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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Seoul Metro to seek legal action against malicious complaints
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Golden chance to liquidate babies’ gold rings?
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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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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Cargo handling at seaports up 9.6 pct in Oct.
The amount of cargo processed at South Korea’s seaports surged 9.6 percent last month from a year earlier on growing trade and cargo passing through the country, the government said Wednesday.The volume of cargo handled at the country’s seaports came to 112.89 million tons, according to the Ministry of Land, Transport and Maritime Affairs.The figure also marks a large gain from the 101 million tons processed in September.“The amount of import-export cargo is growing despite worsening global econ
Nov. 23, 2011
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Korea global leader in manufacturing sector: think tank
South Korea is one of the global leaders in the manufacturing sector, bolstered by its competitiveness in autos and semiconductors, a local think tank said Wednesday.The Institute for International Trade (IIT) said in its latest annual report that as of 2010, South Korea was the seventh largest exporting nation in the world.It also said that the country was the fifth largest manufacturer of automobiles and No. 2 in the world in terms of semiconductor sales.The institute under the Korea Internati
Nov. 23, 2011
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Korean economy relies heavily on advanced nations
South Korea’s dependence on major advanced economies such as the U.S. and Europe has deepened over the past decade, making its economy more vulnerable to global financial crises originating with the economic powers, a report said Wednesday.According to the report compiled by the Korea Center for International Finance, South Korea and the U.S. had a correlation coefficient of 0.76 in terms of economic growth in the 2000-2010 period. The comparable figure was 0.51 in the 1980s and plunged to minus
Nov. 23, 2011
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Korea-U.S. FTA opens new doors for local industries
The Korea-U.S. Free Trade Agreement was finally approved by Korea’s National Assembly on Tuesday after years on the backburner. The initial negotiations were concluded on April 2, 2007 and the accord was signed on June 30 after two rounds of additional talks.However, the process of implementing the pact stagnated for more than three years faced with stiff opposition from certain quarters in both countries.The process only gained momentum following the additional negotiations last December, when
Nov. 22, 2011
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Korea seeks to become Northeast Asian FTA hub
Following the implementation of the Korea-U.S. Free Trade Agreement, about a third of the country’s international trade will involve countries with which Korea has entered into FTAs. While the figure has risen quite rapidly, it remains far below the global average.According to a report by the Korea International Trade Association’s Institute for International Trade, on average countries conduct 49.2 percent of trade with those with whom they have trade pacts.Current negotiations With the country
Nov. 22, 2011
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Business groups welcome FTA passage as historic watershed
Business organizations on Tuesday hailed the parliamentary ratification of the Korea-U.S. free trade agreement as a major turning point in Korea’s economy and history of trade.Welcoming the FTA passage on behalf of some 70,000 exporters and importers, the Korea International Trade Association said the trade deal will “greatly help Korean businesses predominate the U.S. market and make Korean products more cost-competitive.” “(The FTA) will have a positive impact on creating jobs as exchanges bet
Nov. 22, 2011
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New fuel efficiency scheme next year
A more conservative system for marking the fuel efficiency of cars will be introduced next year as mileages are often exaggerated under the current system based solely on city driving test results, the Ministry of Knowledge Economy said Tuesday.The new mileage system will be based on the U.S. 5-cycle testing, which includes a highway driving test, a cold temperature operation test, a high acceleration/quick acceleration test, an air conditioning test in addition to a city driving test, to better
Nov. 22, 2011
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Korea pitches plans to rebuild Libya
The Korean government invited officials and business leaders from the Middle East and northern Africa to explain its plans to help reconstruct Libya a month after the death of Libyan dictator Moammar Gadhafi. About 50 government officials and business representatives from countries including Saudi Arabia, the United Arab Emirates, Kuwait and Libya will attend a three-day “Korea-Middle East Week” starting Wednesday in Seoul, the Ministry of Knowledge Economy said.On Wednesday, Korean companies wi
Nov. 22, 2011
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Korea, EU herald big year for business ties on FTA
EUCCK honors strong business partners in celebration of the Korea-EU Industrial Cooperation DayBusiness leaders along with local and foreign officials on Tuesday celebrated the accomplishments of the EUCCK and honored companies that have taken a leading role in their field.“A strong economic network has been formed between Korea and the European Union despite the global recession and the recent eurozone financial crisis,” said Rep. Kim Young-hwan, chairman of the National Assembly Knowledge Econ
Nov. 22, 2011
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Half of China‘s major cities see decline in housing prices in Oct.
