Most Popular
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Samsung entangled in legal risks amid calls for drastic reform
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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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[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
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Samsung shakes up management, commits to reviving chip business
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Seoul snowfall now third heaviest on record
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K-pop fandoms wield growing influence over industry decisions
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Seoul's first snowfall could hit hard, warns weather agency
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How $70 funeral wreaths became symbol of protest in S. Korea
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[Herald Interview] ‘Stable investment fuels cultural productivity’
This is the third in a four-part series featuring IBK’s support for cultural content. ― Ed.The film or television drama production industry may look grand from the outside but for those who work in the trade, bidding contracts and meeting deadlines is a nerve-wracking process ― especially as it is operated on a tight budget.But what if banks provide a direct and sustainable investment channel so that these companies could focus on their cultural content production?This is what the Industrial Ban
April 3, 2015
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‘Korean economy relies too much on property’
Experts have warned against the government’s reliance on boosting the real estate market as a way to revive the nation’s sagging economy. Government economic policymakers seem to believe an activated real estate sector could have a spill-over effect on other sectors, according to the experts. An increase in interest rates could also deal a blow to the nation’s economy as it is expected to have a significant influence on the real estate market.Analysts said measures the government has taken so fa
April 3, 2015
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Export slump reduces current account surplus
South Korea enjoyed a current account surplus for the 36th consecutive month, even as exports fell by 15.4 percent on-year in February, the Bank of Korea said Thursday.According to the 2015 balance of international payments held by the BOK, Korea posted a current account surplus of $6.44 billion in February. Exports and imports came to $40.6 billion and $33.2 billion, respectively.Despite slowing exports, the surplus was due to a sharp drop in imports, which posted a 21.9 percent decline.Last ye
April 2, 2015
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AmorePacific head overtakes Samsung heir on superrich list
Suh Kyung-bae, chairman of South Korean cosmetics giant AmorePacific Group, has outpaced Samsung Electronics’ vice chairman Lee Jay-yong to become the nation’s second richest person, according to market data released Thursday.Suh ranked 169 on the Bloomberg Billionaire Index, which lists the world’s richest people. Suh’s stocks were valued at around 8.8 trillion won ($8 billion) as of Thursday. Suh Kyung-baeSamsung heir apparent Lee was placed 182nd on the index. Lee’s father and Samsung chairm
April 2, 2015
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FSC not prepared for low-incomers’ debt relief
Critics claim financial regulators have been negligent in cracking down on the excessively high or illicit lending rates for low-income earners charged by private moneylenders. Regulators recently instructed first-tier commercial banks to offer lower interest rates to homeowners.Though the average rate on mortgages or housing-collateralized loans ranged between 3 and 5 percent, some middle- and high-income households can access lower rates due to the government’s effort to revitalize sagging pro
April 2, 2015
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S. Korean stock market's daily turnover hits 3-year high in Q1
The average daily turnover of the South Korean stock market reached a three-year high in the first quarter of the year on the back of a bullish run driven by strong foreign buying, data showed Thursday.According to the data by the Korea Exchange, the daily turnover of the country's main bourse averaged 4.7 trillion won ($4.28 billion) in the January-March period, the highest level since the first quarter of 2012, when the comparable figure was 5.9 trillion won.The average daily turnover of the m
April 2, 2015
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S. Korea's current account surplus slips for 3rd month in Feb.
South Korea's monthly current account surplus narrowed for a third consecutive month in February but extended its surplus streak to 36 months in a row, data showed Thursday.The current account surplus hit US$6.44 billion in February, inching down from a revised $6.58 billion a month earlier, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the latest result, Asia's fourth-largest economy is poised to renew its record s
April 2, 2015
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Retailers turn rosier about Q2 biz conditions
South Korean retailers are slightly more upbeat about their business conditions in the second quarter of the year than the previous quarter on expectations of strong performances by online shopping malls and department stores, a poll showed Thursday. According to the survey of 944 retailers by the Korea Chamber of Commerce & Industry, the retail business survey index easuring retailers' sentiment about the upcoming quarter came to 100 for the April-June period, up 1 point from 99 for the first q
April 2, 2015
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S. Korean insurers' investment return edges down in 2014
South Korean insurance companies saw their investment returns inch down in 2014 from the previous year due to persistent low interest rates, data showed Thursday.The investment return of local life and non-life insurers averaged 4.4 percent last year, down 0.1 percentage point from a year earlier, according to the data by the Financial Supervisory Service.Last year, the insurers earned a combined 1.5 trillion won ($1.36 billion) from investments in bonds and other assets, compared with 700 billi
April 2, 2015
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Consumer price growth slowest in sixteen years
