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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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Major Korean firms’ hiring to edge down in 2012: poll
Major Korean companies are forecast to cut their hiring of new employees only slightly next year despite increasing economic uncertainties and a possible slowdown, a poll showed Sunday.According to the survey by the Korea Chamber of Commerce and Industry, 262 companies plan to hire a combined 28,412 people in 2012, down a mere 1.3 percent, or 365, from this year.The survey covered the country’s top 500 companies by sales, of which 325 responded, the KCCI said.“Despite all the negative economic f
Dec. 25, 2011
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Entertainment industry overheats
The number of people making a living off the entertainment industry surged 40 percent last year, a sign that more wannabe stars are betting on the booming industry. Those who registered themselves as an actor, singer, model or a TV personality exceeded 170,000 in 2010, the National Tax Service said,
Dec. 25, 2011
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N.K.’s economic dependence on China expected to deepen
North Korea’s economic dependence on China is expected to deepen following the death of its leader Kim Jong-il, making the North’s economy more “subordinate” to its strongest ally, experts said Friday.North Korea’s reliance on China for trade already increased in the past few years after South Korea cut almost all business relations with its communist neighbor and the international community banned commercial trade with the country because of its nuclear ambitions.According to the report by the
Dec. 23, 2011
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Korea‘s labor productivity improves in Q3
South Korea’s labor productivity rose from a year earlier in the third quarter with improvements in both the manufacturing and service industries, the government said Thursday.The labor productivity for the manufacturing industry rose 2.6 percent to 121.8 from the same period last year with that of the service industry rising 1.3 percent to 108.4, according to the Ministry of Knowledge Economy.Labor productivity is measured by dividing industrial output by labor input during a given period of ti
Dec. 22, 2011
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Korea seeks to benefit from FTAs to beat global woes
With economic doldrums gripping many parts of the world, Korea plans to cultivate fresh strategic export items and stimulate small and medium businesses to cash in on free trade pacts next year and keep Asia’s fourth-largest economy afloat.The Ministry of Knowledge Economy on Thursday announced measures to boost transactions with its 45 trade partners and shore up exports, the bellwether for the national economy, at an emergency meeting of top economic officials presided over by President Lee My
Dec. 22, 2011
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Uncertainties shroud N.K. economy under Kim Jong-un
China’s role deemed critical in Pyongyang’s next move on economyWhen it comes to North Korea’s future following the death of its leader Kim Jong-il, peaceful denuclearization is often cited as key. Equally important, however, is the outlook for the isolated state’s battered economy, especially as any change would have a great impact on neighboring countries. The problem is that analysts and experts in Korea and elsewhere seem baffled by the sheer lack of information about the chosen successor, K
Dec. 22, 2011
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Korea to pump $11.8 b into resources search in 2012
Korea will inject a record $11.8 billion in overseas resources development next year in a bid to slake its ever-growing thirst for energy and rare earth minerals, the government said Wednesday.Of the total, $7.8 billion, or 66 percent, will come from state coffers and the remainder from the private sector, the Ministry of Knowledge Economy said. The sum also reflects a 34 percent jump from last year’s estimated $8.8 billion.Under the plan, the government aims to nearly double its self-sufficienc
Dec. 21, 2011
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Hyundai chairwoman coordinating N.K. visit with former first lady
The chairwoman of Hyundai Group, a family-run shipping and tourism conglomerate, is working with former first lady Lee Hee-ho to jointly pay their respects to North Korean leader Kim Jong-il, sources said Wednesday.The company, which has extensive business interests in the socialist country, said it has begun talks so the two women can form a civilian condolence group to go to the communist country.“There is a need to work out details on how many people will be included in the group and when the
Dec. 21, 2011
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S. Korea to prepare action plans on FTA with Japan, China
South Korea will map out its action plans on a free trade agreement with China and Japan before the heads of state from the three Northeast Asian countries meet in May, the Finance Ministry said Tuesday. “Based on consultations with China and Japan and the results of the joint study (which was recently completed), we will prepare our action plans before the summit talks,” the finance ministry said in a press release. Detailed timetables, a negotiation road map and other preparations will be incl
