Most Popular
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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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NewJeans terminates contract with Ador, embarks on new journey
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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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Korean Air gets European nod to become Northeast Asia’s largest airline
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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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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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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S. Korea posts record current account surplus in Nov.
South Korea posted a record current account surplus for November as exports gained ground, the central bank said Friday, giving support to the already-strong local currency to the U.S. dollar.The current account surplus reached US$6.88 billion in November, up from a revised $5.78 billion in the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The November surplus marked the 10th straight month of a surplus run, making the acc
Dec. 28, 2012
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Economic stimulus, battling risks cited as key economic policies
Korea’s macroeconomic policies under the incoming Park Geun-hye administration have yet to be set, but one unchangeable truth is that they will have to be geared to fight the static global economic markets, the government said on Thursday.In its 2013 economic policy outline, the Finance Ministry said the country must remain highly vigilant toward future risks posed by the lukewarm economic conditions of the global economy, while also seeking measures to rejuvenate the local markets.“The U.S. and
Dec. 27, 2012
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Apartment prices lowest since 1997-98 crisis
Apartment prices in Seoul dropped 4.1 percent in the first 11 months of this year, marking the sharpest fall since 14.6 percent in 1998 when the property market was hit by the Asian financial crisis.Unlike how apartment prices rebounded by 12.5 percent in 1999, prospects for a rise next year are low this time.Whereas home prices nosedived over a short period of time due to an external shock in 1998, the current fall was caused by structural market changes such as reduced demand as people moved t
Dec. 27, 2012
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One in 50 salaried workers earn over W100m
One in every 50 salaried workers in Korea made more than 100 million won ($93,000) last year, according to data from the National Tax Service.Out of the salaried workers who filed for year-end tax adjustments, the share of 100-million-won-plus income earners rose above 2 percent for the first time to 2.3 percent last year, from 1.8 percent in 2010.“The number of salaried employees who make over 100 million won is expected to remain unchanged or slightly decline this year due to the slowed econom
Dec. 27, 2012
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Novartis wins patent claim in Seoul court
A Seoul court has ruled in favor of Swiss drug giant Novartis AG on a drug patent suit against SK Chemicals Co., a South Korean pharmaceutical and chemicals manufacturer, court officials said Thursday.The Seoul Central District Court ordered SK Chemicals to cease the production of its generic drugs, saying that the local firm has infringed upon a patent on treatment for Alzheimer’s disease developed by Novartis, they said.Earlier last month, the Swiss drug firm filed for an injunction with the c
Dec. 27, 2012
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Shares up on hope for rally next year
South Korean stocks ended 0.26 percent higher on Thursday as investor hopes for rallies next year outweighed falls in high dividend stocks, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 5.1 points to 1,987.35. Trading volume was moderate at 371.9 million shares worth 3.02 trillion won ($2.82 billion), with decliners outnumbering gainers 434 to 380.“Investors snapped up shares on hopes for next year,” said Kim Young-jun, an a
Dec. 27, 2012
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Manufacturers’ business sentiment rebounds on improved economic data
South Korean manufacturers’ business confidence for January rebounded from a 44-month low tallied in the previous month as some economic data showed improved performances, the central bank said Thursday.The index of manufacturers’ outlook on business conditions came in at 70 for January, up from 67 tallied for December, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.A reading below the benchmark 100 means pessimists outnumb
Dec. 27, 2012
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Park seeks to curb energy demand
Following is the ninth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Ensuring a stable energy supply will surely be one of the key policy goals President-elect Park Geun-hye will push as Korea has the world’s 11th-highest energy consumption and is the fifth-largest oil importer. To achieve security in the energy sector, the new government will put more focus on the demand side in its energy policy as power demand has increased faster than supply for the past few
Dec. 27, 2012
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Government-held assets increase 5.6% in 2011
SEJONG (Yonhap News) ― Total assets owned by the government grew more than 5 percent on-year in 2011 due to land, buildings and equipment purchases, the Finance Ministry said Thursday.According to the ministry, the government held about 8,319 trillion won ($7.75 trillion) worth of assets at the end of 2011, up 5.6 percent or 439 trillion won from a year earlier.It is 2.3 times larger than in 2001 when the government held about 3,576 trillion won, the ministry said.The asset increase is due to pu
Dec. 27, 2012
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Corporate social contributions top W3tr
