Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Monthly users on local streaming platforms outpace Netflix, Disney+
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Seoul to promote luxurious side of the city
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Public firms‘ labor productivity improves over past few years
South Korean public companies’ labor productivity has improved over the past few years as the government stepped up efforts to enhance competitiveness in the public sector, the finance ministry said Thursday.According to the ministry, per-capita labor productivity in state-run companies rose at an annual average of 31.6 percent from2008 through 2010, noticeably higher than the 24.9 percent average gains tallied for large private-sector businesses.The improvement was ascribed to the government‘s
Nov. 17, 2011
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Seoul shares end up 1.1% on tech, refiner gains
South Korean stocks closed 1.1 percent higher on Thursday as gains of tech shares, refiners and shipbuilders propped up the market despite persisting concerns about the eurozone debt turmoil, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.60 points to close at 1,876.67, snapping a two-session losing streak. Trading volume was moderate at 348.7 million shares worth 4.67 trillion won ($4
Nov. 17, 2011
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Moody's cuts S. Korea's growth outlook for 2012
SEOUL, Nov. 17 (Yonhap) -- Moody's Investors Service on Thursday downgraded its forecast of South Korea's economic growth for next year, citing weakening exports and sluggish domestic demand.The global credit appraiser predicted the South Korean economy would expand 3.5-4.0 percent next year, compar
Nov. 17, 2011
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The brave new world of frontier economics
We have entered what might be called the era of “frontier economics.” As older, easier sources of economic growth are drying up, the prospects for continued dynamism and prosperity hinge more than ever before on pioneering entrepreneurial start-ups to explore and extend the technological barrier. This puts national economies under a constant pressure to knock down artificial barriers to competition. In other words, in their search for economic growth, countries need to make their economies more
Nov. 16, 2011
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One in three households see debt rise in second half
A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in
Nov. 15, 2011
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S. Korea's trade terms hit near 3-year low in Q3
South Korea's terms of trade worsened to the lowest level in nearly three years in the third quarter as on-year gains in oil prices jacked up import costs, the central bank said Monday.The country's net terms-of-trade index for goods came in at 78.7 in the July-September period, down 9.9 percent fro
Nov. 14, 2011
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Korean Wave impacts overseas product sales: poll
The popularity of Korean pop culture is exerting a positive influence on overseas sales of locally made products, a poll conducted by an international traders association showed Sunday.The Korea International Trade Association said a survey conducted on 1,173 people from Japan, China, Taiwan and Vietnam, revealed that 80 percent of the respondents said that the Korean wave has affected their buying of South Korean goods.The Korean wave, also known as “Hallyu,” refers to the popularity of South K
Nov. 13, 2011
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Imports from EU far exceed exports after FTA
South Korean imports from the European Union grew at a far faster pace than its exports to the economic bloc over the three months since their bilateral free trade deal took effect in July, data showed Sunday.In the July-September period, South Korean imports from the EU came to $12.35 billion, registering an average monthly increase rate of 26.5 percent, according to the data by the Ministry of Knowledge Economy and the Korea International Trade Association.In contrast, South Korean shipments t
Nov. 13, 2011
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Korean wave has impact on overseas product sales: poll
(Yonhap News)The popularity of Korean pop culture is exerting a positive influence on overseas sales of locally made products, a poll conducted by an international traders association showed Sunday.The Korea International Trade Association (KITA) said a survey conducted on 1,173 people from Japan, C
Nov. 13, 2011
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Nation’s first renewable energy compound completed in Busan
The country’s first compound for testing and producing parts and technologies for renewable energy sources was completed on Thursday.Work on the complex in Buan County, North Jeolla Province, began in 2004, and cost 100 billion won ($88 million), the Ministry of Knowledge Economy said.The compound is divided into a research and testing complex, industrial complex and a complex for experiencing and learning about related technologies. According to the ministry, three state-run research organizati
Nov. 10, 2011
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Gold prices climb higher amid Italy woes
SEOUL, Nov. 10 (Yonhap) -- Gold prices on both the international and South Korean markets are expected to continue rising as renewed worries on the eurozone, sparked by Italy's financial woes, prompt investors to scurry for safer assets, data showed Thursday.On Tuesday, the contract for December del
Nov. 10, 2011
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Korea’s jobless rate falls to 2.9% in Oct.
