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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Korea to invest 16 tln won in scientific R&D in 2012
South Korea will invest about 16 trillion won ($14.2 billion) in scientific research and development (R&D) efforts this year, a presidential body said Wednesday.The amount is up 7.6 percent from the 14.89 trillion won set aside for the same purpose last year, according to the National Science and Te
Feb. 22, 2012
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Korean makers beat Japanese rivals in global TV market
A recent research said Wednesday that Korean TV makers sold more units of flat-screen televisions sets compared to its Japanese rivals for the first time globally.According to market research firm DisplaySearch, Korea recorded 34 percent in market share in terms of total TV units sold globally in the final quarter of last year, while Japan’s market share reached 31 percent.The Korean TV makers ― Samsung and LG Electronics ― have been beating its Japanese rivals in global quarterly sales volume o
IndustryFeb. 22, 2012
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SK Group, global companies to join petrochemical project in China
SK Group said on Wednesday it will take part in a project to build a major petrochemical complex in China with global petrochemical companies such as China’s Sinopec and British Petroleum.SK said it signed a preliminary deal with Sinopec and BP on Wednesday to build production facilities for butanediol, acetic acid and ammonia in the southwestern Chinese city of Chongqing by as early as 2014.The 1.2-trillion-won complex will break ground as early as July or August, and is expected to reap more t
IndustryFeb. 22, 2012
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Korea, Boeing to develop aircraft parts together
Korean companies, think tanks and universities will team up with Boeing to jointly develop advanced materials and parts for aircraft as part of a government program to boost their competitiveness in the global market.The Ministry of Knowledge Economy said it signed an agreement with the world’s largest aerospace company on Wednesday to crank up technological collaboration. Five research institutes and eight firms in Korea will take part in the project. Among the participants, the Korea Institut
IndustryFeb. 22, 2012
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Automobile parts suppliers gain on Korea-U.S. FTA
Auto parts makers and shipping shares rose on expectations their revenue will rise with the start of Korea-U.S. FTA in a market that barely moved on Wednesday.The KOSPI inched up 0.22 percent to close at 2028.65, with gains led by auto parts maker Mando Corp., Hyundai Mobis Co., each rising 1.85 percent to 165,500 won and 1.62 percent to 281,500 won.The pact, which will take effect on March 15, calls for the elimination of 2.5 percent to 10 percent duties on auto parts. “The 2.5 percent tax on a
Feb. 22, 2012
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New KITA chief vows to help small firms
Korean Ambassador to the United States Han Duck-soo was elected Wednesday as the new chief of the country’s international traders’ organization.The Korea International Trade Association selected Han as their new chairman and chief executive in a general meeting to replace outgoing chief SaKong Il, who completes his three-year tenure on Wednesday. Han offered to step down as ambassador last week, saying he had already served at his post for three years. The 62-year-old bureaucrat was the country’
Feb. 22, 2012
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‘U.S. FTA to boost exports, hurt farming, services’
Seoul plans to renegotiate ISD clause with Washington via service and investment committeeThe Korea-U.S. free trade agreement will take effect on March 15, nearly six years after negotiations began in June 2006, making Korea the only nation to have FTAs with both the U.S. and the European Union.Free trade with the world’s largest economy, which accounts for 23 percent of the global output, is expected to upgrade Korea’s status as a trade partner and most immediately benefit the country’s auto, a
Feb. 22, 2012
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Korea’s trade to grow 142% by 2026: HSBC
HSBC has predicted that Korea would overtake the U.K. in trade ranking within 15 years by seeing a cumulative growth of 142 percent in trade volume by 2026.The projection for Korea by HSBC Global Connections far surpasses the figure for the world’s trade volume. It forecasts that the world’s trade will expand 86 percent by 2026.“Countries that will see increases in their share of world trade to 2026 include South Korea, which will replace the U.K. as the sixth-largest trading nation due to trade
Feb. 22, 2012
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Household credit tops 900 trillion won in Q4
Korea’s household credit surpassed the 900 trillion won ($801 billion) mark in the final quarter of last year, as household loans extended by non-bank institutions increased, the central bank said Wednesday.Household credit totaled a record 912.9 trillion won as of the end of December, up 22.3 trillion won from three months earlier, according to the Bank of Korea. Compared with one year earlier, the fourth-quarter household credit rose 7.8 percent, with the growth rate decreasing from the two pr
Feb. 22, 2012
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Nonlife insurers expect losses in car insurance
Korean nonlife insurers are expected to suffer losses in their car insurance business for the 2011 fiscal year, largely due to massive payouts caused by the downpour that battered the country last summer, data showed Wednesday. The combined losses of 14 local nonlife insurers reached 321.8 billion won ($286.0 million) in the April-December period in 2011, according to the nonlife insurance association data. The association said losses worth 56.2 billion won were tallied as a result of the heavy
