Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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S. Korea logs current account surplus in Feb.
South Korea posted a current account surplus in February on the back of solid exports, the central bank said Thursday.The current account surplus reached US$640 million last month, shifting from a shortfall of $970 million the previous month, according to the Bank of Korea (BOK). The figure compares
March 29, 2012
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KCS plans 10 new rural duty-free shops to be run by small companies
The Korea Customs Service said on Thursday that it has put out a public notice on the policy changes aimed at favoring small enterprises over conglomerates in running duty-free shops for foreign tourists.Under the revised rules, the KCS will allow only small and medium enterprises and provincial public companies to compete for future licenses to open duty-free shops in cities that serve only foreign nationals.The move comes as the government takes steps to protect smaller firms and balance the m
March 28, 2012
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Korea committed to helping SMEs: finance minister
The government is committed to helping small and medium enterprises and reviving traditional markets that form the backbone of the local economy, the finance minister said Wednesday.Bahk Jae-wan told a weekly economic policymakers meeting that Seoul aims to implement programs that will directly benefit SMEs and small-time merchants that employ the bulk of the country’s workforce. “Efforts are also underway to revive traditional markets that have been losing ground to large discount outlets and b
March 28, 2012
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Manufacturing sentiment edges up
South Korean manufacturers’ business confidence inched up for April from March on gradual economic improvements, but pessimists still outnumbered optimists, the central bank said Wednesday.The index of manufacturers’ outlook on business conditions reached 85 for April, up from 84 in March, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.April marks the third month in a row that the figure has moved up and the highest figure
March 28, 2012
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Exports to pick up in second quarter: KITA
Korean companies’ exports, which have been sluggish for the past two quarters, are likely to pick up in the three months from April, a think tank affiliated with the Korea International Trade Association said Wednesday.The KITA Institute for International Trade projected that exports would not deteriorate as recent indicators of U.S. consumer sentiment were better than expected and the eurozone agreed on a second bailout package for Greece. “The economic conditions perceived by Korean companies
March 28, 2012
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Korea Exchange to launch oil spot trading system Friday
Korea’s first electronic oil spot market will open at 10 a.m. on Friday, the Korea Exchange said. The bourse operator said the market would help make distribution more transparent and stabilize petroleum prices in the domestic market. Major oil brands such as SK, GS, HD and S-Oil will be listed on the new market, based on gas stations across the nation. Trading hours are set from 10 a.m. until 4 p.m., and a single unit for a trade order is 20,000 liters. Market participants are oil companies, oi
March 27, 2012
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Hamel Award to be given by Dutch foreign minister
The Dutch Business Council of Korea will present the Hamel Trade Award for the best performing Dutch company in Korea in 2010-2011 at a ceremony in Seoul on Wednesday. The two nominees for the prize are Control Union Certifications Korea and DSM Korea. “Organizing these awards is a good investment in the future of the business relationship instead of just organizing a dinner,” said Jeroen Plag, chairman of the DBCK and ING Commercial Banking country manager. Visiting Dutch Foreign Minister Uri R
March 27, 2012
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World Bank chief-nominee to visit seven countries
WASHINGTON (Yonhap News) ― Jim Yong Kim, a Korean-born physician nominated by President Barack Obama to head the World Bank, will visit his motherland South Korea and six other nations, the U.S. Treasury Department announced Monday.The 11-day tour of South Korea, Ethiopia, China, Japan, India, Brazil, and Mexico, set to begin on Tuesday, is apparently part of efforts to drum up support in advance of a meeting of the World Bank’s 25-member executive board in April to select its new leader.The dep
March 27, 2012
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EU’s export growth to Korea outpaced import gain: report
The European Union’s export growth to South Korea from 2000 through 2010 outpaced its import gain as Asia’s fourth-largest economy moved to diversify its import sources, a report showed Monday.The report by Statistics Korea said the 27-member EU shipped a combined 27.98 billion euros ($37.15 billion) worth of goods to South Korea in 2010, a 67 percent gain from 10 years earlier when it exported 16.74 billion euros.In the same period, the world’s largest economic bloc’s imports from South Korea r
March 26, 2012
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FTC toughens rule on public disclosure by conglomerates
