Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Korea may be model for ‘Capitalism 4.0’: Kaletsky
In his book “Capitalism 4.0,” prominent journalist/economist Anatole Kaletsky predicts a sea change in the relationship between government and the market.The fourth stage of capitalism, he argues, is being created by a new form of collaboration that transcends both unbridled capitalism and state interventionism. The “birth of a new economy” would also mean a new era of healthy growth for emerging powers like South Korea, he said. “For Korea, it’s going to be an opportunity,” Kaletsky, editor-at-
Nov. 7, 2011
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N.K.’s mineral exports to China tripled from 2010: study
North Korea’s mineral exports to China have tripled this year compared to a year ago, a study showed Sunday.A joint study of Chinese data by the Yonhap news agency and Seoul-based IBK Economic Research Institute showed that China imported 8.42 million tons of minerals from North Korea from January to September this year, worth $852 million.Over the first nine months of last year, China brought in 3.04 million tons of minerals from the North for $245 million.Most of the minerals were anthracite c
Nov. 6, 2011
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Seoul shares expected to gain ground next week
South Korean stocks are forecast to move upward next week, analysts said Saturday, with the Greek prime minister's latest victory in a confidence vote and an upcoming meeting among European financial ministers likely to embolden investor sentiment. The benchmark Korea Composite Stock Pri
Nov. 5, 2011
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G20 leaders fail to agree on how to boost IMF
CANNES, France (AP) -- Leaders of the world's 20 most powerful economies failed to agree on how to increase the firepower of the International Monetary Fund, so that it can help stem the European debt crisis, though they acknowledged its resources should be boosted. The leaders st
Nov. 4, 2011
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SK chief calls G20 business leaders’ attention to corporate responsibility
SK Group chairman Chey Tae-won called for global efforts to strengthen social corporate responsibility to achieve the sustainable growth of poor countries.Chey made the call during a roundtable discussion at the meeting of business leaders on the sidelines of G20 Summit in Cannes, France, on Thursday.Chey attracted support from participants when he proposed to global companies to set up “social enterprises’ and investment in them for the developing countries’ sustainable growth, according to SK
Nov. 4, 2011
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Korea to export tomatoes, grapes to N. America
South Korea will export tomatoes and grapes to the North American market starting in 2012 after meeting quality control and quarantine safety requirements, the government said Thursday.The Agriculture Ministry’s Animal, Plant and Fisheries Quarantine and Inspection Agency said negotiations with the United States to ship tomatoes were successfully concluded last month.“Farms that can meet quality control requirements will be checked by inspectors and be registered as exporters,” it said. “Actual
Nov. 3, 2011
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S. Korea's foreign reserves rebound in Oct.
SEOUL, Nov. 2 (Yonhap) -- South Korea's foreign exchange reserves rebounded in October from a three-year low as a weaker dollar raised the conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$310.98 billion as of the end of October, up $7.6
Nov. 2, 2011
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Momentum building for Northeast Asia trade deal
Korea positioned to take lead in forging trilateral accord with China, JapanWith the parliamentary ratification of a free trade deal with the U.S. held back by a prolonged standoff between the two main parties, Korea agreed to expand its currency swap deals with China and Japan last month.It signed an agreement to double its currency swap arrangement with China to $57 billion last Wednesday during a visit to Seoul by China’s Vice Premier Li Keqiang. The accord with Beijing came only a week after
Nov. 1, 2011
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Highway tolls, train fares to rise
The government on Tuesday announced plans to raise highway tolls and train fares in a bid to cope with surging costs and to boost the financial stability of state-run enterprises.The package includes an average hike of 2.9 percent in expressway tolls nationwide starting later this month, and an average increase of 2.93 percent in train tickets from mid-December, according to the Ministry of Land, Transport and Maritime Affairs.“The government has frozen toll and train rates since 2006 and 2007 i
Nov. 1, 2011
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Memory chip prices extend slump
Prices of memory chips used in personal computers and mobile devices logged another drop, according to the latest industry data Tuesday, reflecting still fragile demand for consumer electronics products. Prices of NAND flash memory devices hit a 32-month low in the second half of last month, while prices of dynamic random access memory chips failed to make a rebound and held steady in the same period, according to DRAMeXchange Technology Inc. The Taiwan-based company, Asia’s largest operator of
Nov. 1, 2011
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Nightspot businesses plan massive strike
The credit card commission dispute has entered a new phase as the country’s bars, night clubs, massage parlors, hagwon, and other small businesses plan to go on a nationwide strike at the end of this month over transaction fees. The Federation of Professional Economic-Person Societies, which covers the so-called nightspot business, said on Tuesday it would hold a 50,000 people-strong rally in Seoul on Nov. 30 to call on credit card companies to lower the transaction commission rate to 1.5 percen
Nov. 1, 2011
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S. Korea's trade surplus hits $4.3 billion in Oct.
