Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Business asks Lee to clear uncertainties
The Korea Chamber of Commerce and Industry on Thursday invited about 1,300 leaders from all sectors, including President Lee Myung-bak, emphasizing greater growth in terms of exports, new jobs and bigger investments at its New Year’s greetings in southern Seoul. The event, which was organized by the country’s largest business lobby and participated by leaders from the business, government, societal and diplomatic circles, was the first meeting between the president and business heads in 2012.“I
Jan. 5, 2012
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IT exports top record $156 billion in 2011
Korea’s information technology exports reached a record high of $156.97 billion in 2011 mainly due to strong overseas demand for smartphones and system semiconductors, a government report showed Thursday.The figure is a 2 percent gain from the $153.94 billion tallied in 2010 and marks the second year in a row that outbound shipments of IT products set new records, the report by the Ministry of Knowledge Economy said.Imports grew 7.8 percent to $81.52 billion with the country posting a trade surp
Jan. 5, 2012
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Food price hike second highest in OECD
South Korea’s food prices rose at the second highest rate among Organization for Economic Cooperation and Development members in 2011, mainly due to unfavorable weather conditions, a report showed Thursday.The report by the Paris-based organization showed the country’s food prices jumping an average 7.9 percent in the January-November period, with only Estonia’s growth being steeper at 9.9 percent among the 32 countries checked.South Korea’s consumer prices rose 4 percent on-year in 2011, which
Jan. 5, 2012
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KCCI chief hopes for great growth in 2012
The Korea Chamber of Commerce and Industry on Thursday invited about 1,300 leaders from all sectors, including President Lee Myung-bak, for its New Year’s greetings in southern Seoul.The event, which was organized by the country’s largest business lobby and participated by leaders from the business, government, societal and diplomatic circles, was the first meeting between the president and business heads in 2012.“I hope this year could be one which the country establishes great growth in all se
Jan. 5, 2012
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Customer satisfaction level for public firms edges up
Customer satisfaction with public agencies in Korea edged up last year, the Ministry of Strategy and Finance said Thursday.According to the survey on 167 public organizations including state-run enterprises and state-affiliated agencies, the satisfaction level improved in the fields of customer-oriented services and customized consulting, the ministry said.Public enterprises scored 93.7 out of 100 last year, up from 92.9 the previous year. Semi-public agencies and other agencies scored 89.6 and
Jan. 5, 2012
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Watchdog mulls banking law revision
Korea’s financial watchdog is moving to reform the country’s banking law, its chief said Wednesday, amid mounting controversy over a U.S. fund’s plan to sell its controlling stake in Korea Exchange Bank.The envisioned law amendment revolves around a clause that prohibits a non-financial player from holding more than a 4 percent stake in local commercial banks.“The non-financial player policy was adopted in 2002. Since then, issues (over the policy) have been raised several times,” said Financial
Jan. 4, 2012
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Overseas industrial plant orders rise to record high in 2011: ministry
Overseas orders for industrial plants won by Korean builders rose to a new all-time high last year on growing demands from developing countries in the Middle East and South America, the government said Wednesday.Local companies clinched $64.98 billion worth of overseas orders in 2011, up from the previous record of $64.48 billion secured a year earlier, according to the Ministry of Knowledge Economy.The 2011 figure marks a positive growth for eight consecutive years since 2003. The ministry said
Jan. 4, 2012
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Korea needs to raise competitiveness in social integration: new report
Korea has been faring relatively well economically, but it still lags behind in terms of social integration, infrastructure and other non-economic areas, a government report showed Wednesday.“Our country is faring well in the economic sector, but we remain weak in terms of social integration, social capital and natural resources,” the finance ministry said in the report that analyzed the nation’s competitiveness in comparison with other advanced countries. “Economic indicators have improved as w
Jan. 4, 2012
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Tax agency to intensify probe into big firms, wealthy individuals
SEOUL, Jan. 3 (Yonhap) -- South Korea's tax agency said Tuesday it will beef up its investigation into large companies and wealthy citizens this year, in a bid to toughen its crackdown on tax evasion and expand the nation's overall tax revenue base. The National Tax Service (NTS) plans to intensify
Jan. 3, 2012
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Korea faces tougher, murkier economic conditions: minister
South Korea‘s economy is facing more “difficult and uncertain” factors this year as the eurozone debt crisis and other external challenges are expected to deteriorate, the top economic policymaker said Monday.The government must beef up its contingency plans to better cope with any unexpected shocks from home and abroad, while strengthening its overall economic health, Finance Minister Bahk Jae-wan said.“Last year, our economy went through one unexpected challenge after another,” Bahk told his s
Jan. 2, 2012
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Trade surplus stays at $33.3 billion in 2011
South Korea’s trade surplus grew from a year earlier to $4 billion last month, remaining in the black for the 23rd consecutive month, the government said Sunday.The country’s exports reached $49.7 billion in December, up 12.5 percent from the same period last year with imports growing 14 percent to $45.7 billion, according to the Ministry of Knowledge Economy.For the whole of 2011, the country’s exports gained 19.6 percent on-year to $557.8 billion with imports growing 23.3 percent to $524.5 bil
Jan. 1, 2012
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Meat imports rise 55% in 2011
South Korea’s meat imports in 2011 are expected to reach $3 billion, up nearly 55 percent from a year earlier, with imports of pork more than doubling, the country’s customs office said Sunday.In the first 11 months of the year, the country imported 850,000 tons of meat, including beef and chicken, worth over $2.95 billion, according to the Korea Customs Service. The 11-month total represents a 52.9 percent hike from $1.93 billion in the same period in 2010.The increase was largely led by pork i
Jan. 1, 2012
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Korea weighing anti-inflation measures
Jan. 1, 2012
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High U.K. inflation threatens coalition’s economic plan
Jan. 1, 2012
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BOK may raise growth outlook
Jan. 1, 2012
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Korea-U.S. trade deal closer to final approval
Jan. 1, 2012
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IMF warns Japan, U.S. on debt crisis
Jan. 1, 2012
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Support grows for extending Greek debt payback
Jan. 1, 2012
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G20 sees two steps to tackling global imbalances: EU
Jan. 1, 2012
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Korea to pick rescuer for Samhwa this week
Jan. 1, 2012