Most Popular
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Controversy rekindled over when to name criminals, suspects
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Seoul transit pass for travelers to be available starting July
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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Court's ruling set to shape path of medical school expansion
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Korea breaks ground on creative economic zone
South Korea on Wednesday began construction of a creative economic zone south of the nation's capital as part of efforts to promote the country's flagship economic policy.South Korea plans to invest 1.5 trillion won ($1.27 billion) in establishing the 430,000-square-meter Creative Economy Valley in Pangyo, south of Seoul, which aims to host 1,600 companies employing more than 100,000 people.The plan calls for creating a high-tech industrial park that will be linked to the nearby Pangyo Techno Va
Dec. 23, 2015
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South Korea revives Universal Studio theme park project
South Korea on Tuesday announced a consortium involving Chinese investors as a preferred bidder to build a theme park in partnership with U.S.-based Universal Parks and Resorts, reviving the project after a three-year hiatus.The state-run Korea Water Resources Corporation (K-Water) said it chose the multinational consortium consisting of Daewoo Engineering & Construction and Dohwa Engineering of Korea as well as China State Construction Engineering Corporation, China's largest construction compa
IndustryDec. 23, 2015
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Korean housing permits surge in Nov.
South Korea's new housing permits jumped 27.7 percent on-year in November, government data showed Wednesday, a sign that the country's real estate market is continuing to make headway.The number of new home permits issued came to 62,823 last month, up from 49,181 a year earlier, according to the Ministry of Land, Infrastructure and Transport.November marked the 11th consecutive month of an on-year increase, although the pace slowed from the 41.2 percent surge tallied for the previous month."The
Dec. 23, 2015
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Seoul shares up 0.6% in late morning trade
South Korean stocks traded 0.6 percent higher late Wednesday morning, led by gains in steel and chemical shares.The benchmark Korea Composite Stock Price Index added 1.87 points to 2,004.43 as of 11:20 a.m.Foreigners and institutions scooped up local shares across the board prior to the ex-dividend date.Steelmakers rallied on growing confidence in the U.S. and Chinese economies, with industry leader POSCO increasing 3.76 percent, and Hyundai Steel rising 5.89 percent.Petrochemicals traded bullis
Dec. 23, 2015
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Korea to frontload 29.2% of 2016 budget in Q1 to spur growth
South Korea will frontload 9.2 percent of next year's budget in the first quarter to help prop up economic growth, the government said Wednesday.The finance ministry said it made the decision as the effect of the 11.53 trillion won ($9.84 billion) extra budget will end this year and could cause a drying up of state funds reaching the market. The injection of money is also needed as the government will again mark up excise taxes levied on cars and large consumer appliances in the new year, which
Dec. 23, 2015
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Korean households' excess cash holdings shrink in Q3
Excess cash held by households and non-profit organizations here continued to dwindle in the third quarter due to a rise in demand for homes and a surge in home rental fees, central bank data showed Wednesday.Excess funds held by local households and non-profit organizations came to 20.2 trillion won ($17.24 billion) as of the end of September, compared with 24.9 trillion won three months earlier, according to the Bank of Korea.In the second quarter, the amount had slipped 4.7 trillion won from
Dec. 23, 2015
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New climate deal could boost nuclear energy
As the new global climate accord reached in Paris earlier this month emphasized the role of nuclear energy in reducing greenhouse gas emissions, the state-run Korea Hydro & Nuclear Power Co. hosted a forum in Seoul on Tuesday to discuss the future of clean energy in preparation for the post-fossil fuel era. Organized by the Korea Atomic Industrial Forum, the discussion-driven event covered such agendas as the role of nuclear power in a low-carbon economy and Korea’s strategies to achieve its emi
IndustryDec. 23, 2015
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Kia Motors to showcase autonomous driving technology at CES
Kia Motors Corp., South Korea's second-ranked automaker, plans to showcase its autonomous driving technology at a major consumer electronics exhibition to be held in the U.S. early next year, industry sources said Wednesday.Kia Motors plans to hold a press conference during the Consumer Electronics Show 2016 to be held in Las Vegas on Jan. 6-9 where it will display its autonomous driving and IT connectivity technology. It will also make a presentation on future direction in the field, according
MobilityDec. 23, 2015
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Seoul shares start lower on lack of momentum
South Korean stocks opened marginally lower Wednesday due to a lack of buying momentum ahead of the holiday season. The benchmark Korea Composite Stock Price Index edged down 1.95 points, or 0.1 percent, to 1,990.61 in the first 15 minutes of trading.Petrochemicals were up as crude oil prices recovered slightly from a multi-year low.Top refiner SK Innovation increased 1.86 percent, and No. 3 refiner S-Oil edged up 0.74 percent. Engineering and builders were in negative terrain. Samsung Engineeri
Dec. 23, 2015
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IPOs to hit 13-year high in 2015
The number of newcomers to South Korea's stock market reached the highest in 13 years, with more standing in line for a market debut, data showed Wednesday.As of last Tuesday, a total of 119 companies went public on the main KOSPI market or the tech-laden KOSDAQ market this year, with another nine scheduled to make a stock market debut by year's end, according to data compiled by the Korea Exchange.By market, 17 firms made a debut on the KOSPI market, with two more to go public this year, and th
