Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Online retailers wary of tax on discount sales
Gmarket face 16.9 billion won in back taxes on underreported revenueOnline retailers are concerned about possible taxation on their discount sales after state auditors last week ordered Gmarket to pay 16.9 billion won ($15.12 million) in back taxes on underreported revenue. The Board of Audit and Inspection judged on Thursday that the top online marketplace operator evaded value added taxes by exc
Jan. 24, 2011
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S. Korea to be world's 7th-largest economy in 2032: official
South Korea is expected to become the world's seventh-largest economy in 2032 if it continues to propel its growth engines, the country's top financial regulator has said. "In 2020, South Korea is likely to become the world's 10th-largest economy. In 2032, it is projected to surpass Germany to join the ranks of the world's seven largest economies," Kim Seok-dong, the head of the Financial Servic
Jan. 23, 2011
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World’s most expensive apartments sold in London
One Hyde Park is the world's most expensive residential apartment. (Bloomberg)The world’s most expensive residential apartments at One Hyde Park have been officially put on the auction block by property duo the Candy brothers.Nick and Christian Candy claim to have sold over 55 of the 86 luxury apartment properties. On the opening ceremony around 5,000 gold balloons were released from the roof at t
Jan. 21, 2011
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Korea mulls easing rules for hedge funds
Korea’s financial regulator is considering loosening regulations over private equity funds, a move that may open the gates to local hedge funds. The country’s tight limits on short-selling leverage rates and types of assets allowed for investment have constrained local funds’ growth and investment targets.“The Financial Services Commission is seeking to revise the capital market law by the end of
Jan. 20, 2011
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Liquidity feared to push up inflation
Liquidity provided by Korean financial firms reached almost 2,000 trillion won ($1.79 trillion) in November, central bank data showed Thursday, adding to growing risks of higher inflation.The country’s liquidity provided by local depository agencies totaled 1,982 trillion won in November, up 7.7 percent from the previous year, according to data from the Bank of Korea. To fight the global financial
Jan. 20, 2011
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Korea, Egypt seek oil, nuke power partnership
Korea will beef up cooperation with Egypt in oil, nuclear power plants and many other areas as part of efforts to enhance its economic ties with the fast-growing African country, Seoul’s top economic policymaker said Thursday.The remarks were made by Finance Minister Yoon Jeung-hyun in his meeting with his Egyptian counterpart Boutros Ghali in Cairo.The visit is part of his first overseas tour, wh
Jan. 20, 2011
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China shrugs off moves to cap inflation
Nation's economy grew 10% in 2010, spurred by surging investmentSHANGHAI (AP) ― By the usual measures, the world’s second largest economy is doing just fine: China’s growth this year looks likely to slow only slightly. Prices appear to be moderating and shops are packed as families stock up on food and clothes for Lunar New Year festivities.But despite the upbeat holiday mood, China is struggling
Jan. 20, 2011
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Abu Dhabi aims to be alternative energy hub
UAE says green city to be built by 2025ABU DHABI ― Officials from the United Arab Emirates’ capital outlined their plans to promote the use of clean energy at the 4th World Future Energy Summit Tuesday.The country which produces 8 percent of the world’s crude oil supply is working on establishing a green urban area named Masdar City by 2025. Masdar means “source” in Arabic. The venue, which is bei
Jan. 19, 2011
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Volcker rule should be ‘robust’: Oversight Council
Top U.S. financial regulator issues recommendations to implement controls on banksRegulators should carry out a “robust implementation” of the Volcker rule by forcing banks to wind down or sell trading desks that don’t comply with the law, the U.S. Financial Stability Oversight Council said.Government agencies should require banks to perform “quantitative analysis to detect potentially impermissib
Jan. 19, 2011
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Gangwon shares affordable housing know-how with Vietnam
Gangwon Province is hosting a team of Vietnamese government officials on a week-long trip here to study Korea’s housing policies for low-income earners.The program, requested by Vietnam’s Ministry of Construction, is co-organized by the International Urban Training Center, a state-run training center for policymakers in Gangwon Province and the United Nations Human Settlements Programme in Vietnam
Jan. 18, 2011
