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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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Three global firms bid for E-Mart Chinese operations
By Cho Ji-hyunThree well-known global companies are taking part in the bid for E-Mart’s Chinese operations, according to a U.K.-based company specializing in information on M&As.Mergermarket, an independent mergers and acquisitions intelligence service, told The Korea Herald that Wal-Mart, Tesco and Ren Ren Le are most likely in line to take over E-Mart’s Shanghai operations and that the players w
IndustryJuly 7, 2011
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Corporate Korea efforts for PyeongChang paid off
The collective effort from the local corporate sector played a pivotal role in giving PyeongChang its long-coveted wish of hosting the 2018 Winter Olympics. ####CaptionIOC member and Samsung Group chief Lee Kun-hee (front) and Bid Committee and Hanjin Group chairman Cho Yang-ho visit the Durban Riverside Hotel on Monday, where the Korean delegation is staying to promote PyeongChang’s bid to host t
IndustryJuly 7, 2011
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Four major banks under probe over irregular lending
The nation’s top financial regulator is investigating four major commercial banks in connection with lending irregularities, banking sources said Wednesday.Kookmin, Woori, Shinhan and Hana banks are suspected of forcing borrowers to buy their financial products including time deposits, pension and insurance in exchange for lending, they said.The Financial Supervisory Service has recently completed
July 6, 2011
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SC First Bank punished for illegal metal loan service
Korea's financial watchdog said it has decided to penalize SC First Bank for its violations of local banking laws such as the illegal handling of metal loan services to corporate customers. The Financial Supervisory Service (FSS) said it will impose fines worth 4.5 million won ($4,225) and punish 41 officials of the Korean unit of Standard Chartered Plc after the bank violated regulations on metal
July 6, 2011
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Goldman Sachs faces probe over fraud charges
Prosecutors are investigating Goldman Sachs Group on allegations that the investment bank defrauded local insurers Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance.The Seoul Central District Prosecutor’s Office said Wednesday it was taking on complaints by the two insurers that the U.S. investment bank sold a high risk, high yielding investment product known as collateralized debt obli
July 6, 2011
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Four banks under probe over unfair lending
The nation’s financial regulator is investigating four major commercial banks on suspicion of unauthorized lending, banking sources said Wednesday.The four facing a probe are Kookmin, Woori, Shinhan and Hana, and the Financial Supervisory Service has recently completed its preliminary examination of the banks, the sources said.The unauthorized lending practice refers to banks’ demand that borrower
July 6, 2011
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SK Group’s Chey family hit by series of scandals
A member of SK Group’s Chey family is once again under the scrutiny of the investigative authorities, adding to the growing list of suspect goings on at the country’s third largest conglomerate.In the latest investigation involving a member of the Chey family, prosecutors have banned vice chairman Chey Jae-won from leaving the country as they look into the allegation that he has slush funds amount
IndustryJuly 6, 2011
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Koo urges LGE to take the right path
Koo Bon-joon. (Bloomberg)Koo Bon-joon, vice chairman and CEO of LG Electronics, on Wednesday stressed the need for employees to take the “right path,” indicating he would be cracking down on corruption. “We will be dealing strictly with any violation or corruption to set an example,” Koo said in an emailed message.The chief executive lamented that since he created his email account on May 1, askin
July 6, 2011
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Ssangyong launches new Chairman W
Ssangyong Motor Co. CEO Lee Yoo-il (right) and labor union leader Kim Kyu-han (second from right) unveil “New Chairman W,” the newest version of its flagship sedan, the Chairman, in Seoul on Wednesday. (Yonhap News)Ssangyong Motor unveiled the new Chairman W in the local market more than three years after it launched the Chairman W in February 2008.At a press conference in Seoul on Wednesday, the
July 6, 2011
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Korea, Indonesia to meet on FTA this week
Korea and Indonesia will hold the first round of feasibility study talks on a bilateral free trade deal this week, the Trade Ministry in Seoul said Wednesday.In 2007, a free trade agreement between South Korea and the Association of Southeast Asian Nations, which includes Indonesia, went into effect. But Seoul has been seeking to forge higher-level separate free trade deals with Indonesia, Malaysi
July 6, 2011
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Korean auto exports hit record in H1
Korea’s automotive exports reached a record high in the first half of the year as local automakers increased their shares in overseas markets on the back of improved quality, a trade association said Wednesday.According to the Korea Automobile Manufacturers Association, local automakers exported a total of 1.55 million units in the first six months of the year, up 15.1 percent from a year earlier.
