Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Trade between N. Korea, China hits record $6.45 bln in 2013
Trade volume between North Korea and its major trading partner China reached a record US$6.45 billion last year, up 10.4 percent from a year earlier, data showed Saturday.North Korean exports to China jumped 17.2 percent on-year, while imports from China increased 5.4 percent, according to the data from the Korea International Trade Association.Pyongyang's trade deficit recorded $721 million, a 25 percent decrease compared with the previous year, the data showed.North Korea's major export items
Feb. 1, 2014
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S. Korea's exports, imports inch down in Jan.
South Korea's exports slipped slightly from a year earlier last month, but its trade surplus grew as imports dropped at a faster rate, the government said Saturday.The country's outbound shipments edged down 0.2 percent on-year to US$45.58 billion in January, with imports dropping 0.9 percent to $44.85 billion, according to the Ministry of Trade, Industry and Energy.The country posted a trade surplus of $735 million last month, keeping its trade account in the black for 24 straight months. The f
Feb. 1, 2014
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Asian shares dive as Fed cut sparks emerging market fears
HONG KONG (AFP) - Asian markets slumped Thursday, extending a global rout on renewed fears about emerging economies after the U.S. Federal Reserve pressed ahead with its stimulus reduction and central banks in Turkey and South Africa jacked up interest rates.The dollar and euro sank against the yen as dealers scurried into safer investments after the Fed decision, while Asian sentiment took a further blow from data showing Chinese manufacturing contracted in January.Tokyo dived 3.33 percent by t
Jan. 30, 2014
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S. Korea's oil consumption falls for first time in 5 years: data
South Korea's oil consumption fell for the first time in five years in 2013 as the country used more electricity and city gas to meet its heating and miscellaneous energy needs, data showed Thursday.According to numbers provided by the Korea National Oil Corp. (KNOC), petroleum product consumption reached around 826.84 million barrels last year, a 0.1 percent dip from the tally taken for 2012.The KNOC said the last time oil product consumption contracted was in 2008 as the global financial crisi
IndustryJan. 30, 2014
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U.S. stimulus cut to have little impact on S. Korea: gov't
SEOUL/SEJONG (Yonhap) – The move by the U.S. Federal Reserve to further reduce its monthly bond purchases by $10 billion will have little impact on South Korea's economy, the government said Thursday.An official at the finance ministry said the extent of stimulus cut announced overnight by the Federal Open Market Committee's (FOMC) had been anticipated for some time, and judging by present circumstances, it should not pose new challenges for the economy.Seoul expects Asia's fourth largest econom
Jan. 30, 2014
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LG beats its rivals in Q4 smartphone sales
South Korea's handset maker LG Electronics Inc. surpassed its global rivals such as Samsung Electronics Co. in terms of smartphone sales in the fourth quarter of last year, data showed Wednesday.LG Electronics saw its smartphone sales advance 53 percent in the October-December period from a year earlier by shipping 13.2 million units, according to the data compiled by market researcher Strategy Analytics.Samsung Electronics Co., the world's No. 1 smartphone maker, saw its sales advance 37 percen
IndustryJan. 29, 2014
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S. Korea ready to take contingency actions in case of market instability: finance minister
South Korea will take "swift" and "proactive" action against any financial market instability in accordance with its contingency plans, the country's top economic and financial policymaker said Wednesday, addressing growing worries over the fallout from U.S. Fed tapering on emerging market countries."We are closely watching the market on worries that the market instability could prolong in emerging markets, and that it could spill over into other emerging and even advanced countries at a time wh
Jan. 29, 2014
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S. Korea's current account surplus hits record high in 2013
South Korea's current account surplus widened in December from the previous month on an increasing exports, with the combined yearly surplus topping the estimate, the Bank of Korea (BOK) said Wednesday.The current account surplus reached $6.43 billion in December, up from $6.03 billion in November, according to the central bank. The current account is the broadest measure of cross-border trade.Korea posted a surplus for the 23rd straight month in December, with the combined surplus hitting a rec
Jan. 29, 2014
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Korea suffers massive outflow of foreign capital
Foreign investors are seen to have sold up to 2 trillion won ($1.8 billion) in the main bourse here this month, most likely affected by the default concerns in major emerging countries.Overseas investors net-sold local shares worth 314.6 billion won on the Korea Exchange on Tuesday, after net selling 524.5 billion won in Monday’s trading to post record-breaking sales for this month, according to industry data. So far this year, their combined net-selling came to 1.68 trillion won, and equity mar
Jan. 28, 2014
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[Graphic News] Rice losing dominance in Korean diet
Koreans are eating less rice, consuming other energy sources to sustain their health, data showed Tuesday. According to the Korea Centers for Disease Control and Prevention, rice accounted for 31.6 percent of major energy sources for Koreans in 2012, down nearly 10 percent from 2008. The average daily calories from rice consumption dropped to 629.41 calories per person, decreasing by 24.6 percent from 2008. This is about 170 grams, suggesting that one person consumes less than two bowls of rice
