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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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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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Bank of Korea cautious about interest rate policy
South Korea’s central bank said Thursday it plans to take a cautious approach to managing rate policy by considering risk factors at home and abroad due to greater economic uncertainty.The Bank of Korea said in a monetary policy report that it will focus its monetary policy on further stabilizing pr
Sept. 29, 2011
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Insurance supervisors kick off meeting
Participants in IAIS conference discuss macroprudential surveillance The 18th annual conference of the International Association of Insurance Supervisors kicked off at the COEX in Samseong-dong, Seoul, Thursday.About 500 regulatory officials and chief executives in the insurance indu
Sept. 29, 2011
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Market volatility leads to higher alert
(Yonhap News)Contingency plan activated; top financial regulator sees extended turmoil in marketThe alert level for Korea’s financial market has been raised to the second highest in the five-tier scale, reflecting the growing concerns about the possibility of the global recession as well as th
Sept. 29, 2011
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KIC calls off plan to raise BOA stake
Sovereign wealth fund Korea Investment Corp. said Thursday it won’t buy additional Bank of America shares, postponing its earlier plans to increase its stake of 69 million shares in the bank.“We decided to call off purchasing additional shares with the dividend from our existing stake. It has been p
Sept. 29, 2011
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AIA campaigns for insurance coverage
AIA Life, the local branch of Asia’s largest multinational life insurer, launched a marketing initiative to raise awareness of protection needs for the vast majority of households without insurance against cancer and death. Launched in May, the campaign urges the public to identify the protection ga
Sept. 29, 2011
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Income gap between firms, household widens faster
The income growth rate of Korean corporations jumped rapidly last year, widening the gap with the growth trend of household income, the Bank of Korea data showed on Thursday.The total income of firms here was tallied at 280.6 trillion won ($240 billion) in 2010, up 18.3 percent from a year earlier.
Sept. 29, 2011
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FSC to auction off halted savings banks
Authorities say about half of 85 savings banks suffer from financial difficultiesFinancial authorities are set to put debt-ridden savings banks up for auction to find preferred bidders among bigger financial companies, following a former case during the first half.As an initial step, the Financial S
Sept. 28, 2011
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Korea plans to triple food exports by 2017
Korean Finance Minister Bahk Jae-wan (left) shakes hands with his Chinese counterpart Zhang Ping at the opening of the economic ministers’ meeting in Seoul on Wednesday. (Yonhap News)The Agriculture Ministry announced on Wednesday its six-year plan to strengthen the food industry to match the soarin
Sept. 28, 2011
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Weak won a major obstacle to stock gains
With fears about the eurozone debt crisis and a slower recovery of the U.S. economy weighing down investor sentiment, a recovery of the KOSPI hinges on the stabilization of the local currency, analysts said on Wednesday. (Yonhap News)The Korean stock market in the past week went through gyrati
Sept. 28, 2011
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Korea, China agree to tighten policy cooperation
Finance chiefs of Korea and China agreed to tighten policy cooperation to boost regional developments and seek solutions to social problems they share, Korea’s Finance Ministry said Wednesday. The agreement was reached during a four-hour meeting between Korean Finance Minister Bahk Jae-wan and his C
Sept. 28, 2011
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Manufacturing sentiment for Oct. hits 21-month low
Faltering U.S. economic recovery dampens business sentimentKorean manufacturers’ business confidence for October stayed at a 21-month low as debt woes in Europe and a faltering U.S. economic recovery dampened sentiment. The index of manufacturers’ outlook on business conditions stood at 86, unchange
Sept. 28, 2011
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Kyobo’s life insurance offers stable income
Kyobo Premier Variable Whole Life Insurance offers monthly annuities for families wanting a stable income stream for retirement, and protection in case of a breadwinner’s death. Launched in May, the product guarantees up to 6 million won ($5,151) per month for the family even after the subscriber di
Sept. 28, 2011
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Budget targets jobs, welfare
The government has proposed increasing its spending next year by 5.5 percent to 326.1 trillion won ($286.2 billion), prioritizing job creation and fiscal soundness to protect the country’s economy from ongoing debt crises abroad.The Finance Ministry said the 2012 budget plan will cut the government
Sept. 27, 2011
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More savings banks may be suspended
Speculation is growing in the market that more savings banks could be subject to suspension of operations in the coming months as policymakers appear poised to raise the target for state funds to be injected to restructure the ailing secondary banking sector.The Financial Services Commission had pre
Sept. 27, 2011
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2012 budget prioritizes jobs, fiscal balance
The government proposed to increase its spending next year by 5.5 percent to 326.1 trillion won ($286.2 billion), prioritizing job creation and fiscal soundness to protect the country’s economy from ongoing debt crises abroad.The Finance Ministry said the 2012 budget plan will cut the government def
Sept. 27, 2011
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Korean markets slip further on U.S., EU woes
(Yonhap News)KOSPI drops 2.64%, Korean currency tumbles to 1,195.8 won vs. U.S. dollarKorea’s stock market had another turbulent session on Monday, with key indexes struggling with heavy sell-offs amid growing concerns over the debt problem plaguing the eurozone and recession fears in the U.S. econo
Sept. 26, 2011
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More Korean companies incapable of repaying debt
BOK data shows 3 out of 10 Korean firms failed to cover their debts in Q2Three out of every 10 Korean firms listed on the stock market failed to service their debt in the second quarter of this year, Bank of Korea data showed Monday. A total of 30.2 percent out of 1,491 firms said their average inte
Sept. 26, 2011
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Korea's foreign reserves 'enough' to cope with crisis: official
South Korea holds a sufficient amount of foreign exchange reserves to cope with any crisis, a senior finance ministry official said Monday, dismissing worries that the nation's financial system is vulnerable to foreign capital flight. Media reports speculated earlier that the nation's foreign r
Sept. 26, 2011
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Effective corporate tax rate falls in 2010
South Korea’s effective corporate tax rate fell more than 3 percentage points in 2010 from a year earlier as the government pushes to lower tax burdens on businesses, data showed Monday.According to the data by the finance ministry and Statistics Korea, the country’s effective corporate tax rate sto
Sept. 26, 2011
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Solid bank profits expected in Q3
KB Financial Group projected to record about 670 billion won in net profits: analystsIt is estimated that four major financial groups and their banking units will secure robust performance during the third quarter, according to analysis by local securities firms.Securities firms such as Kyobo,
Sept. 26, 2011
