Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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Samsung mocks Apple over iPhone alarm glitch
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Speaker floats dual citizenship as solution to falling births
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Bit Hit shares slide after stellar IPO
Share price of Big Hit Entertainment, an entertainment agency behind K-pop boy band BTS, slid for two straight days right after the high profile initial public offering Thursday. The company’s stock price traded 19.77 percent lower at 207,000 won ($180.6) in intraday trading Friday. After soaring by 30 percent to 351,000 won on its Thursday debut on the main bourse Kospi, the stock closed at 258,000 won, down 4.4 percent from the opening price of 270,000 won. BTS’ offering price s
Oct. 16, 2020
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Seoul stocks down for 4th consecutive day on virus concerns
South Korean shares retreated for a fourth consecutive session Friday, largely on concerns that the COVID-19 resurgence in major economies may hurt exports. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 19.68 points, or 0.83 percent, to close at 2,341.53. Trading volume was moderate at about 908 million shares worth some 11 trillion won ($9.6 billion), with losers outnumbering gainers 622 to 240. Foreigners sold a net 173 billion wo
Oct. 16, 2020
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IMM PE looks to exit from Taihan Electric Wire
South Korea’s buyout firm IMM Private Equity is looking for a buyer for Taihan Electric Wire starting November, five years after it invested 300 billion won ($261.7 million) in the then-debt-saddled company for a controlling stake, according to sources Friday. Shares of Taihan, the nation’s No. 2 power transmission wire maker, rose sharply on the Korea Exchange’s main bourse Kospi on Friday. At 12:30 p.m., Taihan shares were trading 9.8 percent higher than the previous day&rs
Oct. 16, 2020
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Seoul stocks open lower on COVID-19 jitters
South Korean shares opened lower Friday as a resurgence of the new coronavirus could dampen hopes of a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.3 point, or 0.01 percent, to 2,360.91 in the first 15 minutes of trading. Stocks traded bearish after the KOSPI lost for a third consecutive day the previous session. The Dow Jones Industrial Average went down 0.07 percent, to close at 28,494.2 on Thursday (New York time), with the Nasdaq Composite and
Oct. 16, 2020
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BTS' label becomes Korea's largest entertainment company in strong market debut
Shares of Big Hit Entertainment, the management agency of K-pop sensation BTS, nearly doubled as the company made a strong market debut on South Korea’s main bourse, Kospi, Thursday, becoming the biggest entertainment company by market capitalization here. With the opening price set at 270,000 won ($235.80) per share, twice the offering price, Big Hit shares spiked by the daily permissible limit of 30 percent to 351,000 won soon after the bell rang. But the stock closed at 258,000 won,
Oct. 15, 2020
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Seoul shares dip for 3rd session on virus woes, US stimulus deadlock
South Korean stocks dipped for a third consecutive session Thursday as spreading new coronavirus infections and the deadlocked US fiscal stimulus weighed heavily on the local financial markets. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 19.27 points, or 0.81 percent, to close at 2,361.21. Trading volume was moderate at about 1.1 billion shares worth some 12.8 trillion won ($11.2 billion), with gainers outnumbering losers 583 to 279.
Oct. 15, 2020
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Shinhan Card issues social bonds worth $400m
South Korea’s leading credit card company Shinhan Card said Thursday that it has issued social bonds worth $400 million via a public offering. The issuance of the bonds, aimed at funding small-and medium-sized businesses and helping the financially marginalized, is the first of its kind in the local credit card segment since the global financial crisis in 2008, according to Shinhan. Some 100 institutional investors -- nearly 82 percent from the Asian region and the rest from Europe
Oct. 15, 2020
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Shinhan Financial Group launches comprehensive auto financing platform
Shinhan Financial Group said Thursday that it has launched a comprehensive online auto financing platform that allows users to gain access to the firm’s loan and lease services. Shinhan’s customers can now check their credit limits and compare auto finance products or monthly installment plans tied to loans, leases and rentals via the platform dubbed “My Car.” The platform is available on its website and in app form. “My Car” was created by merging two sep
Oct. 15, 2020
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Mirae Asset’s trust deposits for pension funds exceed W8tr
Trust deposits for pension funds operated by Mirae Asset Global Investments surpassed the 8 trillion won ($7 billion) mark, the company said Thursday. The company pooled 3.8 trillion won for private pension funds and 4.2 trillion won for retirement funds. Both figures are the highest in their respective segments, it added. Trust deposits for the pension market grew by 1 trillion won this year to 32 trillion won, according to financial market tracker FnGuide. Mirae Asset put its focus on rol
Oct. 15, 2020
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KB Card launches mobile payment solution
KB Card, a major card issuer in South Korea, rolled out a mobile payment solution Thursday as part of its efforts to transform into a digital financial platform operator. The payment solution, named KB Pay, allows users to utilize money transfer, overseas remittance and currency exchange services. KB Pay subscribers can also have credit cards and gift certificates registered on the app to use them at online stores or brick-and-mortar shops. Those who want to make purchases in other countries
