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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SK Group inks biz tie-up with buyout fund Carlyle
South Korea’s No. 3 conglomerate SK Group said Sunday it has agreed to team up with U.S. buyout fund Carlyle Group as part of its push into overseas investments.SK Group said that it has clinched a strategic partnership with the U.S. private equity fund in a bid to strengthen business synergy by combining the group’s expertise in corporate management and energy with Carlyle’s investment skills.“The partnership would pave the way for SK Group to grow as a global portfolio investor,” the group sai
Dec. 9, 2012
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S. Korea likely to cut 2013 growth outlook
The South Korean government is likely to cut its 2013 estimate for economic growth to the 3-percent range as downside risks at home and abroad will weigh on the economy, officials said Sunday.The government earlier forecast that Asia's fourth-largest economy would grow 4 percent next year, much rosier than outlooks presented by the central bank and private think tanks."I think that we have to consider the weak growth in the third quarter (in adjusting the growth forecast). The government is taki
Dec. 9, 2012
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S. Korea to gradually raise pension eligibility age to 65
South Korea will gradually increase the age of eligibility for public pensions to 65 from the current 60, the country's national pension fund said, in what could be a move to ease the government's financial burden from the retiring population. The age for a retirement pension will be 61 years in 2013 and increase one year every five years to reach 65 years in 2033, the National Pension Service (NPS) said on its Web site.People born between 1953 and 1956 will become eligible to claim their benefi
Dec. 8, 2012
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Seoul orders ships to change routes on N.K.’s rocket path
South Korea has instructed domestic and foreign ships to reroute their courses in the West Sea to avoid any possible collisions with falling debris from a long-range rocket that Pyongyang could launch, the government said Friday.The precautionary move comes as North Korea informed the International Maritime Organization and the International Civil Aviation Organization that it will fire off the Unha-3 rocket between Dec. 10-22 during the hours of 7 a.m. and noon to put a satellite into orbit.The
Dec. 7, 2012
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Seoul shares open higher on U.S. gains
South Korean stocks started higher Friday following overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.3 percent, or 5.84 points, to 1,955.46 in the first 15 minutes of trading.No. 2 home appliance maker LG Electronics advanced 1.08 percent after last session's sharp drop due to a cartel fine by the European Union.Top steelmaker POSCO gained 1.66 percent and second-largest carmaker Kia Motors climbed 0.49 percent.The Dow Jones Industrial
Dec. 7, 2012
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Near-zero Q3 growth puts 2012 goal out of reach
Korea’s third-quarter growth slowed to a level seen at the height of the global financial crisis in 2009, dimming the chances of Asia’s fourth-largest economy achieving its annual growth outlook of 2.4 percent.According to the Bank of Korea on Thursday, the nation’s July-September real GDP grew only 0.1 percent from the previous quarter, half the estimate announced in October. Korea had grown 0.1 percent on-quarter in the first three months of 2009, when it was hit most by the global financial c
Dec. 6, 2012
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CJ O Shopping starts services in Turkey
CJ O Shopping Co., a South Korean cable home shopping channel, said Thursday that it has launched a 24-hour TV home shopping channel in Turkey. In order to tap the Turkish home-shopping market, CJ O Shopping formed MCJ, a joint venture with MediaSa, a Turkish media group, the local company said. CJ O Shopping will be able to broadcast programs on consumer products to 13 million households in the country or 80 percent of its overall population, via the channel named “MCJ,” the company said. The S
Dec. 6, 2012
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Electricity use soars as mercury plummets
Concerns about blackouts are mounting as cold spells hitting the nation are expected to raise electricity consumption. Adding to the woe is the likelihood of shutdowns at more nuclear reactors which were found using substandard parts. Electricity use surged Thursday when freezing weather swept the nation following Wednesday’s heavy snowfall. The day’s morning low for Seoul was minus 10.3 degrees Celsius. The Korea Power Exchange said electricity consumption soared to 72.97 million kilowatts at 1
Dec. 6, 2012
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Labor relations in Korea becoming more peaceful
With South Korea maturing as a society, communication and engagement, rather than confrontation, are becoming the preferred methods of conflict resolution in many sectors. The same trend is found in industrial relations, once swept by confrontation and feuds. “The nation’s industrial relations have gradually become peaceful. The number of labor disputes registered hit the record low of 65 in 2011. It is time to consider ways to narrow the gap between perception and reality in this area,” Korea L
Dec. 6, 2012
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Foreign experts hail Korea’s hydro tech
World experts have given a positive note on Korea’s water management system, expecting that the country’s hydro-related tech will be benchmarked worldwide. Their views were vented when the nation hosted the 2012 World River Forum in Daegu in September, where top officials from 12 countries and six international organizations attended to learn Korea’s advanced hydro technology. The global river forum was co-hosted by the Ministry of Land, Transport and Maritime Affairs and the Office of National
