Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Seoul's first snowfall could hit hard, warns weather agency
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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BOK makes surprise rate cut to lift growth
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KB aims to be Asia’s leading bank
KB Financial Group chairman Yoon Jong-kyu speaks at a meeting with deputy managers of nationwide branches of Kookmin Bank on Jan. 17. (Kookmin Bank)KB Financial Group chairman Yoon Jong-kyu has vowed to bring about a turning point for its flagship Kookmin Bank in order to become a leading financial firm in Asia. Yoon encouraged executives and employees in his New Year address earlier this month, saying the bank should become a happy workplace with active members. He also emphasized that the staf
Jan. 29, 2015
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Korean firms pick Vietnam as next biz target: poll
A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association. The firms surveyed could make five selections from a list of 32 countries with annual growth of more than 3 perc
Jan. 29, 2015
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Shares down 0.54% on hawkish Fed statement
South Korean stocks ended 0.54 percent lower on Thursday as the U.S. Federal Reserve‘s latest statement surprised investors and prompted a foreign sell-off here, analysts said. The local currency sharply fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 10.56 points to 1,951.02. Trading volume was moderate at 381.7 million shares worth 5.2 trillion won ($4.8 billion), with decliners slightly outnumbering gainers 398 to 391.“The Fed statement was more hawkish than
Jan. 29, 2015
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S. Korean firms pay bigger dividend, but not yet 'game changer'
South Korean companies are announcing higher dividend payouts, nudged by growing pressure from the government and investors, but the question remains whether it will have a lasting effect on the dull local stock market, analysts said Thursday. In the ongoing earnings season, major Korean companies have said they will return more of their 2014 profits to shareholders to raise their traditionally stingy dividend payout ratio, the key reason why Korean stocks are undervalued compared to their peers
Jan. 29, 2015
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S. Korean firms pick Vietnam as next biz target: poll
A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association (KITA). The firms surveyed could make five selections from a list of 32 countries with annual growth of more than
Jan. 29, 2015
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AXA Direct kicks off English website for foreigners
AXA Direct Korea, the Korean branch of Paris-based global insurance provider AXA Group, is to launch an English website service for foreign residents here.Starting from Monday, foreigners will be able to check insurance fees and subscribe to policies directly through the online or mobile platform of AXA’s Global English Website service, officials said Wednesday.The system will be the first to allow foreign nationals here to take out insurance policies without the assistance of others or separate
Jan. 28, 2015
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Shares up 0.47% as eurozone jitters fade
South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank’s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won ($4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off to a weak start
Jan. 28, 2015
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Korea, Alibaba seek logistics partnership
Choi Kyung-hwan. (Yonhap)South Korea’s Finance Minister Choi Kyung-hwan and Alibaba Group chairman Jack Ma agreed to seek partnership between Korea’s logistics companies and the Chinese e-commerce giant, Seoul officials said.The two sides held talks on Wednesday in a follow-up meeting to August last year to reaffirm the partnership between Alibaba and Korea’s small and medium enterprises seeking to make inroads into China.Deputy Prime Minister and Finance Minister Choi met Alibaba chairman Ma ah
Jan. 28, 2015
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Seoul shares up 0.47 pct as eurozone jitters fade
South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank (ECB)'s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won (US$4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off
Jan. 28, 2015
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Apple profit hits new high on rocketing iPhone sales
Apple's quarterly profit soared to a record $18 billion on the back of booming iPhone sales, especially in China.The California-based tech giant also announced Tuesday that its highly anticipated Apple Watch wearable devices unveiled last year are on track to begin shipping in April."We'd like to thank our customers for an incredible quarter which saw demand for Apple products soar to an all-time high," said chief executive Tim Cook.Apple posted record revenue of $74.6 billion in the quarter, du
Jan. 28, 2015
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Consumption to remain sluggish, despite sentiment improvement
