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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Jobless rate to top 3.7% in 2012: think tanks
Korea’s unemployment rate is expected to slightly rise next year on the back of sluggish economic growth at home and abroad, leading private think tanks said Sunday.LG Economic Research Institute forecast the country’s jobless rate will be 3.7 percent next year, while Hyundai Research Institute predicted 3.6 percent. Both figures are up from this year’s estimated 3.5 percent.Samsung Economic Research Institute predicted a 3.4 percent rate. But it indicated a possible rise, citing lackluster job
Dec. 11, 2011
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Canadian Chamber elects chief
The Canadian Chamber of Commerce in Korea announced that Don MacKenzie has been elected its new chairman for 2012. “I look forward to taking over the great work of Simon Bureau. His work and dedication over the last four years have helped establish a sound foundation upon which we can continue to build in the future,” said MacKenzie.MacKenzie joined A.T. Kearney Korea in 2010 as vice chairman, focusing primarily on the firm’s extensive financial services, mergers and acquisitions, and private eq
Dec. 11, 2011
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Conglomerates expect exports to drop in 2012
South Korean conglomerates expect export conditions to worsen in 2012 mainly due to eurozone debt woes and a U.S. economic slowdown, a poll showed Thursday.The Federation of Korean Industries survey showed that of 22 major businesses polled, 15, or 68.2 percent, expected next year’s export environment to be less favorable than in 2011.The data also showed that 63.6 percent of the conglomerates, including Samsung, Hyundai Motor Co., LG and SK, are bracing for financing-related difficulties in the
Dec. 8, 2011
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SaKong to discuss global governance in Vienna
SaKong Il, chairman of the Korea International Trade Association, will discuss global governance in politics and the economy with leaders from around the world at a forum in Vienna, the trade agency said Thursday.More than 150 heads of state, policymakers and scholars will take part in the World Policy Conference on Dec. 9-11 hosted by the Institut francais des relations internationales, a leading think tank based in Paris. Participants include Heinz Fischer, president of Austria; Abdullah Gul,
Dec. 8, 2011
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Income inequality higher among seniors
Financial disparity among those over 65 third highest in OECDKorea had the third-highest income inequality among senior citizens in the Organization for Economic Cooperation and Development, a report by the organization said.The Gini coefficient ― a measure of income inequality ― of people aged 65 or older in Korea, measured after tax, was 0.409, behind Chile (0.474) and Mexico (0.524). The closer a Gini index is to 1 the greater the income inequality. The Gini coefficient among Koreans aged bet
Dec. 8, 2011
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BOK freezes key rate for 6th month for Dec.
SEOUL, Dec. 8 (Yonhap) -- South Korea's central bank froze the key interest rate on Thursday for the sixth straight month in a bid to shield the economy from the impact of growing downside risks from the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers unanimo
Dec. 8, 2011
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Income inequality among elderly citizens 3rd-highest in OECD countries
SEOUL, Dec. 8 (Yonhap) -- Income inequality among elderly citizens in South Korea is the third highest in major economies, data showed Thursday, indicating that the country's public pension system remains relatively insufficient to support retirees.The Gini coefficient for those aged 65 and older he
Dec. 8, 2011
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Korea to cut housing transfer taxes, ease regulations
The government plans to lower capital gains taxes on home transactions for multiple homeowners and ease regulations on apartment redevelopment in affluent southern Seoul as it strives to prevent a sluggish real estate market from dragging down the economy.Officials on Wednesday rolled out a package of measures to rejuvenate housing transactions which also include more support for cash-strapped construction firms and low-income earners.The government will submit related bills to the National Asse
Dec. 7, 2011
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Korea to closely monitor economic conditions amid uncertainties
South Korea will closely monitor economic conditions at home and abroad amid heightened uncertainties over the eurozone debt crisis and a possible global slowdown, the Finance Ministry said Tuesday.“Uncertainties remain high as the eurozone fiscal crisis deepens and there is a chance that the global economy could slip into a slowdown,” the ministry said in its monthly report on the latest economic conditions. “It is necessary (for us) to closely monitor changes in economic conditions at home and
Dec. 6, 2011
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Cable TV operators‘ agree to retransmit HD programs
