Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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[Graphic News] 77% of young Koreans still financially dependent
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Suspect in murder of girlfriend's mugshot, name made public
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S. Korea, US to initiate early defense cost-sharing talks this week
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Industrial electricity sales up in Feb.
Electricity consumption by South Korea’s industrial sector gained 9.7 percent from a year earlier last month, fueled by solid export growth, the government said Thursday.Sales of industrial electricity reached 21.09 billion kilowatt-hours in February, according to the Ministry of Knowledge Economy. The increase represents a rebound from 0.6 percent minus growth tallied in the first month of the year when the country recorded a trade deficit caused by weak exports.Industrial electricity sales ser
March 22, 2012
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No new duty-free shop licenses for conglomerates
More pressure on chaebol to pull out from sectors for small businessesConglomerates will be refused business licenses for new duty-free shops catering to foreign tourists, the government said Wednesday. The duty-free shop license policy and other related measures were decided at the government’s crisis management meeting to protect small businesses. Under the plan, the Korea Customs Service will no longer grant duty-free shop rights to big businesses, favoring instead small and medium-sized com
March 21, 2012
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Seoul to curb unfair pricing that undermines free trade pacts
South Korea will crack down on unfair pricing practices in the distribution sector that undermine free trade pacts with its trading partners, top economic policymakers said Wednesday.Officials including Finance Minister Bahk Jae-wan said in a weekly economic review meeting that Seoul will closely examine the consumer prices of products that have benefited from free trade agreements.If there is a wide gap between import and consumer prices, which can be a sign of excessive profit taking, the gove
March 21, 2012
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Top 10 firms suffer decline in 2011 profits
South Korea’s top 10 business groups saw their earnings decline in 2011 on the economic downturn and rising costs of raw materials, data showed Wednesday.According to the data compiled by Chaebol.com, a corporate information provider on large businesses, the combined net profit of 81 listed companies affiliated with the country’s top 10 conglomerates reached 35.8 trillion won ($31.8 billion) last year, a drop of 19 percent from a year earlier.Their operating income also declined 13.3 percent to
March 21, 2012
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Korea discusses cooperation with developing countries
About 50 investment authorities and high-level officials from 32 developing nations attended a forum in Seoul on Wednesday to explain their development plans and meet with Korean officials and businessmen. The Korean government spelled out its policy for industrial and resource cooperation as well as official development assistance plans for developing countries at the Global Industry Cooperation Forum hosted by the Korea Trade-Investment Promotion Agency.About 30 foreign diplomats in Seoul and
March 21, 2012
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Germany to show futuristic marine tech at Yeosu Expo
Germany is getting ready to showcase the country’s futuristic marine technologies at the 2012 Yeosu Expo with its deputy ambassador to Korea introducing its planned pavilion at an event in Seoul on Wednesday.“Expo 2012 Yeosu is very meaningful and important for Korea and Germany since both nations are closely related to the sea,” Johannes Regenbrecht, German deputy ambassador to Korea, said during a press conference. The event’s motto is “Seavolution,” meaning preservation of the sea and sustain
March 21, 2012
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KNOC to join group for El Paso assets
Korea National Oil Corp., South Korea’s state energy developer, said it will join an Apollo Global Management LLC-led group that agreed to buy El Paso Corp.’s oil and gas exploration business for $7.15 billion.The group, which includes Riverstone Holdings LLC and Access Industries Inc., will probably make the acquisition in the first half, the Anyang, South Korea-based company, known as KNOC, said on Tuesday in an e-mailed statement, without giving a value or details of its proposed holding.“The
March 21, 2012
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Korea’s labor productivity grows in Q4
Growth in South Korea’s labor productivity accelerated in the fourth quarter of 2011 from three months earlier, helped by solid export gains, a government report showed Wednesday.According to the report by the Ministry of Knowledge Economy, the labor productivity index for all industries in the three month period increased 3.3 percent on-year to 112.6, up from 109.0 tallied a year earlier.The on-year growth rate of labor productivity sank to 1.1 percent in the third quarter of last year after re
March 21, 2012
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Debate resurfaces on taxing clergy
Finance minister stresses equitable taxation; religious groups welcome the move but call for proper preparation Korea’s Finance Minister Bahk Jae-wan touched off a debate about levying taxes on clergy to ensure equitable taxation, a highly sensitive topic that directly involves the country’s religious communities. “In principle, priests, ministers and monks should not be exempt from paying taxes on their earnings,” Bahk said in a TV interview Monday. “In the past, the country was lax in terms
March 20, 2012
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Korea to inject W1.08tr into energy sector R&D
South Korea will inject 1.08 trillion won ($962.3 million) into research and development this year to bolster its capabilities in the energy sector, the government said Tuesday.The funds are to be used for 19 projects that cover the development of new energy resources, nuclear power generation and radioactive waste management, the Ministry of Knowledge Economy said.“Money will also be given to building up know-how in renewable energy that is critical for sustainable growth,” it said.The ministry
