Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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Ex-pro baseball player who killed debtor appeals sentence
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Regulators to pave way for 4th credit appraiser
Financial regulators in South Korea said Monday they were seeking the entry of a fourth credit appraiser into the market, to improve credit rating market confidence and reduce collusive ties between rating agencies and the firms they evaluate.The Financial Services Commission and the Financial Supervisory Service in a release Monday said the third-party committee will hold its first meeting next week, in order to evaluate the credit rating market. The committee, launched in December 2016 compris
May 22, 2017
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Banking federation embraces 2nd internet-only bank
Kakao Bank, the second online-only bank in the country set to start its services in June, has joined the Korea Federation of Banks.The KFB said Monday that Kakao Bank had become the 22nd banking institution under the federation Friday. All commercial banks in operation in South Korea are members of the KFB, which gathers views from the banking sector and submits them to the parliament or financial regulators as a whole.In January, K bank entered the association as the country’s first onlin
May 22, 2017
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Korean stocks reach record high of 2,304 fueled by foreign buying
South Korean shares breached the 2,300-point mark for the first time ever as foreign investors scooped up major tech stocks amid sound corporate earnings, bucking overnight gains on Wall Street, analysts said. The Korean won sharply rose against the US dollar.The benchmark Korea Composite Stock Price Index added 15.55 points, or 0.68 percent, to an all-time high of 2,304.03.Trade volume was slim at 334.55 million shares worth 5.74 trillion won ($5.04 billion), with advancers outnumbering losers
May 22, 2017
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Finance chief nominee wants to raise taxes, create jobs
Following his nomination by President Moon Jae-in on Sunday as deputy prime minister for the economy and finance minister, Kim Dong-yeon said his main objectives will be to revitalize the country’s lagging economy by increasing the effective tax rate and adding more jobs.“I think the next five years will be our last chance to save the economy,” Kim said during a press conference at the Government Complex in Gwacheon on Sunday.“In the short term, we will concentrate on int
May 22, 2017
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[Photo News] BOK issues notes from Gangnam for the first time
May 22, 2017
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Banks, card firms may face difficulty raising fees
South Korean banks and credit card firms might face difficulty in raising their fees, as the financial authorities began reviewing President Moon Jae-in’s pledges to adopt a new regulation to toughen rules on financial fees, industry sources said Monday.Moon, who believes in big government and its larger role in the market, had vowed to “adopt a system to evaluate the legitimacy of financial fees,” according to the booklet of his election pledges. The Financial Services C
May 22, 2017
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Korean shares up in late morning trade
South Korean shares traded higher late Monday morning as foreigners scooped up shares of large tech companies, analysts said.The benchmark Korea Composite Stock Price Index gained 12.12 points, or 0.53 percent, to 2,300.6 as of 11:20 a.m.The broad index opened higher but soon paired earlier gains as institutional buyers turned to a selling mode.Market behemoth Samsung Electronics gained 0.76 percent, with smaller rival LG Electronics adding 0.61 percent to hit a record high. SK hynix advanced 2.
May 22, 2017
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Seoul shares open higher on tech blue chips
South Korean stocks opened higher on Monday, buoyed by bullish tech large caps, analysts said. The benchmark Korea Composite Stock Price Index climbed 15 points, or 0.66 percent, to reach 2,303.48 in the first 15 minutes of trading. Big tech shares pushed up the market, although large-cap stocks were mixed across the board.Market behemoth Samsung Electronics gained more than 1.3 percent, with smaller rival LG Electronics adding 0.74 percent to hit a record high. SK hynix advanced 1.66 perce
May 22, 2017
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‘External uncertainties to heighten stock market sensitivity’
Developing external uncertainties will heighten sensitivity of the main bourse of South Korea, according to market experts Friday. The first-tier market has been riding on momentum for nearly a month backed by first-quarter earnings surprises of local listed firms and President Moon Jae-in‘s highly-anticipated move to improve corporate structure and induce institutional investors to adopt a stewardship code.The benchmark Korea Composite Stock Market Index, however, suffered a two-day slump
May 19, 2017
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KRX to launch portal on short-selling
The Korea Exchange will launch a new web portal in June to provide information on short-selling in the local stock market and facilitate individual investors’ access, the market operator said Thursday.The beta version of the website will kick off Monday, through which the KRX is expected to gather feedback from investors until June 16, 10 days ahead of the official launch of the service available in Korean and English. The KRX said in a release Thursday that it aims to address misconceptio
May 19, 2017
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Seoul shares little changed as earnings momentum fades
