Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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State-run oil firm chief steps down
Korea National Oil Corp. CEO Kang Young-won stepped down from his post on Friday prior to the expected completion of his tenure that ends on Aug. 18.It was not known why he resigned earlier than scheduled, but the move came after the Finance Ministry recently released its evaluation of public corporations’ performances last year. The outgoing CEO received a B, the third-highest rating on a scale of five while the company received a D rating. Kang had expressed his willingness to quit after news
June 15, 2012
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Seoul shares open lower on persistent eurozone woes
South Korean stocks opened lower Friday in the face of mounting eurozone uncertainties and a weaker-than-expected U.S. job report, analysts said.The Korea Composite Stock Price Index (KOSPI) fell 0.57 percent, or 10.69 points, to 1,860.79 in the first 15 minutes of trading.Market bellwether Samsung Electronics lost 2.14 percent, with top automaker Hyundai Motor also giving up 0.21 percent.The loca
June 15, 2012
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S. Korea's import price gain accelerates in May
South Korea's import prices rose at a faster pace in May than a month earlier mainly due to increased costs of raw minerals and capital goods, the central bank said Friday.In local currency terms, import prices climbed 2.1 percent on-year in May, up from a gain of 1.7 percent in April, according to the Bank of Korea (BOK).Last month's increase comes after price gains fell to their lowest figure in
June 15, 2012
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Construction begins on Saemangeum sea port
The construction of a new international port in Saemangeum kicked off on Thursday with a groundbreaking ceremony in Gunsan, North Jeolla Province, paving the way to a boost of the local economy, officials said. Planned to be built upon Saemangeum, a massive plot of reclaimed land along the southwest coast, the new port will induce the creation of 22,400 jobs, the Ministry of Land, Transportation and Maritime Affairs said. The Land Ministry plans to pour 2.5 trillion won ($2.1 billion) into the p
June 14, 2012
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Lee expresses confidence in coping with looming global crisis
President Lee Myung-bak said Thursday he is confident South Korea can cope well with a looming global economic crisis stemming from the eurozone financial turmoil, as the country has made enough preparations to ward off such a situation."The government won't let its guard down even a bit while closely monitoring developments in the world economic situation," Lee said in a speech during a ceremony
June 14, 2012
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Household debt ratio much higher than OECD average
South Korea's household debt compared to its gross domestic product (GDP) stood much higher than the average for other developed market economies with high income, a local report showed Thursday.The report by the Korea Chamber of Commerce and Industry (KCCI) showed the household debt-to-GDP ratio for the country hitting 81 percent in 2010, which is higher than 73 percent for the whole of the Organ
June 14, 2012
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Seoul shares open lower on eurozone woes
South Korean stocks opened lower Thursday on persistent eurozone woes and overnight losses on Wall Street, analysts said.The Korea Composite Stock Price Index (KOSPI) dipped 0.10 percent, or 1.78 points, to 1,857.54 in the first 15 minutes of trading.Market bellwether Samsung Electronics was down 0.39 percent, with top automaker Hyundai Motor also losing 0.84 percent.The local currency was trading
June 14, 2012
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Korea’s jobless rate falls to 3.1% in May
Korea’s jobless rate decelerated in May mainly due to more positions created in the service sector, a government report showed Wednesday.The jobless rate stood at 3.1 percent last month, down slightly from 3.2 percent a year earlier, according to the report by Statistics Korea. Last month’s tally also represents a drop from the 3.5 percent reached in April.Job creation accelerated with a total of 472,000 positions added to payrolls in May, compared with 355,000 a year earlier. The number is also
June 13, 2012
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Ministry calls for discipline on 8 public agency heads
A total of eight governmental organization chiefs were given dismissal or warning notices for their poor performances last year, the Finance Ministry said on Wednesday. The ministry asked relevant ministries to dismiss two officials ― the heads of both the Korea Livestock Products HACCP Accreditation Service and the Korea Institute of Maritime and Fisheries Technology. The two were given an E grade, the lowest grade possible, by the Finance Ministry in the 2011 Public Institutions Management Per
June 13, 2012
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Seoul shares open higher on Wall Street rally
South Korean stocks opened higher Wednesday following Wall Street's overnight rally caused by speculation that the U.S. Federal Reserve will announce new stimulus measures to bolster growth, analysts said.The Korea Composite Stock Price Index (KOSPI) rose 0.20 percent, or 3.63 points, to 1,858.37 in the first 15 minutes of trading.Market bellwether Samsung Electronics gained 0.16 percent, with top
June 13, 2012
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S. Korea's jobless rate falls to 3.1 percent in May
