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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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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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Lotte Chemical becomes sole bidder for Iljin Materials
Lotte Chemical has emerged as the sole bidder in the sale of South Korea’s second-largest copper foil manufacturer Iljin Materials, according to a local report Wednesday. Global private equity fund operators and foreign strategic investors have pulled out during the bidding process due to Iljin Materials’ high prices and rate hikes, leaving Lotte Chemical as the only bidder, the Herald Business said in an exclusive report, citing investment bank sources. Lotte Chemical on Monday c
Aug. 24, 2022
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Seoul stocks snap 5-day losing streak; local currency up for 1st in 7 sessions
South Korean stocks finished higher Wednesday, after five consecutive sessions of losses, as investors bought oversold issues. The Korean won also gained ground against the US dollar for the first time in seven sessions. The Korea Composite Stock Price Index (KOSPI) added 12.11 points, or 0.5 percent, to close at 2,447.45, breaking the five-day losing streak. Trading volume was moderate at 407.61 million shares worth 7.93 trillion won ($5.91 billion), with gainers outpacing decliners 575 to 275.
Aug. 24, 2022
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Resistance growing over big tech’s push into insurance agency biz
South Korean technology firms are gearing up to launch new services where users can compare different insurance products on their platforms, but the move has been met with strong resistance from traditional agents, sources said Wednesday. Financial authorities earlier this week approved local big tech firms such as Naver and Kakao to launch test-runs of their new “insurance agent” services starting from as early as October, according to the policymaking Financial Services
Aug. 24, 2022
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Seoul shares open higher as investors brace for monetary tightening
South Korea's stock market opened higher Wednesday amid uncertainty over the direction of the global economy and monetary policy at home and abroad. The benchmark Korea Composite Stock Price Index (KOSPI) rose 17.27 points, or 0.71 percent, to trade at 2,452.61 as of 9:15 a.m. Investors are bracing for more monetary tightening policy at home, along with the possibility of hawkish remarks from the United States later this week. The Bank of Korea is widely expected to raise its interest rate
Aug. 24, 2022
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Won weakens further despite warning against speculation
The South Korean won weakened to 1,345.5 won per US dollar on Tuesday, marking a fresh 13-year low, despite a warning that authorities would rein in speculative trading seen as behind the depreciation. The verbal warning, coming for a fourth time for the year, reflects growing volatility gripping the currency markets amid the persistent hawkish outlook on a US rate hike in September boosting the dollar’s safe-haven appeal. The key psychological threshold of 1,300 won is considered
Aug. 23, 2022
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KRX, Busan to launch professional ping pong team
The Korea Exchange said Tuesday it signed an agreement with the city on Friday to launch a Busan-based professional table tennis team by next month. The envisioned team will take part in the Korea Table Tennis League in the upcoming regular season, which begins in late January. The KRX, South Korea’s bourse operator, said it will help find new talent, foster professionals and contribute to the local community as it runs the Busan-based team. “We will support outstanding players t
Aug. 23, 2022
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Seoul stocks tumble more than 1% on rate hike woes; Korean won continues decline
South Korean stocks fell more than 1 percent Tuesday as investors shunned risky assets amid concerns over further aggressive rate hikes by the US Federal Reserve. The Korean won continued to weaken against the US dollar following a sharp drop in the previous session. The Korea Composite Stock Price Index (KOSPI) lost 27.16 points, or 1.10 percent, to close at 2,435.34, extending the losing streak to a fifth session. Trading volume was moderate at 460.02 million shares worth 7.34 trillion won ($5
Aug. 23, 2022
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SK Networks invests W4b in metaverse developer Com2Verse
SK Networks has invested 4 billion won ($3 million) in Com2Verse, a metaverse-specialized subsidiary of South Korean game developer Com2uS, to explore business opportunities in the world of metaverse, officials said Tuesday. The two companies signed a memorandum of understanding to join forces in setting up and strengthening a metaverse ecosystem. The signing ceremony took place in the Com2Verse metaverse platform’s virtual auditorium on the previous day. According to officials, SK Net
Aug. 23, 2022
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Seoul shares open lower on worries over Fed's tightening; won further down
South Korea's stock market opened lower Tuesday as foreigners and institutions unloaded shares following overnight losses amid concerns over the Federal Reserve's monetary tightening. The Korean won continued to lose ground against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15.39 points, or 0.62 percent, to trade at 2,447.11 points as of 9:15 a.m. Investors are awaiting Fed Chair Jerome Powell's comments on inflation and rate increases at the annua
Aug. 23, 2022
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Won slips anew as investors reassess US rate hike
The South Korean won breached the key psychological threshold of 1,300 won per US dollar, weakening to 1,340.2 won before closing at 1,339.8 won in onshore trading Monday -- a new low in 13 years prompted by a hawkish outlook on a US Federal Reserve’s rate hike in September. The 1,300 mark -- last crossed in April 2009 in the wake of the global financial crisis before June 2022 when it was touched again -- is considered a red flag for the economy. The benchmark Kospi lost 1
