Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Korea to chair G20 green growth working group
Korea will lead roundtable discussions on energy efficiency and clean resources at the Group of 20 summit in Mexico in June as chair of the working group on green growth, a local news agency said Monday.The chairmanship comes upon the Mexican government’s request, Yonhap News reported, citing a Seoul official. Members of the group have yet to be confirmed. As chair of the group, the country will orchestrate discussions on green growth and help draw up comprehensive recommendations at the two-day
Jan. 16, 2012
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German Chamber to discuss Korea’s economic outlook
The Korean-German Chamber of Commerce will host a seminar on Korea’s economic outlook on Jan. 19.The meeting will start with a political overview given by German Ambassador Dr. Hans-Ulrich Seidt followed by a report on the current economic and business situation by Frank Robaschik, correspondent from the Germany Trade and Invest office. KGCCI Treasurer Rene Wittenberg will comment on exchange and interest rates development. There will also be short reports from several industry representatives a
Jan. 16, 2012
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British Chamber’s general meeting due this week
The first general meeting of the year for the British Chamber of Commerce will take place later this week.The meeting runs from noon to 3 p.m. on Jan. 19 at the Grand Hyatt hotel’s Namsan room. On the agenda will be the chairman’s annual report, statement of accounts, election of the executive committee for this year and the appointment of auditors.Voting members are permitted to enter free of charge while non-voting members will pay 60,000 won.Reservations need to be made by Jan. 17 to administ
Jan. 16, 2012
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EUCCK networking meeting in Seoul, Busan
The European Union Chamber of Commerce offices in Seoul and Busan plan to hold networking events this month in their respective cities.The Seoul meeting will take place on Jan. 19 at 6:30 p.m. at the Lotte Hotel’s Pierre Bar on the 35th floor. Cost is 60,000 won for members and 70,000 won for non-members.To book at place call Sophie An at (02) 725-9994 or e-mail eumarketing@eucck.org; more information at www.eucck.org.The chamber’s Busan branch will hold their New Year networking event on Jan. 2
Jan. 16, 2012
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Austcham to host Australia Day festivities on Jan. 27
The Australia Chamber of Commerce will be hosting the largest Australia Day celebration on the Korean Peninsula, organizers said.The chamber plans to showcase Australian produce like wines from Western Australia, Aussie style barbeque by Meat and Livestock Australia, meat pies provided by Jesters Pies, Aussie beer, fish and chips and down-under style desserts including Lamington and Pavlovas.To keep the party going, the chamber employed a classic Australian rock band and will offer prizes.The ev
Jan. 16, 2012
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Incheon stadium designed to turn into park after Asian Games
The Incheon main stadium being built for the 2014 Asian Games will be transformed into a public park after the sports festival, demonstrating a sustainable design in stadiums in Asia, the architecture firm that designed it has said.“I see these sad, empty steel and concrete giant structures. They’re not eyesores because they are like sculptures, but there’s an emotional sadness attached to an empty stadium because you’re always on the outside, never on the inside where the energy is,” said Andre
Jan. 16, 2012
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Lessons for entrepreneurs to flourish
Except for some conglomerates, most companies are bracing for the prolonged global economic slump with plans to downsize or delay investment and recruitment, or to promote managerial efficiency. But a corporate management expert says opportunities for entrepreneurs do not disappear even during an economic crisis.“It’s not that people don’t need TVs anymore, it’s that they don’t need expensive TVs, for example,” said professor Pablo de Holan, IE Business School chair of the Entrepreneurship Manag
Jan. 16, 2012
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2012 big year for Korea-U.S. business
AMCHAM chief says delegations from 22 U.S. states will visit Korea for tradeWith the Korea-U.S. free trade agreement to take effect soon, the American Chamber of Commerce in Korea is gearing up for a busy year promoting the trade pact.High on the list are visits by delegations from 22 U.S. states looking to find partnerships and gain a better understanding of the trade deal.“The federal government gave grants to increase exports. Twenty-two states are coming to Korea, that shows how important th
Jan. 16, 2012
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Korean economy faces rough going in Q1
South Korea's economic growth rate is feared to stagnate or lapse into negative territory in the first half of 2012 on escalating global economic uncertainties that could make a significant dent in the export-focused economy, analysts warned Sunday.The warning came a day after global credit ratings
Jan. 15, 2012
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China OKs KIC’s investment plan
Korea’s sovereign wealth fund has received qualified investor status from China, opening the door for investment in its stock markets, the Finance Ministry said Friday.Korea Investment Corp. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according to the ministry.Under the Chinese law, a foreign investor should obtain the QFII status to directly invest in its mainland stock markets. The approval comes more than a year after KIC
Jan. 13, 2012
