Most Popular
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Ador CEO's dismissal to be decided on last day of May
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Science Ministry expresses regret over Japan’s pressure on Naver
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Haeundae Beach to become sand art museum in late May
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Suzy, Park Bo-gum star in AI fantasy romance ‘Wonderland’
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Medical professors set to take day off amid protracted walkouts by junior doctors
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Hostilities get out of hand as YouTuber murders another outside courthouse
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Dog goes on incredible journey to make it back home, 41 days after going missing
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Korea posts trade surplus for 14 straight months in March
SEJONG (Yonhap news) ― South Korea logged a trade surplus for 14 straight months in March despite the prolonged economic slump, customs data showed Monday.According to the customs-clearance trade figures provided by the Korea Customs Service, South Korea’s exports advanced 0.2 percent on-year to $47.4 billion last month. In contrast, imports shed 2 percent to $44.1 billion.The country’s March trade surplus came to $3.3 billion, expanding from $2 billion tallied a month earlier.The export growth
April 15, 2013
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Korean company to market microalgae as energy solution
Microalgae Farm CEO Park Shin-ho expects that the world will pay more attention to microalgae as a source of renewable energy due to rising oil prices and concern about the safety of nuclear power plants.The company, based in North Chungcheong Province, is the only Korean agricultural firm that grows freshwater microalgae. The company said it had passed tests conducted by the Korea Institute of Science and Technology on both lipid content and lipid productivity at the same time in February last
April 15, 2013
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Weak won means good time to invest
Since the beginning of this year, the won has lost more than 4 percent of its value against the U.S. dollar. Among Asian currencies ― some of which have strengthened ― only the yen has weakened more.Is there something serious going on?The short answer is no. What economists call the fundamentals ― inflows and outflows for trade and investment, equity values, interest rates and so on ― are all sound enough. It’s more to do with general investor unease about what Japan is doing to reboot its econo
April 15, 2013
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FTC imposes antitrust measures on Lotte unit
Korea’s antitrust regulator has imposed corrective measures against a real estate subsidiary of Lotte Group over the retail giant’s recent acquisition of a transportation terminal asset in Incheon.The Fair Trade Commission said Monday that it set preconditions on Lotte Incheon Development’s acquisition of Incheon Terminal and its land that houses a department store of Shinsegae, Lotte’s competitor, in the retail space.The regulator said it would approve the deal only if Lotte sells two of its de
IndustryApril 15, 2013
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Seoul shares edge down on Chinese growth data
South Korean stocks closed a tad lower Monday, as worse-than-expected Chinese growth data weighed down investor sentiment, analysts said. The local currency sharply gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.78 points to finish at 1,920.45. Trading volume was moderate at 323.1 million shares worth 4.14 trillion won (US$3.69 billion) with gainers outnumbering losers 457 to 343. "China's lower-than-expected growth weighed down on the KOSPI,
April 15, 2013
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‘Giant rats’ plague Gimhae: TV station
A variety of deformed animals, including one-meter-long giant rats, are emerging in Korea, a local broadcaster claimed.SBS said it will take a look at how abnormal animals have appeared recently due to climate change in its current affairs show Hyeonjang 21 (At the Scene 21). A recent report by Korea Meteorological Administration indicated that climate in Korea is rapidly changing. According to the report, by 2100 summers will be six months long, and winters will be merely two months, a change w
TechnologyApril 15, 2013
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Seoul shares down 0.82 pct in late-morning trade
South Korean stocks traded 0.82 percent lower late Monday morning, dented by losses in large-cap exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 15.81 points to 1,908.42 as of 11:20 a.m. Shares of top-cap Samsung Electronics lost 0.53 percent, with flat panel giant LG Display dipping more than 2 percent. Local blue-chip zinc smelter Korea Zinc plunged 13 percent on a market forecast of gloomy quarterly results. In contrast, telecom shares gained groun
April 15, 2013
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Seoul shares open lower on N. Korea, earnings woes
South Korean stocks opened lower Monday, as worries over heightening North Korean threats and poor corporate earnings dampened investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.46 points, or 0.7 percent to 1,910.77 in the first 15 minutes of trading. Most blue-chip firms lost ground, with tech giant Samsung Electronics falling 0.5 percent and No. 1 carmaker Hyundai Motor slipping more than 1 percent. Tensions on the Korean Peninsula have inte
April 15, 2013
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Number of per capita credit cards marks first fall in five years
The number of credit cards held by South Koreans moved down in 2012 from a year earlier, data showed Monday, apparently as the protracted economic slump undermined consumer sentiment.The country’s economically active population held 4.6 credit cards per person in 2012, industry data showed. The number compares to 4.9 tallied a year earlier, marking the first drop since 3.7 tallied five years ago.Local credit firms have issued a total of 117.1 million cards as of end-2012. South Korea’s economica
April 15, 2013