July 6, 2011
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Hyundai Heavy says it will not bid for Hynix
Hyundai Heavy Industries Co., the world’s leading shipbuilder, said Wednesday it will not bid for a stake in Hynix Semiconductor Inc., raising speculation that creditors may fail again to sell the world’s second-largest computer memory chipmaker.Hyundai Heavy had been regarded as the sole potential investor for the 15 percent stake up for sale.“We decided not to submit a bid for Hynix Semiconducto
July 6, 2011
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Samsung forecast to log lower Q2 profit on weak panels, TVs
Samsung Electronics Co. will likely report lower-than-expected earnings for the second quarter, hit by flagging demand for TVs and slumping display prices, analysts said Wednesday. Samsung, Asia’s largest maker of smartphones, TVs, chips and display panels, is estimated to have earned 3.35 trillion won ($3.14 billion) in the April-June period, compared with 4.28 trillion won a year earlier, accord
July 6, 2011
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Banks, brokerages face limited impact from Korea-EU FTA
Korea’s financial industry is to face limited impact from the Free Trade Agreement with the European Union as there are few barriers in market access. On the other hand, the insurance industry is expected to benefit from the overall increase of trade.The Korea-EU FTA, which took effect July 1, is pushing banks, insurance companies, asset managers and other financial institutions in both economies
July 6, 2011
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Hana Financial defends lending to Lone Star
Hana Financial Group chairman Kim Seung-yuHana says regulators issued no edict against loanHana Financial Group has refuted criticism that it issued loans to Lone Star Funds, the biggest shareholder of Korea Exchange Bank, in defiance of regulators’ instruction.A Hana official denied the speculation that “the financial group made a lending totaling 1.5 trillion won ($1.4 billion) despite tackling
July 6, 2011
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NPS fund managers accused of selling favors to ex-colleagues
The National Pension Service, the world’s largest public pension, is under fire for its alleged lack of supervision of its staff operating a huge fund after the nation’s top auditor found irregularities. The Board of Audit and Inspection said some NPS officials were found to have given business favors to brokerages with school background ties in exchange for entertainment and money.The public agen
July 6, 2011
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KT expands campaign for mutual growth with vendors
KT Corp. chairman Lee Seok-chae (third from left) and IT firms’ executives attend a ceremony to vow mutual growth in Seoul on Wednesday. (KT)KT Corp., the nation’s largest fixed-line carrier, on Wednesday offered support and encouragement for its vendors at a forum it held for IT sector executives.KT said it would provide up to 1,000 free patents to its partner firms to help them offer better qual
IndustryJuly 6, 2011
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Hyundai Steel bets on excavator parts
Continuous tracks. (Hyundai Steel)Hyundai Steel is upping the ante in its earth-moving equipment parts business as it seeks to meet surging demand for excavators in emerging markets.Korea’s second-largest steel mill said Wednesday it plans to pour 94.4 billion won ($88.6 million) this year alongside its suppliers into a project to establish facilities for components such as continuous tracks, trac
IndustryJuly 6, 2011
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The evolving innovation landscape
WIPO Director General Francis GurryInnovation is a central driver of economic growth, development and better jobs. It is the key for firms to successfully compete in the global marketplace. Innovation provides the answer to numerous economic and social challenges, whether financial crisis recovery, climate change or the fight against deadly diseases. It is the source of improvements in the quality
July 6, 2011
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Twitter said to be valued at $7 billion
Twitter Inc. logos are displayed on computer screens. (Bloomberg)Twitter Inc., the microblogging site that lets users post 140-character messages, is raising funding that values the startup at about $7 billion, said a person with knowledge of the matter. The San Francisco-based company is in talks with investors to receive hundreds of millions of dollars, said the person, who asked not to be named
IndustryJuly 6, 2011
