Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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NewJeans to terminate contract with Ador
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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S. Korea recoups 62.9% of bailout funds
The government has recouped 62.9 percent of the public funds it spent to bail out troubled financial firms during the 1997-1998 Asian financial crisis, the financial regulator said Wednesday. The government has retrieved 106.1 trillion won ($100.7 billion) in public funds as of the end of September, according to the Financial Services Commission (FSC). The September recovery rate is a tad higher than the previous tally of 62.8 percent at the end of June, and marks a 7.5 percent gain from the end
Dec. 10, 2013
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China expands presence in large LCD panel market
Chinese display panel makers are bolstering their presence in the global market, rapidly catching up to their South Korean rivals in the past few months, data showed on Monday.According to the data compiled by market researcher DisplaySearch, Chinese panel makers such as BOE Technology Group Co. shipped a combined $5.46 billion worth of large LCD panels in the first three quarters of the year, up almost 20 percent from a year earlier.Their combined market share stood at 9.9 percent in the Januar
Dec. 9, 2013
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Korea to create five new foreign investment zones
The government has designated five new foreign investment zones, hoping to attract global capital and boost employment here.The Ministry of Trade, Industry and Energy said Monday that it had added five new locations including Munmak, Yeosu and Gunsan, to the list of foreign investment zones.“If the FIZ plan works out as planned, it will lead to a total investment of 1.17 trillion won ($1.1 billion) and some 1,159 new jobs in terms of direct employment,” said a ministry official through a press r
Dec. 9, 2013
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Han Nanotech’s export success proves potential of SMEs
Small and medium enterprises must target markets with high demand for their products regardless of whether those markets are local, said Han Nanotech Co., a domestic producer of plastic additives for fire- and heat-resistant products.Despite being a small venture firm, Han Nanotech made a bold move to secure foreign clients from the get-go, knowing that the domestic demand for its technology was minimal.“No matter how advanced the technology or how great the product, it’s all useless without a p
Dec. 9, 2013
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Nuclear plant operation rate falls to 25-year low
The operation rate of Korea’s nuclear power plants fell to a 25-year low this year at about 75 percent, data showed Sunday. The dip in the operation rate apparently came as a result of a series of shutdowns of nuclear power plants due to mechanical problems or renewal. According to a report from the state-run Korea Electric Power Corp., the nation’s 23 nuclear power plants produced 115 million megawatt-hours of electricity from January to October, operating at 75.2 percent of total operation cap
Dec. 8, 2013
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KORAIL privatization dispute revived
The government’s plan to set up a corporation to operate a new high-speed KTX railway route is reigniting controversy over the privatization of the state-run rail operator KORAIL.KORAIL’s labor union has threatened to stage a walkout from Monday, protesting the government’s decision to establish an affiliate under KORAIL to deal with new KTX routes connecting southern Seoul to the nation’s southern regions from 2015.The union suspects that the plan to set up a subsidiary under KORAIL is a step t
Dec. 8, 2013
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WTO reaches first global trade deal
By Seo Jee-yeon, news reports The long-stalled multilateral global trade talks known as the Doha Development Agenda talks, or Doha Round, gained historic momentum for reinstatement as the 159 member nations of the World Trade Organization approved the first deal to boost global trade at their latest summit in Bali, Indonesia, over the weekend.The breakthrough was made after two decades of talks on Saturday, the last day of the ninth ministerial conference, which was held from Dec. 2-7 on the isl
Dec. 8, 2013
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Ex-head of Invest Korea named to lead KIC
Korea Investment Corp. announced Friday that it has appointed Ahn Hong-chul, former head of Invest Korea, as its new CEO.After passing the civil service examination in 1979, Ahn served as the assistant director of Korea Center for International Finance, senior financial specialist for the World Bank and head of Invest Korea, an arm of the Korea Trade Investment Promotion Agency.Born in 1950 in Busan, Ahn studied management at Yonsei University and earned his master’s degree in administration fro
Dec. 6, 2013
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Australia FTA beneficial despite livestock damage
When the Trade Ministry announced Thursday that it had agreed on the free trade pact with Australia, the primary concern was the consequential impact on Korea’s agricultural and livestock industries.Despite the series of preventive measures, the domestic market will inevitably be affected by the trade pact, which will further lower the cost of Australian beef and dairy products.Still, Korea has more to gain from the deal, not only in its bilateral relations with the Oceanic state but also in the
Dec. 5, 2013
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Time to develop Korea’s design identity: Lee
Strengthening the competitiveness of small and medium-sized companies is a key part of the government’s goal of realizing a creative economy centered on job creation. Small companies looking to grow into global firms must sharpen their competitive edge, officials say.There are two pillars in SME competitiveness: technological innovation and design.No matter how well a product is made, poor packaging will weaken its ability to compete in the market, but good design can help SMEs jockey for positi