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Ban calls for global clean energy revolution
U.N. secretary-general also addresses climate, poverty and healthABU DHABI ― Global innovation in clean energy is essential to fight climate change, United Nations Secretary-General Ban Ki-moon said Monday at the 2011 World Future Energy Summit. “The prevailing fossil fuel-economy is contributing to climate change and global energy needs are growing rapidly,” he said during his keynote speech at t
Jan. 18, 2011
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Civil servants told to don long johns
Korea’s civil servants have been ordered to do their public duty by switching off the heating and donning long johns as the severe cold puts a strain on power resources, officials said Monday. In an emergency energy savings plan, all ministries and state-run companies have been told to turn off the heating from 11:00 am to noon and 5:00-6:00 pm, the Knowledge Economy Ministry said. Government buil
Jan. 17, 2011
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Korea’s trade surplus hits record high $41.2b in 2010
Korea’s trade surplus reached a record high last year, aided by robust exports of semiconductors, ships and other key products, the customs office said.The country’s trade surplus reached a revised $41.2 billion in 2010, down from an earlier estimate of $41.7 billion, according to the Korea Customs Service. But the 2010 reading still marked the largest trade surplus, exceeding the previous record
Jan. 17, 2011
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BOK chief calls for addressing global imbalances
BOK Gov. Kim Choong-soo (Yonhap News)South Korea's top central banker stressed on Sunday the need to address global imbalances in a bid to prevent global financial turmoil, calling for swiftly setting "indicative guidelines" for current account imbalances.In November, political leaders from the Group of 20 leading nations agreed to come up with indicative guidelines by the first half of this year
Jan. 16, 2011
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S. Korea's inflation may grow in 4 pct-range in Q1: analysts
South Korea's consumer prices may grow in the 4-percent range in the first quarter, as rising raw material costs and food prices are putting upward pressure on consumer inflation, experts said Sunday.South Korea's central bank, the Bank of Korea (BOK), forecast the country's consumer prices to rise 3.5 percent this year, up from 2.9 percent in 2010. The bank's inflation projection stood at 3.7 per
Jan. 16, 2011
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Women must wear bras at work: court
Bosses in Germany came out on top Wednesday in a court ruling that said they can insist female workers wear bras.The State Labor Court in North Rhine-Westphalia ruled on a case between an airport security agency and its employees, the British newspaper The Daily Mail reported. (MCT)Moreover, supervisors have the right to check the length of their female employees’ fingernails and insist that hair
Jan. 16, 2011
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S. Korean shares to gain next week
South Korea's stock market is expected to continue doing well next week although gains will be more modest as investors may take on a more wait-and-see approach, local analysts said Saturday.The country's benchmark Korea Composite Stock Price Index (KOSPI) gained 18.69 points to close at a record high of 2,108.17 on Friday, a month after the bourse surged past the 2.000-point mark on Dec. 14.The K
Jan. 15, 2011
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Chinese women take on `Man's World' with $400,000 Maseratis
Beijing resident Lily Liu has always liked driving fast, and she doesn’t mind spending to indulge that passion.Liu, 44, bought a gray Porsche AG 911 Carrera S two years ago for 1.2 million yuan ($182,000) and is shopping for an Aston Martin, the sports car made famous by James Bond movies. The construction company president said she is “quite proud” of being the center of attention when she motors
Jan. 14, 2011
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Watchdog halts operations of troubled savings bank
South Korea's financial regulator on Friday suspended operations of an embattled savings bank as it accelerates efforts to restructure the savings banks industry distressed with souring construction loans. The Financial Services Commission (FSC) said it will suspend Seoul-based Samhwa Mutual Savings Bank for six months for failing to meet regulatory capital requirements. As of the end of July
Jan. 14, 2011
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Obama gov't wants Congress to approve Korea FTA before July: Kirk
The Obama administration wants Congress to ratify the free-trade deal with South Korea before a similar pact between South Korea and the European Union goes into effect in July, the chief U.S. trade official said Thursday. "Our goal is to hand this agreement to Congress before the EU trade agreement goes into effect on July 1," U.S. Trade Representative Ron Kirk told a forum here. "Everything we
Jan. 14, 2011