Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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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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Experts from Pacific nations discuss nuclear safety, security in Busan
About 800 policymakers, academics and industrial experts from countries around the Pacific region gathered in Busan Sunday to discuss ways to enhance the safety and security of nuclear power use through Friday.Twelve member states of the Pacific Nuclear Council have taken turns to host the biennial Pacific Basin Nuclear Conference since 1976 to promote the peaceful use of nuclear energy.The 18th PBNC, themed “Sustaining Nuclear Energy through Enhanced Safety and Security,” is hosted by the Korea
March 18, 2012
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16.2% of people on mortgages house poor
64 percent of house poor wish to sell off homes to pay off debtsAn increasing number of people are falling short of cash because most of their money is tied up in their homes, becoming house poor.In a survey of 2,000 families with mortgages in the Seoul area and five other metropolises, 16.2 percent were found to be house poor, KB Financial Group’s Management Research Institute said on Sunday.These house poor families were spending more than 30 percent of their income to pay back the principal a
March 18, 2012
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Local CEOs see continued high oil prices: poll
Top managers of South Korean companies predict high international oil prices to last for the time being due to the standoff between Western countries and Iran, a poll showed Sunday.According to the survey of 216 local chief executive officers by Samsung Economic Research Institute, 44.4 percent of the respondents expected international crude prices to average $100 to $120 per barrel this year.Another 40.3 percent forecast a price range of $120-$140, with only 4.2 percent projecting the average c
March 18, 2012
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Korea’s health insurance outlays up 6 percent in 2011
South Korea’s health insurance outlays for examination and treatment rose 6 percent on-year in 2011, partly due to more senior citizens requiring medical attention, a state-run agency report said Sunday.The National Health Insurance Corp. said the total amount spent to cover medical examinations, hospitalizations and drug purchases last year topped 46.2 trillion won ($40.1 billion).This translates into an average payment of 940,000 won for every person covered by the country’s health insurance.T
March 18, 2012
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High oil prices to dent S. Korean economy
A recent surge in international crude prices and their high volatility are likely to make a dent in the economy of South Korea that relies entirely on imports for its oil needs, market sources said Sunday.With oil prices soaring due to heightened geopolitical risks stemming from the international st
March 18, 2012
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Korea to inspect emergency generators at nuclear plants
South Korea will inspect emergency diesel generators at all of the country's nuclear plants between March 19 to 30th, according to a statement on the Ministry of Knowledge Economy's website on Saturday.The inspection comes after the announcement that the emergency diesel generator at the halted Kori
March 17, 2012
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‘Iraq ready to supply oil to Korea’
Iraq has promised to provide crude oil to Korea if U.S-led sanctions against Iran disrupt the global supply of the critical resource, the Seoul government said on Friday.The Ministry of Knowledge Economy said the understanding was reached at a Thursday meeting between Vice Energy Minister Cho Seok and Iraq’s Deputy Prime Minister for Energy Hussain al-Shahristani in Baghdad.“The senior official commented that if Seoul has trouble importing oil and requests assistance, Iraq can give priority to s
March 16, 2012
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Government to get first shipment of direct sugar imports
The first shipment of sugar imported directly by the government will arrive in Korea next week that could help stabilize the commodity‘s price here, a state corporation said Friday.The Korea Agro-Fisheries & Food Trade Corp. said 2,000 tons of sugar imports will arrive at the southeastern port of Busan on Monday to be sold at low prices to processed food manufacturers such as confectionery companies and bakeries. The shipment is part of the 10,000 tons of sugar the government bought from Thailan
March 16, 2012
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U.S. FTA to benefit small companies
AMCHAM chief says free trade will broaden alliance to economyThis is the fourth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. The chairman of the American Chamber of Commerce in Korea hailed the Korea-U.S. Free Trade Agreement that went into effect this week as an opportunity to expand their alliance to the economy.“It will also add a third economic pillar to the already strong political and military
March 16, 2012
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Korea-U.S. FTA expected to boost exports of Korean IT, automobile products
The Korea-U.S. Free Trade Agreement, which came into effect Thursday, is expected to benefit the country’s information and technology industry as well as the automobile parts market, analysts said.Analysts here said Korea-made IT products such as televisions, smartphones and premium digital appliance items would grab a bigger share in the U.S. market with the eased trade conditions.“Looking at the trade pact in a positive light, electronic goods made in Korea could have long-term competitiveness
March 16, 2012
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‘Exporters should perk up marketing in U.S.’
