Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Wealthy parents ditch Korean passports to get kids into international school
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First snow to fall in Seoul on Wednesday
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Man convicted after binge eating to avoid military service
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S. Korea not to attend Sado mine memorial: foreign ministry
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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[Weekender] Korea's traditional sauce culture gains global recognition
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BLACKPINK's Rose stays at No. 3 on British Official Singles chart with 'APT.'
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Korean banks to adopt new global rules on interest rate risk next year
South Korean banks will adopt new global rules on management and supervision of interest rate risk next year, the nation's financial watchdog said Thursday. The so-called Interest Rate Risk in the Banking Book (IRRBB) capital requirements were introduced by the Basel Committee on Banking Supervision in 2016 to help banks better measure and control interest rate risk. The new rules will replace the Basel Committee's 2004 rules on management and supervision of rate risk. In a statement, the F
Dec. 20, 2018
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Rate differentials have minor impact on foreign bond capital outflow: BOK
The interest rate differentials between the United States and South Korea have had a negligible effect on the outflow of foreign capital from the domestic bond market, showed a study by Korea’s central bank on Wednesday. This finding stood in contrast to widespread views that foreign capital outflow from the Korean financial market would be accelerated if the base rate of the US Federal Reserve were higher than the Bank of Korea. The study, “Determinants of Capital Flows in the
Dec. 19, 2018
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Seoul shares rise on institutional buying
South Korean stocks advanced Wednesday on the back of institutional buying, with investors setting eyes on the upcoming results from the US Federal Reserve's rate-setting meeting, analysts said. The South Korean won firmed against the US dollar.The benchmark Korea Composite Stock Price Index rose 16.73 points, or 0.81 percent, to 2,078.84. Trading volume was moderate at 412.55 million shares worth 5.02 trillion won ($4.46 billion), with winners overwhelming losers 531 to 292. The index rebo
Dec. 19, 2018
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Korea to remove uncertainty over corporate investments: finance minister
South Korea's finance minister vowed Wednesday to remove uncertainty over corporate investments as Asia's fourth-largest economy is moving to cut red tape.Hong Nam-ki, the minister of economy and finance, also said the government will swiftly resolve difficulties companies could face in making investments, calling corporate investments "a key to economic revitalization." The issue of corporate investments has urgency as South Korea is seeking to create jobs and boost the economy.South
Dec. 19, 2018
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Finance minister, central bank chief vow coordinated policy efforts to tackle uncertainties
South Korea's new finance minister and the central bank chief on Wednesday vowed to make concerted efforts to tackle uncertainties and bolster the economy next year."It doesn't seem that the economy will worsen next year, but we can't let our guard down as there are downside risks out there," Bank of Korea Gov. Lee Ju-yeol said before holding a luncheon meeting with the country's newly inaugurated Finance Minister Hong Nam-ki. "The BOK and the finance minister will cooperate on ma
Dec. 19, 2018
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Global financial risks, major factor for capital outflow in Korean
The South Korean bond market was rarely affected by fluctuating interest rate gaps with the United States in the past but was instead highly influenced by global financial risks, a central bank report said Wednesday.Foreign investors, including sovereign funds and private banks, hold more than 100 trillion won ($88.9 billion) worth of South Korean bonds, accounting for 6 percent of the total market value. The report published by the Bank of Korea said most offshore investors did not budge an inc
Dec. 19, 2018
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Regulator to grant 3rd Internet-only bank permit in May next year
South Korea plans to give preliminary approval to a third Internet-only bank in May next year as the government seeks to reinvigorate the financial industry, the head of the financial regulator said Wednesday. Choi Jong-ku, chairman of the Financial Services Commission, told reporters that the regulator will receive applications from companies to set up an Internet-only bank in March next year. Two Internet-only banks -- K-Bank and Kakao Bank -- were launched last year. The two banks have
Dec. 19, 2018
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Shinhan Bank benefits from ‘Park Hang-seo’ fever in Vietnam
The Vietnamese football team’s latest victory in the regional finals under South Korean coach Park Hang-seo has helped South Korean companies.A leading beneficiary was Shinhan Bank, which appointed Park as honorary ambassador earlier this year, seeking to expand its overseas business in the Southeast Asian state.The Vietnamese team defeated Malaysia in the ASEAN Football Federation Suzuki Cup finals on Saturday, scoring its first victory in a decade. Even before the match, Shinhan Bank Vie
Dec. 18, 2018
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Short-term bond yield inches closer to base rate
South Korea’s short-term sovereign bond yield has hovered just above the base rate, due to lingering market impact from the government’s plan to repurchase bonds before maturity and market uncertainties at home and abroad.The three-year sovereign bond yield came to 1.795 percent at the Monday session’s close, showed data from the Korea Financial Investment Association. On Friday, the bond yield recorded its lowest figure since September 2017 at 1.781 percent.The bond yield move
Dec. 17, 2018
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Lotte to sell off private financing unit
