Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Yoon's approval rating plunges to all-time low
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[Graphic News] More Koreans say they plan long-distance trips this year
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Mother of student activist, whose death sparked pro-democracy movement, dies
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Seoul stocks open nearly flat amid Ukraine risk
South Korean stocks opened nearly flat Tuesday, as investors took to the sidelines amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The benchmark Korea Composite Stock Price Index (Kospi) edged up 0.79 point, or 0.03 percent, to 2,705.27 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite closed unchanged and the Dow Jones Industrial Average lost 0.49 percent. In Seoul, market bellwether Samsung Electronics added 0.27 percent,
Feb. 15, 2022
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Goldman Sachs expects market index upgrade for S. Korea in 2024
Morgan Stanley Capital International, the world’s largest index provider, could reclassify South Korea as a developed market from the current emerging market status as early as 2024, if Seoul works to internationalize currency markets, Goldman Sachs said Monday in a report. “If Korea addresses MSCI market accessibility concerns, it could be placed on the annual review watchlist this June,” the report said, referring to a necessary step before Korea can be officially included i
Feb. 14, 2022
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Seoul stocks down for 2nd day on US-Russia tensions
South Korean stocks closed sharply lower Monday, tracking a plunge on Wall Street last week amid heightening US-Russia tensions over Moscow's potential invasion of Ukraine. The Korean won sharply rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) decreased 43.23 points, or 1.57 percent, to close at 2,704.48 points. Trading volume was moderate at about 606 million shares worth some 11.3 trillion won ($9.4 billion), with losers outnumbering gainers 787 to 117. Reta
Feb. 14, 2022
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Financial watchdog to step up crackdown on Big Tech
South Korea’s financial watchdog pledged Monday to announce its own monitoring measures for Big Tech firms’ financial services. As part of its annual plan for this year, the Financial Supervisory Service said it would prepare “Korean-type Big Tech monitoring measures to stimulate competition and innovation from Big Tech’s foray into the finance sector and to achieve financial stability and customer protection.” The purpose of the measures is to establish systemat
Feb. 14, 2022
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Foreigners net sellers of Korean stocks in Jan.
Foreigners were net sellers of Korean shares in January, ending their buying spree in December last year as investor appetite soured on signals from the US Federal Reserve that it was accelerating its policy tightening measures, data showed Monday. In January, foreigners offloaded a net 1.6 trillion won ($1.3 billion) in shares, having bought 629 billion won in the benchmark Kospi market while shedding 2.3 trillion won in the junior Kosdaq. They purchased bonds of 3.6 trillion won in the same p
Feb. 14, 2022
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Foreigners turn net sellers of S. Korean stocks in Jan.
Foreign investors turned net sellers of South Korean stocks in January, but their net investment in local bonds continued to expand, data showed Monday. Foreigners sold a net 1.68 trillion won ($1.4 billion) worth of local stocks last month, compared with their net purchase of 4.36 trillion won in December, according to the data from the Financial Supervisory Service (FSS). It represented offshore investors' first net selling of South Korean stocks in three months. Investors from the United Stat
Feb. 14, 2022
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[Newsmaker] Hana eyes stronger earnings, shareholder value under new leadership
South Korea’s Hana Financial Group announced a record annual net income of 3.5 trillion won ($2.9 billion) for 2021 last week, citing successful portfolio diversification as a driving force behind the banking group’s robust profit. Exceeding market expectations, Hana’s annual net income gained 33.7 percent on-year, driven by a noteworthy increase in earnings of its nonbanking businesses, a regulatory filing showed Thursday. Brokerage arm Hana Financial Investment’s net
Feb. 13, 2022
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Seoul stocks likely to fluctuate next week on US price pressure concerns
South Korean stocks are likely to fluctuate in a broad range as investors digest the high-flying inflation rates in the United States, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 2,747.71 points Friday, little changed from 2,750.26 points a week ago. The key stock index on Friday snapped its three-day winning streak from corporate earnings hope due largely to the highest US inflation growth in four decades, released the previous night. Analysts said the h
Feb. 12, 2022
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Big 4 banking groups post record earnings on lending growth
South Korea’s top four major banking groups -- KB, Shinhan, Hana and Woori -- saw their combined earnings last year hit a record high, largely buoyed by robust interest and commission income. According to their separate regulatory filings, the total net profit of the firms soared 34.5 percent on-year to 14.5 trillion ($12 billion) last year, eclipsing the previous record of 10.8 trillion won in 2020. KB Financial Group outpaced rivals in terms of net profit. Its net increased 27.6 perc
Feb. 11, 2022
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Seoul stocks open steeply lower on estimate-beating US inflation data
