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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Financial firms’ derivatives trading jumps 36 percent
Korean financial companies’ derivatives trading jumped 36.2 percent on-year in 2010 on increased transactions of stock-linked investment products, the financial regulator said Thursday.The total trading volume of such derivatives as bond and stock futures and options at home and abroad came to 6.7 quadrillion won ($6.1 trillion) in 2010, compared with 4.9 quadrillion won in the previous year, the
April 14, 2011
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Electronic banking safety under scrutiny
Customers of the National Agricultural Cooperative Federation, Nonghyup, have been unable to withdraw cash or use online banking services after the shutdown of the bank's computer system began around 5 p.m. on Tuesday, April 12, 2011. (Yonhap News)Authorities launch investigation into network failure of NonghyupThe prosecution and financial regulators began their investigation into the unprecedent
April 14, 2011
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Korean agency makes first sovereign ratings
NICE Investors Service on Tuesday announced its sovereign ratings of six governments for the first time as a local ratings agency.NICE gave sovereign ratings for Korea as well as Malaysia, Thailand, Indonesia, Philippines and Brazil. The company said its evaluation would provide diversity in a ratings market dominated by Fitch, Moody and Standard & Poor’s, whose incorrect and belated evaluations h
April 13, 2011
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Central bank raises inflation forecast to 3.9%
IMF predicts 4.5% prices growth, BOK expects stability in oil pricesThe Bank of Korea on Wednesday revised its projection for this year’s consumer inflation to a three-year high of 3.9 percent while maintaining its growth outlook at 4.5 percent. Oil and vegetable prices, the main drivers of inflation, are expected to ease during the third quarter, but the underlying upward trend will continue into
April 13, 2011
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Nonghyup under probe for glitch in network system
Financial regulators on Wednesday launched an inquiry into the National Agricultural Cooperative Federation, also called Nonghyup or NH Bank, which suffered a significant problem with in its online transaction systems.Nonghyup has seen its network systems, including Internet banking and automated teller machines, break down since around 5 p.m. Tuesday.The bank had to make an official apology as it
April 13, 2011
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Credit cards trump cash on more benefits
“Do you have any of the credit cards listed here? You can get up to 20 percent discount,” a restaurant cashier asks a diner settling her bill, indicating a wall chart.Kim Lee-soo, 22, shuffles quickly through a stack of cards in her bulging wallet. After passing on five or six of them, she finally finds one that matches the list and claims the full discount.It’s a typical scene in Korea, where peo
April 13, 2011
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S. Korea's jobless rate stands at 4.3 pct in March
South Korea's jobless rate rose in March from a year earlier, but the number of newly created jobs grew sharply as the private sector continued to expand recruitment, a government report showed Wednesday. The jobless rate was 4.3 percent last month, up from 4.1 percent a year earlier, according to the report by Statistics Korea. It was, however, down from 4.5 percent in February. The number
April 13, 2011
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BOK ups 2011 inflation forecast to 3.9 pct
South Korea's central bank on Wednesday revised up its projection for this year's consumer inflation on high oil and food prices, but the bank retained its economic growth forecast. The Bank of Korea (BOK) upgraded its inflation projection for this year to a three-year high of 3.9 percent from a previous estimate of 3.5 percent, indicating that the country will face a buildup in inflationary
April 13, 2011
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Development aid team launched
The Finance Ministry launched a new task force to help developing nations improve infrastructure and policymaking under the Knowledge Sharing Program. Helping underdeveloped nations with long term goals is a G20 agenda initiated by President Lee Myung-bak as the host of the G20 Seoul Summit last year.Seoul has finished its policy consultations with four African nations including Ghana and Algeria.
