Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Short-term time deposits soar on rate hike hopes
South Korean banks saw their short-term time deposits jump more than 10 percent on-quarter in the third quarter amid expectations of interest rate hikes down the road, central bank data showed Tuesday.The outstanding balance of short-term time deposits at local lenders came to 221.6 trillion won ($202 billion) as of the end of September, up 19.4 trillion won from three months earlier, according to the data from the Bank of Korea.It was up 10.1 percent from the second quarter, the largest quarter
Nov. 21, 2017
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Local think tank expects won to remain strong next year
The Korean won will remain strong against the US dollar next year, hitting its peak in the third quarter, a local economic think tank said in its report Tuesday.The Hana Institute of Finance predicted that the won will reach 1,130 won per dollar in the last quarter of this year and rise to 1,115 won in the first quarter next year. It will climb more to 1,095 won in the second quarter before ending the third quarter at 1,080 won, according to the institute. The fourth quarter next year will see t
Nov. 21, 2017
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Card loans swing to upturn in Q3
South Korean credit card firms saw their card loans pick up in the third quarter from a slight decline three months earlier, industry data showed Tuesday.The country's six stand-alone card firms -- Shinhan, KB, Woori, Hana, Samsung and Lotte -- extended 9.4 trillion won ($8.6 billion) in combined card loans in the July-September period, up 7.2 percent from a year earlier.The figure marks a turnaround from a slight fall in the previous quarter. Card loans edged down 0.4 percent on-year in the Apr
Nov. 21, 2017
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KB Financial chief clinches second term, hands over bank chief post
KB Financial Group on Monday separated the group chairman post and its flagship bank president role for the first time in three years, signaling its new business momentum as the nation’s top-tier banking group, officials said.The group’s shareholders’ meeting confirmed through an extraordinary meeting that incumbent Chairman and bank chief Yoon Jong-kyoo is to serve for another three-year term, this time as the group’s chairman only. The Kookmin Bank president post is to
Nov. 20, 2017
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Kosdaq roars to 10-year high on biotech boom
South Korea‘s second-tier Kosdaq market hit a 10-year high in its closing mark Monday, riding on a biopharma boom.Kosdaq closed at 785.32 Monday, up 1.22 percent from the previous session Friday. The index jumped by 16.7 percent for the month.The closing mark was the highest in over a decade since Kosdaq, designed in its birth to benchmark US’ tech-heavy Nasdaq, closed at 794.08 on Nov. 7, 2007.A combined market cap of Kosdaq hit an all-time high at 275.5 trillion won ($250.6 billion
Nov. 20, 2017
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Seoul stocks slip on institutional selling
South Korean stocks ended lower Monday as institutional investors dumped major tech stocks to lock in recent gains, analysts said. The Korean won lost against the US dollar.The benchmark Korea Composite Stock Price Index shed 6.32 points, or 0.25 percent, to close at 2,527.67. Trade volume was moderate at 400 million shares worth 5.8 trillion won ($5.3 billion), with gainers outnumbering losers 443 to 365.Institutional investors offloaded a net 339.6 billion won worth of local stocks, while indi
Nov. 20, 2017
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Biotech momentum adds more Kosdaq stocks to top 200
Biotech momentum in the second-tier Kosdaq market has led 33 Kosdaq stocks to enter the list of top 200 listed firms in market cap both on the Kosdaq and top-tier Kospi, as of Friday, up from 23 at the end of 2016, data showed Monday. The 10 new Kosdaq-listed firms include biosimilar drug marketer Celltrion Healthcare and antirheumatic drugmaker TissueGene, which made their market debuts in July and earlier this month, respectively, according to data from the Korea Exchange. The firms’ ma
Nov. 20, 2017
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[Monitor] Ups and downs Kospi since 1998
South Korea’s benchmark Kospi closed at 2,533.99 on Friday, making a dramatic growth from 280 on June 16, 1998.For nearly two decades, the Korean stock market fluctuated with major political and economic events. The 1997-98 Asian Financial Crisis hit the nation‘s economy hard, dragging the Kospi to 280 points. The stock market again took subsequent hits when the dot com bubble bust in the early 2000s and with the beginning of the global financial crisis in 2008. Despite the nega
Nov. 19, 2017
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Seoul’s average housing cost W100m higher than Tokyo
The cost to purchase a home in South Korea’s capital of Seoul surpasses that of Tokyo and is quickly catching up to New York, according to a report by the National Assembly Research Service on Sunday. The report showed that the price of a Seoul home cost an average of 100 million won ($91,500) more than that of a house in Japan’s capital. The median price for a Seoul home stood at 434.85 million won as of late last year, compared to Tokyo’s 311.36 million won. Purchasin
Nov. 19, 2017
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Sharp growth of tech-heavy KOSDAQ market casts woe about bubble
South Korea's secondary bourse has posted sharp growth on hope for government policies rather than listed firms' financial health, raising concerns about a possible bubble, analysts said Saturday. On Friday, the KOSDAQ market closed 0.56 percent higher at 775.85, mainly led by pharmaceutical companies. The figure marks a whopping 22.7 percent growth from the 632.04 posted in the first session of 2017. Analysts said the growth was mainly attributable to the government's pl
Nov. 18, 2017