Dec. 5, 2013
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SMBA helps start-ups through support centers
The Small and Medium Business Administration grants funding and training for new start-ups through its venture support centers placed throughout the nation, according to the agency.Ventures are increasingly being considered as a viable solution to early retirement and unemployment issues, but are not easy to pursue without proper capital, knowledge and know-how, said SMBA officials.Even after a venture is established, there remains the greater challenge of sustaining its growth and development.T
Dec. 5, 2013
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Park pledges to make Korea fifth-largest trading power by 2020
President Park Geun-hye said Thursday that the government will foster new export industries, help smaller firms‘ export capabilities and strengthen free trade networks with other nations in order to make South Korea the world’s fifth-largest trading power by 2020.Park made the remark during a ceremony marking the 50th Trade Day, as South Korea is expected to break the $1 trillion mark in annual trade in the third straight year, and the country‘s exports and trade surplus are also expected to rea
Dec. 5, 2013
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Korea, Australia agree trade pact
Korea and Australia have reached a free trade agreement after resolving controversial issues over beef and an investor-state dispute settlement clause, trade officials in Seoul said Thursday.The FTA, which was virtually concluded Wednesday during the trade ministers’ talks in Bali, Indonesia, will be the Park Geun-hye administration’s first trade deal. If effectuated, the FTA will be Korea’s 11th such deal.The FTA would lower the tariffs for Korean automobile and electronic export products, whil
Dec. 5, 2013
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S. Korea's economic growth hits over 2-year high in Q3
The South Korean economy grew at the fastest clip in more than two years in the third quarter on recovering domestic demand and an increase in facility investment, the central bank said Thursday. Korea's gross domestic product (GDP), the broadest measure of economic performance, advanced 1.1 percent in the July-September period from three months earlier, unchanged from an earlier estimate, according to the Bank of Korea (BOK).The economy also grew at an identical pace of 1.1 percent on-quarter i
Dec. 5, 2013
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[Graphic News] Export outlook by industry
Semiconductor chips, petrochemical products, automobiles and IT-related products including mobile phones and displays, will continue to lead Korea’s exports in 2014, according to a forecast by the Korea International Trade Association. KITA expects the export of semiconductor chips to reach $60.8 billion.
Dec. 4, 2013
![[Graphic News] Export outlook by industry](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/12/04/20131204001531_0.jpg&u=20131204202230)
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Korea’s exports to break new record
Korea’s trade volume this year will once again exceed $1 trillion for three consecutive years despite persistent negative factors in the global market, officials said Wednesday.The country will attain the $1 trillion line on Friday, while its total amount is estimated to be about $1.08 trillion by year-end, according to the Ministry of Trade, Industry and Energy and the Korea International Trade Association.The nation is also to become the world’s seventh-largest exporting country for four cons
Dec. 4, 2013
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KRA appoints Hyun new chairman
The Korea Racing Authority said Wednesday that it has appointed Hyun Myung-kwan, former Samsung C&T chairman, as its new chairman and CEO.Born on Jejudo, the newly appointed chairman studied law at Seoul National University and served as a senior official at the Board of Audit and Inspection after passing the civil service examination in 1965.He then went on to serve in various positions with Samsung Group, including chief secretary to Samsung owner Lee Kun-hee. He twice ran unsuccessfully in th
Dec. 4, 2013
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Korea, Canada make progress at FTA talks
Trade ministers of South Korea and Canada have agreed to work toward early conclusion of a bilateral free trade agreement, citing what they called “significant progress” made at the latest round of talks, the Korean government said Wednesday.“Minister Yoon Sang-jick and Canadian Minister of International Trade Ed Fast noted that there had been significant progress in negotiations for the Korea-Canada FTA,” the Ministry of Trade, Industry and Energy said.The Yoon-Fast meeting was held earlier in
Dec. 4, 2013
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China rejects U.S. concerns over Huawei deal in S. Korea
China rejected Wednesday concerns of a possible spying risk from U.S. lawmakers over a recent deal signed between a South Korean mobile carrier and China's Huawei Technologies Co.LG Uplus Corp., South Korea's third-largest mobile carrier, signed a deal in October with Huawei that allows the Chinese telecoms equipment maker to build a mobile network in South Korea, were some 28,500 American troops are stationed. U.S. defense officials and influential lawmakers, including Democratic senators Diann
Dec. 4, 2013
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S. Korea's foreign reserves hit record high in Nov.
South Korea's foreign-exchange reserves hit a record high in November on the back of increased profit on investment, the central bank said Wednesday. The country's foreign reserves totaled a record US$345.01 billion as of end-November, up $1.79 billion from the previous month, according to the Bank of Korea (BOK). The foreign reserves rose for the fifth consecutive month last month after declining by the largest amount in 13 months in June.In October, the figure grew by the biggest monthly gain
Dec. 4, 2013
![[Graphic News] Export outlook by industry](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/12/04/20131204001531_0.jpg&u=20131204202230)
