Most Popular
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[KH Explains] Why Korea's so tough on short selling
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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Iran’s president found dead at helicopter crash site
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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Seoul City to open 'hotel' on river bridge
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Korean builders nervous about possible setbacks in Middle East
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Learning global mindset through fun
To compliment English language learning, Vectis CEO Simon Bureau has released a 3-D digital compact disk teaching primary-school children in Korea in a comical way about their place in a future global world.“My message that I’m trying to drive to Korean mothers is that English is not enough, now they need to learn new skills to be global leaders,” he said.The former Canadian Chamber of Commerce chairman explained that today’s children must have three attributes to achieve a global mindset.Firstl
IndustryJan. 9, 2012
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Germany benefits from Korea-EU FTA
Chamber advises SMEs to enter Korean marketGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the
Jan. 9, 2012
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Global business innovation lecture
IE Business School is offering a free lecture and networking evening with as guest lecturer, the school’s chair of the Entrepreneurship Management Department.Pablo de Holan is a popular professor of strategy at IE Business School and will present the school’s 4th lecture in a series on global business innovations on Jan. 13 from 7 p.m. at the COEX Convention Center Hall C room 318 A in southern Seoul.Titled “The Giant Within: How Businesses Grow Thru Entrepreneurship and Innovation, A review of
Jan. 9, 2012
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German chamber holds Korean classes
The German Chamber of Commerce will offer Korean language lessons for all its members.The courses take place Jan. 11-March 28 every Wednesday except for holidays from 8:00 ― 9:30 a.m.Classes will be held in the German language by a qualified teacher, Park Hye-sook. The basic level course will be taught at the Korean-German Chamber of Commerce and Industry office in Hannam-dong, Seoul.Cost is 550,000 won for 12 sessions and includes beverages and learning materials. For more information or to reg
Jan. 9, 2012
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AMCHAM to hold foreign investment meeting
The American Chamber of Commerce in Korea will examine regulatory reform and foreign direct investment inducement and aftercare services during their first networking luncheon of the year next week, officials said.The meeting is scheduled to be held on Jan. 19 at the Grand Hyatt Hotel on Namsan. The luncheon includes a speech by Ahn Choong-yong, chairman of the Regulatory Reform Committee and foreign investment ombudsman at Korea Trade-Investment Promotion Agency.“The recent passing of the KORUS
Jan. 9, 2012
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New Park Hyatt GM checks in
The Park Hyatt Seoul has appointed Frederic Boulin as general manager of the hotel. “As the hotel’s new general manager, I will forge ahead with our partners and our talented, devoted team to bring out the unique luxury positioning of the Park Hyatt Seoul,” he said.Boulin has extensive experience in Asia, most notably as executive assistant manager of food and beverages at the Grand Hyatt Seoul in 2002, and with the Grand Hyatt Hong Kong and Shanghai working in the Food and Beverage Development
IndustryJan. 9, 2012
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Germany benefits from Korea-EU FTA
Chamber advises SMEs to enter Korean marketsGermany is benefiting from the Korea-EU FTA that went into effect in July as its exports to Korea are increasing, a top German chamber official said.“We have already seen some positive effects but not as spectacular as some people might have thought,” said Korean-German Chamber of Commerce and Industry Secretary General Jurgen Wohler.One reason for the not-so-spectacular expectations is the European debt crisis, which is hampering Korean exports to the
Jan. 9, 2012
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Koreans to hold off on spending for Seollal: poll
South Korean consumers are likely to spend less or limit buying to last year’s level during the upcoming Lunar New Year holidays, mainly due to higher prices and economic concerns, a local poll showed Monday.The poll, conducted by the Korea Chamber of Commerce and Industry on 600 housewives in Seoul and the Gyeonggi region, showed 92.5 percent saying they will cut down or control their spending in the next few weeks.Of the total, 40.6 percent said they will reduce purchases, with 51.9 percent sa
Jan. 9, 2012
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2011 producer inflation hits 3-year high: BOK
South Korean producer prices grew at the fastest clip in three years in 2011 on a sharp rise in crude oil prices, the central bank said Monday. The producer price index, a barometer of future consumer inflation, rose 6.1 percent on-year in 2011, up sharply from a 3.8 percent gain in 2010, the Bank of Korea said. It marked the highest annual increase since a 8.6 percent surge in 2008.In December, producer prices climbed 4.3 percent from a year earlier, the slowest gain in 15 months, as vegetable
Jan. 9, 2012
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Financial crimes on rise in Korea
The number of serious crimes in South Korea’s financial sector increased last year, data showed Monday, raising the need to bolster countermeasures to prevent investment losses.Of the 209 cases probed for unfair trade practices in 2011, 72.7 percent were referred to the state prosecutors’ office for criminal investigation, according to data by the Financial Supervisory Service. The number represents a gain from 63.3 percent in 2007.The increase was largely led by sharp gains in unfair trading in
Jan. 9, 2012
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KT&G rolls out new superslim cigarettes
KT&G Corp., Korea’s largest tobacco producer, plans to release a new version of its popular Esse brand on Wednesday to cater to growing demand for premium, ultraslim cigarettes. The Esse Sense, the latest in the 17-model lineup, is designed to give a refreshing taste with its space at the tip of the filter to screen out tar and nicotine, the company said Monday.Since its 2002 launch, the Esse has rapidly penetrated markets overseas to become the world’s top seller in the segment as low-tar, supe
IndustryJan. 9, 2012
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‘Korea to offer better environment for foreigners’
South Korea will beef up efforts to provide a better business environment for foreign enterprises by “actively” reflecting their opinions in its policymaking process, the nation’s finance minister said Monday.“We will actively reflect the opinions of the EU Chamber of Commerce, and make redoubled efforts to improve areas such as investor protection and property rights registration,” Bahk Jae-wan told a meeting with European business people.Bahk promised to push ahead with measures to lower land
Jan. 9, 2012
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Retail giants to invest more despite uncertainties
Lotte and Shinsegae hinted at fiercer competition in the retail sector this year as they announced plans for more investment and job creation despite economic uncertainties globally. Lotte Group, the nation’s No. 1 retail conglomerate, will invest 6.73 trillion won ($5.78 billion) and hire 13,500 workers this year to continue last year’s sales momentum. Lotte recorded 73 trillion won in sales last year, up 19 percent compared to 2010. This year’s investment increased almost 50 percent from 2011.