More than 200 South Korean companies spent over 3 trillion won ($2.7 billion) last year to support underprivileged people, a survey showed Thursday.The contributions come as many South Koreans called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.A total of 222 companies provided 3.12 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, the Feder
Dec. 27, 2012
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China rebound to benefit Korea
China’s economy will create a juicy opportunity for South Korean consumer firms, as the Chinese authorities resolved to boost the world’s No. 2 economy, analysts said Thursday.South Korea’s companies that have set their eyes on the Chinese consumer industry will be one of the biggest beneficiaries of China’s move to ramp up domestic consumption, they said. “Chinese authorities have realized the limits of economic growth driven by exports and government investment,” said Kim Kyung-hwan, an analys
Dec. 27, 2012
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Cold spell pushes power demand to new peak
Electricity demand surged to a record high of 76.6 million kilowatts on Wednesday morning due to the frigid temperatures, officials said.During the morning peak between 10 a.m. and 11 a.m., it was 75.9 million kilowatts on average. Soaring demand amid the cold spell took electricity reserves to below 4 million kilowatts at 10:44 a.m., leading the power control agency to issue an “attention” warning.It was the sixth time the attention light has lit up in December. The attention warning goes off w
Dec. 26, 2012
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President-elect urged to engage more of Asia
Following is the sixth in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. Korea is compelled to broaden its horizon as far as its business relations with overseas partners goes to more actively woo its Asian neighbors, experts said this week, as President-elect Park Geun-hye is poised to take over the government control tower. In particular, the nation should be ready to form stronger economic partnerships within the Asian region, whose members are likely to favor Kor
Dec. 26, 2012
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SK Innovation supplies energy to poor neighbors
SK Innovation, the holding company which manages the energy-related business of SK Group, has run a charity program to deliver coal briquettes for the needy every winter since 2005. This year, executives and employees of SK Innovation joined the race on a voluntary basis to deliver 110,000 coal briquettes to about 370 low-income families living in Seoul, Incheon and Ulsan where the company’s head office or production lines are located. Coal briquettes, a cheaper energy source than oil or gas, is
Dec. 26, 2012
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Fila Korea to start golf apparel biz in China
HONG KONG (Yonhap News) ― Fila Korea Ltd., a South Korean sportswear maker, will start its golf apparel business in China next year in a bid to tap into China’s growing population of golfers, company officials said Wednesday.Fila Korea, which together with Mirae Asset Private Equity Fund acquired global golf equipment maker Acushnet Company last year, will introduce a golf clothing line for Chinese consumers in the second half of 2013, they said. Acushnet, established in 1910, is the world’s lea
Dec. 26, 2012
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Korea to focus on growth, integration
Korea’s national mid- and long-term strategies must buttress sustainable economic growth and social integration in order to pursue true co-prosperity, the Finance Ministry said on Wednesday.The government also must make investments into promoting advanced technology and improving human resources to adapt to the changing economic and demographic environment, the ministry said.The Finance Ministry this week announced the mid- and long-term strategies for Korea to pursue as President-elect Park Geu
Dec. 26, 2012
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S. Korea's consumer sentiment stays below par for 5th month in Dec.
South Korean consumers’ confidence stayed below par for the fifth straight month in December as the economy loses steam on weak domestic demand, the central bank said Wednesday.The consumer sentiment index -- a gauge of consumers‘ overall economic outlook, living conditions and future spending -- came in at 99 for December, unchanged from the previous month, according to a monthly survey by the Bank of Korea (BOK).A reading below the benchmark 100 means pessimists outnumber optimists. The survey
Dec. 26, 2012
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Debt-to-GDP ratio of Korea remains far below average of OECD states
The news that the Korean government’s debt amounted to 468.6 trillion won last year under new global accounting rules stunned the public. But financial officials downplayed the concern, presenting a comparative figure of the debt-to-GDP ratio of OECD member countries.The data showed that the Korean government’s debt-to-GDP ratio remained far lower than that of many other advanced countries such as the U.S., Japan and Germany.Japan topped the list with 205.3 percent. The average ratio for OECD me
Dec. 25, 2012
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Big firms’ 2013 employment similar to 2012: poll
New employment by South Korea’s top 500 companies next year is forecast to be similar to that of this year despite a prolonged global economic slowdown, a poll showed Tuesday. According to the survey of 500 companies conducted by the Korean Chamber of Commerce and Industry, the top 288 companies by sales said that they will employ 32,521 people next year, a mere 1.3 percent drop from 32,936 people this year. By industry, recruitment by textile, food, machinery, steel, shipbuilding and petrochemi
Dec. 25, 2012
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Branding: From good to smart
“Don’t be evil” was the corporate philosophy adopted by Google, the company that ranked 4th place in the 2012 Best Global Brands Report by Interbrand. This simple sentence reflects the company’s philosophy for pursuing profit without compromising services or loyalty to their clients. This year, Google was worth 26 percent more than last year, with its asset value reaching $69.7 billion. The figure reflects the effectiveness of strong branding. Google’s brand image is as a “search engine that off
Dec. 25, 2012