SEOUL, Nov. 1 (Yonhap) -- South Korea's trade surplus grew significantly from a year earlier in October on robust exports, the government said Tuesday.The country's trade surplus reached US$4.3 billion last month, up from $2.67 billion a year earlier, according to the Ministry of Knowledge Economy.E
Nov. 1, 2011
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STX Offshore to participate in Canadian ship project
South Korea’s STX Offshore & Shipbuilding Co. said Monday its Canadian unit will participate in an Ottawa government-led 36 trillion won ($32.7 billion) project to build a large fleet of ships.STX Canada Marine Inc. will sign a formal contract with Canada’s Seaspan Corp. to jointly build non-combat ships including support ships, ice breakers and sea exploration vessels, STX Offshore & Shipbuilding said.The construction of the non-combat vessels is estimated to be worth 9 trillion won, but STX Of
Oct. 31, 2011
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Minister rebuffs DP’s claims on ISD
Renegotiating the Korea-U.S. Free Trade Agreement is impossible and the investor-state dispute or ISD settlement clause is a long-standing international practice, Trade Minister Kim Jong-hoon said Monday, rejecting the opposition parties’ call for the clause to be removed from the accord.Speaking on a local radio station, Kim said Korea has been including ISD settlement clauses in agreements with other nations since 1976 and that the clause has not proved damaging to Korea since.The “ISD clause
Oct. 31, 2011
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Government unveils measures to support renewable energy industry
South Korea announced a package of measures Monday to support the renewable energy industry, pledging to expand export financing for companies, boost investment in research and development and relax regulations.The Presidential Committee on Green Growth unveiled the measures during a meeting presided over by President Lee Myung-bak, saying South Korea should increase government support for the sector to strengthen its position in the global renewable energy industry.Under the plan, the governmen
Oct. 31, 2011
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Hyundai, Kia to see sales top 7m next year
Hyundai Motor Co. and its affiliate Kia Motors Corp. are likely to see their combined sales exceed 7 million units next year on the back of improved brand images, production quality and increased capacity, analysts said Sunday.For this year, South Korea’s top duo of carmakers expect to sell a combined 6.5 million units with Hyundai Motor posting sales of 4 million units. But they warned last week that they may face increased competition with foreign rivals and unfavorable business conditions dow
Oct. 30, 2011
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Korea mulls hiking highway, train fares
South Korea will likely raise highway and train service fares by the end of this year following years of unchanged rates aimed at curbing inflation, a source said Friday.The finance ministry and the transportation ministry are currently in the last phase of talks to determine when and by how much th
Oct. 30, 2011
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Korea to cool lottery fever
The government said on Friday it is considering setting a limit on the total number of lottery tickets issued in a bid to cool red-hot lottery fever. The Korea Lottery Commission, an agency under the Ministry of Strategy and Finance, raised the lottery ticket issuance limit for this year to 2.8 trillion won ($2.5 billion) on Thursday, up from 2.5 trillion won, to meet the surging demand.The Finance Ministry is now trying to stem the lottery boom from heating up further after the launch of a pens
Oct. 28, 2011
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Non-regular workers numbered at 6 million
College graduates make up 30% of irregular workforceThe number of “irregular” workers with low pay and less job security in Korea reached nearly 6 million, data showed on Friday, underscoring that the country’s employment condition continues to deteriorate. Statistics Korea said the number of non-regular workers in Korea stood at 5.99 million as of end-August, accounting for a 34.2 percent share in the total workforce. The total number of salaried workers, including temporary employees, rose 2.7
Oct. 28, 2011
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Google chief to meet KT head in Seoul
Google chairman Eric Schmidt will visit Korea early next month for a series of talks with KT chairman Lee Suk-chae and other leaders of tech companies, industry sources said Friday. This will be the second time for the Google chief executive to visit Korea.Amid diverse smartphone-related issues expected to be discussed during the talks, industry sources predicted that mobile payment services would be the main topic. KT, which in February acquired the nation’s top credit card firm BC Card, this w
Oct. 28, 2011