More than one in 10 overseas corporations owned by Korea’s 30 major conglomerates are based in tax havens, a website reported on Monday.According to online data service provider chaebol.com, Korea’s 30 major business groups operate 231 subsidiaries in tax-havens such as Hong Kong, Luxembourg, Bermuda and the Cayman Islands.Samsung Group topped the list with 38 units in tax havens including Hong Ko

Feb. 14, 2011

The police are looking for a private lottery dealer in his 30s with the family name Kang for having stored 1 billion won ($980,000) in a Seoul warehouse under borrowed identification and fake phone numbers. The investigators suspect him to have accumulated the money as slush funds from running illegal lotteries. The case was discovered when Yeongdeungpo police received a report of suspected explos

Social Affairs Feb. 11, 2011

North Korea made another proposal for the resumption of talks with South Korea Friday, this time to Seoul's political parties, apparently as its chance of winning concessions from the Seoul government has nearly disappeared.The proposal came one day after the communist nation's military said it will no longer deal with the South Korean government, accusing the latter of lacking any willingness to

Politics Feb. 11, 2011

Seoul stocks plunged to a two-month low on Friday as foreigners continued their selling spree and an interest rate freeze stoked investor jitters, analysts said.The benchmark Korea Composite Stock Price Index sank 31.31 points, or 1.56 percent, to 1,977.19, extending a losing streak to a fourth session. The benchmark index fell below the 2,000-point level for the first time this year, sinking to i

Feb. 11, 2011

Korea and the U.S. have signed their recently concluded free trade  agreement, paving the way for the pending pact to be ratified in both countries, Seoul‘s trade ministry said Thursday.In December last year, both countries reached a final agreement focusing on U.S. demands that South Korea soften its automotive safety and environmental standards.The Korea-U.S. free trade agreement, known as the K

Feb. 10, 2011

LG Electronics Inc. was accused in two lawsuits by Sony Corp. of infringing eight patents for technology used in liquid-crystal display televisions and monitors.Sony filed two new complaints, each listing four patents, yesterday in federal court in Los Angeles. The Tokyo-based electronics maker said LG’s 32LD350 LCD television and E2360V LCD monitor are among the products that infringe its technol

Industry Feb. 10, 2011

Woori Finance Holdings Co., Korea's top financial group, drew four candidates for its chairmanship, including the current chairman deemed highly likely to serve another term, financial sources said Wednesday.Woori Finance Chairman Lee Pal-seung applied for the top post and is seen as the most powerful candidate for the chairmanship amid ongoing government efforts to put the company in private hand

Feb. 9, 2011

The financial authority is poised to ask the prosecution to investigate Deutsche Bank AG and suspend part of businesses of the investment bank’s securities unit in Seoul for their alleged manipulation of stock prices, sources said Wednesday.According to several regulatory officials, Deutsche Bank’s brokerage unit in Seoul may face business suspension for “six months” ― the highest administrative s

Feb. 9, 2011

Woori, Shinhan, KDB to select new heads in March amid looming industry consolidationVeteran bankers and former bureaucrats are jockeying in several races for top financial business posts dogged by alleged political pressure, in-house power struggles and procedural disputes.Woori Finance Holdings and Shinhan Financial Group plan to select their new heads next month. Hana and KDB groups are also set

Feb. 9, 2011

SALALAH/MUSCAT, Oman -- The captain of a rescued South Korean freighter, who was wounded during a naval raid on Somali pirates in the Arabian Sea last week, will be airlifted home Saturday, officials here said Friday.The 58-year-old Seok Hae-kyun was shot three times by pirates during the rescue operation by South Korean commandos for the Samho Jewelry. He was the only one wounded among the 21-mem

Social Affairs Feb. 7, 2011