Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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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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S. Korea, Japan, China agree to create new financing facility against regional crises
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40 flights canceled on Jeju Island due to bad weather
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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2011 national tax revenue grows over 8%
Korea’s national tax revenue grew more than 8 percent on-year in 2011 as a better-than-expected economic recovery led to expanded collections of income and corporate taxes, the Finance Ministry said Friday.The country’s national tax revenue came to 192.4 trillion won ($171.8 billion) last year, up 8.3 percent from 177.7 trillion won in the previous year, the ministry said in a press release. It is slightly lower than the 192.8 trillion won projected in September.Income tax jumped 12.9 percent on
Feb. 10, 2012
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Measures needed for firms hit by euro debt crisis: KCCI
The Korea Chamber of Commerce and Industry said Thursday that measures should be drafted for firms suffering from shrinking exports due to the sluggish European economy.In its recent study that surveyed 500 firms that focus on exports, 62.9 percent said the economic crisis in Europe is likely to continue next year and beyond. Only 37.1 percent answered they believed it will end within the year.When asked about their difficulties involving the Euro debt crisis, 49.5 percent said it led to a decre
Feb. 9, 2012
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Prices of imported farm products soar in Jan.
Prices of imported agricultural, livestock and fishery products grew nearly 10 percent on-year in January, customs data showed Thursday, indicating that expensive farm products are exerting upward pressure on inflation.The import price index for such products stood at 129.8 in January, up 9.5 percent from the same month a year earlier, according to the data offered by the Korea Customs Service. Imported prices of chicken meat surged 24.9 percent over the cited period, while prices of crabs, poll
Feb. 9, 2012
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Korea to intensify probe into tax evasion by conglomerates
South Korea’s tax agency will intensify its surveillance of large-sized business groups to head off their tax evasion attempts, a move aimed at establishing fair taxation in the corporate sector, sources said Thursday.The National Tax Service is planning to deploy 100 top-class investigation experts to regional tax offices in order to help them probe any tax evasion attempts by conglomerates, according to the sources. “Large companies with annual sales of 500 billion won ($447.4 million) or more
Feb. 9, 2012
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Korea gears up for Yeosu Expo
More than 300 representatives from 101 countries and nine multinational organizations gathered on Wednesday in Seoul to ensure smooth preparations for the 2012 Yeosu Expo three months ahead of its opening. Under the theme “Living Ocean and Coast,” the participant countries and organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event will focus on oceans and their potent
Feb. 8, 2012
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Korea to start domestic procedures for free trade talks with China
Korea will begin its domestic procedures later this month for the start of formal negotiations with China on a bilateral free trade agreement, Seoul’s trade ministry said Wednesday.The ministry said a public hearing on the launch of free trade talks with China will be held on Feb. 24 to gather opinions from experts.In early January, Korea and China agreed to start formal negotiations for a free trade agreement with the aim to launch talks before the end of June.Once Seoul smoothly completes its
Feb. 8, 2012
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Large companies vow to promote stability
A group of Korea’s large conglomerates pledged Wednesday that they will make concerted efforts to stabilize the economy and improve the livelihoods of ordinary people in the face of persistent global economic woes.The Federation of Korean Industries, a powerful interest group for the country’s big family-owned businesses, adopted a resolution on their responsibility for economic stability and social integration.The move came as the country’s large conglomerates have come under fire for monopoliz
Feb. 8, 2012
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Korean companies shift from ‘Made in Asia’ to ‘Made for Asia’
Recent weeks have seen Korea post a string of gloomy economic figures.The country’s trade balance went into the red for the first time in two years in January, according to data released by the Ministry of Knowledge Economy last week.Figures from the central bank revealed a week earlier that gross domestic product grew by only 0.4 percent in the final quarter of 2011, the slowest rate in two years. Consumption by indebted households declined for the first time in three years, slipping 0.4 percen
Feb. 7, 2012
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Is Asian economy entering a golden age?
