Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Doggy patrol team on the move to protect their cities
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Allegations surrounding BTS resurface, enraged fans demand apology
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Watchdog halts operations of troubled savings bank
South Korea's financial regulator on Friday suspended operations of an embattled savings bank as it accelerates efforts to restructure the savings banks industry distressed with souring construction loans. The Financial Services Commission (FSC) said it will suspend Seoul-based Samhwa Mutual Savings Bank for six months for failing to meet regulatory capital requirements. As of the end of July
Jan. 14, 2011
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Obama gov't wants Congress to approve Korea FTA before July: Kirk
The Obama administration wants Congress to ratify the free-trade deal with South Korea before a similar pact between South Korea and the European Union goes into effect in July, the chief U.S. trade official said Thursday. "Our goal is to hand this agreement to Congress before the EU trade agreement goes into effect on July 1," U.S. Trade Representative Ron Kirk told a forum here. "Everything we
Jan. 14, 2011
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SKT to launch 30 smartphones this year
Nation’s biggest mobile carrier also plans to release up to five tablet PCsSK Telecom Co., Korea’s No. 1 mobile operator, said on Thursday it plans to roll out around 30 new smartphones and up to five tablet computers this year, aiming to lead the rapidly evolving market of smart devices.Its new smartphone lineup includes LG Electronics’ Optimus 2X, Samsung Electronics’ Personal Media Phone, Motor
IndustryJan. 14, 2011
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S. Korea's business heads vow efforts to outperform expectations
Heads of South Korea's largest conglomerates on Thursday vowed efforts to outperform expectations for the country's economy this year and urged an early implementation of a free trade agreement (FTA) with the United States to help achieve their goal. The ambitious plan came from the executive council of the Federation of Korean Industries (FKI), the largest industry lobby in South Korea with a m
Jan. 13, 2011
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Seoul all-out to contain prices
Measures include tariff cuts, crop and housing suppliesThe government plans to cut food tariffs, increase crop supplies and freeze public service costs in what it calls a “war against inflation.” A pan-government task force headed by the Finance Ministry on Thursday reported to President Lee Myung-bak a package of measures to rein in skyrocketing food, energy and home rental costs that are threate
Jan. 13, 2011
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BOK hikes rate to 2.75%
South Korea’s central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday as economic growth and rising raw material prices are exerting mounting inflationary pressure.Bank of Korea Governor Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset
Jan. 13, 2011
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Hyundai unveils new Grandeur
Hyundai Motor Co., Korea’s top automaker, unveiled Thursday the long-awaited new version of its upper-end passenger vehicle, the Grandeur.The fifth-generation Grandeur, sold as the Azera in overseas markets including the United States, is the first version out in nearly five years since May 2005.“We are confident the new Grandeur will add to the class and pride of its customers as it comes with a
IndustryJan. 13, 2011
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Hana faces delay in approval of KEB buy
Regulatory approval for Hana Financial Group Inc.’s acquisition of Korea Exchange Bank may come later than expected, which could push up the group’s cost for the takeover deal, sources said Thursday.Hana Financial expected to receive regulatory approval around February for its Nov. 25 contract with U.S. buyout firm Lone Star Funds to take over a 51.02 percent stake in KEB for 4.69 trillion won ($4
Jan. 13, 2011
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Portugal claims success in bond sale
Demand strong for bond, but bailout worries lingerLISBON (AFP) ― Portugal said it passed a key test on Wednesday with a successful bond sale but analysts were cautious, arguing that a bailout remains a real possibility to ease its debt problems ― and those of the eurozone.The government raised 1.25 billion euros ($1.6 billion), the maximum it sought, attracting strong interest and slightly lower r
Jan. 13, 2011
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POSCO looks to buy Korea Express
Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks
IndustryJan. 13, 2011
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Samsung opens official global blog