South Korea’s consumer sentiment index rose for the first time in four months in January, but consumers are expected to further tighten their spending amid a slow economic recovery and high household debt, the Bank of Korea said Tuesday.The consumer sentiment index stood at 102 this month, up from 101 a month before.The index improved after months of decline since the Sewol ship sinking, which adversely affected private spending and investment.Although the index is above 100, showing more optimi
Jan. 27, 2015
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Health insurance fees set to increase in April
To taxpayers who have already been pressed by the consequences of the year-end tax revision, the upcoming health insurance adjustment is an additional financial blow.They will likely have to pay more insurance fees than last year due to recent rate hikes.Starting April 15, taxpayers have to readjust their health insurance payments, based on the result of the currently ongoing earned income tax readjustment, the National Health Insurance Service and the National Tax Service said Tuesday.Last year
Jan. 27, 2015
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Korea to allow more corporate investment in online banks
South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named “fintech,” the Financial Services Commission said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with custo
Jan. 27, 2015
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Shares up 0.86 percent on Wall Street gains
South Korean stocks ended 0.86 percent higher Tuesday as investor sentiment was soothed by overnight results on Wall Street that eked out gains despite Russia‘s downgraded credit rating and the Greek election outcome, analysts said. The local currency gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index moved up 16.72 points to 1,952.40. Trading volume was high at 456.5 million shares worth 4.51 trillion won ($4.18 billion), with gainers beating decliners 464 to
Jan. 27, 2015
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S. Korea to allow more corporate investment in online banks
South Korea is to begin a deregulation drive to encourage investment in Internet-only banks to be introduced in the first half of 2015, the financial regulator said Tuesday, as the country hastens to match technology with financial business.In promoting what has been named "fintech," the Financial Services Commission (FSC) said it will ease certain measures, which include revising local banking laws that require all commercial banks to have brick-and-mortar offices and face-to-face channels with
Jan. 27, 2015
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Finance minister urges businesses to increase hiring, investment
South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan urged private companies to support the government’s economic reforms by increasing employment and investment.In a meeting with business executives affiliated with the Korea Chamber of Commerce and Industry in Seoul on Monday, the country’s top fiscal policymaker said the government would do its part by listening closely to the private sector and easing corporate regulations to spur investment.“We hope that the companies wil
Jan. 26, 2015
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How big data can help shape policies to make cities work for the poor
Axel van TrotsenburgEvery minute, dozens of people in East Asia move from the countryside to the city.The massive population shift is creating some of the world’s biggest megacities including Tokyo, Shanghai, Jakarta, Seoul and Manila, as well as hundreds of medium and smaller urban areas.This transformation touches on every aspect of life and livelihoods, from access to clean water to high-speed trains that transport millions of people in and out of cities during rush hour each weekday.People m
Jan. 26, 2015
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Credit card firms’ mistakes add fuel to income tax row
Data recording mistakes by some credit card firms are fueling public anger over the government’s income tax policy.The nation’s four major card firms ― BC, Shinhan, Samsung and Hana ― were found to have provided incorrect financial data regarding their customers’ year-end tax readjustment to the National Tax Service.Furthermore, industry officials said the NTS’ system was unable to filter the submitted data and detect the faults.The four firms had submitted erroneous figures to the NTS’ automati
Jan. 26, 2015
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Woori Bank to focus on innovation
Woori Bank said Sunday that it would use innovation to become a “strong bank” for consumers this year.In a business strategy meeting with some 1,500 executives and staff in Ilsan, Gyeonggi Province, Saturday, Lee Kwang-goo, CEO of Woori Bank, shared his goals for the first half of this year and urged his staff to take more ownership over their work and fully engage in their businesses. Lee also declared the so-called “24.365 Innovation Project,” stressing the need to build a strong foundation to
Jan. 25, 2015
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KOSDAQ jumps on government’s fintech pledge
South Korea’s secondary KOSDAQ bourse continued its strong rally in January as the government’s push to support financial technology fueled upward momentum, data showed Sunday.The price index of the tech-heavy KOSDAQ market closed at 589.31 point on Friday, the highest close in 6 1/2 years since it hit 590.19 on June 30, 2008, according to the data compiled by the Korea Stock Exchange, the bourse operator.It also gained 46.34 points, or 8.53 percent, from the year-end close price of 542.97, with
Jan. 25, 2015
