Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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S. Korea suffers falling potential growth
South Korea's potential economic growth rate is estimated to have fallen to the 3-percent range on its economic slowdown stemming from the eurozone debt crisis and population aging, economists said Thursday.The country's potential growth rate, or the maximum possible rate at which an economy can grow without triggering inflation, had remained in the range of 4.5-5 percent between 1998 and 2007, ac
Sept. 6, 2012
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Korea's economic growth cools down to 0.3 percent in Q2
The South Korean economy grew at a slower pace than previously estimated in the second quarter on weaker facility and construction investment, the central bank said Thursday, cementing market expectations for a rate cut this month. South Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.3 percent in the April-June period from three months earlier,
Sept. 6, 2012
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Hyundai Motor, Oilbank, KB Financial team up to support typhoon victims
Some conglomerates and financial groups rolled up their sleeves to support those who are victims of the typhoons that recently hit the nation.Hyundai Motor Group chairman Chung Mong-koo donated 3 billion won ($2.6 million) on Tuesday to an association helping disaster victims.The donated money will be spent aiding the victims of typhoons Bolaven and Tembin, which battered the nation’s west and southwest late last month, company officials said.In addition, the automaker plans to purchase fruits a
Sept. 5, 2012
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Korea’s GDP growth ranked 107th in world last year: CIA
South Korea’s GDP growth ranked 107th in the world last year and eighth among OECD countries, according to the CIA’s The World Factbook on Wednesday. The nation’s GDP growth marked 3.6 percent last year. Qatar topped the list of countries with GDP growth of 18.8 percent, followed by Mongolia (17.3 percent), Turkmenistan (14.7 percent), Ghana (13.6 percent), East Timor (10.6 percent), Panama (10.6 percent) and Iraq (9.9 percent). Among developed countries, Turkey came in first with GDP growth of
Sept. 5, 2012
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S. Korea ranks 19th in global competitiveness
South Korea this year moved up five notches in terms of its global competitiveness from a year earlier, helped by improvements in the country's welfare and education systems, as well as its market efficiency, a report showed Wednesday.According to the annual report by the World Economic Forum (WEF), the country's competitiveness index moved up to 19th place of the 144 countries studied this year.
Sept. 5, 2012
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Watchdog probes big retailers’ commission
Korea’s antitrust watchdog has launched a probe into commission rates major retailers charge on vendors in an apparent move to press them into cutting their rates, industry sources said Tuesday. According to the sources, the Fair Trade Commission on Monday opened a two-week-long investigation into the commission rates charged by the nation’s top two department store chains: Shinsegae and Hyundai. “The probe appears to be designed to pressure the retailers to further cut their commission rates fo
Sept. 4, 2012
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AFoCO to help development through green growth
The Asian Forest Cooperation Organization, or AFoCO, was inaugurated last week, becoming the first organization in the region to deal with cooperation among member nations on issues related to forestry.The inauguration was made after the Governing Council held the first board session dealing with the agreement on cooperation in the field of forestry in Seoul last week.The council endorsed the proposal to establish the secretariat of AFoCO and regulations on how to operate the administrative grou
Sept. 4, 2012
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‘Korea is a reforestation model for the world’
Following is an open letter from President Lester R. Brown of the Washington-based Earth Policy Institute to Korea Forest Service Minister Lee Don-koo about the meeting of forestry ministers from Korea and ASEAN member states in Seoul last week. ―Ed. Dear Minister Lee Don-koo:My congratulations to you for arranging the Agreement between the ASEAN Member States and the Republic of Korea on Forestry Cooperation, the first ever intergovernmental commitment to sustainable forest management in Asia.
Sept. 4, 2012
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Milestone set in forestry cooperation
Experts and government officials hailed the Seoul meeting of forestry ministers from Asia as a milestone in cooperating on forestry in the region. Forestry ministers from Korea and member countries of the Association of Southeast Asian Nation, or ASEAN, congregated in Seoul to participate in the Special Korea-ASEAN Ministerial Meeting on Forestry, where the Seoul Declaration was adopted last week. The two-day international conference voiced each nation’s cooperative support for forestry maintena
Sept. 4, 2012
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KCC to crack down on tampering with electronic anklets
The Korea Communications Commission said Monday that it plans to stage a crackdown on devices that intentionally disturb the radio waves sent off by sex offenders’ electronic anklets.Together with its affiliate the Central Radio Management Office, the country’s media regulator will focus on detecting the electronic devices that mask the location of sex offenders with the anklets.The move takes place as the nation has been seeing a growing number of shocking sex crimes recently. Last week’s kidna
Sept. 3, 2012
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Consumer price growth slows to 12-year low in Aug.
