Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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[Weekender] How DDP emerged as an icon of Seoul
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Samsung chief bolsters ties with Germany’s Zeiss
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Court orders S. Korea's No. 2 mobile operator to continue 2G
A court ordered Wednesday South Korea's second-biggest mobile operator not to switch off its second-generation wireless service. The decision by the Seoul Administrative Court came just hours before KT Corp. plans to end its wireless service on Thursday. It dealt a blow to the telec
IndustryDec. 7, 2011
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Emissions reduction efforts by major companies
The government plans mandatory targets of carbon emissions for five energy-intensive industries ― steel, electronics, petrochemicals, cement and refining. The sectors account for about 88 percent of the total emissions reduction under the program.By company, POSCO tops the list, followed by Samsung Electronics, LG Display, Hyundai Steel, Samsung Mobile Display, Ssangyong Cement Industrial, LG Chem, S-Oil, SK Energy and Tongyang Cement & Energy. The 10 firms account nearly 30 percent.POSCO, respo
IndustryDec. 7, 2011
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Korea Inc. strives to shoulder climate change burden
Firms implement emissions-cutting measures, but lack concrete long-term frameworkKorea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year.The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve.In October, the government unveiled specific targets for 366 firms, which will have to shoulder 96.5 percent
IndustryDec. 7, 2011
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Korea aims to be global marine sports hub
South Korea plans to build more international marinas in a move to promote marine sports here and also help create new jobs in the industry, the government said Wednesday.Under the plan, announced by the Ministry of Land, Transport and Maritime Affairs, the government will first simplify its regulations for the industry to help boost investment.In addition, the government will expand the number of free try-out services from the current 180,000 per year to 500,000 from next year, according to the
IndustryDec. 7, 2011
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Bank holding firms’ capital ratio slips in Q3
The capital adequacy ratio of South Korean bank holding companies fell in the third quarter, due to an increase in risk-weighted assets such as equities and loans, the financial regulator said Wednesday.The average capital adequacy ratio of nine local bank holding companies, including top player Woori Finance Holdings Co., stood at 13.54 percent as of the end of September, down 0.24 percentage point from three months earlier, according to the Financial Supervisory Service. The figure comes after
Dec. 7, 2011
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Money supply growth hits 8-month high in Oct.
The growth of South Korea‘s money supply rose to an eight-month high in October as bank lending remained brisk and the current account surplus widened, the central bank said Wednesday.South Korea’s M2, a narrow measure of the money supply, amounted to 1,742.6 trillion won ($1.5 trillion) in October, up 4.4 percent from a year earlier, according to the Bank of Korea.In October, M2 growth quickened from a 4.2 percent on-year expansion tallied in September and marked its sharpest growth since 5 per
Dec. 7, 2011
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Banks‘ household loans grow slower in Nov.
South Korean banks’ household loans grew at a slower pace in November than the previous month as mortgage loan growth eased, affected by the government‘s efforts to curb household debts, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 453.2 trillion won ($402 billion) as of the end of November, up 1.4 trillion won from the previous month, according to the Bank of Korea.The November growth slowed from a 3.2 trillion won gain in October
Dec. 7, 2011
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Nearly half of local firms fail 2011 targets: poll
Nearly half of South Korean companies are unlikely to meet their 2011 targets for sales and operating profit amid growing global economic uncertainties, a survey showed Wednesday.According to the poll by the Korea Chamber of Commerce and Industry, 44.7 percent of 309 surveyed companies said that it is impossible to achieve their sales and operating profit targets for the year.Only 12.9 percent of the respondents said they are able to exceed their business targets, while 42.4 percent said they wi
IndustryDec. 7, 2011
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Korea Inc. strives to shoulder climate change burden
Firms implement emissions-cutting measures, still lack concrete long-term frameworkKorea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year.The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve.In October, the government unveiled specific targets for 366 firms, which will have to shoulder 96.5 percent
IndustryDec. 7, 2011
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Seoul Global Center drops lingerie show after complaints
Seoul Global Center has canceled an underwear show at an entrepreneurs’ showcase after complaints about a lingerie show held at another business event.A dispute erupted after a post titled “Sex and business in Korea ― a returning fashion?” appeared Nov. 22 on Korea Business Central, an online community focused on doing business in Korea.The post by Mary Jane Liddicoat, a businesswoman in Korea, complained about a lingerie fashion show at the Australian Chamber of Commerce in Korea awards gala on
IndustryDec. 7, 2011
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Hyundai Accent tops Chinese customer poll
