Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Seven Koreans with paper firms in tax havens to be disclosed
A list of seven conglomerate owners and corporate executives who set up bogus companies in the British Virgin Islands, a tax haven in a bid to evade taxes and create slush funds is expected to be disclosed on Monday. The Korea Center for Investigative Journalism, a non-profit, independent news agency said on Sunday that seven Koreans who currently own paper companies, including four owners of family-run conglomerates, will be exposed through a press release at noon.“The data will be uploaded on
May 26, 2013
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‘24 conglomerates hold W5.7tr worth of assets in tax havens’
Korean conglomerates were found to be holding assets worth a total of 5.7 trillion won in tax havens such as the Cayman Islands.Twenty-four private business groups with over 1 trillion won in assets had overseas subsidiaries in nine tax havens including the British Virgin Islands, Panama, the Marshall Islands, Malaysia’s Labuan, Bermuda, Samoa, Mauritius and Cyprus, according to Chaebul.com, a website that tracks family-owned conglomerates.The Organization for Economic Cooperation and Developmen
IndustryMay 26, 2013
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BNP Paribas investigated for unauthorized activities here
Financial regulators launched an investigation into the Korean unit of French-based BNP Paribas for engaging in allegedly unauthorized business practices, sources said Sunday.The largest bank in France has operated an investment banking business in Seoul without regulators’ permission, multiple sources told The Korea Herald.The banking regulations stipulate that there should be a strict firewall between the (commercial or corporate) banking and the investment banking units unless there is regula
May 26, 2013
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Dispute over privatization of KTX rekindled
The government’s announcement of a tentative plan to introduce competition to train operations is rekindling a dispute over the privatization of operations of the high-speed KTX.Last week, the Transport Ministry announced proposals made by its civilian reviewing committee to end the monopoly of the state-run rail operator KORAIL for the industry development. The centerpiece of the proposals was about who should operate the new high-speed KTX routes connecting Suseo in southern Seoul to the south
May 26, 2013
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FSS investigating CJ Group for stock manipulation
The Financial Supervisory Service is making inquiries into CJ Group over the allegations the business group engaged in fraudulent stock trading, regulatory officials said Sunday.According to the officials, the regulatory investigation is focused on whether CJ had conducted business practices that include stock manipulation or illicit use of insider information.The probe was initiated on suspicion that CJ Chairman Lee Jay-hyun might have used slush funds secretly in borrowed-named, offshore bank
May 26, 2013
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1 million people to benefit from state-led debt workout programs
The number of individuals benefiting from the government-led debt-restructuring programs will reach up to 1 million this year, data showed Sunday.The Park Geun-hye government has been pushing to rescue people saddled with debt for a long time as part of efforts to help them resume their ordinary economic lives. This is also part of a drive to ease rising household debts, which are feared to weigh on the overall economy.In a related move, the government recently launched the debt relief program d
May 26, 2013
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KOTRA opens trade marketing jobs for multicultural youth
State-run Korea Trade-Investment Promotion Agency said it will hire 40 people from multicultural families in Korea to train them in international trade and marketing. KOTRA will offer recruits educational programs and internship opportunities at local trading firms, KOTRA said. Candidates who hold a license in interpretation and translation or who have passed level 4 of the Test of Proficiency in Korean can apply for the job. The agency opens the job to high school graduates from multicultural f
IndustryMay 26, 2013
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Exporters hit by weak yen in first quarter: report
South Korean exporters saw their first-quarter sales shrink as the impact of the weak yen continued to put them at a disadvantage against Japanese rivals, a report showed Sunday.The yen has weakened against the U.S. dollar significantly since the fourth quarter of last year, apparently driven by the so-called Abenomics ― a mixture of aggressive monetary and fiscal policies preached by its Prime Minister Shinzo Abe.A weak yen makes Japanese products less expensive, making them a challenge for Sou
May 26, 2013
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KRX chairman offers to step down
The head of South Korea’s stock bourse operator has offered to resign, signaling what could be the beginning of a replacement at the top of brokerage-related agencies, industry sources said Sunday.Kim Bong-soo, the chairman of the Korea Exchange recently expressed his intent to step down to Financial Services Commission Chairman Shin Je-yoon, according to the sources.Kim, 59, offered to resign, saying that he has done his part and now is the time to leave, a source said on condition of anonymity
May 26, 2013
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Local governments, public firms likely to see debt top W100tr
The total debt of local governments and the public companies under their roofs is likely to exceed 100 trillion won ($890 billion) in 2012, according to officials of the Ministry of Security and Public Administration. Local autonomous governments include provinces, metropolitan cities, cities, counties and districts.The ministry sources said the debt of local governments is forecast to reach 40 trillion won ($36 billion) last year, while that of local public companies is likely to near at 70 tri
