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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NewJeans to terminate contract with Ador
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Seoul snowfall now third heaviest on record
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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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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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How $70 funeral wreaths became symbol of protest in S. Korea
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NewJeans terminates contract with Ador, embarks on new journey
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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Korea to move onto next chapter of free trade deals
Over the past 10 years, Korea has strived to secure its position in the global trade circles by signing a variety of Free Trade Agreements and thus becoming a trading hub.Upon the launch of the new administration here and under the changed global situations, however, its goal from now will be to maintain the delicate balance between economic powers and to act as a regional linchpin, according to trade officials.The Ministry of Trade, Industry and Energy submitted to the National Assembly a revis
June 14, 2013
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KORAIL to split into 3 companies
The government revealed its long-awaited plans Friday to improve the country’s railroad services that will lead to a de facto breakup of the state-run Korea Railroad into three separate companies by 2017.According to the Ministry of Land, Infrastructure and Transport, KORAIL will first set up a new subsidiary before the end of this year that will handle the operation of a new KTX express train service set to be launched in 2015.It will then set up a new subsidiary next year to handle the operati
June 14, 2013
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Korea Petroleum Association names Chun chairman
The Korea Petroleum Association, one of the most influential lobby groups in the oil industry, has appointed Chun Young-won, 69, a former lawmaker from the ruling Saenuri Party, as its new chairman, the organization said in a press release. CEOs of four regular member firms ― SK Energy, GS Caltex, S-Oil and Hyundai Oilbank ― all agreed to his appointment in a recent general meeting, it added. The association, which was established in 1980 to tide over the second oil crisis, has preferred a chair
June 14, 2013
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FTC targets large firms forcing price cuts
Korea’s Fair Trade Commission unveiled measures on Thursday to eradicate the long-standing practice of conglomerates pressuring their suppliers to lower their prices of goods and services as part of efforts to overhaul the supply chain management system and boost mutual growth.FTC chairman Noh Dae-lae said that the antitrust agency and other related organizations would overhaul the system ensuring fair valuation of SME products supplied to conglomerates, and impose tougher sanctions and regulato
June 13, 2013
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Samsung Heavy wins $3b order for oil storage facility
Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it has clinched a $3 billion deal to build an offshore oil storage facility for a Nigerian firm.Under the deal with an unnamed customer, Samsung will deliver the so-called floating production and storage offloading unit and will start operations during the second half of 2018, the company said.The FPSO is designed to process and store oil or natural gas, and can be maneuvered to serve different locations.The vessel, mea
June 13, 2013
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Solar power heats up as alternative to nuclear energy
Attention is being paid to renewable energy again as the nation has suffered from electricity shortages caused by the shutdown of two nuclear reactors.Focus is being especially placed on solar energy, which is considered more sustainable and profitable than other options such as wind or tidal power.Following the growing attention on environment conservation and climate change, non-carbon energy sources have been an issue for the global community.The Ministry of Trade, Industry and Energy also in
June 13, 2013
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Bae named representative of FAO office in Vietnam
Bae Jong-ha, former president of the Korea National College of Agriculture and Fisheries, was named as representative of the Vietnam office of the Food and Agriculture Organization of the United Nations, according to the Ministry of Agriculture, Food and Rural Affairs. “Bae will be responsible for coordinating the FAO’s support programs to develop the agricultural sector in Vietnam,” a ministry official said. Bae, 56, had served the Agriculture Ministry between 1979 and 2009 before he moved to t
June 13, 2013
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Gov't to get tough on conglomerates' arm-twisting practice of 'forced' price cuts
The government unveiled a set of measures on Thursday to beef up its surveillance and punishment of conglomerates twisting the arms of smaller suppliers in order to push them to lower their product prices.The Fair Trade Commission (FTC), the Ministry of Trade, Industry and Energy and other related agencies will work together in monitoring large businesses to prevent the forcing of price cuts of supplies without any warranted reasons.The government added that it will toughen its request for firms
June 13, 2013
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Communications costs continue steep rise
The average Korean household’s monthly spending on communications continued to climb despite years of governmental efforts to lower communication-related costs, data showed on Wednesday. According to data released by Statistics Korea, the average monthly spending for communications including mobile phone bills per household increased from 134,086 won ($118) in the last quarter of 2008 to 157,579 won in the first quarter of this year.Compared to 2008, a household paid 199 percent more on average
June 12, 2013
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KPX delivers electricity management know-how to developing countries
