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 inch up after weak US jobs data
South Korean stocks edged up after choppy trading Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.27 points, or 0.07 percent, to close at 3,203.33 points. Trading volume was moderate at about 716 million shares worth some 12.1 trillion won ($10.5 billion), with gainers outnumbering losers 427 to 412. Foreigners bought a net 64 billion won,
Sept. 6, 2021
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Toss Bank to expand loan service to thin filers amid delayed kick off
Toss Bank will expand its loan services to thin filers with little credit history or borrowers with low credits through its advanced credit assessment system while delaying its official launch to next month, officials said Monday. The internet-only lender was expected to start business late this month after receiving the green light from the country’s financial regulator. But due to the bank’s last-minute schedule rearrangements, it will begin its operation starting the first week
Sept. 6, 2021
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KakaoBank shares decline for 3 days amid downward pressure
KakaoBank, the country’s mobile-only bank that went public a month ago, saw its shares fall for three consecutive days on Monday due to an expiring lock-in period for millions of its shares. Shares in the banking arm of mobile giant Kakao declined more than 5 percent to 77,300 won ($66.76) in morning trade, while the benchmark Kospi inched up 0.04 percent. Some 3.14 million shares or 8.72 percent of the total shares subscribed by institutional investors became available for trading as
Sept. 6, 2021
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Samsung Asset launches dollar-denominated stock index fund
Samsung Asset Management said Monday it has launched a dollar-denominated equity index fund that tracks the United States‘ broad-based S&P 500 constituents. This marked the first dollar-denominated stock index fund in Korea’s asset management industry, which allows dollar holders in South Korea to indirectly invest in popular foreign stocks in the US, the company said. The S&P 500 comprises of 505 constituents as of July, including technology stocks Apple, Microsoft, Amazo
Sept. 6, 2021
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Seoul stocks open nearly flat after weak US jobs data
South Korean stocks opened nearly flat Monday as investors seek to digest weaker-than-expected August jobs data in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.98 points, or 0.03 percent, to 3,200.08 points in the first 15 minutes of trading. The US jobs increase came to a seven-month low in August amid the spread of variant cases, raising expectations that the Federal Reserve would not rush in tapering its asset buying plans in the September meeting. Fi
Sept. 6, 2021
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[ESG Talk] Reshaping landscape of risk management in times of ESG
Digital technology advancements have led the business community to popularize the abbreviation VUCA -- short for volatility, uncertainty, complexity and ambiguity -- with great hype and enthusiasm. The concept connotes the spirit of risk-taking, agility and lean business practices required in the current age of digital transformation -- and, most recently, environmental, social and governance development. A new landscape is forming under corporate objectives to manage the intensifying ESG risks
Sept. 5, 2021
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IPO proceeds log record-breaking W16tr
It has been a record year for the South Korean initial public offering market as companies succeeding in local listings have fetched more than a combined 16 trillion won ($13.8 billion) in proceeds, according to data compiled by the sole bourse operator here Sunday. The accumulated IPO proceeds of 73 firms listed this year on the domestic main board and tech-heavy bourse as of Friday came to 16.01 trillion won, the Korea Exchange data showed. The figure not only beat those of the total annual
Sept. 5, 2021
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Banks’ lending rates inch up amid tighter household debt control
Amid growing pressure from the government’s tightened grip on soaring household debt, South Korean banks’ lending rates sharply edged up in recent months, data showed Sunday. The adjustable rate charged on mortgage loans extended by the nation’s four major banks -- KB Kookmin Bank, Shinhan, Hana and Woori -- remained between 2.80 percent and 4.30 percent, as of Friday. Both the bottom and upper ends of the range rose 0.5 percentage point from 2.35 to 3.88 percent estim
Sept. 5, 2021
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[Weekender] Saving little by little with money making apps
Ahn Jung-hyun, a 32-year-old worker at an insurance company, knows her salary, 65 million won ($55,370) a year, is well above average. But during her intermittent break time, she never stops making a little extra. Instead of playing mobile games or watching Netflix, Ahn clicks on a number of apps that offer actual money or discount coupons as marketing rewards -- and every little helps. Ahn is one of growing number of Koreans in search of extra income through money making apps. A mobile ped
Sept. 4, 2021
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[Newsmaker] Demand for apartments higher despite rate hike
South Korea’s demand for apartments in the capital and its surrounding areas only got higher, despite the central bank’s recent decision to end 15 months of record-low interest rates, 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 0.9 point on-week to 111.7 as of Monday, compared with 110.8 last week. When the index is higher than 100, it signals that there are more buyer
Sept. 3, 2021
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Bithumb to ban foreigners without mobile phone identification
