Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Samsung’s financial arms going green
Financial affiliates of South Korea’s largest conglomerate Samsung Group announced Thursday that they would halt investment projects linked to coal-power businesses as part of their efforts to run operations in an environmentally responsible manner. Samsung’s insurance arms Samsung Life Insurance and Samsung Fire & Marine Insurance, among others, will stop investing in coal-fired power stations or lending money to operators of such power plants. They will also stop purchasing
Nov. 12, 2020
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Incumbent KB Kookmin Bank CEO to serve third term
Hur Yin, KB Kookmin Bank’ incumbent CEO, was officially tapped by board members to lead the lender for another year, the bank said Thursday. Earlier in October, KB Financial Group’s committee for CEO nominations had selected Hur as the sole candidate for the bank’s next leader. Hur is the first KB Kookmin chief to serve three consecutive terms. His third term will begin on Nov. 21. Since joining KB Kookmin Bank in 1998, the 59-year-old CEO has held key po
Nov. 12, 2020
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Foreigners turn net buyers of S. Korean stocks in October
Foreign investors turned net buyers of South Korean equities in October, driven by hopes of a global economic recovery from the coronavirus pandemic, the central bank said Thursday. Foreigners bought a net $1.38 billion worth of local stocks last month, compared with a net sale of $2.09 billion in September, according to the Bank of Korea (BOK). Offshore investors became net sellers of Korean bonds worth $230 million last month, it said. Meanwhile, volatility in South Korea's currency edged d
Nov. 12, 2020
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Seoul stocks open lower on profit-taking, lockdown concerns
South Korean shares opened lower Thursday on profit-taking, after the benchmark index hit an over 2-year high the previous session over vaccine hopes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.48 points, or 0.34 percent, to 2,477.39 in the first 15 minutes of trading. Chip, auto and bio heavyweights retreated after a big advance the previous session amid toughened COVID-19 quarantine measures in major economies. Overnight, the Nasdaq Composite jumped 2.01 percent to 11,
Nov. 12, 2020
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Former deputy prime minister to head KTCU
Former Deputy Prime Minister and Education Minister Kim Sang-gon will take the top post of the Korea Teachers’ Credit Union, the institution said Wednesday. Effective Thursday, Kim will serve as chairman of the KTCU, the state-sponsored credit union dedicated to Korean teachers’ financial welfare and benefits. Kim was selected as the final candidate to head the KTCU on Friday and subsequently gained the approval of Education Minister Yoo Eun-hae. Kim will serve his three-year term
Nov. 11, 2020
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South Korea’s stock market cap hits record high
Buttressed by investors’ optimism about Pfizer’s COVID-19 vaccine, as well as improved exports, South Korea’s market capitalization has logged 2,032.38 trillion won ($1,827 billion), data from the nation’s sole bourse operator showed Wednesday. It was the first time for the market value to cross the 2,030 trillion-won mark, while exceeding 2,000 trillion won in value was previously recorded only three times throughout history. The largest figure observed previously was 2
Nov. 11, 2020
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At least W436b to evaporate from Optimus hedge fund scam: FSS
The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month
Nov. 11, 2020
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Kakao Bank’s IPO plan picks up speed
South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources Wednesday. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the planned IPO and select underwriters. Holding a board meeting in September, the online bank decided to go public in the first half of next year. Launched in 2017, Kakao has been fast growing by a
Nov. 11, 2020
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Ministers discuss steps to address housing crisis
Amid growing concerns over the soaring cost of housing offered through “jeonse” contracts, Deputy Prime Minister Hong Nam-ki held a closed-door meeting with other ministers and high-ranking government officials Wednesday to discuss measures to address housing issues. Jeonse is a unique form of rental agreement in South Korea where tenants pay a refundable lump-sum deposit in lieu of monthly rent. Among the participants were Minister of Land, Infrastructure and Transport Kim Hyun-mee
Nov. 11, 2020
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Seoul stocks at over 2-year high on vaccine hopes; Korean won at nearly 2-yr high
The South Korean stock market hit a more than 2-year high Wednesday, as investor sentiment improved on stronger exports and Pfizer's COVID-19 vaccine test results. The Korean won surged to a 23-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.04 points, or 1.35 percent, to close at 2,485.87 points, the highest closing since 2487.25 points on May 3, 2018, and extend its winning streak to an eighth day. Trading volume was high at about 1.3 billion
Nov. 11, 2020
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SK’s bio, chemical units, Doosan Heavy join MSCI Korea Index
