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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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Will China's self-sufficient dream in HBM come true?
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Man stabs woman and her son amid financial dispute, killing 1
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Libyan unrest worries Korea
The intensifying turmoil in Libya and the Middle East is feared to serve a major blow to the Korean economy and its firms doing business in the region. Korean builders seem to be hit hardest by the political crisis as most of their projects there have been put on hold and workers have fled Libya during the past week. Local firms’ unpaid fees from their Libyan partners have reached about $19 millio
Feb. 28, 2011
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Korea to expand tariff quota on powdered milk, pork belly
Korea will expand the amount of powdered milk and frozen pork belly subject to no import taxes as part of efforts to ease price hikes sparked by the massive slaughter of livestock amid the spreading foot-and-mouth disease, the finance ministry said Monday.The measure, finalized during a Cabinet meeting held earlier in the day, will go into effect from early March under the government’s quota tarif
Feb. 28, 2011
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FSC may approve Hana’s takeover of KEB in March
The Financial Services Commission is expected to approve Hana Financial Group’s takeover of Korea Exchange Bank in March, an official said on Monday. “There seems to be no major problem with its funding plans,” said an FSC official.He said the regulatory body is likely to approve Hana’s request at a meeting on March 16. His remark came after several securities firms raised the possibility that Han
Feb. 28, 2011
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[Herald Interview] Former lawmaker sees U.S. FTA ratification soon
The only Korean-American to have served in U.S. Congress expects the KORUS FTA to be ratified in the U.S. soon, possibly within the spring. “I think it’s going to be ratified easily, perhaps by May,” Jay Kim told The Korea Herald last week. “There’s no problem here, (but) I’m concerned about Korea.” Kim, born Kim Chang-jun in Seoul in 1939, emigrated to the U.S. in 1961, where he studied civil eng
Feb. 28, 2011
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Korea raises energy alert over oil prices
Measures in force to reduce energy useSouth Korea raised its energy alert level on Sunday and will launch a set of emergency conservation measures on Monday to counter surging crude oil prices, the Ministry of Knowledge Economy said. The government upgraded the country’s energy alert level from “blue” to “yellow,” the third-highest in the country’s four-tiered system. The country issued the “blue”
Feb. 27, 2011
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Seoul shares to fluctuate on Libya crisis this week
Korean shares will likely remain bearish this week as the political unrest in the Middle East will continue to drive up oil prices, adding more inflationary pressure on the economy, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,963.43, down 2.5 percent or 49.71 points from a week earlier on massive selling by foreign investors, who dumped 600 billion won ($531 m
Feb. 27, 2011
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Korea to delay carbon trading to 2015
Korea’s government is delaying carbon emission trading to 2015 after opposition from the industry to implement it in two years.The revised bill, which reflects feedback from businesses, will be submitted to parliament in March, Kim Sang-hyup, the presidential secretary for green growth, said Saturday.President Lee Myung-bak said on Feb. 7 the emission-trading plan will be implemented in a “flexibl
Feb. 27, 2011
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Lee’s business diplomacy expands market
Emphasis on free-trade deals has increased access for Korean exportsPresident Lee Myung-bak’s emphasis on business diplomacy for the past three years has been catapulted Korea to the forefront of free trade and international global coordination that helped the world tide over the worst downturn since the Great Depression. Korea’s first CEO-turned-president is praised for pulling the country out of
Feb. 27, 2011
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S. Korean manufacturers' sentiment edges down for Q2
South Korean manufacturers' confidence inched down for the second quarter on jitters over currency volatility and rising costs of raw materials, a poll showed Sunday. In its survey of 1,326 local manufacturers, the Korea Chamber of Commerce and Industry (KCCI) said the business sentiment index slipped to 108 for the April-June period from 111 for the current quarter. A reading above 100 means
Feb. 27, 2011
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Lee praised for crisis response
During his three years in office, President Lee Myung-bak is praised for achieving a rapid recovery from the financial crisis and boosting Korea’s economic clout in the world.His government has widened Korea’s free trade relations with major economies, mediated conflicts between traditional and emerging powers as the first host of G20 Summit and pulled off 6.1 percent growth last year to rank seco
