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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S. Korea to consent to Japan's Sado mines gaining World Heritage status: official
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Korea unveils tax reform bill to spur economy
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Actor’s excessive airport security sparks probe into human rights violations
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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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LG Electronics achieves record earnings in Q2
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Seoul stocks open steeply lower on US stock plunge
South Korean stocks opened nearly 1.5 percent lower Wednesday, tracking an overnight plunge on Wall Street amid concerns about spiking bond yields and the US debt ceiling. The benchmark Korea Composite Stock Price Index (Kospi) dropped 45.27 points, or 1.46 percent, to 3,052.65 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite plummeted 2.83 percent and the S&P 500 dipped 2.04 percent. The Dow Jones Industrial Average retreated 1.63 percent. Investor senti
Sept. 29, 2021
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[KH Finance Forum] Asia rises to new destination for ESG investing
Asia is projected to emerge as a destination for sustainability-driven investment, and integrating environmental, social and governance factors is key to discovering the less well-tapped investment opportunities in the region, a veteran investor said Tuesday. Spurred by rising secondary battery demand, combined with a projection of fast-paced electric vehicle adoption, Asian countries including South Korea are in a race to make good on their bid to achieve carbon neutrality and cultivate new e
Sept. 28, 2021
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KFCC logs W208.9b in H1 net profit despite COVID-19 woes
The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, said Tuesday it has managed to post strong profits despite the COVID-19 pandemic. Under the leadership of President Park Cha-hoon and Ryu Hyuk, chief executive officer of Credit & Insurance -- the KFCC’s business unit responsible for building strategies for the group’s financial management as well as operating deduction services -- the cooperative logged a net profit
Sept. 28, 2021
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Seoul stocks skid over 1% on tech losses
South Korean stocks fell more than 1 percent Tuesday as investors offloaded tech shares amid concerns of surging virus cases. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) lost 35.72 points, or 1.14 percent, to close at 3,097.92 points. Trading volume was moderate at about 881.95 million shares worth 14.38 trillion won ($12.1 billion), with losers outnumbering gainers 711 to 193. Institutions offloaded a net 555.2 billion won, while re
Sept. 28, 2021
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[KH Finance Forum] ‘Integrated strategy, bold investment key to digital transformation success’
Successful digital transformation requires not only technological change but also digital capabilities ranging from creating a strong customer experience to reinventing business models, the chief strategist for Shinhan Financial Group’s digitalization said Tuesday. “One of the key factors that causes setbacks is an unintegrated digital business transformation strategy that leads to an ambiguous vision and goal setting,” said Sunny Yi, chief digital officer of Shinhan Financial
Sept. 28, 2021
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[KH Finance Forum] NPS looks to exercise institutional power in Korea’s ESG push
The National Pension Service, the world’s third-largest pension fund which is based in South Korea, has stressed its unwavering stance in the adoption of environmental, social and governance factors across its investments. Kim Yong-jin, chairman and chief executive officer of the NPS, pledged to motivate companies it has invested in and external partners, to which NPS deploys capital, to adapt to NPS’ responsible investing strategies. The move will allow companies to get ahead of t
Sept. 28, 2021
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Seoul stocks up on drop in virus cases
South Korean stocks rebounded Monday amid easing concerns about the country's new coronavirus cases and the China Evergrande Group's debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.4 points, or 0.27 percent, to close at 3,133.64 points. Trading volume was moderate at about 872 million shares worth some 12.1 trillion won ($10.3 billion), with gainers outnumbering losers 492 to 373. Foreigners bought a net 337 billion won,
Sept. 27, 2021
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Small media stocks surge on ‘Squid Game’ bonanza
Small-cap stocks related to the local media and entertainment business are on a bull run, as traders hoped to piggyback on the success of the Netflix megahit “Squid Game.” Content production firm Bucket Studio saw its stock price nearly double over the course of three trading days, since the stock market reopened Thursday following the national Chuseok holiday. Last week, Bucket Studio hit the price ceiling on both Thursday and Friday, and rose 2 percent Monday. Its market cap appr
Sept. 27, 2021
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Seoul stocks little changed as investors take wait-and-see mode amid spreading virus
South Korean stocks opened nearly flat Monday as investors took a wait-and-see mode amid the country's spiking new coronavirus cases and concerns over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.23 points, or 0.01 percent, to 3,125.01 points in the first 15 minutes of trading. Stocks got off to a muted start amid spikes in South Korea's daily COVID-19 cases. On Monday, South Korea reported 2,383 new COVID-19 cases. Daily cases have
Sept. 27, 2021
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29 crypto exchanges meet registration deadline, but face challenges