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S. Korea’s key export items stung by yen’s weakness: report
South Korea’s major export items such as automobiles bore the brunt of a weaker Japanese yen with their shipments falling in the first two months of the year, a report showed on Monday.According to the report compiled by the Korea International Trade Association (KITA), 24 out of 49 export items which are in direct competition with Japanese goods in overseas markets saw their export growth slow or overseas sales decline in the January-February period compared with a year earlier.Only nine South
IndustryApril 15, 2013
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Five big firms disqualified from FTC’s fair trader list
Five big enterprises saw their “certification of excellence in fair trade” withdrawn after being named to have engaged in irregular practices including price fixing.The Fair Trade Commission said Sunday that it has downgraded the fair trade assessments on POSCO, POSCO C&C, Samsung Construction & Trade Corp., Hyundai Mobis and Shinsegae.While 27 companies were granted the certification from the antitrust regulator at the end of last year, the five players have been excluded from the fair trader l
April 14, 2013
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[Graphic News] Import car repair costs average $2,300
Repair costs for import cars produced by companies such as BMW and Mercedes-Benz average 2.6 million won ($2,300), far exceeding the average of 840,000 won for the five Korean-made brands.Over the weekend, the Korea Insurance Development Institute released the import car repair costs paid by nonlife insurance companies in 2011.The institute’s report showed that import car repair charges were three times higher than those for domestic cars.Further, components of import cars were five times more e
April 14, 2013
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[Photo News] Boat trip bonanza
IndustryApril 14, 2013
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NTS to check spending of unreported incomes
The National Tax Service said it would trace where the money from the underground economy has flowed, as much of it is used in illegal businesses or to bequeath wealth.The NTS sees all undeclared or untaxed income as part of the underground or “shadow” economy.“Looking back at past tax inquiries, illegal loan sharks, self-employed people with high incomes and entrepreneurs hide a part of their incomes to invest in other businesses, use it in slush funds or siphon it overseas to hand down to thei
April 14, 2013
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Debate over life extension of old nuke plants revived
A series of breakdowns of the nation’s nuclear power plants have rekindled the debate over whether to shut down old reactors or extend their operation.A top government official fanned the controversy when he hinted at a possible shutdown of another reactor whose design lifetime has expired.“Whether to extend operation of the 30-year-old first reactor at the Wolseong complex will be decided based on the agreement of the public,” said Lee Eun-chul, new head of the nation’s Nuclear Safely and Secur
IndustryApril 14, 2013
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Korean liquor exports dip on weaker yen
South Korea’s alcoholic beverage exports declined for the second consecutive month in March, largely due to the descent of the Japanese yen amid faltering overseas demand, data showed Sunday. The country’s exports of soju, Korea’s traditional distilled liquor, reached $9.5 million last month, down 11 percent from the previous year, according to the Ministry of Agriculture, Food and Rural Affairs and the beverage industry. The corresponding figure for Korean beers shrank 23.6 percent to $4.4 mill
IndustryApril 14, 2013
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Kia’s Morning top seller in Q1
Kia Motors’ subcompact Morning ranked as the best selling car in South Korea in the first quarter with more than 23,000 units sold, industry data showed Sunday.Kia sold 23,462 Mornings nationwide in the January-March period, the largest volume among vehicles sold in South Korea, the data showed.Morning, known in many foreign countries as the Picanto, has drawn popularity for its unique exteriors, high quality features and excellent fuel efficiency.Morning was followed by Hyundai Motor’s full-siz
IndustryApril 14, 2013
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Housing, education costs crippling growth: McKinsey
The Korean economy is likely to underperform unless the burden of excessive education and housing costs is relieved, according to McKinsey Global Institute’s latest report.“Korea needs to reboot and make some fundamental changes to go to the next level. It’s like a high-performing Formula One racer making a much-needed pit stop to stay ahead of the rest and come out on top,” said Choi Won-sik, director and chief of McKinsey & Company’s Seoul office who co-authored the report.Titled “Beyond Korea
April 14, 2013
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Major firms dither over new facility investment
Lingering economic jitters here and abroad are holding back major conglomerates in South Korea from making new facility investment, as a weaker yen and North Korean risks have aggravated uncertainties, industry sources said Sunday.According to company officials, Samsung Electronics Co., South Korea’s tech giant, has not made a single new facility investment this year. The world’s largest mobile phone maker said it decided not to disclose its investment plan for this year, citing market uncertain
IndustryApril 14, 2013
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Bark enters second round of competition for top WTO post
Former Trade Minister Bark Tae-ho entered the second-round competition for the post of the World Trade Organization director-general, according to the Ministry of Trade, Industry and Energy.“The WTO announced on Friday that Bark passed the first-round competition for WTO’s top post with four candidates from Indonesia, Mexico, Brazil and New Zealand,” the ministry said. Four of the nine candidates from Jordan, Ghana, Kenya and Costa Rica were dropped in the first round. The WTO will select the f
IndustryApril 14, 2013