Aug. 22, 2022
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Crypto airdrop subject to gift tax, says Korean authorities
Cryptocurrency airdrop, which refers to a marketing stunt involving sending coins or tokens to wallet addresses, is legally subjected to gift tax, officials said Monday. The Ministry of Economy and Finance’s Tax and Custom’s Office said that crypto issuers delivering coins or tokens to wallets of traders for free is subjected to the nation’s gift tax under the Inheritance Tax and Gift Tax Act. The statement comes amid South Korea’s efforts to set a solid framework for c
Aug. 22, 2022
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Seoul shares open lower on rate hike woes; Korean won sharply down
Seoul shares opened lower Monday amid lingering concerns over the US Federal Reserve's aggressive monetary tightening. The Korean won opened sharply lower against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 33.72 points, or 1.35 percent, to trade at 2,458.97 points as of 9:15 a.m. Investors have been wary of the Fed's policy path, as the minutes of its July meeting released last week showed that the US central bank would continue to push for aggressive m
Aug. 22, 2022
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Kospi firms’ operating profits jump on Samsung Electronics
Companies on South Korea’s benchmark Kospi overall saw their combined operating profit in the first six months of this year rise 7 percent from a year earlier, thanks to Samsung Electronics, the biggest company on the main board by revenue. According to Korea Exchange data Friday, 696 firms on the Kospi reported 746 trillion won ($562.2 billion) in revenue between January and June, up 19 percent from the previous year. Operating profits came to 54 trillion won, a 7 percent jump. But the
Aug. 19, 2022
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Seoul shares open lower amid uncertainty over Fed's rate hikes
Seoul shares opened lower Friday amid uncertainty over the US Federal Reserve's future rate hikes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.53 points, or 0.42 percent, to trade at 2,497.52 points as of 9:15 a.m. Stocks came off to a lackluster start in the face of overnight gains on Wall Street. The Fed's latest minutes hinted at a possible slowdown in inflation growth. In July, the Fed raised its benchmark interest rate by 75 basis points for a second straight t
Aug. 19, 2022
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FSC issues warning over unregistered crypto firms
Investors are being discouraged from using 16 cryptocurrency services companies operating in South Korea without registration from the Financial Services Commission, the top financial regulator said Thursday. The firms, all foreign, are KuCoin, MEXC, Phemex, XT.com, Bitrue, ZB.com, Bitglobal, CoinW, CoinEX, AAX, ZoomEX, Poloniex, BTCEX, BTCC, DigiFinex and Pionex. The firms are expected to face police probes for having failed to report to the agency their plans to engage in business with Kor
Aug. 19, 2022
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Seoul shares down amid Fed rate hike woes; Korean won sharply down
Seoul shares closed lower Thursday as investors digested the Federal Reserve's minutes that hinted at more aggressive interest rate hikes to temper inflation. The Korean won sharply fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.42 points, or 0.33 percent, to close at 2,508.05 points. Trading volume was moderate at about 370.84 million shares worth some 6.98 trillion won ($5.3 billion), with losers outnumbering gainers 542 to 301. Institutions sol
Aug. 18, 2022
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S. Korea's fiscal deficit widens W22tr in H1
South Korea's fiscal deficit increased 22.2 trillion won ($16.9 billion) in the first six months of this year from a year ago as the government revved up spending to tackle the fallout of the pandemic, data showed Thursday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 101.9 trillion won in the January-June period, larger than a shortfall of 79.7 trillion won a year earlier, according to the finance ministry. The increased defici
Aug. 18, 2022
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Seoul shares open lower on Fed's minutes
Seoul shares opened lower Thursday, tracking losses on Wall Street, as the US Federal Reserve may keep up its aggressive monetary tightening amid global recession woes. The benchmark Korea Composite Stock Price Index (KOSPI) fell 24.69 points, or 0.98 percent, to trade at 2,491.78 points as of 9:15 a.m. In the Fed's latest minutes, released Wednesday (US time), policymakers expected the economy to expand in the second half of 2022 and made it clear that they intend to continue raising rates
Aug. 18, 2022
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Regulator launches task force in push for crypto framework
A joint task force launched by the Financial Services Commission on Wednesday kicked off its first monthly meeting on setting up a framework for digital assets like bitcoin, a week after the top financial regulator said it would work to remove regulatory uncertainty facing South Korea’s crypto industry. Introducing a legal framework for cryptocurrencies is part of the larger deregulation initiative the FSC has been pursuing since President Yoon Suk-yeol, who had pledged to make that happe
Aug. 17, 2022
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Seoul shares snap 3-day winning streak ahead of Fed minutes release
Seoul shares snapped their three-day winning streak Wednesday as investors await the latest minutes of the Federal Reserve that will give them an idea of its future rate policy to combat high inflation. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 17.05 points, or 0.67 percent, to close at 2,516.47 points. Trading volume was moderate at about 410 million shares worth some 7.04 trillion won ($5.4 billion), with losers outnumbering gainers
Aug. 17, 2022