Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Higher commodity costs feared to fuel inflation
International prices of key raw materials have been rebounding recently, data showed Wednesday, raising concerns South Korea could face growing inflationary pressure due to its heavy dependence on their imports.According to the data by the Korea Center for International Finance, the CRB index, a major gauge of raw material prices, came to 318.57 as of Monday, up 8.6 percent from Oct. 4 when it fell to 293.28, the lowest this year.The increase is driven mostly by price hikes of key raw materials
Oct. 26, 2011
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Finance minister urges swift approval of FTA with U.S.
South Korea’s top economic policymaker called for the swift ratification of the long-pending free trade agreement with the United States on Wednesday, saying that a further delay could eventually do more harm than good to the nation’s interests.The trade deal, known as the KORUS FTA, was signed in 2007 and supplemented in December of last year with minor modifications that mostly dealt with the auto industry. Recently, the U.S. Congress passed the deal and it has been awaiting approval from Sout
Oct. 26, 2011
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[Meet the CEO] BMW shows strong confidence in Korea branch CEO
Automaker puts value on three P’s -- product, people and partnersMunich-based BMW Group regards Korea as one of the important markets for their global management despite its small portion in Korea of the automaker’s total sales worldwide.Apart from the boom in the import vehicle market in Korea, the automobile giant’s focus on Korea appears based on its strong confidence in its Korea branch CEO Kim Hyo-joon.Last year, personnel managers at the company’s German headquarters asked the 54-year-old
MobilityOct. 26, 2011
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Expectations for KOSPI rebound
Improving outlook for eurozone and U.S. instills optimismKorea’s major brokerages forecast on Wednesday the KOSPI index might reach 2,100 by year-end, citing improving outlook on the eurozone debt crisis and a faster-than-expected recovery of the U.S. economy.The main index recouped its losses this month, rising quickly from 1,650 to around 1,900, on the expectations that the protracted sovereign debt crisis in the eurozone might find a breakthrough sooner than earlier predicted. The rapid rise
Oct. 26, 2011
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Korean firms brace for economic uncertainties
Companies cut costs, postpone investment to secure liquid capitalAs uncertainties over next year’s economic outlook increase, fueled by fluctuating exchange rates and Europe’s financial instability, domestic firms are tightening their purse strings.The executives of the country’s largest shipping firm Hanjin Shipping Co. recently decided to return 10 percent of their annual salaries this year, while Korean Air is taking applications for voluntary redundancy in an effort to cut costs.The country’
IndustryOct. 26, 2011
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Samsung, Ambarella expand partnership in digital camera chips
Samsung Electronics Co. said Wednesday that it began to supply digital camera chips for Ambarella Inc., an image-processing semiconductor company in the U.S., further expanding their cooperation in the foundry business.Samsung’s foundry team started manufacturing Ambarella’s 32-nanometer System on Chips and A7L for high-definition digital cameras, Samsung said in a statement.The company’s foundry business, which fabricates chip designs of other companies that do not have a semiconductor fabricat
IndustryOct. 26, 2011
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Beer, soju consumption bounces back
South Korean consumption of beer and soju has made a comeback in 2011 after three straight years of negative growth, a trade association said Wednesday.The Korea Alcohol and Liquor Industry Association said beer shipments reached just under 1.25 million kiloliters in the first eight months of this year, up 3 percent from a year earlier.Shipments of soju, a local distilled beverage made from rice and other starches, also grew 1 percent on-year to 809,891 kiloliters.“Both beer and soju consumption
Oct. 26, 2011
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SKT to become sole bidder for chipmaker Hynix
Telecom giant may gain upper hand in price negotiations with Hynix creditorsSK Telecom is expected to become the sole bidder for the world’s second biggest computer memory chipmaker Hynix although the bidding process was seemingly deferred twice to trigger competition.According to industry sources, lead manager Credit Suisse has delivered statements on how to take part in Hynix bidding to about 12 large firms, but none of them have yet responded.The outlook for increased competition looks grim s
IndustryOct. 26, 2011
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Gmarket opens virtual fashion store
Gmarket, the nation’s No. 1 online marketplace owned by eBay, opened Wednesday a virtual fashion store at a subway station in central Seoul. Gmarket said it will display fall and winter fashion items via the eight screen doors at Myeongdong Subway Station through Nov. 14.Customers can purchase the products by scanning the Quick Response Code, or QR Code, on the photographs, the company explained. Gmarket said customers can check the complete look of specific items and share reviews of other user
IndustryOct. 26, 2011
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Telecoms to ban wireless access to foreign porn sites
