Most Popular
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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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[Music in drama] Rekindle a love that slipped through your fingers
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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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Seoul Metro to seek legal action against malicious complaints
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Seoul stocks open higher ahead of US Jackson Hole meeting
South Korean stocks opened higher Thursday ahead of the meeting in Jackson Hole, Wyoming, as investors seek clues about the US Federal Reserve's stance about its tapering timeline. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.97 points, or 0.19 percent, to trade at 3,152.78 points in the first 20 minutes of trading. After a three-day winning streak, the KOSPI got off to a solid start as investors expect the Fed to not hurry its timeline to roll back its stimulus amid surging
Aug. 26, 2021
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NPS reserve fund tops W900tr in H1
The National Pension Service had a reserve fund of 908.3 trillion won ($777.7 billion) as of end-June, logging a 7.49 percent financial gain over the past six months, a preliminary estimate showed Wednesday. The world‘s third-largest pension fund has generated 74.5 trillion won in investment returns from January to June, as its stock holdings at home and abroad outperformed their benchmarks. This beat the earlier projection in 2020 where the NPS assets under management will stand at ju
Aug. 25, 2021
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Hanwha Asset buys shares in brokerage arm from group affiliates
Hanwha Asset Management said Wednesday it has bought shares in Hanwha Group’s brokerage arm, Hanwha Investment & Securities, from other nonfinancial group affiliates. The asset management firm acquired a combined 56.8 million common shares -- or a 26.46 percent stake -- in the brokerage house for 320.1 billion won ($274 million). Their sellers were auto parts maker Hanwha Global Asset, leisure service provider Hanwha Hotels & Resorts and department store operator Hanwha Galleria T
Aug. 25, 2021
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Seoul stocks gain for 3rd day amid tapering uncertainties
South Korean stocks advanced for a third consecutive day Wednesday amid increased investor caution over US tapering uncertainties. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 8.51 points, or 0.27 percent, to close at 3,146.81 points. Trading volume was moderate at about 558 million shares worth some 12.7 trillion won ($10.9 billion), with gainers outnumbering losers 571 to 281. Foreigners bought a net 30 billion won, and institutions
Aug. 25, 2021
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Hyundai Card’s ratings unaffected by Fubon’s acquisition: Fitch
Global credit appraiser Fitch Ratings said Wednesday that Hyundai Card’s ratings will remain unchanged, even after Fubon Life Insurance and Fubon Commercial Bank‘s acquisition of 20 percent shares in the credit card operator. According to Fitch, Hyundai Card will maintain its current rating as BBB (stable) because it will receive all necessary support from its parent company, Hyundai Motor Group. Fitch Ratings said it expects Hyundai Motor Group to continue to have strong control
Aug. 25, 2021
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FSC chief nominee: 'cryptocurrencies are not real'
Financial Services Commission Chairman nominee Koh Seung-beom expressed skepticism on Wednesday over the value of cryptocurrency as a financial asset, confirming his tone in line with the regulator’s move to tighten its grip on local crypto exchanges. “International organizations, including the Group of 20 and the International Monetary Fund, as well as a lot of market experts, find it difficult to consider virtual currencies as a financial asset, and think they could not f
Aug. 25, 2021
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KRX aims to make South Korea’s ETF market global
South Korea’s exchange-traded fund market has witnessed a major change this month with the number of funds available on the market surpassing 500 for the first time, marking a quantum leap from its beginning 19 years ago when it had only four products. Following an increase in the number of products available, the daily turnover of the country’s ETFs has surged to become the third-largest in the world, according to the Korea Exchange. The bourse operator aims to make the locally li
Aug. 25, 2021
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Seoul stocks open higher on US gains
South Korean stocks opened higher Wednesday, taking a cue from overnight gains on Wall Street that were largely generated by easing concerns about the US Federal Reserve's tapering timeline. The benchmark Korea Composite Stock Price Index (Kospi) rose 11.68 points, or 0.37 percent, to trade at 3,149.98 points in the first 15 minutes of trading. The Kospi got off to a solid start after rallying for the past two sessions. The tech-heavy Nasdaq composite advanced 0.52 percent as investors are op
Aug. 25, 2021
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[News Focus] Home prices in Seoul up 10% since January
SEJONG -- Housing prices in Seoul, Gyeonggi Province and Incheon have continued to spike in recent months, with mixed prospects on whether the surge could be tamed with government-led property regulations such as tighter mortgage rules. Real estate figures in the three areas act as a barometer for home prices nationwide. As of July, 50.3 percent of South Korea’s 51.67 million population were residing in the capital-centered metropolitan area. The average trading price of homes in Seoul
Aug. 24, 2021
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[Herald Interview] ‘Chaebol need sincere communication to fend off takeover attempts’
South Korean chaebol have been facing growing legal challenges from shareholders questioning the opaque influence exercised by members of their controlling families. With the market pressure to improve transparency in governance and management, the chaebol families need to communicate with the public with sincerity and take concrete actions, a seasoned lawyer said. “A majority shareholder who is not willing to communicate will inevitably be exposed to risks in management and will be co
Aug. 24, 2021
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Seoul stocks soar over 1.5% on eased US tapering woes
South Korean stocks advanced more than 1.5 percent Tuesday to extend their gains for a second day in a row on strong tech gains, as investors' woes eased over the upcoming discussions about US tapering. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 48.09 points, or 1.56 percent, to close at 3,138.3 points. Trading volume was moderate at about 578 million shares worth some 14.7 trillion won ($12.6 billion), with gainers outnumbering l
Aug. 24, 2021
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Fintech firms urge smooth passage of e-payment law over Mergeplus fiasco
The Korea Fintech Industry Association said Tuesday that lawmakers must move forward with the critical Electronic Financial Transactions Act, which has been at an impasse at the National Assembly for several months, joining earlier calls from some politicians and the central bank in the wake of the Mergeplus fiasco. The association, which represents 330 fintech companies, said that the Mergeplus incident was “predictable.” Without the revision of the EFTA -- which had not under
Aug. 24, 2021
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Is Korean IPO market losing steam?