Twenty-nine of Korea’s 66 cryptocurrency exchanges met a legal deadline to put themselves under regulatory supervision, but they still face challenges, market insiders said Sunday, such as risks from legal breaches and an inability to convert coins into Korean won. The Financial Services Commission said Saturday that 29 exchanges submitted applications to register their businesses by Friday and will process them within three months, legitimizing their status as market players but also s
Sept. 26, 2021
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SC Bank Korea offers gold, gift certificates for dollar funds, savings accounts
Standard Chartered Korea on Sunday said it has recently launched a promotional event that offers prizes, including a 24-karat gold plated $2 bill, for customers who subscribe to dollar-denominated products for the first time. Customers will receive chances to enter the sweepstake if they subscribe to any dollar-related products including funds, money market funds, savings accounts and insurance. One first prize winner will receive a gold plate weighing 15 grams, while 10 second prize winner
Sept. 26, 2021
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Parked money in search of new investments hits new high: data
The amount of parked money that can be withdrawn any time has surged to an all-time high, data showed Sunday. According to the Bank of Korea, the amount of demand deposit increased by 3.3 trillion won ($2.8 billion) to some 388.7 trillion won as of July. It is the largest amount since the central bank started to collect related data. Market experts suggested that extra cash ready for new investments has few places to go because of the government’s intensifying regulatory moves on the pr
Sept. 26, 2021
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Seoul stocks likely to move in tight range over Evergrande woes, virus concerns
South Korean stocks are likely to move in a tight range next week amid uncertainties from a Chinese developer's debt crisis and the local surge of new coronavirus cases, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,125.24 points Friday, down 0.49 percent from a week ago. Stock markets were closed Monday through Wednesday this week for the Chuseok holiday. The losses came as investors digested the U.S. FOMC meeting results that said the Fed could b
Sept. 25, 2021
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China's central bank rules all crypto transactions are illegal
BEIJING (AFP) -- China's central bank on Friday said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in China after a crackdown on the volatile currencies. The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations, which have sought to prevent speculation and money laundering. "Virtual currency-related business activities are illegal financial acti
Sept. 24, 2021
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Kakao Pay delays IPO plan on heightened consumer safeguards
South Korean mobile payment app operator Kakao Pay said Friday it has delayed its plan to go public yet again amid toughened consumer protection regulations in the domestic market. Kakao Pay, a 55:45 joint venture of internet giant Kakao Corp. and China’s Ant Group, has revised its prospectus to carry out its initial public offering process by three weeks. Its IPO size, at up to 1.53 trillion won ($1.3 billion) via 17 million new shares, will remain unchanged. According to the latest fi
Sept. 24, 2021
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Lotte Chemical to commit W49b to new ESG fund
Lotte Chemical said Friday it planned to commit 49 billion won ($41.7 million) worth of capital to a new fund dedicated to tackling environmental, social and governance issues. The money will go into a new 50 billion-won ESG fund, the course of four years, according to a disclosure submitted to the Financial Supervisory Service Friday. The fund will be managed by retail-to-chemical Lotte conglomerate’s early-stage investment arm Lotte Ventures, formerly known as Lotte Accelerator. Lotte
Sept. 24, 2021
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[Newsmaker] Mergepoint saga sparks flood of complaints in Aug.
Amid the snowballing fiasco of prepaid discount service Mergepoint that played out in August, the number of consumer requested consultations regarding the scandal marked more than 16,000, according to data provided by the Korea Consumer Agency and Korea National Council of Consumer Organizations Friday. The consumer consultation center operated by South Korea’s Fair Trade Commission received 16,188 inquiries from consumers requiring consultations about their complaints and damages over t
Sept. 24, 2021
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Seoul stocks down for 2nd day amid virus woes, Evergrande uncertainties
South Korean stocks slumped for a second straight session Friday after the country's daily COVID-19 cases hit a record high, erasing gains from easing fears over China Evergrande Group's debt crisis. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 2.34 points, or 0.07 percent, to close at 3,125.24 points. Trading volume was moderate at about 738 million shares worth some 12.3 trillion won ($10.4 billion), with gainers outnumbering lo
Sept. 24, 2021
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Seoul stocks open higher as China Evergrande fears ease
South Korean stocks opened higher Friday on overnight US rebound that stemmed from easing fears over China Evergrande Group's debt crisis. The benchmark Korea Composite Stock Price Index (KOSPI) rose 11.37 points, or 0.36 percent, to 3,138.95 points in the first 15 minutes of trading. Stocks came off to a solid start as investors are monitoring the risks from the massive $310 billion debt of China's Evergrande Group. Market fears eased somewhat after the giant property developer announced t
Sept. 24, 2021
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Seoul stocks down on Powell's tapering comments, Evergrande scare
South Korean stocks retreated Thursday after the three-day Chuseok holiday in the face of comments by the US Federal Reserve's chief that it could start tapering its stimulus as early as November, as well as growing woes over a default of a giant Chinese real estate developer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.93 points, or 0.41 percent, to close at 3,127.58 points. Trading volume was moderate at about 612 million shares
Sept. 23, 2021