South Korea's jobless rate decelerated in May mainly due to more positions created in the service sector, a government report showed Wednesday.The jobless rate stood at 3.1 percent last month, down slightly from 3.2 percent a year earlier, according to the report by Statistics Korea. Last month's tally also represents a drop from the 3.5 percent reached in April.Job creation accelerated with a tot
June 13, 2012
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FEZs totter with meager foreign investment
Government curtails areas and projects, postpones additional designation indefinitelyFree economic zones started in 2002 with a grandiose vision of fostering South Korea into a East Asian business hub, but have tottered into their 10th year.In Korea, Incheon, Busan and Jinhae, and Gwangyang were designated as free economic zones in 2003, followed by three more in 2008, which are located in Dangjin and Pyeongtaek, Saemangeum seawall and Gunsan, and Daegu and nearby areas in North Gyeongsang Provi
June 12, 2012
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Korean exporters upbeat about U.S. FTA: poll
Most South Korean exporters are upbeat about the benefits of the free trade pact with the United States that went into effect more than three months ago, a poll showed Tuesday.The survey on 400 local exporting companies by the Korea Chamber of Commerce and Industry showed 72.6 percent of all respondents saying the free trade agreement has exerted positive influence on their business, with just 2.9 percent expressing negative views. The remaining 24.5 percent said they were not certain about the
June 12, 2012
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LG Chem likely to bask in China’s rate cut: report
HONG KONG (Yonhap News) ― LG Chem Ltd., South Korea’s top chemical maker, will likely benefit from China’s recent interest rate cut, as the move will boost the country’s petrochemical market, a report said Tuesday. According to the Daishin Securities report, improving petrochemical market recovery expectations triggered by the decrease in interest rates will strengthen LG Chem’s business in China.“China’s interest rate cut will contribute to a gradual recovery of the petrochemical market,” Jonat
June 12, 2012
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Korea opens FDI forum
The government opened Foreign Investment Week 2012 on Tuesday to promote foreign investment into Korea and strengthen its investment network with foreign companies. The Knowledge Economy Ministry and the state-run Korea Investment-Trade Promotion Agency organized the three-day international convention.The annual event, the largest of its kind, includes a pre-opening network dinner and a series of break-out forums on multiple sectors, including green energy, ICT market, cultural content, venture
June 12, 2012
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Korea within global alternative investment
Some time ago, a client who was working for a leading private equity firm in the United States attended a regional management event in Japan. There, the chief executive officer of the firm was presenting and engaging in discussion about Asia’s expansion ― but not one word was mentioned about the Korean market. It used to be that Korea was “outside the main radar” for many investors, and it was very difficult to make an arrangement for the very top senior executive to make a visit to this country
June 12, 2012
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IMF lowers Korea’s economic growth outlook to 3.25%
South Korea’s economic growth for this year is likely to go down about 0.25 percent from the 3.5 percent baseline forecast, reflecting the weakening global outlook, the International Monetary Fund said on Tuesday. “Activity in the second half of 2012 is expected to expand at a moderate pace supported by Korea’s competitive export sector and the recently concluded EU and U.S. Free Trade Agreements,” said the IMF through the Statement at the Conclusion of the 2012 Article IV Consultation Mission t
June 12, 2012
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U.S. exempts Korea from Iranian oil sanctions
U.S. Secretary of State Hillary Clinton announced Monday that South Korea will be exempt from Washington's sanctions on the Iranian oil industry, citing a significant reduction in crude imports from the Middle East country.In a statement, Clinton also said India, Malaysia, South Africa, Sri Lanka, Turkey and Taiwan will be granted exceptions to sanctions under the National Defense Authorization Ac
June 12, 2012
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SKT, SNUH launch smart health care service pilot
Health Connect, a joint venture between SK Telecom and Seoul National University Hospital, launched its first pilot-version of smart healthcare service called Health-On.SK Telecom, the country’s biggest mobile carrier, said Monday that the new service allows people to periodically check the status of their health evaluated by the hospital, which will provide online and offline consulting. Users will be able to use such a service via mobile devices and the Internet, and access individual health i
June 11, 2012
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Rail, airport authorities top competitiveness list: report
South Korea’s public rail and airport authorities ranked top in terms of international competitiveness in 2011 for the service they offered to users, a government report showed Monday.The report by the finance ministry showed the country’s KTX bullet trains outperformed overseas rivals in timely operations according to data published by International Railway Statistics. It said the KTX, run by Korea Railroad Corp. had an on-time departure and arrival rate of 99.8 percent, beating the 99.2 percen
June 11, 2012