Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Hybe's multilabel system tested amid conflict with Ador
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S-Oil supports knowledge transfer to developing world
S-Oil Science Prodigy and Culture Foundation has decided to support “International Knowledge Donation Program,” the oil company said Tuesday. The program is organized as an extension of “Encore Korea Project,” a project for transferring overseas the on-site experience and knowledge of retired Korean veteran scientists and technologists to developing countries. Founded in 2011, the non-profit foundation has donated about 300 million won ($270,000) so far to the Korea Technology and Research Insti
Sept. 26, 2012
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Korean tobacco farmers protest regulations in Manila
Korean tobacco farmers joined a worldwide anti-regulation protest Tuesday in Manila, the Philippines, voicing opposition to measures to curb tobacco farming expected to be announced at a tobacco control convention in Seoul in November. Titled “Save Our Farms” and led by the International Tobacco Growers Association, the global protest reflects millions of Asian tobacco growers’ fears of having their livelihoods destroyed upon the implementation of a series of “radical guidelines,” the Korea Toba
Sept. 26, 2012
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Eurozone economy unlikely to improve until next year: BOK head
South Korea's top central banker said Wednesday that the eurozone economy is not likely to improve until next year as the global economic outlook remains subdued."A set of economic data coming from the eurozone has given mixed signals, repeatedly producing positive and negative news together," Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with economists."The eurozone economy i
Sept. 26, 2012
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Korea to spend 342.5 trillion won in 2013
Next year’s budget aims to support public welfare and revitalize economyThe government plans to spend 342.5 trillion won ($305.6 billion) in 2013, an increase of 5.3 percent compared to the previous year, with the aim of boosting the sagging economy while maintaining fiscal health.The Finance Ministry announced on Tuesday the final budget proposal to be presented to the National Assembly for approval.According to the budget plan, the government will designate 10.8 trillion won to create about 60
Sept. 25, 2012
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Consumer sentiment stays below par for 2nd month
South Korean consumers’ confidence stayed below par for the second straight month in September as the protracted eurozone debt crisis heightened economic uncertainties, the central bank said Tuesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 99 for September, unchanged from the previous month, according to a survey by the Bank of Korea.The September figure marked the lowest level since the index hit 98 in Janu
Sept. 25, 2012
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Politics-driven stocks fluctuate ahead of presidential election
Volatility marked the politics-driven stocks listed on the stock exchanges of South Korea where election season has rolled around.Investors who bet on these so-called “political” stocks lost 1.55 trillion won ($1.3 billion) between June 11 last year and May 31 this year, according to the Financial Supervisory Service. The FSS had recently conducted a survey on some 35 stocks that appeared to be moving in tandem to the current political climate or the three central figures running in the presiden
Sept. 25, 2012
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Minors to be banned from revealing too much on air
Minors will soon be subject to costume regulations when they go on air, said the Korea Communications Standards Commission Tuesday.The commission stated on its website that it will push for a new rule to regulate revealing clothing for teen and child performers in order to control exposure.“Broadcasters must pay attention to and refrain from excessively exposing female minors during program recordings. Overly suggestive screen shots of girl groups composed of a large number of minors must also b
Sept. 25, 2012
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Consumer sentiment stays below par for 2nd month in Sept.
South Korean consumers' confidence stayed below par for the second straight month in September as the protracted eurozone debt crisis heightened economic uncertainties, the central bank said Tuesday.The consumer sentiment index -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 99 for September, unchanged from the previous month, according to a s
Sept. 25, 2012
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Minister vows to spread globally Korea’s forestation success
KFS Minister Lee says AFoCO will be locomotive in global green growthHaving gained worldwide recognition through hosting the United Nations Convention to Combat Desertification last year, Korea is hoping to make Korea Forest Service a future global hub for green growth. For KFS Minister Lee Don-koo, a key milestone in the drive for green growth was the establishment of the Asian Forestry Cooperation Organization early this month. The organization is the result of an agreement on forestry cooper
Sept. 24, 2012
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Consumer spending growth slows down
South Korea’s consumer spending grew at a slower pace than the country’s economic growth for the past three years, data showed Monday, adding to concerns that domestic demand may further cool.The annual growth of Korea’s consumer spending ran lower than that of the economic growth between the third quarter of 2009 and the second quarter of this year, marking the longest streak of such a trend, according to data by the central bank and the Samsung Economic Research Institute.The average growth ra
Sept. 24, 2012
