Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Medical profs at top hospitals suspend surgeries, clinics
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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S. Korea think tank cuts 2012 growth outlook
South Korea's state-run think tank Sunday cut the nation's growth forecast for this year to 3.6 percent from 3.8 percent estimated in November, citing weakening demand amid a global slowdown. The Korea Development Institute, in its twice-yearly economic forecast report, said however the global economy would likely pick up pace in 2013 to help Asia's fourth-largest economy to expand 4.1 percent
May 20, 2012
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Seoul buses run uninterrupted after union, management strike deal
Buses in Seoul were running smoothly Friday after unionized drivers struck a last-minute wage deal with management and scrapped plans to strike.(Yonhap News)The breakthrough agreement came after marathon talks between the union and management, who agreed to a 3.5 percent wage increase and a 40,000 won (US$34) increase in extra pay for accident-free driving, officials said.Plans to strike from 4 a.
May 18, 2012
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Minister indicates electricity rates will increase
Commerce Minister Hong Suk-woo indicated Thursday that the government will approve a plan to raise electricity fees.“(Korea’s) cost of electricity for firms marks the cheapest among members of the OECD,” he told reporters. The state-run Korea Electric Power Corp. has called for a hike in electricity prices for industry and homes, citing the long freeze in the prices as the main source of its widening deficit.But the government had opposed the plan, fearing that the hike would inflate consumer pr
May 17, 2012
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Korea, U.S. activate FTA committees
WASHINGTON (Yonhap News) ― South Korea and the United States launched a ministerial consultation channel Wednesday on implementing their bilateral free trade agreement.“We established a very effective and efficient communication channel between the two countries in managing KORUS FTA,” Korean Trade Minister Bark Tae-ho said at a forum hosted by the Peterson Institute for International Economics.He was referring to the first Joint Committee meeting with U.S. Trade Representative Ron Kirk in Washi
May 17, 2012
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Lee Won-chang to head new KOBACO
Lee Won-chang, head of the Korea Broadcast Advertising Corp. or KOBACO, was named the new CEO of the soon-to-be-inaugurated organization that will succeed KOBACO.According to a revision approved by the National Assembly in February, the new KOBACO will be inaugurated on May 23. KOBACO’s executive board approved the appointment after evaluating and recommending candidates following an open call for the position, according to the Korea Communications Commission. The 69-year-old Lee is a graduate o
May 17, 2012
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Business calls for stricter regulation of troubled savings banks: survey
Most businessmen and economic experts demand that regulations on insolvent savings banks’ restructuring be made stricter, according to a survey released by the Korea Chamber of Commerce and Industry on Thursday.In the poll of about 150 businessmen and analysts, 47.1 percent of the respondents said that previous regulations failed to prevent the savings banks’ risky management. About 34 percent demanded more measures to aid victims. Such sentiments come after Solomon, Mirae II, Hanju and Korea sa
May 17, 2012
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S. Korea's fundamentals remain strong despite Greek shock: official
South Korea's economic fundamentals remain strong despite global financial market uncertainty triggered by worries Greece will exit the eurozone, a government policymaker said Thursday. Vice Finance Minister Shin Je-yoon said in an economic review meeting that political turmoil in Greece following anti-austerity election results have fueled overall market woes and affected global stock markets
May 17, 2012
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KOGAS finds fourth deposit in Mozambique
The Korea Gas Corp. announced on Wednesday that it has detected a new deposit of natural gas off the coast in Mozambique for the fourth time. The gas company had previously discovered deposits of natural gas three times in Mozambique, in October 2011, February 2012 and March 2012. Now it has made its fourth discovery in the 12,956 square-kilometer basin area in Rovuna, northern Mozambique, the company said.Eni S.p.A. of Italy holds a 70 percent stake in the project. KOGAS, Portugal’s Galp Energi
May 16, 2012
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Exporters find FTA helpful: KCCI survey
The Korea Chamber of Commerce and Industry said Wednesday that free trade agreements benefit domestic companies that export products to the U.S. and Europe. From May 7-10, KCCI conducted a survey for 600 companies that export both to the U.S. market and the European market. The survey inquires whether these companies can actually benefit from the free trade agreements.According to the survey, 68 percent of the companies found Korea-EU FTA helpful, and 59 percent found Korea-U.S. FTA favorable to
May 16, 2012
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S.Korea's jobless rate falls to 3.5% in April
South Korea's jobless rate decelerated in April thanks mainly to more positions created in the service sector, a government report showed Wednesday. The jobless rate stood at 3.5 percent last month, down from 3.7 percent a year earlier, according to the report by Statistics Korea. Last month's tally also represents a drop from a jobless rate of 3.7 percent reached in March. A total of 455,000
May 16, 2012
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Beijing more strategic in approach than Seoul
China is much more “strategic” than Korea in free trade agreement negotiations, so Seoul should make extra efforts to translate the strategic significance Beijing places on the FTA into economic profit, according to one trade expert. It is difficult to find a shared trait in the countries that have concluded an FTA with China, Jee Man-soo, head of China team at the Korea Institute for International Economic Policy said in a report titled “Korea-China FTA: Strategies and Benefits.” China places g
May 15, 2012
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Winners, losers of FTA with China
Agriculture, fisheries in for heavy damage; petrochemicals, autos expect benefitsKorea has taken the first step toward a free trade agreement with China, its largest trading partner and the world’s second biggest economy. Seoul and Beijing held the initial round of negotiations on Monday. Trade experts said the beginning of negotiations on the bilateral pact was itself significant. A free trade agreement with China would be more significant for the South Korean economy than other similar deals.