The Korea Power Exchange held its ninth annual conference on the electricity market Wednesday in an effort to share its know-how on electricity management and countermeasures to electricity shortages.The ninth Seoul International Conference on the Electricity Market kicked off at InterContinental Seoul COEX, with the participation of developing countries such as Ethiopia, Mongolia, Myanmar and Vietnam.The corresponding states have recently been pressured by soaring demand for electricity, trigge
June 12, 2013
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Korean banks struggle to secure 50,000-won bills
South Korean banks are scrambling to secure more 50,000-won notes ($44), saying only a limited amount of the highest denomination paper money is available due to its low return rate. According to the Bank of Korea in April, total return for 50,000-won bills in the first quarter of this year was 3.37 trillion won. The rate of refund is 58.6 percent, about 30 percent lower than the previous quarter.Industry watchers speculate the recent plunge in the refund rate is largely due to the new governmen
June 12, 2013
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S. Korea's jobless rate falls to 3 pct in May
South Korea's jobless rate fell in May from a month earlier but job creation slowed amid concerns labor market conditions might remain tough for many job seekers, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3 percent last month, down from the previous month's 3.2 percent. The rate also fell from a year earlier when it was 3.1 percent.The jobless rate adjusted for inflation, however, edged up to 3.2 percent from April's 3.1 percent.J
June 12, 2013
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20% of big firms’ workers are women
About 1 out of 5 workers at the nation’s biggest companies is female, and the rate has slightly increased over the past five years, data showed.The number of workers at the nation’s 100 top-selling companies reached 747,190 as of the end of last year, according to figures released by the Financial Supervisory Service. Among them, 149,568 employees, or about 20 percent, were female. Lotte Shopping, the nation’s No. 2 retailer, had the highest ratio of female employees, employing 16,438 women, abo
June 11, 2013
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Kim takes over as JDC chief
Kim Han-wook, a former deputy governor for administrative affairs of Jeju Special Self-Governing Province, took office as head of the Jeju Free International Development Center on Monday.The 65-year-old Jeju native previously held various public offices on the island, serving as general director of Tourism and Culture Bureau from 1994-1997 and director of Planning and Management from 1997-2000.Kim also served at the national level from 2003-2004 as president of the National Archives of Korea wit
June 11, 2013
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Seoul shares down 0.62 pct on weak Chinese data
South Korean stocks fell 0.62 percent Tuesday due to the weaker-than-expected Chinese economic data, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.02 points to close at 1,920.68. Trading volume was low at 258.2 million shares worth 4.37 trillion won (US$3.86 billion) with losers outpacing gainers 445 to 378. "Chemical firms and oil refiners traded lower as China's economic data failed to meet the market expect
June 11, 2013
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Japan central bank keeps extreme easing steady
Japan's central bank has ended a two-day policy meeting with an upbeat assessment for the world's No. 3 economy and a pledge to persist with its aggressive monetary easing policies aimed at ending years of growth-sapping deflation.The Bank of Japan said Tuesday that the economy was picking up, supported by government and consumer spending, and it expects the rate of change in the inflation benchmark to “gradually turn positive.”However it noted a “high degree of uncertainty” for Japan, as well a
June 11, 2013
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Watchdog to adopt stricter standards for fines on illegal activities
South Korea's antitrust watchdog said Tuesday that it will adopt stricter methods and standards that could drive up fines and other punishment for business practices hurting fair market principles.The Fair Trade Commission said that it has revised a "notice on detailed guidelines with regard to imposing fines." The revised notice will go into effect next Monday.Under the new rules, the FTC is able to produce a point-based system with which it can measure the "extent of severity" of illegal activ
June 11, 2013
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S. Korea sees currency swap with Japan as matter of financial cooperation: source
South Korea sees the currency swap contract with Japan as a matter of "financial cooperation" between the two countries, a high-ranking government official said Tuesday.The remarks come in response to a Japanese media report that Tokyo would not extend the soon-to-be-expired US$3 billion currency swap contract unless Seoul asks for its extension. It is to expire on July 3."The amount is not that significant given our current financial market situation. I think that it is a matter of bilateral fi
June 11, 2013
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[Graphic News] Korea’s credit card use ranks No. 1 in world
Credit card usage in South Korea topped a list of major countries in 2011, data showed Monday.With usage at 129.7 transactions annually per capita, Korea ranked first among the 15 major members of the Bank for International Settlements. Canada and the U.S. came in second and third, respectively, with 89.6 and 77.9 per capita usage of credit cards in the same year.In 2007, the average Korean made 68.3 credit card payments, less than the average American or Canadian who swiped 78.4 and 71.8 times,
June 10, 2013
![[Graphic News] Korea’s credit card use ranks No. 1 in world](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/06/10/20130610001082_0.jpg&u=20130610203135)
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Ministry unveils plans to boost child care centers
The Ministry of Strategy and Finance said Monday that the government would ease rules governing the establishment of child care centers and increase its financial support to them.The Ministry of Gender Equality and Family will be overseeing the process of deregulation to encourage the private corporate sector to build centers for their employees, the Finance Ministry said.The ministries said that they were aiming for 70 percent of private businesses to build child care centers within their compl
June 10, 2013
![[Graphic News] Korea’s credit card use ranks No. 1 in world](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/06/10/20130610001082_0.jpg&u=20130610203135)