Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Leaders have business agendas too
Some world leaders are making the most of their attendance at the Nuclear Security Summit as an opportunity to cement business ties with Korea. On Monday, leaders from Chile, Finland, Nigeria, New Zealand, Thailand and Britain opened a business forum, discussed economic cooperation with business chiefs from Korea, or visited Korean companies.On the sidelines of their leaders’ brisk business activities, some foreign governments inked agreements with their Korean counterparts on economic cooperati
IndustryMarch 26, 2012
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Korea, Mexico build highway for patent applications
Korea and Mexico signed an agreement to accelerate the examination of patent applications, the Korean Intellectual Property Office said on Monday. The Patent Prosecution Highway allows applicants who have successfully obtained a patent from the Korean office pursue an accelerated patent examination in Mexico, or vice versa. The national office said the deal will cut the period between application and grant from an average of three and a half years to a month. “KIPO Commissioner Lee Soo-won and h
March 26, 2012
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New Zealand P.M. says firms’ survival depends on Korea FTA
New Zealand’s prime minister on Monday expressed hope that a free trade agreement between his country and Korea will be concluded soon.After a meeting with members of New Zealand Chamber of Commerce in Seoul, Prime Minister John Key told The Korea Herald that without a free trade agreement, his country’s companies would eventually be priced out of the Korean market. The New Zealand leader came to Korea to attend the Nuclear Security Summit that began its two-day run in Seoul on Monday.Key added
March 26, 2012
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Daewoo launches volunteer corps
Daewoo International Corp., a Korean trading house, said Sunday it had launched a volunteer corps to support the education of underprivileged children as part of its social contribution efforts.Its employees will provide free English classes at children centers in Seoul and the metropolitan area and host other educational events every month, the company said.In a separate program, Daewoo said it also created a youth volunteer group consisting of the children of its employees. Its 26 members plan
IndustryMarch 26, 2012
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Brain size determine popularity: study
A group of British scientists have discovered that a certain part of the brain is larger in people that have many friends, Science Daily reported Saturday.The size of the brain’s orbital prefrontal cortex -- placed just above the eyes -- is linked to people’s ability to understand what others are thinking, or to “mentalize,” according to a joint study by the Universities of Oxford, Liverpool University, Manchester University and Edinburgh University. It is thought that the ability to mentalize i
TechnologyMarch 26, 2012
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Korea, Turkey sign tentative FTA
The governments of Korea and Turkey on Monday provisionally signed a bilateral free trade agreement, completing three years of negotiations.“Turkey is an emerging economy with high market potential and promising export market that is showing stable growth, ” the Ministry of Knowledge Economy said in
March 26, 2012
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New Zealand PM visits Samsung plant
New Zealand's Prime Minister John Key visited Samsung Electronic Co.'s Suwon plant on Monday to check the latest hightech products being made by South Korea's leading technology company.The electronics giant said the prime minister and 20 members of his entourage, including the country's ambassador
IndustryMarch 26, 2012
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Nuclear summit provides business opportunities for conglomerates
The Nuclear Security Summit which opens Monday is providing prime business opportunities to Korean conglomerates as foreign leaders are scheduled to attend various investment forums and visit companies this week. About 100 Korean business chiefs are meeting with Chilean President Sebastian Pinera in downtown Seoul on Monday for a luncheon event to seek the expansion of economic ties between the two nations.The event, organized by the Korea Chamber of Commerce and Industry, will be attended by KC
IndustryMarch 25, 2012
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Korea pushes for further nuclear plant exports
World’s sixth reactor exporter seeks to expand foray into global markets after UAE dealSince a watershed deal with the United Arab Emirates in 2009, Korea has been ratcheting up its ambitions to promote its know-how in nuclear plant construction overseas. The $20 billion contract has since bolstered Korea’s confidence in its newly defined foray into the high-entry-barrier market, making it the sixth member of the league of reactor exporters following the U.S., France, Russia, Canada and Japan. E
IndustryMarch 25, 2012
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Biz sentiment surges for Q2
Korea’s business confidence surged for the second quarter, reflecting expectations that the economy may improve gradually in the coming months, according to the results of a survey released Sunday.The business survey index for the April-June period came to 99, a sharp increase from 77 for the current quarter, said the Korea Chamber of Commerce and Industry. The poll also marks a rebound from seven straight quarters of BSI contraction.Business confidence numbers started falling after hitting 128
March 25, 2012
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Seoul shares looking to economic indicators, North Korea factor
