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 up for 4th day on foreign buying
South Korean stocks advanced for a fourth session Wednesday, supported by foreign buying, as some investors sought to digest the weak inflation data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.57 points, or 0.15 percent, to close at 3,153.4 points. Trading volume was moderate at about 605 million shares worth some 12 trillion won ($10.2 billion), with gainers outnumbering losers 531 to 322. Foreigners bought a n
Sept. 15, 2021
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Seoul stocks open higher on bargain hunting
South Korean stocks opened higher Wednesday as bargain hunters sought oversold stocks on expectations of future price hikes. The benchmark Korea Composite Stock Price Index (Kospi) rose 4.09 points, or 0.13 percent, to 3,152.92 points in the first 15 minutes of trading. Bio and bank gains led the Kospi's rise, while chemical and auto shares got off to a weak start. Market kingpin Samsung Electronics added 0.26 percent, but No. 2 chipmaker SK hynix retreated 1.4 percent. Internet portal operator
Sept. 15, 2021
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[Exclusive] Hyundai Card says it has 'no plan' for IPO
Fubon-backed Hyundai Card said Wednesday that it has “no plan” to carry out an initial public offering, despite heated market anticipation for the firm’s market debut over the last two years. “We do not have a plan to carry out an IPO,” a Hyundai Card official told The Korea Herald. "Regarding the Fubon-Affinity deal, it was made without an IPO in mind, it was a different alternative." The credit card firm was under an IPO mandate stipulated in a contra
Sept. 15, 2021
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Foreign investors prefer Korean stocks with high growth potential: data
Foreign investors put more value on high growth potential rather than stability when choosing which domestic stocks to purchase, a report showed Tuesday. According to a report from Korea Economic Research Institute, foreigners tended to buy more shares when the firm showed an improvement in business growth. On the contrary, they reduced the volume of net purchases when the firm stabilized its business. The report also showed that offshore investors’ net purchase trends had a strong tie
Sept. 14, 2021
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Seoul stocks up for 3rd day ahead of US inflation data release
South Korean stocks advanced for the third straight session Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 20.97 points, or 0.67 percent, to close at 3,148.83 points. Trading volume was moderate at about 700 million shares worth some 15.4 trillion won ($13.2 billion), with gainers outnumbering losers 607 to
Sept. 14, 2021
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Rich people from non-Seoul area snapping up Seoul apartments
Rich people living outside the Seoul area are rushing to buy apartments in the capital city to secure real estate as a means for stable investment, data showed Tuesday. According to the Korea Real Estate Board, the number of apartments bought by people residing outside of Seoul accounted for 25.3 percent of the total 131,996 apartments purchased in the city as of July. Compared to 19.7 percent in July 2017, the purchasing spree of cash-rich non-Seoul residents has accelerated, market insiders
Sept. 14, 2021
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Seoul stocks open steeply higher ahead of US inflation data release
South Korean stocks opened steeply higher Tuesday as investors await the release of US consumer price data, seeking more clues about the Federal Reserve's timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.92 points, or 0.51 percent, to trade at 3,143.78 points in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 0.76 percent, largely on expectations that the Fed would not hurry to roll back its accommodativ
Sept. 14, 2021
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Take down antitrust hurdles for mergers: KDB chief
Korea Development Bank’s Chairman Lee Dong-gull called on the government to take down the antitrust hurdles standing in the way of proposed mergers, which he said are crucial for businesses to survive. Lee leads the main creditor behind the business integration of Korea’s flagship air carriers Korean Air Lines and Asiana Airlines, as well as the integration of the world’s largest shipbuilders Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries -- both base
Sept. 13, 2021
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Ahead of October launch, Toss Bank secures half a million subscribers
Toss Bank, which is poised to become the country’s third internet-only bank, attracted more than half a million subscribers to its pre-registration of their deposit accounts in just three days, the company said Monday. The online bank was able to draw attention from customers by offering an annual interest of 2 percent, higher than the average interest rate offered by commercial banks at less than 1 percent, as a marketing strategy. “We were able to confirm consumers’ demand
Sept. 13, 2021
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Seoul stocks inch up after choppy trading amid inflation, political woes
South Korean stocks edged up after choppy trading Monday as investors remained cautious after a fall on Wall Street last week amid concerns about rising inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 2.1 points, or 0.07 percent, to close at 3,127.86 points. Trading volume was moderate at about 718 million shares worth some 13.3 trillion won ($11.3 billion), with gainers outnumbering losers 579 to 286. Foreigners bought a net 139
Sept. 13, 2021
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Bithumb, Bucket Studio to launch shopping platform
