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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Seoul shares rise to 5-month high on ECB meeting
South Korean stocks rose to their highest in five months on Friday as investors, lifted by the European Central Bank's (ECB) upgrade in its outlook for the eurozone economy and its quantitative easing bond-buying, scooped up stocks, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose14.56 points, or 0.73 percent, to 2,012.94. Trading volume was moderate at 390 million shares worth 4.75 trillion won (US$3.58 billion), with
March 6, 2015
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S. Korea to sell 5.5 tln won in Treasury bills in March
South Korea plans to sell 5.5 trillion won (US$4.99 billion) worth of Treasury bills in four separate auctions in March, the finance ministry said Friday."The extra funds generated will be used to cover temporary shortfalls in the money supply and make it possible to push forward various state- supported projects in the first half," the ministry said. The money generated can further help stabilize the management of state-controlled funds.The bills are usually sold to banks, brokerages and other
March 6, 2015
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Seoul shares up in late morning trade
South Korean stocks traded higher late Friday morning on expectations that the European Central Bank's bond-purchasing program will boost liquidity in the local bourse, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.37 points, or 0.42 percent, to 2,006.75 as of 11:20 a.m. Tech, auto, and brokerage stocks gathered ground, while telecom and banking stocks suffered a decline.Top market cap Samsung Electronics advanced 0.7 percent and chipmaker SK hynix went up 1.32 per
March 6, 2015
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Foreign stock funds receive net inflows in Feb.
Funds that invest in foreign stocks received net inflows in February for the first time in nearly six years as investors turned to lucrative offshore markets, data showed Friday. Foreign equity funds drew a net 22.4 billion won (US$20.3 million) last month, the first monthly net positive since June 2009, according to the Korea Financial Investment Association (KFIA). Foreign stocks peaked in popularity in 2007, when Korean investors poured money into BRIC countries (Brazil, Russia, India and Chi
March 6, 2015
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Korean investments in foreign securities grows most in 7 years in 2014
South Korean institutions' investments in foreign securities grew at the fastest pace since 2007 last year on a rise in massive buying of foreign bonds and so-called Korean paper, central bank data showed Friday.The outstanding value of foreign securities held by institutional investors jumped by US$20.9 billion in 2014 to $95.4 billion, marking the largest on-year gain since the $61.1 billion spike in 2007, according to the Bank of Korea. The annual reading also represents a twofold increase fr
March 6, 2015
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Top banks focus on profits
The nation’s top banking groups share the goal of boosting profitability by any means this year. But they have different ways of reaching that goal.Each has a different picture in mind for implementing a path to profitability, with some focusing more on leadership and others on mergers.Last year, Shinhan Financial Group, KB Financial Group, Hana Financial Group and NH Financial Group recorded 2.08 trillion won ($1.89 billion), 1.4 trillion won, 938 billion won and 768.5 billion won in net profit
March 5, 2015
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‘Seoul’s debt portfolio still sound’
The Bank of Korea said Thursday that South Korea’s foreign currency liquidity remained fundamentally sound with a slight increase in short-term foreign debt last year.However, the rise in external debt with a maturity of less than a year was not severe enough to trigger concerns over the soundness of the country’s foreign portfolio.The short-term foreign debt increased by $3.5 billion to $115.3 billion at the end of last year, accounting for 27 percent of the total external liability of $425.4 b
March 5, 2015
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Ruling party backs Choi’s proposal for wage hike
The government and the ruling Saenuri Party have agreed to raise the minimum wage and begun preparations to discuss the legislation with opposition parties.“We will put in our utmost effort to find common ground between the ruling and opposing parties over the minimum wage increase,” Saenuri Party floor leader Rep. Yoo Seong-min said in the party’s supreme council meeting Thursday.Yoo’s remarks came after Finance Minister Choi Kyung-hwan, who also serves as deputy prime minister, stressed the ne
March 5, 2015
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Choi expresses deflation concerns
South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan on Wednesday expressed concerns about deflation and high youth unemployment.In an economic policy conference in Seoul on Wednesday, the country’s top fiscal policymaker said that although Korea’s inflation had not turned negative, concerns were mounting due to a continuing drop in consumer prices increase.When excluding an increase in cigarette prices, Korea’s consumer price growth has moved into negative territory.“We are
March 4, 2015
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Antigraft law sparks retail worries
Retail industries are expressing concerns about the new tough anticorruption law that was passed in the National Assembly on Tuesday, on fears of revenue falling.In particular, golf clubs, department stores and high-end restaurant industries voiced discontent with the so-called Kim Young-ran bill, claiming that the law would likely drag down domestic consumption by incriminating even businesspeople and civil servants who attend casual business gatherings.The bill, to go into effect September 201
March 4, 2015
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Magnetic cards no longer work for ATM cash services
