks
Financial authorities on Thursday expressed concerns over increased volatility in the South Korean market and its vulnerability toward external risks. First Vice Finance Minister Lee Eog-won vowed to adopt stabilizing measures at the appropriate time, saying the Korean market has been displaying “somewhat excessive reactions” to global risks, despite solid fundamentals. Lee’s remark comes after the nation’s benchmark Kospi plunged below the threshold of 3,000 points T
Oct. 7, 2021
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Naver, Mirae Asset's W500b stock swap back to limelight amid tech crackdown
South Korea’s top financial regulator has pledged to reexamine a deal involving technology giant Naver during the parliamentary audit, highlighting a relentless push for a nationwide tech crackdown. On Wednesday, Financial Services Commission Chairman Koh Seung-beom said he would “examine the feasibility of the deal,” referring to a share-for-share exchange deal between internet giant Naver and investment bank Mirae Asset Securities four years prior. The pledge comes amid c
Oct. 7, 2021
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‘Squid Game’ sensation prompting money flow into S. Korean media scene
The global craze over “Squid Game,” Netflix’s original Korean drama series, is adding momentum to the fast-growing South Korean media and entertainment market. Tving, the country’s leading streaming service provider run by entertainment and media firm CJ ENM, recently set out to lure investments from private equity funds at home and abroad, in partnership with Nomura Securities, according to industry sources Thursday. Tving plans to sell its new shares worth 300 b
Oct. 7, 2021
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Most bond experts eye rate freeze in Oct.: poll
Nearly nine in 10 bond mavens in South Korea predict the central bank to freeze its key interest for October due mainly to volatile external conditions, a poll showed Thursday. According to the survey of 200 bond experts by the Korea Financial Investment Association, 87 percent of the 100 respondents forecast the Bank of Korea (BOK) to hold its policy rate steady at a rate-setting meeting slated for next week. The number of standpatters was up from 67 in August. In contrast, 13 bond experts, dow
Oct. 7, 2021
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S. Korea to implement market-stabilizing steps if needed: official
South Korea plans to implement measures to stabilize the market in a timely manner if needed as market volatility has increased amid external economic risks, a senior government official said Thursday. First Vice Finance Minister Lee Eog-weon said the Korean financial market has been "excessively" volatile in recent sessions despite the country's strong macroeconomic fundamentals. South Korea's benchmark index, the Kospi, nosedived nearly 2 percent and the Korean currency fell to a 14-
Oct. 7, 2021
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Thursday as bargain hunters sought oversold stocks on expectations of a rebound. The benchmark Korea Composite Stock Price Index (Kospi) rose 31.54 points, or 1.08 percent, to 2,939.85 points in the first 15 minutes of trading. The key stock index got off to a strong start after three days of losses. Market kingpin Samsung Electronics added 0.98 percent, but No. 2 chipmaker SK hynix retreated 0.73 percent. Internet portal operator Naver jumped 2.41 percent, and
Oct. 7, 2021
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S. Korea sells $1.3b of FX bonds at 2nd-lowest rates
South Korea said Thursday it has sold about $1.3 billion worth of foreign exchange stabilization bonds at the second-lowest ever rates amid solid demand. The government sold US dollar-denominated bonds worth $500 million with a maturity of 10 years and five-year euro-denominated debts worth $700 million, according to the finance ministry. The dollar bonds carry a yield of 1.769 percent, or 25 basis points more than the rate of US 10-year Treasuries, while the euro bonds carry a yield of minus 0.
