Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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S. Korea to set up GPS jamming surveillance system
SEOUL -- Amid growing war threats from North Korea, South Korea plans to beef up its surveillance system against the North's provocative electronic jamming signals that have targeted civilian facilities in the past, sources said Wednesday. In addition to cyber attacks on South Korean networks, the North has been disrupting global positioning system (GPS) signals since 2010. GPS is a satellite-based navigation system widely used by planes, ships and vehicles.The latest attempt between April 2
TechnologyApril 10, 2013
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Seoul shares open higher on Chinese data
South Korean stocks got off to a strong start Wednesday, as Chinese inflation data overshadowed escalating tensions caused by North Korea's torrent of threats, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.94 points, or 0.31 percent to 1,926.68 in the first 15 minutes of trading. Brokerage houses and steelmakers drove up the shares, with KDB Daewoo Securities Co. spiking more than 4 percent and POSCO shooting up 2.5 percent. China's consumer prices rose 2.1 perc
April 10, 2013
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S. Korea's jobless rate falls to 3.5 pct in March
South Korea's jobless rate fell in March from a month earlier and job creation also picked up speed, raising expectations that labor market conditions might be rebounding from a slump, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.5 percent last month, down from the previous month's 4 percent, the highest since February last year. The jobless rate adjusted for inflation also declined to 3.2 percent last month from February's 3.5 per
April 10, 2013
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Won falls most after yen
The Korean won has fallen the most against the dollar among global currencies this year after the Japanese yen.The won lost more than 6 percent between January and April 8 this year, losing more of its value against the dollar than 28 other currencies including the euro, the British pound and the Canadian dollar, according to data by the Bank of Korea.The Philippine peso shed 0.70 percent, and Malaysian ringgit 0.07 percent, one of the lowest falls against the dollar among Asian currencies, whic
April 9, 2013
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Yongsan liquidation to lead to massive lawsuits
Following state-run rail operator KORAIL’s decision to quit the faltering Yongsan development project, investors and residents are moving to lodge compensation suits against the company or the project developer.KORAIL, the largest shareholder of the project financing vehicle Dream Hub, resolved Monday to liquidate the massive redevelopment project, after its self-rescue plan had been rejected earlier by other private shareholders.The greatest victims of the project fallout are the residents of Y
April 9, 2013
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[Newsmaker] SMEs in Gaeseong fall victim to tensions
Small and mid-sized South Korean companies running factories in the sole inter-Korean industrial complex in the North’s border city of Gaeseong are being hit hardest by the stoppage of their production lines in the industrial park.About 53,000 North Korean factory workers did not come to the complex Monday following the North’s announcement that it temporarily suspended Gaeseong’s operations. The move added pressure on SMEs doing business in the Gaeseong complex, together with a weeklong ban on
IndustryApril 9, 2013
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[Graphic News] Baby boomers have highest economic participation rate
The economic participation rate of the 50-59 age group soared to 73.8 percent in 2012, the highest rate since 2000, data showed Tuesday. The rate was 73.1 percent in 2011 and 72.7 percent in 2010. According reports from the Korea Exchange and Statistics Korea, however, the economic participation rate of the so-called “baby boomer generation” of those born between 1955 and 1963 is expected to abruptly decline as they will soon reach retirement age. The baby boomers make up about 14 percent of the
April 9, 2013
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Wages for Gaeseong workers to be delayed
More than 120 South Korean companies operating in Gaeseong industrial park are unlikely to be able to pay their North Korean workers as Pyongyang continues to block entry of vehicles from the South.The 123 South Korean firms have paid North Korean employees’ salaries in cash on the 10th of each month.They usually withdraw money from Woori Bank, which operates in Gaeseong, to transfer it to the North’s Central Special Direct General Bureau, which manages the industrial park.“(South Korean) firms
IndustryApril 9, 2013
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Banks told to roll over Gaeseong firms’ loans
South Korea’s financial regulator said Tuesday that it has instructed commercial banks to roll over their loans issued to companies operating at the inter-Korean Gaeseong Industrial Complex.The Financial Supervisory Service’s regulatory policy came after North Korea suspended operations of the complex by withdrawing most of its workers in the North’s border city between Monday and Tuesday.“In a bid to minimize losses to South Korean companies operating in Gaeseong, banks will abstain from retrie
April 9, 2013
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Encouraging international business of SMEs
