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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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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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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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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Yoon criticizes oil refineries over pricing
Korea is drawing up measures to induce price cuts by oil refineries, the nation’s top economic policymaker said Tuesday, expressing suspicion that they are not setting prices for domestic consumers in a transparent manner.The remarks by Finance Minister Yoon Jeung-hyun are the latest in his series of strong words against the nation’s oil refinery industry. He has been accusing the industry of keep
March 15, 2011
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Yoon regrets Samsung chief’s criticism of economic policy
Yoon regrets Samsung chief’scriticism of economic policyFrom news reportsFinance Minister Yoon Jeung-hyun expressed regret Monday about Samsung Electronics chairman Lee Kun-hee’s recent criticism of the government’s economic policy. “It is truly embarrassing and disappointing,” Yoon told lawmakers about Lee’s disparaging remarks on the Lee Myung-bak administration’s policy performance.Last Thursda
March 14, 2011
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Seoul stocks weather Japan quake impact
South Korean stocks closed 0.8 percent higher on Monday as big gains by electronics and steelmakers helped offset jitters over Japan’s massive earthquake, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI advanced 15.69 points to 1,971.23 after falling as much as 1.2 percent at one point. Trading volume was moderate at 384.1 million shares, worth 9.4 trillion won (
March 14, 2011
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Korean economy little affected by Japanese quake
But experts say prolonged disaster may pose threat to Korea’s exports, financial marketsThe earthquake in Japan has caused minimal impact on South Korean firms and exports though damage will inevitably escalate should the Japanese economy take longer to recover than expected, the government said Monday. The 9.0-magnitude temblor which occurred on the northeastern coast of the island nation Friday
March 14, 2011
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Chinese inflation threatens to worsen Korea’s price woes
Korea is likely to suffer faster price gains in the second half of 2011 as China’s growing inflation is feared to spill over into the country, experts said Monday.China’s consumer price index jumped 4.9 percent in January and February from a year earlier, respectively, after gaining 5.1 percent in November and 4.6 percent in December amid the country’s strong economic growth. The quickening price
March 14, 2011
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Tokyo shares plunge 6.18%
TOKYO (AFP) - Tokyo shares plummeted more than six percent Monday as investors reacted to the biggest earthquake in Japan's history, a devastating tsunami and an unfolding nuclear emergency.Shares tumbled below as the key index fell below the 10,000 point mark. The day's plunge in the Nikkei-225 was the biggest since October 2008.The Nikkei index closed down 6.18 percent, or 633.94 points, at 9,62
March 14, 2011
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Quake may cost insurers $34 billion; tsunami toll yet to come
(Bloomberg) -- Japanese insurers and global reinsurance companies that backstop their policies may face claims of as much as 2.8 trillion yen ($34 billion) tied to last week’s earthquake, AIR Worldwide said.The top-of-range preliminary estimate, which AIR disclosed yesterday in a statement, doesn’t include damage caused by the tsunami that followed the March 11 temblor. AIR is working to quantify
March 14, 2011
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Won falls on Japan quake, but stock market unscathed
The South Korean currency lost ground against the U.S. dollar on growing jitters over the impact of Japan's devastating earthquake and tsunami, but the local stock market remained almost unscathed, analysts said.The local currency traded at 1,131.40 won to the dollar, down 7.2 won from Friday's close, as of 2:15 p.m. as investors sought safe assets in the aftermath of the 9.0-magnitude temblor and
March 14, 2011
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Korea wins major UAE oil deal
South Korea clinched a landmark oil field development deal in Abu Dhabi, in the United Arab Emirates on Sunday during President Lee Myung-bak’s visit to the Arab nation, raising hopes for the nation bolstering its energy security. The set of agreements includes a memorandum of understanding which guarantees Korea to participate in the production of at least 1 billion barrels of crude oil from the
March 13, 2011
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Investor expects China to dominate 21st century
Rogers expects unification to make Korea a greater forceChina will dominate the 21st century. The economic policies, particularly monetary policies, pursued by the U.S. are hastening its decline. Commodities, not stocks or bonds, are the smart investments now. This is what American investor and author Jim Rogers has been saying for several years now, and it was the message he brought with him Thur
March 13, 2011
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GM awards LG Chem
LG Chem said Sunday that it has been named “corporation of the year” at the 19th annual Supplier of the Year celebration, held at the GM World headquarters in Detroit, Michigan.Company officials said the win was attributable to its lithium-ion battery supplied for GM’s electric vehicle, Volt.To receive the most prestigious award among 82 global suppliers to GM who were also in presence at the awar
March 13, 2011
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S. Koreans' overseas travel spending hits 30-month high in Jan.
