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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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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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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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Job creation lowest on record among under-30s
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Savings banks to suffer additional losses from sour PF loans
South Korean savings banks are expected to suffer additional losses of around 3 trillion won ($2.8 billion) from soured project financing (PF) loans, a report showed Monday.The local savings bank industry has to additionally set aside reserves totaling 2.98 trillion won in a bid to cover its bad PF
Aug. 8, 2011
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Foreign direct investment in Seoul more than doubles in first quarter
Foreign direct investment (FDI) in Seoul rose more than twofold in the first half of this year from the same period last year thanks to an improved business environment in the capital city, officials said Monday.The FDI in Seoul totaled $1.8 billion in the January-June period, up 116 percent from la
Aug. 8, 2011
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Seoul shares open lower
Korean shares opened down 1.4 percent Monday following last week's market turmoil and the downgrade to the United States' credit rating by Standard & Poor's.The weak start came even after the Group of Seven nations said they were committed to taking coordinated action to ensure liquidity and to supp
Aug. 8, 2011
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Seoul policymakers strive to preempt market volatility
Korean policymakers were striving Sunday to contain the impact from the historic cut in the U.S.’s sovereign credit rating and the European debt crisis amid growing concerns over the domestic markets’ vulnerability to external uncertainties.Senior officials from the Finance Ministry, the Bank
Aug. 7, 2011
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Foreign currency liquidity vital for nation: FSC chief
Financial Services Commission chairman Kim Seok-dong called for stronger measures to secure foreign exchange reserves to stave off debt woes abroad spilling over into local financial markets.“Inflation doesn’t undermine a nation immediately, but the foreign currency liquidity problem does topple a n
Aug. 7, 2011
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Won poised to weaken amid risk aversion: analysts
The Korean won is poised to weaken further against the greenback this week over the risk of economic slowdown in the U.S., analysts said. The won dropped lower against the U.S. dollar in the past week after Washington avoided a partial debt default, averaging a 4.23 won loss each day from Aug. 2 onw
Aug. 7, 2011
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Seoul stocks hit hardest among big Asian markets
Korean banks see risks grow to eight-month highKorea has seen its stocks plummet the most among major Asian markets over the past four days after the U.S. and European fiscal woes hit the global markets.The KOSPI tumbled by 10.5 percent last week, posting the sole double-digit fall among the major i
Aug. 7, 2011
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S. Korean shares likely to be rocked by uncertainties next week
South Korean stocks are expected to face a considerable amount of uncertainties and volatile sessions next week following the downgrading of the U.S. sovereign credit rating, analysts said Saturday.Market experts said that the decision by Standard and Poor's Rating Services (S&P) to lower the credit
Aug. 6, 2011
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Kyungeun Savings Bank suspended for six months
South Korea's financial watchdog on Friday suspended the operation of a local savings bank for six months, citing its capital shortage.Kyungeun Mutual Savings & Finance will be suspended until Feb. 4, as it failed to meet regulatory capital requirement, the Financial Services Commission said in a st
Aug. 5, 2011
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Eximbank, KDB join hands to fund overseas projects
South Korea's two state-run policy lenders said Friday that they agreed to help local companies win more big-ticket overseas projects by providing massive financing.Under the memorandum of understanding (MOU), the Export-Import Bank of Korea (Eximbank) and Korea Development Bank (KDB) will cooperate
Aug. 5, 2011
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S. Korean banks' Q2 net more than quadruples in Q2
South Korean lenders saw their earnings grow more than four-fold in the second quarter from a year earlier, due mainly to decreased loan-loss reserves and one-off gains from the sale of a stake in a local builder, the financial watchdog said Thursday.The combined net income of 18 local banks came to
Aug. 4, 2011
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Seoul markets hit by U.S. woes
The nation’s financial markets on Wednesday reflected worse fiscal conditions of the United States and European countries, seeing most key indices negatively affected.In the wake of anxiety that the U.S. economy could enter into a double-dip recession, local stocks tumbled and the Korean won lost gr
Aug. 3, 2011
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Shinhan, IBK probed over irregular lending
The Financial Supervisory Service recently conducted an on-the-spot probe into Shinhan Bank and Industrial Bank of Korea over their allegedly irregular lending practices.The regulatory body looked into their loan-related documents by dispatching a group of inspectors to the headquarters of the two b
Aug. 3, 2011
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Watchdog requests W500b for savings banks’ overhaul
South Korea’s financial watchdog said on Wednesday it has requested the government to inject 500 billion won ($473 million) in a special fund aimed at overhauling the country’s ailing savings bank sector.Local savings banks have been suffering from a deterioration of asset quality due to a pile-up o
Aug. 3, 2011
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BOK buys gold for first time in 13 years
Foreign reserves rise to record-high $311 billion in JulyThe Bank of Korea said Tuesday it bought 25 tons of gold in the June-July period ― its first purchase since the 1997-98 financial crisis.The purchase touched off speculations about its motives at a time when gold prices are hitting record high
Aug. 2, 2011
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Korea to begin work at tidal power plant
South Korea plans to begin operations at a tidal power plant in Sihwa, Gyeonggi Province, on Wednesday, the Ministry of Land, Transport and Maritime Affairs said Tuesday.Ministry officials said it decided to advance the operating schedule by three months in consideration of rising demand of electric
Aug. 2, 2011
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Foreign bank units see profits fall
Branches’ combined income slides 43 percent year-on-yearForeign bank branches in South Korea saw their earnings plunge in the first half of this year, hurt by losses linked to the sharp rise in the value of the Korean won and interest rate fluctuations, the country’s top financial regulator said Tue
Aug. 2, 2011
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Hyundai Asan pushing for trip to N.K. amid standoff
Hyundai Asan is pushing to send its officials to North Korea’s scenic mountain resort this week for a memorial service of a former Hyundai Group chairman, officials said.The main tour operator at the stalled resort has held a memorial service for Chung Mong-hun every year since 2003, when he committ
Aug. 2, 2011
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Foreign bank branches' H1 net halves
Foreign bank branches in South Korea saw their earnings almost halve in the first six months of this year from a year earlier due to losses from securities investments, the financial regulator said Tuesday.The combined net income of foreign banks' 37 local branches came to 538.5 billion won (US$512.
Aug. 2, 2011
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Hana Financial, bank unit under tough probe
FSS says scrutiny includes banking unit’s lending to Lone StarThe Financial Supervisory Service is probing Hana Financial Group and Hana Bank over several key issues including their loans totaling 1.5 trillion won ($1.42 billion) to U.S.-based Lone Star Funds, officials said on Monday.The other issu
Aug. 1, 2011