South Korea’s jobless rate fell in October from a month earlier and job creation accelerated at the fastest pace in 17 months, showing signs that long-frozen labor conditions might be thawing, a report showed Wednesday.The jobless rate stood at 2.9 percent last month, down from 3 percent in September, according to the report by Statistics Korea.The rate was also down from 3.3 percent tallied in the same month a year earlier.The report showed that the economy gained 501,000 more jobs last month c
Nov. 9, 2011
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Hanjin Heavy reaches tentative settlement on labor dispute in Busan
BUSAN (Yonhap News) ― Hanjin Heavy Industries & Construction hammered out a tentative agreement with its unionized workers on Wednesday to end an 11-month-long labor dispute sparked by the shipmaker’s massive layoffs. The provisional deal calls for the shipmaker to reinstate within one year 94 former employees who were laid off in the scheme to downsize the workforce, according to people with knowledge about the agreement. It also requires the Busan-based firm to deliver on what Hanjin Heavy cha
Nov. 9, 2011
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Finance, trade ministers urge quick approval of free trade deal with U.S.
South Korea’s top trade and economic policymakers urged the National Assembly on Wednesday to quickly ratify the long-standing free trade deal with the United States.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to follow suit.Lawmakers here, however, remain locked
Nov. 9, 2011
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Nearly 90% of ‘intra-group’ deals granted without competition: FTC
Nearly 90 percent of “intra-group” deals carried out between affiliates of major conglomerates last year were granted without open bidding, the antitrust watchdog said Wednesday.The results are based on an analysis by the Fair Trade Commission of business deals and sales data compiled by 20 affiliates of the nation‘s leading business groups. They consist of 8 advertising, 8 systems integration and 4 logistics companies. The companies were found to have received 9.16 trillion won ($8.23 billion)
Nov. 9, 2011
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S. Korea's jobless rate falls to 2.9 percent in Oct.
SEOUL, Nov. 9 (Yonhap) -- South Korea's jobless rate fell in October from a month earlier and job creation accelerated at the fastest pace in 17 months, showing signs that long-frozen labor conditions might be thawing, a report showed Wednesday.The jobless rate stood at 2.9 percent last month, down
Nov. 9, 2011
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State oil company plans Kazakhstan investment
The Korea National Oil Corp. will soon increase its presence in Kazakhstan under massive investment plans to significantly bolster its oil production, the company’s top official in the Central Asian country said.The state-run KNOC has four production fields and four undergoing exploration in Kazakhstan that currently churn out about 15,000 barrels of oil per day.“The company plans to increase its daily production level here to 50,000 barrels within the next few years, which will then make up a c
Nov. 8, 2011
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Officials say Park’s FTA report misguided
Critics say that local government chief excessively intervened in foreign affairsThe government on Tuesday rebuffed Seoul Mayor Park Won-soon’s concerns about the Korea-U.S. Free Trade Agreement, giving little credence to Park’s claims.“Many exaggerated concerns with little basis in facts were found (in the Seoul mayor’s statement). Among Seoul City’s claims there were many distortions and misunderstandings about ISD,” Deputy Trade Minister for FTA negotiations Choi Seok-young said at a briefing
Nov. 8, 2011
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Fitch raises Korea’s outlook to ‘positive’
Kia Motors Corp. vehicles bound for export are driven into a car carrier ship at the port in Mokpo. (Bloomberg)Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’
Nov. 7, 2011
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Forum stresses entrepreneurship, startups
Entrepreneurship Week 2011 conference opens alongside events held in 118 countriesThe country’s leading entrepreneurs, academics and economic experts emphasized on Monday the need to instill young talent with entrepreneurship and underpin startups as economic drivers in an era of innovation. About 500 businesspeople, scholars and public officials joined the International Conference on Global Entrepreneurship, which was held in Seoul by the country’s five largest business organizations to mark En
Nov. 7, 2011