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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Experts raise concerns about Japan putting pressure on Naver over Line
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Korea's FX deposits climb to record high in June
Foreign currency deposits at banks in South Korea surged to a new record high in June, central bank data showed Wednesday, amid pandemic-caused uncertainties that pushed both businesses and individuals to boost their currency holdings. Foreign currency deposits held by local residents came to $84.53 billion as of end-June, up $3.61 billion from a month earlier, according to the data from the Bank of Korea (BOK). The amount marks the highest since the BOK began compiling such data in June 2012
July 22, 2020
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State pension fund snaps up drug, tech stocks amid virus
South Korea's state pension operator has raised exposure to pharmaceutical and tech stocks this year amid the coronavirus outbreak while unloading retailers and other virus-hit issues, a corporate tracker said Wednesday. The National Pension Service (NPS), the biggest institutional investor in South Korea, newly bought stakes of 5 percent or more in 24 companies traded on the country's major and secondary bourses as of Friday, according to CEO Score. DoubleU Games Co. was the pension provider
July 22, 2020
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Seoul shares open nearly flat on profit-taking
South Korean stocks opened nearly flat Wednesday as investors cashed in profits following a sharp gain in the previous session over economic recovery hopes. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) gained 0.14 point or 0.01 percent to 2,228.97 in the first 15 minutes of trading. Seoul shares closed up 1.4 percent Tuesday as investor sentiment was boosted by a European Union economic stimulus deal and hopes for coronavirus vaccines. Overnight, Wall Street
July 22, 2020
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Foreigners turn to net buyers of Samsung Electronics this month
Foreign investors have turned to net buyers of top-cap Samsung Electronics Co. this month following months of massive selling, data showed Wednesday. Offshore investors' net purchase of Samsung shares stood at 1.07 trillion won ($900 million) in the first 21 days of July, making the tech giant their most-bought issue, according to the data from the Korea Exchange. The figure represents a sharp turnaround from their previous selling binge. In the first five months of the year, foreigners sold
July 22, 2020
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Scholars hold authorities responsible for hedge fund fiasco
Scholars in Seoul on Thursday lashed out at financial authorities, saying their policy drive to nurture local hedge funds five years ago was a hasty decision. Pointing to the dispersed monitoring power of the nation’s two financial regulators, the upper organization of the two, the Financial Services Commission, should be disbanded, they said. “To prevent more fraud cases involving homegrown hedge fund asset managers, a drastic change in local financial supervision system has to
July 21, 2020
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Number of taxpayers for property ownership increases with price hike
The number of people subject to pay tax for residential property ownership increased by more than 110,000 last year, while the corresponding tax revenue neared 1 trillion won ($834 million) due to a price hike, government data showed Tuesday. As the given progressive tax rate is imposed on those who own high-priced residences, such expanded tax yields were seen to reflect the fast increasing housing price hike here. The number of individuals and companies subject to the comprehensive real
July 21, 2020
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S. Korea to ease market bottleneck for retail stock investors
The Korean government on Tuesday reiterated vows to remove bottleneck problems faced by individual stock investors, according to the regulatory Financial Services Commission. “The active participation of individual stock investors shored up the (domestic) stock market in the wake of the COVID-19 outbreak,” said FSC Vice Chairman Sohn Byung-doo, in a financial risk management policy meeting held at the Korea Federation of Banks headquarters in central Seoul. “(The governme
July 21, 2020
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Seoul stocks spike by 1.4% on vaccine hopes, EU stimulus deal
South Korean shares closed up 1.4 percent on Tuesday after leaders of European Union (EU) member nations reached a massive stimulus package deal to support pandemic-hit economic activities. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.63 points, or 1.39 percent, to close at 2,228.83. Trading volume was high at about 906 million shares worth some 15.5 trillion won ($12.9 billion), with gainers outnumbering losers 565 to 279. Foreign
July 21, 2020
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Kurly founder named among world’s top female fundraisers
Founder of Seoul-based same-day deliery startup Kurly, Sophie Kim, was listed among the top 10 female founders in the world by fundraising, data showed Tuesday. The founder of Market Kurly had raised the eighth-most money on the list as of June, raking in a combined $282 million since Kurly’s inception in 2014, according to data compiled by Businessfinancing.co.uk, a research and information provider in UK. Kim was the only Korean and one of four from Asia. The list of Asian entreprene
July 21, 2020
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Seoul's commercial properties market less affected by coronavirus: reports
South Korea‘s commercial real estate market has been relatively less affected by the pandemic as the demand for both prime offices and logistics assets remains stable partly thanks to high liquidity and profit-seeking investors, reports showed Tuesday. The higher market liquidity coupled with the resilience of the economy, has instead beefed up competition for deals involving “core assets,” or prime office buildings that offer investors a stable source of income. “The
