Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Aging population to drive down Korea's housing prices from 2040: experts
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Social Solidarity Bank, JPMorgan to support micro-businesses
JPMorgan will provide 480 million won ($394,000) worth of immediate support, relief and inclusive recovery fund to small and micro-businesses hit hard by the unexpected coronavirus pandemic in South Korea, according to the local micro-credit institution Social Solidarity Bank on Thursday. As part of the relief efforts, the local unit of the US-based brokerage firm will collaborate with the nongovernmental organization to help SMEs run by female owners digitalize their operations and make online
June 4, 2020
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Seoul stocks hit over 100-day high amid recovery hopes
South Korean shares extended their winning streak to a fifth consecutive session Thursday, reaching the highest in over 100 days on economic recovery hopes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.18 points, or 0.19 percent, to close at 2,151.18, the highest since Feb. 21. Trading volume was high at about 1.4 billion shares worth 15.8 trillion won ($13 billion), with losers outnumbering gainers 441 to 391. The index got off to
June 4, 2020
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Global X launches actively-managed emerging markets bond ETF
New York-based provider of exchange-traded funds Global X ETFs has launched an emerging markets bond ETF in its first actively managed strategy, its parent Mirae Asset Global Investments said Thursday. The product, dubbed Global X Emerging Markets Bond ETF, is listed on the New York Stock Exchange. It will target US dollar-denominated securities including fixed-rate and floating-rate debt instruments issued by sovereign, quasi-sovereign, and corporate entities from emerging market countries. T
June 4, 2020
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Seoul stocks open higher on economic recovery hopes
South Korean stocks opened higher Thursday on hopes of an economic recovery, led by chipmakers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.02 points, or 1.49 percent, to 2,179.02 in the first 15 minutes of trading. The gain is largely attributed to rising hope for an economic rebound. The country's largest-ever extra budget proposal to fight the fallout of the new coronavirus also fueled the optimism. Large caps mostly traded higher with chipmakers, financials and shipb
June 4, 2020
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Kospi hits 3-month high in hopes of economic recovery
South Korea’s main bourse Kospi on Wednesday rose 2.87 percent to 2,147 points, the highest in more than three months, with foreign and institutional investors scooping up local shares anticipating an economic recovery. It was the first time that the index moved above the 2,100-point mark since Feb. 25, when it closed at 2,105.49. Kospi also saw a 47 percent increase since it hit rock bottom at 1,430 during a trading day in March under market pressure over COVID-19. A record high of 16.8
June 3, 2020
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Ardian vows more Asian investments as historic secondary fund closes
France-based international private investment house Ardian said Wednesday it seeks to accelerate its push for more secondary investments in Asia, as the company has reached a historic-high $19 billion commitments to its new secondary fund from global investors. Secondary investment refers to a purchase of existing private assets and is considered a source of liquidity for institutional investors. The latest fundraising is expected to underpin Ardian’s position as a lead secondary investo
June 3, 2020
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Mirae Asset Global Investments seeks 1st REITs IPO in Q3
South Korea’s investment firm Mirae Asset Global Investments said Wednesday it is eyeing its first initial public offering for its real estate investment trust followed by a listing on the nation’s main bourse Kospi. The REIT is designed to invest in a commercial space of the commercial-residential complex dubbed Gwanggyo Central Prugio City. The real estate asset is located in a planned city of Gwanggyo in Gyeonggi Province, located some 25 kilometers south of Seoul. The REIT is e
June 3, 2020
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Seoul stocks spike to over 3-month high amid recovery hopes, Korean won sharply up
South Korean shares extended their winning streak to a fourth consecutive session on Wednesday, hitting a more than three-month high amid economic recovery hopes. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 59.81 points, or 2.87 percent, to close at 2,147.00, the highest since Feb. 25. Trading volume was high at about 1.1 billion shares worth a record high of 16.8 trillion won ($13.8 billion), with gainers outnumbering loser
June 3, 2020
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Social casino gaming firm DoubleDown Interactive eyes $100m US IPO
South Korean social casino game developer and publisher DoubleDown Interactive is seeking to get listed on the tech-heavy Nasdaq bourse in the United States, according to its prospectus Wednesday. For its initial public offering, the Seoul-based company plans to issue 400,000 new common shares. Also up for subscriptions will be 360,000 existing shares, or 19.4 percent stake as of current, owned by STIC Investment. DoubleDown Interactive said the book building process to confirm the offered pri
June 3, 2020
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Seoul stocks open higher on Wall Street gains
South Korean shares opened sharply higher Wednesday, taking a cue from overnight Wall Street gains amid hopes of economic reopening and eased Sino-American political turmoil. The benchmark Korea Composite Stock Price Index (KOSPI) rose 32.86 points, or 1.57 percent, to 2,120.05 in the first 15 minutes of trading. The Dow Jones Industrial Average advanced 267.63 points, or 1.05 percent, to close at 25,742.65 on Tuesday (New York time). Such an advance followed reports of a reduction of frict
June 3, 2020
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Shinhan BNP Paribas manages alternative portfolio for NHIS
Seoul-based Shinhan BNP Paribas Asset Management said Tuesday it has started to work as a fund manager for the National Health Insurance Service’s 1.4 trillion won ($1.14 billion) alternative investment for four years. Shinhan BNP Paribas is one of the two lead fund managers, along with fellow Seoul-based investment house KB Asset Management. The two partners, selected in late April, will manage 700 billion won of assets each and choose more external partners to join their funds of
June 2, 2020
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WeWork names real estate expert as Asia-Pacific director
Real estate expert Samit Chopra was named managing director of WeWork Pacific, it announced Tuesday. Chopra is tasked with overseeing markets of the space-as-a-service platform, including Australia, Indonesia, Malaysia, South Korea, the Philippines, Singapore, Thailand and Vietnam. Based in Singapore, Chopra will be responsible for WeWork Pacific’s profit and loss management, go-to-market strategy, sales leadership, growth and innovation and talent development, according to WeWork.
