Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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White House unsure about ratification of Korea FTA this summer
Stepping back from a confident tone a week earlier, a top White House official said Tuesday that it might not be possible to win congressional approval for pending trade pacts this summer.President Barack Obama's chief of staff, Bill Daley, said the administration remains committed to a plan to send free trade agreements (FTAs) with South Korea, Colombia and Panama to Congress for votes "very soon
July 20, 2011
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Employment rate for women in their 50s highest in decades
The employment rate among Korean women in their 50s hit the highest level in decades in the second quarter, as many females joined the workforce to meet growing education and living costs, data showed Tuesday.According to the data by Statistics Korea, the employment rate among the cited age group stood at 59.3 percent in the April-June period, the highest level since the third quarter of 1992, whe
July 19, 2011
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Employment rate for women in their 50s at highest in decades
The employment rate among South Korean women in their 50s hit the highest level in decades in the second quarter, as many females joined the workforce to meet growing education and living costs, data showed Tuesday.According to the data by Statistics Korea, the employment rate among the cited age group stood at 59.3 percent in the April-June period, the highest level since the third quarter of 199
July 19, 2011
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Samsung Everland fires union leader for leaking corporate information
Samsung Everland Inc. said Monday that it has fired a worker for leaking sensitive corporate information less than a week after employees set up a trade union. The company, which is an affiliate of Samsung Group, South Korea's largest family-owned conglomerate, said Cho Jang-hee, the vice chairman of the union, has been dismissed for wrongful conduct and that its in-house disciplinary committ
July 18, 2011
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Korea's SME federation seeks to set up 4th mobile carrier
South Korea's umbrella federation of small and medium-sized enterprises on Monday said it will seek to set up the country's fourth mobile carrier as part of an ongoing effort to boost growth of local venture firms. The Korea Federation of Small and Medium Business said after holding a board meeting that it plans to invest less than 100 billion won ($94.2 million) in the proposed consortium made
July 18, 2011
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Commerce minister warns against sudden hike of fuel prices
The government will soon look into the country's major refineries and gas stations to see if they are making excessive profits by raising already high fuel prices, the commerce minister said Monday, turning up the heat on them to limit price hikes. The warning comes as gasoline and diesel prices are rising almost daily, which was expected as the voluntary reduction of oil prices by the countr
July 18, 2011
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Long rainy season deepens price concerns
Prices of vegetables, fruit and coffee rapidly escalatingA prolonged rainy spell is deepening concerns over increases in consumer prices. The government had expected the nation’s consumer price index, which hovered at 4.3 percent in the first half of the year, would stabilize in the latter half at 3.7 percent. But, coupled with high oil prices, the long rainy season is adding to uncertainty about
July 17, 2011
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Trade with EU rises after FTA takes effect
South Korea is witnessing a clear increase in trade volume with the European Union after a free trade agreement between them took effect on July 1.The Korea Customs Service said Sunday that the exports and imports with the EU amounted to $1.48 billion and $1.65 between July 1-13, an increase of 19 percent and 16 percent, respectively. The customs agency said that the newly signed FTA may have driv
July 17, 2011
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Coffee prices jump 4.5% in Q2
(Yonhap News)Coffee prices in South Korea surged 4.5 percent in the second quarter from three months earlier, due mainly to soaring costs of importing coffee beans, data showed Sunday. The increase is more than six times larger than a 0.7 percent on-quarter gain in consumer prices in the April-June period, according to the data compiled by the central Bank of Korea and state-run Statistics Korea.
July 17, 2011
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Gold prices hit another record high
Domestic gold prices set a fresh record high on Saturday on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said.The retail price of 1 don (3.75 grams) of pure gold in the country stood at 217,800 won (US$206) on Saturday, up 600 won from Friday's quotation, according to the Korea Gold Exchange, a local gold dealer. Don is a unit u
July 17, 2011
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BOK raises inflation outlook to 4 percent
The Bank of Korea raised its projection for this year’s inflation rate to 4 percent on Friday ― 15 days after the government raised its projections to the same level.The central bank had projected an inflation rate of 3.9 percent in April.The government, which had originally projected that consumer prices would rise by around 3 percent this year, changed its outlook for this year’s inflation rate
July 15, 2011
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Local gold prices hit record high
Surge stems from high international prices, weak greenbackDomestic gold prices have rallied to all-time highs on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said Friday. An employee at Shinhan Bank shows gold bullion bars. (Ahn Hoon/The Korea Herald)The retail price of 1 don (3.75 grams) of pure gold in the country stood at 217
July 15, 2011
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Korea, EU agree on fair, equal antitrust policy
Antitrust authorities of Korea and the European Union agreed Friday to ensure equal treatment of foreign companies in dealing with international cartel cases, Seoul officials said. The agreement was reached during a meeting in Seoul between Kim Dong-soo, head of South Korea’s Fair Trade Commission, and Joaquin Almunia, vice president of the European Commission, according to the FTC officials. Fair
July 15, 2011
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BOK cuts 2011 growth outlook to 4.3 pct
South Korea's central bank on Friday revised down its 2011 economic growth outlook on weaker domestic demand and construction investment, but raised its inflation projection on high oil and food prices.The Bank of Korea (BOK) lowered its growth projection to 4.3 percent for the year from an earlier 4.5 percent estimate made in April. In the second half, the economy is expected to grow 4.7 percent,
July 15, 2011
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S. Korea's import price growth hits 7-month low in June
South Korea's import prices grew at the slowest clip in seven months in June as the local currency's ascent to the dollar overshadowed an on-year gain in oil prices, the central bank said Friday.In local currency terms, the country's import prices rose 10.5 percent in June from a year earlier, slowing from a 13.2 percent on-year expansion tallied in May, according to the Bank of Korea (BOK).The Ju
July 15, 2011
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Korea starts extracting lithium from sea
Korea has completed the construction of its first offshore plant to extract lithium from seawater in a bid to supply spiraling demand for the scarce metal in the automobile and electronics industries.The “Seawater Lithium Research Center” located in Gangneung in the country’s east entered test-production and will develop technology to churn out 30 tons of high-purity lithium carbonate annually sta
July 14, 2011
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BOK freezes key rate at 3.25%
Korea's central bank froze the key interest rate on Thursday, following a rate hike in June, in the face of mounting household debt and the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held steady the benchmark seven-day repo rate, dubbed the base rate, at 3.25 percent for July.The decision is in line with a forecast by 18 out of 19 economists surveyed b
July 14, 2011
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Obama still uncertain on ways to proceed with FTA bill
The Barack Obama administration is still looking for the best timing to send a bill on a free trade agreement (FTA) with South Korea to Congress, a senior official said Wednesday, with no clear signs of a breakthrough in federal debt limit talks."Senior-level discussions continue on the timing for formal submission of the bill," Carol Guthrie, assistant U.S. trade representative for public and med
July 14, 2011
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Korean CEOs expand networks as honorary consuls
Business leaders committed to solidifying diplomatic, economic, cultural ties with foreign countriesKorea’s business leaders are expanding their scope into the international arena, but not as representatives of their companies; they are honorary consuls of foreign countries.Despite the extra duties these roles bring to their already busy lives, such as issuing visas and passports, the new job help
July 13, 2011
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June jobless rate falls to 6-month low
The job market in June grew to the healthiest level in six months, posting a 3.3 percent unemployment rate as hiring conditions improved in manufacturing and service sectors, Statistics Korea said. The June figure is unchanged from May, but it saw the largest number of jobs in 11 months, 472,000, added to the economy.“The job growth is driven by the private sector and we’re seeing the job market c
July 13, 2011