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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Privatization of Woori Financial back on track
The government said Thursday it will open a bidding process to sell a part of its stake in Woori Financial Holdings, owned by the Korea Deposit Insurance Corporation, to multiple buyers in a bid to complete privatization of the banking giant. The state-run deposit insurer will put a 10 percent stake out of the 15.13 percent stake it holds in Woori Financial Holdings through competitive bidding, according to Financial Services Commission. Prospective buyers can bid for between 1 percent and 10
Sept. 9, 2021
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Seoul stocks plunge more than 1.5% amid virus woes, expiration uncertainties
South Korea's key stock index tumbled more than 1.5 percent Thursday amid virus concerns and uncertainties from the expiration of options and futures. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 48.29 points, or 1.53 percent, to close at 3,114.7 points. Trading volume was moderate at about 910 million shares worth some 17.3 trillion won ($14.8 billion), with losers outnumbering gainers 655 to 214. Foreigners sold a net 318 billio
Sept. 9, 2021
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Eximbank‘s seminar discusses business opportunities in Southeast Asia
The Export-Import Bank of Korea on Thursday held a joint seminar with the Korea Institute for International Economic Policy to discuss business opportunities in Southeast and South Asia. The event was aimed at supporting domestic companies’ entry to four major countries in the region -- Indonesia, Vietnam, India and Bangladesh -- which have come into the limelight in the wake of the government’s “New Southern Policy,” the state-run bank said in a statement.
Sept. 9, 2021
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SC Bank Korea appoints former journalist to chair board
Standard Chartered Bank Korea has named Lee Eun-hyung, former journalist and ex-spokesperson of the Trade Ministry, as the new chair of its board, the lender said Thursday. Lee replaced Oh Jong-nam, a former adviser at local law firm Kim & Chang who was the board chair for three years. Lee’s term as the board chair ends Sept. 2022. She is the first female chair of the board, the bank said, noting that the decision was to reflect the growing demand for gender diversity in the boardro
Sept. 9, 2021
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Seoul stocks open lower amid virus concerns
South Korean stocks opened lower Thursday amid concerns about the spreading virus cases. The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.54 points, or 0.36 percent, to trade at 3,151.45 points in the first 15 minutes of trading. South Korea reported 2,049 new coronavirus cases Thursday despite the highest level of virus curbs in most part of the country. Market bellwether Samsung Electronics edged down 0.13 percent, and No. 2 chipmaker SK hynix fell 0.94 percent. Internet p
Sept. 9, 2021
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Carbon tax would cost Korean firms up to W36tr: Nice Rating
If South Korea passes a carbon tax bill in line with global standards, local companies, particularly those in heavy industries that emit high levels of carbon dioxide, may face between 7.3 trillion won ($6.26 billion) and 36.3 trillion won in additional taxes, a local credit rating agency said Wednesday. The carbon tax bill is currently pending in the parliament. The financial costs will be even higher with the implementation of the European Union’s Carbon Border Adjustment Mechanism, sa
Sept. 8, 2021
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Bitcoin, Etheruem fluctuate amid El Salvador’s historic move
Bitcoin’s trading price declined to about 55 million won ($47,200) locally Wednesday afternoon, only 24 hours after it touched 60 million won for the first time in three months, data from Upbit, South Korea’s largest cryptocurrency exchange showed. The decline came as El Salvador became the world’s first country to adopt bitcoin as legal tender Tuesday. Bitcoin, the original and largest cryptocurrency, hit the 60 million-won milestone on Feb. 20 and continued to rise to 82 mi
Sept. 8, 2021
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Seoul stocks down for 2nd day on tech regulation concerns
South Korean stocks extended losses to the second straight session Wednesday as investors offloaded tech shares amid concerns about regulations against online platform giants. The benchmark Korea Composite Stock Price Index (KOSPI) shed 24.43 points, or 0.77 percent, to close at 3,162.99 points. Trading volume was high at about 839.72 million shares worth some 16.89 trillion won ($14.5 billion), with losers outnumbering gainers 560 to 307. Foreigners sold a net 283 billion won worth of local
Sept. 8, 2021
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Brokerages overtake banks in ISAs
The number of people who held individual savings accounts, or ISAs, through brokerage houses in South Korea has soared as the government changed the rule allowing holders to invest in equities from this year, data showed Wednesday. Nearly 1.29 million people held ISAs at local securities firms as of the end of July, up 1.13 million from the end of last year, according to data compiled by the Korea Financial Investment Association. But while the number of ISA holders grew at brokerages, the nu
Sept. 8, 2021
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IBK signs MOU with Saudi SME Bank to support small enterprises
Industrial Bank of Korea said Wednesday it signed a memorandum of understanding with Saudi Small and Medium Sized Bank through a videoconference, in a bid to share IBK’s knowledge and expertise in financial support for small companies. Under the agreement, IBK will help Saudi SME Bank in developing a credit loan system and products, business strategies, risk management measures and IT and computer systems. IBK will also form a taskforce with working-level staff to directly communicate a
Sept. 8, 2021
