Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Port security tightened in wake of Kim’s death
Airlines concerned about passenger cuts from China, JapanThe government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist presence including socialist nations and countries whose nationals have been caught for attempting to b
IndustryDec. 20, 2011
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Saudi prince invests $300 million in Twitter
DUBAI, United Arab Emirates (AP) _ Saudi billionaire Prince Alwaleed bin Talal and his investment company said Monday they are investing a combined $300 million into Twitter, increasing the microblogging site's cash cushion as its user base expands.Alwaleed's joint investment with his Kingdom Holdin
TechnologyDec. 20, 2011
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Kim death to have limited impact on financial markets: official
The sudden death of North Korean leader Kim Jong-il will likely have a limited impact on South Korea's financial markets, a senior finance ministry official said Tuesday, citing relatively stable overnight offshore market situations.South Korea's stock and currency markets tumbled on Monday, sparked
Dec. 20, 2011
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Factories running as usual in Gaeseong industrial park
Inter-Korean cooperation expected to expand if Western-educated Kim’s son takes powerNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long te
Dec. 19, 2011
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Hyundai Heavy wins $900m Africa order
South Korean shipbuilding giant Hyundai Heavy Industries Co. said Monday it has clinched a $900 million order to provide offshore platforms and other facilities off the coast of Africa.Under the deal with an oil major, Hyundai Heavy will build two offshore gas platforms and other facilities by the end of 2014, the company said.Hyundai Heavy gave no further specifics on the buyer or other details, but added the platforms will be built in the seas off Nigeria.With the contract, Hyundai Heavy has w
IndustryDec. 19, 2011
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Exports of petrochemicals to hit all-time high this year
Exports of Korea’s four major refiners have already reached an all-time high this year on the back of soaring global demand for their lighter, cleaner petrol products, industry figures showed Monday.Combined exports of SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank topped 76.1 trillion won ($64.5 billion) during the first ten months of the year, up more than 20 percent from 63.1 trillion won for the whole of 2010. That also reflects a sharp increase compared with the previous high of 68.1 t
IndustryDec. 19, 2011
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Chung Eui-sun becomes third-richest stockholder
The vice chairman of Hyundai Motor Co. Chung Eui-sun is now the third wealthiest stockholder in the country after Samsung Electronics chairman Lee Kun-hee and Chung Mong-koo, his father and chairman of Hyundai Motor, a report showed Monday.The heir apparent of the country’s biggest automotive group owns shares worth 2.85 trillion won, up 682.8 billion won from the 2.17 trillion won tallied in the first quarter of this year, according to chaebul.com, an online research firm providing information
Dec. 19, 2011
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Hyundai Motor chief puts priority on quality of high-speed train
Hyundai Motor Group promoted six top management personnel at major units on Monday as part of chairman Chung Mong-koo’s business policy to secure internal strength.Jung Soo-hyun, who worked as a CEO of Hyundai E&C, was promoted to president and CEO of Hyundai Group’s construction unit, taking the No. 1 position in the company.Hyundai Mobis CEO Jun Ho-suck will lead the auto parts producer as the president and CEO, taking over the role of the outgoing vice chairman.Previously, the two companies w
MobilityDec. 19, 2011
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Conglomerates plan to freeze or reduce investment
Of the 10 largest Korean conglomerates, only four plan to increase investment next year amid economic uncertainties stemming from the European debt crisis. Samsung, Hyundai Motor, Lotte and GS said they would expand investment next year.SK Group, which is expected to invest a lot due to its recent acquisition of Hynix Semiconductor, was yet to draft detailed plans for next year, with the ongoing prosecutorial investigation of its chairman Chey Tae-won. POSCO, Hyundai Heavy Industries and Hanwha
IndustryDec. 19, 2011
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Corporate failures hit 7-month high in Nov.
The number of South Korean corporate bankruptcies jumped to a seven-month high in November, the central bank said Monday, raising concerns at signs of an economic slowdown.The number of companies that went belly-up totaled 130 last month, up from 118 in October, according to the Bank of Korea.The figure is the highest since 134 bankruptcies registered in April. The BOK added that the number of newly set-up firms reached 5,432 in November, growing 358 from the previous month.The default rate of c
Dec. 19, 2011
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Korea to use tariff quota against supply instability
South Korea plans to actively use its tariff quota system to cope with supply-side instability that can fuel inflationary pressure in 2012, the finance minister said Monday.In a meeting with economic policymakers, Bahk Jae-wan said Seoul plans to use the flexible tariffs to stabilize prices of products that may experience supply shortfalls.“There may be supply problems with products such as rice, dried chili peppers, garlic and pork in the coming months that can affect consumer prices,” he said.
