Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Shares edge down on profit-taking
South Korean stocks edged down 0.49 percent Wednesday as investors took profits following a bullish run on the previous session, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI lost 9.19 points to 1,866.22. Trading volume was heavy at 488 million shares worth 4.7 trillion won ($4.1 billion), with losers leading gainers 430 to 395.“Some investors offloaded their shares to take profits as the KOSPI jumped nearly 50 points on the previous day on the back of better
Jan. 4, 2012
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Hana chief urges FSC to quickly approve deal with Lone Star
Hana Financial Group chairman Kim Seung-yu raised the possibility on Wednesday that the group’s preliminary deal with Lone Star Funds to trade shares of Korea Exchange Bank could fall apart.If financial regulators do not finalize their stance on whether to approve or reject the Hana-Lone Star deal by the end of February, there is a high possibility that the U.S. fund will drop out of the contract, Kim told reporters.Under the scenario, Lone Star may file a suit against financial regulators, he s
Jan. 4, 2012
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Soldiers part of plan for stable beef prices
Enlisted soldiers will be served with Korean beef at barracks as part of the government’s efforts to keep the price of locally bred cows from further decreasing.The Ministry for Food, Agriculture, Forestry and Fisheries said Wednesday that it has started to secure a budget to replace all imported beef provided in the military with Korean meat. The ministry was also considering offering Korean beef as substitute for more than half the pork that the nation’s 650,000 soldiers consume 60 grams every
IndustryJan. 4, 2012
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Small foreign firms to be exempted from tax audit
The National Tax Service said Wednesday it would exempt smaller foreign firms operating in Korea from tax audits as part of efforts to encourage foreign direct investment. Foreign companies whose yearly income is less than 10 billion won ($8.7 million) would qualify for the tax audit exemption. “As with Korean conglomerates, big foreign companies in Korea are subject to regular audits, but smaller foreign units would be excluded from the required audits,” said an official at the NTS.The move cam
Jan. 4, 2012
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Samsung plans NAND flash plant in China
Korea’s Samsung Electronics Co., the world’s largest chipmaker, is seeking to build a new plant in China to produce high-tech NAND flash memory chips, the Seoul government said Wednesday.The move that could lead to technology leaks was filed by Samsung on Dec. 6 and was approved Wednesday by a government committee on industrial technology security, according to the Ministry of Knowledge Economy.“The Ministry of Knowledge Economy made the decision after holding two industrial technology security
TechnologyJan. 4, 2012
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Strange crystals said from outer space
PRINCETON, N.J. (UPI) -- It turns out unusual crystals found in Russia weren't formed on Earth, researchers say, but rather came from outer space.The so-called quasicrystals, with an unusual structure somewhere between crystals and glass, had only been previously created in laboratories before they
TechnologyJan. 4, 2012
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Downturn in DRAM prices comes to a halt
Prices of dynamic random access memory chips paused their falling trend in December on the back of seasonal demand, snapping a long losing streak, industry data showed Wednesday.According to DRAMeXchange Technology Inc., the average price of the benchmark DDR3 2 gigabit, 256Mx8 1333 megahertz device was set at US$0.88 in the second half of last month, unchanged from two weeks ago.The Taiwan-based company, Asia’s largest operator of a semiconductor spot market, compiles chip prices twice a month.
TechnologyJan. 4, 2012
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Korea to sustain growth by frontloading budget: minister
South Korea will help sustain its economic growth this year by frontloading its budget spending during the first half in the face of tough economic conditions at home and abroad, the finance minister said Wednesday.“We will introduce a plan next week to frontload (this year‘s) fiscal budget in order to systematically support expenditures being pursued by each ministry and agency,” Bahk Jae-wan told a crisis management meeting with other policymakers. “I want you to make sure that the assigned bu
Jan. 4, 2012
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Korea simplifies wine distribution system, but skeptics say it won’t change prices
New liquor license regulations became effective on Jan. 1 that allow wine importers to sell directly to consumers and retailers to import. It’s the first time in 29 years the South Korean government has simplified the wine distribution system in an effort to cut prices for consumers.The measure will help people like Kang Soon-pil, CEO of wine shop Gallery The Wine, who previously had to deal with three separate licenses: retail, restaurant and importer. It will also be a boon for consumers who c
IndustryJan. 4, 2012
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Watchdog mulls banking law revision
Korea’s financial watchdog is moving to reform the country’s banking law, its chief said Wednesday, amid mounting controversy over a U.S. fund’s plan to sell its controlling stake in Korea Exchange Bank.The envisioned law amendment revolves around a clause that prohibits a non-financial player from holding more than a 4 percent stake in local commercial banks.“The non-financial player policy was adopted in 2002. Since then, issues (over the policy) have been raised several times,” said Financial
Jan. 4, 2012
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Foreign IBs bullish on Korean stock market
Foreign investment banks have painted a rosy picture of the local stock market’s performance this year, citing the country’s strong economic fundamentals, a report showed Wednesday. Citigroup and other IBs also based their optimistic outlook on the undervaluation of the local stock market compared to their counterparts in emerging economies, according to the report by the Korea Center for International Finance. In addition, the foreign IBs said the Korean government has ample room to take measur
Jan. 4, 2012
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Overseas industrial plant orders rise to record high in 2011: ministry
Overseas orders for industrial plants won by Korean builders rose to a new all-time high last year on growing demands from developing countries in the Middle East and South America, the government said Wednesday.Local companies clinched $64.98 billion worth of overseas orders in 2011, up from the previous record of $64.48 billion secured a year earlier, according to the Ministry of Knowledge Economy.The 2011 figure marks a positive growth for eight consecutive years since 2003. The ministry said
Jan. 4, 2012
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Korean panel makers to outperform peers
HONG KONG (Yonhap News) ― South Korean panel makers will likely outperform their foreign peers in 2012 because of higher profit margins, J.P. Morgan Securities said Wednesday. Amid a prolonged downturn in demand for liquid crystal display panels from the TV industry, display makers have been suffering a supply glut in the industry, which, as a result, weighed down display panel prices.J.P. Morgan predicted Samsung Electronics Co. and LG Display Co., along with Japan’s Sharp Corp., will be the ou
TechnologyJan. 4, 2012
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Will Kakao Talk launch Internet calls in Korea?