IndustryJan. 9, 2012
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Samsung likely to post record profit this year
Strong smartphone business expected to help Samsung overtake Intel in operating profitSamsung Electronics, Asia’s biggest technology company, is set to post a record profit on strong sales of smartphones, brokerages said Monday. Local securities houses said Samsung is expected to solidify its global market position as a leading provider of smartphones and tablet computers, both of which are enjoying stronger sales worldwide. Daewoo Securities said Samsung’s revenue and operating profit this year
Jan. 9, 2012
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SKC chairman named Brazil’s honorary consul
The SKC chairman has been appointed to offer official assistance to Brazilians in Incheon and the surrounding areas. Choi Shin-won was inaugurated as honorary consul of the Federative Republic of Brazil at the ambassador’s residence in Seoul on Monday. Choi’s appointment was announced by a Korean Ministry of Foreign Affairs and Trade official at the home of the Brazilian ambassador to Korea Edmundo Fujita. As honorary consul, he will be responsible for helping Brazilians in trouble in the Inche
IndustryJan. 9, 2012
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BOK mulls hike in bank reserve requirement
The Bank of Korea is considering a set of measures that include a hike in bank reserve requirements in order to rein in consumer prices. “Given that price stability is deemed the most important issue, the Bank of Korea is reviewing short-term policy measures to stabilize consumer prices in addition to the mid-term and long-term tool of adjusting the benchmark interest rate,” a high-ranking BOK official told the local press Monday. To that end, the central bank is likely to raise the bank reserve
Jan. 9, 2012
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Korea big player in global M&A market
Local firms’ cross-border takeover deals surge in value 51-fold in 5 yearsKorea has become the 10th-largest acquirer in the cross-border mergers and acquisitions markets, overtaking Germany and France.According to data of the Korea Capital Market Institute, Korean companies’ takeover of foreign players in the M&A markets was equivalent to $11.2 billion (12.7 trillion won) in combined asset value for the first 10 months of 2011.In 2010, Korean firms spent a net $9.9 billion on the overseas M&A de
Jan. 9, 2012
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Seoul shares down on unabating eurozone woes
South Korean stocks closed 0.9 percent lower on Monday as investors kept a wary eye on the debt-saddled eurozone while reacting cooly to improved U.S. data, analysts said. The local currency fell against the U.S. dollar.Moving in a tight range, the benchmark KOSPI fell 16.65 points to 1,826.49. Trading volume was moderate at 388.1 million shares worth 4.14 trillion won ($3.5 billion), with decliners outnumbering gainers 514 to 316.“Investors have nothing to anticipate from the U.S. data as they’
Jan. 9, 2012
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Samsung recruits diplomat
A diplomat who played a key role in negotiations for Korea-U.S. Free Trade Agreement will likely take the post of an executive director at Samsung Electronics.Kim Won-kyoung, a councilor of the Korean Embassy in the United States, tendered his resignation last weekend, according to diplomatic sources.The 45-year-old figure has reportedly been scouted by Samsung Electronics to hold the post of an executive director at the chipmaker’s U.S. sales corporation.Kim worked as the general director of th
Jan. 9, 2012
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Red wine may reduce breast cancer risk
Red wine may reduce one risk factor for breast cancer, challenging the widely-held belief that alcohol increases breast cancer, U.S. researchers say.Bottles of wine are displayed on a shelf at the Capercaillie Wine Co. cellar in Lovedale, in the Hunter Valley region of Australia, on Tuesday, O
TechnologyJan. 9, 2012