Samsung Group, Korea’s top conglomerate, said Thursday it has launched an English blog to boost communications with users around the world. The Samsung Village (www.samsungvillage.com) is designed to introduce the group’s history and business, and offer open forums where local and foreign visitors can share their views and opinions about news and human interest stories, the group said.“Digital med
IndustryJan. 13, 2011
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SK Group to invest W10.5tr in 2011
Telecom, energy giant to focus on green energy, overseas resources, new mobile technologiesSK Group said Thursday it would increase investment 30 percent this year to a record high 10.5 trillion won ($9.4 billion) to power future growth in clean energy, overseas resources and advanced mobile technologies.Korea’s third-largest conglomerate also plans to hire about 3,000 new employees, 25 percent mo
IndustryJan. 13, 2011
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Seoul strives to fight hikes in home rental costs
A package of government measures unveiled Thursday to curb rising consumer prices includes a policy to stabilize the property market amid soaring housing rent prices.The government has focused on active supply of small-sized houses and funding for the mid- and lower-income households which generally resort to “jeonse,” the Korean rent system under which tenants pay a lump-sum deposit to rent a hou
Jan. 13, 2011
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Renault-Nissan ups cooperation with Korean parts makers
Renault-Nissan Alliance held its annual purchasing conference in Seoul this week, opening new opportunities for local parts makers, Renault Samsung Motors Co. said Thursday.The conference, held Monday and Tuesday by Renault-Nissan Purchasing Organization that oversees purchasing and quality control of parts for Renault and Nissan operations, is customarily held at the headquarters of Renault or Ni
IndustryJan. 13, 2011
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Major retailers gear up for online shopping boom
Lotte, Shinsegae, Hyundai speed up expansion of Internet, mobile businessesKorea’s large retailers are gearing up for intensifying competition online as virtual marketplaces grow on the back of popular mobile computing and social media.Lotte Shopping, Shinsegae Group and Hyundai Department Store are strengthening their Internet and mobile business operations with plans to open new shops, broaden p
IndustryJan. 13, 2011
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SK Telecom chief to spur network evolution
Ha focuses on speed, openness and collaborationSK Telecom Co., the nation’s top mobile carrier, will speed up its transition to the next-generation network and boost cooperation with application developers and suppliers, its new chief executive said on Wednesday.In his first news conference since taking office on Jan. 1, Ha Sung-min, 54, unveiled a new management strategy focused on speed, opennes
IndustryJan. 13, 2011
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BOK unexpectedly hikes key rate to 2.75 pct
SEOUL, Jan. 13 (Yonhap) -- South Korea's central bank unexpectedly raised the key interest rate by a quarter percentage point on Thursday in an apparent bid to contain growing inflationary pressure.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers hiked the benchmark seven-day repo rate, dubbed the base rate, to 2.75 percent. It marked the third rate increase since the onset of t
Jan. 13, 2011
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LG Uplus launches social networking services
LG Uplus Corp., South Korea's smallest mobile carrier, said Thursday that it has made inroads into the fast-growing mobile social networking market in South Korea in an effort to find new revenue sources. The wireless and fixed-line operator introduced beta versions of two mobile-based social networking services last month that are available to all mobile phone users, it said in a statement.
TechnologyJan. 13, 2011
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‘Korea, Japan research demands different’
Shin Eun-hee has a unique duty in her role as a top executive. She not only supervises Korean operations of the Nielsen Company, a global information and media firm, but also Japanese operations, assuming the role of managing director for the two crucial markets in East Asia simultaneously. What’s more unusual is that Shin does most of her business here in Seoul. The convention is that regional CE
CompaniesJan. 13, 2011
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Real estate market may be better off in 2011
Expectations are rising that the domestic real estate market hit bottom last year and began to recover in the last quarter.The Land & Housing Institute said Wednesday home transaction volume and prices rose for the sixth consecutive week during the fourth quarter of last year after seeing minus 0.1 percent growth in July.“In particular, it is noteworthy that the pace of growth has been accelerated
Jan. 12, 2011