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Seoul stocks open lower on Wall Street losses
South Korean stocks opened lower Wednesday, tracking losses on Wall Street amid concerns about the pace of US economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 18.16 points, or 0.57 percent, to trade at 3,169.26 points in the first 16 minutes of trading. Overnight, the Dow Jones Industrial Average fell 0.76 percent and the S&P declined 0.34 percent, while the tech-heavy Nasdaq composite inched up 0.07 percent after the release of a disappointing US jobs report
Sept. 8, 2021
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Financial firms ask regulators to keep hands off internal affairs
South Korea’s financial services lobby groups have called on regulators to take a step back from their involvement in corporate internal affairs, industry sources said Tuesday, apparently irked by the authorities’ clampdown on their chiefs held responsible for private fund misselling scandals. Six representative bodies for financial service firms here, including commercial banking, brokerage and insurers, filed a joint request Monday asking regulators to hand the companies’ b
Sept. 7, 2021
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Seoul stocks slump amid US tapering uncertainties
South Korean stocks retreated Tuesday amid lack of major market-moving events as investors still assess weak US job data and its impact on the Federal Reserve's timeline for tapering its stimulus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) decreased 15.91 points, or 0.5 percent, to close at 3,187.42 points. Trading volume was moderate at about 745 million shares worth some 11.7 trillion won ($10.1 billion), with losers outnumbering gainer
Sept. 7, 2021
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Daily mobile stock trading volume surges 220% in 2020
Stock trades carried out through mobile transaction platforms in South Korea hit an all-time high in 2020, data showed Tuesday, reflecting retail investors’ strong appetite for stock investment during the pandemic-hit market. The daily average amount of stock transactions via mobile trading systems came to 26.66 trillion won ($23.03 billion) last year, up 219.6 percent on-year from 8.34 trillion won, the Bank of Korea said in its annual report on financial information. An average of 11
Sept. 7, 2021
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FSS warns KB Savings Bank against lax control of soaring household debt
Amid the government’s move to bolster household debt management, the Financial Supervisory Service said Tuesday it has handed down a warning to KB Savings Bank over its loose screening for unsecured loans. KB Savings Bank turned out to have increased the amount of credit loans allowed for households since July last year by raising its lending programs’ loan limit and offering a discounted interest rate, without a strict review process led by the executive meeting, a FSS official sai
Sept. 7, 2021
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Seoul stocks open slightly lower on investors' wait-and-see mode
South Korean stocks opened a tad lower Tuesday as investors took to the sidelines in the absence of major events related to the US Federal Reserve's timeline for tapering its stimulus. The benchmark Korea Composite Stock Price Index (Kospi) fell 1.82 points, or 0.06 percent, to 3,201.51 points in the first 15 minutes of trading. Overnight, the US stock exchanges were closed for a holiday. In Seoul, top cap Samsung Electronics lost 0.91 percent, and No. 2 chipmaker SK hynix retreated 0.47 perc
Sept. 7, 2021
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Both sides claim victory as Kyobo Life-shareholder arbitration ends
Kyobo Life Insurance and its minority shareholders both argued Monday that they had won an arbitration at the International Chamber of Commerce over a drawn out dispute surrounding shares Kyobo Life Chairman Shin Chang-jae has to buy back from investors. The binding resolution indicated that the strike price for the put option -- forcing Shin to buy back the minority shareholders’ combined 24 percent stake in Kyobo Life at 409,000 won ($353.4) apiece -- is invalid, but the contract still
Sept. 6, 2021
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Hyundai Capital chief to resign from CEO post after 18 years
Hyundai Capital Services Vice Chairman Chung Tae-young is poised to offer his resignation from the company’s top post later this month, the company said Monday. Chung will step down as chief executive officer and executive board member of the auto financing firm on Aug. 30, 18 years after he was promoted to the position in 2003. The brother-in-law of Hyundai Motor Group Chairman Chung Euisun was set to serve a three-year term as Hyundai Capital chief ending in 2024. Vice Chairman Chun
Sept. 6, 2021
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Hyundai Heavy’s IPO price set at top end
Major South Korean shipbuilder Hyundai Heavy Industries shares were priced at 60,000 won ($51.90) apiece, the top of its indicative range for its initial public offering amid strong demand, the firm said in a regulatory filing Monday. The shipbuilder wrapped up its two-day book building Friday. While institutional investors placed bids to obtain the firm’s new shares from its initial public offering, a total of 1,633 domestic and foreign institutions participated. The competition marked
Sept. 6, 2021
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[NK DEFECTOR'S EYE] South Korea’s financial market, crypto assets and metaverse through the eyes of NK defectors
This is the first installment in a series of articles on North Korean defectors in transition, and the challenges and opportunities they encounter in the face of South Korea’s financial market and its rapid digitalization. -- Ed. Kim Ui-jin, a North Korean defector, had never been to a bank or engaged in any kind of financial investment before he crossed the border in 2006. In the totalitarian socialist country, where personal possession of private assets is forbidden, ownership
Sept. 6, 2021