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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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Industry experts predicts tough choices as NewJeans' ultimatum nears
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Job creation lowest on record among under-30s
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Opposition chief acquitted of instigating perjury
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Foreign IT companies pay highest
Among a total 7.54 million tax payers in South Korea, 8.3 percent earned over 80 million won (about $73,000) per year and most of them work at local conglomerates or foreign companies, according to Payopen (www.payopen.co.kr), an annual salary website. According to the website’s analysis of a report on the 2011 national tax statistics released by the National Tax Service, the average annual income of high-paid workers was 119 million won. Among foreign companies, those in the finance, electrics,
June 4, 2012
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Seoul shares open lower on weak U.S., Chinese data
South Korean stocks fell sharply Monday, following last week's disappointing economic data from the United States and China, analysts said.The benchmark KOSPI dropped 2.60 percent, or 47.63 points, to 1,786.88 in the first 15 minutes of trading.Market bellwether Samsung Electronics dived 2.84 percent, with top automaker Hyundai Motor also plunging 2.52 percent.The local currency was trading at 1,1
June 4, 2012
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State to increase farm product reserves to stabilize prices
The government will move to increase the country’s reserves for farm and fishery products in an effort to help stabilize consumer prices, the Finance Ministry said.After a meeting of economic policymakers on Friday, the government said it plans to actively buy up farm products in advance and hold them in reserve to deal with a spike in prices. It added emergency imports of products that are in short supply can also be utilized to help increase the stockpile and alleviate inflationary pressure.“S
June 3, 2012
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Stocks to be exposed to greater volatility
South Korean stocks will likely be exposed to greater volatility this week caused by disappointing U.S. and Chinese economic data and persevering eurozone woes, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,835.51 points on Friday, up 10.34 percent from a week earlier helped by a technical rebound and bargain hunting for big caps that had fallen in May.Analysts said despite the gains this week, lingering external uncertainties remain that could weigh down the
June 3, 2012
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Korea to focus more on boosting growth
South Korea will focus policy efforts more on boosting economic growth and allocate additional state funds to support small companies and exporters, Finance Minister Bahk Jae-wan said.“We need to make more effort to support economic growth as some progress has been made in terms of stabilization of prices,” Bahk told reporters in Seoul on Saturday. “We are not in a situation where we need an extra budget but we will try to use more state funds to support small firms and exporters.”Bahk reaffirme
June 3, 2012
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Goldman Sachs ups won-dollar rate outlook
Maintains above-consensus 3.5 percent GDP growth forecast for 2012Goldman Sachs said that it will up its won-dollar exchange rate outlook while maintaining South Korea’s above-consensus GDP growth forecast of 3.5 percent for 2012. It raised its won-dollar rate forecasts from 1,110, 1,080 and 1,040 on three-, six- and 12-month horizons, respectively, to 1,140, 1,100 and 1,050, said the leading investment bank through the Korean Economics Flash report released on Friday. “We recognize that our abo
June 3, 2012
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Woori Financial warns legal action against name-stealing lenders
Woori Financial Group said Friday it would take stern legal action against illegal money lenders that use the name “Woori.”The nation’s largest financial group by assets last month filed criminal charges against an illegal lender that used Woori’s name and logo for violation of trademark laws to the Seoul Central Prosecutors’ Office.The unregistered lender which had been running its business through a website set up under the name “Woori Financial” shut down the website after the financial group
June 1, 2012
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Korea’s consumer inflation holds steady at 2.5% in May
South Korea’s consumer prices grew at the same pace in May compared to a year earlier amid the government’s push to tame inflationary pressure, a report showed Friday.According to the report by Statistics Korea, the country’s consumer price index rose 2.5 percent in May from a year earlier, unchanged from a 2.5 percent gain tallied in April. The index rose 0.2 percent from a month ago.May’s reading marks the third month in a row that inflation stood in the 2 percent range, down from 4 percent gr
June 1, 2012
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Shares fall on Europe woes
South Korean stocks fell 0.49 percent Friday as investor sentiment was dampened by persistent European Union’s fiscal uncertainties, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 8.96 points, to 1,834.51. Trading volume was light at 322 million shares worth 3.48 trillion won ($2.95 billion), with losers outpacing gainers 478 to 351.The local currency finished at 1,177.7 won to the U.S. greenback, up 2.6 won from Thursday’s
June 1, 2012
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Korea faced with W342tr pension liability
