Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Woori warned for not reporting money withdrawal
The nation’s top financial regulator decided to issue an institutional warning against Woori Bank for its failure to properly monitor a withdrawal of a large amount of money from the bank, sources said on Sunday.The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.Former Mirae Savings Bank chairman Kim Chan-kyung,
June 2, 2013
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Trade surplus hits nearly 3-year high in May
South Korea’s trade surplus surged to a nearly three-year high in May, as an economic recovery of its two largest exporting partners fueled brisk outbound shipments, the government said Saturday. South Korea chalked up a trade surplus of $6.03 billion last month, compared with a surplus of $2.39 billion a year earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 3.2 percent on-year to $48.37 billion, while imports fell 4.8 percent to $42.34 billion over the cited peri
June 2, 2013
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Shares likely to move in tight range this week
South Korean stocks are expected to continue rangebound trading this week, as investors will likely keep a close watch over global markets amid a possible tapering of U.S. monetary easing, analysts said. The benchmark Korea Composite Stock Price Index closed at 2,001.05 on Friday, up 1.3 percent from 1,973.45 the previous week. The main bourse got off to a strong start in the beginning of the week, breaching the psychologically important 2,000 mark on Wednesday, as the yen’s weakness stabilized
June 2, 2013
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Listed firms’ Q1 net slips nearly 10%
South Korea’s listed companies saw their earnings shrink nearly 10 percent in the first quarter from a year earlier, as major exporters suffered a setback from the Japanese yen’s prolonged weakness amid the economic slowdown, the bourse operator said Sunday. The combined net profit of 625 firms listed on the main bourse came to 14.4 trillion won ($12.7 billion) on a consolidated basis in the January-March period, down 9.71 percent from 16.1 trillion won the previous year, according to the data b
June 2, 2013
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Top Dutch court rejects Apple’s sales ban request against Samsung
The top Dutch court has dismissed Apple Inc.’s request to ban sales of tablets made by Samsung Electronics Co., ruling in favor of the South Korean smartphone maker in its legal battle with the iPhone maker. The Supreme Court of the Netherlands did not agree with the U.S. firm’s accusation that its Korean rival infringed its design patents, the court said on its website on Friday.The California-based tech giant filed an injunction against Samsung, claiming it had copied Apple’s designs in its Ga
TechnologyJune 2, 2013
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FTC seeks to raise fines for unfair practices
The country’s antitrust watchdog said Sunday that it will significantly increase fines for unfair business practices, a move partly aimed at financing the administration’s new policy goals.However, the Fair Trade Commission said it seeks to increase the amount of money actually collected by lowering fine reduction rates and eliminating or strengthening certain conditions for a reduction, instead of raising the upper limit for fines.The move comes as the government seeks to further promote fair b
June 2, 2013
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FSC chief reaffirms sale of Woori Financial by 2014
Financial Services Commission chairman Shin Je-yoon has reaffirmed that the government will find a new owner for Woori Financial Group by 2014.The FSC chief picked the much-disputed privatization of Woori Financial Group as his do-or-resign financial agenda. “Our plan at this point is to fix the new owner by the end of 2014, although we may need more time for the rest of the legal paperwork,” Shin told reporters on Saturday.He stressed that the sale of Woori Financial was currently “headed towar
June 2, 2013
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Pensioner lives in the fast lane
HOENGSEONG, Gangwon Province ― A sleek, black Porsche was fast approaching, its exhaust sounds roaring through the mountainous county of Hoengseong, about 70 kilometers east of Seoul. The driver, Bae Young-ja, 73, wearing sunglasses, white racer gloves and a Porsche logo cap and pique shirt, rolled down the window.“Follow me,” she said.Then she accelerated briskly, rarely braking at the numerous corners leading to her house deep in the mountain.“My Porsche goes really well. I like the way it loo
MobilityJune 2, 2013
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What women want, Range Rover Evoque Coupe
Many women drivers have aspirations to sit behind the wheel of a huge, stylish SUV like a Land Rover, overlooking their male peers on the road. The downside is that big SUVs can guzzle fuel and take up acres of space on the road. The Range Rover Evoque Coupe that I, as a woman, test drove on a recent weekend is a perfect compromise from the British carmaker. The three-door Evoque is the smallest, lightest and most fuel efficient Range Rover. But it is unmistakably a Range Rover, with a blend of
MobilityJune 2, 2013
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GM’s Impala, Ford’s Fusion pacing comeback
Just a couple of years ago, dealers like Scott Fink were benefiting from steady inroads made for more than a decade by Korean carmakers in the U.S. Now, the owner of three Hyundai outlets is buying a Chevy store. “The new Malibu and Impala are good-looking cars, the Fusion’s an excellent-looking car, and the customers are speaking with their wallets,” Fink, who owns three Hyundai stores in Florida and chairs the brand’s national dealer council, said in a telephone interview. Fresh cars from Detr
MobilityJune 2, 2013
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Work stress increases number of bipolar patients