June 2, 2020
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Seoul stocks up for 3rd day on recovery hopes
South Korean stocks rose by more than 1 percent Tuesday, extending a winning streak to a third consecutive session on hopes for economic reopening, despite uncertainties from the spreading protests against police violence in the United States. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 22.11 points, or 1.07 percent, to close at 2,087.19. Trading volume was heavy at about 985.1 million shares worth some 10.1 trillion won ($8.2 billion
June 2, 2020
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Hanwha Asset bets on e-commerce, data, health care stocks amid coronavirus
Seoul-based Hanwha Asset Management said Tuesday it is betting on new growth opportunities of companies dedicated to e-commerce, data infrastructure and health care by creating a fund investing in such stocks at home and abroad. The strategy comes amid consumer concerns about face-to-face contact amid the worldwide coronavirus outbreak, which rather translates into higher demand for companies in such sectors, company officials said. The demand stems from changes in people’s lifestyle,
June 2, 2020
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Laundry service startup Laundrygo snaps up W17b
South Korea’s same-day laundry service startup Laundrygo said Tuesday it had raised a 17 billion won ($13.9 million) series B round funding from multiple venture capital houses, amid growing demand for daily life services offered without physical contact in the pandemic era. New investors in the latest round include Korea Investment Partners, Aju IB Investment, KT Investment, Samsung Venture Investment, DS Asset Management. Existing investors Altos Ventures and Hana Ventures also joined
June 2, 2020
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Hana execs join legal battle against penalties for derivatives-linked funds
Tension mounted Tuesday as executives of Hana Financial Group joined the legal battle against financial authorities for imposing penalties for misselling derivatives-linked funds. Jang Kyung-hoon, president of Hana Card as well as Park Se-gul, general manager of Hana Bank’s wealth management unit, have reportedly filed separate suits at a local administrative court to nullify the Financial Supervisory Service’s punitive measures. In March, Hana Bank was slapped with 16.78 bi
June 2, 2020
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ESG bond market to benefit from KRX’s fee-waiver
The stock market operator’s move to offer benefits to companies running socially conscious bonds is likely to add vitality to the environmental, social and governance-related bond market in South Korea, according to industry sources Tuesday. The Korea Exchange is slated to waive listing fees and yearly managing costs for the socially conscious bonds of local firms for three years from June 15. It will also open a website to provide investment details and disclosures of each bond on the s
June 2, 2020
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Seoul stocks open higher on US gains
South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street amid investors' expectations for economic reopening in the United States. The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.03 points, or 0.49 percent, to 2,075.11 in the first 15 minutes of trading. The gains were mainly attributed to the optimism over the US post-lockdown economic reopening, bucking Sino-US political tensions over Beijing's passing of a new national security law for Hong Kong.
June 2, 2020
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Seoul apartment prices in non-Gangnam areas rise upon mortgage ban
Despite the government’s tightened regulations to curb apartment prices in Seoul, the average rate has risen during the first five months this year, particularly in the middle-class districts, data showed Monday. The average apartment price in the city stood at 10.64 million won ($8,670) per square meter as of end-May, up 4.9 percent from December, according to real estate data tracker KB Kookmin Bank Liiv On. Areas considered less-wealthy, including Dongdaemun-gu and Seongbuk-gu, saw
June 1, 2020
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BC Card’s QR code payment available at 7-Eleven
Card processing firm BC Card said Monday that its QR code payment system will be available at 7-Eleven convenience stores, operated by retail firm Korea Seven. Korea Seven, a subsidiary of retail giant Lotte Group, currently runs approximately 10,000 stores across the nation. With the new partnership, the card company now has five big names in the convenience store segment -- GS25, CU, 7-Eleven, EMart24 and Ministop -- as partners to nurture the mobile payment system, BC Paybooc QR Code. Af
June 1, 2020