The government and telecom companies have agreed to ban access to foreign pornography via wireless devices such as tablet PCs and smartphones from as early as November, communications authorities said.According to the Korea Communications Commission, the nation’s top three telecom services providers ― KT, SK Telecom and LG Uplus ― are pushing to revise their policy terms to block access to obscene content.“We are preparing a revised policy that contains the measures to block lewd materials. Afte
IndustryOct. 26, 2011
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Korea, China agree to double currency swap facility
Two central banks agree to increase trade settlements in yuan, won South Korea and China agreed Wednesday to double their won-yuan swap arrangement from the existing $26 billion to $56 billion in an effort to secure foreign exchange liquidity, officials in Seoul said.The move ramped up Korea’s financial safety net measures following a similar deal reached with Japan last week.China Vice Premier Li Keqiang met with Korean President Lee Myung-bak and Prime Minister Kim Hwang-sik separately during
Oct. 26, 2011
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Doosan Infracore launches excavator plant in China
Doosan Infracore Co. has started operation of its new plant in China as it seeks to recapture the top spot in the earth-moving equipment market by rolling out compact excavators. The Korean engineering firm said Wednesday the facility in Suzhou in the eastern province of Jiangsu will churn out 9,800 eight-ton or smaller excavators annually. It has injected 72.9 billion won ($64.5 million) in the project launched in 2007.“Given the rapid advancement of local firms, the only way of surviving compe
Oct. 26, 2011
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Seoul shares up 0.3% on eurozone policy hopes
South Korean stocks ended 0.3 percent higher on Wednesday as continued optimism over the eurozone’s policy efforts to salvage the region from a debt crisis kept investor sentiment afloat, analysts said. The local currency fell against the U.S. dollar.After opening lower, the benchmark Korea Composite Stock Price Index climbed 5.66 points to 1,894.31. Trading volume was moderate at 379 million shares worth 5.49 trillion won ($4.85 billion), with gainers outnumbering decliners 428 to 374.“The shif
Oct. 26, 2011
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LG Electronics swings back into the red
LG Electronics posted operating losses of 32 billion won ($29.57 million) in the third quarter, swinging into the red for the first time this year.In its quarterly earnings report, the company said it recorded 12.9 trillion won in sales, a 4 percent decrease from the same period last year, largely due to its sluggish sales of mobile phones.The company posted operating losses of 185.2 billion won and 245.7 billion won in the third and fourth quarters of last year, respectively, but managed to get
IndustryOct. 26, 2011
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KT to deliver K-pop content via Ustream
KT, the nation’s major telecom services provider, said Wednesday that it has agreed with U.S.-based live video streaming site Ustream to set up a joint venture to spread K-pop content around the world. The tentatively named “Ustream Korea” will support the distribution of Korea’s diverse cultural contents into the global market and offer business opportunities for smaller producers, KT said.KT said that the joint company will be established within the year and start providing Korean services via
IndustryOct. 26, 2011
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S. Korean economy to grow 3.7 percent next year: think tank
SEOUL, Oct. 26 (Yonhap) -- South Korea's economy will likely grow at a slower pace than the government's forecast next year as exports are expected to lose steam and domestic demand is predicted to plateau due to the global economic downturn, a local think tank said Wednesday. The Korea Institute of
Oct. 26, 2011
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LG Electronics swings to Q3 loss on smartphone woes
SEOUL, Oct. 26 (Yonhap) -- LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it swung to a net loss in the third quarter of this year due to its struggling smartphone business.Net loss amounted to 413.9 billion won (US$366.7 million) in the July-September period,
IndustryOct. 26, 2011
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IBM names its first female CEO
SAN FRANCISCO (AP) — IBM Corp. ushered in Virginia Rometty as the company's first-ever female CEO on Tuesday, as Sam Palmisano stepped down from the position.Palmisano, who turned 60 this year, has been CEO for nearly a decade. He will stay on as chairman. Virginia "Ginni" Rometty, 54, is in c
IndustryOct. 26, 2011
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Panel: Boys should get HPV vaccine given to girls
ATLANTA (AP) — A vaccine against cervical cancer hasn't been all that popular for girls. It may be even a harder sell for boys now that it's been recommended for them too.A government advisory panel on Tuesday decided that the vaccine should also be given to boys, in part to help prevent the c
TechnologyOct. 26, 2011
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Regulator set to order Lone Star to sell KEB stake
South Korea's financial regulator is expected to order Lone Star Funds to sell the bulk of its stake in Korea Exchange Bank after the U.S. buyout firm said it cannot meet the requirements as the major shareholder of the fifth-largest lender, watchers said Tuesday.Lone Star reported to the Financial
Oct. 25, 2011