March 20, 2012
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N.Z. prime minister to speak at chamber
New Zealand Prime Minister John Key will speak at a forum sponsored by the New Zealand Chamber of Commerce in Korea on March 26, organizers said Tuesday.Key will address more than 80 chamber members and important business leaders as part of his visit, which also aims to advance negotiations on a bilateral free trade agreement, according to chamber officials.The prime minister is scheduled to visit Korea to attend the Nuclear Security Summit in Seoul on March 26-27.“We are very pleased to have Pr
March 20, 2012
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Korea to extend tariff quota for pork, dried peppers
Korea will extend its tariff quotas for pork belly and dried peppers by three months to ensure their steady supply and help stabilize domestic prices, the Finance Ministry said Tuesday.The tariff quotas for the two items will be extended till the end of June, with Seoul to increase the pork belly quota by 70,000 tons. The ministry said the quota for dried peppers has been raised to 11,185 tons from 6,185 tons.Originally, both quotas were scheduled to expire on March 31.The tariff quota system is
March 20, 2012
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Hyundai Motor may merge its steel units: analyst
Hyundai Motor Co.’s and Kia Motors Corp.’s purchases of shares in affiliate Hyundai Hysco Co. increases the likelihood that Hyundai Motor Group will merge its steel units, according to Tong Yang Securities Co.Hyundai Motor, South Korea’s largest automaker, bought 2.6 million Hysco shares and Kia acquired 1.4 million, both from Japan’s JFE Steel Corp., the Seoul-based companies said in separate statements after the market’s close on March 16.The combined purchases, equivalent to about a 5 percent
March 19, 2012
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EUCCK donates scholarships to local artists
The Europe-Korea Foundation, the charity arm of the European Union Chamber of Commerce in Korea, will hold a scholarship donation ceremony in Seoul on Thursday, organizers said. The EKF scholarship program assists many talented young students who are unable to further their academic careers due to financial instability. The EKF has selected nine college students who live in social welfare centers in Seoul or on their own after leaving the centers, the organizers said.The foundation said that bec
March 19, 2012
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Real estate, politics on cards for AMCHAM
The American Chamber of Commerce will hold committee meetings on real estate and Korean politics this week.A meeting on Thursday will discuss the current state and future outlook of the commercial and retail real estate market in Korea as well as large scale development projects. The meeting will be at 7:30 a.m. at Lotte Hotel in Seoul and will examine issues such as the growing and declining areas of real estate, engines of growth in retail development, the track record for large-scale developm
March 19, 2012
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IE School to discuss future of job market
The Seoul branch of the IE Business School will hold a panel discussion examining the future of the job market Tuesday.The event will discuss what human resource managers are looking for in new recruits.Professor William Davila from IE Business School will speak about the importance of strategic career planning and human resource development in his lecture on the future of HR and the job market. Following his brief overview, panelists are scheduled to share their own thoughts on these issues and
March 19, 2012
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Seminar on impact of eurozone crisis
The French Chamber of Commerce plans to discuss the impact of the eurozone crisis on the local economy at a seminar in Seoul on Wednesday.Guest speakers will be Yonsei-SERI EU Center director Park Young-ryeol, Le Figaro correspondent Sebastien Falletti, deputy bureau chief for Reuters Korea Yoo Choon-sik and Coface Services Korea general manager Ryu Jin-hak.The lunch will be held from 11:30 a.m. at the Novotel Seoul Ambassador Gangnam hotel in Yeoksam-dong.The meeting will be held in English and
March 19, 2012
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French ports ready for Korean investment
Transportation minister says France is natural gateway to European marketThe French transportation minister expressed hope that Korea will invest in his country’s ports, citing their strategic location for European markets and the reform of port authorities to improve their productivity. Speaking at a news conference in Seoul on Saturday, Minister Thierry Mariani said France boasts a strategic and unparalleled location at the heart of Europe, and offers access to major European platforms located
March 19, 2012
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Ways to transform Korean companies into global leaders
A foreign expert on leadership underscored that Korean companies seeking to expand into the world market should improve their global leadership readiness and transform their leaders into effective global leaders.“Companies need to break down the current mold, while not changing Korean people into something that they are not, but you want to help people open up their leadership bottlenecks,” said Heartware Group’s Korea unit chief leadership officer Willy Linssen. Heartware Group provides managem
March 19, 2012
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Minister calls for fool-proof nuclear safety
Knowledge Economy Minister Hong Suk-woo on Monday inspected the Wolseong nuclear power plant and the low and intermediate-level radioactive waste disposal site in Gyeongju, North Gyeongsang Province, as part of a safety checkup a year after the Fukushima nuclear accident.At the Wolseong plant, Hong checked on the emergency diesel power generator and urged staff to take extra caution for safe operation to prevent accidents like the power outage in Gori-1 unit last month.The trip comes just days a
March 19, 2012