South Koreans' spending on overseas travel rose by the most in 30 months in January as the local economy recovered and the local currency ascended to the U.S. dollar, central bank data showed Sunday. South Koreans' expenditure on overseas travel reached US$2 billion in January, up 29.2 percent from a year earlier and marking the highest level since the $2.24 billion recorded in July 2008, acc
March 13, 2011
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Korea to launch grain trading firm in April
By Shin Hyon-heeKorea’s government and companies will open a grain trading company in Chicago next month, speeding up efforts to ensure stable supply and cope with price swings, a source close to the matter told The Korea Herald.The state-run Korea Agro-Fisheries Trade Corp. (aT) said in January it and large local firms will launch the joint corporation this year to establish a national grain proc
March 11, 2011
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BOK hikes rate to curb inflation
Central bank governor sees high inflationary pressureKorea’s central bank raised its key interest rate for the second time in three months Thursday as it steps up efforts to control inflation.The Bank of Korea lifted its benchmark base rate to 3 percent from 2.75 percent at a monthly meeting. The rate influences a variety of borrowing costs, including those on overnight loans between financial ins
March 10, 2011
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Samsung chief Lee slams profit-sharing scheme
Lee Kun-hee, chairman of Samsung Electronics Co., on Thursday lashed out at a recent proposal by former Prime Minister Chung Un-chan for large businesses to share their excessive profits with smaller companies.The rare attack from usually reticent Lee, 69, came as he was on his way to a monthly meeting of the executive board of the Federation of Korean Industries, the largest business lobby in Kor
March 10, 2011
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Ex-Minister Kang picked to head KDB Group
Kang Man-soo, senior presidential economic adviser and former finance minister, was recommended Thursday as the next chairman of state-run KDB Financial Group Inc.The Financial Services Commission requested President Lee Myung-bak appoint Kang to lead the group, which controls Korea Development Bank. He would double as chief of the lender.Kang, 66, will replace Min Euoo-sung, who led the state fi
March 10, 2011
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Korea vulnerable to oil price hikes: Goldman
Higher oil prices will have a greater impact on Korea than other Asian economies, Goldman Sachs said, indicating its economic growth is more exposed to oil price risks.Goldman Sachs said Korea’s economic growth, along with that of Taiwan, Thailand and Singapore, will be reduced by 30 basis points in proportion to a 10 percentage point rise in global crude oil prices.Countries in Asia, with the exc
March 10, 2011
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Kim to remain as Hana chairman
Hana Financial Group Inc. has nominated its current chairman to continue leading the country’s fourth-largest financial holding company for another year.The group’s board of directors made the decision on Wednesday in a bid to successfully finalize its takeover of Korea Exchange Bank, which started under the leadership of Chairman Kim Seung-yu, according to Hana Financial. Kim Seung-yuThe finaliza
March 10, 2011
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U.S. lawmakers threaten to stall Korea trade pact
WASHINGTON (AFP) ― U.S. lawmakers on Wednesday threatened to hold up a trade pact with Korea unless President Barack Obama’s administration moves ahead on separate deals with Colombia and Panama.Obama, who faces skepticism on free trade from part of his Democratic Party’s base, has publicly called for approval of deals with all three nations this year but wants time to fine-tune the packages with
March 10, 2011
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Producer inflation hits 2-year high
Korea’s producer prices rose at the fastest pace in more than two years in February due to a hike in international oil and commodity prices, the central bank said Thursday.The producer price index (PPI), a barometer of future consumer inflation, climbed 6.6 percent in February from a year earlier, up from 6.2 percent the previous month, according to the Bank of Korea.It marked the fastest expansio
March 10, 2011