May 26, 2013
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Mahindra Group ― a global company with global standards
In the last few years it has become clear that the globe’s economic center of gravity is shifting toward Asia. As such, Asian companies are being looked at more closely than ever before ― as suppliers, buyers, partners, competitors, investment opportunities and as potential investors. Naturally, this means that their financial, structure, operations, products and services are increasingly coming under the microscope. One very important factor that influences the image and long-term potential of
MobilityMay 26, 2013
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Renault Samsung releases new SM5
Renault Samsung Motors has added a new vehicle with a 1.6-liter engine to the mid-sized model lineup for the SM5.Company officials said it will start the sales of the new SM5 TCE (Turbo Charged Efficiency) on June 3.SM5 TCE features the MR190DDT, Nissan’s 1.6-liter gasoline direct injection turbo-charged engine with GETRAG’s six-speed dual clutch transmission. The officials said the MR109DDT engine has good fuel efficiency and high performance based on the GDI technology and turbocharged interc
MobilityMay 26, 2013
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BMW’s 1,250 kg electric car
LIEPZIG, Germany ― Four massive wind turbines stand near BMW’s Leipzig plant, whipping up energy to help power the production of the 1 Series vehicles and the i3, the carmaker’s first electric car. The turbines ― capable of generating 26,000 megawatt hours per year ― are part of BMW’s ambitious i project that aims to build possibly the world’s most sustainable car in the most environment-friendly way. “Production defines the i3 car,” said Jochen Muller, a corporate communications manager of BMW
MobilityMay 26, 2013
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Economist Yoo to join National Economic Advisory Council
Yoo Byung-kyu, 53, a senior economist at the Hyundai Researcher Institute, will join the National Economic Advisory Council to President Park Geun-hye and lead the council’s support division, according to the Ministry of Strategy and Finance.The main responsibilities of the macro-economist will include developing the council’s agenda, preparation for council meetings and implementing follow-up measures, the ministry said. The 30-member council’s general meeting is convened on the president’s req
May 26, 2013
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Korean shares likely to rise next week: analysts
South Korean stocks are likely to rise next week by shaking off concerns of a possible end to the U.S. quantitative easing and the plunge in Japan's stock market, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,973.45 this week, down 0.67 percent from 1,986.81 a week earlier.The analysts said the KOSPI is expected to advance as the U.S. was unable to terminate its quantitative easing due to weaker-than-expected economic data and the more than 7 percent drop in
May 25, 2013
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Hyundai resumes weekend production at local assembly lines
ULSAN (Yonhap News) -- Hyundai Motor Co., South Korea's largest carmaker, resumed weekend production at some of its assembly lines on Saturday, a move that could help the company make up for production shortfalls and resolve unfilled orders.The resumption marked the first time Hyundai employees returned to the assembly lines in Ulsan for weekend work since March 4 when the carmaker ended its decades-long practice of running a graveyard shift.The weekend work stoppage prevented the carmaker from
IndustryMay 25, 2013
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Korea model case of high-speed train policy: vice minister
LEIPZIG, Germany ― Korea’s experience in building and operating its own bullet trains offers a model case for other countries to study, Vice Transport Minister Yeo Hyung-koo said in Germany.“Countries well understand that investing in high-speed trains will contribute to their future growth. But they face challenges in earning widespread consensus from stakeholder groups,” he said in a recent interview with The Korea Herald. “Korea, which has already undergone similar experiences over the past d
IndustryMay 24, 2013
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LG ready to widen Google TV reach
JEJU ― LG Electronics is ready to expand its lineup for Google TVs this year, as the company expects sales to rise on growing demand, a high-ranking LG executive confirmed on Friday.These innovative smart TVs operating on Google’s Android operating system are consequently expected to become available in more countries other than the U.S., China and Korea.The language band for the Google TVs is also likely to be expanded to more than the current 10 or so based on LG forecasts for higher demand. I
TechnologyMay 24, 2013
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U.S. lawmakers send letters to ITC ahead of Samsung-Apple ruling
A bipartisan group of congressmen in the United States has sent letters to the Washington-based International Trade Commission, stressing the need for careful consideration in rulings about “standard-essential patents.” News reports said the letter might be interpreted as supporting Apple ahead of the ITC ruling on Samsung Electronics’ claims against the U.S. tech firm’s infringement of its patents.According to Foss Patents, a blog covering software patent news, a letter from the leaders of the
May 24, 2013
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FSC aims to increase financial sector’s share of economy
Financial Services Commission chairman Shin Je-yoon on Friday told the country’s financial group heads on Friday that the government would try to develop the financial industry by boosting sales of value-added products.Outlining a 10-year project, Shin said the country aimed to increase the relative weight of the financial industry to 10 percent of the country’s overall economic output.The participants in the meeting included Financial Supervisory Service head Choi Soo-hyun, KB Financial Group c
May 24, 2013