Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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US, Japanese investors biggest players in S. Korean stock, bond markets: FSS
The number of foreign investors in South Korea’s stock and bond markets exceeded 480,058 last year, up 1,358 from a year earlier, according to the nation’s financial regulator Financial Supervisory Service on Monday. Of the total figure, individuals made up 11,657, while institutional investors made up 36,401, including 23,064 private funds, 2,305 pension funds, 997 stock brokerage firms, 738 banks and 512 insurance firms. By nationality, the US and Japan were the two largest pl
Jan. 27, 2020
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Mobile payment accelerates demise of coins, banking branches
Last year, the number of newly minted coins hit the lowest value on record and the number of banking branches continued to drop, according to data on Monday. The Bank of Korea, the nation’s central bank, said newly issued coins last year amounted to some 36.4 billion won ($30.9 million) in value, the lowest since comparable data started being compiled in 1992 and down 14.3 percent from a year earlier. The figure is even lower than the 39.6 billion won worth of newly made coins i
Jan. 27, 2020
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Investors flock to real estate funds, seeking stable, high returns
Investors have been increasingly turning to real estate funds, looking for low-risk, high-return investments, according to data on sunday. Total investments in real estate funds stood at 99.39 trillion won ($84.90 billion) -- 96.19 trillion won for private equity funds and 3.21 trillion won for public funds -- as of Jan. 21, according to data released by the Korea Financial Investment Association, a nonprofit self-regulatory organization. The figure has been on a steady uptrend over the year
Jan. 27, 2020
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Samsung may see passive funds cut exposure sooner than expected
A cap on Samsung Electronics’s weight in a Korean equity index could kick in earlier than planned, triggering fears that billions of dollars will exit the stock.Instead of the bi-annual adjustment, the Korea Exchange is considering putting a 30 percent limit on Samsung’s weighting on the Kospi 200 Index earlier due to the stock’s recent rally, said Ahn Kil-Hyun, the manager of the team that oversees the index. Given the gauge’s popularity among passive funds, research pro
Jan. 23, 2020
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Duty-free shares suffer decline amid new coronavirus fear
Shares in South Korean duty-free operators took a hit amid concerns that the outbreak of the Wuhan coronavirus may hurt the companies’ revenues from Chinese visitors, data showed Thursday. Hotel Shilla closed at 97,000 won ($83) on Thursday, down 10.6 percent from Friday’s closing price of 108,500 won. Shinsegae fell 4.37 percent over the cited period to finish at 306,500 won. Lotte Shopping also tumbled 4.76 percent to close at 130,000 won.On Monday, South Korea reported
Jan. 23, 2020
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FSS expands consumer protection in reshuffle
The Financial Supervisory Service on Thursday unveiled its reshuffle blueprint, focusing on consumer protection and innovative finance.The move came amid the ongoing controversy regarding the so-called derivatives-linked fund fiasco -- the improper sales of products by local banks and securities. The FSS is slated to announce its sanction decision for two major banking chiefs later this month.“To respond to the stronger consumer protection needs and enhance the supervisory functions over
Jan. 23, 2020
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Kakao’s prospects for brokerage biz brighten
South Korea’s mobile payment platform Kakao Pay has got preliminary approval to enter the securities business, according to the financial regulator Thursday.The Securities and Futures Commission, under the Financial Services Commission, has given its temporary approval to Kakao Pay to become the majority shareholder of local brokerage Baro Investment & Securities. A final decision will be made at the commission’s next meeting, slated for Feb. 5.Having got the nod to acquire a loc
Jan. 23, 2020
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Seoul stocks trim earlier losses amid new coronavirus fear
Seoul stocks trimmed earlier losses late Thursday morning amid rising concerns over the spread of Wuhan coronavirus.The benchmark Korea Composite Stock Price Index had fallen 11.24 points, or 0.50 percent, to 2,256.01 as of 11:15 a.m.Foreign and institutional investors sold a combined 246.7 billion won ($211.4 million) worth of stocks, weighing down the bourse.Daishin Securities analyst Lee Kyung-min said investors went for profit-taking ahead of the holiday after the index jumped to its highest
Jan. 23, 2020
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[Newsmaker] Union protest over Moon-appointed IBK chief set to intensify
Protests outside the state-run Industrial Bank of Korea are expected to intensify, with the union’s fight against the top-down appointment of CEO Yoon Jong-won gaining support from powerful national labor associations in recent weeks. The Federation of Korean Trade Unions, one of the two largest umbrella labor organizations here, announced Wednesday that it was joining the IBK unionists in protesting what they see as excessive government meddling in the organization’s personnel affai
Jan. 23, 2020
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Eximbank employees volunteer at soup kitchen
The Export-Import Bank of Korea said Thursday that its employees volunteered at a soup kitchen near Seoul Station earlier this week, as part of its efforts to consistently engage in community welfare. Twenty Eximbank’s employees, who were part of the lender’s Hope Seed Volunteer program served hearty meals to the homeless on Tuesday, ahead of this year’s Jan. 24-27 Lunar New Year holidays, the bank said. Eximbank has been funding Warm Hearted Food Supply Center near Seoul Stati
