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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Banks’ foreign-currency deposits hit fresh high
Foreign currency deposits at South Korean banks rose to a fresh high in October largely due to a gain in the country’s trade surplus, the central bank said Tuesday. Outstanding foreign currency-denominated deposits held by local residents reached a record $39.39 billion as of the end of October, up $130 million from the previous month, according to the Bank of Korea. Residents in this case include individual citizens and firms but not foreign nationals with residency status. The data also exclud
IndustryNov. 6, 2012
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Shares up 1.05% as autos recover
South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.“We saw excessive sell-offs of Hyundai and Kia shares in the previous s
Nov. 6, 2012
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Malaysian property firm to go ‘Gangnam style’ on Jeju Island
Jeju Island is the next stop where Berjaya Land Berhad hopes to implant the company’s version of the “Malaysian Dream” involving a high-end healing resort. “We’re confident that we chose the right place,” said Dato Francis Ng Sooi Lin, chief executive of Berjaya Land Berhad, in an interview with The Korea Herald.The company ― an affiliate of Malaysian conglomerate Berjaya Group ― plans to build facilities worth $2.4 billion on the Korean tropical island based on a business partnership with Jeju
IndustryNov. 6, 2012
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Korea’s risk premium falls to pre-crisis levels: data
South Korea’s credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap premium on the country’s five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance. The spread on CDS reflects the cost of hedging credit risks on sovereign or corpor
Nov. 6, 2012
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FSS probes financial firms over sales of retirement pensions
The Financial Supervisory Service has launched a full-fledged investigation into 58 financial firms for their allegedly irregular sales of retirement pension products.“The 58 firms which sell retirement pensions are composed of commercial banks, insurance companies and brokerage houses,” the FSS said in a statement. “Their overheated competition and irregularities will closely be examined.”As the retirement pension market has swiftly expanded over the past few years, many financial firms are sus
Nov. 6, 2012
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Samsung head plans low-key anniversary
Samsung Electronics chairman Lee Kun-hee’s 25th anniversary as chairman coming up early next month is expected to go by without much fanfare, despite this year being special for Samsung Group and the executive, industry sources said on Tuesday.This is the first year Samsung’s brand value was among the world’s top 10 brands, as chosen by a world-renowned brand consultancy. Samsung Electronics also has posted record-high earnings on the back of brisk smartphone sales. But the global company appear
IndustryNov. 6, 2012
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Mileage fiasco muddies outlook for Hyundai
The prospects of the longer-term impact of the latest scandal involving gas mileage overestimates of Hyundai and Kia cars sold in the U.S. are mixed, industry watchers said on Tuesday. “The mileage fallout would negatively affect the consumer awareness about Hyundai and Kia cars in the U.S.,” said Koh Tae-bong, an analyst at HI Investment and Securities. “But they consider the companies’ prompt action a plus, unlike the Toyota recall crisis in the past.”He added that he needs to look at November
IndustryNov. 6, 2012
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Hanjin, Hyundai face hurdles in bolstering finances
South Korea’s Hanjin and Hyundai groups are confronted with difficulties in their efforts to make their balance sheets cleaner amid controversy over the nature of perpetual bonds they are seeking to issue, industry sources said Tuesday.The controversy came after the country’s financial authority said it is problematic to recognize perpetual bonds as capital. The Korea Accounting Institute is set to decide a final position on the nature of such bonds on Thursday before conveying its decision to t
Nov. 6, 2012
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The K-Strategy: The secret to Korea’s success
In September 2011, the cover story of a Brazilian magazine (Negcios) was on Korea’s economic success, which noted that Korea’s speedy culture (“Ppali ppali”) and imitation were the two drivers of the country’s growth. Although these two factors have contributed to Korea’s recent economic growth, we cannot attribute Korea’s success over the last several decades to merely speed and imitation. There are more important factors that have allowed Korea to achieve the growth that it has, which can be s
Nov. 6, 2012
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Number of listed firms plunges amid uncertainties
The number of companies listed on the local stock markets plunged to a 26-month low in October amid a protracted global economic slowdown, data showed Tuesday.According to the data by the Financial Supervisory Service and the Korea Exchange, the number of listed firms on the main bourse and the secondary market reached 1,792 as of the end of last month, the lowest since 1,785 firms were tallied at end-August 2010.The main bourse held 786 companies at end-October, down 5 firms from end-2011, the
Nov. 6, 2012
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Where singles become a ‘duo’
Dating is not enough. The nation’s No.1 matchmaking agency Duo wishes to take part in the next crucial steps of life: marriage and having a family. “We’ve already made a name for ourselves as a professional matchmaker. It’s time we branched out into other business, and believe me, weddings and marriage consulting is right up our alley,” said Kim Hyae-jeong, president and CEO of Duo in an interview. Dressed simply but tastefully in a violet-colored jacket and matching slacks, Kim explained that s
Nov. 6, 2012
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Chief of state power provider offers to resign: official
The chief of South Korea's state-run power provider has recently offered to step down, a senior government official said Tuesday, raising speculations his company's confrontations with the government over energy policy may have affected his surprise decision.Kim Joong-kyum, the CEO of the Korea Electric Power Corporation has recently submitted his resignation to the presidential office, the official at the Ministry of Knowledge Economy said, without elaborating.It is not immediately known why Ki
IndustryNov. 6, 2012
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British UFO groups losing interest
One of Britain's foremost organizations for UFO experts said a meeting next week will discuss the waning popularity of the search for extraterrestrial life.Dave Wood, chairman of the Association for the Scientific Study of Anomalous Phenomena, said a meeting next week will discuss the waning popularity of the search for UFOs and the shuttering of several other groups dedicated to their study, The Daily Telegraph reported Monday."It is certainly a possibility that in 10 years time, it will be a d
TechnologyNov. 6, 2012
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Women aged 24-34, the most stressed people in U.K.
