Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Seoul to promote luxurious side of the city
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Upbit operator picks NFT venture with BTS’ Hybe as most anticipated project
BUSAN -- The chief of Dunamu, the operator of Korea’s No. 1 cryptocurrency exchange Upbit, chose the firm’s non-fungible tokens venture with the K-pop powerhouse behind boy band BTS as its most anticipated project, at this year’s Upbit Developer Conference held Thursday. “Crypto exchange operators face many restrictions when expanding blockchain businesses,” Dunamu CEO Lee Sirgoo said in a press conference held on the sidelines of the UDC in Busan. “For us,
Sept. 22, 2022
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Court orders Namyang Dairy to sell controlling stake to Hahn & Co.
A Seoul court on Thursday ordered Namyang Dairy Products shareholders to sell off its controlling shares to local buyout firm Hahn & Co., brushing off the troubled dairy company’s claims that its stock transfer deal with the private equity fund had been “rigged.” The Seoul Central District Court sided with Hahn & Co. after the buyout firm last year filed a lawsuit against Namyang shareholders, including its Chairman Hong Won-sik for failing to abide by a binding contract to se
Sept. 22, 2022
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2022 Upbit Developer Conference kicks off in Busan
The Upbit Developer Conference, the nation’s largest annual blockchain developer conference, will kick off Thursday, addressing the latest issues and trends in the blockchain industry, the company said Wednesday. The two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, will be held at the Busan Port International Exhibition & Convention Center in person after two years of pandemic disruptions. The theme of this year’s gathering is “Imaging Your B
Sept. 22, 2022
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Seoul's stocks open over 1% lower after Fed's sharp rate hike
South Korean stocks opened more than 1 percent lower on Thursday as worries over a global recession mounted after the US Federal Reserve delivered another sharp rate hike to tame runaway inflation. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 26.75 points, or 1.14 percent, to 2,320.46 as of 9:15 a.m. Overnight, the Fed raised its benchmark federal funds rate by 0.75 percentage point for a third consecutive time, and its chair Jerome Powell voiced strong resolution to continue
Sept. 22, 2022
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Seoul stocks dip almost 1% on growing woes over Fed rate hikes
South Korean stocks slipped back into negative territory again Wednesday, as investors took to the sidelines ahead of a widely expected sharp rate hike by the Federal Reserve. The Korean won fell against the dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 20.64 points, or 0.87 percent, to close at 2,347.21. Trading volume was light at 367.1 million shares worth 6.2 trillion won ($4.4 billion), with losers outpacing gainers 580 to 279. "Today's losses came as invest
Sept. 21, 2022
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Seoul stocks open lower on fret over aggressive rate hikes by Fed
South Korean stocks opened lower Wednesday, tracking an overnight loss on Wall Street, as investors bet that the Federal Reserve will deliver another sharp rate hike this week. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 8.04 points, or 0.34 percent, to 2,359.81 in the first 15 minutes of trading. Overnight, US stocks slumped as investors fret that the Federal Open Market Committee (FOMC) would opt to push the US benchmark rate by 75 basis points, which could further acce
Sept. 21, 2022
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SCI Information Service, CrePASS Solution to create new credit rating model
SCI Information Service and CrePASS Solution signed a new partnership on Friday to boost business cooperation and create a new credit rating model for the financially marginalized. Under the partnership, the two South Korean credit rating agencies will seek synergy by combining SCI Information Services’ accumulated credit information and CrePASS Solution’s alternative information methodologies. Their new planned credit rating model, in particular, aims to help people who have difficu
Sept. 20, 2022
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Seoul stocks snap 4-day losing streak ahead of Fed policy meeting
Seoul stocks ended their four-day losing streak on Tuesday as investors scooped up oversold stocks ahead of the Fed's policy meeting later this week. The Korean won rose against the US dollar. After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) stayed in positive terrain, closing at 2,367.85, up 12.19 points, or 0.52 percent. Trading volume was light at 407.9 million shares worth 6.9 trillion won ($4.96 billion) with decliners outnumbering gainers 654 to 198. "
Sept. 20, 2022
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Saudi public VC funds in town in search of Korean startups
Saudi Arabia’s two major public investment funds have arrived in South Korea to look for local startups to add to their portfolios, the Seoul Metropolitan Government said Tuesday. Jada, a fund-of-funds set up by Saudi sovereign wealth fund Public Investment Fund, and fellow state-run Saudi Venture Capital will cooperate with the Seoul government to find Korean “unicorns” or startup companies with a value of over $1 billion to invest in. The investment funds arrived in Seoul on
Sept. 20, 2022
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Upbit Developer Conference to return in person this week
The Upbit Developer Conference, the nation's largest blockchain developer conference, will be back in person this year after two years of pandemic disruptions. According to Dunamu, the operator of South Korean crypto exchange Upbit, on Tuesday, the 2022 UDC will be held in Busan from Sept. 22 to 23, with 50 speakers and over 3,000 attendees set to join the event. Launched in 2018, the annual gathering has attracted more than 617 companies and 15,100 visitors. This year’s event will cove