Feb. 22, 2012
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KB Financial seeks joint bids for ING Life
KB Financial Group chairman Euh Yoon-dae expressed his willingness to collaborate with Samsung Life Insurance to take over ING Life’s Asia-Pacific operations.“ING Life is operating seven or eight units in the Asia-Pacific region. We have no capability to buy all of them,” he told reporters on Wednesday.If ING Life sells off only the ING Korea unit, KB Financial could participate in the coming bidding as a single bidder, he said.But if the company chooses to sell its entire Asia-Pacific operation
Feb. 22, 2012
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KEB CEO puts priority on overseas business
Korea Exchange Bank president & CEO Yun Yong-ro unveiled his business policy direction to bolster the bank’s global sectors.In his inaugural speech at the bank’s headquarters in Seoul on Wednesday, Yun said KEB should restore its traditional competitiveness in foreign currency trading and overseas operations.“(Unlike past years), many experts in the market do not think KEB is grabbing the dominant position in sectors like foreign exchange and overseas business,” he told the staff. He said the we
Feb. 22, 2012
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Brokerages all-out to court the super-rich
Generous extra services and perks such as tax consultations spark disputesMajor brokerages are rushing to offer comprehensive asset management and generous complementary services to super-rich customers, but some argue that non-financial services such as free tax counseling might violate regulations.The underlying trend is for securities houses to court so-called “VVIP” customers in the top 0.1 percent in terms of annual income. For these super-rich customers, brokerages are currently offering n
Feb. 22, 2012
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Ustream Korea hopes to overtake YouTube
New CEO pins high hopes on upcoming elections, K-pop sensationUstream Korea CEO Jimmy Kim arrived in Seoul last month to lead the Korean operation of the world’s No. 1 live video streaming platform Ustream. It has been almost a decade since he last worked in his home country, at Samsung Electronics from 2001-2003. The former vice president of Viacom International Media Networks has been in Singapore over the past eight years. “It’s good to come back. But I don’t hesitate to go anywhere in the wo
TechnologyFeb. 22, 2012
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Samsung’s Shin promoted as radio promotion group chief
Shin Jong-kyun, president of information technology and mobile communications at Samsung Electronics, was picked to head the Korea Radio Promotion Association earlier this week.Replacing Samsung vice chairman Choi Gee-sung, Shin will focus on supporting projects related to radio broadcast and nurturing field experts.“I will actively engage in meetings with the members and play the middleman role between the members and the government,” he said in his inaugural message on Monday.The association,
IndustryFeb. 22, 2012
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Going up: Japan builder eyes space elevator
(The International Space Elevator Consortium)(Obayashi Corp.)A Japanese construction firm claimed Wednesday it could execute an out-of-this-world plan to put tourists in space within 40 years by building an elevator that stretches a quarter of the way to the moon.Obayashi Corp claims it could use ca
TechnologyFeb. 22, 2012
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Lin helping Knicks draw huge ratings on MSG
The New York Knicks` point guard Jeremy Lin (17) puts up a shot against the New Jersey Nets` Deron Williams (8) during a game on Monday at Madison Square Garden in New York. (AP-Yonhaap News)Jeremy Lin has people watching the New York Knicks in record numbers. The Knicks said Tuesday that their
TechnologyFeb. 22, 2012
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KT&G to launch new menthol cigarettes
KT&G plans to release a new brand of menthol cigarettes with capsule filter technology on Thursday, Korea’s top tobacco maker said Wednesday.The Bohem Mojito Double is a follow-up to the company’s other menthol product, the Bohem Mojito, which has been popular with young smokers since its launch in June, claiming a 2 percent share in the domestic market. The latest product will give an extra burst of lemon mint flavor when customers pop a small ball in the filter, KT&G said in a statement. The B
IndustryFeb. 22, 2012
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Dell misses estimates amid sluggish PC sales
Dell Inc. forecast fiscal first-quarter revenue that missed analysts’ estimates as lackluster demand from consumers and governments eroded growth at the world’s third-largest maker of personal computers. Revenue for the period ending in April will decrease 7 percent to $14.9 billion, Round Rock, Texas-based Dell said today in a statement. That missed the average $15.1 billion estimate of analysts, according to data compiled by Bloomberg. The shares fell in late trading after the report was relea
TechnologyFeb. 22, 2012
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Samsung, SAP to ally on corporate use of Android
SAP AG and Samsung Electronics Co. are teaming up to make mobile devices running Google Inc.’s Android operating system safer to use as corporate tools, according to people familiar with the matter. SAP, the largest maker of enterprise-management software, and Suwon, Korea-based Samsung will present
TechnologyFeb. 22, 2012