Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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S. Korea's consumer prices grow fastest in 29 months in March
Government officials visit a local market to check food prices. (Yonhap News)South Korea's consumer prices grew at the fastest pace in 29 months in March, putting a crimp in the government's efforts to tame soaring inflation, a report showed Friday.According to the report by Statistics Korea, the country's consumer price index jumped 4.7 percent last month from a year earlier, marking the fastest
April 1, 2011
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BOK vacancy adds deadlock risk to inflation war
The longest vacancy on the Bank of Korea’s monetary board since 1998 raises the risk of policy deadlock as officials struggle to tame inflation while maintaining growth. The seat held by Park Bong-heum, a former budget and planning minister appointed by President Lee Myung-bak’s predecessor, has been empty since April 2010. The lack of a seventh member means deadlocks on interest- rate decisions a
March 31, 2011
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S. Korea's industrial output grows 9.1 pct in Feb.
South Korea's industrial output grew for the 20th straight month in February, indicating the economy is continuing to expand, a government report showed Thursday. According to the report by Statistics Korea, production in the mining and manufacturing industries rose 9.1 percent last month from the same month a year earlier. Output has increased since July 2009. Output was fueled mainly by s
March 31, 2011
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S. Korea's manufacturing sentiment edges down for April
South Korean manufacturers' business confidence for April inched down as rising oil costs and Japan's quake are expected to increase economic uncertainty, the central bank said Thursday. The index of manufacturers' outlook on business conditions reached 95 for April, down from 96 for March, according to the Bank of Korea (BOK). The index measures manufacturers' outlook on business conditions f
March 31, 2011
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Economy grows 6.2% in 2010
Per capita income tops $20,000 for first time since 2007Korea’s economy grew by 6.2 percent in 2010 in the fastest expansion for eight years, the central bank said Wednesday after revising an earlier estimate of 6.1 percent.The bank also raised gross domestic product growth for 2009 to 0.3 percent from its earlier projection of 0.2 percent.The country’s gross national income, reflecting the actual
March 30, 2011
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Iran Bank requests end to restriction
Bank Mellat asked Korean regulators to take the company off a list of institutions whose transactions must be approved by the central bank, said Ernst Lee, a spokesman for the Financial Services Commission in Seoul.Korea last year put 102 Iranian organizations including Tehran-based Bank Mellat and 24 individuals on a list banning financial transactions without central bank approval.Yonhap News ea
March 30, 2011
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Regulator toughens card firm regulations
Korea’s financial regulator said Wednesday it will require credit card companies to set aside more loss reserves against credit card loans amid growing concerns over burgeoning household debts.The measures to limit credit card companies’ lending and prop up their financial health came after the sector recorded sharp growth in household loans last year. Mushrooming household debts have been cited a
March 30, 2011
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S. Korean economy grows 6.2 pct in 2010
The South Korean economy grew 6.2 percent last year, the fastest expansion in eight years, as exports remained robust and facility investment jumped amid improved consumer spending, the central bank said Wednesday. The country's gross domestic product (GDP), the broadest measure of economic performance, was revised up from an earlier estimate of 6.1 percent for last year, according to the Bank o
March 30, 2011
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Hyundai pledges $400m to support suppliers
Hyundai Motor Group, whose flagships are Korea’s top automaker Hyundai Motor Co. and No.2 Kia Motors Corp., pledged Tuesday to provide over $400 million in support for its suppliers this year.The group’s fresh commitment came at an annual ceremony where the group and its suppliers pledge to engage in fair trade practices. This year’s event was also attended by 1,585 suppliers of Hyundai Motor and
March 29, 2011
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Ministry to downsize free economic zones
Korea has decided to downsize areas originally included as part of the country’s six free economic zones to reflect changing development requirements, the government said Tuesday.The Ministry of Knowledge Economy said a review panel ruled to exclude 12 areas covering 90.4-square kilometers of land from the FEZs, a move expected to cut back on overall costs and construction time.Seoul first designa
March 29, 2011
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Korea to host IDB annual meet in 2015
Korea will host an annual meeting of the Inter-American Development Bank in 2015, a chance that the government expects would deepen its economic cooperation with American countries, the finance ministry said Tuesday.The decision was unanimously made during the 52nd round of the IDB annual meeting that ended on Monday in Canada, the Ministry of Strategy and Finance said in a press release.Founded i
March 29, 2011
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Ex-Im Bank agrees to give Bolivia $50m loan
The Export-Import Bank of Korea said Tuesday it signed a deal to provide a $50 million loan to Bolivia to assist the country’s development projects.Eximbank President Kim Yong-hwan signed the deal with Bolivia’s Development Planning Minister Carlos Villegas in Calgary, Canada, to provide the economic development cooperation funds, according to the state-run trade bank. Kim Yong-hwan (left), chairm
March 29, 2011
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S. Korea's current account surplus widens to $1.18 bln in Feb.
