Most Popular
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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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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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Korea to halt special checks on U.S. beef
South Korea will end special inspections of all U.S. beef imports over the weekend, nearly two months after Washington confirmed its fourth mad cow case, the government said Friday.Seoul toughened checks on U.S. beef on April 25, when an old dairy cow in central California was confirmed to have come down with an atypical mad cow disease, or bovine spongiform encephalopathy. “The current system of checking half of all beef shipments will be discontinued on Saturday,” the Ministry for Food, Agricu
June 22, 2012
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Samsung unit wins $2.47b UAE plant order
Samsung Engineering Co., one of South Korea’s leading builders, said Friday that it has clinched a $2.47 billion order to build a petrochemical plant in the United Arab Emirates. The company said it received a formal letter of agreement from Abu Dhabi Oil Refining Co., an affiliate of state-own Abu Dhabi National Oil Co., to build the carbon black and delayed coker facility in the industrial city of Rewais.The city is located 240 kilometers west of Abu Dhabi city on the Persian Gulf. Under the “
June 22, 2012
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Seoul stocks drop 2.21 pct on weak U.S., Chinese economic data
South Korean stocks dived 2.21 percent Friday on weak U.S. and Chinese economic data and lingering eurozone uncertainties, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 41.76 points to close at 1,847.39. Trading volume was very light at 286 million shares worth 4.27 trillion won (US$3.69 billion), with losers clearly
June 22, 2012
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Korea’s population passes 50m
South Korea’s population will exceed 50 million on Saturday, making it the 26th country to reach the mark, according to a report from Statistics Korea.Government officials said the nation is expected to hit the figure at around 6:36 p.m. on Saturday.Koreans take up 0.71 percent of the world’s population of around 7.05 billion, according to the officials. The nation’s population surpassed 40 million in 1983. The report forecasted that the population will stay above 50 million for 33 years, peakin
June 22, 2012
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Seoul shares opens lower on weak U.S. economic data
South Korean stocks opened lower Friday on weak U.S. manufacturing and employment data that caused an overnight tumble on Wall Street, analysts said.The Korea Composite Stock Price Index (KOSPI) dropped 1.43 percent, or 26.93 points, to 1,862.22 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.28 percent, with top automaker Hyundai Motor also giving up 1.00 percent.T
June 22, 2012
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Galaxy S3 hits U.S., Mexico markets
Samsung Electronics, Korea’s tech manufacturing giant, said that its new flagship Galaxy S3 has hit the U.S. and Mexican markets this week.It held launching ceremonies and officially released the smartphone in the U.S. on June 20, and in Mexico on June 21, both on regional time, the company said in a press release.The company invited a number of guests in Mexico to its event held at the country’s stock exchange, while its U.S. guests included basketball players, Hollywood actresses and 500 consu
June 21, 2012
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Foreign banks’ overseas borrowing rises this year
Foreign bank branches in South Korea saw their overseas borrowing rise this year, reflecting stable economic conditions in the country, the nation’s financial regulator said Thursday.The combined foreign exchange borrowing by bank branches rose 9.8 percent, or $6.6 billion, from the end of 2011, according to the Financial Supervisory Service.Of the total, money borrowed by bank branches on the market rose $4.3 billion, while those brought in from the lender’s main office moved up $2.3 billion, i
June 21, 2012
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Korea’s labor productivity falls
South Korea’s labor productivity fell in the first quarter of 2012 from a year earlier due to sluggish exports and weak domestic consumption, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index for all industries in the January-March period fell 2.3 percent on-year to 104.6, compared to 107 tallied a year earlier.The figure also decelerated from 107.2 reached in the fourth quarter of last year, it said.Labor productivity,
June 21, 2012
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Korea’s corporate profitability slips in first quarter
South Korea’s corporate profitability fell in the first quarter of 2012 from a year earlier as a rise in commodity prices drove up other expenses, the central bank said Thursday.The average ratio of operating profit to sales, a key barometer of profitability, was 5.2 percent for the January-March period, down from 6.6 percent the previous year, the Bank of Korea said in a report based on a survey of 1,549 listed and 190 important non-listed companies.The result still marked a gain from the 3.7 p
June 21, 2012
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Uijeongbu light rail line set to run amid financial fears
With sleek railcars sliding along elevated tracks, Korea’s newest light railway is a smooth ride, and the hope is that it can avoid the fiscal train wreck facing similar projects.But passenger estimates for the rubber-wheeled, driverless light rail transit system, which will open to the public in Uijeongbu city north of Seoul on July 1, have already been scaled back.And government researchers say the 11.1-kilometer stretch of line, which was built under a public-private partnership deal, will co