Oct. 15, 2020
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Seoul shares open lower, tracking falls on Wall Street
South Korean stocks opened lower Thursday, taking a cue from overnight losses in US markets over doubts about a fiscal stimulus plan. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.24 points, or 0.18 percent, to 2,376.24 in the first 15 minutes of trading. Seoul shares closed down nearly 1 percent Wednesday on renewed concerns that a resurgence in new coronavirus cases dimmed hopes for economic recovery. Wall Street ended lower Wednesday as investor sentiment was chilled by ex
Oct. 15, 2020
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BTS agency listed amid fanfare on stock market
Big Hit Entertainment, the management agency of K-pop superstars BTS, debuted on South Korea's main bourse on Thursday, building a valuation higher than the country's next three largest entertainment companies combined. Big Hit shares opened at 270,000 won ($236) on Thursday on the Korea Exchange and jumped by the daily upper limit of 30 percent to 351,000 won three minutes after market opening. The stocks closed at 258,000 won, down 4.4 percent from the starting price. Still, the closing pr
Oct. 15, 2020
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Hyundai Motor stocks unmoved by leadership change
Stock prices of Hyundai Motor Group’s affiliates remained largely unfazed by the announcement of the South Korean conglomerate welcoming Chung Euisun as its new chairman on Wednesday, except for Hyundai Glovis, a subsidiary controlled by the new leader. Stock in the group’s crown jewel, Hyundai Motor Company, ended 0.56 percent lower at 178,000 won ($155.16) while that of Hyundai Mobis, an automotive parts company, ended 1.7 percent lower at 231,500 won. The conglomerate’s oth
Oct. 14, 2020
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Seoul stocks tumble almost 1% over virus scare
South Korean shares dipped nearly 1 percent Wednesday as a new coronavirus cluster infection threatened hopes for quick economic recovery. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 22.67 points, or 0.94 percent, to close at 2,380.48. Trading volume was moderate at about 880 million shares worth some 10.5 trillion won ($9.2 billion), with losers outnumbering gainers 638 to 227. Foreigners sold a net 38 billion won and institutions o
Oct. 14, 2020
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KB, SC Bank, Mirae Asset Daewoo get top grades in governance, ESG
Standard Chartered Bank Korea, KB Financial Group and Mirae Asset Daewoo were recognized for their best practices in corporate governance and ESG management, respectively, the companies said Wednesday. SC Bank Korea, wholly owned by London-based Standard Chartered Bank, received the “A+” rating for a second consecutive year in the Korea Corporate Governance Service‘s corporate governance evaluation on companies‘ shareholder-friendly approach an
Oct. 14, 2020
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More than half of card loan users juggle multiple debts
More than a half of credit card loan users in South Korea pay debts with cash withdrawn from multiple financial institutions, data showed Monday, indicating that both credit card issuers and commercial banks are facing a growing default risk. About 56 percent of the country’s 2.6 million holders of credit card loans were found to have received loans from more than three financial service companies, including credit card issuers and banks, between January and June, said Rep. Jeon Jae-su fr
Oct. 14, 2020
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Seoul stocks open lower on US stimulus deadlock, vaccine worries
South Korean shares opened lower Wednesday, as investor sentiment weakened over a deadlock in US fiscal stimulus plans and slow progress in new coronavirus vaccine development. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.77 point, or 0.03 percent, to 2,402.38 in the first 15 minutes of trading. Stocks traded bearish, taking a cue from Wall Street losses that stemmed from worries that the new US stimulus plan is losing steam ahead of the November presidential election. Inve
Oct. 14, 2020
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IBK provides online PR channel for coronavirus-hit local SMEs
The Industrial Bank of Korea said Tuesday that it will help local small and medium-sized enterprises promote their products via online channels amid the prolonged market fallout of COVID-19. The state-run lender, in partnership with the Seoul Business Agency, will hold an online promotion campaign for a selected list of quality SME products. After receiving applications in May, the bank singled out 10 beneficiaries and created video advertisements that will be posted on IBK and SBA’s cha
Oct. 13, 2020
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Kakao affiliate Kids Note sets its eyes on IPO in 2022
Kids Note, an operator of a mobile platform for nursery schools and parents in South Korea, said Tuesday it was preparing to go public in 2022. As part of its initial steps for the planned initial public offering, the company has recently picked Daishin Securities as a lead underwriter. Founded in 2012, Kids Note runs a communication service between child care centers and parents. In 2015, it became an affiliate of mobile tech behemoth Kakao. Mimicking Kakao’s free-of-charge business mod
Oct. 13, 2020
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State trade insurer fails to recover overseas debt worth W1.4tr: data
South Korea’s state-run trade insurance firm has failed to retrieve some 1.4 trillion won ($1.2 billion) so far spent to cover local exporters' losses in their deals with foreign companies, data showed Tuesday. The Korea Trade Insurance Corp. also known as K-Sure under the Ministry of Trade, Industry and Energy, mainly offers guarantees to banks that extend loans to Korean overseas developers that require large-scale and long-term financing and issue bonds to exporters. But it also offers
Oct. 13, 2020