Hyundai’s Accent sedan ranked first in the small sedan segment in the Chinese market, customer satisfaction survey showed Wednesday.This was the first time that Hyundai topped the list in a product rating for satisfaction among Chinese consumers, which was conducted by U.S.-based J.D. Power and Associates.The Accent, dubbed Verna in China, garnered 854 points out of a maximum 1,000 in the poll among consumers who bought automobiles between October 2010 and June 2011.The Hyundai sedan tied with t
MobilityDec. 7, 2011
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Pantech exits workout program
Creditors to Pantech Co. agreed to end a debt workout program for the nation’s third-largest handset maker on Wednesday, one day after its CEO Park Byeong-yeop offered to resign. In an urgent press conference on Tuesday, Park said that he would step down from his post on Dec. 31, citing health problems. He didn’t show up at his office on Wednesday. “We have no idea for now how the graduation from the workout program will affect Park’s decisions in the future,” said a Pantech official. Industry w
IndustryDec. 7, 2011
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Kwon, Choi to co-lead Samsung flagship
Samsung Group promoted Samsung Electronics’ device solutions chief Kwon Oh-hyun to company vice chairman in a management reshuffle at its affiliates Wednesday.Kwon’s promotion demonstrates chairman Lee Kun-hee’s intention to lead the electronic giant under a “two-top system” in which top management roles will be shared by two powerful vice chairmen, Samsung officials said.Kwon, who was previously the president of device solutions at Samsung Electronics, will work together with Samsung Electronic
IndustryDec. 7, 2011
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New jobs expected to halve next year
Between 240,000 and 300,000 jobs expected to be created next yearThe number of newly employed workers is expected to nearly halve next year in Korea as the recession triggered by the fiscal crises in Europe stretches on, local think tanks and brokerages said.Sluggish employment growth, especially in the manufacturing sector, could lead to a reduction in consumption, hurting the economy and therefore further exacerbating job insecurity.About 407,000 people joined the workforce in the first 10 m
IndustryDec. 7, 2011
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Foreign ownership of Korean state bonds hits a record 16%
Foreign investors have been raising their holdings in Korean government bonds, data showed on Wednesday, amid mixed reactions about its impact on the Korean economy. According to data from the Financial Supervisory Service and the Korea Financial Investment Association, the amount of listed government bonds owned by foreign investors reached 63.06 trillion won ($55.9 billion) at the end of November, accounting for 16 percent of total government bond ownership. The record-high foreign bond owners
Dec. 7, 2011
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Outstanding loans by private lenders surge
Private lenders saw their outstanding loans snowball by more than 1 trillion won ($877 million) in the first six months of the year.Outstanding loans extended by private lenders reached 8.63 trillion won at the end of June, up 14.2 percent from 7.56 trillion won at the end of December 2010, according to the Financial Supervisory Service.The number of borrowers in the industry also increased by 267,000 from about 2.2 million to 2.47 million during the period, the FSS said.Credit-based lending acc
Dec. 7, 2011
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Shares close higher on eased Europe woes
South Korean stocks rose 0.87 percent on hopes that European leaders will take strong actions to deal with the lingering debt problems at a summit later this week, analysts said. The local currency climbed against the U.S. dollar.The benchmark KOSPI gained 16.6 points to 1,919.42. Trading volume was moderate at 396.5 million shares worth 5.7 trillion won ($5.06 billion) with gainers leading losers 577 to 256.“Hopes are high that European leaders will move to change rules to force eurozone countr
Dec. 7, 2011
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Korea to cut housing transfer taxes, ease regulations
The government plans to lower capital gains taxes on home transactions for multiple homeowners and ease regulations on apartment redevelopment in affluent southern Seoul as it strives to prevent a sluggish real estate market from dragging down the economy.Officials on Wednesday rolled out a package of measures to rejuvenate housing transactions which also include more support for cash-strapped construction firms and low-income earners.The government will submit related bills to the National Asse
Dec. 7, 2011
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Korean economy to grow 3.5% in 2012, Goldman Sachs says
The Korean economy should grow 3.5 percent next year, slowing from an earlier estimate of 3.7 percent due to the eurozone debt crisis, and expand 4.1 percent in 2013, Goldman Sachs said on Wednesday. “There are many factors at work, and it’s true that people read confusion out of the current situation, but there won’t be a repeat of the 2008 turmoil,” said Kwon Goo-hoon, chief economist at Goldman Sachs, at a press briefing in Seoul.In the short term, a bearish mood will prevail in the first hal
Dec. 7, 2011
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Workforce to shrink to half of population by 2060: report
The proportion of the country aged 15-64 will shrink to 49.7 percent by 2060, a government report said Wednesday.Statistics Korea said the shrinkage of the “economically active” population will be gradual as the working population began shrinking in the past five years for the first time in history.The number of working age people, standing at 35.98 million, or 72.8 percent of the population now, will increase to 37.04 million until 2016, and decline to 21.87 million, or 49.7 percent of the coun
Dec. 7, 2011