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Shinhan Bank faces punitive actions over misselling of Lime funds

SEOUL, July 6 (Yonhap) -- South Korea's financial regulator decided Wednesday to take punitive actions against Shinhan Bank for misselling of funds run by now-defunct Lime Asset Management.The Financial Services Commission (FSC) said it has decid
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Won slides to nearly 13-yr low per dollar on recession fears

SEOUL, July 6 (Yonhap) -- The South Korean currency fell to the lowest level against the U.S. dollar in nearly 13 years on Wednesday as investors chased safer assets amid growing fears about a global recession.The won closed at 1,306.30 against the g
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T'way Air opens Incheon-Mongolia route amid eased virus curbs

SEOUL, July 6 (Yonhap) -- T'way Air, a South Korean low-cost carrier, said Wednesday it has opened an Incheon-Mongolia route as pent-up travel demand is unleashed amid eased virus curbs.T'way Air has deployed a 347-seat A330-300 jet to provid
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KDI chief offers to resign amid new gov't pressure to step down

SEOUL, July 6 (Yonhap) -- Hong Jang-pyo, the chief of the state-run think tank Korea Development Institute (KDI), offered to resign Wednesday as the new Yoon Suk-yeol government and ruling party have been heaping pressure on top officials appointed b
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S&P expects BOK to raise policy rate to 2.5 pct

SEOUL, July 6 (Yonhap) -- South Korea's central bank is expected to further raise its key interest rate by a combined 0.75 basis point to as high as 2.5 percent down the road to rein in inflation, an economist at global credit appraiser S&P Globa
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Daewoo Shipbuilding shifts to emergency mode amid crisis

SEOUL, July 6 (Yonhap) -- South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. (DSME) put itself on an emergency management footing Wednesday in a bid to tide over a crisis and make a new leap forward.DSME, the world's fourth-larges
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PM voices support for normalization of monetary policy

SEOUL, July 6 (Yonhap) -- Prime Minister Han Duck-soo on Wednesday expressed support for the normalization of the monetary policy by the Bank of Korea (BOK), citing strong inflationary pressure and deteriorating fiscal soundness. Han made the remarks
Koreans' excess funds grow in Q1 on less borrowing

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SEOUL, July 6 (Yonhap) -- Excess funds held by South Korean households and nonprofit agencies grew in the first quarter of this year as borrowing shrank amid rising interest rates, central bank data showed Wednesday.Net financial funds -- the value o
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S. Korea recaptures No. 1 shipbuilding nation status in H1

SEOUL, July 6 (Yonhap) -- South Korea has captured the No. 1 spot in global shipbuilding orders for the first time in four years on the back of rising demand for high-priced vessels, such as liquefied natural gas (LNG) carriers and container ships, d
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KSOE replaces orders for 3 LNG carriers with higher-priced ones

SEOUL, July 6 (Yonhap) -- Korea Shipbuilding & Offshore Engineering Co. (KSOE) said Wednesday it has replaced existing contracts for three liquefied natural gas (LNG) carriers with new ones with a higher price tag amid supply chain disruptions.KSOE,
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Industry chief calls for export growth, nuclear energy use over 'multiple crises'

SEJONG, July 6 (Yonhap) -- Industry Minister Lee Chang-yang has vowed measures to strengthen export competitiveness and maximize nuclear energy in the face of major economic challenges over surging inflation and fuel costs."We are now facing mu
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LG Energy Solution to supply EV batteries to Isuzu: report

SEOUL, July 6 (Yonhap) -- LG Energy Solution Ltd. (LGES) will supply its electric vehicle batteries to Japanese commercial vehicle maker Isuzu Motors Ltd. in a deal likely amounting to at least 1 trillion won (US$762.4 million), a news report said We
(EDITORIAL from Korea Times on July 6)

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Move toward futureKorea, Japan should resolve historical issuesBusiness leaders of South Korea and Japan have agreed to work together to help the two countries mend their soured relations. During their annual meeting in Seoul on Monday, the Federatio
Top headlines in major S. Korean newspapers

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SEOUL, July 6 (Yonhap) -- The following are the top in major South Korean newspapers on July 6.Korean-language dailies-- Yoon issues no apologies despite string of controversial nominations (Kyunghyang Shinmun)-- High school dropout, professor Huh J
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(LEAD) Yoon says he will personally take care of livelihood issues

(ATTN: UPDATES with plan to reduce government committees in paras 8-9)By Lee Haye-ahSEOUL, July 5 (Yonhap) -- President Yoon Suk-yeol said Tuesday he will personally take care of the public's livelihood issues by meeting with people and listening
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(LEAD) Foreign reserves dip by most in over 13 years in June amid currency volatility

(ATTN: ADDS Q1 dollar-selling data in para 8)SEOUL, July 5 (Yonhap) -- South Korea's foreign reserves fell by the largest amount in more than 13 years in June as foreign exchange authorities unloaded the U.S. dollar to help stem the won's sha
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(LEAD) S. Korea to expand nuclear power generation to over 30 pct of total by 2030

(ATTN: ADDS more details in paras 5-8; RECASTS lead to clarify target ratio)SEJONG, July 5 (Yonhap) -- South Korea will expand its generation of nuclear power to more than 30 percent of its total energy creation by 2030 as part of efforts to boost en
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(2nd LD) SsangYong launches Torres SUV, targets turnaround within next 2 years

(ATTN: UPDATES with details throughout; CHANGES headline) INCHEON, July 5 (Yonhap) -- SsangYong Motor Co. launched the all-new Torres SUV in South Korea on Tuesday, a week after a Seoul court approved a local consortium as the final bidder for the de
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Yoon says he will personally take care of livelihood issues

By Lee Haye-ahSEOUL, July 5 (Yonhap) -- President Yoon Suk-yeol said Tuesday he will personally take care of the public's livelihood issues by meeting with people and listening to their concerns, and presiding over a weekly economic meeting.Yoon
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(LEAD) SsangYong launches all-new Torres SUV in S. Korea

(ATTN: UPDATES with details in paras 3, 5-6; ADDS 2nd photo) INCHEON, July 5 (Yonhap) -- SsangYong Motor Co. launched the all-new Torres SUV in South Korea on Tuesday, a week after a Seoul court approved a local consortium as final bidder for the deb