Cable television operators have started to re-air high-definition terrestrial TV programs late Monday following the government’s mediation efforts.“We have decided to accept the recommendations made by the national broadcasting watchdog and started the retransmission... and agreed to engage in earnest dialogue to resolve outstanding differences in the coming week,” cable operators said in a joint statement.This view was echoed by the three local terrestrial channels -- KBS2, MBC and SBS -- which
Dec. 6, 2011
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Building globally competitive SMEs priority: KOTRA
Building globally competitive small and medium enterprises is key to pushing up South Korea’s trade volume to the next level, the new head of the country’s export promotion agency said Monday.Korea Trade-Investment Promotion Agency President Oh Young-ho said that in order for Seoul to double its annual export volume from $1 trillion reached this month, the capabilities of its SMEs must be enhanced.South Korea’s annual trade volume exceeded the landmark $1 trillion mark for the first time in its
Dec. 6, 2011
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S. Korean workers most vulnerable to unemployment risk in OECD bloc
South Korean workers turned out to be most vulnerable to an economic crisis compared with their counterparts in other OECD countries, due to the country's extraordinarily low levels of unemployment benefits, a report showed Tuesday.Local labor authorities provided unemployed workers with financial a
Dec. 6, 2011
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S. Korean economy grows revised 0.8 pct in Q3
The South Korean economy grew slightly faster than previously estimated in the third quarter on sustained exports, but the growth momentum slowed from three months earlier amid global economic uncertainty, the central bank said Tuesday.Korea's gross domestic product (GDP), the broadest measure of ec
Dec. 6, 2011
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Korea’s trade tops $1tr for first time
South Korea’s annual trade volume passed $1 trillion for the first time Monday, making it the ninth country in the world to break the mark. Only the United States, Germany, China, Japan, France, Britain, the Netherlands and Italy have logged an annual trade volume of over $1 trillion so far. Two of them ― Britain and Italy ― failed to maintain it last year.The eight countries account for half of the world’s total trade, and excluding China, they are all advanced economies with per capita income
Dec. 5, 2011
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8.39 million Koreans pay no income tax: report
Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no income tax to the government, the National Tax Service said in a report.The figure marked an increase of 270,000 people who are exempt from income taxes from 2009, raising the issue of whether the Korean
Dec. 5, 2011
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8.39 million Koreans pay no income tax: report
Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no inc
Dec. 5, 2011
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Korea Discount stems from chaebol governance: report
The “Korea Discount,” the amount by which foreign investors undervalue Korean stocks, stems largely from structural problems with the governance of the country’s major conglomerates, a brokerage said in a recent report. In a paper titled “2012 Korean Corporate Governance,” Tongyang Securities Inc. argued that governance problems had flared up in the last decade, during which the top five conglomerates saw their combined market capitalization jump from 28.4 percent to 44.9 percent. The report, ba
Dec. 4, 2011
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Gov't announces 4.5 percent electricity price hike
SEOUL, Dec. 2 (Yonhap) -- The country's electricity price will be raised by an average 4.5 percent from next week, though rates for households and the agricultural industry will remain intact, the government said Friday.Starting on Monday, prices of electricity used by industrial and educational sec
Dec. 2, 2011
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Korea, ASEAN creating regional forest agency
Korea Forest Service maps out plans to establish AFoCO after landmark agreement with ASEANSouth Korea took an important step in nurturing global green growth by agreeing last month with ASEAN member states to form the Asian Forest Cooperation Organization, the Korea Forest Service said on Thursday.The agreement, signed at the ASEAN Summit in Bali, is expected to pave the way for international cooperative networks in the field of forest preservation. ASEAN leaders welcomed the agreement at the 14
Dec. 1, 2011
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Korea steps closer to agency to preserve forests
Korea Forest Service maps out plans to establish AFoCO after landmark agreement signed with ASEAN in BaliSouth Korea took an important step in nurturing global green growth by agreeing last month with ASEAN member states to form the Asian Forest Cooperation Organization, the Korea Forest Service said on Thursday.The agreement, signed at the ASEAN Summit in Bali, Indonesia, is expected to pave the way for international cooperative networks in the field of forest preservation. ASEAN leaders welcom
Dec. 1, 2011