Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Body names 7 Koreans with tax haven accounts
The Korea Center for Investigative Journalism unveiled on Monday its second batch of seven Koreans, connected to four notable conglomerates in the country, holding offshore accounts via paper companies set up in tax havens.The seven were found to be incumbent and former executives of chaebol, and are expected to be scrutinized by the National Tax Service for any signs of tax evasion or avoidance through those ghost companies.They are: Choi Eun-young, chairwoman and CEO of Hanjin Shipping; Cho Yo
May 27, 2013
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Samsung sells more than 10 mln smartphones in China in Q1
Samsung Electronics Co. has sold more than 10 million smartphones in China in the first three months of this year, retaining its position as the top smartphone seller in the world's most populous country for the fifth straight quarter, data showed Monday.Samsung sold 12.5 million smartphones in China between January and March, accounting for a 18.5 percent market share, up 2.2 percentage points from the previous quarter, according to the data compiled by Strategy Analytics, a U.S. market researc
TechnologyMay 27, 2013
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Chinese gamblers become No. 1 patrons of S. Korean casinos
The number of Chinese gamblers visiting South Korean casinos surpassed that of Japanese high-rollers for the first time last year, the culture ministry said Monday, as fears of North Korea's provocations and the falling yen curtailed growth of Japanese customers.According to the Ministry of Culture, Sports and Tourism, more than 970,000 or 40.7 percent of foreigners visiting local casinos came from mainland China last year, compared with 33 percent from Japan.The number of Japanese gamblers plun
May 27, 2013
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S. Korean banks ramping up efforts to go overseas
South Korean banks are further turning their focus to the Asian market as squeezed profit margins and the economic slowdown at home are prompting them to find new sources of income, market watchers said Monday.Local banks' move to tap the overseas market is not a new trend, but top lender Kookmin Bank and its three major rivals are ramping up efforts to make inroads into the Asian market where economic growth remains relatively solid, they added.Top lender Kookmin Bank is aiming to provide tailo
May 27, 2013
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Seoul shares up 0.3 percent in late-morning trade
South Korean stocks traded 0.3 percent higher late Monday morning, buoyed by blue-chip exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.93 points to 1,979.38 as of 11:20 a.m. LG Electronics, the country's leading home appliance maker, jumped 3.25 percent and No. 1 automaker Hyundai Motor gained nearly 1.5 percent. In contrast, steelmakers lost ground. POSCO dropped 0.8 percent. Large-cap zinc smelter Korea Zinc also shed 1.8 percent. The local curren
May 27, 2013
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S. Korea's consumer sentiment rebounds in May
South Korean consumers' confidence rebounded in May from the previous month as the government's extra budget and the central bank's rate cut raised optimism about the economic recovery, the Bank of Korea (BOK) said Monday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 104 for May, up from 102 tallied for the previous month, according to a monthly survey by the BOK. The index stayed above the benchmark 100
May 27, 2013
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Seoul shares open higher on eased yen woes
South Korean stocks opened slightly higher Monday, as a hike in Japanese government bond yields last week lifted lingering concerns over yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.98 points, or 0.15 percent to 1,976.43 in the first 15 minutes of trading. Blue-chip exporters drove up the main index, with tech heavyweight Samsung Electronics gaining 0.61 percent and Kia Motors, smaller affiliate of No. 1 carmaker Hyundai Motor, rising more than 1 p
May 27, 2013
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Seven Koreans with paper firms in tax havens to be disclosed
A list of seven conglomerate owners and corporate executives who set up bogus companies in the British Virgin Islands, a tax haven in a bid to evade taxes and create slush funds is expected to be disclosed on Monday. The Korea Center for Investigative Journalism, a non-profit, independent news agency said on Sunday that seven Koreans who currently own paper companies, including four owners of family-run conglomerates, will be exposed through a press release at noon.“The data will be uploaded on
May 26, 2013
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‘24 conglomerates hold W5.7tr worth of assets in tax havens’
Korean conglomerates were found to be holding assets worth a total of 5.7 trillion won in tax havens such as the Cayman Islands.Twenty-four private business groups with over 1 trillion won in assets had overseas subsidiaries in nine tax havens including the British Virgin Islands, Panama, the Marshall Islands, Malaysia’s Labuan, Bermuda, Samoa, Mauritius and Cyprus, according to Chaebul.com, a website that tracks family-owned conglomerates.The Organization for Economic Cooperation and Developmen
IndustryMay 26, 2013
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BNP Paribas investigated for unauthorized activities here
Financial regulators launched an investigation into the Korean unit of French-based BNP Paribas for engaging in allegedly unauthorized business practices, sources said Sunday.The largest bank in France has operated an investment banking business in Seoul without regulators’ permission, multiple sources told The Korea Herald.The banking regulations stipulate that there should be a strict firewall between the (commercial or corporate) banking and the investment banking units unless there is regula
May 26, 2013
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Dispute over privatization of KTX rekindled