Jan. 23, 2020
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Shinsegae chief owns most expensive house in Korea
A luxury mansion owned by the chairwoman of retail giant Shinsegae Group remained the most expensive house in South Korea this year, data showed Wednesday. According to the Land Ministry, the declared value of Shinsegae chief Lee Myeong-hee’s 2,861-square-meter house in Hannam-dong, Seoul, was 27.7 billion won ($23.82 million) this year, taking the top spot on the list of 220,000 detached houses selectively chosen for the survey across the country.The declared value of Lee’s house ro
Jan. 22, 2020
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Fiscal chief says materials, parts, equipment industries ‘stabilized’
Finance Minister Hong Nam-ki said Wednesday that three sectors for electronic materials, parts and equipment, which have been affected by trade restrictions of Japan since last year, are back on a stable track as a result of governmental support.“We have come with specified measures on the voluntary investment worth 2 trillion won ($1.72 billion) by the private sector here and additional investment plans by global companies,” said Finance Minister Hong at a meeting in Incheon.“
Jan. 22, 2020
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KRX aims to revitalize stock market, add to foreign investors’ convenience
The Korea Exchange said Wednesday it will make efforts to revitalize the sluggish stock market with more convenience for domestic and foreign investors.“To attract more long-term investors to the market and contribute to the nation’s economy, we will also offer new and diverse global investment products to raise the dynamics of the stock market,” said Lim Jae-joon, president of the Kospi Market Committee, at a press conference.Lim also pledged to invigorate its KIND regulatory
Jan. 22, 2020
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Eased rules to heighten pension fund engagement
A revision of local financial laws is opening the doors for a higher level of shareholder engagement, empowering the role of pension funds in South Korea, including the world’s third-largest National Pension Service. In forthcoming shareholder meetings slated for March, the NPS is likely to hold sway over those listed on what is equivalent to a “focus list” by the California Public Employees’ Retirement System, out of more than 300 portfolio companies trading on the domes
Jan. 22, 2020
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Shinhan chief gets suspended sentence over influence-peddling charges
Shinhan Financial Group Chairman Cho Yong-byoung on Wednesday received a suspended sentence for influence-peddling in connection with a recruiting scandal at the flagship banking unit, yet his leadership remains unscathed. The Seoul Eastern District Court handed the 63-year-old executive a six-month prison term, suspended for two years. Expressing disappointment, Cho said he would appeal the case to a higher court.The court found Cho guilty of some of the accusations against him, including influ
Jan. 22, 2020
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Samsung’s financial units brace for changes with new CEOs
South Korea’s largest conglomerate on Tuesday appointed new chief executives -- all in their 50s -- in an apparent move to tackle challenges in the fast digitalization of the capital market and diversify its business portfolio for sustainable growth.Samsung Group’s insurance unit, Samsung Life, has appointed Jeon Young-muk as its new CEO. He has served as CEO of Samsung Asset Management since 2018. Samsung Life vice presidents -- Kim Dae-hwan and Shim Jong-keug -- have been tapped to
Jan. 21, 2020
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Cyclical risk persists in Korean equity market: AllianceBernstein
Lingering uncertainties due to cyclical risk across emerging markets in Asia are leaving long-term prospects for South Korea’s equity market unclear, despite its recent buoyance in the technology sector, an analyst at global asset management firm AllianceBernstein said Tuesday. “The technology-led revival in earnings will benefit Kospi earnings-per-share growth in 2020, but there is cyclicality to those earnings, so the outlook for 2021 remains unclear,” David Wong, senior inve
Jan. 21, 2020
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Hana Financial diversifies portfolio, acquires non-life insurer
Hana Financial Group will take over The-K Non-Life Insurance, the insurer affiliated with the Korea Teachers Credit Union, in a move to expand its nonbanking business portfolio.The banking group, in a directors’ meeting held Monday, decided to acquire a 70 percent stake in the insurer for an estimated 70 billion won ($60 million), officials said Tuesday. Hana Financial was the only bidder.Considering the relatively low selling price and the lack of competitors, Hana’s takeover of the
Jan. 21, 2020
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Foreign deposits rise on weak dollar in Dec.
Foreign currency deposits held by banks in South Korea rose sharply from a month earlier in December, central bank data showed Tuesday, apparently on the weakening of the US greenback that prompted both individuals and firms to boost their dollar holdings.The outstanding foreign currency deposits here came to $79.44 billion as of end-December, up $4.57 billion from a month before, according to the data from the Bank of Korea.The increase marks a turnaround from a $3.67 billion drop in November.F
Jan. 21, 2020
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Number of stock-trading accounts nears 30m
The number of active security accounts in South Korea is nearing 30 million amid growing stock trading activities focused on overseas markets, according to data from the Korea Financial Investment Association on Monday.As of Thursday, the number of active equity accounts was around 29.4 million. It is expected to soon reach 30 million, considering its fast growth, the self-regulatory financial organization said.Active security accounts are those with depository assets of 100,000 won ($86.4) and
Jan. 20, 2020