Articles by 김주연
김주연
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N.K. ship violates sea border
A North Korean vessel thought to be a military patrol ship violated the western inter-Korean sea border and retreated back to its waters Tuesday night after a South Korean warship fired warning shots, the Joint Chiefs of Staff said Wednesday. “At 9:38 p.m. Tuesday, an unidentified North Korean ship invaded our waters and continued to 700 meters south of the Northern Limit Line (sea border). Our pa
Defense April 27, 2011
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Opposition leader wins in crucial district election: exit poll
Sohn Hak-kyu, the leader of the main opposition Democratic Party, scored a victory in the ruling party's stronghold of Bundang, just south of Seoul, which isconsidered the biggest match of Wednesday's by-elections, accordingto an exit poll by a local TV station. If the forecast is correct, Sohn's triumph will boost his bidto become South Korea's next president, while dealing a blow to theLee Myu
Politics April 27, 2011
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FSS under fire for graft, negligence
The nation’s top financial watchdog is under fire after several charges of corruption and power abuse were revealed this week.Three former and current officials from the Financial Supervisory Service were booked on Monday on charges of extorting money out of debt-ridden companies trying to get an approval for capital increases. Another two auditors were also arrested on charges of receiving bribes
April 26, 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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KOSPI rallies on IT shares
Earnings-driven buying sprees in IT shares, in a market waiting for a second round of capital inflows, are pushing Seoul shares to record high levels, analysts said Thursday.“Investors, including foreigners, are holding their long positions as they’re waiting for more capital inflows to push up the KOSPI. Because there is less selling, the index keeps breaking all-time highs with even small purcha
April 21, 2011
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Central bank, FSS agree to tighten oversight of FX trade
The central bank and the financial regulator decided to jointly examine banks’ foreign currency trade activities to keep them in check against speculative investments. The inspection comes as the won this week advanced to its strongest level in 31 months with capital inflows into local assets. The market’s understanding of the latest move is that the Finance Ministry is masterminding regulators to
April 21, 2011
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Competition brewing over fledging hedge funds
Brokerages seek to capture rich investors on expectations of financial deregulationBrokerages are struggling to capture wealthy investors with high-yielding private equity products as deregulation in homegrown hedge funds looms large.Money poured into hedge fund-style products as soon as top brokerages such as Samsung, Woori Investment and Korea Investment rolled them out in the past month, sparki
April 20, 2011
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Marriages increase as economy recovers
The number of marriages increased 5.3 percent in 2010 in line with the market rebound from the economic crisis between 2008 and 2009, Statistics Korea said Tuesday.The report by the state agency said 326,000 couples married last year, putting the total up 5.3 percent from the year before. The figure is a reverse of declines during 2008-9 which saw marriages dropping by 4.6 percent and 5.5 percent
April 19, 2011
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Research unit considered to support emerging market entry
The government is mulling a research institution to provide the groundwork to help local companies advance into emerging markets, Finance Minister Yoon Jeung-hyun said Monday.“In order to attain sustainable growth, it is important to consolidate ties with emerging countries by establishing cooperative channels and expanding free trade agreements,” Yoon said at a policy meeting. He said there is a
April 19, 2011
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[News Focus] Shares headed for extended rally on capital inflow
The benchmark KOSPI was expected to experience an extended rally for the next few months on a new round of capital inflows forthcoming in May, analysts said Monday amid forecasts that local stock markets would hold up well despite unfavorable external conditions. “Foreigners are expected to continue their buying spree with renewed interest in the region. May is also the time when doubts about oil
April 18, 2011
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Korea targets tax cheats in foreign havens
Kwon Hyuk, a reclusive shipping tycoon, shows how to get around paying taxes in and out of more than five trading borders while keeping over 10 trillion won ($9 billion) in assets.Register your business at a tax haven, stash all your profits there, and pretend you live abroad. Minimize paperwork. Even better if you can avoid the press.Kwon has been the main target of the Korean government’s latest
April 17, 2011
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FSC to ease loan conditions for the poor
Overdue payments of less than 100,000 won no longer reflected in credit ratingsThe government on Sunday announced a set of measures to provide the poor with better access to financial sources as mounting household debts loom large over economic recovery. The package proposed by the Financial Services Commission centers on the overhaul of credit rating guidelines, market interest rates and individu
April 17, 2011
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Builders face industry-wide credit crunch
Construction companies fear ‘chain reaction’ of bankruptciesMore mid-sized construction firms are facing business failure as their financing environment deteriorates due to soured project finance loans.Their financing opportunities, such as issuing commercial papers or corporate bonds, are increasingly becoming difficult after industry leaders such as Chinhung International and LIG Engineering & C
Industry April 14, 2011
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Korean agency makes first sovereign ratings
NICE Investors Service on Tuesday announced its sovereign ratings of six governments for the first time as a local ratings agency.NICE gave sovereign ratings for Korea as well as Malaysia, Thailand, Indonesia, Philippines and Brazil. The company said its evaluation would provide diversity in a ratings market dominated by Fitch, Moody and Standard & Poor’s, whose incorrect and belated evaluations h
April 13, 2011
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Development aid team launched
The Finance Ministry launched a new task force to help developing nations improve infrastructure and policymaking under the Knowledge Sharing Program. Helping underdeveloped nations with long term goals is a G20 agenda initiated by President Lee Myung-bak as the host of the G20 Seoul Summit last year.Seoul has finished its policy consultations with four African nations including Ghana and Algeria.
April 12, 2011
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