Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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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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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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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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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Terraform Labs Korea dissolved in 2021, allegedly to evade taxes
Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. Despite recent court documents showing the blockchain company’s decision to officially shut down its Korean branch through a shareholders meeting held Apr
May 30, 2022
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Seoul shares open higher on tech gains
Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board. Market bellwether Samsung Electronics Co
May 30, 2022
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S. Korea ramps up action against terraUSD, luna crisis
South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday. Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balanc
May 29, 2022
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Seoul shares open higher on Wall Street gains
South Korean stocks got off to a strong start Friday, tracking overnight US gains, as tech shares made an upturn on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 1.03 percent, to trade at 2,639.38 in the first 15 minutes of trading. Overnight, US stocks rallied on upbeat earnings forecast from major retailers. The Dow Jones Industrial Average rose 1.61 percent, and the tech-heavy Nasdaq composite jumped 2.68 percent. In Seoul, large-cap shares gathered grou
May 27, 2022
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Seoul shares down on inflation, rate hike woes
The South Korean stock market ended lower Thursday over the gloomy outlook for inflation and concerns over aggressive monetary tightening. The local currency fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) lost 4.77 points, or 0.18 percent, to close at 2,612.45. Trading volume was light at 583.60 million shares worth 8.48 trillion won ($6.69 billion), with decliners outpacing gainers 422 to 395. Institutional investors sold a net 155.8 billion won, while retail and fore
May 26, 2022
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Seoul shares open higher on Fed minutes
South Korean stocks open higher Thursday, as the US central bank signaled room for flexibility in aggressive interest rates hike plans. The Korea Composite Stock Price Index (KOSPI) rose 16.21 points, or 0.62 percent, to trade at 2,633.43 in the first 15 minutes of trading. Overnight, US stocks closed higher after the US Federal Reserve released minutes of its May meeting, which showed support for a 50-basis point increase in key rates over the next couple of meetings to tame inflation. The minu
May 26, 2022
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Seoul shares end higher on bio, chemicals amid inflation woes
Seoul shares ended higher on Wednesday as investors remain cautious about surging inflation and a global economic slowdown. The South Korean won rose against the US dollar. After choppy trading, the Korea Composite Stock Price Index (KOSPI) rose 11.35 points, or 0.44 percent, to 2,617.22. Trading volume was light at 698.94 million shares worth 8.2 trillion won ($6.5 billion), with gainers outpacing decliners 485 to 360. Institutions bought a net 507 billion won worth of stocks, offsetting foreig
May 25, 2022
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Korbit delists luna, vows to use transaction fees for customer protection
Korbit, one of South Korea’s top four cryptocurrency exchanges, has decided to delist luna, the sister coin of controversial stablecoin terraUSD, on Wednesday, following in the steps of other top platforms such as Bithumb and Upbit. The decision comes a day after chiefs of major crypto exchanges here were criticized by lawmakers for their “uncoordinated” response towards the price fall fiasco of terraUSD and luna. The exchanges failed to coordinate when to delist luna, with
May 25, 2022
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Seoul shares dip over 1.5% as inflation worries prevail
Seoul shares ended lower on Tuesday as investors remain concerned about inflation despite US President Joe Biden's remark that US tariffs imposed on Chinese imports are being reviewed for reduction. The South Korean won fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) fell 41.51 points, or 1.57 percent, to 2,605.87. Trading volume was moderate at 837.87 million shares worth 8.6 trillion won (US$6.8 billion), with decliners outpacing gainers 742 to 136. Institutions
May 24, 2022
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KB, Jefferies chiefs talk cooperation in global investment banking
Chiefs of South Korea’s KB Financial Group and US’ Jefferies Financial Group discussed strengthening and expanding its existing partnership in the global investment banking market, the Korean banking giant said Tuesday. In a meeting with Jefferies Financial Group President Brian Friedman, KB Financial Group Chairman Yoon Jong-kyoo discussed plans to build a stronger cooperation in investment banking to expand assets tied to their alternative investment businesses under banks, securi
May 24, 2022
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[Exclusive] Hybe to make up 10% of KPOP ETF