South Korean stocks opened steeply lower Friday due to the stronger-than-expected US inflation data. The benchmark Korea Composite Stock Price Index (Kospi) fell 27.95 points, or 1.01 percent, to trade at 2,743.98 points in the first 15 minutes of trading. The Kospi dropped as the US consumer price index for January was up 7.5 percent, higher than the market consensus. Overnight, the tech-heavy Nasdaq composite decreased 2.1 percent and the Dow Jones Industrial Average lost 1.47 percent. Tech st
Feb. 11, 2022
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KB chairman calls for public-private cooperation to make ESG headway
The chief of South Korea’s KB Financial Group said Thursday that the adoption of environmental, social and governance values is gaining traction, and asked for cooperation between the Korean public and the private sector to make headway in the global race. “ESG values are growing around the world with irreversible speed,” KB Financial Group Chairman Yoon Jong-kyoo said in a special luncheon talk hosted by the National Assembly. “The manufacturing sector accounts for a
Feb. 10, 2022
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Seoul stocks open higher on Wall Street gains
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (Kospi) rose 10.23 points, or 0.37 percent, to trade at 2,779.08 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite jumped 2.08 percent on tech gains, and the Dow Jones Industrial Average advanced 0.86 percent. In Seoul, market bellwether Samsung Electronics added 0.67 percent, and No. 2 chipmaker SK hynix advanced 1.98 percent. I
Feb. 10, 2022
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Seoul stocks up for 2nd day on earnings hope
South Korean stocks closed higher for a second day in a row on Wednesday amid hopes of strong corporate earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 22.38 points, or 0.81 percent, to close at 2,768.85 points. Trading volume was moderate at about 530 million shares worth some 10.2 trillion won ($8.5 billion), with gainers outnumbering losers 757 to 125. Institutions bought a net 197 billion won and foreigners purchased 239 b
Feb. 9, 2022
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[Newsmaker] Hana Financial taps man behind successful KEB merger transition as new chief
South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo, who led its flagship lender’s smooth operation and business rebranding after its grueling acquisition of Korea Exchange Bank seven years ago, to be the next chairman of the banking group. On Tuesday, the firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extra
Feb. 9, 2022
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Hana Financial taps vice chief as new chairman
South Korea’s Hana Financial Group has nominated Vice Chairman Ham Young-joo to be the next chairman of the banking group. On Tuesday, firm’s chairman nomination committee tapped Ham as the sole nominee for the position, citing his performance in generating profit and bolstering stability in business. Ham has also shown “extraordinary leadership” in managing the group and is expected to lead Hana into the future with digital transformation, the committee said in a statem
Feb. 8, 2022
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Seoul stocks end nearly flat on US-China tensions
South Korean stocks closed nearly flat Tuesday, paring most earlier gains, in the face of elevating trade tensions between the world's two largest economies. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) edged up 1.41 points, or 0.05 percent, to close at 2,746.47 points. Trading volume was moderate at about 555 million shares worth some 11.6 trillion won ($9.7 billion), with losers outnumbering gainers 544 to 313. Foreigners sold a net 97 b
Feb. 8, 2022
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Seoul stocks snap 3-day winning streak on profit-taking
South Korean stocks ended their three-day winning streak on Monday, largely as investors attempted to cash in profits from recent stock rallies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 5.2 points, or 0.19 percent, to close at 2,745.06 points. Trading volume was moderate at about 410 million shares worth some 11.1 trillion won ($9.2 billion), with gainers outnumbering losers 467 to 385. Institutions sold a net 834 billion
Feb. 7, 2022
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As Kospi rally nears end, money moves to safer options
Korean investors are pulling out money from their investment accounts to reallocate it to safer options such as money market funds as they seek to ride out volatility gripping the local stock market, data showed Sunday. As of Thursday, credit-backed loans for stock investments stood at 21 trillion won ($17.5 billion), down about 4 trillion won from a record high of 25 trillion won in September last year. Since then, the deposit borrowed from brokerages on investors’ credit has been shri
Feb. 7, 2022
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Stock assets of chaebol leaders hit hard by Kospi loss
The nation’s top chaebol leaders saw their stock assets fall sharply in January, as the nation’s benchmark Kospi entered a bear market, while some firms grappling with controversies also took a beating. The total value of stocks owned by the nation’s top 33 chaebol owners was estimated at 55.43 trillion won ($46.19 billion) in January, down 13.8 percent from a month ago, according to data from market tracker Korea CXO Institute Monday. Hyundai Development Co. Chairman Chung
Feb. 7, 2022
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Woori taps senior deputy chief to lead flagship bank
South Korea’s Woori Financial Group said Monday it has nominated Senior Deputy President Lee Won-duk to lead its flagship commercial bank. The firm’s CEO recommendation committee last month had shortlisted three candidates for the position -- Lee, Park Hwa-jae, deputy president of Woori Bank‘s credit support unit and Jeon Sang-wook, deputy president of the bank’s risk management unit. Lee was tapped due to his “broad understanding” of the group’s core
Feb. 7, 2022