Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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LG opens W400b market to SMEs
LG Group has decided to open up a market worth up to 400 billion won to small and mid-sized companies, and also invest 800 billion won into LG Science Park that is to be created in western Seoul, the company said on Monday.The 400 billion won involves markets for SI ― system integration ― advertisement and construction, with LG opening up the bidding to its smaller vendors and encouraging them to lead up to 50 percent of the projects. Security will be only issue that LG will close its doors on,
IndustryMay 20, 2013
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Korea transfers forestry know-how to Indonesia
Korea launched a four-day educational program on forest-related polices for a group of Indonesian policymakers from May 20-24, according to the Korea Forest Service.“About 15 officials from the Indonesian Ministry of Forestry and Perum Perhutani, an organization given a mandate by the Indonesian government to manage forests in Java and Madura, joined the program,” the KFS said. The program includes field trips and a variety of lectures on forest policy, including the nation’s reforestation and f
May 20, 2013
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FTC sanctions five makers of farming equipment
Korea’s antitrust agency has taken disciplinary measures against five domestic agriculture equipment manufacturers for price collusion.The Fair Trade Commission said Monday it would levy combined fines of some 23.5 billion won ($2110 million) against the five for price fixing products such as combine harvesters, rice planters and tractors.The five companies are: Kukje Machinery, Daedong, Tongyang Moolsan, LS, and LS Mtron. Of the five, the FTC will also seek to have four ― Kukje Machinery, Daedo
IndustryMay 20, 2013
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U.S. dollar overtakes yen as top Korea-Japan trade settlement currency
An increasing number of both Korean and Japanese companies are opting to settle their bilateral trade with the world’s key currency ― the U.S. dollar ― over the Japanese yen.This is due to Japan’s weakening currency since the world’s third largest economy launched fiscal stimulus along with aggressive monetary easing to recover from its two-decade-long stagnant growth.A weaker yen would result in foreign exchange losses for those companies trading goods between the two sides as currency deprecat
May 20, 2013
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BMS focuses on new drug development
A number of global companies in electronics, materials, chemicals and offshore business are relocating their regional head offices or research and development facilities to Korea in light of its technological prowess and growth potential.Now, with the Korean government investing heavily in biosimilars as one of the country’s 10 future growth engines, the market’s importance is growing for multinational pharmaceutical firms such as Bristol-Myers Squibb Company as well.“The Korean government’s pol
BusinessMay 20, 2013
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‘New Zealand wants early FTA with Korea’
Korea and New Zealand started negotiations to conclude a free trade agreement in 2009. But there has been little progress due to differences over certain issues, including Korean farmers’ concern about increased competition.Nevertheless, the head of New Zealand’s trade office in Korea expressed eagerness for a high level free trade agreement with Korea at an early date.“An FTA with Korea will increase trade in both directions. A free trade agreement between New Zealand and Korea is of major impo
BusinessMay 20, 2013
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Han Sung Motor CEO talks on successful design
Ulf Ausprung, CEO of Han Sung Motor, the official dealer of Mercedes-Benz cars in Korea, on Monday gave a special lecture to college students here on what makes successful design across industries. The German CEO, who took office in 2011, has been active not just in marketing the luxury brand and its cars but also in teaching students the crucial role of design in building a successful brand. During the lecture held at Hongik University in Seoul, he also introduced some design projects that he c
IndustryMay 20, 2013
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Parliamentary report berates BOK's May rate cut
SEOUL, May 20 (Yonhap) -- The National Assembly Research Service on Monday criticized the Bank of Korea (BOK)'s surprise slash of the key interest rate in May as having undermined consistency of policy and independence of the central bank."It was as if a car turned right while the blinker was signaling a left turn," said a report from the service that conducts research and analysis upon legislators' requests.After six consecutive months of freeze, the BOK on May 9 cut the benchmark rate by a qua
May 20, 2013
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Seoul shares down 0.22 pct on weak yen
South Korean stocks closed 0.22 percent lower Monday as the weak yen continued to weigh down on investors' sentiment here, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.38 points to finish at 1,982.43. Trading volume was low at 266.3 million shares worth 4.22 trillion won (US$3.78 billion) with losers outstripping gainers 434 to 383. "While Wall Street gathered ground in the previous trading session on imp
May 20, 2013
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Seoul shares up 0.13 pct in late-morning trade
South Korean stocks traded 0.13 percent higher late Monday morning, led by gains in carmakers and construction companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.51 points to 1,989.32 as of 11:20 a.m. Carmakers led the market gain, with No. 1 player Hyundai Motor rising 1.02 percent and its smaller affiliate Kia Motors adding 0.73 percent. Top auto parts maker Hyundai Mobis also climbed 1.29 percent. Builders also traded higher, with industry leader H