Robust growth, strong domestic demand, fiscal health brighten prospectsIn its outlook for the Asian economy last month, the International Monetary Fund forecast growth would come close to 6 percent in 2012 and further recover to 6.5 percent next year.Though revised slightly down, the projections nonetheless confirmed that Asia would “hold firm” as the world’s fastest growing region in the face of global financial turmoil and the eurozone’s debt problem. The IMF cut its growth outlook for the wo
Feb. 7, 2012
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Korea-EU trade volume up 3.9% after FTA
The trade volume between South Korea and the European Union increased 3.9 percent on-year over the six months after their bilateral free trade agreement took effect in July, the Trade Ministry said Tuesday.Korea saw its trade surplus with the world’s largest economic bloc, however, sharply narrow to $740 million from $6.92 billion over the cited period, the ministry said, without disclosing the value of bilateral trade.According to the ministry, the sharp decline in Seoul’s trade surplus with th
Feb. 7, 2012
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Understanding climate change through Expo
The following article was contributed by Secretary General Kim Keun-soo of the Organizing Committee for Expo 2012 Yeosu Korea. ― Ed.On Jan. 10, the Bulletin of the Atomic Scientists announced that they were moving the minute hand of the Doomsday Clock one minute closer to midnight. It is now at only five minutes to midnight. The clock is ticking.The scientists pointed towards the possibility of nuclear war and climate change as the two major threats to the survival of humankind. The point to tak
Feb. 7, 2012
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Australia Chamber names 2012 board
Those who attended the recent Australia Chamber of Commerce general meeting had a chance to meet the newly elected board of directors.After brief welcoming remarks from interim chairman Peter Feltis, the Chamber’s patron Australian Ambassador Sam Gerovich explained the importance of the chamber to Korea-Australia relations especially in the context of 2012, when a Korean-Australian free trade agreement could become a reality.The new board of directors for this year are Feltis from Samsung Engine
Feb. 6, 2012
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Offshore wind summit out to attract EU firms
The European Union Chamber of Commerce has arranged for a special discount for members that participate in the Offshore Wind Construction Summit in Jeju.The summit on Feb. 15-17 will offer a platform to address concerns about the offshore wind construction industry, while exploring the challenges in constructing offshore wind farms.Case studies from around the world will be used to address key technological and operational issues when it comes to delivering an offshore wind farm that meets gover
Feb. 6, 2012
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Cafe du Commerce’s first networking event
Networking is probably one of the most important aspects of doing business in Korea so with that in mind the French chamber will hold their first networking event of the year.The French Korean Chamber of Commerce and Industry in partnership with the Economic Mission of the French Embassy and Novotel Hotel are presenting a special edition of Cafe du Commerce on Feb. 9.Held at the Novotel Ambassador hotel in Gangnam, the event will offer a French style buffet with regional and traditional favorite
Feb. 6, 2012
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German Chamber event for new members
A seminar has been organized to welcome new members of the Korea-German Chamber of Commerce and Industry. During the meeting on Feb. 13, the chamber will offer information and advice for professional and private challenges by experienced directors and staff at the KGCCI.Registration is only accepted online until Feb. 8. The event will be at the Chamber’s office on the 7th floor in Hannam-dong and costs 80,000 won, including a traditional Korean dinner. For enquiries, contact Hana Cha, senior eve
Feb. 6, 2012
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Factiva expects Korean market to grow
Dow Jones’ Factiva, one of the largest digital business information aggregators and archivers in the world, sees a growing interest among Korean companies for its services, which can start at about $2,500 a month.Korea business development manager Kim Sae-hoon said, “Corporations are hungry for reasonable and accurate information. So Korea, even if the information industry is not there yet, we expect it will grow, the media industry is booming here but it’s in the beginning stages.”The average k
Feb. 6, 2012
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British Columbia beckons Korean firms with tax incentives
A top Canadian executive has expressed hope that more Korean companies will be attracted by British Columbia’s tax incentives.Under the tax benefit program, a company can receive a provincial corporate tax refund of 10 percent by registering an international business in the region. There are also programs where refunds will pay back on the net income of the international financial business.“Increasingly, companies are starting to pay attention to this benefit because as profit margins begin to t
Feb. 6, 2012
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Queensland to expand Korea ties
Investment chief expects closer relations in energy, food and marine resort sectorsTrade volume between Korea and Australia has soared to more than $27 billion since the two countries established diplomatic relations five decades ago. Korea now is Australia’s third-largest trading partner.At the forefront of that relationship is Queensland Government Trade and Investment Office, which is responsible for attracting business between Korea and one of Australia’s most important trading states.Korea’
Feb. 6, 2012
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Queensland hopes to expand business ties with Korea
Investment chief expects closer relations in energy, food and marine resort sectorsTrade volume between Korea and Australia has soared to more than $27 billion since the two countries established diplomatic relations five decades ago. Korea now is Australia’s third-largest trading partner.At the forefront of that relationship is Queensland Government Trade and Investment Office, which is responsible for attracting business between Korea and one of Australia’s most important trading states.Korea’
Feb. 6, 2012
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British Columbia beckons Korean firms with tax incentives
A top Canadian executive has expressed hope that more Korean companies will be attracted by British Columbia’s tax incentives.Under the tax benefit program, a company can receive a provincial corporate tax refund of 10 percent by registering an international business in the region. There are also programs where refunds will pay back on the net income of the international financial business.“Increasingly, companies are starting to pay attention to this benefit because as profit margins begin to t
Feb. 6, 2012