Most Popular
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Yoon's approval rating plunges to all-time low
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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S. Korea votes in favor of Palestinian bid for UN membership
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Yoon offers first one-on-one meeting with opposition leader next week
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France rejects opening Paris flight routes to T'way Air, deals blow to Korean Air merger
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Chinese man behind drug scam targeting teens nabbed in Cambodia
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Iran fires air defense batteries in provinces as sound of explosions heard near Isfahan
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[Graphic News] French bulldog most popular breed in US, Maltese most popular in Korea
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U.S. beef exports to Korea decline 24%
WASHINGTON (Yonhap News) ― U.S. beef exports to South Korea dropped 24 percent in the first five months of 2012 from a year earlier, but the reduction is not associated with mad cow concerns, the U.S. Meat Export Federation said Sunday.The U.S. exported 51,128 tons of beef to South Korea from January till May, down 24 percent from 67,638 tons in the same period last year, it said.South Korea was the third-largest importer, following Canada and Mexico during the five months.The USMEF stressed tha
July 16, 2012
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French Pavilion focuses on freshwater shortage
YEOSU, South Jeolla Province ― The chief architect of the French Pavilion at the 2012 Yeosu World Expo said Saturday that the world is facing a serious freshwater shortage, and demand may soon outpace supply unless ways are found to replenish this vital natural resource.“The concern is that within 50 years there will not be enough freshwater (supplies). Desalination is one of the solutions,” said David-Pierre Jalicon, the CEO of D.P.J. & Partners, Ltd. in an interview with The Korea Herald. “Fra
July 16, 2012
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Seoul shares edge up 0.27 percent on eased concerns
South Korean stocks rose 0.27 percent on Monday as investor sentiment was boosted by growing expectations over a global recovery and corporate earnings forecasts, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index (KOSPI) climbed 4.9 points to finish at 1,817.79. Trading volume was light at 263.5 million shares worth 3.2 trillion won ($2.8
July 16, 2012
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Entertainers hugely in debt: report
Some Korean entertainers who own expensive buildings in Seoul are saddled with heavy debts because of massive real estate purchases, according to a report by Chaebul.com, a local website offering public information about wealthy Korean tycoons and entertainers.The entertainers borrowed billions of won to buy buildings but property prices have dropped, leaving some in negative equity, the website said.It conducted an analysis on 27 commercial buildings owned by 26 entertainers, based on property
July 16, 2012
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Seoul shares open higher on upbeat U.S. firm earnings
South Korean stocks got off to a strong start Monday, boosted by better-than-expected corporate earnings reports in the United States last week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.93 points, or 0.05 percent to 1,813.82 in the first 15 minutes of trading.JP Morgan Chase beat market anticipations, reporting a net $5 billion profit for the second quarter, w
July 16, 2012
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Korea ratchets up drive to upgrade FTA with ASEAN
Korea is stepping up efforts to seal high-level bilateral free trade pacts with some members of the Association of Southeast Asian Nations in a bid to further boost trade volume, Seoul’s Trade Ministry said Sunday.According to the ministry, Korea is set to hold minister-level talks with Vietnam soon over a bilateral free trade accord.Korea is also in negotiations with Indonesia over a so-called comprehensive economic partnership agreement, which is equivalent to a free trade agreement. Last week
July 15, 2012
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Conglomerates’ cash conditions to worsen amid global slowdown
A majority of Korean companies, including blue chips, listed on the stock market, are expected to see their free cash flow decline due to the global economic slowdown, said FNGuide, an online financial information service provider.It has estimated that free cash flow of 98 listed companies will fall to 18.4 trillion won on average this year, or 53.8 percent down from about 40 trillion won at the end of last year.Almost 80 percent of the 98 listed companies will see a drop in their free cash flow
July 15, 2012
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3 foreign law firms allowed to open branches in Seoul
Three foreign law firms have been allowed to offer foreign legal consultancy services in South Korea for the first time, the Justice Ministry said Sunday. The three firms permitted to open branches in Seoul to provide international law-related consultancy services are Ropes & Gray, Sheppard Mullin and Clifford Chance, the ministry said, noting they registered themselves as foreign legal consulta
July 15, 2012
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Visa, MasterCard in $6B settlement over card fees
NEW YORK (AP) -- Visa, MasterCard and major banks agreed to pay retailers at least $6 billion to settle a long-running lawsuit that alleged the card issuers conspired to fix the fees that stores pay to accept credit cards. As part of the settlement, announced late Friday, stores from Rite Aid to Kroger will be allowed to charge customers more if they pay using a credit card.The pact, which is bein
July 14, 2012
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Seoul shares open higher on technical gains