Dec. 6, 2012
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Seoul shares open higher on tech, auto gains
South Korean stocks opened a whisker higher on Thursday on gains in tech and auto heavyweights, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose0.07 percent, or 1.38 points, to 1,948.42 in the first 15 minutes of trading.Market bellwether Samsung Electronics climbed 0.27 percent and top automaker Hyundai Motor advanced 0.88 percent.However, LG Electronics slumped 3.2 percent and Samsung SDI fell 2.92 percent following a cartel fine by the European Union.The local curren
Dec. 6, 2012
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S. Korea's economic growth hits over 3-year low in Q3
The South Korean economy grew at the slowest pace in more than three years in the third quarter on faltering facility investment, the central bank said Thursday, raising chances that the full-year growth will likely miss the bank's 2.4 percent estimate.South Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.1 percent in the July-September period from three months earlier, down from a previous estimate of 0.2 percent, according to the Bank of Kor
Dec. 6, 2012
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Cash payment on decline
Card usage, whether credit or debit, is on the rise to replace cash as Korea’s main payment method. It is no longer rare to find people live their daily lives without cash. A recent survey of 1,000 card holders on their preferred payment method, conducted by the Korea Consumer Agency, found that credit cards are the most preferred, followed by debit cards and cash. If credit or debit card usage are combined, 9 out of 10 prefer to pay with plastic. As the nation’s financial authority plans to int
Dec. 5, 2012
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Goldman expects 3.4% growth for Korea in 2013
Goldman Sachs projected that the Korean economy will grow by 3.4 percent next year as exports pick up on global recovery and low oil prices support consumption.The investment bank’s outlook for the KOSPI in 2013 is between 2,000 and 2,450 points (2,300 as baseline), with electronics, autos, steel and banks among the highest-performing sectors. The nation’s construction sector will also show a mild recovery after three years of contraction and the Korean won will gradually appreciate after weakne
Dec. 5, 2012
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Pakistan signs pacts with Korean firms
Pakistani President Asif Ali Zardari has been active in meeting with Korean heads of banking, energy and construction businesses to secure more investment to Pakistan during his stay here.The Pakistani president had meetings on Wednesday with leaders of GS Engineering & Construction Corp., Doosan Group, Daelim Industrial Co., KCC Corp. and Sambu Construction Industrial Co. to encourage them to participate in major projects in Pakistan, industry sources said. In a meeting with Doosan Group chairm
Dec. 5, 2012
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Bank of Korea buys more gold in Nov.
South Korea's central bank said Wednesday it increased its holdings of gold in November, the second time this year, in a bid to diversify its portfolio of foreign exchange reserves.South Korea purchased 14 tons of gold, raising the country's gold holdings to 84.4 tons valued at $3.76 billion at the end of November, according to the Bank of Korea (BOK).The move marked the BOK's fourth purchase of the precious metal since the bank bought it in July last year for the first time in 13 years. It also
Dec. 5, 2012
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BOK head voices hopes for permanent Korea-China swap line
South Korea's top central banker on Wednesday expressed hopes that the move by Korea and China to boost the use of their currencies for trade settlement would dispel talks over whether to extend the existing currency swap line.Korea and China have agreed to use their bilateral currency swap line valued at 360 billion yuan ($57.8 billion) to bolster the use of the won and the yuan for trade settlement.Bank of Korea (BOK) Gov. Kim Choong-soo said in a meeting with experts from foreign investment b
Dec. 5, 2012
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IBs expect Korea to grow 2-3% in 2013
Global investment banks have forecast 2-3 percent growth for the Korean economy next year, 8 percent growth for China and negative growth for the eurozone.The recession in the eurozone will continue to weigh on major economies around the world including Korea, while China will continue on the recovery path, they said. Four of the 10 investment banks that made projections for the Korean economy revised down their outlooks in November compared to October. Half of the 10 investment banks projected
Dec. 4, 2012
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[Newsmaker] 2 nuke reactors open amid protest, concerns
A belated ceremony to celebrate the completion of the Shin-Gori nuclear power plant units 1 and 2 was held near the site, located in Gijang, Busan, on Tuesday. Despite the completion of unit 1 in February 2011 and unit 2 in July this year, the ceremony had been delayed due to opposition against operations by local citizens and safety concerns raised by a recent controversy over the usage of substandard parts in other nuclear reactors.The two newly built nuclear plants each with a capacity of 1 m
Dec. 4, 2012
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FTAs boost Korea’s exports to U.S. and EU
Free trade deals with the United States and the European Union have helped support South Korea’s exports, making up for declining overseas sales of the country’s goods affected by the prolonged global economic slump, customs data showed Tuesday.South Korea implemented free trade agreements with the U.S. and the EU in March of this year and July of last year, respectively. The worldwide economic slump led to a drop or relatively small growth in exports to those markets but sales of products benef
Dec. 4, 2012
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