Most Popular
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N. Korea jams GPS signals, affecting ships, civilian aircraft: JCS
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[Weekender] AI is silently changing our work: 7 professionals share how
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Yoon struggles amid lowest approval rating
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Fire erupts at POSCO Pohang plant; 1 worker injured
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Raising bookworms or robots? Why private reading academies thrive
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US announces charges in alleged Iranian plot to assassinate Trump
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Drug use rises, but 13 addiction clinics treated no one last year: report
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[What to Watch] Three classic Korean fall films you should watch this month
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K-pop group Seventeen honored by Los Angeles for contribution to music
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Renowned overseas musicians to make much-waited Korean debuts
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Local banks’ bad debt ratio up in third quarter
The bad debt ratio for South Korean banks’ household loans rose in the third quarter from three months earlier as the economic slowdown and the slumping property markets spurred fresh loan delinquency, the financial watchdog said Wednesday.Local banks’ non-performing household loans accounted for 0.67 percent out of their total lending as of the end of September, up 0.11 percentage point from three months earlier, according to the Financial Supervisory Service.The bad loan ratio for bank mortgag
Nov. 16, 2011
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Sony bans Korean teens from online gaming
Controversy surrounding the country’s game shut-down system, also known as the game curfew, is escalating as it is seemingly expanding its boundaries to console games like Sony’s PlayStation and Microsoft’s Xbox.Sony Computer Entertainment Korea said earlier this week that it will ban those under 16 from logging into their PlayStation games starting from 11 p.m. Friday to comply with the Korean regulation.“Our head office has decided to prohibit the log-in and accepting new registration of users
IndustryNov. 16, 2011
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Korea deserves higher sovereign rating: HSBC
Researcher points to nation’s capability to cover external debt, ample foreign reservesCredit rating agencies should raise their sovereign credit ratings of Korea to better reflect its improved ability to finance external debt, Frederic Neumann, co-head of Asia research team at HSBC said Wednesday. Commenting on Korea having the same rating Italy at Standard & Poor’s and Fitch Ratings, the Hong Kong-based economist said the ratings shared by the two at those agencies don’t accurately reflect the
Nov. 16, 2011
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Ssangyong Motor exports to set milestone this year
Carmaker projects exports to reach 63,169 units in Jan.-Oct. periodSsangyong Motor is projected to post record export performance this year, taking the lead in the growth of overseas sales among carmakers in Korea.The company saw its exports reach 63,169 units for the first 10 months of 2011, up 61.3 percent from 39,158 units over the corresponding period a year earlier.Company executives predict that exports per annum will come to 75,000 units this year. The carmaker’s current record-high figu
MobilityNov. 16, 2011
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The brave new world of frontier economics
We have entered what might be called the era of “frontier economics.” As older, easier sources of economic growth are drying up, the prospects for continued dynamism and prosperity hinge more than ever before on pioneering entrepreneurial start-ups to explore and extend the technological barrier. This puts national economies under a constant pressure to knock down artificial barriers to competition. In other words, in their search for economic growth, countries need to make their economies more
Nov. 16, 2011
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Quality of red ginseng matters most: CEO
Sam Heung aims to become Korean pride in the global marketThe domestic market for red ginseng is estimated to reach 1.2 trillion won ($1 billion) this year, driven by its growing popularity among health-conscious Koreans. With the state-run Korea Ginseng Corp. enjoying more than 75 percent of the market, Sam Heung has been in a “David and Goliath” battle for the past 14 years. “The market has recently become a battle field for large latecomers. There has been no easy period for us,” CEO Youn Chu
IndustryNov. 16, 2011
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Keen video-gamers' brains may reward them more
TechnologyNov. 16, 2011
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Milk does a body good -- even when worn
The 28-year-old German is the designer of an award-winning new textile made entirely from milk that's environmentally friendly as well as soothing to people with skin allergies. Called “Qmilch,” it drapes and folds like silk, but can be washed and dried like cotton. In this photo taken Tuesday
TechnologyNov. 16, 2011
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Financial derivatives trades surge amid growing concern
Regulators scramble to draw up measures to control high-risk tradesKorea’s financial derivates market is expected to surpass 30 quadrillion won ($26.6 trillion) this year, data showed on Tuesday, amid growing concerns about huge losses inflicted on retail investors. The strong appetite for high-risk trades of futures, options and equity-linked warrants is now set to boost the total trading volume of derivates to reach 30.35 quadrillion won by the end of the year, according to the Financial Super
Nov. 15, 2011
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Delayed U.S. FTA to cause huge economic losses: official
A delay in the parliamentary ratification of the pending free trade deal with the United States could inflict a huge economic loss on South Korea along with policy uncertainties, a ranking trade official said Tuesday.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to
IndustryNov. 15, 2011
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Cheil, LGE, LS Ind., Samsung Electronics named innovative firms
Four South Korean companies have been named among the world’s 100 most innovative companies, Thomson Reuters said Tuesday. The four companies are Cheil Industries Inc., LG Electronics Inc., LS Industrial Systems and Samsung Electronics Co. Only two countries in Asia, Korea and Japan, made the top 100.“Innovation is a means of growth and prosperity for companies and nations seeking to overcome sluggish economies and achieve competitive advantage,” said David Brown, president of the IP Solutions b
IndustryNov. 15, 2011
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Airlines upbeat on Vladivostok route
Budget airliners are upbeat about Russia’s decision to adopt an open skies policy for Vladivostok, which will allow all foreign airlines to fly there by simply notifying the authorities.Russia hopes to develop Vladivostok Airport, which is less than a two-hours flight from Incheon International Airport, into a major international hub for passengers flying between East Asia and North America via Siberia, according to Russian media reports.Seoul’s Land Ministry said it has asked the Russian govern
IndustryNov. 15, 2011
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Korea’s exports to EU to grow steadily in 2012
South Korean exports to the European Union are expected to rise steadily in 2012, fueled by brisk demand for automobiles and ships, a report said Tuesday.The Korea International Trade Association report said that fiscal crises in countries such as Greece, Italy, Spain and Ireland will exert negative influence, although the economic bloc as a whole may be able to pull off positive growth.“Unlike the worldwide financial crisis in 2009, the EU is expected to post growth of about 1 percent,” the ass
IndustryNov. 15, 2011
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Hybrid car sales drop sharply in Oct.
