Most Popular
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Samsung under pressure after Intel's foundry spin-off: analysts
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Yoon leaves for Prague to cement nuclear energy push
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Heavy rain to fall nationwide over weekend, but warmer fall expected
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Seoul chastises predatory pricing claims over Czech nuclear export deal
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YouTuber under fire for consoling former singer accused of bullying
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NK newspaper 'unusually' silent on new missile tests: Seoul
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Samsung CEO introduces ‘bold growth’ as new target
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Bank of Korea eyes rate cut after US Fed's historic pivot
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3 suspects apprehended for selling celebrity deepfake porn: police
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Hyundai Motor officially becomes KT’s largest shareholder
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Watchdog urges foreign financial firms to step up efforts against money laundering
The Financial Supervisory Service on Thursday urged foreign financial companies operating here for more efforts in anti-money laundering actions amid increasing cross-border transactions and the rapid advancement of financial technology services.Underlining the country’s upper hand in information and communication technology and innovation, the watchdog also encouraged companies from advanced countries to actively share their financial technologies and operating know-how.The 10th annual se
March 15, 2018
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FSC to toughen governance rules for financial firms
South Korea’s Financial Services Commission announced Thursday a set of plans to strengthen corporate governance rules for financial firms here, mainly to tackle a lack of transparency in nomination processes for chiefs at local banking firms.The plans to revise the Act on Corporate Governance of Financial Companies, to be proposed by June, aim to prohibit the incumbent chief of a financial firm from joining an internal committee to nominate outside directors. It would also obligate o
March 15, 2018
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Korean banks' foreign currency deposits decrease in Feb.
Foreign currency deposits at banks in South Korea dropped for the second-straight month in February amid the strong US dollar trend, central bank data showed Thursday.Foreign currency deposits held by banks here reached $80.96 billion at the end of February, down $940 million from a month earlier, according to the data compiled by the Bank of Korea. It said people sold their dollar possessions as the Korean won lost ground against the US greenback last month, touching a two-month low of 1,092 wo
March 15, 2018
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FSC chief sides with Kumho Tire creditors
Financial Services Commission Chairman Choi Jong-ku said Kumho Tire creditors’ demand to normalize the Korean tire manufacturer mainly by selling the firm’s majority stake to a Chinese firm is a “prerequisite” for the firm’s survival, during a press conference Wednesday.Choi called for the tiremaker’s labor union to comply with the self-restructuring plan in the making, amid the union’s opposition due to fears of employment insecurity and a technology le
March 14, 2018
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Visa Korea appoints new CEO
Global payment solution provider Visa said Wednesday that it has appointed Patrick Yoon as the country manager to lead its Korean office. The incoming business chief has worked at various branches of Standard Chartered bank, steering strategy, business development and mergers and acquisitions, officials said. For the past four years, he led the retail finance headquarters at SC Korea.Before joining SC in 2005, Yoon also served in the investment department of Morgan Stanley in the United States.&
March 14, 2018
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Korea Post launches special MoneyGram service for foreign customers
The Korea Post designated Monday 15 post offices in areas with a high number of foreign residents, offering overseas money transfer options via MoneyGram.Officials of the national postal service have announced that so far Seoul’s Itaewon Post Office, Uijeongbu Post Office in Gyeonggi Province and 13 other places will operate as “special MoneyGram post offices” to meet the high demand of money transfers in those specific areas. MoneyGram lets customers send money for cash pick-u
March 13, 2018
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Kyobo chief receives highest dividend in insurance industry
Shin Chang-jae, chief executive officer and chairman of Kyobo Life Insurance, received over 34 billion won ($32 million) in stock dividend last year, ranking first among top officials of the insurance industry. The life insurer decided to allocate 5,000 won per common stock for the fiscal year 2017 and to pay 102.5 billion won in total dividends, up 25.6 billion won or 33.3 percent from the previous year, officials said Tuesday.Shin, who is also the insurer’s largest shareholder with 6.9 m
March 13, 2018
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Hana Financial under renewed probe upon FSS chief resignation
The Financial Supervisory Service on Tuesday launched a special investigation into misconduct at Hana Financial Group and its subsidiary KEB Hana Bank in hiring entry-level employees.The move came a day after the watchdog’s former governor, Choe Heung-sik, offered to resign amid growing allegations that he was involved in the scandal during his stint at the banking group in 2013. A 15-day special in-house counsel team headed by FSS Deputy Gov. Choi Seong-il was launched Tuesday to loo
March 13, 2018
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FSS chief steps down in recruitment scandal
The chief of the Financial Supervisory Service, Choe Heung-sik tendered his resignation Monday, amid allegations of him arranging recruitment favors during his stint at Hana Financial Group, according to the FSS.The news came hours after a decision by the FSS to launch a probe into a scandal involving hiring at Hana Financial Group. Gov. Choe, who took office in September 2017, had served as Hana Financial Group chief executive from 2012 to 2014. While denying involvement in any wrongdoing,
March 12, 2018
