Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Oil dives to fresh 12-year low under $28
LONDON (AFP) - Oil plunged to fresh 12-year lows under $28 on Wednesday, slammed by gloomy economic forecasts, China‘s slowdown and abundant crude supplies. In morning deals, US benchmark West Texas Intermediate (WTI) for February delivery tanked to $27.32 per barrel, a level last seen on September 24, 2003. The contract later stood at $27.80, down 66 cents from Tuesday’s closing level. The global oil market has collapsed further since the International Energy Agency warned Tuesday that the oil
Jan. 20, 2016
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Renault recalls vehicles over failed emissions test
Renault is recalling thousands of new vehicles to make engine tweaks, the government said Tuesday, as the French carmaker grapples with emission levels found to exceed anti-pollution norms in some of its cars.France's second biggest auto manufacturer -- in which the French state owns nearly 20 percent -- has been under the spotlight since it emerged last week that anti-fraud investigators had raided several of the company's sites, sending stocks plunging.Amid fears Renault could be caught up in
Jan. 19, 2016
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Global anxiety rises as China growth falls
China's economic growth slowed to a six-year low in the latest quarter as trade and consumer spending weakened, deepening a downturn that has fueled anxiety abroad over its impact on an uncertain global outlook. The world's second-largest economy grew by 6.8 percent in the October-December quarter, down from the previous quarter's 6.9 percent, data showed Tuesday. That dragged full-year growth to a 25-year low of 6.9 percent. A port in Chungqing, China. (Yonhap)Growth has fallen steadily over
Jan. 19, 2016
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China to take up half of global smartphone market
One out of 2 smartphones to be sold in the global market is expected to be made by Chinese companies, posing a serious threat to current market leaders Samsung Electronics and Apple, a report showed Sunday. A total of 1.29 billion smartphones were sold last year across the world in 2015, up 10.3 percent from a year earlier, according to tech market researcher DRAMeXchange.South Korean tech giant Samsung Electronics accounted for 24.8 percent of the market share, followed by its U.S. archrival Ap
Jan. 17, 2016
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China's Haier buying GE appliance unit for $5.4 billion
BEIJING -- Haier Group, the world’s biggest home appliance maker, is buying General Electric Co.‘s appliance business for $5.4 billion to expand its U.S. and global presence. The acquisition announced Friday comes as Haier tries to transform itself into a premium brand. GE is shifting emphasis from traditional businesses such as appliances, in which it has been a prominent presence for more than a century, to higher-technology areas such as medical equipment and clean energy. Haier headquarters
Jan. 15, 2016
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Tokyo stocks plunge by break after Wall St dive
TOKYO (AFP) - Tokyo stocks plunged Thursday morning after a dive on Wall Street while a pick up in the yen took a bite out of exporters like Toyota and factory robotics giant Fanuc.The Japanese market led a regional sell-off, plunging almost four percent at the start, as jittery investors reacted to another drop in oil prices and a lukewarm Federal Reserve regional economies report. Renewed jitters about the world's top economy and broader concerns about global growth pushed currency traders int
Jan. 14, 2016
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China's market turmoil: Worry, but don't panic
NEW YORK (AP) -- There's no reason for panic. Worry, yes, but not panic.That was the opinion of some U.S. investment strategists after another free-fall on China's main stock market reverberated around the globe Thursday and sent the Dow Jones average to a loss of nearly 400 points.Stock prices in China fell so fast that for the second time in four days, circuit-breaker mechanisms kicked in and halted trading, this time after just 30 minutes.China's tumbling stock prices are, in themselves, noth
Jan. 8, 2016
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Oil extends losses, nears $33 a barrel
SINGAPORE (AFP) - Oil prices plunged close to $33 a barrel on Thursday as crude extended losses on rising US energy stockpiles and China's weakening currency.At 0230 GMT, US benchmark West Texas Intermediate (WTI) for February delivery was down 60 cents at $33.37.Its close of $33.97 a barrel on the New York Mercantile Exchange on Wednesday marked the lowest settlement price since December 2008 during the global financial crisis.In London, Brent crude for February delivery, the European benchmark
Jan. 7, 2016
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Chinese stock markets closed after shares fall 7%