July 21, 2020
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Seoul stocks open higher on vaccine hopes
South Korean shares opened higher on the back of positive progress in the development of the new coronavirus vaccines. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.94 points, or 0.95 percent, to 2,219.14 in the first 15 minutes of trading. Investor sentiment improved, following reports on the progress shown in early data for the three potential COVID-19 vaccine candidates. Most large caps traded higher in Seoul. Market bellwether Samsung Electronics added 1.48 percent,
July 21, 2020
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[Market Close-up] Political links to South Korean hedge funds spark controversy
This is the final installment in a two-part series exploring Korea’s troubled hedge funds. -- Ed. Alleged fraud cases involving homegrown hedge fund asset managers in recent months have something in common: their unusual ties to political bigwigs. From Lime Asset Management Asset that suspended 1.66 trillion won ($1.38 billion) in assets to Optimus Asset Management that froze 550 billion won of investors’ money, hedge fund managers with a short proven track record appear to
July 20, 2020
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Local PEF’s purchase of Gangnam apartments grabs market attention
A private equity fund operated by a local real estate asset management firm has purchased an entire apartment building consisting of 46 units in Gangnam -- one of Seoul’s most expensive districts -- raising eyebrows in the realty sector that is facing tougher regulations. IGIS Asset Management bought Samseong World Tower, an 11-story building from an individual for nearly 42 billion won ($34.90 million). It is rare for a local asset management company to buy apartment complexes as an in
July 20, 2020
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Seoul stocks end tad lower on profit-taking, stimulus uncertainties
South Korean shares closed a tad lower Monday as investors locked in part of gains built on hopes for economic relief packages in major economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.99 points, or 0.14 percent, to close at 2,198.20. Trading volume was high at about 675 million shares worth some 11.8 trillion won ($9.8 billion), with losers outnumbering gainers 476 to 369. The index climbed 2.4 percent last week on the back
July 20, 2020
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Seoul stocks open flat on profit-taking
South Korean shares opened flat Monday, as investors went for profit-taking after the market surged by more than 2 percent last week on the back of hopes for stimulus measures in major economies amid the new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.08 point, or near zero percent, to 2,201.11 in the first 15 minutes of trading. Investors took to the sidelines to keep a watchful eye on additional stimulus measures under review. European leaders cam
July 20, 2020
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[Market Close-up] Snowballing fiasco shows Korea's failure to create healthy hedge fund environment
This is the first in a two-part series exploring South Korea’s troubled hedge funds market. -- Ed. Yoo Hye-kyung, 76, discharged herself from a hospital a day early to participate in a rally on Wednesday in Seoul to demand full compensation for her 500 million won ($450,000) investment in Optimus Asset Management. Claiming that she hadn’t even heard of the hedge fund manager when she signed a contract with NH Investment & Securities, a leading brokerage here, Yoo was furious th
July 19, 2020
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FSC, financial giants to mull loan maturity extension to cushion pandemic impact
Financial Services Commission Eun Sung-soo will attend a closed-door meeting of the heads of South Korea’s five biggest banking groups Friday to discuss whether to further ease loan repayment schedules for coronavirus-battered companies, industry sources said Sunday. It is unusual for the FSC chief to attend the meeting convened by the five chiefs, according to insiders. Through the meeting, the authorities are slated to seek a consensus on the details of a further extension of loan re
July 19, 2020
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Seoul stocks tipped to face correction this week
South Korean stocks are expected to come under selling pressure and hover below the 2,200-point level this week on mixed economic signals and a surge in new coronavirus outbreaks. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,201.19 points on Friday, up 2.4 percent from a week ago. The index on Wednesday surpassed the psychologically important 2,200-point threshold for the first time since Feb. 19 on hopes of COVID-19 vaccine development and additional economic stimulus
July 19, 2020
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Macquarie Korea hosts virtual seminar on industrial safety awareness
The South Korean unit of Macquarie Infrastructure and Real Assets hosted a virtual seminar on industrial safety awareness Thursday for companies receiving investments from its funds, it said Friday. The seminar was part of Safety Day, which the company holds annually in an effort to prevent industrial disasters and help companies understand related risks. It was carried out virtually this year due to the coronavirus pandemic, with the participation of officials from Macquarie Group and project
July 17, 2020
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KB Financial relocates startup accelerator to WeWork Korea
KB Financial Group said Friday that it has relocated its startup accelerator program to a WeWork branch here and plans to recruit its first tenants. The venue for the KB Starters program, dubbed the KB Innovation Hub, was relocated earlier this month to an approximately 1,000-square-meter space within WeWork Korea’s Sinnonhyeon branch in southern Seoul. Its previous venue was a 600-square-meter coworking space nearby. Cooperation with WeWork Korea will also allow program participants
July 17, 2020