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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[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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S. Korea votes in favor of Palestinian bid for UN membership
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2013 top six issues for Korean companies
In 2013, persistent low growth in the global economy and new governments in major countries will shape the business environment. Korean companies will have to be aware of three major characteristics of the situation ahead. First, the sluggish prospects will last through the year, prolonging the worldwide L-shaped slowdown. In other words, businesses will need to prepare for a difficult, long haul. Second, the weak growth will not spare any region or industry. The currency crisis at the end of th
Nov. 27, 2012
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Ewha streets no longer ‘it’ shopping district
The streets and alleys of Ewha Womans University used to be filled with youngsters on the lookout for a bargain on new clothes and new shoes or just browsing with friends. The shoppers usually ranged from preteens to college students, mostly girls, making the area so popular that “let’s go to Ewha” equated “let’s go shopping.” That was 10 years ago. The same streets have taken on a much different look over the years, and the changes are not all good.“I’ve been here for a long time, for more than
IndustryNov. 27, 2012
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‘Green growth plays important role in sustainable future’
SINGAPORE ― Green growth, South Korea’s key growth initiative, will play an important role in developing sustainable development goals for Asian and European countries, said a high-ranking official from the Asia-Europe Foundation, under the Asia-Europe Meeting. “Key priority of the Asia-Europe Environment Forum, or ENVforum, of ASEF will be placed on sustainable development goals and green growth together for the next three years,” ASEF director for intellectual exchange Thierry Schwarz said in
Nov. 27, 2012
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Index measures sustainable development’s progress
SINGAPORE ― Studies on eco-innovation have flooded in since the 1990s, when it emerged as one of the key tools to achieve sustainable development, but progress in eco-innovation has been limited due to a lack of measurement. This is why the Seoul-based ASEM SMEs Eco-Innovation Center, or ASEIC, whose key mission is to promote eco-innovation in Asia and Europe, invested in developing an index to measure processes in eco-innovation this year. The ASEIC was established in June 2011 following the en
Nov. 27, 2012
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Experts discuss sustainable development
Asian and European leaders reaffirmed their commitment to achieving sustainable development goals, and discussed the measurement of SDGs in a recent Asia-Europe Environment Forum under the Asia-Europe Foundation, or ASEF. “ENVforum” was held in the ASEF headquarters in Singapore on Nov. 21-22. SDGs are the new framework for development that was proposed in the United Nations Conference on Sustainable Development, dubbed as Rio+20, which was held in Rio de Janeiro, Brazil, on June 20-22 this year
Nov. 27, 2012
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U.K. woman unaware of pregnancy gives birth
A British woman oblivious of her pregnancy gave birth to a child when she visited a hospital for back pain, local media reported Monday.Kayleigh Renwick, a 24-year-old nurse from County Durham, was just hoping to relieve her backache when she visited a hospital in May this year. She had initially suspected a kidney infection as the source of her pain.Instead she found out -- for the very first time -- that she was carrying a child. Shocked, Renwick visited the University Hospital of North Durha
TechnologyNov. 27, 2012
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S. Korea to further tighten banks’ handling of currency forwards
South Korea said Tuesday it will lower the ceiling of foreign exchange forward positions held by local and foreign banks by 25 percent in a bid to curb the volatility of cross-border capital flows.The move will restrict local branches of foreign banks from holding currency forward deals to 150 percent of their equity capital from the current 200 percent. The ceiling for domestic banks will be lowered to 30 percent from 40 percent, the government said. The move will fully take effect starting on
Nov. 27, 2012
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Seoul shares start higher on Greek bailout settlement
South Korean stocks opened higher Tuesday on the settlement of the Greece bailout deal, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 5.80 points, or 0.3 percent, to trade at 1,914.31 in the first 15 minutes of trading.Tech blue chips drove up the shares, with market behemoth Samsung Electronics increasing 0.71 percent, while LG Electronics gained 1.05 percent. Top steelmaker POSCO added 0.47 percent.Carmakers also traded higher, with No.1 player Hyundai Motor ris
Nov. 27, 2012
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S. Korea's brand value ranks 9th worldwide: think tank
South Korea's brand value reached US$1.6 trillion this year, ranking ninth among 39 countries surveyed, a local think tank said Tuesday.Asia's fourth-largest economy has received good marks in the corporate field, thanks mainly to its strong exports and market share growth around the world, according to the state-run Institute of Industrial Policy Studies (IPS).Brand value covers both corporate and country-level recognition and products made in the country. It also calculates the level of social
Nov. 27, 2012
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S. Korean nurse honored for voluntary medical work in Malawi
