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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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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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Greater inter-Korean cooperation expected in the long run
Factories running as usual in Gaeseong industrial park despite news of Kim’s deathNews of North Korean leader Kim Jong-il’s death had no immediate impact on the joint industrial park just north of the inter-Korean border Monday, but observers are wary of temporary setbacks in production during the official mourning period.Once Kim’s Swiss-educated heir Jong-un firms up his control over the government, however, inter-Korean trade and economic collaboration are expected to expand in the long term.
IndustryDec. 19, 2011
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Kim Jong-il’s death may hit economy
Seoul government sets up emergency teams to monitor marketsThe Korean financial market tumbled on Monday following news of the death of North Korean leader Kim Jong-il, and analysts offered mixed views about its impact on the Korean economy.Shortly after Kim’s death was delivered on major networks in South Korea, the main index KOSPI retreated sharply, reflecting concerns that it would affect the Korean market. Analysts said the short-term shock from Kim’s death was inevitable, as the country’s
Dec. 19, 2011
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Rating agencies see little impact
Global rating firms predicted Monday that the death of North Korean leader Kim Jong-il would not lead to a downgrade of South Korea’s credit rating.Moody’s Investors Service said that the economic fundamentals of Seoul would not change with Kim’s death.“We will continue to rate South Korea on the basis of its economic, institutional and government financial fundamentals,” a senior vice president at Moody’s in Singapore was quoted by a Chinese news provider as saying.He said these would not chang
Dec. 19, 2011
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S. Korea to take necessary steps following Kim Jong-il's death
SEOUL, Dec. 19 (Yonhap) -- South Korea's finance minister said Monday the government is keeping close tabs on developments and will take all necessary steps to determine the economic impact of the North Korean leader's death."Seoul is checking all changes, carefully analyzing their implications and
Dec. 19, 2011
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'Kim death won't affect South Korea rating'
The death of North Korea's Kim Jong Il is not a ratings trigger in itself?for South Korea, Fitch Ratings said in an e-mail today. "However, clearly it gives rise to additional uncertainty and we will keep the situation under close review," the e-mail said.Moody’s Investors Service said the deat
Dec. 19, 2011
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Dollar rises after Kim Jong-Il's death
TOKYO, Dec 19, 2011 (AFP) - The dollar rose against other currencies on Monday following news that North Korean leader Kim Jong-Il had died, which sparked worries over instability in the reclusive state.The greenback gained ground as market players digested the announcement from North Korean state t
Dec. 19, 2011
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Asia stocks lower amid news of Kim Jong Il death
SHANGHAI (AP) _ Asian stock markets slid Monday amid news that the mercurial leader of nuclear-armed North Korea has died, raising fears of increased political instability in the region.South Korea's Kospi index dived 4.1 percent to 1,765.15. Japan's Nikkei 225 index was down 1.1 percent at 8,304.47
Dec. 19, 2011
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S. Korean shares tumble on news of Kim's death
The death of North Korean leader Kim Jong-il sparked immediate concern in the market, pushing the won to a two-month low against the dollar and dropping Seoul stocks to a three-week low.The benchmark KOSPI lost 3.43 percent and closed at 1,776.93 after sliding as much as to 1,750.60 at around noon w
North KoreaDec. 19, 2011
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S. Korea one of world's most volatile stock markets in 2011
The South Korean stock market was one of the world's most volatile this year as global uncertainties triggered massive flows of foreign capital in and out of the local bourse, data showed Monday.The local stock market moved 1.23 percent on a daily basis on average in 2011, sharply up from 0.73 perce
Dec. 19, 2011
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Hyundai Motor veep 3rd on stock-rich list
The vice chairman of Hyundai Motor Co. and its heir apparent is the third-richest person in South Korea in terms of stock holdings, thanks to a surge in share prices of the country's largest automotive conglomerate, a report showed Monday.Chung Eui-sun, the only son of Hyundai Motor's Chairman Chung
Dec. 19, 2011
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Chinese to become top tourist spenders
Japanese travelers have long dominated the duty free shops for foreign tourists. However, this dominance has waned and Japanese are on course to be overtaken soon by Chinese tourists. Lotte Duty Free, the nation’s largest duty free seller operated by Hotel Lotte, said its sales to Chinese customers almost doubled from 8.9 percent to 16 percent this year amid a slight decrease in those to Japanese. When it came to its outlet on Jeju Island, Lotte said, Chinese sales made up almost 80 percent of t
IndustryDec. 18, 2011
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Are smartphones killing conversation?
