Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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KT, Cisco jump into global market for ‘smart spaces’
KT Corp. said Tuesday it would enter the global smart space market by establishing a new joint venture called the KC Smart Service together with Cisco Systems in next January.The new firm, which will take off with $30 million in initial funding, will merge KT’s telecommunications infrastructure and software solutions with Cisco’s information technology equipment and solutions, according to KT officials.Smart space services redesign a particular space or building with ubiquitous sensor network an
TechnologyNov. 8, 2011
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Regulator to lift short-selling ban on non-financial stocks
South Korea’s financial regulator on Tuesday said it will lift a three-month ban on short selling of non-financial stocks starting this week.“The ban on short selling of non-financial shares will be lifted starting Nov. 10, but the measure on financial shares will be retained for the time being,” the Financial Services Commission said in an e-mailed statement.The FSC had imposed a ban on short selling of all local stocks listed on the main KOSPI and the secondary tech-heavy KOSDAQ markets for th
Nov. 8, 2011
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Department stores agree to lower commission fees
The Fair Trade Commission said Tuesday it reached an agreement with the nation’s top three department stores to lower their commission fees by 3-7 percent immediately for almost half of their small- and medium-sized vendors. The antitrust regulator expected that 1,054 companies would benefit from the cuts. Lotte Department Store, the nation’s No. 1 retail chain, will benefit the largest number of companies, 403, or 50.4 percent of its smaller contractors, while Shinsegae and Hyundai will cut com
IndustryNov. 8, 2011
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Cheonggyecheon stream in Seoul polluted with bacteria
A popular stream running through downtown Seoul, which is visited by millions of people annually, has been severely polluted by bacteria, a report by the city government showed Tuesday.According to the report, submitted to the Seoul council member Jang Hwan-jin of the Democratic Party, parts of the
TechnologyNov. 8, 2011
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Barnes & Noble takes on Amazon, Apple with tablet
US bookseller Barnes & Noble unveiled a tablet computer on Monday in a bid to take on Apple's iPad and an upcoming device from digital book-selling rival Amazon.The Nook Tablet will cost $249 -- $50 more than than the Kindle Fire from Amazon which goes on sale on November 15 but $250 less than the c
TechnologyNov. 8, 2011
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Prosecutors raid SK affiliates over embezzlement allegations
SEOUL, Nov. 8 (Yonhap) -- Prosecutors raided the offices of two affiliates of the South Korean conglomerate SK Group early Tuesday as part of an investigation into allegations that the founding family misappropriated company funds. Scores of prosecutors searched the offices of SK Holdings Co.,
IndustryNov. 8, 2011
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LG Chem secures grip on Europe’s smartgrid market
LG Chem signed a long-term contract with the Switzerland-based electric engineering firm ABB Group to supply parts for an energy storage system on Monday.Energy storage system or ESS is used in smart grid networks to store electricity before transmitting power to specific locations when required.Under the contract, LG Chem will supply lithium ion batteries and a battery management system to ABB. The Korean firm said that for the first collaborative project it will produce batteries for use in a
IndustryNov. 7, 2011
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Hyundai Group to join consortium to offer new telecom services
Hyundai Group said Monday the company would bid to become the country’s fourth telecom along with a consortium led by the Korea Federation of Small and Medium Business.Hyundai Group’s affiliates such as Hyundai Securities and Hyundai U&I notified the consortium, called Internet Space Time, of their participation in the process, saying it would invest about 180 billion won, according to Hyundai officials. The total investment sum, however, may change, officials added.“It’s true that we’ve decide
IndustryNov. 7, 2011
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Malibu trails rivals in price, performance
GM Korea launched the Malibu, a midsize sedan of the Chevrolet series, in the local market a week ago.Though the company is pinning its hopes on the Malibu to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans from major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters posted the low
MobilityNov. 7, 2011
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Google to support Korean software globalization
Schmidt meets President Lee, chiefs of SK Telecom, KT and LG Uplus to discuss possible cooperationGoogle chairman Eric Schmidt pledged to support the globalization process of local software and content beginning next year in a meeting with President Lee Myung-bak on Monday.As part of a project called “Korea Go Global,” Google will offer a local software developer support program for it to gain global competitiveness, according to Google officials.As an exemplary case, the U.S.-based software gia
IndustryNov. 7, 2011
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KEB union to protest regulator, Lone Star