Lotte Group is poised to sell its financing unit Lotte Capital and discuss the matter in the respective board of directors meetings of its shareholding Lotte subsidiaries this week, according to a news report Monday. Lotte Capital is a privately held finance service provider dedicated to installment financing and facility leasing. Nearly 90 percent of shares are owned by Lotte subsidiaries and affiliates. Hotel Lotte owns 39.37 percent of stocks, Lotte Corporation has 25.64 percent, Lotte Engine
Dec. 17, 2018
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Regulator bolsters guidelines on equity-tied securities to better protect investors
The financial watchdog said Monday it has strengthened guidelines on sales of equity-tied securities to better protect investors. Equity-linked securities, which are hybrid debt securities whose returns are determined by the performance of underlying equities, have become one of best-selling alternative investment products in South Korea amid record-low interest rates. The products are structured to track the performance of underlying assets and not guarantee the principle, as investors pre
Dec. 17, 2018
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US monetary policy change has little impact on commodity-importing S. Korea: report
A change in US monetary policy has relatively little impact on commodity-importing countries, like South Korea, a report said Monday.According to the report published by the Bank of Korea, when the US Federal Reserve raises its policy rate, the world's largest economy witnesses a contraction in demand for crude oil and other raw materials. The decreased US demand pushes down international commodity prices, which consequently leads to a decline in exports by resource-rich countries.At the same ti
Dec. 17, 2018
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Govt. to expand loan programs to include people with worst credit scores
The government plans to offer loans to people with the lowest credit ratings as a way to save them having to borrow from loan sharks, officials said Monday.Financial authorities operate a number of loan programs for people with bad credit scores, lending them money at a maximum 10.5 percent annual interest rate. Because the rate is fixed, however, those with the worst credit ratings at the bottom and who needed to be charged higher interest, were left out of the programs.Financial regulators and
Dec. 17, 2018
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Delisting of pharma firm sparks debate on market fairness
The South Korean market operator’s decision to delist a local pharmaceuticals company is raising questions about the fairness in authorities’ action against firms accused of accounting errors, with investors comparing the case to that of Samsung BioLogics. A panel led by the Korea Exchange, the nation’s sole market operator, suggested Friday the removal of Kyung Nam Pharm, a Seoul-headquartered pharmaceutical company, from the second-tier Kosdaq market, putting the fate of the
Dec. 16, 2018
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Korea, partners amend regional financial safety net
South Korea, China, Japan and their partners in Southeast Asia amended a regional financial safety net on Friday in the latest move to better cope with possible financial crises.The agreement was reached in a meeting of finance and central bank deputies of South Korea, China, Japan and the Association of Southeast Asian Nations in South Korea's southeastern port city of Busan, according to the Ministry of Economy and Finance. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar,
Dec. 14, 2018
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Korean banks' foreign-currency deposits soar in Nov.
Foreign currency deposits at South Korean banks rose at the fastest pace in 12 months in November as people increased holdings of the weakening US dollar, central bank data showed Friday.The balance of foreign currency deposits held by local lenders reached $75.05 billion at the end of last month, up $6.94 billion from a month earlier, according to the data by the Bank of Korea. The on-month gain marked the largest since November last year, when foreign savings rose $7.13 billion from the previo
Dec. 14, 2018
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Korean stock market on bull run on signs of trade war thaw
South Korea’s stock market benchmark indexes were moderately higher Thursday on signs of abating trade strife between the United States and China. The top-tier benchmark Kospi inched up 0.6 percent higher than the previous trading day’s close, while the second-tier Kosdaq ticked up 0.8 percent. On the main bourse, foreign investors net purchased shares worth 484.4 billion won ($431.3 million). Domestic institutional investors net sold stocks worth 311.7 billion won, ending a net buyi
Dec. 13, 2018
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Foreigners turn to net buyers in Korean bond market in Nov.
Foreign investors turned to net buyers in the South Korean bond market last month amid eased concerns over the US-China trade disputes, the central bank said Wednesday.Foreigners purchased a net $370 million worth of South Korean bonds in November, shifting from a net selling of $230 million in the previous month, according to the Bank of Korea. The November figure also ended their two-month selling mode, which started in September when foreigners dumped a net $1.98 billion.In the stock market,
Dec. 12, 2018
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Korea's money supply accelerates in Oct.
The money supply in South Korea grew at its fastest pace in 21 months in October on a steady rise in corporate lending, central bank data showed Wednesday.The country's M2 totaled 2,674.5 trillion won ($2.37 trillion) in October, up 6.8 percent from 2,504.6 trillion won a year earlier, according to the data from the Bank of Korea. The on-year gain was the largest since January last year, when it jumped 6.9 percent.The growth rate of South Korea's M2 has remained at the modestly high level of bet
Dec. 12, 2018
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Regulator to help financial firms make inroads into overseas markets
South Korea's financial regulator said Wednesday it will provide more information to help local financial firms make inroads into overseas markets. The information includes the latest regulations and data on financial markets in 32 countries, the Financial Supervisory Service said in a statement. The FSS also published a report on Vietnam's financial regulations, as part of the government's efforts to bolster ties with Southeast Asian nations. At the end of September, 36 South Korean finan
Dec. 12, 2018