May 20, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher Monday, taking a cue from overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.36 points, or 0.07 percent, to 1,988.17 in the first 15 minutes of trading.Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor rising 0.26 percent and top steelmaker POSCO adding 0.93 percent. Leading mobile carrier SK Telecom added 2.13 percent.U.S. stocks ended higher on Friday on the country's improv
May 20, 2013
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Lottery issuance to increase 3.6% next year
South Korea plans to issue a maximum of 3.61 trillion won (US$3.23 billion) worth of lotteries next year to meet growing demand, the finance ministry said Monday.According to the ministry in charge of lottery polices, the issuance ceiling is up 3.6 percent from 3.49 trillion won set for this year. The ministry expects that the actual sales will amount to 3.31 trillion won next year.The ministry plans to issue 3.04 trillion won worth of online lotteries, including the most popular lotto. The ceil
IndustryMay 20, 2013
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Japan to outperform Korea in GDP growth
Japan’s economic growth rate is expected to surpass that of Korea for the first time in 15 years as the world’s third-largest economy gains momentum based on the yen’s rapid depreciation.Japan’s economy has been recording unexpected growth over the last couple of years, while Korea has been performing below market expectations, according to data from central banks in Korea and Japan.Korea’s GDP growth had fared well in comparison to Japan until 2011. Asia’s fourth-largest economy posted above it
May 19, 2013
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[Newsmaker] Former Prime Minister Nam dies at 89
Nam Duck-woo, a former prime minister and finance minister who led the country’s economic modernization in the 1970s, died on Saturday night.The 89-year-old former official had suffered complications from prostate cancer, which had worsened due to old age, his family said.Dubbed “Korea’s economic president,” Nam is widely recognized for his key role in the country’s remarkable economic development, especially under the rule of former President Park Chung-hee, the father of President Park Geun-hy
May 19, 2013
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INCARINSU aims for W400b in sales
INCARINSU, the nation’s top insurance brokerage company, said it was aiming to sell 400 billion won ($350 million) in insurance products for this year.“We will raise the goal to 600 billion won next year, and we will do our best to ensure transparency and corporate ethics throughout our 2 trillion won goal for 2020,” company CEO Choi Byung-chae said. The insurer currently has some 950 branches and about 4,000 sales dealers nationwide. INCARINSU has won awards for job creation, and recently recru
May 19, 2013
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Hyundai Motor joins U.S. fuel-cell vehicle project
South Korea’s top automaker Hyundai Motor Co. has been named a partner in a U.S. project to develop next-generation fuel-cell electric vehicles, the company said Saturday.Hyundai Motor is one of only four foreign automakers that has been named a partner for the so-called H2 USA project, it said. The others are Germany’s Mercedes-Benz and Japan’s Toyota Motor Corp. and Nissan Motor Co.The U.S. project seeks to develop new, efficient fuel-cell batteries, along with the necessary infrastructure to
May 19, 2013
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Seoul, Moscow reach deal on fishing quota for 2013
SEJONG (Yonhap News) ― South Korea and Russia have struck a deal on the 2013 quota for Korean fishing boats operating in Russian waters, the Fisheries Ministry said Friday. During the negotiation held in Moscow from Tuesday to Thursday, the two countries agreed to set South Korea’s fishing quota for pollack for this year at 20,500 tons, which is half of last year’s allotment, the ministry said. However, if South Korea’s bill to prevent illegally-caught Russian crabs from reaching the country via
May 19, 2013
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Samsung’s quarterly investment hits 3-year low
Samsung Electronics Co.’s investment sank to a three-year low in the first quarter of this year as the global tech giant sharply reduced its spending on new plants and equipment amid lingering global economic uncertainties, company data showed Sunday.Samsung, the world’s top maker of smartphones, spent a total of 7.29 trillion won ($6.52 billion) in capital expenditures and spending on research and development in the January-March period, the lowest quarterly figure since 2010, according to the
May 19, 2013
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Shares likely to move upward this week
South Korean stocks are expected to rise this week on economic stimulus efforts by governments, analysts here said.The benchmark Korea Composite Stock Price Index closed at 1,986.81 this week, up 2.16 percent from 1,944.75 a week earlier.The KOSPI moved in a tight range earlier this week as the Japanese currency continued to drop to over 100 yen against the U.S. dollar, but later advanced on hopes for strong economic stimulus efforts by governments and a belief that effects of the weakening Japa
May 19, 2013
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Galaxy S4 picked as top smartphone by U.S. magazine
Samsung Electronics Co.’s Galaxy S4 has been chosen as the best smartphone by a U.S. magazine in its latest handset survey, according the magazine’s Web site Sunday.Consumer Reports recommended the latest version of Samsung’s Galaxy lineup as the best smartphone pick for subscribers of three major mobile carriers in the United States. The Galaxy S4 received the top scores in the categories of voice calls, usability, messaging and four others.The Galaxy S4 rolled out by AT&T Inc. received the hig
TechnologyMay 19, 2013