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Stock rallies selective in inter-Korean thaw
In the wake of signs of US-North Korea and inter-Korean thaws, spearheading the latest rally of South Korean markets were stocks that previously had business ties with North Korea effectively severed. These firms, locally dubbed “inter-Korean business cooperation-themed stocks,” had either operated production facilities at Kaesong industrial park, been involved in joint efforts to build cultural parks at Mount Kumkang in the North or the Korean Demilitarized Zone, or been seen as lik
March 11, 2018
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Seoul shares expected to stay within tight range next week
South Korean shares are likely to remain within a tight range next week as US President Donald Trump's trade protectionist measures weigh on the local equity market, observers here said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,459.45 points on Friday, gaining 2.38 percent over the week. Trump signed import tariffs of 25 percent on steel and 10 percent for aluminum, but raised the likelihood of exempting allies from the high duties.&nb
March 10, 2018
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Korea unveils ledger-free blockchain
South Korea‘s research team unveiled Thursday it has developed a ledger-free blockchain system that runs on inter-device communication system featuring enhanced security, designed to tackle consumer inconvenience on existing blockchain platforms that stems from consensus delay and slow transaction speed. The homegrown system, dubbed “PureChain,” will have an inter-node transaction go through both external confirmation between nodes, or those engaging in the transaction, a
March 8, 2018
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KB Financial chief’s balanced strategy upholds ‘leading bank vision’
Since 2014, KB Financial Group has renewed one business record after another, raising its yearly net profit to a record-high benchmark, moving a step ahead of rivals and cementing its position as industry champion.At the heart of such progress was Chairman Yoon Jong-kyoo, who is noted for his strategic balance between the group’s signature banking sector and prominent nonbanking businesses.In September last year, Yoon was reappointed as the financial holding company’s chairman, marki
March 8, 2018
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KB Financial aims to stretch lead with shareholder-friendly approach
KB Financial Group has solidified its position as South Korea‘s top banking group in terms of earnings and market cap, on the back of higher-than-expected earnings in the fourth quarter of 2017 that led to a record-high yearly net income last year.Stock analysts have said the financial giant’s capability to carry out shareholder-friendly actions driven by its increase in capital, will stretch its lead in the domestic banking industry, ahead of Shinhan Financial Group that topped in 2
March 8, 2018
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Corporate bond volume surges amid rate hike signs
The amount of corporate bond issuance here took a drastic upturn last month as companies took pre-emptive actions to secure funds ahead of the central bank’s impending key interest rate hike, according to the Korea Financial Investment Association.The total amount of bonds issued in February stood at 53.31 trillion won ($49.87 billion), up 1.6 trillion won from a month earlier, on the back of corporate bonds and asset-backed securities, data showed Wednesday.Of the total, the corporate bon
March 7, 2018
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Stocks dip despite easing inter-Korea tension
South Korean stock markets had a roller coaster day on Wednesday on foreign sell-offs, despite signs of inter-Korean rapprochement in the wake of South Korean envoys‘ meeting with North Korean leader Kim Jong-un the previous day. Market watchers remained mixed on whether the North Korean momentum would lead to a long-term upward drive in the local stock markets, On Wednesday, the top-tier stock market Kospi and the second-tier Kosdaq both fluctuated. Opening lower, both Kospi and Kos
March 7, 2018
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Temasek sells shares worth W1.1tr in Korea’s Celltrion, Celltrion Healthcare
Ion Investments, which is controlled by Singapore’s sovereign wealth fund Temasek Holdings, has sold a part of its stake in South Korean biopharma company Celltrion and its distribution unit Celltrion Healthcare in a block deal worth around 1.1 trillion won ($1.03 billion). News of the deal, which was made after the market’s close on Tuesday, led to the price of Celltrion and Celltrion Healthcare plunging by more than 10 percent Wednesday.According to news reports, Temasek on Tuesday
March 7, 2018
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20-somethings most active in virtual currency investment: survey
Those in their 20s are most active in investing in cryptocurrencies in South Korea, a survey showed Wednesday, as state regulators move to rein in the virtual currency frenzy in Asia's fourth-largest economy.Amid concerns over a bubble, the government banned the opening of new virtual accounts for cryptocurrency investors and requires those that bought and sold the currency to use real-name accounts, and not the virtual system favored in the past.Bitcoin, ethereum and other cryptocurrencies have
March 7, 2018
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[Herald Interview] Tera Funding sets out to hedge risks of P2P project finance
The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 11th installment. - Ed.Since last year, South Korea’s financial watchdogs warned retail investors about crowdsourcing funds for peer-to-peer project finance, saying that their repayment capabilities could only be determined on projected cash flow without collateral.The high return -- often at above 10 percent -- that the instrument promises to the lenders, triggered
March 6, 2018
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SK decides to hand over controlling shares of SK Securities to J&W Partners
SK Holdings decided in a board meeting Monday to hand over the controlling stakes of its brokerage arm worth 51.5 billion won ($47.9 million), or 10 percent of the firm, to Seoul-based private equity firm J&W Partners.If the deal gets the nod from the Financial Services Commission and J&W Partners manages to acquire all the shares until February 2019, SK Group will be free of regulatory drag for failing to divest itself of a financial arm. SK Holdings, a major shareholder of SK Securitie
March 6, 2018