Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Current account surplus hits 13-month high
Weakening imports suggest problems with domestic demand; export outlook remains gloomyKorea’s current account surplus widened to $5.05 billion in November on the back of solid export growth, marking the highest monthly level in 13 months, data showed Thursday. According to the Bank of Korea, the November figure marked the 21st straight month in which the current account, a key measure of cross-border trade, has been in the black.The latest surplus numbers, up from a revised $4.13 billion in Octo
Dec. 29, 2011
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Hyundai’s charity foundation launches internship program
The Asan Nanum Foundation launched an overseas internship program to help about 1,000 college students obtain experience at Korean companies operating abroad, the foundation said Thursday.The Youth Overseas Internship Program will be the largest in the country where the curriculum includes six months of first-hand experience in overseas operations of Korean firms across China, India, Russia, Brazil and the Middle Eastern countries. The first batch of 200 students will be placed at overseas branc
Dec. 29, 2011
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Hyundai Motor to invest W14tr in 2012
Group’s R&D investment to focus on launching more hybrid modelsHyundai Motor Group has set a record-high budget with its 2012 investment in two major sectors ― facilities and research & development.The automotive group said Thursday that its investment target for next year comes to 14.1 trillion won ($12.3 billion), up 15.6 percent from its 2011 investment.Of the 14.1 trillion won investment, 5.1 trillion won will be used for the R&D sector and the remaining 9 trillion won will be allocated to f
MobilityDec. 29, 2011
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Year-end tax settlement service available in English
The National Tax Service said Thursday it has updated its English website (www.nts.go.kr/eng), putting out the latest version of its tax guide written in English for foreign residents in Korea. The number of foreign residents filing the year-end tax settlement is expected to reach 403,000 this year, up from 344,000 last year.Foreign residents, as with Korean nationals, are required to submit their tax forms on a yearly basis, and the NTS website provides all the necessary information in English
Dec. 29, 2011
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Hyundai Group drops all suits against Hyundai Motor
Hyundai Group said Thursday it decided to drop the lawsuit it filed against Hyundai Motor Group, bringing an end to the legal battle that was staged following the carmaker’s takeover of Hyundai Engineering and Construction.One of the dropped complaints was about Hyundai Group’s accusations that an executive of Hyundai Motor Group spread false facts about Hyundai Group during the bidding process.Hyundai Motor Group and Hyundai Group were the only two bidders for the country’s largest construction
IndustryDec. 29, 2011
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Shares end flat on tech gains, bank losses
Korean stocks finished nearly unchanged on Thursday, the last trading day of the year, as gains among tech and retail shares countered bank losses, analysts said.The local currency climbed against the U.S. currency.After declining as much as 1 percent in earlier trading, the KOSPI edged up 0.03 percent, or 0.62 points, to 1,825.74. Trading volume was moderate at 335 million shares worth 3.39 trillion won ($2.94 billion) with gainers leading losers 476 to 337. “The KOSPI fell in the early morning
Dec. 29, 2011
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Woongjin, Hanwha, STX fined W6b
The nation’s antitrust watchdog said on Thursday it slapped the three chaebol Woongjin, Hanwha and STX with fines totaling more than 6 billion won for concentrating orders to affiliate companies.A fine of 3.43 billion won ($2.97 million) was imposed on Woongjin, 1.48 billion won on Hanwha and 1.13 billion on STX for giving out orders to subsidiaries with low earnings, the Fair Trade Commission said. Woongjin’s five major affiliates Woongjin Think Big, Woongjin Coway, Woongjin Chemical, Kukdong E
IndustryDec. 29, 2011
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First discount gas station opens, controversy lingers
Korea’s first independent discount gas station was launched Thursday after a months-long tug of war between the government and major refiners that has stirred controversy over state intervention in petrol prices. The much-touted outlet in Yongin on the outskirts of Seoul is a byproduct of the government’s ambitious drive to contain sky-high fuel prices and take apart four major refiners’ tight control over domestic oil supplies.Kyung Dong Industrial Co., a local coal miner, joined the crusade an
IndustryDec. 29, 2011
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LG Display China factory workers end strike
LG Display Co., the world's second-largest display maker, said Thursday that workers at a factory it owns in China have ended a strike and will return to work soon. On Monday, some thousands of workers went on strike at LG Display's factory in the eastern Chinese city of Nanjing, asking for an
IndustryDec. 29, 2011
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Oklahoma baby is 3rd sickened by rare bacteria
ATLANTA (AP) — An Oklahoma baby is the third infant this month sickened by a rare type of bacteria sometimes associated with tainted powdered infant formula.The child, from Tulsa County, was infected with Cronobacter sakazakii but fully recovered, health officials said Wednesday. An Illinois c