There has been considerable discussion time devoted throughout the economic downturn to the importance of small and medium enterprises to the global economy. They account for more than 30 percent of U.S. merchandise exports, and generate over 50 percent of the added value created by EU businesses. In parallel, a World Economic Forum report released at Davos revealed that if countries went halfway toward the best global practices in reducing their supply chain barriers, global GDP could increase
BusinessApril 9, 2013
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[Photo News] Italian premium brand launch
IndustryApril 9, 2013
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Central government debt reaches W425.1tr
The Korean central government’s debt amounted to 425.1 trillion won ($373.3 billion) in 2012, up 22.3 trillion won from a year earlier, the Ministry of Strategy and Finance said Tuesday.The central government’s debt accounted for 33.4 percent of the country’s gross domestic product.The total state debt which includes regional governments’ preliminary debt estimation of 18.7 trillion won reached 443.8 trillion won, up 23.3 trillion won in the same period. This accounts for 35 percent of the GDP,
April 9, 2013
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Top 5 conglomerates’ stock holdings hit all-time high
The top five conglomerates’ presence in the local stock market reached an all-time high last month, data showed Tuesday, as exporters gathered ground on the global economic recovery.The combined market capitalization of the top five business groups’ listed affiliates reached 636.2 trillion won ($555.1 billion) as of end-March, according to the data compiled by the bourse operator Korea Exchange.The number accounts for 54.8 percent of the combined market cap of the companies listed on the main bo
April 9, 2013
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Korea urged to delay carbon-trading scheme
South Korean experts on carbon emission trading on Tuesday called on the government to delay the start of its system slated for 2015, saying it may hurt local industry. The system requires companies to take action to reduce greenhouse gas emission levels or buy rights to release gases if they are unable to do so. Companies can also sell emission rights and receive cash payments.“It is necessary to rearrange the schedule to enforce the carbon emission trading system as it may have a negative impa
April 9, 2013
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Kakao eyes beyond messenger with new service
Kakao, the operator of its namesake mobile messenger Kakao Talk, on Tuesday unveiled a new mobile content platform as it seeks to bolster its revenue with new business models.The move comes roughly eight months after the homegrown start-up introduced a game platform in addition to the free-of-charge mobile messenger service that had garnered 84 million subscriptions as of the end of March.“Kakao Page” features around 8,000 features, including texts, videos and applications that can be downloaded
TechnologyApril 9, 2013
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LG chairman calls for law-abiding efforts
LG chairman Koo Bon-moo on Tuesday asked its affiliates’ chief executives to pay closer attention to abiding by the law and to toughen environment safety management following a number of toxic gas leak accidents.In a meeting attended by about 30 of the group’s CEOs and key executives, Koo stressed that the only meaningful performance was one achieved as a result of law-abiding efforts, which also secured environmental safety.“The problem itself cannot be solved when the CEO looks over it himself
IndustryApril 9, 2013
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China runs task force to study Samsung: Lee
Samsung heir apparent Lee Jay-yong said Tuesday that China had a task force within its research institute that focused studies on Samsung.“The most surprising factor was how much Chinese leader Xi Jinping knows about Korea and Samsung,” he told reporters upon his arrival at Gimpo Airport in Seoul early in the morning. “We must perform better.”He also said that he felt a lot of responsibility following his two meetings with the new Chinese leader.Lee met with Xi twice during his trip to China for
IndustryApril 9, 2013
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German chamber names new president
The Korean-German Chamber of Commerce and Industry said Tuesday that it recently named Thomas Geyer, president of Vector Korea IT Inc., as its new chief. Geyer, born in Germany 1969, is the local head of Vector, a German company that supplies tools, software components and engineering products related to the automotive industry. He has stayed in Korea since September 2007 and received permanent residency from the Korean government in 2011. In his speech at the members’ meeting, Geyer pointed out
IndustryApril 9, 2013
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Celltrion Holdings fined W270m for heavy debt
The Fair Trade Commission said Tuesday that it has levied Celltrion Holdings fines of 270 million won ($236,000) for breaching the law on holding firms that own subsidiaries.Celltrion Holdings ― whose flagship unit is biopharmaceutical firm Celltrion Inc. ― violated the law which bans a holding company from reaching a debt-to-equity ratio above 200 percent, said the FTC.According to the antitrust regulator, Celltrion Holdings posted a 217.7 percent ratio of debt to equity at the end of 2011.The
IndustryApril 9, 2013
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Shares close almost flat on geopolitical tension
South Korean stocks closed almost flat Tuesday as investors’ sentiment was dented by the heightened tension with North Korea, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 2.06 points, or 0.11 percent, to close at 1,920.74. Trading volume was moderate at 347.2 million shares worth 3.79 trillion won ($3.31 billion), with decliners outnumbering gainers 508 to 293.“The tension on the Korean Peninsula is expected to continue
April 9, 2013