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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Medical profs at top hospitals suspend surgeries, clinics
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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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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DSME expects 34% surge in offshore orders
Daewoo Shipbuilding & Marine Engineering Co. expects to boost offshore equipment contracts 34 percent this year and is in talks for its first order for a floating liquefied natural gas plant.The world’s third-biggest shipbuilder may win the order early as next month, senior executive vice president Ryu Wan-soo said in an April 9 interview in Seoul, without elaboration. The shipyard said in February that it was in talks to build the plant for Petroliam Nasional Bhd.Daewoo may also get a separate
April 12, 2012
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Top 10 groups’ operating profits edge down
Major listed companies belonging to South Korea’s top 10 conglomerates saw their operating profits inch down in 2011 from a year earlier on global economic woes, data showed Thursday.The combined operating profit of the 73 companies reached 73.89 trillion won ($64.7 billion) last year, down 1.04 percent from the previous year, according to the Korea Exchange, the nation’s bourse operator.Of the conglomerates, only four posted gains in operating profits with the remainder suffering declines.SK Gr
April 12, 2012
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Election results to put new spin on key economic policies
Sweeping changes likely to hit Korea’s policies on welfare, tax, labor, conglomerates As South Korea’s general elections ended on Wednesday in a way that elevates the position of opposition parties, key economic issues are expected to go through heated disputes and, if necessary, modifications.The stakes couldn’t be higher. A wide range of the country’s policies on welfare, taxes, state budget, labor relations, real estate, conglomerates and free trade agreements are set to be affected.To what e
April 11, 2012
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Korean Air passenger jet diverted after bomb threat
A Korean Air passenger jet heading to Seoul made an emergency landing at a Canadian Air Force base after receiving a bomb threat, the country’s flag carrier said Wednesday. Its Boeing 777-200 was diverted at around 7:40 a.m. Korean time when the airline’s U.S. call center received the threat by phone 25 minutes after it departed from Vancouver, a company spokesperson said from Seoul. A Korean Air spokesperson in Los Angeles said the caller warned that an explosive was aboard the airliner. All th
April 11, 2012
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Government pushes for more discount gas stations despite doubts
Public discontent escalates as sky-high crude prices eclipse markdown effectsThe government is stepping up its push for discount gas stations to help lighten household utility bills despite continuing skepticism over its efficacy and state intervention in petrol prices. State-backed self-serves are a showpiece of the government’s battle against skyrocketing oil costs and a supply oligopoly by major refiners. It aims to set up some 1,300 outlets by 2015, of which about 430 are in operation now. W
April 11, 2012
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Businesses urge new parliament to boost economy, pursue integration
The nation’s major business organizations expressed hope for a new parliament that creates a favorable business environment as voters went to the polls on Wednesday.The Korean Chamber of Commerce and Industry said it expects the 19th National Assembly to give a boost to the market economy and help resolve social conflict.“We hope the new National Assembly can present a vision to revive the economy and allow the people to have hopes for the future,” the KCCI said in a statement.“We especially ant
April 11, 2012
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North Korean launch will have limited market impact: analysts
North Korea’s planned long-range missile launch between Thursday and Monday is expected to have no more than a day’s impact on the South Korean bourse, but if followed by a nuclear test, it could be the start of a major blow to the financial markets, analysts said.North Korean space officials have moved all three stages of a long-range rocket into position for the launch, vowing Sunday to push ahead with their plan in defiance of international warnings against violating a missile ban.A Japan-bas
April 10, 2012
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GS Shop agrees to buy into Chinese home shopping firm
GS Shop, South Korea’s top home shopping company, said Monday that it will acquire a stake in a Chinese industry player in an effort to tap into the world’s second-largest economy.GS Shop said it signed an agreement with China Home Shopping Group, which offers home shopping service across China, to buy a 20 percent stake for $40 million and cooperate on broad managerial issues.“The contract will pave the way for South Korean small and medium enterprises to make inroads into China, the largest co
April 10, 2012
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Korean exports forecast to grow 3 percent in Q2
South Korea’s exports are expected to expand about 3 percent on-year in the second quarter on the back of improving internal and external economic indicators, a state-run trade bank said Tuesday.The forecast by the Export-Import Bank of Korea is based on its leading index for the country’s overseas shipments, which reflects economic conditions of importing countries and export price levels of local goods.The trade bank said the export gauge reached 112 for the April-June period, up 0.6 percent f
April 10, 2012
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SMEs growing driving force behind Korea’s export growth to Europe
Trend expected to follow in U.S. on back of FTAKorea’s long-standing economic landscape, in which big conglomerates have been the main drivers of export growth, appears to be gradually changing as smaller firms contribute more to increasing Korea’s outbound shipments.About 83,000 second and third-tier Korean suppliers and manufacturers, with fewer than 300 employees and capital of less than 8 billion won ($7 million), exported goods worth some $9.6 billion to Europe in 2011, according to the Sma