Shares of Hybe, the company behind K-pop sensation BTS, will account for some 10 percent of the much-anticipated KPOP ETF, an exchange-traded fund designed by Seoul-based intellectual property-focused company builder Contents Technologies, an industry source said Tuesday. “Hybe with its market cap standing at 8.9 trillion won ($7.1 million) is supposed to make up some 20 or 30 percent of the KPOP ETF, but with the product being a passive exchange traded-fund, there will be a cap putting i
May 24, 2022
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Seoul shares open lower ahead of Fed minutes release
Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, as investors await the minutes of the Federal Reserve's latest rate-setting meeting this week to take a cue about the US central bank's future tightening move. The Korea Composite Stock Price Index (KOSPI) fell 1.73 points, or 0.07 percent, to trade at 2,645.65 in the first 15 minutes of trading. Overnight, The Dow Jones Industrial Average rose 2 percent to 31,880.24 and the tech-focused Nasdaq index gained 1.6
May 24, 2022
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Land Minister vows to ease price ceiling on privately built apartments
New South Korean Land Minister Won Hee-ryong pledged Monday to announce measures to ease the cap on presale prices of privately built apartments, a scheme adopted by the previous Moon Jae-in administration widely criticized for failing to curb the housing prices here. “The scheme has been introducing side-effects to the market as it forcefully puts a cap on the presale prices when it doesn’t consider parts of maintenance cost or the rising raw materials cost,” Won said at a p
May 23, 2022
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Investors warned over ‘frothy’ markets amid wobbly Kospi
As unprecedented stimulus packages to fuel South Korea’s COVID-hit economy run out, investors are increasingly worried over a possible bubble burst in stocks, property and cryptocurrencies that would make it harder for the already wobbly benchmark Kospi to return to its record highs a year ago. The Bank of Korea, which has already lifted interest rates twice this year to combat red-hot inflation, is expected to back another raise Thursday while eyeing more hikes later in the year. Rising
May 23, 2022
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Seoul shares open higher on summit hope
South Korean stocks open higher Monday, buoyed by the anticipation that the outcome of the South Korea-US summit will give a boost to key industrial sectors. The Korea Composite Stock Price Index (KOSPI) rose 6.88 points, or 0.26 percent, to trade at 2,646.17 in the first 15 minutes of trading. In a joint statement issued after the summit between Presidents Yoon Suk-yeol and Joe Biden on Saturday, the two countries agreed to enhance cooperation in various sectors, from semiconductors, electric v
May 23, 2022
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Seoul stocks sharply rebound on dip-buying, ahead of Biden visit
South Korean shares advanced Friday as investors scooped up oversold stocks and pinned hopes for expanded business ties between South Korea and the United States. The Korean won steeply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 46.95 points, or 1.81 percent, to close at 2,639.29 points. After a volatile week from high inflation, the key stock index gained 1.35 percent from a week ago. Friday's trading volume was moderate at about 743 million s
May 20, 2022
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Taiwan’s Fubon Financial becomes third-largest shareholder in Hyundai Card
Taiwanese banking giant Fubon Financial on Friday raised its stake in South Korea’s Hyundai Card to nearly 20 percent, expanding its clout over management of the card issuer. Fubon Financial is now the card issuer’s third-largest shareholder with 19.98 percent after Hyundai Motor with 36.96 percent and Hyundai Commercial with 28.56 percent. Kia Corp. is the fourth-largest stakeholder with 11.48 percent. The latest announcement puts a final stamp on the exit of a consortium led by
May 20, 2022
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Seoul stocks open higher on tech, auto gains
South Korean shares opened higher Friday, buoyed by strong advances by tech and auto heavyweights, despite overnight falls on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) had added 25.64 points, or 0.99 percent, to trade at 2,617.98 points as of 9:15 a.m. On Thursday, the index dipped 1.28 percent. Overnight, the Dow Jones Industrial Average and the tech-heavy Nasdaq composite declined, largely on continued pressure on inflation hikes. KOSPI's top cap Samsung Electro
May 20, 2022
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Seoul shares dip over 1% on inflation woes
Seoul shares dropped by over 1 percent to snap their two-day winning streak, as investors' appetite for risky assets fell amid fears about high-flying inflation pressure that sparked a massive sell-off on Wall Street. The Korean won steeply fell against the US dollar. The Korea Composite Stock Price Index (KOSPI) retreated 33.64 points, or 1.28 percent, to close at 2,592.34 points. Trading volume was moderate at about 663 million shares worth some 9.7 trillion won ($7.6 billion), with loser
May 19, 2022
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Korea has nearly 100,000 investors holding crypto worth over W100m
Some 100,000 retail investors in South Korea each held over 100 million won ($78,000) in deposits at cryptocurrency exchanges here as of end-2021, government data showed Thursday, fueling concerns as the recent crash of Korean-made terraUSD and luna cryptocurrencies has decimated the value of digital assets. As of end-December last year, a total of 5.58 million investors were registered with local crypto exchanges, including those provide won-denominated and coin trading, according Financial S
May 19, 2022