About 5,000 unionized workers of Korea Exchange Bank are scheduled to hold a day-long rally in Yeouido, Seoul on Tuesday, demanding the financial regulator take punitive action against Lone Star Funds.Their planned gathering has been regarded as a strike amid the situation under which Lone Star, convicted of manipulating stocks of KEB’s credit affiliate, may leave the country with huge gains.The KEB union is also criticizing the Financial Services Commission for having been negligent in probing
Nov. 7, 2011
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Top 10 conglomerates’ market cap dips 6.88%
The combined market capitalization of South Korea’s 10 largest conglomerates and their affiliates has shrunk 6.88 percent this year from the end of last year, data showed Monday.The market cap of the 10 conglomerates, including Samsung and Hyundai Motor, totaled 636.23 trillion won ($571.12 billion) as of Nov. 3, down from 683.22 trillion won as of end-2010, according to the data by the Korea Exchange.Nine of the 10 conglomerates saw their market cap fall amid economic uncertainties in the euroz
Nov. 7, 2011
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Oil may trade above $100 for long period: BOK
South Korea’s central bank forecast Monday that oil prices are likely to stay above $100 per barrel for a considerable period of time due to tight supply and a potential pick-up in speculative investment.The Bank of Korea said in a report that prices of Dubai and Brent crude are staying at a high level despite an end of political turmoil in Libya and market jitters stemming from the eurozone debt crisis.Prices of Dubai crude, South Korea’s benchmark, have been largely trading at more than $100 p
Nov. 7, 2011
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Orion expects overseas sales to be boosted by Chinese arm
HONG KONG (Yonhap News) ― Orion Corp., South Korea’s second-largest confectionery company, expects that its overseas sales will grow next year, largely driven by robust sales in China, company officials said Monday.The company, best-known for its hallmark “Choco Pie,” projected that its overseas sales will grow 28.4 percent to 1.31 trillion won ($1.17 billion), likely to surpass its domestic sales for the first time. Orion officials said China accounts for more than 80 percent of its overseas sa
IndustryNov. 7, 2011
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Fitch raises Korea’s outlook to ‘positive’
Kia Motors Corp. vehicles bound for export are driven into a car carrier ship at the port in Mokpo. (Bloomberg)Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’
Nov. 7, 2011
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Korea still faces high level of inflation: minister
South Korea is still facing a high level of inflation despite easing price hikes in recent months, the top economic policymaker said Monday, calling for more efforts to tackle structural problems to guarantee longer-term price stability.“The overall inflation level remains high and the real burden that ordinary people are feeling in their life has yet to be reduced significantly,” Finance Minister Bahk Jae-wan told an anti-inflation meeting.South Korea’s consumer prices rose 3.9 percent last mon
Nov. 7, 2011
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Shares drop 0.48% on Europe woes
South Korean stocks finished 0.48 percent lower on Monday as investor sentiment was hurt by lingering uncertainty about the European debt situation, analysts said. The local currency fell against the U.S. dollar.After opening 4.54 points higher, the benchmark KOSPI lost 9.31 points to 1,919.1. Trading volume was moderate at 342.9 million shares worth 1.09 trillion won ($957.8 million) with losers slightly leading gainers 415 to 400.“Europe’s sovereign debt issue still exerts great influence on t
Nov. 7, 2011
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Fitch raises Korea’s outlook to ‘positive’
Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’s sovereign credit fundamentals regained ground in terms of fiscal prudence, a strong sovereign balance sheet and foreign exchange liquidity, the sources close to the matter said.“Korea’s economic fundamentals are stronger than it was during the global financial crisis three years ago and the country has an ex
Nov. 7, 2011
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KEB union to protest regulator, Lone Star
About 5,000 unionized workers of Korea Exchange Bank are scheduled to hold a day-long rally in Yeouido, Seoul on Tuesday, demanding financial regulators take punitive action against Lone Star Funds.Their planned gathering has been regarded as a strike amid the situation under which Lone Star, convicted of manipulating stocks of KEB’s credit affiliate, may leave the country with huge gains.The KEB union is also criticizing the Financial Services Commission for having been negligent in probing sha
Nov. 7, 2011
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Forum stresses entrepreneurship, startups
Entrepreneurship Week 2011 conference opens alongside events held in 118 countriesThe country’s leading entrepreneurs, academics and economic experts emphasized on Monday the need to instill young talent with entrepreneurship and underpin startups as economic drivers in an era of innovation. About 500 businesspeople, scholars and public officials joined the International Conference on Global Entrepreneurship, which was held in Seoul by the country’s five largest business organizations to mark En
Nov. 7, 2011