Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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JB Financial renames venture investing biz as JB Investment
JB Financial Group, a Jeonju-based financial holding company, said Thursday it has renamed its subsidiary Mega Investment to JB Investment. The finance company inked a deal to take over Mega Investment from South Korean online educational service provider MegaStudy in May for 48 billion won ($36.5 million). The deal was signed as part of the regional bank’s efforts in diversifying its business portfolio, said JB Financial Group. The newly named JB Investment is a venture investment firm
July 21, 2022
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Seoul shares open higher on US gains
South Korean opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 6.24 points, or 0.26 percent, to trade at 2,393.09 points in the first 15 minutes of trading. Overnight, US. stocks rose as tech shares rallied on solid corporate earnings. The Dow Jones Industrial Average inched up 0.15 percent, and the tech-heavy Nasdaq composite surged 1.58 percent. In Seoul, tech and chemical shares gathered ground, while financials and autos fe
July 21, 2022
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Prosecutors raid cryptocurrency exchanges in probe into Terraform crash
Prosecutors raided local cryptocurrency exchanges on Wednesday as part of an investigation into a fraud case in connection with the collapse of Terraform Labs’ digital coins, TerraUSD and Luna, officials said. A team of investigators from the Seoul Southern District Prosecutors Office began seizing transaction records and other material from Upbit and other local exchanges around 5 p.m., they said. Investors in TerraUSD and Luna filed complaints against Terraform Labs’ CEO Do Kwon
July 20, 2022
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Seoul shares end higher on U.S. rallies
South Korean stocks ended higher Wednesday, as investor sentiment was boosted by Wall Street gains and the expected resumption of Russian gas to Europe. The Korean won gained ground against the U.S. dollar. The Korea Composite Stock Price Index rose 15.88 points, or 0.67 percent, to close at 2,386.85. Trading volume was moderate at 328.96 million shares worth 7.36 trillion won ($5.61 billion), with gainers outstripping decliners 630 to 228. Retail investors picked up shares worth a net 65.73 bil
July 20, 2022
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Won gains after Yellen’s visit, weakening preference in safe havens
SEJONG -- The Korean currency gained against the US dollar on Wednesday, a day after finance ministers from South Korea and the US said they could take actions like supplying liquidity for stabilization of the foreign exchange market. The price of the Korean currency climbed by 0.5 won per dollar from a trading session earlier to close at 1,312.9 won. After peaking at 1,326.1 won last Friday, the greenback fell for the third consecutive trading session. This could be attributab
July 20, 2022
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Seoul shares open higher on US gains
South Korean stocks got off to a strong start Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 32.69 points, or 1.38 percent, to trade at 2,403.66 points in the first 15 minutes of trading. Overnight, US stocks rallied on better-than-expected corporate earnings. The Dow Jones Industrial Average jumped 2.43 percent, and the tech-heavy Nasdaq composite surged 3.11 percent. In Seoul, most big-cap shares gathered ground, with techs and financi
July 20, 2022
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Seoul shares edge down amid recession woes
South Korean stocks snapped their two-day winning streak Tuesday, weighed down by concerns about rate hikes and slower economic growth. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 4.28 points, or 0.18 percent, to close at 2,370.97 points. Trading volume was relatively small at about 332 million shares worth some 6.3 trillion won ($4.8 billion), with gainers outnumbering losers 573 to 271. Institutions sold a net 145 billion won, wh
July 19, 2022
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FSC to review removing hurdles on companies owning banks
South Korea’s top financial regulator pledged Tuesday to review lowering the regulatory barriers that limit the industrial sector from owning banks, to accelerate digitalization of the economy and global growth. “The goal of our financial regulatory overhaul is to create a new field, so that leading global players like (K-pop band) BTS can be born in our financial industry,” Financial Services Commission Chairman Kim Joo-hyeon told a regulatory reform meeting. “We will
July 19, 2022
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Seoul shares open lower on recession woes
South Korean stocks opened lower Tuesday, tracking overnight falls on Wall Street amid concerns about rate hikes and slower economic growth. The benchmark Korea Composite Stock Price Index fell 12 points, or 0.51 percent, to trade at 2,363.25 points in the first 15 minutes of trading. Overnight, US stocks retreated on spreading concerns about the aggressive monetary tightening, fanned by Apple Inc.'s decision to narrow hiring and cut costs. The tech-heavy Nasdaq composite lost 0.81 percent,
July 19, 2022
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Seoul shares spike almost 2% to 2-week high on eased rate hike woes
South Korean stocks soared nearly 2 percent higher Monday, as the US Federal Reserve will unlikely deliver a full-percentage point interest rate hike amid deepening concerns over an economic slowdown. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 44.27 points, or 1.90 percent, to close at 2,375.25. Trading volume was moderate at 318.99 million shares worth 6.99 trillion won ($5.31 billion), with gainers outstripping decliners 778 to 116. F
July 18, 2022
