Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Samsung mocks Apple over iPhone alarm glitch
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Medical feud leaves hospitals in financial crisis
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Chip up cycle won’t stay long: SK chief
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Making money bigger priority than preserving it, SEI says
Increasing their wealth is a priority for more high-net-worth families than merely maintaining what they already have, according to a survey of individuals with an average household net worth of more than $20 million.About 74 percent of those surveyed said that growth of wealth was a priority over t
Oct. 28, 2011
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Seoul shares open higher on U.S. gains, eased eurozone woes
SEOUL, Oct. 28 (Yonhap) -- South Korean stocks got off to a strong start on Friday, tracking overnight rallies on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) soared 33.79 points, or 1.76 percent, to 1,955.83 in the first 15 minutes of trading.Financial shares,
Oct. 28, 2011
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S. Korea's current account surplus jumps in Sept.
SEOUL, Oct. 27 (Yonhap) -- South Korea's current account surplus jumped more than 10-fold in September from the previous month on brisk exports, the central bank said Friday, showing that overseas shipments are weathering global economic uncertainty.The current account surplus reached US$3.1 billion
Oct. 28, 2011
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Number of holding firms grows: watchdog
The number of holding companies in South Korea grew over the past year as businesses continued efforts to streamline their corporate governance structure, the corporate watchdog said Thursday.The number of holding firms in South Korea stood at 105 as of end-September, up 9 from the same period a year earlier, according to a report by the Fair Trade Commission. Over the period, 24 firms were added to the list, while 15 were taken off. Of the total, 13 are financial holding companies, while the re
Oct. 27, 2011
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‘Venture renaissance’ and lessons from Silicon Valley
The following was contributed by Seo Seung-won, director general at Business Start-up and Venture Bureau at the Small and Medium Business Administration. ― Ed. On Oct. 6, Apple’s Board of Directors made the official announcement of the death of tech-giant Steve Jobs, who brought a whole new level of technology experience to human beings in our generation. He is a historical figure who started the popularization of personal computers in the 1970s with the Apple II series. The ex-CEO later opened
Oct. 27, 2011
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S. Korean consumer sentiment rebounds in Oct.
SEOUL, Oct. 27 (Yonhap) -- South Korea's consumer confidence bounced back in October after staying below par for the last two months, the central bank said Thursday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- stood at
Oct. 27, 2011
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S. Korean economy grows 0.7 pct on-quarter in Q3
SEOUL, Oct. 27 (Yonhap) -- The South Korean economy grew at the slowest pace in three quarters in the third quarter on weaker consumer spending and faltering facility investment, the central bank said Thursday, showing that growth momentum cooled amid a global economic slowdown.Asia's fourth-largest
Oct. 27, 2011
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[Briefly] Hyosung mulls building new ATM factory in China
Hyosung mulls building new ATM factory in ChinaHONG KONG (Yonhap News) -- South Korea’s Nautilus Hyosung Inc. is considering building a new plant in China as part of efforts to strengthen its status as a leading provider of automatic teller machines in the neighboring country, industry sources said Wednesday.The company’s Chinese subsidiary, Beijing Hyosung Computer Technology Co., is considering building the plant in an industrial zone in Weihai, a city in eastern Shandong Province, according t
Oct. 26, 2011
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Beer, soju consumption bounces back
South Korean consumption of beer and soju has made a comeback in 2011 after three straight years of negative growth, a trade association said Wednesday.The Korea Alcohol and Liquor Industry Association said beer shipments reached just under 1.25 million kiloliters in the first eight months of this year, up 3 percent from a year earlier.Shipments of soju, a local distilled beverage made from rice and other starches, also grew 1 percent on-year to 809,891 kiloliters.“Both beer and soju consumption
Oct. 26, 2011
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Doosan Infracore launches excavator plant in China
Doosan Infracore Co. has started operation of its new plant in China as it seeks to recapture the top spot in the earth-moving equipment market by rolling out compact excavators. The Korean engineering firm said Wednesday the facility in Suzhou in the eastern province of Jiangsu will churn out 9,800 eight-ton or smaller excavators annually. It has injected 72.9 billion won ($64.5 million) in the project launched in 2007.“Given the rapid advancement of local firms, the only way of surviving compe
Oct. 26, 2011
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S. Korean economy to grow 3.7 percent next year: think tank
SEOUL, Oct. 26 (Yonhap) -- South Korea's economy will likely grow at a slower pace than the government's forecast next year as exports are expected to lose steam and domestic demand is predicted to plateau due to the global economic downturn, a local think tank said Wednesday. The Korea Institute of
Oct. 26, 2011
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Korea, China to cut fishing quotas in exclusive waters
South Korea and China have agreed to cut back on fishing in each other’s exclusive economic zones next year as part of efforts to preserve their fish stocks, the Seoul government said Tuesday.Under the agreement, China’s fishing quota in South Korea’s EEZ will be cut by 2,500 tons to 62,500 tons in 2012 with the number of Chinese fishing boats allowed to operate in South Korean waters also reduced to 1,650 from 1,700 this year, according to the Ministry of Food, Agriculture, Forestry and Fisheri
Oct. 25, 2011
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Korean economy heading for stagflation?