June 21, 2012
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Seoul shares open lower on U.S. Fed disappointment
South Korean stocks opened lower Thursday after the U.S. Federal Reserve failed to unveil any new economic stimulus programs but instead predicted slower growth for the world's largest economy this year, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 0.30 percent, or 5.68 points, to 1,898.44 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 1.20 percen
June 21, 2012
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Samsung chairman most influential figure in S. Korean
Samsung Electronics Chairman Lee Kun-hee, who doubles as a member of the International Olympic Committee (IOC), is regarded as the most influential figure in South Korean sports, a survey showed Wednesday.South Korean figure skater Kim Yu-na came second, followed by Rep. Chung Mong-joon, former vice president of football's international governing body FIFA, Manchester United midfielder Park Ji-sun
June 21, 2012
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SMEs vow to join nationwide effort to conserve electricity
South Korea’s small and medium enterprises pledged Wednesday to play an active role in cutting back on electricity use during the peak summer months.Members of the Korea Federation of Small and Medium Business, the Korea Federation of Retail Organizations and the Korean Women Entrepreneurs Association met in Seoul to give support to government-led efforts to cut back on electricity use.The SME organizations said they will voluntarily reduce power use to ensure there is no shortage of power.Small
June 20, 2012
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Taxi drivers strike, demanding lower fuel prices, higher fares
About 200,000 taxi drivers staged their first one-day nationwide strike on Wednesday, demanding that the government cut taxi fuel prices and hike fares, officials said.The Transportation Ministry said the government extended public transportation schedules in the day to minimize the impact from the strike.News reports said the strike of taxi drivers ended up causing little confusion to daily commuters in Korea, the world’s third most densely populated country.In Seoul, tens of thousands of drive
June 20, 2012
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Seoul stocks gain 0.65% on U.S. stimulus hopes
Korean stocks gained 0.65 percent Wednesday on expectations that the U.S. Federal Reserve will announce new stimulus measures to bolster economic growth, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved up 12.35 points to close at 1,904.12. Trading volume was light at 354 million shares worth just under 3.63 trillion won ($3.15 billion), with gainers clearly outpacing losers 555 to 276.“The market is waiting to see what measur
June 20, 2012
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Seoul shares open higher on global stimulus hopes
South Korean stocks opened higher Wednesday on expectations that the U.S. Federal Reserve and the European Central Bank will provide more stimulus to counter sluggish global economic growth, analysts said.The Korea Composite Stock Price Index (KOSPI) gained 0.64 percent, or 12.03 points, to 1,903.80 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 0.48 percent, with to
June 20, 2012
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G20 leaders pledge to bolster growth and job creation, extend standstill commitment
South Korean President Lee Myung-bak and other leaders of the world's major economies pledged Tuesday to accelerate growth and job creation to underpin the global economic recovery troubled by the eurozone debt crisis.The leaders of the Group of 20 economies said in a joint statement that they expect eurozone members to take all necessary measures to "safeguard the integrity and stability" of the
June 20, 2012
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Average age of Koreans to reach 50 in 2045: report
The average age of Koreans will reach 50 in 2045 thanks to the country’s rapidly aging population, the Royal Bank of Scotland said in a report Tuesday.“Korea has the fastest aging population on the planet and by 2016 its working-age population will contract,” Erik Lueth, an RBS analyst, wrote in the report titled “the economic impact of Korea’s demographic transition.” “Korea has just overtaken the U.S. in average age and will be older than Europe by 2020. By 2045, Koreans will be 50 years of ag
June 19, 2012
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Samsonite ‘Tokyo Chic’ bags removed from H.K. stores
Local consumer group finds high levels of possible carcinogens on bags’ handlesGlobal luggage maker Samsonite International pulled its “Tokyo Chic” bags from Hong Kong stores this week, following a report from a local consumer watchdog group that detected high levels of possible cancer-causing agents on the bags’ handles.The Wall Street Journal reported Monday that the company removed the bags from stores after the Hong Kong Consumer Council found higher-than-safe levels of polycyclic aromatic h
June 19, 2012
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SK Group chief seeks to create network of social enterprises
SK Group chairman Chey Tae-won said he will establish “Global Action Hub,” a private, international network of social enterprises, as part of his efforts to reinvigorate those companies.The business tycoon revealed the plan during his speech at the Rio Plus 20 Corporate Sustainability Forum in Brazil on Monday.The establishment is aimed at enabling social enterprises to become self-sustainable. “Social enterprise is the most efficient model for conglomerates like SK to support social values,” Ch
June 19, 2012