May 15, 2012
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Korea-Danish green growth pact to become legally binding treaty
Korea and Denmark have agreed to make the green growth alliance between the two counties a legally binding treaty as part of efforts to strengthen their partnership in the field, officials said Tuesday. Korea’s Prime Minister Kim Hwang-sik and Danish Crown Prince Frederik held the second meeting of the Korea-Danish Green Growth Alliance at a Seoul hotel on the day. The green growth alliance, launched when President Lee Myung-bak visited Denmark last May, is the first of its kind between two coun
May 15, 2012
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Korea posts trade surplus of $2.12 billion in April
South Korea’s trade balance remained in the black for the third straight month in April despite minus growth in both exports and imports, a customs office report showed Tuesday.According to the report by the Korea Customs Service, South Korea’s trade surplus amounted to $2.12 billion last month, down from a favorable balance of $2.37 billion tallied in March.The monthly figure was slightly smaller than the surplus of $2.15 billion projected by the Ministry of Knowledge Economy for April earlier
May 15, 2012
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Lee: World Expo to make host city Yeosu global tourist attraction
Malaysian traditional performance is underway at the Yeosu Expo on Monday, May 13, 2012. (Yonhap)South Korean President Lee Myung-bak said Monday he believes the World Expo under way in the southwestern port city of Yeosu will help promote the host city as one of the world’s best tourist destinations.The 93-day fair opened Saturday, involving 104 countries, 10 international organizations and numer
May 15, 2012
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Ministers to discuss ‘connectivity’ in Seoul meet
The Korea Communications Commission said Monday that a ministerial-level meeting on broadcast and telecommunications will be held at the COEX Convention Center in southern Seoul on Tuesday.Organized for the eighth consecutive year, this year’s meeting will focus on “connectivity,” according to KCC officials. The meeting will be taken part by ministers from 17 countries including Laos, Vietnam, New Zealand, Australia, Venezuela, South Africa and South Korea.Ministers from Australia, Rwanda, Indon
May 14, 2012
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Britain seeks partnership with Korean transport firms
British Parliamentary Under-Secretary of State for Transport Mike Penning said Monday he is looking to build partnerships between Korean and British transportation-related companies concerning technology. Speaking in a news conference in Seoul, the British minister said that he came to Korea to look into technology that can contribute to making transportation of London more environmentally clean. “It is a big project with a 100-year-old metro and 10 million people living in London, to modernize
May 14, 2012
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China aims to seal free trade deal with Korea within 2 years
HONG KONG (Yonhap News) ― China aims to strike a free trade deal with South Korea within two years, the country’s top state planner said Monday, stressing it will spur the pace of economic integration in Northeast Asia. Earlier this month, the two neighboring countries announced the start of free trade negotiations, setting in motion a process to tear down trade barriers between two of Asia’s biggest economies.The first round of talks on a bilateral free trade agreement will take place later thi
May 14, 2012
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Korea, China agree on terms of FTA negotiations
Korea and China on Monday set the terms of negotiations for a bilateral free trade agreement in their first round of bargaining in Beijing, and agreed to hold the next round of talks in Korea in early July.The two sides set the detailed rules on how to proceed with the negotiations, discussed the scope and coverage of the FTA as well as how to organize the negotiation working groups, Seoul’s Trade Ministry said in a statement.The terms of reference covered the principles of the negotiation, obje
May 14, 2012
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Boehlinger Ingelheim seeks supporter group
Boehlinger Ingelheim Korea is seeking to recruit female college supporters for a new leg-cooling spray named Alistak.The 30 successful candidates will engage in online promotion activities for the new product for about two months, according to the company.Any female college students with fresh ideas will be able to apply for the position, the company added.Five excellent supporters among the group will be given prize money and an opportunity for an interview with the company to select an intern.
May 14, 2012