South Korean stocks closed nearly flat on Friday as investors remained cautious amid no fresh leads following a recent rally led by robust corporate earnings, analysts said. The local currency edged down against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 1.66 points, or 0.07 percent to close at 2,288.48. Trading volume was moderate at 415.2 million shares worth 5.78 trillion won ($5.12 billion) with gainers outnumbering decliners 598 to 230. "As the first-qua
May 19, 2017
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Gov't dividend income jumps 27.4% in 2017
The government's dividend income from its stakes in public companies rose sharply this year on improved earnings of state-funded companies, the finance ministry said Friday.Public companies' dividend payments to the government totaled 1.56 trillion won ($1.38 billion) in 2017, up 27.4 percent from 1.2 trillion won a year earlier, according to the Ministry of Strategy and Finance. The ministry said that the spike comes as the average dividend payout ratio, or the percentage of earnings paid to sh
May 19, 2017
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BOK completes moving cash reserves to Gangnam
The Bank of Korea has completed moving more than 10 trillion won ($8.88 billion) of cash -- previously stashed in an underground vault -- to its Gangnam office, bank officials said Friday.The move comes as the central bank will be starting its three-year renovation of its headquarters in central Seoul from the second half of the year. This will include reconstruction of the main annex building to enhance security and safety, the BOK said. While most of the BOK’s departments are moving
May 19, 2017
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New 2018 budget guidelines put jobs, income growth first
Under the new Moon Jae-in administration, the Finance Ministry has set up renewed guidelines for next year’s budget prioritizing Moon’s key policies, such as job creation and income growth, the ministry said Friday.The Ministry of Strategy and Finance said it has revised its budget guidelines for 2018, which had been announced on March 31, to reflect the new government’s key policy tasks. “To reflect the new government’s policies and streamline the fiscal spend
May 19, 2017
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Seoul shares almost flat in late-morning trade
South Korean stocks trading was nearly unchanged late Friday morning, with tech blue chips losing ground while auto large caps moved upward, analysts said. The benchmark Korea Composite Stock Price Index added 1.59 points, or 0.07 percent, to hit 2,288.41 as of 11:20 a.m. Tech giant Samsung Electronics fell more than 2 percent, with chipmaker SK hynix shedding over 1 percent. Top automaker Hyundai Motor continued its bullish mode with a roughly 2-percent gain, and its affiliate Hyundai Mobis, an
May 19, 2017
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Ex-KDB chief gets 4-year jail term for corruption
Former Finance Minister Kang Man-soo was sentenced to four years in prison Friday on multiple corruption charges. The Seoul Central District Court convicted Kang, also a former head of the state-run Korea Development Bank, of pressuring the government to designate a biotech firm run by his friend as a business partner and provide billions of won in subsidies in December 2009. The court ordered him to pay a fine of 50 million won ($44,000). Kang was the country's finance minister from 2008 to ear
May 19, 2017
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Seoul shares open tad lower on large-cap losses
South Korean stocks started marginally lower on Friday, as a drop in top-listed firms offset gains in cosmetics and food companies, analysts said. The benchmark Korea Composite Stock Price Index shed 2.04 points, or 0.09 percent, to trade at 2,284.78 in the first 15 minutes of trading. Top-cap Samsung Electronics lost almost 1 percent, with No. 1 automaker Hyundai Motor sliding 1.6 percent. But top cosmetics maker AmorePacific gained around 1 percent and major food maker CJ Cheiljedang clim
May 19, 2017
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Seoul shares down 0.27% on Trump risk
South Korean stocks declined 0.27 percent on Thursday, as an elevating US political crisis involving its president prodded investors into a flight from making risky bets, analysts said. The local currency fell against the US dollar.The benchmark Korea Composite Stock Price Index KOSPI closed down 6.26 points at 2,286.82. Trading volume was moderate at 374.4 million shares worth 5.83 trillion won ($5.18 billion) with decliners far outstripping gainers 507 to 296."Investors are beginning to w
May 18, 2017
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‘Human touch’ vital to digitize banks
Cultural change in the banking industry looms, with financial technology penetrating into the industry worldwide. But the new technology should be embellished with “human touch,” which would leverage deeper fintech penetration by improving customers’ satisfaction, bank officials said at a forum held at Standard Chartered Korea headquarters in Seoul on Wednesday.Michael Gorriz, chief information officer of the London-based international banking group, said in a keynote speech th
May 18, 2017
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Seoul shares down 0.49 % in late-morning trade
South Korean stocks traded 0.49 percent lower late Thursday morning, dragged down by a drop in top-cap tech and IT service companies, analysts said.The benchmark Korea Composite Stock Price Index fell 11.22 points to 2,281.86 as of 11:20 a.m. Market behemoth Samsung Electronics was down nearly 1 percent, with Naver, the operator of the country's top search engine, losing 0.8 percent.In contrast, shares of automakers and mobile carriers moved in positive territory. Top automaker Hyund
May 18, 2017