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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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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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Foreign stock ownership tops 400 trillion won
Foreign ownership of stocks listed on the Korea Exchange has exceeded 400 trillion won ($373 billion) for the first time. The record figure comes four years after their holding reached 300 trillion won in May 2007.The Financial Supervisory Service said Wednesday that foreign investors’ holdings of local shares came to a record high of 412.5 trillion won at the end of April, up 17.1 trillion won fr
May 4, 2011
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Finance chiefs vow to bolster regional safety net
Korea, China, Japan agree to double regional emergency liquidity fundFinance ministers of South Korea, Japan and China on Wednesday vowed to strengthen the crisis prevention function of the current regional financial safety net of the Chiang Mai Initiative, their joint statement said.Gathered for an annual Asian Development Bank conference in Hanoi, Vietnam, the three finance chiefs also agreed to
May 4, 2011
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Retired FSS staff banned from working at banks
The Financial Supervisory Service on Wednesday decided to ban its staffers from taking senior posts at financial companies right after their retirement as a way to prevent corruption. The decision came as part of its sweeping reform measures following several incumbent FSS staffers’ wrongdoings.In its statement, the regulatory body said it would ban the habitual practice under which incumbent and
May 4, 2011
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Foreign reserves top $300 billion
Disputes over optimum level may resurfaceSouth Korea’s foreign exchange reserves have surpassed $300 billion for the first time, up more than 50 percent from 2008 global financial crisis.The Bank of Korea reported Tuesday that foreign reserves reached a new high of $307.2 billion at the end of April, up $8.58 billion from a month earlier.The amount also posted growth of 52.6 percent compared to $2
May 3, 2011
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Banks’ earnings inch up
South Korean banks saw their earnings inch up 1.2 percent in the first quarter from a year earlier thanks to increased interest income, the financial regulator said Tuesday.The combined net income of 18 local banks, including top player Kookmin Bank and state-run Korea Development Bank, came to 4.4 trillion won ($4.1 billion) in the January-March period, compared with 4.3 trillion won a year earli
May 3, 2011
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Seoul pushes benefit sharing for mutual growth
New scheme suggested as alternative to controversial ‘profit-sharing’ planThe government will encourage big businesses to share the benefits of cost reduction and technology development with their smaller subcontractors, as an alternative scheme after conglomerates blasted its controversial profit-sharing plan.The Ministry of Knowledge Economy said that sharing benefits would be a more viable opti
May 3, 2011
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KEB set to decide on quarterly dividends
Korea Exchange Bank will convene a board meeting next week to determine whether to pay quarterly interim dividends, the bank said Tuesday, raising the chances of its biggest shareholder Lone Star Funds raking in profits.Board members are scheduled to meet on Monday to discuss the issue, and the potential dividend payout will be based on the bank’s first-quarter earnings due out on the same day, Ko
May 3, 2011
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FSS, BOK probe more banks
Authorities look to stem risks from currency speculationThe nation’s financial regulator and the central bank said Tuesday they would increase the number of banks dealing with foreign currency trading, which would be subject to their ongoing joint probe.The period of their joint inquiry into the foreign exchange banks will also be extended, according to the Financial Supervisory Service and the Ba
May 3, 2011
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Child millionaires get richer
The recent increases in Korean stock prices have boosted the number of child millionaires who are members of chaebol families.The number of under-12 children with assets of more than 100 million won ($95,000) totaled 87 as of April 29, according to chaebol.com, an Internet site specializing in information on family-owned conglomerates.The number increased from last year’s 79.Of them, 23 kids were
May 3, 2011
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Dollar falls below 1,070 won
Intervention effect may be minimal amid global trendThe won has been in a gaining spree in its value against the greenback, due to the U.S.’s cheap dollar-oriented policy as well as Korea’s increased trade surplus.The dollar closed at 1,065 won on Monday, down 6.5 won from a trading session earlier, posting the cheapest level since it slid to 1,062.5 won on Aug. 25, 2008.After being traded between
