Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul alerts overseas missions to NK terror threats
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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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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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Mahindra chief ranked 4th-top CEO to ‘follow’
Mahindra Group chairman Anand Mahindra’s Twitter handle (@anandmahindra) was recently ranked fourth on the global list of the top 25 CEOs to follow on Twitter by the CEO Guru blog, the group said on Monday. The chairman’s Twitter handle, which has almost 800,000 followers, was praised for being a “lively Twitter account with lots of regional flavor.” He is the only Indian to be featured on this list. The top three executives on the list were Virgin Group chairman Richard Branson, News Corp chair
IndustryMay 27, 2013
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Government aims to stabilize prices of farm products
The government on Monday announced a set of measures, including the expansion of direct transactions between producers and consumers, to limit price hikes of farm products.The Ministry of Agriculture, Food and Rural Affairs said the measures will help lower distribution costs by an average 10 to 15 percent by 2016.At the center of the plan is the National Agricultural Cooperative Federation, better known as Nonghyup, which will double its retail sales of farm products from 959.6 billion won ($84
IndustryMay 27, 2013
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Corporate Korea shaken by paper company list
The local corporate sector appeared to be shaken up by the latest data from the Korea Center for Investigative Journalism revealing an additional list of Koreans associated with conglomerates holding offshore accounts through paper companies in tax havens.“It’s the fact that these news reports are coming against the backdrop of the government’s drive for spurring fair competition between the big and little players as a part of its policy pledges for achieving economic democratization,” said one
IndustryMay 27, 2013
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Cayman Islands’ investment in Korea tops W7.7tr
The Cayman Islands is the largest investor as a tax haven country in the South Korean market, data showed Monday, amid growing suspicions here that some of the money belongs to rich Korean nationals disguised as foreigners running off-book accounts.The amount of investment by the British overseas territory in local stocks and bonds reached 7.7 trillion won ($6.82 billion) at the end of April, with the number of investors standing at 2,796, according to the data by the Financial Supervisory Servi
May 27, 2013
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Sri Lanka could serve as Korean firms’ gateway to India-Pakistan market
Sri Lanka has expressed hope that Korean firms will make more investments in the country, saying it was an ideal spot for a logistics hub in the South Asian region.“Ever since 2010, the year after the civil war ended, the country has been recording a steady growth rate of 8 percent or more every year,” Shivan de Silva, executive director of the Board of Investment of Sri Lanka, told The Korea Herald.Boosted by this sustainable growth, the Sri Lankan government is now all out to attract foreign d
May 27, 2013
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RCEP, first step toward economic integration in Asia
Recently I went to Brunei to engage in the first round of the Regional Comprehensive Economic Partnership, or RCEP, negotiations in my capacity as Korea’s lead negotiator. RCEP is not well known to the general public despite its importance and potential to our economy. The RCEP aims to create a free trade area in Asia, currently with the participation of 16 countries including Korea, Japan, China, Australia, New Zealand, India and 10 ASEAN countries.This opening meeting follows the official decl
May 27, 2013
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Seoul opens international dispute arbitration center
The Seoul International Dispute Resolution Center opened on Monday to help local and foreign companies operating in Korea settle international business disputes, officials said.The Korea Commercial Arbitration Board, the Seoul Metropolitan Government, lawyers and nonprofit organizations joined together to establish the IDRC.KCBA officials said the new arbitration hearing center was established to promote Korea as the East Asian hub of international law as well as its advanced environment for glo
May 27, 2013
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Seoul shares gain 0.33 pct on eased yen woes
South Korean stocks closed 0.33 percent higher Monday, as a hike in Japanese government bond yields last week lifted concerns over the yen's weakness, prompting foreigners to increase risky bets in local equities, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.52 points to finish at 1,979.97. Trading volume was light at 245.9 million shares worth 2.83 trillion won ($2.51 billion) with gainers outpacing decliners 444 to 367. "Worries about the weakening yen have aba
May 27, 2013
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Body names 7 Koreans with tax haven accounts
The Korea Center for Investigative Journalism unveiled on Monday its second batch of seven Koreans, connected to four notable conglomerates in the country, holding offshore accounts via paper companies set up in tax havens.The seven were found to be incumbent and former executives of chaebol, and are expected to be scrutinized by the National Tax Service for any signs of tax evasion or avoidance through those ghost companies.They are: Choi Eun-young, chairwoman and CEO of Hanjin Shipping; Cho Yo
May 27, 2013
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Samsung sells more than 10 mln smartphones in China in Q1
Samsung Electronics Co. has sold more than 10 million smartphones in China in the first three months of this year, retaining its position as the top smartphone seller in the world's most populous country for the fifth straight quarter, data showed Monday.Samsung sold 12.5 million smartphones in China between January and March, accounting for a 18.5 percent market share, up 2.2 percentage points from the previous quarter, according to the data compiled by Strategy Analytics, a U.S. market researc
TechnologyMay 27, 2013
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Chinese gamblers become No. 1 patrons of S. Korean casinos
The number of Chinese gamblers visiting South Korean casinos surpassed that of Japanese high-rollers for the first time last year, the culture ministry said Monday, as fears of North Korea's provocations and the falling yen curtailed growth of Japanese customers.According to the Ministry of Culture, Sports and Tourism, more than 970,000 or 40.7 percent of foreigners visiting local casinos came from mainland China last year, compared with 33 percent from Japan.The number of Japanese gamblers plun
May 27, 2013
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S. Korean banks ramping up efforts to go overseas
South Korean banks are further turning their focus to the Asian market as squeezed profit margins and the economic slowdown at home are prompting them to find new sources of income, market watchers said Monday.Local banks' move to tap the overseas market is not a new trend, but top lender Kookmin Bank and its three major rivals are ramping up efforts to make inroads into the Asian market where economic growth remains relatively solid, they added.Top lender Kookmin Bank is aiming to provide tailo
May 27, 2013
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Seoul shares up 0.3 percent in late-morning trade
South Korean stocks traded 0.3 percent higher late Monday morning, buoyed by blue-chip exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.93 points to 1,979.38 as of 11:20 a.m. LG Electronics, the country's leading home appliance maker, jumped 3.25 percent and No. 1 automaker Hyundai Motor gained nearly 1.5 percent. In contrast, steelmakers lost ground. POSCO dropped 0.8 percent. Large-cap zinc smelter Korea Zinc also shed 1.8 percent. The local curren
May 27, 2013
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S. Korea's consumer sentiment rebounds in May
South Korean consumers' confidence rebounded in May from the previous month as the government's extra budget and the central bank's rate cut raised optimism about the economic recovery, the Bank of Korea (BOK) said Monday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 104 for May, up from 102 tallied for the previous month, according to a monthly survey by the BOK. The index stayed above the benchmark 100
May 27, 2013
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Seoul shares open higher on eased yen woes
South Korean stocks opened slightly higher Monday, as a hike in Japanese government bond yields last week lifted lingering concerns over yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.98 points, or 0.15 percent to 1,976.43 in the first 15 minutes of trading. Blue-chip exporters drove up the main index, with tech heavyweight Samsung Electronics gaining 0.61 percent and Kia Motors, smaller affiliate of No. 1 carmaker Hyundai Motor, rising more than 1 p
May 27, 2013
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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