The government’s announcement of a tentative plan to introduce competition to train operations is rekindling a dispute over the privatization of operations of the high-speed KTX.Last week, the Transport Ministry announced proposals made by its civilian reviewing committee to end the monopoly of the state-run rail operator KORAIL for the industry development. The centerpiece of the proposals was about who should operate the new high-speed KTX routes connecting Suseo in southern Seoul to the south
May 26, 2013
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FSS investigating CJ Group for stock manipulation
The Financial Supervisory Service is making inquiries into CJ Group over the allegations the business group engaged in fraudulent stock trading, regulatory officials said Sunday.According to the officials, the regulatory investigation is focused on whether CJ had conducted business practices that include stock manipulation or illicit use of insider information.The probe was initiated on suspicion that CJ Chairman Lee Jay-hyun might have used slush funds secretly in borrowed-named, offshore bank
May 26, 2013
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1 million people to benefit from state-led debt workout programs
The number of individuals benefiting from the government-led debt-restructuring programs will reach up to 1 million this year, data showed Sunday.The Park Geun-hye government has been pushing to rescue people saddled with debt for a long time as part of efforts to help them resume their ordinary economic lives. This is also part of a drive to ease rising household debts, which are feared to weigh on the overall economy.In a related move, the government recently launched the debt relief program d
May 26, 2013
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KOTRA opens trade marketing jobs for multicultural youth
State-run Korea Trade-Investment Promotion Agency said it will hire 40 people from multicultural families in Korea to train them in international trade and marketing. KOTRA will offer recruits educational programs and internship opportunities at local trading firms, KOTRA said. Candidates who hold a license in interpretation and translation or who have passed level 4 of the Test of Proficiency in Korean can apply for the job. The agency opens the job to high school graduates from multicultural f
IndustryMay 26, 2013
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Exporters hit by weak yen in first quarter: report
South Korean exporters saw their first-quarter sales shrink as the impact of the weak yen continued to put them at a disadvantage against Japanese rivals, a report showed Sunday.The yen has weakened against the U.S. dollar significantly since the fourth quarter of last year, apparently driven by the so-called Abenomics ― a mixture of aggressive monetary and fiscal policies preached by its Prime Minister Shinzo Abe.A weak yen makes Japanese products less expensive, making them a challenge for Sou
May 26, 2013
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KRX chairman offers to step down
The head of South Korea’s stock bourse operator has offered to resign, signaling what could be the beginning of a replacement at the top of brokerage-related agencies, industry sources said Sunday.Kim Bong-soo, the chairman of the Korea Exchange recently expressed his intent to step down to Financial Services Commission Chairman Shin Je-yoon, according to the sources.Kim, 59, offered to resign, saying that he has done his part and now is the time to leave, a source said on condition of anonymity
May 26, 2013
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Local governments, public firms likely to see debt top W100tr
The total debt of local governments and the public companies under their roofs is likely to exceed 100 trillion won ($890 billion) in 2012, according to officials of the Ministry of Security and Public Administration. Local autonomous governments include provinces, metropolitan cities, cities, counties and districts.The ministry sources said the debt of local governments is forecast to reach 40 trillion won ($36 billion) last year, while that of local public companies is likely to near at 70 tri
May 26, 2013
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Mahindra Group ― a global company with global standards
In the last few years it has become clear that the globe’s economic center of gravity is shifting toward Asia. As such, Asian companies are being looked at more closely than ever before ― as suppliers, buyers, partners, competitors, investment opportunities and as potential investors. Naturally, this means that their financial, structure, operations, products and services are increasingly coming under the microscope. One very important factor that influences the image and long-term potential of
MobilityMay 26, 2013
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Renault Samsung releases new SM5
Renault Samsung Motors has added a new vehicle with a 1.6-liter engine to the mid-sized model lineup for the SM5.Company officials said it will start the sales of the new SM5 TCE (Turbo Charged Efficiency) on June 3.SM5 TCE features the MR190DDT, Nissan’s 1.6-liter gasoline direct injection turbo-charged engine with GETRAG’s six-speed dual clutch transmission. The officials said the MR109DDT engine has good fuel efficiency and high performance based on the GDI technology and turbocharged interc
MobilityMay 26, 2013
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BMW’s 1,250 kg electric car
LIEPZIG, Germany ― Four massive wind turbines stand near BMW’s Leipzig plant, whipping up energy to help power the production of the 1 Series vehicles and the i3, the carmaker’s first electric car. The turbines ― capable of generating 26,000 megawatt hours per year ― are part of BMW’s ambitious i project that aims to build possibly the world’s most sustainable car in the most environment-friendly way. “Production defines the i3 car,” said Jochen Muller, a corporate communications manager of BMW
MobilityMay 26, 2013