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KOSPI forecast to move within tight range next week
Seoul shares are expected to move in a tight range next week as investors remain guarded amid the rising odds of Federal Reserve's interest rate hike and uncertainties over the U.S. tax reform plan, analysts said Saturday. The benchmark Korea composite Stock Price Index (KOSPI) closed at 2,533.99 points on Friday, down 0.35 percent from a week ago. The index retreated four sessions on uncertainties over U.S. corporate tax cuts and fluctuating oil prices, which was driven
Nov. 18, 2017
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[Photo News] Snuffing out counterfeit currency
Donning white coats in a lab-like atmosphere, officials at the counterfeit countermeasures center at Seoul‘s KEB Hana Bank headquarters are armed with state-of-the-art digital forensics technology that are able to detect even the most precise, fine-grained currency replications. The number of foreign currency counterfeiters is rapidly increasing as more foreign tourists travel to Korea. The number of counterfeit bills, which averaged around 500 bills per year, exceeded 1,500 last yea
Nov. 17, 2017
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Woori Bank to announce candidates for new CEO next week
Woori Bank, South Korea's No. 3 retail lender, said Friday it will announce candidates for the bank's new chief executive job next week, without publicly taking applications for the post. The decision to skip receiving applications, which was made at the bank's chief executive nomination committee earlier in the day, is aimed at swiftly appointing a new chief executive, sources said.Next week, the bank will unveil a list of candidates, who have been recommended by headhunters, for the job and gu
Nov. 17, 2017
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Korean shares inch down despite foreingers' buying spree
South Korean stocks closed slightly lower Friday as institutions and retail investors dumped local stocks offsetting a buying spree by foreign traders. The South Korean won extended its rally against the US dollar.The benchmark Korea Composite Stock Price Index slipped 0.8 point, or 0.03 percent, to close at 2,533.99. Trade volume was moderate as 355.21 million shares worth 6.46 trillion won ($5.88 billion) changed hands, with gainers barely beating losers 404 to 394.The index started higher on
Nov. 17, 2017
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Three major groups take lion's share of corporate earnings
South Korea's top conglomerate Samsung and two other major business groups took the lion's share of listed firms' earnings this year as their subsidiaries posted stellar performances, data showed Thursday.According to the data from the Korea Exchange, 29 listed companies belonging to Samsung, LG and SK groups registered a combined net profit of 56.2 trillion won ($50.7 billion) in the first nine months of the year, 2.1 times the amount during the same period a year earlier. The figure accounted
Nov. 16, 2017
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S. Korea, Canada agree on currency swap deal
South Korea and Canada clinched a standing bilateral currency swap deal that will help expand financial exchanges between the two countries, Seoul's central bank said Thursday.Bank of Korea Governor Lee Ju-yeol and his Canadian counterpart Stephen S. Poloz signed the agreement at a ceremony at the Bank of Canada's head office in Ottawa, on Wednesday, according to the BOK. The liquidity swap arrangement does not stipulate any ceilings. "The arrangement allows for the provision of liquidity i
Nov. 16, 2017
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S. Korea’s economy to remain stable in 2018: Moody‘s
Global ratings agency Moody’s on Wednesday forecast that South Korea’s economic growth and its companies’ credit conditions will remain stable in 2018 on the back of synchronized growth throughout the globe.“For the first time since the global financial crisis, we expect growth in all major areas next year,” Christian de Guzman, vice president and senior credit officer of Moody’s sovereign risk group, said in a media briefing.The press event, held jointly by M
Nov. 16, 2017
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Korean stocks retreat on lack of momentum
South Korean stocks extended a fifth-day losing streak Wednesday as upward momentum faded after enjoying a sharp rally and investors grew cautious over economic uncertainties at home and abroad. The Korean won rose against the greenback.The benchmark Korea Composite Stock Price Index dropped 8.38 points, or 0.33 percent, to close at 2,518.26. Trade volume was moderate as 394.23 million shares worth 7.19 trillion won ($6.46 billion) changed hands with losers far outnumbering gainers 563 to 270.&q
Nov. 15, 2017
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Card firms' Q3 profit tumbles 20% on fee cuts
South Korean credit card companies saw their third-quarter earnings plunge due mainly to a cut in their fee rates on member stores, data showed Wednesday.The combined net income of eight stand-alone card firms stood at 419.6 billion won ($375 million) in the July-September period, down 20 percent from a year earlier, according to the data by the Financial Supervisory Service and industry sources. The nosedive was attributed to the fee-rate cut conducted in August. The card issuers lowered their
Nov. 15, 2017
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Seoul stocks down on weak Chinese economic data
South Korean stocks finished lower Tuesday as investors took to the sidelines over weak Chinese economic data and uncertainties over US tax policy. The Korean won strengthened against the greenback.The benchmark Korea Composite Stock Price Index lost 3.71 points, or 0.15 percent, to close at 2,526.64. Trade volume was relatively light, as 283.65 million shares worth 5.67 trillion won ($5.07 billion) changing hands, with losers outnumbering gainers 432 to 372.Market heavyweights had a bearish day
Nov. 14, 2017