April 12, 2011
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Hacked data probe may spread to Hyundai Card
The recent hacking at Hyundai Capital raises the possibility that customer information at Hyundai Card could also have been stolen or be vulnerable to intrusion.Hyundai Capital recently suffered a cyber attack in which personal information of about 420,000 customers and passwords of 13,000 have been hacked.While the automobile loan-oriented firm has been under an intensive probe from the FSS, regu
April 12, 2011
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‘Asia faces destabilizing capital inflows’
Credit Suisse regional chief says inflationary pressure won’t continueInflationary pressure from soaring food prices is not likely to continue in Asia but a new round of capital inflows from May could destabilize regional economies, said Osama Abbasi, CEO of Credit Suisse Asia-Pacific.“It is in our view that food price is pretty much capped out. Further acceleration of food price is unlikely,” Abb
April 12, 2011
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Koreans’ overseas spending hits record high
Koreans’ overseas spending exceeded a record high 20 trillion won ($18.4 billion) in 2010, as more travelers and students abroad took advantage of the strong won, the Bank of Korea said Monday.The country’s nominal overseas spending reached 20.3 trillion won last year, up 15.4 percent from 2009. It is the highest level of annual spending from overseas since 1970 when officials began collecting dat
April 12, 2011
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Criminal probe set for stock trading of Deutsche Bank
Regulator suspends parts of brokerage unit’s operationsFinancial regulators on Wednesday requested that the prosecution investigate Deutsche Bank AG and its staffers for allegedly manipulating stock prices last November.In addition, they suspended some operations of Deutsche Securities Korea, a brokerage unit of the Germany-based investment bank. The securities firm is banned from selling a certai
April 12, 2011
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BOK freezes key rate at 3 pct for April
BOK freezes key rate at 3 pct for AprilSouth Korea's central bank froze the key interest rate on Tuesday, a sign that it needs more time to assess the impact of a rate hike in March amid lingering economic uncertainties like the fallout from Japan's quake. Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers froze the benchmark seven-day repo rate, dubbed the base rate, at 3 perce
April 12, 2011
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Hyundai Capital under full-scale probe
FSS sends investigators to largest auto loan firm over customers’ information leakThe Financial Supervisory Service on Monday dispatched a group of inspectors to Hyundai Capital where the personal information of about 420,000 customers and passwords of 13,000 customers have been stolen by hackers.The hacking allegedly went on for about two months without detection by staff of Hyundai Capital, whic
April 11, 2011
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IMF to host job fair in Seoul next week
The International Monetary Fund is hosting a recruitment drive in Seoul next week for positions in its Technology and General Services Department, it said Monday.The all-day event slated for April 19 is part of the lender’s regional job fair to recruit East Asian candidates. The event will take place at Grand Interncontinental Hotel and may include on-cite interviews. Positions are open for facili
April 11, 2011
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Hacker steals financial info of Hyundai Capital clients
Financial services provider Hyundai Capital admitted Sunday that financial information including the credit ratings of some customers had been accessed by a hacker.Those responsible for the incident are thought to have accessed the company’s auxiliary server since February and hacked data in small portions to avoid detection. In addition, passwords and other vital information about loans taken out
April 11, 2011
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Korea, U.S. regulators differ on KEB status
FSC delays ruling on Lone Star’s shareholder eligibility to April 27Korea Exchange Bank has been barred from operating deposit businesses in the U.S. since Lone Star Funds took over the lender in 2003, in contrast to Korea where there have been no such restrictions, sources said Sunday.The restriction indicates that U.S. regulators regard Lone Star as a non-financial investor, they said.“It seems
April 10, 2011
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S. Korea's producer price growth hits 28-month high in March
South Korea's producer prices grew at the steepest pace in 28 months in March on the back of a hike in oil and commodity prices, the central bank said Friday, indicating growing inflationary pressure. The producer price index, a barometer of future consumer inflation, jumped 7.3 percent in March from a year earlier, up from6.6 percent tallied the previous month, according to the Bank of Korea (
April 8, 2011
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Top regulator pledges to increase inspectors
Financial Supervisory Service Gov. Kwon Hyouk-se reiterated Thursday that he would increase the manpower directing probes of financial companies by reshuffling the regulatory body.Kwon, who took office as the chief financial regulator a week ago, told reporters that he would prioritize increasing the ratio of inspectors among FSS staffers in coming months.He cited the slashed ratio of inspectors ―
April 7, 2011