South Korea’s consumer prices continued anemic growth for the fourth straight month in March, the state-run Statistics Korea said Wednesday.Consumer prices increased just 0.4 percent last month from the same period a year ago, marking the slowest growth in 15 years and eight months. Consumer inflation increased 0.3 percent in July 1999. In February, the consumer price index gained 0.5 percent on-year.Inflation has stayed below 1 percent since October 2013 when the rate stood at 0.9 percent, and
April 1, 2015
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Central bank loan issuance soars
The total number of loans by the Bank of Korea hit the highest level in 21 years in February, as more loans were approved to local companies for facility investment, data showed Wednesday. Loans provided through BOK’s money issuance reached 15.4 trillion won ($13.9 billion) as of the end of February, up 66.5 percent from a year ago, according to the BOK report.The level of loan issuance marks the highest since July 1994 when it reached 15.6 trillion won, excluding inflationary factors. Since the
April 1, 2015
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Philip Morris rolls out new Marlboro cigarette
Philip Morris Korea has rolled out Marlboro Zing Fusion, the latest brand from its flagship Marlboro lineup, in Korea on Wednesday. “In addition to Marlboro’s signature smooth taste, the capsule-inserted cigarette exudes a distinctive note of refreshing MixballTM capsule,” the Korean operation of the world’s largest tobacco maker said. Marlboro Zing FusionBefore this, the company launched a number of brands in the Marlboro Fresh category, including Marlboro Ice Blast and Marlboro Hybrid, target
April 1, 2015
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Shinhan Card ranked as top financial brand
Shinhan Card, the credit card brand affiliated with the nation’s largest banking group Shinhan Financial Group, has been selected as No. 1 for brand power in finance.Brand assessment and research firm Brandstock picked Shinhan Card as having the highest brand value among local financial companies in the first quarter of this year, officials said Wednesday.With 898 points in BrandStock Top Index, the credit card company was 10th in the general becoming the only financial to the top 10 list.Brands
April 1, 2015
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Seoul shares drop 0.62 pct on profit-taking
South Korean stocks ended 0.62 percent lower Wednesday as investors took a breather following a recent rally that sent the main stock index to a yearly high, analysts said. The Korean won shot up against the U.S. dollar.The benchmark Korea Composite Stock Price Index slumped 12.58 points to 2,028.45. Trading volume was heavy at 523 million shares worth 5.2 trillion won ($4.7 billion), with gainers outnumbering decliners 423 to 395."Overnight losses on Wall Street, as well as recent gains, prompt
April 1, 2015
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Fiscal spending in H2 to depend on tax revenue: finance minister
South Korea's fiscal spending in the second half of the year will be determined by the amount of tax revenue and the effect that front-loading the budget will have on economic growth, the top economic policymaker said Wednesday.Speaking to reporters after chairing a fiscal policy advisory meeting in Seoul, Finance Minister Choi Kyung-hwan said that the top priority for now is to inject as much money as possible into the economy in the January-June period.The finance ministry said the goal is to
April 1, 2015
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Listed firms' 2014 net drops 7 pct on Samsung setback
South Korean companies listed on the main stock market saw their combined net profit fall nearly 7 percent on-year in 2014 due mainly to a plunge in earnings by top-cap Samsung Electronics Co., data showed Wednesday.The combined net profit of 496 companies traded on the main KOSPI market dipped 6.9 percent on-year to 61.1 trillion won ($55.4 billion), while operating profit sank 12.7 percent to 91.4 trillion won, according to the data by the Korea Exchange.Their combined sales came at 1,821 tril
April 1, 2015
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Korean won up vs. dollar on record trade surplus
The South Korean won rose against the U.S. dollar Wednesday on the back of the country's record-high trade surplus in March and the greenback's weakness against its major peers.The local currency closed at 1,102.4 won per dollar, up 7.1 won from the previous session's close, snapping a two-day loss. The won hit an intra-day high of 1,101.60 won at one point.South Korea's trade surplus reached a new monthly high in March despite a fall in exports as imports shrank at a faster rate, government dat
April 1, 2015
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BOK loan issuance hits 21-year high
The amount of loans supplied by the Bank of Korea soared to the highest level in 21 years at the end of February as the central bank issued more money to support companies, data showed Wednesday.Loans provided via money issuance totaled 15.4 trillion won($13.9 billion) as of the end of February, up 66.5 percent from the previous year, according to BOK data.The figure marks the biggest amount since July 1994, when it reached 15.6 trillion won when not calculating the change in currency value. It
April 1, 2015
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Investors take out more loans to buy stocks
Investors are taking on record levels of debt to buy stocks as the South Korean equity market continues its bullish run on persistent foreign buying and market-friendly conditions, data showed Wednesday.The so-called margin debt, or the amount borrowed to purchase securities, stood at 6.47 trillion won ($5.83 billion) as of Monday, the highest since August 2011, according to the data compiled by the Korea Financial Investment Association.The margin debt level had hovered above the 5 trillion-won
April 1, 2015
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POSCO shares drop following media reports on Warren Buffet's stake sale
POSCO shares fell sharply on Wednesday following media reports that Berkshire Hathaway Inc., led by U.S. billionaire investor Warren Buffet, has sold its entire stake in the steelmaking giant, raising speculation that the sell-off might have been prompted by concerns over the South Korean steelmaker's cloudy business outlook. Warren Buffett, chairman and CEO of Berkshire Hathaway, attends the 2015 Automotive Forum in New York on Tuesday. YonhapPOSCO shares closed at 238,000 won ($214.60) on the
April 1, 2015
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