Peter Kim, 42, said there were many moments when he and his wife found it hard to have a proper conversation now that they are both smartphone owners.“There are times when we, or at least one of us, is looking at the phone and can’t have a conversation,” he said. “It’s usually when a new update on the social networking site that arrives with a ‘ding-dong’ sound. For some reason, we put our priority on SNS messages rather than the conversation on the table.”The Seoulite, who became a smartphone o
TechnologyDec. 18, 2011
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Coffee imports hit record high
Korea’s coffee imports jumped to a record high this year as specialty coffee consumption spreads among younger consumers, Korea International Trade Association said Sunday. Korea imported a record $508 million worth of coffee between January and October, a surge from $307 million last year, the state-run trade agency said. The import figures have continued to grow here since 2000, hitting the $300 million mark for the first time last year. Coffee imports from Brazil accounted for the largest amo
IndustryDec. 18, 2011
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POSCO founder laid to rest at National Cemetery
Park Tae-joon, the late founder and honorary chairman of South Korea’s top steelmaker POSCO, was buried at the country’s National Cemetery in Seoul on Saturday.The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park Hee-tae and Commerce Minister Hong Suk-woo. Park died Tuesday of lung complications. He was 84 years old.Born in Yangsan, South Gyeongsang Province, in 1927, the late Park was considered a pioneer for
IndustryDec. 18, 2011
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Shipbuilding, steel, LCD sectors headed for restructuring next year
Shipbuilding, steel and liquefied crystal display industries which have built up an oversupply thanks to aggressive investment in facilities are bracing for major restructuring next year.With the European debt crisis likely to carry on or even worsen next year, some companies are already on the verge of shutdown. Market analysts say the shipbuilding sector faces the greatest peril with competition running to extremes after companies mushroomed during the 2007-2008 market boom.Adding to the woes
IndustryDec. 18, 2011
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Shares face volatile trading on eurozone problems
South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday.The KOSPI dropped 1.8 percent last week to close at 1,839.96 on Friday. The index fell below 1,820 at one point amid worsened market sentiment after credit ratings on European banks were downgraded. Market watchers worry that sentiment could further freeze if credit ratings agencies lower sovereign ratings on European co
Dec. 18, 2011
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Korean hedge funds to debut this week
The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early
Dec. 18, 2011
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France24 offers service in Korea
The international news and current affairs television channel France 24 is now broadcasting in English in Korea through CJ’s portal TVing.Launched on Dec. 6, the 24-hour channel’s mission is to cover international current events from a French perspective and to convey French values.Funded by the French government and based near Paris, the channel offers variants in English and Arabic in addition to French to overseas markets.TVing is the first TV portal in Korea; created one year ago, it feature
IndustryDec. 18, 2011
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Bank loans to self-employed people exceed W100 trillion
Bank loans taken out by self-employed business owners reached a record high last month, as local lenders were in a fierce competition to extend loans to retired people, industry data said Sunday.Outstanding loans extended by the country’s five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won ($88.8 billion) at the end of last month, compared with 92.8 trillion won at the end of last year, according to the data.The increase in such loans in
Dec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or more is estimated to have reached some 130,000, according to Mirae Asset Global Investments Co.A financial portfolio includes deposits, insurances and stocks.Mirae Asset classifies people with bank depo
Dec. 18, 2011