TechnologyDec. 29, 2011
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Korean industrial output grows 5.6 percent in Nov
South Korea's industrial output growth slowed in November, stoking worries that the nation's economy is losing steam due to rising global uncertainties, a government report showed Thursday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 5.6
Dec. 29, 2011
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Korean current account surplus hits 13-month high
South Korea's current account surplus rose to its highest level in 13 months in November as exports of petrochemical goods and cars remained firm, the central bank said Thursday.The current account surplus reached US$5.05 billion in November, up from a revised $4.13 billion the previous month, accor
Dec. 29, 2011
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SK vice chairman arrested on embezzlement charges
SEOUL, Dec. 29 (Yonhap) -- A Seoul court issued an arrest warrant for SK Group's vice chairman on Thursday on charges of embezzling a massive amount of group funds, possibly in collusion with his elder brother. SK vice chairman Chey Jae-won (Yonhap News)The Seoul Central District Court issued t
IndustryDec. 29, 2011
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Subway pass available for foreign tourists
The government said it began issuing special subway passes on Wednesday for foreign tourists in efforts to facilitate their use of public transportation.With the new services, travelers can buy passes available for a certain period of time ― one, two, three, five or seven days ― at tourism information centers at Incheon airport. Prices range from 10,000 won ($8.60) for a one-day ticket to 59,500 won for week-long use, plus a 5,000 won refundable deposit. Each of the passes is limited to 20 rides
IndustryDec. 28, 2011
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Hyundai Motor to establish research center at Hanyang Univ.
Hyundai Motor Group will establish an automotive research institute at the Seoul campus of Hanyang University.The business group said Wednesday that it has signed a contract with the university to build a research center for developing futuristic cars.The two sides will break ground for the establishment of the center during the first half of 2012, Hyundai Motor said in a statement.By offering students and researchers high-end facilities, the two sides hope to foster specialists to take on core
MobilityDec. 28, 2011
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Pricing may be key to IKEA’s success in Korea
World’s top home furnishing maker moves to open first store here in about 2 yearsThe eagerly awaited opening of an IKEA store on the outskirts of Seoul has many consumers excited but apprehensive about pricing, and domestic rivals bracing for tight competition. The Swedish home furnishing giant said Tuesday it bought a site in Gwangmyeong, a satellite city southwest of Seoul, for its first store in Korea.The store is expected to open in about two years on the 78,198 square-meter site near Gwangm
IndustryDec. 28, 2011
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LG joins hands with Walt Disney for 3-D content
LG Electronics said Wednesday it signed an agreement with Walt Disney Co. on Wednesday to use the firm’s 3-D content for TV viewers in Seoul.The local electronics company said the 3-D version of “The Lion King,” expected to be released here on Thursday, will also be featured for LG’s 3-D Smart TV simultaneously. Other Disney animated films like “Toy Story,” “Toy Story 2,” “Bolt” and “The Nightmare before Christmas” will also be shown as 3-D content for the company’s smart TV. They will be availa
IndustryDec. 28, 2011
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Korea’s real wages fall this year on high inflation
Korea’s inflation-adjusted average wage declined this year as income grew at a slower pace than in 2010, while inflation rose sharply, data showed Wednesday.Korean worker’s real wage averaged 2.72 million won ($2,350) in the January-September period, down 3.49 percent from a year earlier, according to calculations based on data from the central bank, the labor ministry and the state-run statistics agency. Last year, the real wage grew 3.8 percent as the economy expanded 6.2 percent.The real wage
Dec. 28, 2011
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Seoul shares drop 0.92% on high-dividend shares
South Korean stocks finished 0.92 percent lower Wednesday as investors cut high-dividend shares on the expiry of their dividends, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI dropped 16.9 points to 1,825.12, extending a losing streak to a third session. Trading volume was moderate at 374 million shares worth 3.26 trillion won ($2.81 billion) with losers leading gainers 499 to 317.“Institutional investors were net sellers and high-dividend shares, such as
Dec. 28, 2011
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Korea’s economy at risk of destabilizing factors: minister
Korea needs to stay vigilant against any developments next year as its economy is expected to face many “destabilizing factors” that could weigh on its recovery and growth, the nation’s top economic policymaker said Wednesday.“Economic conditions at home and abroad are expected to be tough next year at a time when the eurozone fiscal debt crisis, major elections and North Korea variables remain in place as destabilizing factors,” Finance Minister Bahk Jae-wan said during a crisis management meet
Dec. 28, 2011