South Korean stocks started higher on Friday, led by gains in blue-chip shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.16 points, or 0.51 percent, to 1,794.55 in the first 15 minutes of trading.On Thursday, the KOSPI dropped 2.24 percent to close at 1,785.39 points on growing concerns over a slowdown in Asia's fourth-largest economy.Most shares gained groun
July 13, 2012
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BOK cuts 2012 growth outlook to 3 percent
South Korea's central bank on Friday sharply cut its 2012 economic growth outlook to 3 percent as exports are feared to lose steam amid the protracted eurozone debt crisis.The downward revision by the Bank of Korea (BOK) is compared with its earlier estimate of 3.5 percent made in April. In the second half, Asia's fourth-largest economy is expected to grow 3.2 percent, picking up from a 2.7 percen
July 13, 2012
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Philip Morris’ new menthol-taste product
Philip Morris International Korea added a new menthol-scented product, Parliament Hybrid 2 in 1, to its line-up of on Thursday. The new product has a special capsule inserted within each filter which, once broken, releases a taste of menthol. Smokers can twist-and-break the inserted menthol filter for stronger menthol taste, whereas those who prefer classic cigarettes can leave the capsule unbroken, the company said. Parliament Hybrid 2 in 1 is “rich both in the classical taste of cigarette and
July 12, 2012
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Metal workers to stage four-hour strike Friday
An estimated 130,000 workers at 211 companies nationwide will stage a one-day strike on Friday, complying with an umbrella labor group’s call for improved working conditions, labor unionists said Thursday.The 211 firms, which include the nation’s top automakers ― Hyundai Motor Co., Kia Motors Corp., and GM Korea Co. ― are all affiliated with the country’s largest industrial union, the Korean Metal Workers’ Union, which has about 170,0000 workers in the local automobile, steel, machinery and ship
July 12, 2012
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Car registration slows
The rise in the number of registered vehicles in Korea slowed down in the first half mainly due to a large drop in new vehicle purchases, the Transportation Ministry said Thursday.The number of registered vehicles came to 18,661,866 as the end of June, up 1.2 percent from that of 2011 when the number had surged 2.8 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs.The slowdown was apparently caused by a significant drop in the number of new vehicle pu
July 12, 2012
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Only 32% of elderly benefit from public pension system
Only 32 percent of South Korean senior citizens benefit from the public pension system, stoking concern over financial difficulties for the aged population, data showed Thursday. The proportion of public pensioners aged 65 and older stood at 31.8 percent at the end of 2011, according to the data by Statistics Korea and the Financial Supervisory Service. Beneficiaries of the National Pension Service accounted for 28.3 percent of the elderly, with 3 percent benefiting from the pension fund for civ
July 12, 2012
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Luxury goods imports from EU soar after FTA
Korea’s imports of luxury goods from the European Union have surged since the implementation of a bilateral free trade deal a year earlier, customs data showed Thursday.Korea imported a total of $1.24 billion worth of wrist watches, bags, shoes, perfumes and cosmetic products from the EU between July 1, 2011, and June 30 this year, according to the data by the Korea Customs Service.That amount is up 21.68 percent from $1.02 billion worth of imports of such relatively high-priced products during
July 12, 2012
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Chinese firm Greenland to invest $872 billion in Jeju Healthcare Town
Shanghai-based property developer the Greenland Group will invest about 1 trillion won ($872 billion) into the Jeju Healthcare Town project in the coming months. According to the Jeju Free International City Development Center, or JDC, the Chinese firm signed a memorandum of agreement with the Jeju business organization during a ceremony held in Shanghai, China, on Wednesday.Under the agreement, the Greenland Group will build recreational and cultural facilities, a medical research and developme
July 12, 2012
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BOK unexpectedly cuts key rate to 3 percent
South Korea's central bank unexpectedly cut the key interest rate on Thursday, underscoring its urgency to cushion the bitter impact of the eurozone debt crisis on the local economy.Bank of Korea Gov. Kim Choong-soo and his six fellow policymakers lowered the benchmark 7-day repo rate by a quarter percentage point to 3 percent for July. It marked the first rate cut since February 2009.The decision
July 12, 2012
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Seoul shares open higher on foreign buying
South Korean stocks started a tad higher on Thursday on foreign buying, analysts said.After opening 0.08 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.34 points, or 0.02 percent, to 1,826.73 in the first 15 minutes of trading.Market bellwether Samsung Electronics gained 0.36 percent and its smaller electronics rival LG Electronics rose 1 percent.Leading carmaker
July 12, 2012
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U.S. trade deficit grows after FTA with Korea
The U.S. deficit in trade with South Korea has continued to jump since their free trade agreement went into effect in March, according to U.S. government data released Wednesday.The U.S. imported $5.4 billion in goods from South Korea in May, a 5.2-percent increase from the same period last year, the Commerce Department said.Exports to South Korea totaled $3.4 billion, down 6.4 percent from the pr
July 12, 2012