The foreign ministry on Tuesday honored a South Korean nurse for her voluntary medical services and dedication to education in Malawi over the past 20 years. Baik Young-sim, 50, became the recipient of this year's "Lee Tae-seok Award," which Seoul's foreign ministry introduced last year to honor the late Catholic missionary and physician Lee Tae-seok. He devoted his life to helping people in South Sudan. Baik began her voluntary medical work in Kenya in 1990 and, after four years, moved to Mala
IndustryNov. 27, 2012
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Average Korean spends $67 a year on ‘Lotto’: ministry
The average Korean has spent about 73,000 won ($67) per year on average in buying “Lotto,” the best-selling lottery ticket issued by the nation’s largest lottery operator Nanum Lotto, the Ministry of Strategy and Finance said on Monday. Fluctuations in the sales history of the national lottery meet the unspoken rule that Lotto is a hidden barometer for the nation’s real economy.Celebrating the 10th anniversary of foundation, Nanum Lotto was first issued in December 2002, when its average annual
IndustryNov. 26, 2012
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[Newsmaker] Samsung couple richest in stocks
Samsung owner Lee Kun-hee and his wife Hong Ra-hee topped the lists of Korea’s wealthiest in terms of stock holdings.Lee ranked the richest on the list for men, while Hong was at the top for women. This was the first time the couple nabbed the No. 1 slot for both lists, according to Chaebul.com, a local website providing exclusive business information on conglomerates.As of last Friday, Lee’s stock portfolio was worth a combined 11.14 trillion won ($10.27 billion). The net value of his stocks ha
Nov. 26, 2012
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Samsung TV sweeps East European markets
South Korean tech behemoth Samsung Electronics Co. retained its top position in the east European countries’ television market in the first nine months of the year, industry data showed Monday.Samsung claimed 35 percent of the region’s flat panel television market in the January-September period, with its market share reaching 35.1 percent for liquid crystal TVs and 38.7 percent for light-emitting diode TVs, according to market researcher GfK Group.The South Korean company was the top smart TV a
Nov. 26, 2012
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Incheon Airport’s passenger count hits record high
The number of passengers traveling via Incheon International Airport reached an all-time annual high of 35.14 million this year, solidifying its status as one of the busiest airports in the world, its operator said Monday.Travelers using the nation’s main gateway, located west of Seoul, surpassed the previous year’s tally of 35.06 million people as of Sunday, according to airport officials.The airport is expected to register 38.9 million travelers by the end of the year, 5.9 million higher than
Nov. 26, 2012
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Korea’s trade volume to top $1tr in 2012: ministry
The trade volume of South Korea is expected to top $1 trillion for a second consecutive year in 2012, making the country the eighth-largest trader in the world, the government said Monday.According to the Ministry of Knowledge Economy, South Korea will see its trade volume exceed the $1 trillion in the middle of next month. If the forecast is right, Korea will surpass Italy to become the eighth-largest country in terms of trade volume.South Korea ranked 13th in terms of trade from 2000 to 2002 b
IndustryNov. 26, 2012
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Shares inch down ahead of key events
South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389. “The eurozone finance ministers gathered to decide a bailout for Greece
Nov. 26, 2012
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Kangwon Land shares soar on expansion approval
By Seo Jee-yeon The government’s approval of a casino facility expansion has been pushing the stock price of Kangwon Land to hit a record high in 52 weeks.The company’s shares soared 13.31 percent to 31,500 won ($29) on Monday. The jump was expected as the disclosure was issued after the stock market closed last Friday. According to company officials, the state-invested casino and resort operator, located in Jeongseon County, Gangwon Province, will double the floor of the game room to 11,824 squ
Nov. 26, 2012
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Samsung Electronics to improve working conditions at partner firms in China
By Cho Ji-hyunSamsung Electronics on Monday announced a set of measures to improve its working conditions at the firm’s Chinese partners.The world’s top smartphone maker acknowledged that some of its workers had to work extended hours and that some were not given a copy of their contracts that state their working conditions.The company said that it did not find any minors under age 16 employed at any of its 105 partner firms. Samsung Chinese plants were exempted from the report.The results were
IndustryNov. 26, 2012
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Hyundai Motor shrugs off EU slump
By Lee Ji-yoonEuropean auto sales, possibly facing a 17-year low this year, saw a further decline last month. But Korea’s Hyundai Motor was one of the few carmakers with continued growth momentum in the sluggish market, industry data found Monday. According to the European Automobile Manufacturers’ Association (ACEA), Hyundai sold 33,687 vehicles in Europe last month, a 10.2 percent rise from the previous month. In the first 10 months this year, the company saw a 9.3 percent growth in sales, del
IndustryNov. 26, 2012
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Banks eye Myanmar market
By Kim Yon-seMajor commercial banks are poised to actively make inroads into Myanmar as the country is starting to implement an open-door policy toward international activity.Following Woori Bank and Hana Bank, which opened liaison offices in the Southeast Asian country last month, Shinhan Bank plans to join the movement as early as the first half of next year.The state-run Industrial Bank of Korea is also preparing to tap the new market in a bid to overcome the saturated market conditions at ho
Nov. 26, 2012