Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Regulator probes SC First Bank's illegal metal loan business
South Korea's top financial regulator said Monday that it has launched a probe into SC First Bank, the local unit of British banking giant Standard Chartered Plc, on allegedly infringing domestic bank regulations by giving metal loans to corporate customers. "Investigators were dispatched to SC First Bank and if we find (the bank) violated local regulations, we will summon the bank officials and d
April 25, 2011
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[News Focus] Tax cuts, easier loans fail to lift real estate
About one month has passed since the government rolled out measures to boost the sluggish real estate market. The centerpiece of the policy was to offer tax benefits and ease financing limits.Despite the policy and such positive economic indexes as soaring stock prices, however, the market has no signs of rebounding. Moreover, there are growing concerns of a further contraction in housing sales, d
April 25, 2011
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Regulator launches Apple data probe
KCC sends inquiries to Apple over data of smartphone usersThe state media regulator said Monday it launched an investigation against Apple Inc. over collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration
April 25, 2011
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Korea to boost energy ties with Latin America
A Korean delegation team led by Second Vice Minister of Knowledge Economy Park Young-june will visit South America from April 26 to May 5 in an effort to boost energy ties with the region, the ministry said Monday. The delegation, which includes officials and local developers, will tour Mexico, Colombia, Venezuela and Peru, the ministry said. Officials from state-run firms Korea Electric Power Cor
IndustryApril 25, 2011
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Samsung, Sony LCD venture to cut capital
S-LCD Corp., a venture between Samsung Electronics Co. and Sony Corp., said Monday that it will reduce capital through a share cancellation as part of efforts to improve its capital structure.In a regulatory filing, the venture said the number of its shares will be reduced to 660 million from the current 780 million, with its capital base to be cut to 3.3 trillion won ($3.05 billion) from 3.9 tril
IndustryApril 25, 2011
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Corporate executives getting younger
Average executive at Korea’s top 100 companies is 52.5 years old, 4 years younger than in 2006Corporate top brass are getting younger by the year, with the average age of executives at Korea’s top 100 companies surveyed at 52.5 years last year, having shed almost four years since 2006.Five years earlier, the average executive was 55.9 years old. Monday’s figures from the Korea Listed Companies Ass
April 25, 2011
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Income polarization deepens
Income inequality widened over the past decade, with the gains among the top 20 percent rising by more than half while those of the poorest 20 percent more than halved, the tax agency said Monday.Taxable income reported by the wealthiest 20 percent stood at an average of 90 million won ($83,210) in 2009, up 55 percent from 1999 when the figure was 58 million won, the National Tax Services said. Ga
April 25, 2011
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LG Uplus launches app that locates local discounts
LG Uplus said Monday it recently launched a location-based social shopping service which enables people to save points or take part in events while they shop in its listed stores.Having launched the service named “Ding dong” last Monday, it is currently offering it in 1,000 locations in Seoul, including at The Face Shop, Beautiplex and some coffee shops and restaurants, said Ro Se-yong, senior vic
IndustryApril 25, 2011
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FSS admits savings bank info leak
The Financial Supervisory Service is facing allegations that it failed to prevent its internal information from being leaked concerning the regulatory policies on savings banks.Among the allegations are that several customers of Busan Savings Bank withdrew large deposits a day before regulators suspended operations of the distressed bank in February.It has been alleged that key staffers of Busan S
April 25, 2011
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Soured construction loans threaten banks
Five major banks see overdue project finance loans hit W3.3trTroubled soured loans issued to the construction sector, which have already dealt serious blows to some savings banks, may also threaten the financial soundness of commercial banks.Savings banks saw defaults on their troubled construction-related financing loans ―known as PF loans ― sharply driven up by the property market slump that sta
April 25, 2011
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Minister stresses need for nuclear safety
