Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Golden chance to liquidate babies’ gold rings?
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Citibank Korea warned for irregular lending
The Financial Supervisory Service said Tuesday that it has fined Citibank Korea 169 million won ($153,600) for engaging in irregular deals with its affiliates.The state regulator also issued an institutional “warning” against the bank for breaching the law on the intra-group credit offering and glossing over employees’ unauthorized access to customers’ personal information.In addition, 44 employees were subject to disciplinary measures including suspension of duties.The U.S. Citigroup’s Korean u
June 4, 2013
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KEB launches foreign language website
Korea Exchange Bank on Tuesday opened a website for foreign residents offering financial and nonfinancial information in four languages: English, Chinese, Japanese and Vietnamese.The website, dubbed “EasyOne for foreigners,” provides non-nationals with a variety of “information on Korean society” as well as Internet banking services, said the commercial bank.KEB said it expected that more consumers would also easily access financial benefits of the EasyOne service via the Internet, whereas befor
June 4, 2013
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Shippers take up 85% of Korean firms in tax havens
Nearly 85 percent of local firms established in tax havens are linked to the shipping industry, data showed Tuesday, raising concerns of excessive public distress over offshore local companies.According to the data compiled by CEO Score, a corporate researcher, the country’s 16 business groups have established 281 companies in seven major tax havens, with 238 of them linked to the shipping industry.It is widely accepted for a shipper to establish offshore special purpose companies, especially wh
June 4, 2013
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Bosch to invest W170b in Korea this year
DAEJEON ― Bosch Group will invest 170 billion won ($150 million) into the production of gasoline direct injection systems in Korea this year and create some 400 new high-skill jobs, the Korean unit said Tuesday. “Due to some profitability issues at the corporate level, we had to cut down the investment amount (from the original 200 billion won announced in September) this year,” said Hermann Kaess, president and CEO of Robert Bosch Korea. The German auto parts manufacturer last year invested 60
IndustryJune 4, 2013
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Hyundai delivers 15 hydrogen fuel cell cars to Denmark
Hyundai Motor Co. said Tuesday that it has delivered 15 hydrogen fuel-cell vehicles to Denmark in the top South Korean automaker’s first such sale after it began assembly-line production of zero-emission cars in February.Copenhagen, the capital city of Denmark, plans to use hydrogen fuel cell versions of Hyundai’s popular Tucson ix sport utility vehicle as official vehicles, Hyundai said.Copenhagen City officials were not immediately reached for comment on late Monday.The move comes three months
June 4, 2013
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[Meet the CEO] Communication is key to brewery crown
For Oriental Brewery Co., October 2011 is a month the nation’s No.1 beer maker cannot forget: It recaptured the title of top brewery by finally edging out its archrival Hite Jinro, which dominated the beer market for about 15 years.Behind OB’s success, company officials agree, was an aggressive marketing push by CEO Jang In-soo, who was nicknamed by news media the “master of sales.” Speaking in an interview with The Korea Herald last week, the 58-year-old CEO picked his “communication” with sale
BusinessJune 4, 2013
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Hyundai E&C targets $11b overseas orders in 2013
Hyundai Engineering & Construction, the nation’s top builder, has set the goal of winning overseas order contracts worth more than $11 billion in 2013, the company said in a press release. If the goal is achieved as planned, the proportion of the builder’s total sales made overseas will rise to 75 percent from 65 percent last year. In 2012, the company’s overseas orders reached a record high of $10.5 billion. The continued growth in the overseas construction market resulted from the company’s co
IndustryJune 4, 2013
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LH strives to expand supply of affordable housing
Among all commodities needed in human life, a residence is the most fundamental factor and should be supplied on a stable basis to everybody, according to the Korea Land & Housing Corporation.“As a state-run housing coordinator, we have worked over the past few decades to expand the range of supply, especially for the socially disadvantaged,” said an official.LH was established in 2009 as a comprehensive land and housing management organization, as a result of the merger of the former Korea Nati
June 4, 2013
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Seoul shares almost flat amid eased currency woes
South Korean stocks closed almost unchanged Tuesday, as increased bets by foreign investors in local equities were offset by selling by retail and institutional investors amid eased currency woes, analysts said. The localcurrency rose against the U.S. dollar. After bobbing in and out of negative terrain, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.06 point, holding almost steady at 1,989.51. Trading volume was moderate at 329.1 million shares worth 3.91 trillion won (US$2.