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Kyobo, Affinity on blame game over IPO rejection
South Korea’s Kyobo Life Insurance and its second-largest shareholder -- a consortium led by Affinity Equity Partners -- are blaming each other for its recent failure to carry out an initial public offering. The blame game follows the nation’s sole bourse operator Korea Exchange’s decision on July 8 to reject an initial public offering by Kyobo, without citing a reason. Market watchers, however, cited Kyobo’s yearslong legal dispute with the consortium led by the Hong K
July 18, 2022
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Seoul shares open higher on US gains
Seoul shares opened higher Monday tracking strong gains on Wall Street last week. The benchmark Korea Composite Stock Price Index rose 20.48 points, or 0.88 percent, to trade at 2,315.46 in the first 15 minutes of trading. On Friday, US shares closed sharply higher. The Dow Jones Industrial Average advanced 2.15 percent, and the tech-heavy Nasdaq composite rose 1.79 percent. In Seoul, most big-cap shares gathered ground, with carmakers and tech firms leading the upturn. Market bellwether Samsung
July 18, 2022
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Weak won set to persist with US intent on more rate hikes
The South Korean won could further depreciate against the US dollar in months to come as long as the US backs aggressive monetary tightening to fight raging inflation, analysts said, as the Korean currency weakened to a 13-year low of 1,326.1 won per US dollar Friday. The breach of the 1,300 won psychological threshold -- prompted by rising US rates luring investors and soaring demand for the safe-haven asset amid global economic uncertainty -- is the latest indication that policymakers in Seou
July 17, 2022
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‘Myeongdong to recover from pandemic woes’
The empty, desolate streets of Seoul’s Myeong-dong shopping district have become a real estate nightmare for its landlords and inhabitants since the outbreak of the COVID-19 pandemic. But hope is not lost, according to Robert Wilkinson, managing director of Colliers’ Korea, the local branch of the Canadian commercial real estate firm. He said the area -- which had once been a tourist hotspot -- is slowly coming back to life and its recovery will gain speed once China eases trave
July 17, 2022
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Seoul shares end higher on auto, tech gains; Korean won at over 13-yr low
Seoul shares ended higher Friday as investors scooped up auto and tech stocks on bargain hunting amid concerns over further rate hikes to tackle inflation and a global recession. The Korean won sharply fell to the lowest level in over 13 years against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.66 points, or 0.37 percent, to close at 2,330.98 points. Trading volume was moderate at about 310.56 million shares worth some 7.25 trillion won ($5.5 billion), with decl
July 15, 2022
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Seoul shares open lower amid recession woes; Korean won sharply down
Seoul shares opened lower Friday amid concerns over more aggressive interest rate hikes by central banks to tackle inflation and a global economic slowdown. The benchmark Korea Composite Stock Price Index fell 7.96 points, or 0.34 percent, to trade at 2,314.36 in the first 15 minutes of trading. Institutions and foreigners sold a combined 109 billion won ($82 million) worth of stocks, exceeding individuals' stock purchases valued at 101.7 billion won. Foreigners offloaded some risky assets
July 15, 2022
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Seoul shares retreat amid rate hike woes
South Korean stocks retreated Thursday after a choppy session amid jitters about high inflation at home and in major economies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index declined 6.29 points, or 0.27 percent, to close at 2,322.32 points. Trading volume was relatively low at about 344 million shares worth some 6.4 trillion won ($4.9 billion), with gainers outnumbering losers 433 to 418. Institutions sold a net 534 billion won, while foreigners boug
July 14, 2022
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S. Korea to actively deal with herd behavior in financial market: official
South Korea plans to actively tackle herd behavior in the financial market as market volatility has increased amid monetary tightening drives at home and abroad, a senior government official said Thursday. The government plans to step up its monitoring of the market, as the country's financial market has "sensitively" reacted to concerns about high inflation and global recession fears, according to First Vice Finance Minister Bang Ki-sun. "The government plans to actively deal wit
July 14, 2022
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street amid concerns about fast-growing inflation. The benchmark Korea Composite Stock Price Index fell 7.77 points, or 0.33 percent, to trade at 2,320.84 in the first 15 minutes of trading. Overnight, US stocks dropped as the estimate-beating consumer price index for June fanned worries that the Federal Reserve can accelerate its rate hike moves. The Dow Jones Industrial Average declined 0.67 percent, and the tech-heav
July 14, 2022
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[Market Eye] Short selling ban back in focus as stocks slide
South Korea’s top financial policymaker on Monday hinted at banning short selling again to prevent a jumpy stock market, but some market analysts say the plan should be reexamined since its effect on long-term market stability is still debatable. The ban -- which was temporarily put on the benchmark Kospi and junior Kosdaq in March 2020 over pandemic-induced volatility -- was partially lifted in May 2021, when the bearish investment practice was allowed on the Kospi 200 and the Kosdaq 15
July 13, 2022