Morgan Stanley Capital International announced Wednesday that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipated by market watchers, the Geneva-based MSCI added the three, but didn’t invite the South Korean novel drugs developer Hanmi Science to the club. It also removed Amorepacific preferred, BNK
Nov. 11, 2020
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Seoul stocks open higher on vaccine hopes, export increase
South Korean shares opened higher Wednesday, tracking Dow's continued gain related to Pfizer's COVID-19 vaccine test results and improved chip exports. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.05 points, or 0.53 percent, to 2,465.88 in the first 15 minutes of trading. Stocks came to a strong start after a straight seven-day gain. Investors remained optimistic about Pfizer's COVID-19 vaccine test results, backed by positive comments by top US infectious disease speciali
Nov. 11, 2020
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Tourism, airline stocks soar on COVID vaccine breakthrough
Upon encouraging news on coronavirus vaccine testing in the US, stocks in travel, airline and retail sectors here surged, while stocks of contactless services providers and gold prices slid Tuesday. US pharmaceutical firm Pfizer announced Monday that its experimental COVID-19 vaccine, developed jointly with its German partner BioNTech, was more than 90 percent effective in preventing the virus in participants of its latest trial. Calling it a “great day for science and humanity,&rdquo
Nov. 10, 2020
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Proxy advisers oppose KB's union-recommended outside directors
South Korea’s largest proxy adviser, alongside Institutional Shareholder Service and Glass Lewis, has urged KB Financial Group shareholders against the appointment of two outside directors apparently recommended by the firm’s labor union, industry sources said Tuesday. The Korea Corporate Governance Service has officially requested KB’s shareholders to vote against the appointment of Sustinvest CEO Ryu Young-jae and Seoul National University environmental studies professor Yun
Nov. 10, 2020
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Seoul stocks up for 7th day on Dow's COVID-19 vaccine rally
The South Korean stock market extended its winning streak to a seventh session on Tuesday, as investor appetite for risk strengthened over better-than-expected efficacy of a COVID-19 vaccine by US pharmaceutical giant Pfizer. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.63 points, or 0.23 percent, to close at 2,452.83. Trading volume was moderate at about 1.4 billion shares worth some 17.7 trillion won (US$15.9 billion), with gainer
Nov. 10, 2020
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Hana Bank to adopt casual dress code
Hana Bank is set to allow employees to wear business-casual attire to create a relaxed working environment, industry sources said. The lender has recently decided to adopt a more casual dress code as more than 80 percent of its employees surveyed were in favor of the plan. It has not decided yet when to implement the new dress code. The dress code transition is part of the financial company’s move to prove itself as an innovative bank. “To achieve innovation, the bank must c
Nov. 10, 2020
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Less than 1% of banking done in person: data
Less than 1 percent of all banking transactions across the country were made in person, data showed Tuesday, suggesting an apparent change in the retail banking landscape favoring non-face-to-face services. In the first half of this year, the proportion of banking transactions carried out in person at bank branches accounted for 0.75 percent of the total. This was sharply down from 1.08 percent in 2019, continuing a downtrend that began in 2015, when the figure was 2.12 percent, said Rep. Yoon
Nov. 10, 2020
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Seoul stocks open nearly flat despite Dow's COVID-19 vaccine rally
South Korean shares opened nearly flat Tuesday despite the overnight rally on Wall Street triggered by better-than-expected efficacy of a COVID-19 vaccine by Pfizer, as investors turned to profit-taking after a sixth straight rise. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.5 point, or 0.02 percent, to 2,447.7 in the first 15 minutes of trading. Stocks came to a muted start after hiking 1.27 percent on the Biden effect the previous session. US top infectious disease exper
Nov. 10, 2020
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Seoul stocks surge to over 2-yr high on Biden effect; Korean won at nearly 2-yr high
South Korean shares extended their winning streak to a sixth day to hit an over 2-year high on Monday as investor appetite for risky assets increased following Joe Biden's victory in the US presidential election. The Korean won surged to a 22-month high against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.7 points, or 1.27 percent, to close at 2,447.2 points, the highest since 2,468.83 points on June 12, 2018. Trading volume was high at about 1.3 billion shar
Nov. 9, 2020
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State-owned firms plan to build W4tr data center park
State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy sources. According to the memorandum of understanding inked last Friday, LH and KDCC will collaborate with local power generator Korea Hydro & Nuclear Power to build the green energy-based da
Nov. 9, 2020