South Korea needs to strengthen its nuclear reactor safety protocol to ensure there are no problems with its atomic power production, the commerce minister said Monday.The remarks come amid growing concern over the safety of atomic energy after the disastrous earthquake in Japan damaged reactors at the Fukushima nuclear power plant, prompting radiation leaks. Knowledge Economy Minister Choi Joong-
April 25, 2011
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Hyundai Motor Group basks in growth streak
Hyundai Motor, Kia, Mobis post record sales with share prices soaringThe share prices of Hyundai Motor Group’s three automotive companies have reached new highs on an almost daily basis in recent months, but experts say there is still room to grow. Share prices of the “Hyundai Three” ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― have risen at an unprecedented rate over the past yea
IndustryApril 25, 2011
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Automakers unveil local China brands
Global carmakers adopt China-specific brands seen as tool to wrest technology from abroadSHANGHAI (AP) ― Some of the new Chinese cars unveiled at this week’s Shanghai Auto Show are affordable for millions of buyers ― a happy development for Beijing that might prove costly for the global automakers producing them.General Motors Co. unveiled the 630 sedan, the first model from its new Baojun badge d
IndustryApril 25, 2011
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Sony ‘rebuilding’ PlayStation Network after outage
NEW YORK (AP) ― Sony Corp. said it is rebuilding its PlayStation Network to bring it back online after an “external intrusion” caused it to suspend the service.The company said it turned off the service, which lets gamers connect in live play, so that it could strengthen its network infrastructure. Qriocity ― the company’s online entertainment platform ― was also affected.“Though this task is time
IndustryApril 25, 2011
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State regulator launches query on Apple
The state media regulator said Monday it launched an investigation against Apple Inc. over its collection of information of its smartphone users in Korea.The Korea Communications Commission said it requested Apple to promptly answer a questionnaire and return it by “the earliest date.”State authorities asked the company to clarify the duration and regularity of the location information storing on
IndustryApril 25, 2011
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Kia Motors posts record sales in Q1
Kia Motors Corp., South Korea's second-largest automaker, set a new quarterly sales record in the first three months of the year amid growing overseas demand for its vehicles, the company said Monday.According to data released by Kia Motors, the company sold 565,355 vehicles in the first quarter, up 20.2 percent from the same period last year. Domestic sales came to 125,631 units with exports risi
April 25, 2011
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SK chairman suffers investment loss of over W100b
The chief of SK Group, a South Korean conglomerate, has suffered a loss of more than 100 billion won ($92.5 million) from futures investment, sources said Saturday.The National Tax Service, the country’s tax agency, found that Chey Tae-won had invested in the futures, but lost most of his money, according to the sources. The tax agency launched tax probes into the group’s key affiliates, such as S
IndustryApril 24, 2011
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Hyundai Motor Group reaches new high in U.S. midsized market
Hyundai Motor Group’s share of the United States’ market for midsized sedans for the first quarter of the year rose to a record high, industry data showed Sunday.According to industry data, 66,554 units of Hyundai Motor Co.’s Sonata and Kia Motors Corp.’s K5, known as the Optima in overseas markets, were sold in the U.S. during the first three months of the year, giving the companies’ a combined m
IndustryApril 24, 2011
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Struggling chaebol take out loans on stocks
Owners of top industrial companies took out loans against their own shareholdingsOwners of some of the nation’s top “chaebol” industrial groups have obtained loans from creditors by offering nearly all of their own company stocks as collateral, data from the Financial Supervisory Service and online corporate sources showed on Sunday.Almost 80 percent of Dongbu Group Chairman Kim Jun-ki’s 15.41 mil
IndustryApril 24, 2011
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30 groups see debts surge 51% in 3 years
Combined debts of Samsung, Hyundai Motor grow by 89 trillion wonThe nation’s 30 biggest business groups saw their combined debts snowball over the past three years, which could undermine their financial soundness, the Fair Trade Commission said on Sunday.According to the antitrust regulator, debts held by the top 30 groups came to 1.03 quadrillion won ($925 billion) as of March 2011, up 51.2 perce
April 24, 2011