The number of bipolar disorder patients in South Korea has surged in recent years, a survey showed on Sunday. According to data released by the National Health Insurance Service, the number of patients who received hospital treatment for bipolar disorder grew by 26 percent, or 12,000, over five years. Some 46,000 patients were found to have the mental illness in 2007, whereas the number climbed to 58,000 in 2011. Medical expenses for bipolar disorder treatment also increased from 55 billion won
TechnologyJune 2, 2013
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M&As and Japanese investors the key to more FDI: Invest Korea chief
Invest Korea chief Han Ki-won has vowed to focus on merger and acquisitions to help the government attain its yearly goal of attracting $15 billion in foreign direct investment.“Korea needs to step up its game and deliver differentiated services to foreign investors in order to attract more investment from them,” Han said in a recent interview with The Korea Herald. “For instance, we can work on the M&A sector.“Another solution was to turn to Japanese investors. “A solid combination of these two
IndustryJune 2, 2013
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Korea's trade surplus hits nearly 3-year high in May
South Korea's trade surplus surged to a nearly three-year high in May, as an economic recovery of its two largest exporting partners fueled brisk outbound shipments, the government said Saturday.South Korea chalked up a trade surplus of US$6.03 billion last month, compared with a surplus of $2.39 billion a year earlier, according to the Ministry of Trade, Industry and Energy.Exports gained 3.2 percent on-year to $48.37 billion, while imports fell 4.8 percent to $42.34 billion over the cited per
June 1, 2013
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Korea holds IR meeting in London
South Korea's finance minister held an investor relations meeting in London on Friday to explain the latest economic conditions of the country and the government's policy direction to foreign investors.The overseas IR meeting at Andaz Hotel drew keen interest from investors as it marked the first of its kind led by a minister-level policymaker in four years. It also represented the first such meeting since President Park Geun-hye took office in February. About 100 investors attended the gatherin
May 31, 2013
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Infrastructure budget cut a blow to builders
The government’s decision to cut its budget for infrastructure construction by 11.6 trillion won ($10.3 billion) for the next four years is prompting concerns that it would aggravate financial woes facing some builders and their creditor banks.Under the plan, the budget for road construction projects will drop the most, with a 4.5 trillion won ($4.billion) reduction, followed by railroads with a 4 trillion won ($3.6 billion) cut. The cuts for infrastructure make up about 13.8 percent of the over
May 31, 2013
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Creditors may pump cash into STX shipbuilding unit
Creditor banks of troubled STX Group have almost reached an agreement to provide additional liquidity to the group’s shipbuilding unit in a bid to help it stay afloat, industry sources said Friday.Creditor banks of STX Offshore & Shipbuilding Co. are moving to offer 300 billion won ($266.4 million) to the company, smaller than the 400 billion won requested by the shipbuilder, according to sources.Previously, the shipbuilder was injected with 600 billion won in liquidity from creditors.STX Group,
May 31, 2013
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FSS probes hundreds of suspect CJ accounts at Woori
The Financial Supervisory Service is set to launch a special inquiry into Woori Bank next week as it received from the prosecution a list of hundreds of Woori accounts that CJ Group held under borrowed names.The lender belongs to the state-invested Woori Financial Group, which was chided by the Board of Audit and Inspection on Thursday for its outgoing chairman’s abuse of authority, executives’ ethical lapses and lax management that led to low earnings.The FSS said it has no plans to look into o
IndustryMay 31, 2013
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Korea targets reduction of yearly working hours
Deputy Prime Minister and Finance Minister Hyon Oh-seok said the government would seek to reduce yearly work hours to around 1,900 hours.Hyun revealed the plan during a meeting with OECD Secretary-General Angel Gurria over Korea’s new employment policy aimed at achieving a 70 percent employment rate in Paris on Thursday. Commenting that Germany and the Netherlands achieved the 70 percent target in a short time through various employment categories, Hyun said the government will create various pa
May 31, 2013
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Korean food authorities strengthen inspection on U.S. wheat imports
The Ministry of Agriculture, Food and Rural Affairs said Friday it has intensified inspections and quarantines on U.S. wheat as some genetically modified wheat was recently found at a farm in Oregon. U.S. authorities said the genetically engineered wheat found in Oregon was of the type developed by Monsanto to be resistant to the herbicide Roundup. It added that the wheat was not harmful to public health, but was not approved for commercial use. “We are investigating into not only U.S. wheat imp
May 31, 2013
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Korea to raise W134tr to fund election pledges
The Finance Ministry on Friday announced a state-led fundraising plan between June 2013 and February 2018 to carry out the Park Geun-hye administration’s 140 major policies.The state fundraising plan is set at 134.8 trillion won ($122.5 billion) over the next five years, which will be poured into four major sectors ― vitalization of the economy, people’s happiness, cultural prosperity and readiness for Korean reunification.According to the ministry, policymakers aim to achieve the state financin
May 31, 2013