Minister Hong wants to be remembered for fostering SMEs into larger, stronger companies, benefit sharingThis is the third of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Knowledge Economy Minister Hong Suk-woo called for aggressive marketing from Korean exporters, in addition to price cuts to maximize the effect of the Korea-U.S. Free Trade Agreement that took effect Thursday. “Companies could make the
March 15, 2012
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Korea’s jobless rate lowest in OECD
Korea’s unemployment rate was the lowest among the 34 leading industrialized economies for the sixth consecutive month in January, a report showed on Thursday.The Organization for Economic Cooperation and Development report said Korea’s jobless rate moved between the 3.1 percent to 3.3 percent range from August to January.In January, the jobless rate of Asia’s fourth-largest economy reached 3.2 percent, or 5 percentage points lower than the OECD’s average.The latest report showed double-digit un
March 15, 2012
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‘FTA will create momentum for economy’
KITA chairman forecasts herald interview 7-8 percent growth for Korea’s trade volumeThis is the second of a series of interviews of top officials on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed.Despite persistent signs of fragility clouding the world economy, free trade pacts will lend a fresh impetus to Korea and its counterparts, said Han Duck-soo, chairman of the Korea International Trade Association.With the Korea-U.S. FTA taking effect Thursday, Han predicts that trade volume for
March 14, 2012
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Punishment due on officials who delayed nuke power loss report
Knowledge Economy Minister Hong Suk-woo on Wednesday apologized for delayed reports of the temporary power loss at the Gori nuclear power plant in Busan on Feb. 9 and vowed to reprimand those responsible. Kim Jong-shin, chief executive of Korea Hydro & Nuclear Power Co., said he will take responsibility if necessary, adding that he only learned about the accident on Sunday and reported it to the ministry and nuclear security authorities on Monday.“I apologize for the belated reports on the power
March 14, 2012
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Economic downturn hurts consumer goods makers: poll
Korea’s economic slowdown and a general drop in demand has put a dent in roughly half of all consumer product manufacturers in the country, a poll showed Wednesday.The survey of 350 domestic demand oriented companies conducted by the Korea Chamber of Commerce and Industry showed 47.7 percent of the respondents saying they are feeling the pinch of sluggish economic growth.Asia’s fourth-largest economy is expected to grow 3.7 percent this year, down from 3.8 percent last year and 6.2 percent growt
March 14, 2012
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U.S. FTA brings cheaper goods, expands exports
Same tariff incentives will apply to online, offline purchases of American goodsThe Korea-U.S. Free Trade Agreement went into effect on Thursday, making Korea the first Asian country to have FTAs in effect with the world’s largest economy and the European Union. Tariffs were immediately removed for 82.1 percent of U.S. items such as shirts, jeans, cosmetics, handbags and wine, and 80.5 percent of Korean items. Tariffs on American cars will be removed gradually.The effectuation, which experts pre
March 14, 2012
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Korea to adopt new growth-sharing program
Participating firms will get incentive points in bidding for public projectsThe Korean government said it will kick off a new growth-sharing program between small and big enterprises in April amid the slower-than-expected adoption of shared growth practices in the country’s corporate sector. The Ministry of Knowledge Economy said on Wednesday it will introduce a “growth-sharing certification program” next month, offering incentives to big businesses that support their suppliers or other small fi
March 14, 2012
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‘Korea will emerge as hub of FTAs’
‘FTA negotiations with China to begin within first half of this year’This is the first of a series of interviews of top officials on FTAs as the Korea-U.S. FTA takes effect on March 15. ― Ed.The free trade agreement with the United States, which goes into effect Thursday, is anticipated to help Korea attract foreign investment in addition to boosting exports to the world’s largest market.“Being a country that depends heavily on trade, our competence means strong exports to the advanced economy,
March 13, 2012
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Seoul confirms outbreak of low pathogenic avian influenza
South Korea on Tuesday confirmed an outbreak of a low pathogenic avian influenza virus that is less damaging, both to birds and humans, than a highly pathogenic strain.The outbreak was confirmed at a poultry farm in South Chungcheong Province, where some 100 chickens were showing symptoms of AI, according to the Ministry of Food, Agriculture, Forestry and Fisheries.An initial test had produced positive results for the AI virus in six of 10 chickens tested at the farm.Follow-up tests confirmed th
March 13, 2012