Feb. 24, 2011
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Regulator decides not to allow fourth telecom
The Korea Communications Commission said Thursday that it decided not to allow a fourth telecom to establish in the local market due to its lack of business strategies and funding abilities.During the weekly general meeting, commissioners of the state-run telecom regulator rejected Korea Mobile Internet’s proposed project plan to take position as the fourth telecom.The commission also turned down
Feb. 24, 2011
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Korea to join G20 inflation control
Finance minister calls for policy focus on price stabilityKorea will participate in the Group of 20’s efforts to control sharp price hikes in key commodities that have a direct bearing on economic growth and inflation, the government said Wednesday.The finance ministry said playing a role in the G20 arrangement could allow Seoul to work with other countries to better cope with a rise in energy, gr
Feb. 23, 2011
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Market watches parliament over bank levy bill
Korean banks and currency dealers are keeping close tabs on whether the parliament will approve a bill to introduce a bank levy that could cut the inflow of dollars, market sources said Tuesday.In a bid to stem excessive foreign capital flows, the government is seeking to introduce a bank levy that will be imposed on non-core foreign currency borrowing in the second half. The National Assembly, no
Feb. 22, 2011
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Middle East crisis hits Korean markets
Growing unrest in the Middle East and soaring crude oil prices are casting clouds over the Korean economy and placing the government and businesses on emergency footing.Construction and airline firms led a plunge in stocks in Seoul on Tuesday on concerns that protracted protests in Libya and the region could deal a major blow to Korean businesses there and Brent prices approached $107 in Asian tra
Feb. 22, 2011
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S. Korean imports of U.S. beef almost double in 2010
South Korea's imports of U.S. beef nearly doubled in 2010 from a year earlier due largely to dwindling concerns over its safety here, the government said Tuesday. The farm ministry said the country imported 125,681 tons of beef from the U.S. last year, up 97 percent from 63,817 tons tallied in 2009. The total effectively exceeded amounts imported by Seoul before the U.S. beef import ban went
Feb. 22, 2011
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Household credit grows fastest in 8 years: BOK
Korea’s household credit grew at the fastest pace in more than eight years in the fourth quarter as economic recovery and eased lending rules spurred demand for bank mortgage loans, the central bank said Monday.Household credit, the sum of loans and credit purchases, climbed 25.3 trillion won ($22.7 billion) to 795.4 trillion won in the three months ended Dec. 31 from the previous quarter, the Ban
Feb. 21, 2011
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Radioactive leak alert issued at Daejeon
A warning of a radioactive leak was issued at a state-run nuclear power research institute in the central city of Daejeon on Sunday, but no radiation leaked outside, institute officials said.The Korea Atomic Energy Research Institute, located 164 kilometers south of Seoul, said it sounded the warning at 2:32 p.m. as the radiation level of its research reactor, the 30 megawatt HANARO unit, surpasse
Feb. 20, 2011
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U.S. House passes budget bill
U.S. lawmakers vote to cut $61 billion in government spendingWASHINGTON (AFP) ― Historic spending cuts approved Saturday by the U.S. House of Representatives face a grim future in the Senate, raising the prospects of a government shutdown and ramping up the public relations blame game.After a marathon floor debate running well past midnight, the Republican-controlled House voted to cut about $61 b
Feb. 20, 2011
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LG top brass hits the road for hands-on reviews
Troubled company’s CEO scans production lines at home and abroadLG Electronics’ top man Koo Bon-joon’s air mileage must be piling up at record speed with all the overseas trips he has logged since taking over the distressed electronics maker last September.Koo, 50, has been particularly travel-happy over the past few months, according to those close to the company, embarking on frequent trips to e
Feb. 20, 2011
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Korea to spend W60b to reshape industrial complexes
The government and private sector will organize a 60 billion won ($53 million) fund this year to be used for reshaping the country’s lagging industrial complexes, the Ministry of Knowledge Economy said Sunday.The investment is part of the Quality of Working Life Valley project launched by the government in October, which is aimed at reinvigorating old industrial sites to attract more young workers
Feb. 20, 2011