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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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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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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Final push to forge UN treaty on plastic pollution set to begin in Busan
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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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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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HSBC, Credit Agricole rapped for irregularities
Royal Bank of Scotland also faces sanction from financial regulatorFinancial regulators have taken punitive actions against two European bank branches for their irregular trading of derivatives and plan to reprimand another Europe-based bank operating in Seoul.In a statement Tuesday, the Financial Supervisory Service said it has issued a warning against the Seoul branch of HSBC Holdings plc and Cr
May 31, 2011
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Major retailers face probe over commission charges
The Korea Federation of Small and Medium Businesses has launched a probe into major retailers including Lotte, Hyundai and Shinsegae over alleged anticompetitive practices such as imposing unfairly high commission fees on dealers, it said Tuesday.The non-profit organization will investigate whether merchants selling their products through major retailers are being bullied with commission fees far
May 31, 2011
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Industrial output grows 6.9% in April
Korea’s industrial output continued to grow in April, but its expansion pace slowed, raising concerns the nation’s economic recovery may be losing momentum, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March.On-yea
May 31, 2011
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Interest burden on household debt remains high
The interest payment burden on household debt has reached 480,000 won ($447) per head annually, the Bank of Korea said, revealing the exceedingly high level of loans and credit card bills taken up by the private sector.The figure from this March is the second-highest level after it reached a record high of 485,838 won for the one-year period ending last March.The central bank said private loans fr
May 31, 2011
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SC First union ends one-day strike over pay
The union members of the Standard Chartered First Bank Korea ended Monday their one-day strike in protest of the management’s proposal to adopt a performance-based pay system.The union said it decided to return to work from Tuesday, adding that it would push for a meeting with the management to settle the labor dispute. “But if the negotiation makes little progress, we will go into another strike,
May 30, 2011
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Falling birthrate drives education spending down
The nation’s educational expenditure fell by the most in six years, mainly due to the declining number of students brought on by the country’s low birthrate, a state-run agency said Monday.The Statistics Korea said households with two persons or more spent 292,357 won ($269) monthly in education costs per child on average in the first quarter, down 14,434 won or 4.7 percent from same time last yea
May 30, 2011
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Uncertainties may hamper banks’ growth: Moody’s
Agency says consumer loan, M&A and foreign currency liquidity problems unlikely to ease soonMoody’s Investors Service on Monday highlighted several uncertainties in the local banking industry, saying that unfavorable factors could hamper banks’ long-term growth.Negative factors cited by the ratings agency included growing consumer loans, M&A issues and foreign currency liquidity.“A key credit issu
May 30, 2011
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Hana Bank expands in Asian market
Commercial bank develops creative financial products at homeHana Bank has been securing mutual investment with Chinese banks under its long-term vision to develop a future growth engine and diversify asset portfolios via overseas expansion.The commercial bank, which opened its first office in Shanghai 15 years ago, views China as one of the most lucrative markets.Over the past few years, the bank
May 30, 2011
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Low birthrate to maim Korea’s growth: OECD
A low birthrate and rapidly aging population is projected to pull South Korea’s economic growth rate from second place to ninth among Organization for Economic Cooperation and Development members by 2026.A report by the club of 34 major economies said the annual rate of growth in the South Korean economy will fall to 2.4 percent after 2026, a sharp downturn from its 6.2 percent expansion in 2010,
May 29, 2011
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Seoul shares likely to gain ground this week
The Korean stock market is forecast to maintain its upward momentum this week, but the growth pace may be slow due to lingering concerns about the global recovery, analysts said.The benchmark KOSPI wrapped up last week at 2,100.24, down 0.53 percent from a week earlier.The KOSPI lost ground earlier last week as weaker U.S. economic data and the eurozone debt crisis raised concerns about the global
May 29, 2011
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More foreigners take insurance
Top Korean firms see surge in foreign customers here The loan default rate of KoreanThe number of foreigners subscribed to insurance in Korea last year doubled from 2005, mainly due to relaxed application procedures and the rising number of international marriages, industry sources said Sunday.The number of foreigners who have subscribed to insurance offered by the country’s top three insurance fi
May 29, 2011
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10 more savings banks to face probe
Watchdog likely to suspend around three more savings banksFinancial regulators plan to launch fresh investigations into 10 more savings banks that survived the probe earlier this year, brewing another round of major upheaval in the country’s scandal-ridden secondary banking sector.A taskforce of auditors from three state agencies ― Financial Supervisory Service, Financial Services Commission and K
May 29, 2011
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Foreign investors banned from Woori Financial bidding
Foreign investors have apparently been banned from participating in the coming bidding for Woori Financial Group, the nation’s largest financial company by assets.Financial Services Commission chairman Kim Seok-dong clarified Friday that the authorities will hand over the state-run financial group to a Korean bidder.His remarks came during the FSC’s report to the National Assembly on the financial
May 27, 2011
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S. Korea's current account surplus hits 4-month high in April
South Korea's current account surplus rose to the highest level in four months in April as robust exports overshadowed an increase in dividend payouts by local firms to foreign investors, the central bank said Friday. The current account surplus reached US$1.88 billion in April, up from a revised $1.33 billion the previous month, according to the Bank of Korea (BOK). The current account is the
May 27, 2011
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Consumer sentiment rises for 2nd month in May
Korea’s consumer confidence rose for the second straight month in May, aided by optimism about the economic recovery, the central bank said Thursday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― stood at 104 for May, up from 100 in April, the Bank of Korea said in a monthly report. It marked the highest level since February w
May 26, 2011
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Lone Star suspected of hiding evidence: lawmaker
U.S. Lone Star Funds has been suspected of omitting a significant document when it made a report to Korea’s financial regulator in March, an opposition lawmaker alleged.Rep. Lim Young-ho of the Liberty Forward Party said a unit of Lone Star owns 130 golf courses worth about 3.7 trillion won ($3.36 billion) in Japan, demanding regulatory sanction against the buyout fund.He called for the Financial
May 26, 2011
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‘Communication key to financial regulation’
Berkley professor warns that a different crisis will hit the worldCommunication between central banks and their financial supervisory authorities is essential for financial stability, University of California, Berkley professor Barry Eichengreen said Thursday.“I think there can be very serious problems with this kind of arrangement where one entity does the supervision, and another one the central
May 26, 2011
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Korea Post vows to raise efficiency
Korea Post said it will upgrade its postal and banking services to prepare for market consolidations with the coming of more free trade pacts.Delivering a two-year plan, its president Kim Myong-ryong stressed the importance of providing better services as a state-run agency connecting supply chains and circulating money across the country. Korea Post chief Kim Myong-ryong delivers a two-year plan
May 26, 2011
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Household debt threatens bank industry
BOK report shows debts surpassed 800 trillion won for the first time in Q1 of the yearSnowballing household debts have emerged as a main factor undermining financial status of the middle- and low-income brackets of the local banking industry.According to the Bank of Korea, the nation’s household debts have surpassed 800 trillion won for the first time during the first quarter of the year.Outstandi
May 25, 2011
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Shares fall 1.26% on eurozone woes
Korean stocks finished 1.26 percent lower on Wednesday as foreigners extended their selling amid concerns over Europe’s debt risks, analysts said. The local currency lost ground against the U.S. dollar.After starting higher, the benchmark Korea Composite Stock Price Index slumped 25.89 points to 2,035.87. Trading volume was moderate at 341.8 million shares worth 6.84 trillion won ($6.2 billion), w
May 25, 2011