April 10, 2012
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Parliament likely to have more pro-labor members
More than 20 pro-labor candidates are expected to be elected on Wednesday, worrying South Korea’s business circles, which fear the lawmakers would push for more restrictive legislation. Koreans will elect 300 lawmakers, 246 directly from precincts and 54 through proportional representation, and the number of lawmakers sympathetic with the labor movement is expected to rise to at least 20, up from 15 in previous elections. The local business sectors are expressing mixed expectations. On the one h
April 9, 2012
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Producer price growth falls to two-year low
South Korea’s producer price growth decelerated to a two-year low in March from the year earlier mainly due to slower price gains in global crude prices, the central bank said Monday.The producer price index, a barometer of future consumer inflation, gained 2.8 percent last month from a year ago, falling from 3.5 percent on-year growth in the previous month, according to the Bank of Korea. The on-year gain is the lowest since 2.6 percent growth reported for March 2010.Producer prices also dipped
April 9, 2012
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Monaco to showcase sustainable marine development at Expo
Monaco, the world’s second-smallest independent state, plans to showcase its efforts for sustainable marine development during the 2012 Yeosu Expo opening May 12, organizers said.Under the theme “The Historical Commitment of the Principality of Monaco to Protecting the Environment, Seas and Oceans,” the country’s pavilion will include the story of the principality’s programs, such as the Monaco Blue Initiative, to encourage sustainable marine development, they said.“Monaco has contributed to env
April 9, 2012
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Petroleum products lead Korea’s exports in Q1
Petroleum products led South Korea’s exports in the first quarter of this year mainly due to higher crude prices, a local industry organization said Sunday.The findings by the Korea Petroleum Association showed the country shipping out $13.67 billion worth of refined oil products in the first three months of this year, up a sharp 27.8 percent from a year earlier.The total is equivalent to 10.1 percent of the country’s exports in the January-March period that reached $134.95 billion, it said.Auto
April 8, 2012
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Yeosu Expo kicks off online registration for pre-opening
The organizing committee of Yeosu Expo 2012 announced on Friday that it will hold a pre-opening event on the national holiday of Children’s Day on May 5.According to the committee, more than 60,000 people signed up for the event in the first three days of the online registration period starting April 1. It added that it plans to attract many more. The organization revealed its plan to grant the first 110,000 arrivals free passes for exhibition halls and cultural art performance. To mark Children
April 6, 2012
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Elections will negatively impact economy: poll
Nearly six in 10 South Korean companies expect this year’s parliamentary and presidential elections to have a greater negative impact on the economy than previous ones, a poll showed Thursday.The nationwide survey carried out on 300 companies by the Korea Chamber of Commerce and Industry showed 56.2 percent of the respondents expressing concerns that the elections will be more harmful to the economy. Another 12.3 percent said the effects will not be different from the past with 31.5 percent pred
April 5, 2012
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‘Doosan ready to pursue strategic M&A’
Doosan Group is willing to engage in mergers and acquisitions that could expedite its growth and diversify revenue streams, its new chairman Park Yong-mann said Thursday.Although he does not see any big deal at hand, the group’s affiliates constantly update their lists of potential partners, Park said. The group, for its part, also closely watches the market for firms that can provide new growth drivers. “There are several acquisition targets but none of the deals are imminent,” he told a news c
April 5, 2012
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Rival display giants at loggerheads over technology theft
The country’s two display giants exchanged accusations after police announced on Thursday that it arrested 11 people on charges of stealing key technologies used in manufacturing large AMOLED screens.Police said they had arrested 11 people, including LG Display employees, for providing key technologies ― such as small mask scanning technology and AMOLED display production processes ― for organic light-emitting diode TVs belonging to its rival Samsung Mobile Display. The stolen technologies were
April 5, 2012
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Foreign direct investment in Korea jumps in Q1
Foreign direct investment in South Korea jumped 17 percent on-year to $2.34 billion in the first quarter of this year thanks to an inflow of funds from advanced industrialized economies, the government said Thursday.The total is the largest since the first quarter of 2008, which reflects expectations that Asia’s fourth-largest economy will grow steadily despite lingering global economic uncertainties, the Ministry of Knowledge Economy said. Seoul expects its economic growth to reach 3.7 percent
April 5, 2012
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Korea’s IT exports drop 8.2% in March
South Korea’s exports of information technology products contracted 8.2 percent on-year due to persistent eurozone woes and a slowdown in the Chinese economy, the government said Thursday.The country shipped $12.37 billion worth of IT products in March, compared with $13.48 billion a year earlier, according to the Ministry of Knowledge Economy.Despite minus growth, the country posted a trade surplus of $5.85 billion as imports fell 9.8 percent on-year to $6.52 billion.March’s surplus represents
April 5, 2012