Korea’s consumer prices grew at the slowest click in over 12 years last month amid government efforts to keep inflationary pressure down, a report showed Monday.The country’s consumer price index rose 1.2 percent from a year earlier in August, compared with a 1.5 percent on-year gain the previous month, according to the report by Statistics Korea.August’s reading marks the slowest gain since May 2000 when consumer prices rose 1.1 percent on-year. August also marks the second month in a row the c
Sept. 3, 2012
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Foreign firms turn to welfare to boost morale
Family-friendly foreign companies help employees ‘connect the dots’ in child careKoreans have associated foreign companies with a public image of workplaces with a democratic decision-making process and advanced welfare policies. Different foreign companies offer different degrees of financial support for children’s education. But they have similar parent-friendly welfare policies, particularly on paid maternity leave, paternity leave ― often shorter than maternity leave ― and half-day policies
Sept. 3, 2012
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K-pop stars become Adidas Asia models
Adidas Korea announced Tuesday it will hire Korean girl group 2NE1 as new models for its “All Originals Represent” advertisement campaign in Asia. In addition to the four-member K-pop group, hip-hop artists Nicki Minaj and Big Sean, NBA player Derrick Rose and Adidas fashion designer Jeremy Scott will show up in the advertisement. Scheduled to be first aired on YouTube, the advertisement clip shows an interesting episode which takes place on crosswalks of multiple nations in Asia, the Americas a
Sept. 3, 2012
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S. Korea's consumer price growth slows to 12-year low in Aug.
South Korea's consumer prices grew at the slowest click in over 12 years last month amid government efforts to keep inflationary pressure down, a report showed Monday.The country's consumer price index rose 1.2 percent from a year earlier in August, compared with a 1.5 percent on-year gain the previous month, according to the report by Statistics Korea.The so-called core inflation, which excludes
Sept. 3, 2012
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Kim CS named among worst central bankers
Bank of Korea governor Kim Choong-soo was named one of the world’s 13 worst central bankers in an evaluation of 50 key countries, business news channel CNBC said last Friday, adding global disgrace to his already compromised reputation at home.Denounced for his lack of communication with the market and flawed economic forecasts, Kim retained the grade “C” he received in 2011 in the annual “Central Banker Report Card” published by Global Finance magazine.Korea, Japan and India were the only count
Sept. 2, 2012
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Busan gets ready for ITU conference
BUSAN ― The Korea Communications Commission is getting ready to hold the plenipotentiary conference of the International Telecommunication Union in Busan in 2014, selecting BEXCO as its location.The event is planned to take place for three weeks from Oct. 20, bringing together about 3,000 people, including representatives from government, international organizations and businesses in 193 nations.“We’re planning to show Korea has changed its position from a country with strong information and com
Sept. 2, 2012
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Trade surplus in August narrows on falling exports
Korea’s trade surplus shrank in August from a month earlier as exports fell largely due to jittery external conditions and bad weather, the government said Saturday. The country’s trade balance came to $2.04 billion in the black last month, compared with a surplus of $2.75 billion in July, according to the Ministry of Knowledge Economy. The August figures mark the seventh consecutive month the country has posted a trade surplus since January, when the country’s trade balance went into the red fo
Sept. 2, 2012
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Seoul to raise investment, deregulate
Think tanks project 2%-range growth for this year on falling exports, consumptionThe government is weighing a number of plans including more investment and deregulation to jumpstart the economy as Korea’s growth is expected to slow to below 3 percent this year.Instead of a supplementary budget which it has been negative about, Seoul is set to announce deregulation measures on Monday and an additional state investment of several trillions of won around mid-September.The government is pulling toge
Sept. 2, 2012
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S. Korea to revise down its 2013 growth outlook
South Korea plans to revise down its 2013 economic growth forecast as exports will likely lose steam amid the protracted eurozone debt crisis and China's slowing economy, officials said Sunday.The government said Asia's fourth-largest economy is likely to grow less than its projection of 4.3 percent next year after expanding some 3 percent this year."The government has no plans to revise its 2012
Sept. 2, 2012
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S. Korea's Aug. trade surplus narrows on falling exports
South Korea's trade surplus shrank in August from a month earlier as exports fell largely due to jittery external conditions and bad weather, the government said Saturday. The country's trade balance came to $2.04 billion in the black last month, compared with a surplus of $2.75 billion in July, according to the Ministry of Knowledge Economy. Exports dipped 6.2 percent on-year to $42.9 billion, wi
Sept. 1, 2012