Dec. 23, 2015
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Volkswagen Korea to recall 28,957 cars for defects
Volkswagen Korea will voluntarily recall 28,957 cars it sold in the country for safety-related mechanical defects, the government said Wednesday.The local unit of German auto giant Volkswagen said eight models had problems with clock springs that can cause the vehicle horn to malfunction and inadvertently trigger air bag warning lights to go, the Ministry of Land, Infrastructure and Transport said.This defect, in addition, can damage the air bag cables and prevent them from deploying during an a
MobilityDec. 23, 2015
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Fed rate hike just one factor in BOK's rate policy: governor
The head of South Korea's central bank Wednesday ruled out the possibility of the recent U.S. rate hike immediately prompting his country to raise its own interest rate, saying that any change to the key rate depends on a number of factors."The United States' key rate is of course a very important factor to consider when deciding our key rate, but the Bank of Korea does not immediately raise its key rate simply because the U.S. does so," Lee Ju-yeol said in a monthly meeting with a group of econ
Dec. 23, 2015
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Foreign investment inflow hits record high in 2015: gov't
Foreign direct investment in South Korea surpassed the $15 billion mark this year for the first time ever, driven by a free trade pact with China and more favorable business conditions, the government said Wednesday.As of Tuesday, the amount of FDI that arrived in the country reached $15.19 billion, a surge of 28.6 percent from a year earlier, the Ministry of Trade, Industry and Energy said. Total FDI pledged from Jan. 1 onwards also rose 11.2 percent on-year to $20.43 billion. "Both numbers rep
Dec. 23, 2015
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Some creditors oppose financial aid for STX Shipbuilding
Some creditors of STX Offshore & Shipbuilding Co. are opposing financial aid for the troubled local shipyard, citing a negative outlook for the shipbuilding sector, industry sources said Wednesday, Last week, creditors of STX Offshore, led by the state-run Korea Development Bank, decided to provide 450 billion won ($384 million) in financial aid to the shipyard in return for thorough restructuring.But Woori Bank and KEB Hana Bank notified other creditors that they would not join the plan, citing
Dec. 23, 2015
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[SUPER RICH] Female superrich, East vs. West
There are more successful female entrepreneurs in Asia than in Western Europe and North America, according to new research from HSBC and market research firm Scorpio Partnership.The study, found that 51 per cent of female entrepreneurs surveyed in Asia have a net worth of more than $15 million, compared with 33 per cent surveyed in the West.The research is based on interviews with more than 2,800 business owners with a personal wealth of more than $1 million. It found that 40 per cent of entrepr
IndustryDec. 22, 2015
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Hyundai wins Vietnamese bridge construction deal
Hyundai Development Co. on Tuesday announced that it has won a 92.7 billion won ($78.9 million) contract to build Hung Ha Bridge in northern Vietnam.The project is the company’s first overseas deal this year, and the third after it resumed overseas operations in 2014. According to HDC, the project consists of constructing a 2.1 kilometer-bridge and another 4.1 kilometer-four lane road linking Hung Yen and Ha Nam. The three-year construction will kick off with a groundbreaking ceremony in Februar
IndustryDec. 22, 2015
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Hyundai displays design philosophy
“Helio Curve” by Reuben MargoliCan an automotive company show its design philosophy through art?Hyundai Motor Group’s answer to the question is now on display at the “SIM: Sculpture in Motion” exhibition at the Dongdaemun Design Plaza in downtown Seoul until Jan. 10. Aimed at promoting its fluidic sculpture design philosophy, two pieces of internationally acclaimed installation art are on display at the Allim 2 exhibition hall reflecting the aesthetic catchphrase of the company. The first piece,
IndustryDec. 22, 2015
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Doosan chairman’s ‘human-oriented’ management hits snag
On Monday, Doosan Group officially put its prestigious machine tool business unit on the market. Despite the government’s plea to retain 51 percent stake to thwart attempts by foreign funds to buy it ― as the machine tools business is considered one of the country’s basic industries ― Doosan declined and said it would look for new owners to overcome its internal difficulties. Doosan Group chairman Park Yong-mann. YonhapIndustrial observers assume the company will be sold for around 1 trillion wo
IndustryDec. 22, 2015
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[Newsmaker] Tough tasks await finance minister nominee
Rep. Yoo Il-ho. YonhapYoo Il-ho, the nominee for Korea’s top economic post of deputy prime minister and finance minister, has vowed to carry on the legacy of his would-be predecessor, but the road ahead may require more, due to the multiple challenges the economy faces.“The global economic environment now is not very favorable, and navigating the local economy against this global backdrop will be a tough job,” Yoo, 60, told reporters shortly after his nomination Monday. The nominee stressed cons
Dec. 22, 2015
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Hasty household debt control can backfire on economy: BOK
Despite households worsening ability to repay debt, Korea should avoid implementing hasty control over the debt to prevent the nation‘s economy from entering recession, Bank of Korea said Tuesday.The central bank said that slower-than-expected improvement in household income is failing to keep up to pace with fast-rising household debt. However, the BOK said stronger intervention to slash household debt can impede growth by imposing pressure on the market, especially the property market. (Yonhap
Dec. 22, 2015