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STX picks preferred bidder for energy unit
STX Group, a South Korean shipping and shipbuilding conglomerate, said Monday that it has chosen Orix Corp. of Japan as a preferred bidder for a major stake in its energy unit.STX Group has been seeking to sell units or list them on the local stock market as part of efforts to secure cash, thus putting its balance sheet in good shape.The group plans to sell a 39.9 percent stake in its energy affiliate STX Energy Co. Other STX affiliates such as STX Corp. hold a combined 90.99 percent share of ST
Sept. 24, 2012
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Korea, Latin America celebrate 50 years of ties
Korea-Latin America Economic Cooperation Week kicked off Monday in Seoul with a grand opening ceremony in commemoration of the 50th anniversary of their economic partnership. Hosted by the Ministry of Knowledge Economy and organized by the Korea International Trade Association, Korea Trade-Investment Promotion Agency, Korea Institute for International Economic Police and Korean Council on Latin America and the Caribbean, the seven-day convention takes place from Sept. 24-28 and from Oct. 4-5, an
Sept. 24, 2012
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‘French firms need to be more responsive to cultural difference’
Cultural understanding should be sought before doing business in Korea: French chamber chiefSome Korean branches of major French luxury goods companies have come under criticism from news media here when they reported an increase in sales or net profit. The Korean branch of the world’s best-selling luxury brand Louis Vuitton S.A. reportedly raked in about 497.4 billion won ($440 million) in sales and about 44.9 billion won in net profit between 2009 and 2010. The luxury giant received a cool res
Sept. 24, 2012
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Rice self-sufficiency rate to fall below 90 percent this year
South Korea's self-sufficiency rate of rice, one of its staple grains, is expected to drop below 90 percent this year due to a decline in land available for rice cultivation, the government said Sunday. The country's rice self-sufficiency rate is likely to reach 86.5 percent this year, based on the median output of 4.88 million tons over the past five years, according to the Ministry of Food, A
Sept. 23, 2012
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Apple cuts LCD orders from Samsung Display
Apple Inc. has been scaling back purchases of liquid crystal display panels for tablet computers from Samsung Display Co., data showed Friday, amid speculation the iPhone maker is trying to rely less on the affiliate of its archrival Samsung Electronics Co. Samsung Display’s shipments of 9.7-inch LCD panels, which are only used in Apple’s iPad tablets, claimed 13 percent of total August shipments, plunging from 41.3 percent in May, according to data by market researcher DisplaySearch.Samsung Dis
Sept. 21, 2012
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GS Caltex starts work on polymer compounds plant
GS Caltex Co., South Korea’s second-largest oil refiner, said Friday it broke ground for a polymer compounds plant in the southern part of the country. The plant to be built in Jinju, 434 kilometers south of Seoul, is slated to start commercial operations in 2015 with an annual production capacity of 120,000 tons, the company said in a press release. Polymer compounds are functional plastics widely used for making cars and home appliances.GS Caltex currently has two polymer compounds plants in C
Sept. 21, 2012
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IMF cuts Korea’s growth outlook to 3%
High level of household indebtedness remains serious concern, it saysThe International Monetary Fund cut its 2012 growth estimate for South Korea to 3 percent on Thursday, down 0.25 percentage point from its June forecast. It also revised its 2013 forecast to 3.9 percent from 4 percent in June. The IMF said that Asia’s fourth-largest economy is slowing in the face of strong global headwinds, with growth projected to bottom out during the course of 2012, regaining momentum toward the end of the y
Sept. 21, 2012
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IMF cuts 2012 growth estimate for S. Korea to 3 percent
The International Monetary Fund (IMF) cut its 2012 growth estimate for South Korea to 3 percent on Thursday, citing the heightened eurozone crisis as a major risk factor.In June it forecast Asia's fourth-largest economy would grow 3.25 percent. But the IMF said South Korea's economy is likely to hit the bottom soon and called for preparations for raising interest rates. "The Korean economy is slow
Sept. 21, 2012
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Four in 10 exporters eye export rebound in late 2013
Four out of 10 South Korean exporting companies expect their faltering exports stemming from a slowdown in China and Europe to bounce back as early as the second half of next year, a poll showed Thursday. According to the survey of 500 exporters by the Korea Chamber of Commerce and Industry, 40 percent of the respondents said their sluggish overseas shipments will begin to recover in the second half of 2013. Another 17.2 percent expected their exports to rebound from the second half of 2014. “Ex
Sept. 20, 2012
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Koreans receive 0.24 spam messages a day
How many mobile phone spam texts do you receive a day? According to government data released on Wednesday, Koreans received an average of 0.24 spam messages per day during the first half of this year.The figure was a 42.9 percent drop from a year earlier and telecommunication officials said the fall came as a result of government and industry efforts to block junk messages.One of the measures the government has taken is to limit the number of forwarded messages to 500 a day.The data collected fr
Sept. 19, 2012