Korea’s trade watchdog said on Monday that conglomerates should publicly disclose major contracts they award to their affiliates, starting from April. The Fair Trade Commission said any contract with a value that exceeds 5 billion won ($4.4 million) should be approved by a board of directors in advance and the details should be filed with the Korea Exchange in the form of a public disclosure. The strengthened regulation targets conglomerates that tend to maintain an interlocking structure of spr
March 26, 2012
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Korea, Mexico build highway for patent applications
Korea and Mexico signed an agreement to accelerate the examination of patent applications, the Korean Intellectual Property Office said on Monday. The Patent Prosecution Highway allows applicants who have successfully obtained a patent from the Korean office pursue an accelerated patent examination in Mexico, or vice versa. The national office said the deal will cut the period between application and grant from an average of three and a half years to a month. “KIPO Commissioner Lee Soo-won and h
March 26, 2012
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New Zealand P.M. says firms’ survival depends on Korea FTA
New Zealand’s prime minister on Monday expressed hope that a free trade agreement between his country and Korea will be concluded soon.After a meeting with members of New Zealand Chamber of Commerce in Seoul, Prime Minister John Key told The Korea Herald that without a free trade agreement, his country’s companies would eventually be priced out of the Korean market. The New Zealand leader came to Korea to attend the Nuclear Security Summit that began its two-day run in Seoul on Monday.Key added
March 26, 2012
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Korea, Turkey sign tentative FTA
The governments of Korea and Turkey on Monday provisionally signed a bilateral free trade agreement, completing three years of negotiations.“Turkey is an emerging economy with high market potential and promising export market that is showing stable growth, ” the Ministry of Knowledge Economy said in
March 26, 2012
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Rivers refurbishment points to ‘green growth’ success
Government seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium in the basins of the Han, Geum, Yeongsan and Nakdong
March 25, 2012
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Rivers refurbishment points to ‘green growth’ success
Rivers refurbishment points to ‘green growth’ successGovernment seeks to export technology as Thai premier visits sites on SundayIn a sign of emerging from the years-long controversy, Korea’s project to revamp its four major rivers is poised to get a boost as several countries express interest in adopting similar schemes. The multi-billion-dollar program is the centerpiece of the government’s green growth initiative, focusing on enhancing water security, flood control and ecological equilibrium
March 25, 2012
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S. Korea's biz sentiment surges for Q2
South Korea's business confidence surged for the second quarter, reflecting expectations that the economy may improve gradually in the coming months, according to the results of a survey released Sunday.The business survey index (BSI) for the April-June period came to 99, a sharp increase from 77 fo
March 25, 2012
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Jim Kim: Obama makes surprise pick for World Bank
Passing over better-known candidates, President Barack Obama nominated global health expert and Dartmouth College President Jim Yong Kim on Friday to lead the World Bank. It was a surprise pick aimed in part at fending off challenges from developing nations eager to end the U.S. monopoly of the top
March 25, 2012
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Spot oil trading system to start within March
New trading system expected to stabilize oil prices and improve transparencyThe Korean government said on Friday it would kick off a spot oil electronic trading system within March to help rein in stubbornly high oil prices and improve transparency in the local oil market. The electronic market will be run by the Korea Exchange, the country’s bourse operator, and government officials said the new system will contribute to stabilize oil prices. Korea relies on foreign imports for all of its oil n
March 23, 2012
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Biz bodies warn politicians against populist pledges
Korea’s major business organizations urged politicians Thursday to refrain from making populist pledges to win votes, stressing such moves will hurt the country’s economy in the long run.The Federation of Korean Industries, the lobby for the country’s family-controlled conglomerates, and four other organizations claimed that resorting to populism poses problems for the country’s fiscal health and can seriously affect economic growth potential.“There is a rush by politicians and some civic groups
March 22, 2012
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Seoul pushes to include Gaeseong products in Korea-U.S. free trade deal
South Korea is pushing to include the Gaeseong industrial zone in North Korea in its free-trade deals with the U.S. and Europe, a step that would deepen cross-border ties after the North’s leadership transition. “Unification is already taking place in Gaeseong, with daily encounters and shared interests,” said Yoo Dong-ok, the chairman of Daewha Fuel Pump Industries and a spokesman for South Korean companies operating in the manufacturing enclave. Shipments from the factories, mostly textiles an
March 22, 2012