A British news report said women aged between 24 and 34 are more stressed than anyone else in the U.K., citing a new study.According to the report, women at that age are usually climbing the career ladder at work, caring for young kids at home and paying a mortgage.Sixty-seven percent of the people in the U.K. suffer from stress every week and on average, British people get stressed 208 times a year, according to the study by herbal stress remedy company Kalms which was conducted on 2,000 adults
TechnologyNov. 6, 2012
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S. Korea’s risk premium falls to pre-crisis levels
South Korea's credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap (CDS) premium on the country's five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance (KCIF). The spread on CDS reflects the cost of hedging credit risks on sovere
Nov. 6, 2012
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Cockatoo makes, uses tool to get food
A cockatoo from a species not known to use tools has been observed spontaneously making and using tools for reaching food, Austrian researchers say."Figaro," a Goffin's cockatoo raised in captivity near Vienna, uses his powerful beak to cut long splinters out of wooden beams or branches in its aviary to reach and rake in objects out of its reach, researchers report in the journal Current Biology."During our daily observation protocols, Figaro was playing with a small stone," study leader Alice A
TechnologyNov. 6, 2012
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Microsoft, Apple tablets have most profit margins
Research firm IHS says Microsoft and Apple are garnering the highest profit margins for their tablets, followed to a lesser extent by Google and then Amazon.Microsoft Corp.‘s first self-made tablet, the Surface, costs about $267 in parts and labor when excluding its optional keyboard cover. It went on sale Oct. 26 priced at $499, for a profit margin of around 46 percent. Surface comes with a 10.6-inch (26.9-centimeter) screen measured diagonally, and can access the Internet only through Wi-Fi. T
TechnologyNov. 6, 2012
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S. Korea to gradually recover growth next year: IBs
Foreign investment banks (IBs) expect the South Korean economy to see its growth improve at a gradual pace next year, helped by global stimuli and the recovery of domestic demand, a report showed Tuesday.Morgan Stanley projected the monetary easing by the United States and China will improve global economic conditions, benefiting South Korea's exports, a main driver of the country's growth, according to a report by the Korea Center for International Finance.South Korea grew 0.2 percent on-quarte
Nov. 6, 2012
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Seoul shares start higher ahead of U.S. election
South Korean stocks opened higher on Tuesday as policy uncertainties abated ahead of the imminent U.S. presidential vote, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.78 points, or 0.2 percent, to trade at 1912.00 in the first 15 minutes of trading.Carmakers led the gain, with No.1 player Hyundai Motor moving up 1.75 percent, while its smaller affiliate Kia Motors gained 1.24 percent. Top auto parts maker Hyundai Mobis climbed 1.16 percent. U.S. stocks ended hig
Nov. 6, 2012
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Mysterious whales seen in New Zealand
A whale almost unknown to science was seen for the first time after a mother and a male calf were stranded and died on a New Zealand beach, scientists said.They were spade-toothed beaked whales, Mesoplodon traversii, a species previously known only from a few bones, researchers at the University of Auckland said."This is the first time this species -- a whale over 5 meters (16 feet) in length -- has ever been seen as a complete specimen and we were lucky enough to find two of them," Rochelle Co
TechnologyNov. 6, 2012