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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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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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Implementation of KORUS FTA may be delayed: minister
The free trade agreement between South Korea and the United States may take effect behind schedule as it will take more time for both countries to prepare for its implementation, Seoul‘s top trade official said Thursday.South Korea’s ruling Grand National Party forced the contested FTA through parliament late last month. The deal was approved by the U.S. Congress in October. The two countries had set a Jan. 1 target for the pact to take effect. “Both sides are working to prepare for the implemen
Dec. 1, 2011
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Minister Lee hopes to deliver forestation know-how to world
Korea Forest Service Minister Lee Don-koo has been working toward a greener global environment since he took office in February.The agreement to set up the Asia Forest Cooperation Organization with ASEAN member states is the latest in his efforts to combat desertification and push for green growth. He also successfully proposed the Changwon Initiative ― which seeks to provide practical measures to tackle desertification ― at the U.N. Convention to Combat Desertification conference in Korea in Oc
Dec. 1, 2011
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KCCI urges Assembly to reduce taxes
The Korea Chamber of Commerce and Industry said Thursday it delivered a proposal to the National Assembly calling for lower corporate and income taxes.The government had planned to lower the corporate tax rate to 20 percent from the current 22 percent for firms with over 200 million won in earnings beginning next year.But the plan is being held up in the National Assembly as some lawmakers argue that the corporate tax rate should either be maintained or increased to 30 percent.“The consistency o
Dec. 1, 2011
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Korea’s trade set to exceed $1 trillion
Trade volume nears $987 billion with exports surpassing $500 billionKorea has arrived at the threshold of $1 trillion in trade volume for the first time ever as government figures show on Thursday that this year’s exports have already topped $500 billion.As of end-November, the country’s trade volume reached $986.7 billion with exports exceeding $508 billion, according to the Ministry of Knowledge Economy. That lifted surplus to nearly $30 billion when taking $479 billion in imports into account
Dec. 1, 2011
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Korea‘s industrial output grows 6.2% in Oct.
South Korea’s industrial output continued to grow in October from a year earlier, despite persistent global uncertainties caused by eurozone woes and problems facing advanced industrialized economies, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 6.2 percent last month from a year earlier. The October figure represents the 28th consecutive on-year expansion since July 2009. However, industrial outp
Nov. 30, 2011
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Montreal mayor seeks Korean involvement in design forums
Montreal Mayor Gerald Tremblay has expressed hope for Korean companies and communities’ participation in two design conferences to be hosted by the Canadian city in May.Tremblay recently visited Seoul to invite Korea’s design and related business communities to the UNESCO City of Design forum and the C2 conference of designers and business leaders from around the world.“The C2 conference is an approach to changing the business model of companies so that they realize that creativity can become an
Nov. 30, 2011
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S. Korea revises key inflation index
South Korea's state-run statistics office said Tuesday that it has overhauled the composition and calculation of its consumer price index, a key gauge of the country's inflation, in order to better reflect price trends of key items.Statistics Korea said it changed the base year for the calculation o
Nov. 29, 2011
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Korea braces for electricity shortage
Lee leads drive to avert possible blackouts in winterPresident Lee Myung-bak on Monday stressed the need for public participation in the government’s drive to save electricity as the nation braces for power shortages this winter.He urged Koreans to lower thermostat settings, switch off unneeded lights and install energy-efficient appliances in their homes and offices. “Although the government has drawn up measures to cope with the looming electricity crunch, I’d like to make an urgent request fo
Nov. 28, 2011
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OECD cuts S. Korea's economic growth forecast for 2012
South Korea's economy is expected to grow at a slower pace next year than previously anticipated largely due to a slowdown in global trade and weak domestic demand, the Organization for Economic Cooperation and Development said Monday.In its latest outlook for Korea, the Paris-based organization pre
Nov. 28, 2011
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‘Korea to seek sustainable growth’
Finance Minister Bahk says greater uncertainty calls for long-term policy measuresKorea’s finance minister said on Monday the government will focus on revitalizing the economy and pushing for sustainable growth next year. Finance Minister Bahk Jae-wan said in a meeting with the heads of think tanks that the global sovereign debt crisis is generating high volatility and low growth, which will continue for a considerable period of time. Bahk’s remarks come as the Korean economy is confronting a sl