Oct. 7, 2021
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Activist fund invests W100b in LIG Nex1 in ESG push
South Korean activist fund Korea Corporate Governance Improvement has bought 100 billion won ($84 million) in exchangeable bonds issued by weapon system developer LIG Nex1, a filing showed Wednesday. The investment is aimed at improving LIG Nex1’s performance under the criteria of environmental, social and governance responsibility and giving birth to LIG Nex1’s new line of business, according to KCGI. The investment manager did not elaborate on its future ESG strategy for the defe
Oct. 6, 2021
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Seoul stocks skid for 3rd day to this year's low
South Korean stocks fell nearly 2 percent Wednesday, while the Korean won fell to a 14-month low against the US dollar amid ongoing investor concerns over the debt crises of Chinese property developers and the impasse in the US Congress on raising the debt limit. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.86 points, or 1.82 percent, to close at 2,908.31 points, the lowest finish since Dec. 30 last year. Trading volume was moderate at about 887.63 million shares worth some
Oct. 6, 2021
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Shinhan continues investment spree for digital partnership
Shinhan Financial Group said Wednesday it has decided to invest 18 billion won ($15.1 million) into three startups offering cutting-edge technologies as part of its bigger plan to boost the group’s digital capabilities. Three startups that attracted the funding include Galaxy Corp. which owns intellectual property rights to virtual characters for metaverse platforms as well as Xinapse, an artificial intelligence technology-based startup. Shinhan plans to collaborate with the firms to e
Oct. 6, 2021
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Koreans dump Tesla shares, turn to US health care sector in Q3
South Korea-domiciled investors went on to sell Tesla stocks during the third quarter of this year, and instead turned to health care stocks in the United States, data showed Wednesday. This indicates that Korean investors’ enthusiasm over the growth potential of the Palo Alto, California-based electric vehicle giant since early 2020 has started to wane. Instead, they were seen betting on normalization hopes amid a fight against the COVID-19 pandemic. From July to September, Korean inv
Oct. 6, 2021
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Wednesday as investor sentiment was uplifted by overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.73 points, or 0.4 percent, to 2,973.90 points in the first 15 minutes of trading. The key stock index got off to an upbeat start, tracking overnight gains on Wall Street that came after sharp losses the previous session. Overnight, the Dow Jones Industrial Average added 0.92 percent, while the tech-heavy Nasdaq compos
Oct. 6, 2021
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Toss Bank kicks off full operation, targeting low-credit borrowers
Toss Bank, South Korea’s third internet-only bank, commenced full operations on Tuesday, highlighting its user-friendly financial services that differentiate itself from rivals quickly expanding their presence in the emerging market. Under the slogan of “New Banking, New Bank,” the online-only lender showcased its convenient deposit banking and loan service fit for as many users as possible, including thin filers with little credit history and low-credit borrowers. “Ev
Oct. 5, 2021
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Kospi slumps below 3,000 points for first time in 6 months
South Korea’s key stock index plunged below the 3,000-point threshold Tuesday for the first time in nearly seven months on the back of losses in top-listed firms. The benchmark Kospi tumbled 57.01 points, or 1.89 percent, to close at 2,962.17 points, the lowest closing since March 10, when it marked 2,958.12 points. It was also the first time the index dropped below 3,000 points at the closing bell, when the index closed the session at 2,996.35 on March 24. On the back of high liquidity,
Oct. 5, 2021
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[Feature] Fractional share trading in S. Korea faces regulatory hurdles
Fractional trading in South Korea will kick off next year, offering retail investors wider access to the nation’s stock market. But the new trading system, if implemented without detailed legal consideration, might cause market disruption among investors, regulators and even legislators, experts say. Some even claim the system might have limited impact in the local stock market for quantitative growth, saying that the market has few “expensive” equity shares that might be sui
Oct. 5, 2021
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S. Korean stock market nosedives to almost 7-month low
South Korean stocks plunged to an almost seven-month low Tuesday, as investor sentiment was weakened by the debt ceiling tussle in the United States and debt crises involving Chinese property developers. The Korean won closed unchanged against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) tumbled 57.01 points, or 1.89 percent, to close at 2,962.17 points, the lowest finish since March 10. Trading volume was moderate at about 830 million shares worth some 15.1 trillion wo
Oct. 5, 2021
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Hahn & Co. eyes W300b in partial exit from secondhand car retailer IPO
South Korea-based private equity firm Hahn & Co. is poised to cash in on 306.6 billion won ($258.1 million) from an initial public offering of a fully-owned secondhand car retailer K Car on Wednesday, according to a prospectus Tuesday. The deal is aimed at floating Hahn & Co.’s 25.5 percent stake, or 12.3 million shares, in K Car, plus 1.2 million new shares. The IPO price of K Car, which is valued at 1.2 trillion won, has been fixed at 25,000 won apiece. Hahn & Co.’s
Oct. 5, 2021
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Digital transformation drives out bank branches, ATMs: data
Amid the rapid digital transformation brought on by the COVID-19 era, local banks have increasingly turned their backs on brick-and-mortar branches and automated teller machines, data showed Wednesday. The number of physical bank branches stood at 6,326 as of the end of June, down 10.9 percent from the end of 2016, when the figure came in at 7,101, according to data from the market watchdog Financial Supervisory Service submitted to Rep. Yoo Dong-soo of the ruling Democratic Party. Meanwhile,
Oct. 5, 2021