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

JEJU (Yonhap News) ― It is “premature” for the two Koreas to hold governmental talks for a joint survey of a North Korean mountain to assess the risk of its potential volcanic eruption, a high-level Seoul official said Sunday.The remark came days after the two Koreas agreed to conduct a joint on-site survey of Mount Baekdu during a rare civilian-led meeting that experts say may help open the way f

The family members of the deceased former President Syngman Rhee are to make their first official apology to students killed in the April 19 revolution in 1960.Rhee In-soo, the foster son of the late president, will visit the graves Tuesday morning, the 51st anniversary of the revolution, and pay respect to the victims who died under police fire, according to the Syngman Rhee Committee on Sunday.T

The state human rights watchdog said Sunday that it has started an investigation into the punitive tuition system at Korea Institute of Science and Technology following recent student suicides at the school. The minority New Progress Party filed a petition with the National Human Rights Commission on April 8, claiming that the tuition system, under which students pay different amounts of fees base

The government resorted to expedience and bypassed set inspection rules to extend the operational life of South Korea’s oldest nuclear reactor, an opposition lawmaker claimed Saturday.Rep. Kim Young-hwan of the main opposition Democratic Party said when engineers tested the pressure vessel of the Gori-1 reactor in 2005, the critical system did not meet minimum safety requirements.He also argued th

Seoul City on Sunday launched a mobile clinic to offer free medical checkups for foreign residents here, officials said. The traveling clinic provides medical inspections including for blood sugar, liver and kidney functions and hepatitis.People who are found to suffer from any illness will be guided on medical institutions where they can receive treatment free of charge.Starting with Itaewon on A

Prosecutors said Saturday they plan to summon witnesses to determine why the banking network of the country’s farm cooperative crashed.The Seoul Supreme Prosecutors’ Office said about 20 National Agricultural Cooperative Federation (Nonghyup) and IBM Korea employees will be questioned in relation to the network glitch that has affected services since late Tuesday.People have not been able to use N

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

Korean stocks should be able to maintain their steady gains and strive to reach record-high levels this week, despite downside risks, local analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) ended last week at 2,140.50, up 12.53 points, or 0.6 percent, from a week earlier, extending its rally of weekly gains to a fifth straight week.The total market cap also reached a n

MUNICH, Germany (DPA) ― BMW has built what it claims to be the world’s fastest pick-up truck, the BMW M3 pick-up, with an output of 309kW/420 hp under the bonnet and a top speed of 300 kph.The one-off concept vehicle was taken for “comprehensive testing” under strictest secrecy on the Nuerburgring racetrack on April 1, the car maker said.The rear-axle is said to have a load capacity of up to 450 k

Stuttgart Sports Cars, the official importer and distributor of Porsche vehicles, is offering special deals on the Cayenne and 911 until June 30 as part of a year-long campaign celebrating the German luxury marque’s 25th year in Korea.During the period, those purchasing the Cayenne will be offered a chance to drive the Panamera 4 using Porsche’s finance service’s lease contract while waiting for t