HONG KONG -- About half of 70 major Chinese cities saw declines in their housing prices last month as Beijing tightened measures to ward off a bubble, a government report showed Tuesday.In October, prices of new residential properties in 34 medium and large cities dropped on-month, the Chinese National Bureau of Statistics said. Seventeen cities saw a slight rise in prices, while the average increase was less than 0.2 percent. Earlier this year, Beijing announced a set of measures to cool proper
Nov. 22, 2011
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Korea’s trade volume to top $1tr by yearend
South Korea’s trade volume is expected to surpass the $1 trillion mark for the first time this year, fueled by solid export gains to Asian countries, the government said Tuesday.The Korea Customs Service said total outbound shipments coming into this year stood at $475.8 billion with imports reaching $450.7 billion for a total of $926.5 billion.Despite mounting global economic uncertainties, two-way trade reached $29.8 billion in the first 10 days of November, it said, adding that at present pac
Nov. 22, 2011
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Government authorities and EU firms get top EUCCK awards
The European Union Chamber of Commerce in Korea has had a very fruitful and productive year and it looks forward to further strengthening EU-Korea business ties in 2011.This year has been a landmark year for ties between the European Union and South Korea, with both sides strengthening their economic and cultural relations. The icing on the cake was undoubtedly the Free Trade Agreement signed on October 6, 2010. After intense negotiations for over two years, the deal was implemented on July 1, h
Nov. 22, 2011
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KEPCO seeks 10% hike in electricity bill
The government is set to again face the dilemma of how to balance between price stability and public enterprise debts as the country’s sole electricity provider is pushing to increase rates by 10 percent starting next month.The Korea Electric Power Corp.’s board of directors has recently agreed on the hike, said Cho In-kook, the company’s chief operating and financial officer, Monday. The plan needs approval from the Ministry of Knowledge Economy.The envisioned plan targets energy-intensive larg
Nov. 21, 2011
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Italy eyes greater trade with Korea: delegation
The head of an Italian business delegation said Monday that it aims to bring the knowledge that Koreans have of traditional Italian products into other sectors.“We have very good companies that might not have been good at promoting a brand but are equally good in making quality products, we need to expand that,” said Paolo Zegna, vice president of the confederation of Italian industries Confindustria. He heads the Italian Business Delegation that will stay in Korea until Thursday. The delegatio
Nov. 21, 2011
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Pfeiffer hails Eastern Germany as investment venue for Korea
Germany Trade and Invest CEO cites subsidy, infrastructure, dedicated workersEver since German unification 20 years ago, the eastern part of the country has been clawing back the economic gap with its western counterpart.“We want a level playing field for companies in the west and the east, we want to have the same chances for people,” Michael Pfeiffer, chief executive of Germany Trade and Invest, said in an interview at a seminar aimed at highlighting the advantages of investing in the former c
Nov. 20, 2011
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UAE to hold expo for Korean products
An expo for South Korean products will be held in the United Arab Emirates next year as both nations seek to step up business and economic cooperation, the finance ministry said Friday.The “Made In Korea 2012” expo will be the first of its kind to be held in the Middle East region for Korean products. It will be held in Abu Dhabi in May, according to the ministry.The expo will be sponsored by commerce and tourism agencies of the UAE, the ministry said. The organizers seek to attract around 300 K
Nov. 18, 2011
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Korean households’ monthly income grows 6.5% in Q3
South Korean households’ monthly income grew 6.5 percent on-year in the third quarter thanks to improving employment conditions, a government report showed Friday. According to the report by Statistics Korea, households’ monthly income averaged 3.89 million won ($3,413) in the July-September period. Inflation-adjusted household income also rose 1.6 percent from a year earlier.The disposable income of households grew 6.3 percent on-year to a monthly average of 3.15 million won, the report said.“H
Nov. 18, 2011
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Number of self-employed people in 50s or older hits all-time high
The number of self-employed people in their 50s or older in South Korea reached an all-time high in October, as baby boomers tended to start their own companies after retiring from other careers, data showed Thursday.According to the data provided by Statistics Korea and the labor ministry, the number of self-employed people in their 50s or older totaled 3.1 million last month, up 169,000 from the same month a year earlier. This marked the highest count ever, and compared with 2.42 million talli
Nov. 17, 2011
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Finance minister calls for biz efforts to lower costs
South Korea’s economic chief urged businesses Thursday to keep up efforts to lower production costs and minimize marketing expenses in a bid to help stabilize consumer prices.Finance Minister Bahk Jae-wan noted that the government will do its part in stabilizing prices by improving the distribution structure, easing regulations and lowering import duties on raw materials.“Companies need to absorb price-raising factors as much as possible by cutting production costs and minimizing marketing expen
Nov. 17, 2011
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Slower growth in labor unions to tame Korea‘s inflation
HONG KONG -- Slower growth in the number of labor unions will likely cool down South Korea’s inflation, reducing pressure to hike wages, a report said Thursday.South Korea’s labor unionization rate dropped to 9.8 percent in 2010, compared to the peak of 19.8 percent in 1989, Nomura International Ltd. said in a report, citing government statistics. “We expect Korea’s consumer price index to slow from 4.2 percent in 2011 to 3.5 percent in 2012,” said Kwon Young-sun, senior economist at Nomura.“Any
Nov. 17, 2011