Magnetic strip credit cards that do not have integrated circuit chips will be restricted from cash advance and card loan services at automatic teller machines.Other functions such as purchasing goods at stores will still be available.Starting from Thursday, users will no longer be able to take cash advance and loan services at ATMs using their conventional MS type credit cards, according to the Financial Supervisory Service.“The purpose is to fundamentally prevent crimes using forged credit card
March 4, 2015
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Consumer inflation slowest in 16 years
South Korea’s consumer price growth was nearly flat for the third straight month in February, the state-run statistics office said Tuesday.Statistics Korea reported that consumer prices increased 0.5 percent last month from a year ago, marking the slowest growth since 1999.The consumer price index has seen its annual growth stay below 1 percent since October 2013, when the inflation rate stood at 0.9 percent. Inflation dropped to 0.8 percent in Dec. last year and January this year.The Korean sta
March 3, 2015
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KOSPI back above 2,000 after 5 months
The Korea Composite Stock Price Index recovered to the 2,000 mark for the first time in five months on expectations of growing tech business and stronger quantitative easing in the eurozone and the U.S.The benchmark KOSPI closed at 2,001.38, up 4.57, or 0.23 percent, on Tuesday. The tech-heavy Korean Securities Dealers Automated Quotations index, or KOSDAQ, also finished higher at 625.64, up 3.83, or 0.62 percent. The KOSPI started at 2,000.26, thanks to the overnight Wall Street gains of the KO
March 3, 2015
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IBK to expand loans for tech start-ups
Technology-based companies may get loans backed by their patent rights, without the need to present other tangible assets.In a pledge to promote technology financing, the Industrial Bank of Korea launched a special loan product that allows companies to take loans amounting to 100 percent of the evaluated price for their patent rights, officials said Tuesday.Companies that hold a patent recognized by the Korea Intellectual Property Office can apply for a loan from IBK after obtaining a technology
March 3, 2015
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Monthly rent trades in Seoul hit new record in February
The trade volume for monthly rent apartments in Seoul reached a record high last month, especially in districts with popular high schools.As bank interest rates and housing prices continued to remain low, house owners turned to monthly rent for sustainable income. This imposed a burden on house seekers, but affluent parents were willing to pay in order for their children to gain access to prestigious schools, market analysts said. A real estate agency posts apartment rent price tags in its windo
March 2, 2015
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Korean firms eye Japanese food market
Korean food exporters plan to lure Japan, the world’s largest importer of Korean food, at the annual international food expo in Tokyo, the Agriculture Ministry said Monday. A total of 56 Korean food exporters will set up booths at the Korean segment of the 40th Foodex Japan, in Makuhari Messe, from March 3-6. The event will host 2,977 exhibitors from 79 countries and is expected to draw some 80,000 trade professionals.“In recent years, Japanese food suppliers have been relying more on imports th
March 2, 2015
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S. Korean banks' loan delinquency rate climbs in Jan.
The delinquency rate on loans extended by South Korean banks, including household borrowing, edged up in January from the previous month, the financial watchdog said Monday.The average delinquency rate of bank loans stood at 0.71 percent at the end of January, up 0.07 percentage point from a month earlier, according to the Financial Supervisory Service (FSS).From a year earlier, the figure dropped 0.17 percentage point from 0.88 percent, it added.Over the cited period, 1.7 trillion won (US$1.5 b
March 2, 2015
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New firm establishment nears record high in Jan.
The number of newly established firms in South Korea soared to a near-record high in January, data showed Monday, with most new firms being small in size as more retirees opted to start their own businesses.A total of 8,070 companies were set up in January, nearing the all-time high of 8,129 posted in July last year, according to the Bank of Korea. It marks a record for the month of January.Separate data by the Small and Medium Business Administration showed that small firms accounted for a bulk
March 2, 2015
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Mortgage lending grows at record pace
Banks’ mortgage loans grew at record pace during the first two months of this year, indicating that the high “jeonse” rates and low loan interest rates were pushing people to buy their homes.The outstanding balance for housing mortgage loans by seven top-ranking banks here amounted to 319.9 trillion won ($291 billion) as of the end of February, up 3.45 trillion won from the end of last year, according to industry officials Sunday.This was 8.2 times the increase recorded during the same period la
March 1, 2015
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[Graphic News] Spending on private tutoring grows
The nation’s private education spending per child in 2014 edged up 1.2 percent on-year from a year earlier, Statistics Korea said on Sunday. Officials attributed the increase to a sharp rise in spending on private tutoring for art, music and physical education, from 47,000 won in 2013 to 50,000 won in 2014. The agency suveyed 78,000 students and parents of 1,189 elementary, middle and high school students nationwide. Despite the fall in consumption last year, high-income parents turned out to ha
March 1, 2015
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