South Korean crypto exchange Bithumb said it has joined hands with Bucket Studio, a local mobile content provider, to launch a commerce platform where customers can purchase products and services in bithumb cash. By incorporating Bithumb’s blockchain payment technology, the commerce platform, named Bithumb Live, will serve as a new online marketplace. Customers will watch a live show promoting a product -- similar to TV homeshopping -- and pay with its currency, bithumb cash, later on, o
Sept. 13, 2021
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Korea sees more self-made superrich
South Korea, which has long relied on a few family-controlled businesses for its growth, has recently seen an increase in the number of people entering the league of the nation’s wealthiest, data showed Monday. The average age of entrepreneurs among the 50 richest also has come down during the pandemic, accelerating a generational shift in the corporate world, according to Leaders Index, a local corporate tracker. Leaders Index analyzed the 50 richest stockholders in each of the US, Korea
Sept. 13, 2021
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Seoul stocks open nearly flat on US stock slump
South Korean stocks opened nearly flat Monday as investors braced for a fall on Wall Street last week amid concerns over rising inflation. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.17 points, or 0.04 percent, to 3,124.59 points in the first 15 minutes of trading. Stocks got off to a slow start, following North Korean state media saying Monday the communist state had successfully test-fired a new type of long-range cruise missile over the weekend. Local stocks also came under
Sept. 13, 2021
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Foreign investors remain net sellers of Korean stocks in August
Foreign investors remained net sellers of South Korean stocks last month, extending their selling spree for a fourth consecutive month, data showed Monday. Foreigners sold a net 7.81 trillion won ($6.68 billion) worth of local stocks in August, according to the data from the Financial Supervisory Service (FSS). British investors sold a net 1.3 trillion won of stocks last month, while investors from Switzerland net purchased 400 billion won worth of stocks, according to the FSS. As of end-August,
Sept. 13, 2021
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[Newsmaker] Retail investors sweep W1tr Kakao shares hit by short attack, regulation
Retail investors bought more than 1 trillion won ($854 billion) worth of Kakao shares for three days from Wednesday to Friday, when they fell 15 percent amid record short-selling triggered by mounting concerns over tightening regulations. The country’s fifth-biggest in market capitalization has been targeted for massive short selling due to a rapid price fall last week over the political move to regulate platform giants, Foreign investors also dumped shares worth 749.8 bill
Sept. 12, 2021
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[Law Talk] Recent legislative changes over online platform businesses in Korea
Big tech companies grew quickly in the pandemic-hit year of 2020, with many people working from home and purchasing more online, as well as tech giants cutting costs where it matters less and investing in areas that extend their advantage. The growth of the IT industry and increasing power of the tech giants called for tightened regulation of the online platform market worldwide. The US administration appointed Lina Khan, who first attracted attention as a critic of Amazon, as FTC chair. US Pr
Sept. 12, 2021
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Monitoring strengthened on crypto exchanges facing shutdown this week
The Korea Financial Intelligence Unit said Sunday that it was looking closely at cryptocurrency exchanges on the verge of shutting down. The unit is under the Financial Services Commission, the country’s financial regulator. The regulator, in cooperation with the police and financial institutions, aims to prevent those exchanges from walking away with users’ money parked in their accounts. Any exchanges that fail to register with the FSC by Sept. 24 must inform users by Friday th
Sept. 12, 2021
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Seoul stocks to face selling pressure on virus, regulation woes
South Korean stocks are likely to come under selling pressure next week amid concerns about the spreading virus variant and regulation fears that had led to massive sell-offs of giant platform companies. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 3,125.76 points Friday, down 2.35 percent from a week ago. The weekly loss came as an increase in the country's new coronavirus cases raised concerns of an economic slowdown, in addition to regulatory move against fintech compa
Sept. 11, 2021
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[Newsmaker] Demand for apartments on rise despite loan restrictions
Demand for apartments in South Korea’s capital and the surrounding areas continued to rise for two consecutive weeks, despite the central bank’s latest rate hike and financial institutions’ efforts to cut back lending, data showed Friday. According to the Korea Real Estate Board, the index measuring supply and demand for apartments in Seoul and the surrounding area inched up 0.4 points on-week to 112.1 as of Monday, extending gains for two consecutive weeks. It had gained 0.9
Sept. 10, 2021
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Naver, Kakao shares plunge on moves to regulate IT platforms
With politicians and regulators joining forces to strengthen monitoring of fast-growing IT platforms, shares of South Korea’s two tech giants plummeted Thursday, losing a combined 19 trillion won ($16.2 billion) in just two days. Naver, the country’s third-largest company by market capitalization, declined 2.56 percent, or 10,500 won, to close at 399,000 won Thursday, adding to a 7.87 percent fall recorded the previous day. Kakao plummeted 7.22 percent to 128,500 won after losing 1
Sept. 9, 2021