Dec. 19, 2011
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Korea seeks to create Asian financial safety net in 2012
South Korea is seeking to create an Asian financial safety next year as part of the Chiang Mai Initiative Multilateralization regime to better insulate the regional economies from a worldwide financial meltdown, the country’s senior economic policymaker said Monday.Speaking at the G20 global economic cooperation conference hosted by the Korea Development Institute, Finance Minister Bahk Jae-wan said that there is support and sympathy for setting up a regional precautionary credit line. The plan
Dec. 19, 2011
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Real interest rate stays negative for 25th month: data
South Korea’s real interest rate remained in negative territory for the 25th straight month in November, data showed Monday, raising concerns the trend will continue into next year amid a possible global economic downturn.The real interest rate, or the benchmark interest rate minus the consumer inflation rate, stood at minus 1 percent in November, according to the data compiled by the Bank of Korea.The November figure extended the minus real interest rate period to its longest streak since the B
Dec. 19, 2011
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Korea’s stock market volatility outpaces major countries
By Yang Sung-jinSouth Korea’s stock market has demonstrated the most volatility of any market worldwide this year, data showed on Monday.Even aside from the turbulence sparked by the news of Kim Jong-il’s death, the financial industry’s data suggests that Korean investors rode a roller coaster ride this year, thanks to greater external uncertainties.The eurozone sovereign debt crisis, the growing local derivatives market and heavy reliance of the Korean economy on trades added to volatility, bro
Dec. 19, 2011
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Kim Jong-il’s death rattles financial market in Seoul
By Cynthia J. KimThe death of North Korean leader Kim Jong-il sparked immediate concern in the market, pushing the won to a two-month low against the dollar and dropping Seoul stocks to a three-week low.The benchmark KOSPI lost 3.43 percent and closed at 1,776.93 after sliding as much as to 1,750.60 at around noon when North Korea announced that the communist leader died on Dec. 17. The local currency lost 1.4 percent to 1,174 won against the greenback after dipping as low as 1,179.95. The junio
Dec. 19, 2011
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Greater inter-Korean cooperation expected in the long run
Factories running as usual in Gaeseong industrial park despite news of Kim’s deathNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long term.
IndustryDec. 19, 2011
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Kim Jong-il’s death may hit economy
Seoul government sets up emergency teams to monitor marketsThe Korean financial market tumbled on Monday following news of the death of North Korean leader Kim Jong-il, and analysts offered mixed views about its impact on the Korean economy.Shortly after Kim’s death was delivered on major networks in South Korea, the main index KOSPI retreated sharply, reflecting concerns that it would affect the Korean market. Analysts said the short-term shock from Kim’s death was inevitable, as the country’s
Dec. 19, 2011
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Rating agencies see little impact
Global rating firms predicted Monday that the death of North Korean leader Kim Jong-il would not lead to a downgrade of South Korea’s credit rating.Moody’s Investors Service said that the economic fundamentals of Seoul would not change with Kim’s death.“We will continue to rate South Korea on the basis of its economic, institutional and government financial fundamentals,” a senior vice president at Moody’s in Singapore was quoted by a Chinese news provider as saying.He said these would not chang
Dec. 19, 2011
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S. Korea to take necessary steps following Kim Jong-il's death
SEOUL, Dec. 19 (Yonhap) -- South Korea's finance minister said Monday the government is keeping close tabs on developments and will take all necessary steps to determine the economic impact of the North Korean leader's death."Seoul is checking all changes, carefully analyzing their implications and
Dec. 19, 2011
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'Kim death won't affect South Korea rating'
The death of North Korea's Kim Jong Il is not a ratings trigger in itself?for South Korea, Fitch Ratings said in an e-mail today. "However, clearly it gives rise to additional uncertainty and we will keep the situation under close review," the e-mail said.Moody’s Investors Service said the deat
Dec. 19, 2011