Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Allegations surrounding BTS resurface, enraged fans demand apology
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Doggy patrol team on the move to protect their cities
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Korea faces labor shortage, low productivity: SERI
The fast-aging population will bring labor shortages and low productivity to the country in the next couple decades, a report said Wednesday.Korea’s dwindling workforce, coupled with rock-bottom fertility rates and prolonged longevity, may weaken economic growth after 2020, said Park Chan-young, a r
Aug. 3, 2011
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Fake Ikea store thrives in China
A fake Ikea store is operating in Kunming, China, where stores selling Apple counterfeits were recently detected, according to the Netherlands online newspaper nu.nl.The shop is named “11 Furniture,” which sounds similar to “Ikea” in Chinese. The interior and exterior design of the building featurin
Aug. 3, 2011
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Asian stocks fall amid worries over US economy
Asian stocks fell Wednesday amid increasing pessimism over economic prospects in the United States, despite the country having avoided a potentially catastrophic debt meltdown.Japan's Nikkei 225 index declined 1.7 percent to 9,675.46. South Korea's benchmark Kospi fell 2.3 percent to 2,072.59. Stock
Aug. 3, 2011
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Social commerce company in U.S. buys Korea’s Ticket Monster
LivingSocial, the No. 2 social commerce provider in the U.S. after Groupon, has acquired South Korea’s biggest player Ticket Monster (TMon), underscoring the popularity of discount deals through social network services amid the dearth of mergers and acquisitions in other sectors. TMon said on Tuesda
Aug. 2, 2011
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Watchdog puts 2 more firms on watch list
South Korea’s antitrust watchdog said Tuesday that it has placed two more companies on its watch list that limits mutual investments and loan guarantees.According to the Fair Trade Commission, the number of companies on the list stood at 1,580 from a total of 55 business groups as of Monday, compare
Aug. 2, 2011
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S. Korea's foreign reserves hit new high in July
South Korea's foreign exchange reserves climbed to a fresh high in July as a stronger British pound and Japanese yen boosted the dollar conversion value, the central bank said Tuesday.The country's foreign reserves reached US$311.03 billion as of the end of July, up $6.55 billion from June, accordin
Aug. 2, 2011
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No credit impact on Korea's securities from floods: Moody's
Moody's Investors Service said Monday that the recent deadly floods and landslides in South Korea will have no credit-ratings impact on the country's residential mortgage-backed security (RMBS) and asset-backed security (ABS).Last week's downpour-caused floods and landslides in Seoul, nearby Gyeongg
Aug. 2, 2011
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Trade surplus widens to $7.2 billion in July
‘FTA effect’ may be felt in the second half of the year, customs agency saysSouth Korea’s trade surplus widened sharply in July from the previous month as exports grew at a faster pace than imports, the government said Monday.The country’s trade surplus reached $7.2 billion last month, compared with
Aug. 1, 2011
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Tax revenues hit record high last year
Tax revenues hit a record high last year as income and corporate taxes increased amid improving economic conditions, government data showed Monday. The National Tax Service said that it collected a total of 166.15 trillion won ($157.9 billion) last year, compared with 154.33 trillion won tallied a y
Aug. 1, 2011
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BOK sees continued inflationary pressure
South Korea’s inflationary pressure is unlikely to lose steam during the remainder of the year, the top central banker said Monday, pointing to the country’s uphill battle to curb inflation.“The annual growth rate of consumer prices will slow starting in September due mainly to high price levels a y
Aug. 1, 2011
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Financial industry’s growth hits 6-year low
Growth of the South Korean financial industry hit a six-year low in the first half due mainly to the struggling savings bank sector and insurers’ poor track records, data showed Monday.The local financial industry expanded 1.6 percent on-year in the January-June period, the slowest gain since a 0.2
Aug. 1, 2011
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S. Korea's consumer prices jump 4.7 percent in July
South Korea's consumer prices jumped at a faster pace in July, raising concerns that inflationary pressure is building up despite the government's anti-inflation efforts, a report showed Monday.According to the report by Statistics Korea, the country's consumer price index rose 4.7 percent last mont
Aug. 1, 2011
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Growth takes a backseat before presidential vote: Morgan Stanley
With the presidential election slated for December 2012, the Korean administration is likely to focus on firmer fiscal policy and welfare promotions rather than growth-oriented measures in a bid to appease the low-to-mid-income group, Morgan Stanley said. In a new research report titled “2012 Election Year: Market Implications,” Morgan Stanley forecast that the Korean government will not go for an
July 31, 2011
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Industrial output slows in June
June industrial production posted slower than expected growth of 0.7 percent, a government report said Friday.Output in the construction, service, mining and manufacturing sectors expanded by 6.4 percent from a year ago, down from a revised 8.1 percent growth forecast in March, Statistics Korea said. The 0.7 percent on-month expansion is the slowest output growth in nine months, and a slow down fr
July 29, 2011
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Ratio of exports to GDP hits new record in Q2
The weight of exports in the South Korean economy hit an all-time high in the second quarter, central bank data showed Thursday, underlining the country’s heavy dependence on overseas shipments for economic growth.Seasonally adjusted exports of goods and services amounted to 141.7 trillion won ($134.6 billion) in the April-June period, or 52.68 percent of the gross domestic product, according to t
July 28, 2011
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S. Korea's current account hits 8-month high in June
South Korea's current account surplus hit an eight-month high in June on record exports, the central bank said Thursday, showing that overseas shipments are humming along despite strong currency and global economic uncertainties.The current account surplus reached US$2.99 billion in June, up from a revised $2.18 billion the previous month, according to the Bank of Korea (BOK). The current account
July 28, 2011
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Korea-Peru FTA to take effect in Aug.
The free trade accord between South Korea and Peru will take effect on Aug. 1, paving the way for the two countries’ trade and investment to increase sharply, the trade Ministry in Seoul said Wednesday.“The free trade deal with Peru will contribute to bolstering trade and investment and promoting cooperation in resources development. We expect that the trade pact will help South Korea expand into
July 27, 2011
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Major firms to increase payrolls in H2: poll
Major South Korean companies are set to recruit more employees in the second half of the year than a year earlier as the economy is on a solid growth path, a poll said Wednesday.According to the joint survey by the Korea Chamber of Commerce and Industry and Incruit, a local online job placement portal, 338 companies plan to hire a combined 17,361 employees in the July-December period, up 1.7 perce
July 27, 2011
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Watchdog panelist slammed for blog photos of genitals
By Cho Ji-hyunControversy is escalating over whether it was appropriate for a member of a media watchdog to post photos that some argue are “sexually offensive” on his personal blog.Last Wednesday, Park Kyung-sin, one of the nine commissioners at the Korea Communications Standards Commission, posted screen-grabs of photos of multiple male genitals published on other blogs on his own site, asking v
July 27, 2011
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US: Wealth gap widens between whites, minorities
WASHINGTON (AP) _ The wealth gaps between whites and minorities in the United States have grown to their widest levels since the U.S. government began tabulating them a quarter-century ago. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census da
July 27, 2011