South Korea's current account surplus widened in February from the previous month mainly because spending on overseas travel decreased amid still brisk exports, the central bank said Tuesday. The current account surplus reached $1.18 billion in February, up sharply from a revised $154.7 million the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure
March 29, 2011
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Korea set to be world’s most aged country in 2050
Seniors to make up 38% of populationResearch forecast Monday that Korea will become the world’s most aged society by 2050, raising an urgent need to prepare a safety net for the elderly and cope with a shrinking labor force.People aged 65 or older are predicted to make up 38.2 percent of Korea’s total population in 2050, according to the report by the Korea Institute of Finance, more than tripled
March 28, 2011
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Ministry hints at Gimhae airport alternative
Decision on new international airport to be unveiled Wednesday, Busan, Miryang also in the runningThe government is poised to decide Wednesday whether a new international airport will be built in Busan or Miryang, South Gyeongsang Province.Yet it is still uncertain whether the Ministry of Land, Transportation and Maritime Affairs will choose between the two cities or select an alternative, such as
March 27, 2011
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S. Korean exporters' sentiment weakens for Q2
A majority of South Korean exporters remain bullish about their business activity in the second quarter of this year, but they are worried about growing uncertainties like political unrest in the Middle East and North Africa, a poll showed Sunday. The Export Business Survey Index (EBSI) came in at 105.4 for the April-June period, down from 116.3 for the current quarter, according to the Korea
March 27, 2011
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Seoul shares to rise, but Libya, Europe woes may limit gains
South Korean stocks are forecast to trend higher next week, shrugging off concerns of Japan's March 11 earthquake, but other external uncertainties such as the Libyan unrest and Europe's debt risks may trim gains, analysts said Saturday. Despite the ongoing aftermath of Japan's earthquake, the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,054.04 on Friday, up 72.91 points, or 3
March 26, 2011
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Aussie millionaire offers W2.5b for Korean bride
At least 2,000 women have applied to meet the Australian millionaire who is looking for a Korean wife, marriage consulting agency UVIS said Friday. Among the applicants, women in their 40s make up the majority, the agency added. An Australian millionaire is looking for love and willing to offer more than 2 billion won ($1.7 million) for it, according to a marriage consulting firm.The 80-year-old b
March 25, 2011
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Korea’s smartphone users top 10 million
The state media regulator said Thursday that the number of smartphone owners here exceeded 10 million people earlier this week, surging more than twelvefold from 800,000 in 2009.The Korea Communications Commission said that a total of 10.02 million people used smartphones as of Wednesday, showing a sharp increase since the launch of Apple’s iPhone in Korea in November 2009.From 800,000 in December
March 25, 2011
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Korea’s labor productivity growth slows in Q4
Growth in Korea’s labor productivity in the manufacturing sector slowed in the fourth quarter of 2010 due to weaker private consumption and business investments, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index in the three month period gained just 3.3 percent on-year to 137.0, marking the third straight quarter of slowe
March 24, 2011