Korea’s stock markets are likely to seek positive signs from the latest economic indicators this week, but the possible upside might be limited if the country’s geopolitical risks resurface during the nuclear summit, which starts its two-day run Monday.The benchmark KOSPI closed down 0.7 percent last week to 2,026.83, while the tech-packed KOSPI went down 2.3 percent to 527.47. Analysts expect that Korea’s leading economic indicators, set to be announced on Friday, will continue to rise for the
March 25, 2012
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S-Oil elects new chief executive
S-Oil Corp. has picked Saudi Aramco’s former global refining coordinator Nasser Al-Mahasher as its new chief executive, Korea’s third-largest refiner said in a regulatory filing. The announcement came after meetings of the Seoul-based company’s shareholders and board of directors on Friday. Aramco, the Middle Eastern country’s state-run oil group, is the largest stakeholder of S-Oil. Al-Mahasher will take office immediately, succeeding Ahmed A. Subaey, who will return to the Dhahran headquarters
IndustryMarch 25, 2012
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Korea to show off LTE technology at summit
The Korea Communications Commission will run an exhibition booth during the two-day Nuclear Security Summit from Monday to offer opportunities for global leaders and foreign media to experience the nation’s advanced telecom and broadcasting technologies. The booth, located at COEX in southern Seoul, the venue for the Seoul summit that starts on Monday, will focus on the fourth-generation Long Term Evolution network service under the slogan “with SMART KOREA.”Diverse LTE devices and services such
IndustryMarch 25, 2012
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LSIS strives to become ‘global innovator’
Electric equipment maker expands R&D spending, ventures into green technologiesFrom electronics to steel to shipbuilding, Korean companies have been ramping up efforts in crafting innovative products and spearheading new technologies to stay ahead of ever-fierce competition at home and abroad.With a surging number of homegrown firms going global, they are striving to diversify business portfolios and customer bases to reinforce revenue streams in the face of economic uncertainties stemming from
IndustryMarch 25, 2012
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Carmakers slash prices amid sluggish demand
Free trade pacts with EU, U.S. spark heated competition to offer value for moneyKorean and foreign carmakers are battling to lower vehicle prices amid lackluster domestic consumption.Their drive for lower prices is also sparked by the nation’s free trade agreements with Europe and the U.S., which took effect on July 1, 2011 and March 15, 2012, respectively.Hyundai Motor’s discounts range between 200,000 won ($175) and 1 million won.The nation’s largest carmaker is offering a 1 million won discou
MobilityMarch 25, 2012
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NPS pushes ahead with globalization, expands into foreign markets
Korea’s pension fund aims to emerge as a key player on the global financial market Korea’s National Pension Service is stepping up its efforts to globalize its operations and organization, while expanding its investment portfolio into foreign markets. One of the foremost tasks for the NPS was to hire more professionals who could better manage its burgeoning reserves. As part of globalization efforts at an organizational level, the country’s biggest investor on the financial market increased the
March 25, 2012
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NPS diversifies portfolio to reinforce long-term strategy
The world’s fourth-largest pension fund shifts its focus to alternative assets and foreign markets, up systematic risk managementKorea’s National Pension Service is ratcheting up its steps to strengthen and stabilize its portfolio by increasing its holdings of stocks and alternative investment, and making inroads into foreign markets. The move comes as NPS, the biggest investor in the country’s domestic equity and fixed-income market, is witnessing a rapid expansion of its pension fund reserves
March 25, 2012
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Korea welcomes U.S. pick of Kimas new World Bank chief
Korea’s presidential office and Finance Ministry welcomed U.S. President Barack Obama’s decision to nominate Jim Yong Kim, the Korean-born president of Dartmouth College, as the new chief of the World Bank. “We believe that President Kim is the right person to carry out the duties to reform the World Bank and eradicate poverty,” Cheong Wa Dae said in a statement. “We highly appreciate President Obama’s decision to nominate Kim and will cooperate more closely with the World Bank.”Finance Minister
March 25, 2012
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LG Chem reaffirms Kazakhstan partnership
LG Chem reaffirmed its partnership with the Kazakhstan government involving its ongoing projects in the Central Asia nation, holding a joint event in Seoul on the sidelines of the Nuclear Security Summit on Sunday.The two sides celebrated the book launch of the Kazakhstan President Nursultan Nazarbayev’s biography in the Korean language at a hotel in downtown Seoul, hoping to gain from the president’s “can-do spirit.”“When I met President Nazarbayev in Korea in 2010, he suggested we should build
IndustryMarch 25, 2012
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Banks swim against global trend of downsizing
Korean lenders in competition to launch financial groups for expansionKorea’s banking industry is pushing ahead with expansion, seemingly running counter to the global trend of slimming down.Major banks in the local market have established finance holding firms over the past few years and smaller players have followed or plan to join the move.Following Nonghyup Bank, which launched a financial group early this month, Jeonbuk Bank, a provincial lender based in Jeonju, is poised to follow suit.Jeo
March 25, 2012