Slowing growth coupled with price rises poses dilemma for policymakersThe Bank of Korea froze its key interest rate at 3.25 percent a year for a fourth consecutive month in October in a move that analysts said placed worries over growing external uncertainties ahead of inflation concerns.A report by the central bank said at the time the downside risks to the economy were increasing due to worsening external factors such as the eurozone’s sovereign debt crisis and slowdowns in major countries.An
Oct. 25, 2011
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Baby births grow in S. Korea for 18th month in Aug.
SEOUL, Oct. 25 (Yonhap) -- The number of babies born in South Korea grew for the 18th straight month in August amid the government's efforts to boost the nation's relatively low birthrate, a report showed Tuesday.According to the report by Statistics Korea, the number of babies born in August came t
Oct. 25, 2011
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Korea fuels fight against fake petrol
The government and local refiners are joining forces to root out rampant fuel adulteration across Korea by issuing tougher penalties and tipster rewards.Early this month, the government declared an all-out war against fake fuel, sharply raising fines for gas station owners selling adulterated petrol products and seeking ways to cancel their business licenses once caught.Hyundai Oilbank Co., the country’s smallest refiner, boosted the drive on Sunday by offering tipsters cash rewards of up to 5 m
Oct. 24, 2011
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Korea, Indonesia agree to seek free trade deal
South Korea and Indonesia agreed to significantly boost their economic ties, a move that will include the signing of a free trade deal at an early date, the Seoul government said Monday.The countries have also agreed to seek what they called joint “mega projects” that will symbolize their economic cooperation and Seoul’s support for the economic development of the Southeast Asian country, according to the Ministry of Knowledge Economy.The agreements came at a Seoul meeting of the countries’ join
Oct. 24, 2011
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Korean manufacturers hit by financial crisis: poll
Nearly 60 percent of South Korean manufacturers think that the current global economic turmoil has dealt a blow to their business conditions and performances, a poll showed Monday.According to the survey on 518 manufacturing companies, 57.9 percent said that their business conditions have worsened from the first six months of the year due to the crisis stemming from U.S. and European debt woes, while 42.1 percent responded they are better off. By industry, nearly 80 percent of petrochemicals and
Oct. 24, 2011
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Gumi looks beyond semiconductors
Mayor Nam says many Japanese companies looking to relocate to Korean cityFor Gumi, Korea’s Silicon Valley, making sure that foreign direct investment keeps flowing into the city is a daily endeavor.To highlight the city’s appeal as a high-tech powerhouse, Herald Media organized a trip for commercial attaches so that they could get a firsthand account of a city that is a model for overcoming the crisis and fueling the nation’s economy.Gumi’s national industrial complexes were established with the
Oct. 24, 2011
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Korea ups fight against fake petrol
The government and local refiners are joining forces to root out fuel adulteration rampant nationwide as they step up their crackdown and relay measures such as tougher penalties and tipster rewards.Early this month, the government declared an all-out war against fake fuel, sharply raising fines for gas station owners selling adulterated petrol products and seeking legal support to cancel their business licenses once caught.Hyundai Oilbank Co., the country’s smallest refiner, gave an impulsion t
Oct. 24, 2011
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Korea celebrates revival of four rivers
Festival underscores government’s 5-year project to renovate river basinsThe government hosted an event last weekend to celebrate the revitalization of the country’s four major rivers as its multi-billion-dollar project nears its end.The Ministry of Land, Transport and Maritime Affairs opened on Sat
Oct. 23, 2011