Dec. 20, 2011
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Factories running as usual in Gaeseong industrial park
Inter-Korean cooperation expected to expand if Western-educated Kim’s son takes powerNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long te
Dec. 19, 2011
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S. Korea to take necessary steps following Kim Jong-il's death
SEOUL, Dec. 19 (Yonhap) -- South Korea's finance minister said Monday the government is keeping close tabs on developments and will take all necessary steps to determine the economic impact of the North Korean leader's death."Seoul is checking all changes, carefully analyzing their implications and
Dec. 19, 2011
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Asia stocks lower amid news of Kim Jong Il death
SHANGHAI (AP) _ Asian stock markets slid Monday amid news that the mercurial leader of nuclear-armed North Korea has died, raising fears of increased political instability in the region.South Korea's Kospi index dived 4.1 percent to 1,765.15. Japan's Nikkei 225 index was down 1.1 percent at 8,304.47
Dec. 19, 2011
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Farm Ministry vows efforts to boost food exports in 2012
South Korea will work to boost its food exports by more than 30 percent to $10 billion as part of its policy goals for next year, the Ministry of Food, Agriculture, Forestry and Fisheries said Friday.The move comes as the country is expected to implement its free trade agreement with the United States in early 2012, which, the ministry earlier said, could lead to a reduction of 12.67 trillion won ($10.9 billion) in production by the country‘s agricultural, farming and fisheries industries.“The b
Dec. 16, 2011
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Gori nuclear reactor resumes operation
South Korea on Friday resumed operation of a nuclear reactor recently shut down due to problems detected in its electric generator, plant operators said.The reactor at Gori Nuclear Power Plant in Ulsan, 410 kilometers southeast of Seoul, was expected to reach its full output early Saturday, following its resumption of operation at 5:50 a.m. Friday, according to the Korea Hydro & Nuclear Power Co.The state-run nuclear plant operator had to shut down the reactor with a capacity of 950,000 kilowatt
Dec. 16, 2011
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Ministry aims to create 30,000 jobs for youth
SMBA set to spend W1tr to help youth start new businessesThe Ministry of Knowledge Economy said it plans to create 30,000 new jobs for young people next year by hiring more for research and development, and kick-start a project to foster 3,000 small and medium-sized companies that hire 1.2 million people by 2015.The ministry will also spend 1.7 trillion won next year alone to stabilize the power supply and have the Korea Electric Power Corporation replace obsolete equipment, according to an ann
Dec. 15, 2011
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President calls for front-loaded spending preparations for 2012 budget
South Korean President Lee Myung-bak called on the government Thursday to prepare for front-loaded spending of next year's budget to help the country overcome both domestic and foreign economic challenges.He said after receiving a policy report from the Fair Trade Commission that every effort must b
Dec. 15, 2011
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S&P affirms credit rating on S. Korea
Global credit ratings agency Standard & Poor's said Wednesday it has affirmed its sovereign credit rating for South Korea, citing the nation's fiscal soundness and its net external creditor position.According to an e-mailed statement, S&P said that it has decided to maintain the credit rating on Sou
Dec. 14, 2011
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Panel fails to vote on profit-sharing plan
Former Prime Minister Chung Un-chan criticized the country’s large firms on Tuesday, asking that they feel greater social responsibility after a government commission failed to vote on a controversial profit-sharing plan.The Commission on Shared Growth for Large and Small Companies planned to reach a decision on the plan that would have required large firms to share profits with smaller ones in its first-anniversary event in Yeouido. However, the event was ditched by all nine conglomerate-appoi
Dec. 13, 2011
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Government cuts economic estimate
GDP outlook for 2012 lowered to 3.7%, inflation likely ease to 3.2%The government slashed its growth forecast for this year and next, backing off from its ambitious growth plan due to weakening consumption and persistent risk stemming from slumps in major economies, the Finance Ministry said Monday.
Dec. 12, 2011
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Korea, China, Japan set to conclude study on three-way FTA
Korea, Japan and China are scheduled to wrap up their joint study on a three-way free trade agreement Friday, portending the beginning of negotiations early next year.A free trade deal binding the three nations that account for a fifth of the world’s economic output and a sixth of the global trade volume could help resolve geopolitical uncertainties in the region and advance reunification of the Korean Peninsula.A trade pact removing the tariffs among the three economies, with a combined populat
Dec. 11, 2011