U.N. chief thanks S. Korea for joining fight against Ebola

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Financial regulator to soften regulation on fintech

The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology (fintech) and fully support the sector to refresh the country's long-sluggish financial industry."I will change the paradigm of regulation on fintech," Financial Serv...

Updated : 2014.12.21 13:50

Tourism revenue set to reach all-time high in 2014

South Korea's tourism revenue through the first 10 months of 2014 has already set an all-time high compared with totals from previous years, data showed Sunday, on the back of the rising number of Chinese visitors.The country's tourism revenue came to US$14.78 billion in the January-Octobe...

Updated : 2014.12.21 13:48

Gates Foundation donates US$4.9 mln to SK's vaccine project

SK Chemicals Co., a petrochemical unit of South Korea's third-largest conglomerate SK Group, said Sunday it has received a donation of US$4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on jo...

Updated : 2014.12.21 13:43

Half of conglomerates to tighten belts next year: survey

Nearly half of South Korea's conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms re...

Updated : 2014.12.21 13:41

Prices of oil imports fall to near 4-year low

South Korea's oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corporation (KNOC) said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75...

Updated : 2014.12.21 09:47

Samsung to freeze executives’ wages

South Korea’s top conglomerate Samsung Group said Friday it would freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from care businesses.Paych...

Updated : 2014.12.19 21:40

Hyundai Motor’s sales in Brazil up 10.5% in November

Hyundai Motor, South Korea’s No. 1 automaker, made the top five in Brazil in terms of sales for two straight months in November despite the overall weak demand in the country, industry data showed Friday.According to the data offered by a dealers’ association in Brazil, Hyundai Motor sol...

Updated : 2014.12.19 21:39

Korea, China to back start-ups using state technology

South Korea’s Ministry of Science, ICT and Future Planning said Friday that it would support start-ups that create services and products based on technologies developed by state-run universities and research institutes to enter the Chinese market.In a tech event hosted by Tsinghua Univers...

Updated : 2014.12.19 21:39

Korean Air grilled over cover-up

The probe into the Korean Air “nut rage” incident intensified as the prosecutors appeared to have shifted their focus to determining whether Heather Cho and other employees were involved in destroyi...

Updated : 2014.12.19 21:39

Natural gas price to be cut by 5% next month

The local price of natural gas supplied by the state-run Korea Gas Corp. will be cut by an average 5 percent from the start of next year, the government said Friday.The move follows a recent plunge in the global prices of oil and natural gas, according to the Ministry of Trade, Industry an...

Updated : 2014.12.19 21:39

Cheil Industries surges on hopes for addition to global indices

Shares of Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, rose by the daily permissible limit of 15 percent Friday on news that global index providers would add the company to their indices earlier than expected.Cheil Industries closed at 129,50...

Updated : 2014.12.19 21:39

Seoul shares up 1.71% as Samsung shines

South Korean stocks closed 1.71 percent higher Friday, snapping a four-session slump as Samsung Group affiliate shares rallied, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared 32.48 points to 1,929.98. Trading volume ...

Updated : 2014.12.19 21:36

Local refiners undervalued, show signs of rebound

Stock prices of South Korean oil refiners have almost halved this year from a continued slide in oil prices and a glut of petroleum products, but they are showing signs of rebounding on hopes for reduced losses on inventory and improving margins, analysts said Friday.SK Innovation Co., the...

Updated : 2014.12.19 21:36

Hanwha’s financing for Samsung acquisitions still unclear

Hanwha Group, set to take over four Samsung affiliates, has come under question regarding its ability to finance the 2 trillion won ($1.82 billion) deal, while rumors circulate that the country’s 10th-largest family-run conglomerate may resort to selling shares of its subsidiaries to rais...

Updated : 2014.12.19 21:36

Finance minister pledges structural reforms

Finance Minister Choi Kyung-hwan said Friday that the government would focus on structural reforms in key economic sectors next year to improve the fundamentals of the South Korean economy and revive the nation’s growth potential.“The government will increase the efficiency of the public...

Updated : 2014.12.19 21:36