After retail investors’ strong appetite for IPO shares early on, 2021 looked to be a record year, with a series of companies seeking to go public. But most blockbuster IPOs have fallen short of market expectations amid growing concerns over companies being overvalued. Of mega IPOs that made debuts this year, only SK Bioscience opened trading at double its IPO price, as determined between 8:30 a.m. and 9 a.m. in the first trading session. The stock was also the only one that surged by
Aug. 24, 2021
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Citibank Korea postpones decision on exit plan for second time
Citibank Korea has decided for the second time to delay confirming its retail business exit plan, after apparently failing to agree on sales terms with potential buyers, industry sources said Tuesday. Following Citigroup’s decision in April to exit the consumer banking business in 13 global markets, including South Korea, local subsidiary Citibank Korea initially planned to confirm the exit plan in July. The firm then postponed the confirmation until a board meeting scheduled for Tuesday
Aug. 24, 2021
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Seoul stocks open steeply higher on US stock rally
South Korean stocks opened steeply higher Tuesday, tracking overnight rallies on Wall Street that stemmed from optimism over the upcoming US tapering discussions in Jackson Hole, Wyoming. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.7 points, or 1.06 percent, to trade at 3,122.91 points in the first 15 minutes of trading. The KOSPI got off to a bullish start on tech gains, taking a cue from its US peers. Overnight, the tech-heavy Nasdaq composite jumped 1.55 percent, and
Aug. 24, 2021
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Citibank Korea again delays decision on exit plan
Citibank Korea Inc. has again postponed a decision on the exit plan for its retail banking unit amid differences over sale terms, industry sources said Tuesday. Citibank Korea, the South Korean unit of Citigroup Inc., had originally planned to hold a board meeting on Aug. 26 to determine how to sell the retail banking division. But the lender has decided not to put its exit plan on the meeting's agenda, putting off its decision until September, according to the sources. It marks the second p
Aug. 24, 2021
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Seoul stocks rise nearly 1% on strong exports, eased tapering woes
South Korean stocks steeply rebounded Monday, rising nearly 1 percent, helped by robust economic data and easing concerns about the US Fed's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 29.7 points, or 0.97 percent, to close at 3,090.21 points. Trading volume was moderate at about 564 million shares worth some 13.2 trillion won ($11.2 billion), with gainers outnumbering losers 788 to 94. Foreigners sold a net 31 bi
Aug. 23, 2021
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Market in wait-and-see mode over BOK’s rate-setting, US Fed meeting
With South Korea’s benchmark Kospi plunging below the 3,100-point level last week over the US tapering jitters, the market is closely watching the outcomes of the upcoming monetary meetings at the Korean central bank and the US Federal Reserve this week. The Bank of Korea is widely expected to raise its key rate by 25 basis points to 0.75 percent after its upcoming rate-setting meeting on Thursday. The decision will be undertaken in an effort by the central bank to maintain financial stab
Aug. 23, 2021
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S. Korea receives additional reserve assets from IMF under SDRs allocation
South Korea said Monday it has received Special Drawing Rights (SDRs) worth of some $11.7 billion from the International Monetary Fund (IMF) in line with the international organization's move to allocate its new asset reserves to member countries. In early August, the board of IMF governors approved a $650 billion expansion of its reserve assets, called SDRs, to allocate to IMF member countries in accordance with their existing quotas. The move is aimed at helping countries cope with the fallo
Aug. 23, 2021
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PH129 claims most expensive apartment in S. Korea
The most expensive apartment sold this year was in The Penthouse Cheongdam, a luxurious residence also known as PH129, data from the Ministry of Land, Infrastructure and Transport showed on Monday. One unit with an exclusive use area of 273.96 square meters on the 14th floor of the 20-floor building was sold for 11.5 billion won ($9.79 million) in March. Another unit of the same size on the sixth floor was traded at 10 billion won. The apartment, located in southern Seoul‘s Gangnam Dis
Aug. 23, 2021