Nov. 28, 2011
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Cable TV operators stop relaying terrestrial TV programs
Local cable TV system operators on Monday stopped relaying high-definition programs from terrestrial TVs to households nationwide after negotiations over the cost of digital broadcasting retransmissions broke down.They replaced the HD programs with lower-level standard-definition programs, causing i
Nov. 28, 2011
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Half of manufacturers to suffer from EU crisis
Half of South Korean manufacturers think that the lingering European financial crisis will hurt their financial health next year in earnest, making it more difficult for them to secure working capital, a survey said Sunday.According to the survey of 300 manufacturing companies by the Korea Chamber of Commerce and Industry, 50 percent said that their financial conditions are expected to be affected by the European debt woes, while only 22 percent responded that they have felt the effect of the fi
Nov. 27, 2011
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Korea competitive in transport, construction
South Korea’s global competitiveness in the transportation and construction service sectors remains solid despite the recent economic downturn triggered by eurozone woes and sluggish growth among many industrialized economies, a government report showed Sunday.The finance ministry said that in the nine months of this year, the surplus in the transportation industry reached $7.3 billion, up $1.2 billion from the same time period in 2010, in the latest service sector balance sheet report.It said o
Nov. 27, 2011
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S. Korea’s CDS premium jumps sharply on global financial woes
The cost of insuring South Korea's sovereign debt against default climbed sharply in the face of global financial sector woes, data showed Sunday.The credit default swap (CDS) premium on South Korea's foreign currency bonds with five-year maturities reached 177 basis points as of Friday on the New Y
Nov. 27, 2011
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How much crazier can Black Friday shopping get?
NEW YORK (AP) -- Pepper-sprayed customers, smash-and-grab looters and bloody scenes in the shopping aisles. How did Black Friday devolve into this?As reports of shopping-related violence rolled in this week from Los Angeles to New York, experts say a volatile mix of desperate retailers and cutthroat
Nov. 27, 2011
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Seoul shares expected to move in tight range next week
South Korean shares are expected to move in a tight range next week as fiscal debt problems in Europe and the United States will continue to weigh on investor sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,776.40, down 3.3 percent from last week. This w
Nov. 26, 2011
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Korea downsizes Yellow Sea FEZ
The government on Friday announced a 70 percent cut in the size of the Yellow Sea Free Economic Zone as it unveils measures to rejuvenate the region’s stagnant project to court foreign investment and boost local economy.Designated in 2008, the Yellow Sea FEZ is one of the country’s six tariff-free industrial areas but has been regarded as the most infeasible. Its five districts cover 55 square kilometers in Gyeonggi Province and South Chungcheong Province.Under the plan, the government said it h
Nov. 25, 2011
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Korea to expand preferential tariff benefits to help poor countries
South Korea will expand preferential tariff benefits for poorly developed countries as part of its international commitment to helping developing economies and promote global balanced growth, the Finance Ministry said Friday.The government will add 253 products from 48 poorly developed countries to the list of goods exempted from import duties starting next year, according to the ministry. It now offers such tax benefits to a total of 4,549 products.The move will raise the tax-free ratio for pro
Nov. 25, 2011
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Honduras VP promotes specialty, high-end coffee
Honduras’ vice president said Wednesday it would promote its specialty and high-end coffees at the Seoul International Coffee Show at COEX in Seoul this weekend.“The visit is part of a worldwide strategy of promoting Honduran coffee, and we are going to have samples for visitors of the show and prepared an agenda to showcase our products to local importers and roasters,” said Vice President Samuel Reyes.Coffee importers in Korea tend to blend high-quality coffee with other kinds of beans from ar
Nov. 23, 2011
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Record number of new companies set up in Oct.
A record number of new companies were set up in October, fueled by people around retirement age entering the service sector, a government report showed Wednesday.The report by the Small and Medium Business Administration said 5,074 companies were founded last month, up 5.2 percent from a year earlier.“In terms of total numbers, last month represents the highest tally for October since the administration started keeping records in 2003,” it said.It said growth was led by a 7.7 percent increase in
Nov. 23, 2011