Jan. 28, 2014
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Seoul shares end higher on auto, telecom gains
South Korean stocks closed 0.34 percent higher Tuesday as automakers and telecommunications shares gained ground, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 6.59 points to 1,916.93. Trading volume was moderate at 267.3 million shares worth 4.13 trillion won ($3.82 billion) with gainers outpacing losers 436 to 363.“Weariness against emerging markets has risen. Korea is showing some differentiation from other markets, but
Jan. 28, 2014
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Lotte conducts major reshuffle
Lotte Group, the country’s fifth-largest business conglomerate, on Tuesday announced a personnel reshuffle of 214 executives in a bid to strengthen its overseas business and develop next-generation growth engines. The move was of the largest scale since group chairman Shin Dong-bin took office in 2012 to succeed his father and Lotte founder Shin Kyuk-ho. Eighty-two of the 214 executives were given promotions. It also came about a month earlier than Lotte’s annual reshuffle, which usually takes p
IndustryJan. 28, 2014
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POSCO finishes 2nd steel plant in Mexico
POSCO said Tuesday that it has completed its second automotive steel plant in Mexico, adding that it hopes to take advantage of the country’s burgeoning car industry with the new facility.POSCO also said the new plant would serve as a so-called “export base” for supplying the neighboring North American markets.The opening ceremony was held in the city of Altamira, Tamaulipas state, with its CEO Chung Joon-yang, Mexico’s Secretary of Economy Ildefonso Guajardo and other representatives from its k
IndustryJan. 28, 2014
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KT suffers first quarterly deficit in four years
KT, the nation’s second-largest telecom operator, on Tuesday reported a deficit in its quarterly operating profit for the first time in four years, mostly on account of its sluggish performance in its communications business, combined with its big spending on handset subsidies.The company’s fourth quarter operating loss stood at 149.4 billion won ($138 million), with a net loss of 300 billion won during the October-December period. For all of 2013, the mobile carrier reported 23.8 trillion won i
IndustryJan. 28, 2014
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Google fined W210m for data gathering
Korea’s communication regulator decided to fine Google Inc. Tuesday for collecting data of unspecified people by taking pictures for its Street View service. Holding a meeting to discuss the alleged data collection by Google, the Korea Communications Commission decided to impose a fine of 210 million won ($196,000) on the Internet giant. The commission has also ordered the California-based firm to delete all personal data it had gathered without consent, and to notify the progress on its Web-sit
TechnologyJan. 28, 2014
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SK Hynix achieves record earnings in 2013
SK Hynix, the world’s second-largest memory chip maker, said Tuesday it achieved record-high earnings last year.The chip manufacturer said it raked in 14.2 trillion won ($13.2 billion) of revenue, up 39 percent year-on-year, while recording 3.4 trillion won in operating profit, up by 24 percent compared to 2012. The company said the increases in sales and operating margin were driven by its flagship businesses including DRAM and NAND Flash. Efforts to beef up sales and price competitiveness also
TechnologyJan. 28, 2014
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Samsung’s smartphone sales fall in Q4
Samsung Electronics Co.’s smartphone shipments are estimated to have declined in the fourth quarter as competition intensified with its U.S. rival Apple Inc., market research data showed Tuesday.The world’s top smartphone maker sold 86 million smartphones around the globe in the October-December period, down from the 88 million units in the previous quarter, according to figures from Strategy Analytics.Samsung’s market share, which achieved a record high of 35.2 percent in the third quarter, fel
TechnologyJan. 28, 2014
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BMW recalls over 14,000 cars in Korea
BMW Group Korea, the local importer of German automaker BMW AG, is recalling over 14,000 vehicles sold here because of faulty wiring and a defective oil pump that could impair braking, the transportation ministry said Tuesday. The faulty wiring found in over 10,000 vehicles of 12 different types could cause a failure of various lights, including turn signals, according to the Ministry of Land, Infrastructure and Transport.The recall affects a total of 11,695 vehicles, including 9,822 units of th
MobilityJan. 28, 2014
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Banks’ lending rates rise for second month in December
South Korean banks’ lending rates rose for the second straight month in December as demand for funds by larger firms increased, the central bank said Tuesday.The average rates for new loans to households and firms stood at 4.52 percent in December, up 0.02 of a percentage point from the previous month, according to the Bank of Korea.The central bank froze the key interest rate at 2.5 percent for the eighth straight month in January after making its first rate cut in seven months in May.The avera
Jan. 28, 2014
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SK Telecom net halves in Q4
SK Telecom Co., the country’s top mobile operator, said Tuesday its fourth-quarter net profit halved amid rising competition among local telecommunications firms.Net profit came to 293.6 billion won ($272 million) in the October-December period, compared with 519 billion won tallied a year earlier, SK Telecom said in a regulatory filing.Revenue rose 3.3 percent on-year to 4.2 trillion won, while operating profit edged down 5.4 percent to 509.7 billion won.For all of 2013, the company posted a ne
TechnologyJan. 28, 2014