June 4, 2013
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Seoul shares turn lower after strong start
South Korean stocks turned lower late Tuesday morning after starting higher, as blue-chip tech and financial firms shifted to negative territory, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 7.42 points, or 0.37 percent, to 1,982.15 as of 11:20 a.m. Tech giant Samsung Electronics fell 0.4 percent, with No. 4 banking group Shinhan Financial declining more than 1 percent. In contrast, steelmakers and heavy industries were bullish. Hyundai Steel, a major steelma
June 4, 2013
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Seoul shares open higher on yen's rise
South Korean stocks got off to a strong start Tuesday, as a rising Japanese currency lifted investor sentiment here, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.40 points, or 0.47 percent, to 1,998.97 in the first 15 minutes of trading. Most shares gathered ground across the board, with large-cap exporters leading the gain. Market behemoth Samsung Electronics inched up 0.2 percent, and No. 1 carmaker Hyundai Motor advanced 0.7 percent. The yen rebounded to 99
June 4, 2013
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Finance minister stresses need to boost job creation
South Korea's finance minister on Tuesday stressed the need to boost job creation and encourage more women to join economic activities. "Globally, how to boost employment rates has posed a challenge (to policymakers), warranting attention," Finance Minister Hyun Oh-seok told reporters before holding a meeting with Bank of Korea (BOK) Gov. Kim Choong-soo. "It is critical to encourage more women to participate in economic activities." His remarks on job creation are in line with the government's p
IndustryJune 4, 2013
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CJ under spotlight for tax evasion, false-name accounts
The Financial Supervisory Service on Monday began its investigation of CJ Group for stock price manipulation, and violation of the foreign exchange law and real-name transaction law.CJ Group chairman Lee Jay-hyun offered an apology to its executives and employees for damaging their pride in connection with the prosecution’s probe into the conglomerate. The top financial regulator is looking into the hundreds of CJ accounts under borrowed names at Woori Bank as well as the conglomerate’s alleged
IndustryJune 3, 2013
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Thailand’s mega water project adrift: sources
Doubts about whether Thailand’s $12 billion water-related project will proceed as planned are rising among Korean builders.The Thai government is scheduled to select preferred bidders for the nine project modules on Tuesday, but Korean participating firms believe that the announcement will be delayed without a fixed deadline due to differences over price. “We expect the announcement to be made around June 11, but we haven’t received any official notice from the Thai government on the adjusted ti
June 3, 2013
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Korea issues first electricity reserve warning
Amid escalating concerns over the shutdown of several nuclear reactors, the Korea Power Exchange issued on Monday a first-step warning on the nation’s electricity supply.The “preparation” warning was issued at 1:31 p.m. on Monday as the temperature rose to the mid-summer level and the electricity reserve margin fell below 4.5 million kilowatts, according to officials.The KPE earlier predicted that the inventory could drop further to 3.7 million kilowatts, triggering the “attention” warning, the
June 3, 2013
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[Graphic News] Nuclear plants’ operation rate declines
When it comes to nuclear power plants, Korea had maintained a higher operation rate than other countries. But the recent suspension of four nuclear reactors over the use of faulty parts or maintenance tarnished the nation’s image as an atomic energy powerhouse.According to the state-run Korea Hydro and Nuclear Power Co., Korea’s operation rate of nuclear power plants has sunk to below 80 percent for the first time in its history.The company said from January to April this year, Korea’s nuclear r
June 3, 2013
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[Power Korea] Stable water supply: Lifeblood of economic growth
Water is one of the essential resources for the economic growth of a country. It contributes to food production, industry supply and the health and welfare of the people.This is why Korea has continuously invested in water-related infrastructure, including multipurpose dams and water treatment systems, since the beginning stages of the nation’s economic development in the 1960s. Water resource development history in Korea The primary objective of the development of water resources, therefore, i
June 3, 2013
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Four vying for top KB Financial post
KB Financial Group said Monday it planned to pick the nominee for its chairman to succeed outgoing chief Euh Yoon-dae as early as this week.In a statement, the financial services firm said its personnel recommendation committee singled out four out of 11 initial candidates earlier in the day.“The committee is considering nominating the final candidate before next week after it conducts another round of interviews with the four figures this Wednesday,” said KB Financial.The four figures are KB Fi
June 3, 2013
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Inter-affiliate trading of chaebol dips for first time since 2008
The inter-affiliate trading of South Korea’s top 30 conglomerates dipped last year for the first time since 2008, data showed Monday, amid growing calls for reining in the economic dominance of family-controlled conglomerates.The move appears to represent the commitment by conglomerates, known as chaebol in Korea, to share its growth with small businesses, which account for 99 percent of all enterprises in South Korea.Chaebol have long been criticized for awarding lucrative business deals to the
IndustryJune 3, 2013
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Hyundai-Kia domestic sales continue to slide
Hyundai Motor and its affiliate Kia Motors show little sign of recovering on their home turf from their slowing car sales in recent months. Hyundai Motor said Monday that its global car sales increased 10.4 percent to 402,406 vehicles in May from a year ago. But its domestic sales continued its downward trend in recent months, posting a 0.2 percent decline to 57,942 units in the month. Despite a slight increase in SUV sales, reduced working days at its Korean factories negatively affected its do
IndustryJune 3, 2013