South Korea’s hybrid vehicle sales dropped sharply in October despite high fuel prices, local industry sources said Tuesday.Consumer demand for the fuel efficient vehicles that run on both combustion engines and electric power posted a double digit slump in sales despite concerted efforts by carmakers and the government.Seoul has moved to cut taxes levied on hybrids to bolster sales, while producers have offered favorable warranties to attract consumers.Hyundai Motor Co. South Korea’s largest ca
MobilityNov. 15, 2011
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Samsung wins early Australia trial on Apple patent row
Samsung Electronics Co., embroiled in patent disputes with Apple Inc. around the globe, won an early trial on its claim that the iPhone and iPad 2 in Australia infringe its patents on 3G wireless transmissions.Australia Federal Court Justice Annabelle Bennett today ordered that a trial on Samsung’s claims be held in March. Cupertino, California-based Apple had opposed an early trial, with its lawyer Stephen Burley saying the company needed more time to prepare the case and favored a hearing in A
IndustryNov. 15, 2011
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Lotte eyes hotels in Shanghai, Singapore
Lotte Group is eyeing hotels in Shanghai and Singapore as the start of mergers and acquisitions aimed at creating a major multinational hotel chain, industry sources said Tuesday. The hunt for buyable overseas hotels comes from Lotte Group chairman Shin Dong-bin’s idea of turning his hotel chain into a global name like the Hilton or the Hyatt with systematic operational know-how.The conglomerate’s international office in charge of M&As and an in-house think tank Lotte Economic Research Institute
IndustryNov. 15, 2011
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Korea logs trade surplus for the 21st month in October
South Korea posted a trade surplus for the 21st straight month in October as exports remained strong amid slowing import growth, the customs office said Tuesday.The nation’s trade surplus came to about $4.1 billion in October, up from $1.3 billion a month earlier, according to data by the Korea Customs Service. During the January-October period, its cumulative trade surplus reached $25.9 billion.Exports totaled $46.8 billion, up from $46.5 billion in September, while imports declined from $45.3
IndustryNov. 15, 2011
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Korea’s import price growth hits 6-month high in Oct.
South Korea’s import prices rose at the fastest pace in six months in October primarily because the local currency depreciated against the U.S. dollar, the central bank said Tuesday.In local currency terms, the country’s import prices rose 16 percent in October from a year earlier, quickening from the 14 percent on-year gain in September, according to the Bank of Korea.The October data marked the fastest expansion since a 19 percent on-year advance in April, the BOK added.Compared with the previ
Nov. 15, 2011
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One in three households see debt rise in second half
A survey found Tuesday that one in three households has seen a rise in its total debt in the latter half of this year, largely due to funding its living costs.The survey, released by the Korea Chamber of Commerce and Industry, said 33 percent of the households located in the metropolitan area answered that their debts increased from July compared to the first half of this year. The survey was conducted on 300 households. Among those who answered that their total debt has risen, more than four in
Nov. 15, 2011
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Banks’ FX deposits jump in Oct. on currency volatility
South Korean banks’ foreign exchange deposits sharply rose last month as exports remained steady and high currency volatility led companies to buy the dollar, data showed Tuesday.Foreign currency-denominated deposits held by top lender Kookmin Bank and four other banks totaled $17.1 billion as of the end of October, up $2.4 billion or 16.6 percent from a year earlier, according to industry data.The sharp rise came mainly because capital inflows from export income continued and companies snapped
Nov. 15, 2011