National debt is estimated to surpass 774 trillion won when it includes liabilities on pensions provided to former and incumbent civil servants and soldiers, according to a government report.Among the debt, pension liability turned out to be 342 trillion won. It takes into account a calculated amount of pension that should be given to civil servants, soldiers and current workers in their retirement. The figure grew 36 percent from last year and took up 27.6 percent of the GDP. The Finance Minist
May 31, 2012
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Shares end almost flat on eurozone jitters
South Korean stocks closed nearly unchanged Thursday as jitters over Spain’s banking sector weighed down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.39 points, to 1,843.47. Trading volume was moderate at 439 million shares worth 4.55 trillion won ($3.84 billion), with losers outpacing gainers 446 to 384.“The European Union’s troubles took a turn for the worse when Madrid tried to bolster
May 31, 2012
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April industrial output unchanged on-year
South Korea’s industrial output growth remained unchanged in April from a year earlier mainly due to weak exports, but it inched up from the previous month, a government report showed Thursday.Production in the mining and manufacturing industries remained flat last month from April 2011, compared with a 0.7 percent on-year gain tallied for March, according to the report by Statistics Korea.The monthly output number, however, represents a 0.9 percent increase from March.The manufacturing sector,
May 31, 2012
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Court upholds price-fixing fine against Samsung Fire & Marine
Samsung Fire & Marine Insurance suffered a blow to its brand image when the Supreme Court ruled on Thursday in favor of the nation’s anti-trust watchdog’s decision to fine the company for price-fixing with other insurers.The court said the Fair Trade Commission’s imposition of fines on the Samsung firm, which allegedly agreed with other insurers on discount levels for insurance products and lower reimbursement payouts, was just.The Samsung insurer had filed a nullification suit against the FTC o
May 31, 2012
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Overseas card spending rises in first quarter
South Koreans’ overseas credit card spending rose to a record high in the first quarter as more people bought products and services from abroad, the central bank said Thursday.Overseas credit card bills totaled $2.27 billion in the January-March period, up 5.2 percent from three months earlier, according to the Bank of Korea. The figure covers purchases made by credit, debit or check cards.The amount also marks the second highest quarterly spending total after the $2.96 billion reported for the
May 31, 2012
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Banks’ daily FX turnover rises 4% in Q1
Foreign exchange turnover by banks in South Korea rose 4 percent in the first quarter from three months earlier due to increased stock transactions and bond purchases by foreign investors, the central bank said Wednesday.The daily foreign exchange turnover averaged $45.9 billion in the January-March period, compared with $44.2 billion three months earlier, according to the Bank of Korea.“The modest increase was helped by more foreign investors buying and selling local stocks and bonds in the thr
May 30, 2012
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Current account shrinks to $1.78b in April
South Korea’s current account surplus shrank in April from the previous month mainly due to a drop in exports, the central bank said Wednesday.The current account surplus reached $1.78 billion last month, down from $2.97 billion in March, according to the Bank of Korea. The figure is larger than the $1.28 billion surplus tallied a year earlier and marks the third month in a row that the current account balance has stayed in positive territory. Asia’s fourth-largest economy logged a surplus of $1
May 30, 2012
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Shares decline on eurozone, China concerns
South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le
May 30, 2012
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Shares decline on eurozone, China concerns
South Korean stocks fell 0.27 percent Wednesday on lingering fiscal uncertainties in eurozone economies and worries over China’s sluggish growth, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 5.05 points to 1,844.86, snapping a three-day gaining streak.Trading volume was light at 397 million shares worth 5.07 trillion won ($4.31 billion), with losers outpacing gainers 517 to 313.“Worries surrounding Greece’s default have le
May 30, 2012
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Citibank teaches teens how best to use their money
‘Think Money’ program provided to over 270,000 students, parents and multicultural familiesBased on its expertise as a global financial company, Citibank Korea has offered a financial education program for teenagers in partnership with the Young Women’s Christian Association of Korea since 2006 with 2.56 billion won grant by Citi Foundation.The program titled “Think Money” was launched out of an acute need for real-world financial education as teenagers’ financial knowledge and understanding bec
May 29, 2012
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Shares rise 1.41% on big-cap gains
South Korean stocks rose 1.41 percent Tuesday as big-cap gains more than offset persistent fiscal uncertainties in eurozone economies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index surged 25.74 points to 1,849.91, the third consecutive session of gains.Trading volume was light at just 319 million shares worth 3.69 trillion won ($3.13 billion), with gainers outpacing losers 520 to 310.“The market got a big boost from a rise in big-c
May 29, 2012