Sept. 20, 2022
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Seoul stocks open higher ahead of Fed policy meeting
South Korean stocks opened higher Tuesday as investors picked up oversold issues ahead of the highly anticipated US Federal Reserve's rate-setting meeting. The Korea Composite Stock Price Index (KOSPI) rose 24.61 points, or 1.04 percent, to 2,380.27 in the first 15 minutes of trading. The market has been roiled amid worries that the Fed could raise its base interest rate by at least another 75 basis points in its two-day policy meeting that will kick off on Tuesday (US time). Some market wa
Sept. 20, 2022
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Seoul shares hit over 2-month low on prospect of another aggressive rate hike by US Fed
South Korean stocks dipped by more than 1 percent on Monday to extend their losing streak to a fourth day as market sentiment was dampened by the prospect of another sharp rate hike this week by the US Fed. The Korean won fell sharply against the US dollar. After opening higher, the benchmark Korea Composite Stock Price index (KOSPI) shed 27.12 points, or 1.14 percent, to 2,355.66, marking the lowest since July 12 when the corresponding reading was 2,330.98. Trading volume was light at 395.3 mil
Sept. 19, 2022
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S. Korean stocks open lower ahead of Fed policy meeting this week
South Korean stocks opened lower Monday as investors continued to remain cautious ahead of the US Federal Reserve's policy meeting later this week. The Korea Composite Stock Price Index (KOSPI) fell 8.43 points, or 0.35 percent, to 2,374.35 in the first 15 minutes of trading. The country's stock market has been roiled by expectations that the Fed could raise the base rate at least by another 75 basis points in its upcoming policy meeting slated for Sept. 20-21. In Seoul, market heavywe
Sept. 19, 2022
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Financial workers’ strike has little short-term impact
Some 10,000 unionized financial workers held their first strike in six years on Friday, but the rally may have backfired on them, as their absence at work had minimal impact on customer services, sources said Sunday. The Korean Financial Industry Union affiliated with the Federation of Korean Trade Unions, one of the country’s two umbrella unions, carried out a one-day general strike and demonstration at Gwanghwamun Square, central Seoul, calling for a 5.2 percent wage hike and the adopti
Sept. 18, 2022
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Seoul shares fall for 3rd day on Fed rate-hike jitters
South Korean stocks retreated 0.79 percent Friday, extending a losing streak to a third straight day, as the latest US economic data supported the view that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) lost 19.05 points to 2,382.78. Trading volume was moderate at 432.5 million shares worth 8.4 trillion won ($6.04 billion) with decliners outnumbering gainers 687 to 193. "The after
Sept. 16, 2022
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Seoul shares open lower on Fed rate hike jitters
South Korean stocks opened lower Friday, as the latest US economic data made it more certain that the Federal Reserve will deliver another steep interest rate hike in next week's policy meeting. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.31 points, or 0.72 percent, to 2,384.52 in the first 15 minutes of trading. US retail sales posted a higher-than-expected gain in August in the latest government release Thursday (local time), supporting the view that the Fed will push
Sept. 16, 2022
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FSS to step up market scrutiny amid volatility
South Korea’s top financial watchdog chief said Thursday that the agency would step up checks on financial institutions bearing the bigger brunt of market volatility prompted by global inflation, while reinforcing internal oversight in the sector. The local currency hit an intraday low of 1,397.9 won against the US dollar in the onshore market before closing at 1,393.7, its lowest level since March 2009 during the global financial crisis. The benchmark Kospi fell to 2,401.83, losing 9.59 p
Sept. 15, 2022
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Terraform founder could face ‘severe punishment,’ say legal experts
Terraform Labs founder and CEO Do Kwon now may face severe punishment with South Korean prosecutors recently charging him for violating the capital market law, not just on fraud allegations, legal experts said Thursday. The Seoul Southern District Prosecutors Office said Wednesday it has issued arrest warrants for Kwon and five others, including fellow Terraform labs founding member Nicholas Platias on charges of violating the capital market law. While a group of victims’ move to file a c
Sept. 15, 2022
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Seoul shares down for 2nd day amid US inflation rout
South Korean stocks closed lower Thursday, paring earlier mild gains, as investors brace for more rounds of rate hikes by the US Federal Reserve after the strong US inflation data. The local currency fell slightly against the US dollar. After starting a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 9.59 points, or 0.4 percent, to 2,401.83. Trading volume was moderate at 417.7 million shares worth 7.3 trillion won ($5.23 billion) with decliners outnumbering gainers 4
Sept. 15, 2022
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Woori Card partners with Korean singer IU to attract Gen Z
Woori Card has partnered with K-pop singer and actor IU for a new credit card campaign to catch eyes of Generation Z and millennial customers, the firm said Thursday. The campaign dubbed “Nu I&U” will involve social media contents featuring the singer and a credit card with a list of perks for its users. The credit card offers its users a maximum 1 percent cashback regardless of the previous month’s total purchases. The annual fee is 12,000 won ($8.61). Other benefits includ
Sept. 15, 2022