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Business
Central bank preempts markets with rate cut
Quarter point slashed to 3% after no change in 13 months The Bank of Korea (BOK) surprised markets by cutting interest rates Thursday as the country battles subduing economic activity and worsening global conditions. The decision to shave the benchmark 7-day repo rate by 0.25 points to 3 percent, ended…
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Business
Pension crisis looms larger
National pension funds expected to be depleted by 2053 The retirement plans of future workers have been put in doubt by Korea’s growing pension crisis with a workforce aging in dog years suggesting the national pension pot could be depleted quicker than the previously-anticipated 2060. This is an alarming prediction…
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Business
Mobile banking makes big jump
It was in the winter of 2009 when struggling wireless carrier KT brought Apple’s iPhone to these shores. And just like that the Korean finance industry entered a new era of portable banking, a significant transition that is irrevocably reshaping the personal finance experience. While the explosion of mobile Internet…
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Samsung, POSCO boost cooperation
Two firms to jointly develop new materials POSCO, the world’s third largest steelmaker, has decided to develop next-generation materials for smartphones and other electronic gadgets in cooperation with Samsung Electronics. This is the latest in a series of moves designed to boost business collaboration between Korea’s two leading enterprises. Since…
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IBM Korea ignores outcry of sales agents
A good corporate citizen has two important objectives – first making profits through business activities and second, creating economic value and contributing to society through sharing the fruits of their enterprise. In this regard, IBM Korea cannot be considered a good corporate citizen. The Korean arm of the U.S.-headquartered software…
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Business
3-way battle
KB, AIA, Manulife to vie for ING’s Korean unit The contest to buy ING Group’s Korean insurance unit has turned into a three-way battle as Canada’s Manulife Financial is expected to join the main bidding scheduled for July 16. KB Financial Group and Hong Kong’s AIA Group were considered the…
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Business
Why is Incheon Airport up for sale?
The Lee Myung-bak administration and the government are facing a strong backlash in their attempts to sell Incheon International Airport and privatize one of the world’s most modern and profitable transport hubs. Many people are scratching their heads as to why the government is stubbornly sticking with its immensely unpopular…
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Business
It will get worse
Korea faces greater downside risk in 2nd half The Korean economy will face greater downside risks in the second half of this year, with exporters having a harder time shipping goods overseas due to the prolonged European debt crisis and other external negatives, the Korea Chamber of Commerce and Industry…
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Business
Bahk criticizes chaebol bashing
Strategy and Finance Minister Bahk Jae-wan expressed concerns Tuesday over the deafening chaebol bashing and welfare speechifying ahead of the December presidential poll. Bahk accused political parties of myopia and backwardness, and defending the country’s economic policies in support of big businesses. Talking to reporters on the sidelines of the…
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Business
IBM Korea under investigation
Tech firm suspected of dumping products on sales agent The nation’s antitrust regulator has begun investigating IBM Korea for allegedly dumping its software products on a sales agent. In addition, the company banned the agent from selling the stockpiled products of another software firm the former took over. KSTEC, the…
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