May 2, 2011
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Inflation slows on price control, fresh food supply
Consumer prices rise 4.2 percent on-year in AprilInflation in April slowed to 4.2 percent on-year, down from a 29-month high of 4.7 percent a month earlier on Seoul’s price controls and lower fresh food prices, a government report said Monday. The figure still exceeded the Bank of Korea’s inflation target of 2 to 4 percent for the fourth consecutive month but was slower than the 4.3 to 4.6 percent
May 2, 2011
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Seoul shares hit new high on earnings, bin Laden's death
Korean stocks finished at a fresh high on Monday as investor sentiment was boosted by strong U.S. earnings reports and news of Osama bin Laden's death, analysts said. The local currency climbed against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose1.67 percent to 2,228.96. Trading volume was thin at 298 million shares worth 8.32 trillion won ($7.8 billion) with gaine
May 2, 2011
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Paralyzed Nonghyup banking system normalized
The nation’s largest banking network at Nonghyup has been normalized since Saturday after weeks of paralysis, which prosecutors suspect was caused by a cyber attack from North Korea.South Korea’s prosecution reportedly said they found evidence of break-ins by Internet Protocol addresses similar to that of the hacker hired by North Korea for the 2009 cyber attack of the presidential office Cheong W
May 1, 2011
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Seoul shares likely to be range-bound next week
South Korean stocks are expected to trade in a tight range next week as investors will likely take a breather after the benchmark index's sharp rise, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,192.36 on Friday, down 0.25 percent, or 5.46 points, from one week ago.Although the KOSPI finished this week lower, the market staged a rally during the whole
April 30, 2011
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7 savings banks to be auctioned off
Regulators plan to select preferred bidders in JuneThe nation’s top financial watchdog decided Friday to put seven debt-saddled savings banks up for auction to find preferred bidders among bigger financial companies.“After conducting due diligence on them and launching the bidding process in May, we plan to pick preferred bidders in June,” the Financial Services Commission said in a statement.The
April 29, 2011
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Hana Daetoo, Wise Asset rapped
Financial regulators on Thursday issued sanctions against a Korean asset management firm and a brokerage house for incurring huge losses after allegedly making reckless investments in stocks last November.The Financial Supervisory Service held a committee meeting where they fine-tuned the level of penalties they would levy against Wise Asset and Hana Daetoo Securities for their alleged negligence
April 29, 2011
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FSS reprimands Hana Daetoo, Wise Asset
Financial regulators on Thursday issued sanctions against a local asset management firm and a brokerage house for incurring huge losses after conducting allegedly reckless investments in stocks last November.The Financial Supervisory Service held a committee meeting where they fined-tuned the level of penalties against Wise Asset and Hana Daetoo Securities for their alleged negligence in internal
April 28, 2011
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Won hits 32-month high
The dollar slid to 1,071.2 won on Thursday, posting its lowest level in 32 months against the Korean currency.The Korean currency’s value rose by 8.3 won from a day earlier, bringing it to its highest point since Aug. 22, 2008, when it stood at 1,062.5 won per dollar.Economists attributed the won’s rise in value to U.S. policymakers’ stance which hinted at easing ― or a wait-and-see approach towar
April 28, 2011
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2012 budget plan aims to reduce fiscal deficit
Budget spending focused on investment in new growth enginesThe Ministry of Strategy and Finance on Thursday unveiled its policy to improve the nation’s fiscal soundness next year by slashing unnecessary expenditure.The government is aiming to minimize the 2012 fiscal deficit by curbing the growth of total expenditure, ministry officials said citing its report to the Cabinet meeting held earlier in
April 28, 2011
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Current account surplus hits three-month high in March
South Korea’s current account surplus rose to the highest level in three months in March as exports of ships and other key products remained robust, the central bank said Thursday.The current account surplus reached $1.43 billion in March, up from a revised $1.13 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The March
April 28, 2011