Bithumb, one of South Korea’s four major cryptocurrency exchanges, said Thursday that foreigners who fail to verify their identities via mobile phones will not be allowed to use the platform. The decision came as the exchange gears up to register with the financial authorities by Sept. 24 -- the deadline under the revised Act on Reporting and Using Specified Financial Transaction Information. As a result, foreigners who cannot provide verification via Korean mobile phones will not be ab
Sept. 3, 2021
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Seoul stocks snap 4-day winning streak on profit-taking
South Korean stocks ended a four-session winning streak Thursday as investors sought to lock in recent gains amid concerns of inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 31.17 points, or 0.97 percent, to close at 3,175.85 points. Trading volume was moderate at 731.76 million shares worth some 13.99 trillion won ($11.8 billion), with losers outnumbering gainers 472 to 371. Foreigners offloaded a net 380.8 billion won
Sept. 2, 2021
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[Newsmaker] Hyundai Heavy readies to become first-mover for eco-friendly ships via W1.08tr IPO
Hyundai Heavy Industries announced a blueprint to usher in a paradigm shift in the global shipbuilding industry of its planned market debut on the South Korean main board Kospi on Sept. 16. The major shipbuilder here unveiled its vision of being a first mover for eco-friendly ships during an online press conference with reporters Thursday, while also detailing specific plans for its initial public offering. “Developing eco-friendly and digitalized vessels, constructing smart shipyards
Sept. 2, 2021
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Seoul stocks open lower on profit-taking
South Korean stocks opened lower Thursday as investors attempted to lock in recent gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.6 points, or 0.21 percent, to trade at 3,200.42 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid sell-offs in banking, bio and auto large caps after the index rose for four straight sessions. Market kingpin Samsung Electronics edged down 0.13 percent, and No. 2 chipmaker SK hynix slipped 0.46 percent. P
Sept. 2, 2021
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Upbit’s blockchain conference discusses NFTs, DeFi and CBDC
Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit on Wednesday kicked off its signature annual Upbit Developer Conference with global industry experts. The company said that its two-day conference features pressing issues in the industry such as nonfungible tokens, decentralized finance, smart contracts, central bank digital currencies, with 18 global blockchain industry leaders including Lee Jung-bong , CEO of Seoul Auction Blue, and Cuy Sheffield, vice president and
Sept. 1, 2021
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Seoul stocks up for 4th day on robust trade data
South Korean stocks rose for the fourth consecutive session Wednesday as strong exports boosted investor sentiment. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 7.75 points, or 0.24 percent, to close at 3,207.02 points. Trading volume was moderate at about 738.27 million shares, worth some 13.29 trillion won ($11.2 billion), with gainers outnumbering losers 589 to 239. Foreigners purchased a net 119 billion won worth of local s
Sept. 1, 2021
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[Herald Interview] ‘Empowerment of individuals, solution for fair market,’ says WallStreetBets founder
The way to create a fair market for all is to empower individual investors to keep bureaucratic power in check, the founder of WallStreetBets, a group of US retail investors behind the GameStop saga, told The Korea Herald in a recent interview. Vowing to support an anti-short selling campaign in Korea, WallStreetBets Founder Jaime Rogozinski said he understands the nature of South Korea‘s negative public sentiment toward some foreign institutions. “I agree with negative public sent
Sept. 1, 2021
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Namyang Dairy deal trapped in quagmire as chief holds Hahn & Co. accountable
Scandal-ridden Namyang Dairy Products Chairman Hong Won-sik said Wednesday he and other shareholders scrapped a stake sales and purchase deal with Seoul-based private equity firm Hahn & Co., citing unfulfilled requests from their end. Hong added that the shareholders are considering holding Hahn & Co. legally accountable for the collapse of the 310.7 billion won ($270.2 million) deal. “I regret to say that our plan to normalize Namyang Dairy’s business did not bear fruit,
Sept. 1, 2021
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Amateur investors demand tougher penalties for illegal short selling
In an attempt to deter massive short selling of shares of anti-cancer drugmaker HLB, an army of some 2,200 retail investors flocked to the tech-heavy Kosdaq, 30 minutes before market closing on July 15. Dubbed the “K-stop movement,” the campaign mimicked a surprising case of retail investors in the US that thwarted hedge funds’ sophisticated plan of betting on the price fall of video game retailer GameStop. But the Korean version of the GameStop buying frenzy ended in
Sept. 1, 2021
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Banks' average capital adequacy ratio rises in Q2
South Korean banks saw their financial health improve in the second quarter from three months earlier as they reported high net profits and raised capital amid the COVID-19 pandemic, data showed Wednesday. The average capital adequacy ratio of 16 commercial and state-run banks stood at 15.65 percent as of end-June, up 0.29 percentage point from the end of March, according to the data from the Financial Supervisory Service (FSS). A key barometer of financial soundness, the ratio measures the pr
Sept. 1, 2021