Telecoms watch mobile messenger’s move to offer mobile voice service in Japan this yearLocal telecoms are keeping a close watch on the country’s top mobile messenger Kakao Talk as it plans to launch mobile Internet call services in Japan early this year.In a recent interview with The Korea Herald, Lee Sir-goo, who jointly heads Kakao Talk with chief executive Lee Jae-beom, said the company plans on featuring the service for the first time in Japan.“We’re not gearing up to launch the service in K
TechnologyJan. 4, 2012
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Lotte to set up shopping complex in Incheon zone
Lotte Group, Korea’s top retail conglomerate, will set up a mega shopping complex in Incheon by 2015 to cater to the growing population in the area driven by the brisk housing and industrial development. The Incheon Free Economic Zone Authority said Tuesday it forged a deal with Lotte Asset Development Co. for the 1 trillion won ($872 million) project. The company plans to break ground in the fourth quarter of the year.The complex will house a department store, a discount supermarket and numerou
IndustryJan. 4, 2012
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Korea needs to raise competitiveness in social integration: new report
Korea has been faring relatively well economically, but it still lags behind in terms of social integration, infrastructure and other non-economic areas, a government report showed Wednesday.“Our country is faring well in the economic sector, but we remain weak in terms of social integration, social capital and natural resources,” the finance ministry said in the report that analyzed the nation’s competitiveness in comparison with other advanced countries. “Economic indicators have improved as w
Jan. 4, 2012
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Homeplus to enter network services market
Homeplus, the nation’s No. 2 supermarket chain, said Wednesday that it is considering entering the network services market as a mobile virtual network operator or MVNO. The company, owned by U.K. retailer giant Tesco, said it has started negotiations to borrow networks from telecom carriers at wholesale prices so that they can offer mobile services at cheaper rates. “We are gauging contract conditions with SK Telecom, KT and LG Uplus,” a Homeplus official said. “If the contract is finalized, we
IndustryJan. 4, 2012
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Samsung, Apple eat into RIM’s market share
Research In Motion Ltd.’s BlackBerry smartphone, which lost its No. 4 spot to Apple Inc. in the U.S. in the first half, fell further behind the iPhone maker and market leader Samsung Electronics Co. after new models failed to attract enough users.RIM’s share of U.S. mobile-phone subscribers in the three months through November dropped to 6.5 percent from 7.1 percent in the previous quarter, research firm ComScore Inc. said. Samsung increased to 25.6 percent from 25.3 percent, and Apple consolida
TechnologyJan. 4, 2012
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LG unveils new ‘smart’ air conditioners
LG Electronics on Wednesday unveiled its new lineup of air conditioners, targeting an increase in sales of more than 10 percent this year.The company introduce about 40 models that feature a technology called the “Real 4-D” cooling system that sends cool air out in four different directions, according to LG officials.The air conditioners have also increased the number of turbo fans located within the air conditioner for improved performance and slimmed the width of the product down by up to 30 p
IndustryJan. 4, 2012
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Gloomy projection dominates Q4 earnings
But Samsung, Hyundai, LG buck the trend by posting higher operating incomeKorea’s major companies are expected to post slower earnings in the fourth quarter of last year, hurt by slowing demand amid growing worries over the eurozone debt crisis, data showed Wednesday.According to brokerages’ estimates compiled by financial information provider FnGuide, Korea’s top-ranked business groups such as Samsung are likely to achieve lower-than-expected profits in the forthcoming earnings season. Key fact
IndustryJan. 4, 2012