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Per-capita income to fall
Korea’s per-capita income for last year is expected to be lower than the government’s earlier estimate due to faster population growth, a senior Finance Ministry official said Friday.The government earlier predicted that the per-capita gross national income would range from $23,500 to $24,000 at the end of last year. It was based on the nation’s economic growth and inflation, which was projected to grow 3.8 percent and 4 percent last year.“The per-capita GNI is expected to decline to $22,500-$24
Jan. 13, 2012
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Seoul suspected of inflating oil development deal with UAE
The South Korean government is suspected of having exaggerated an oil development deal with the United Arab Emirates, which it earlier claimed would “guarantee” participation by South Korean companies, informed sources said Thursday.The government had claimed its memorandum of understanding, signed with the UAE early last year, would entitle the country to a production-sharing-agreement at one of the Middle Eastern country’s six production mines with more than 1 billion barrels of oil in confirm
Jan. 12, 2012
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Foreign direct investment inflows up 4.6% in 2011
Foreign investment in Korea grew a healthy 4.6 percent last year as an inflow of capital from rich countries sharply rose despite persistent uncertainties in the global economy.Foreign direct investment was $13.67 billion last year, up from $13.07 billion in 2010, the Ministry of Knowledge Economy said Thursday. The spike mainly resulted from robust investments by the European Union, the U.S. and Japan, which shot up 33.6 percent year-on-year to nearly $9.7 billion in 2011.EU nations together in
Jan. 12, 2012
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Korean firms expect difficult financial situation in Q1: poll
South Korea’s businesses are bracing for unfavorable financial conditions in the first quarter of this year, mainly due to sluggish economic growth and falling sales and profits, a poll showed Wednesday.The survey of 500 companies by the Korea Chamber of Commerce and Industry showed the business survey index on corporate finance dropping to 79 for the January-March period from 92 three months earlier.It is the lowest reading since the organization started taking the poll in the third quarter of
Jan. 11, 2012
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Jobless rate drops to 3.4% in 2011
Korea’s jobless rate fell last year from a year earlier, but its labor markets remain tough amid worries over a slowing economic recovery, a report showed Wednesday.The jobless rate stood at 3.4 percent in 2011, down 0.3 percentage points from a year earlier, according to the report by Statistics Korea. It is the lowest in three years.The report showed that the economy added 415,000 more jobs last year compared to the previous year, a jump from 323,000 jobs gained on-year in 2010.In December, ho
Jan. 11, 2012
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‘Korea-U.S. FTA will take economic ties to higher level’
A top U.S. Chamber of Commerce official said the Korea-U.S. free trade agreement, which is set to take effect soon, will further enhance economic relations between the two allies. “In this Korea-U.S. FTA, it’s a gold standard agreement, we already have a strong economic relationship, we got a great security relationship, a strong political friendship, but it takes the economic relationship to the next level,” said Tami Overby, vice president of the U.S. Chamber of Commerce. It is projected that
Jan. 11, 2012
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More Koreans retiring to farms
The number of South Koreans retiring to farming surged to a new annual high in 2011 thanks to local governments’ efforts to attract retiring baby boomers, a report showed Wednesday.According to the report by the Ministry of Food, Agriculture, Forestry and Fisheries, the number of households returning to the countryside came to an estimated 6,500 in 2011, up 59.8 percent from 4,067 a year earlier.The number had steadily increased since 2002 when only 769 people retired to a life of farming. The n
Jan. 11, 2012
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Exports of steel products hit record high in 2011
Korea’s exports of steel products rose to a record high last year, buoyed by rising overseas demand and increased production capacity, a local steel association said Wednesday. Local steelmakers, led by leader POSCO, exported 28.48 million tons last year, up 9.3 percent from a year earlier, according to the Korea Iron and Steel Association.Exports accounted for 39.7 percent of total steel output. On the other hand, domestic firms imported some 22.96 million tons of steel products last year, fall
Jan. 11, 2012
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S. Korea's jobless rate drops to 3.4 pct in 2011
SEOUL, Jan. 11 (Yonhap) -- South Korea's jobless rate fell last year from a year earlier, but its labor markets remain tough amid worries over a slowing economic recovery, a report showed Wednesday.The jobless rate stood at 3.4 percent in 2011, down 0.3 percentage points from a year earlier, accordi
Jan. 11, 2012
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Seoul seeks to start beef exports: minister
Korea will seek to begin exporting beef within a few years as part of its efforts to help stabilize prices, the agriculture minister said Tuesday.“Considering wagyu (Japanese beef) is 1.5 times more expensive than Korean beef but that Japan still exports beef, I believe we, too, can export Korean beef,” Suh Kyu-yong, the minister of food, agriculture, forestry and fisheries, told a press briefing.Suh, however, noted it will take some time before the country can begin shipping its beef overseas.“
Jan. 10, 2012