SHANGHAI (AFP) - China stock markets closed for the day less than half an hour after opening Thursday when shares fell more than seven percent, triggering an automatic "circuit breaker", after authorities lowered the yuan's value by the most since August.By 9.58am, when trading was halted, the benchmark Shanghai Composite Index had slumped 7.32 percent, or 245.95 points, to 3,115.89.The Shenzhen Composite Index, which tracks stocks on China's second exchange, had tumbled 8.35 percent, or 178.08
Jan. 7, 2016
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Chinese stock markets closed after shares fall
Chinese stock markets closed after shares fall 7%SHANGHAI (AFP) -- Chinese authorities for the first time closed the Shanghai and Shenzhen stock exchanges early under a “circuit breaker” mechanism to curb volatility after shares fell seven percent Monday, raising concern over their commitment to market openness.China‘s stock indices plummeted in mid-2015 as a debt-fuelled bubble burst, sending ripples through global exchanges and wiping trillions from market capitalizations.The falls prompted wi
Jan. 4, 2016
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China manufacturing picks up but activity still shrinking: data
A gauge of Chinese factory activity ticked up slightly in December but continued to indicate contraction for a fifth straight month, official data showed Friday, underlining weakness in the world's second-largest economy. China is a key driver of global growth and investors closely watch the Purchasing Managers' Index -- which tracks activity in the factories and workshops sector -- as a barometer of the country's economic health. The mild improvement follows a string of stimulus measures
Jan. 1, 2016
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Sun King Li Sees $14.6 Billion Vanish Amid Wild Ride for Hanergy
This year’s wild ride for Hanergy Thin Film Power Group Ltd. ends with the solar equipment maker a shadow of its former self, about $14.6 billion in paper losses for its chairman, the departure of key executives, a lawsuit over unpaid rent, canceled contracts and a regulatory investigation.Chairman Li Hejun, the leader of the solar group and a self-professed solar visionary, stands, as usual, at the center. According to regulatory filings made public this week, Li has agreed to sell a 6 percent
Dec. 30, 2015
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Four more years of cheap oil: OPEC
VIENNA (AFP) - The OPEC oil cartel sees only a gradual improvement in the global crude market, with prices recovering to above $70 per barrel after four years, according to a report released Wednesday.With the global benchmark oil price touching an 11-year low of $36.04 on Monday, the cartel which produces a third of the world's crude said that it foresees a "gradual improvement in market conditions as growing demand and slower than previously expected non-OPEC supply growth eliminate the existi
Dec. 24, 2015
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Cordon Bleu culinary schools to close in U.S.
NEW YORK -- The Cordon Bleu culinary school will close its 16 campuses in the United States after failed attempts to find the right buyer, the company that operates the locations said.Created in 1895, France's Le Cordon Bleu presents itself as the world's largest network of culinary and hospitality schools.Career Education Corporation -- a company independent from Le Cordon Bleu International -- said in a statement that it was slowly discontinuing the operations of Le Cordon Bleu North America a
Dec. 18, 2015
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BOJ tweaks stimulus to encourage corporate spending, hiring
The Bank of Japan tweaked its lavish stimulus program Friday in a well-timed move that spotlights pressures on companies to do more to support growth by raising wages and investing in factories and equipment. The Japanese national flag flies atop the Bank of Japan headquarters in Tokyo, Japan, on Friday. (Bloomberg)This week, the U.S. central bank raised its key interest rate by a quarter percentage point, signaling confidence in the U.S. recovery at a time when Japan is still struggling to re-i
Dec. 18, 2015
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U.S. Fed raises key rates for first time in 9 years
The U.S. Federal Reserve raised key interest rates for the first time in nine years Wednesday, a landmark turnaround that symbolizes the confidence that the world's largest economy has strengthened enough to graduate from near-zero rates.The Fed raised the target range for the federal funds rate from 0 to 0.25 percent to 0.25 to 0.50 percent."There has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise, over the medium term
Dec. 17, 2015
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VW: appears only small number of staff behind scandal
Volkswagen believes that only a small number of employees were behind the emissions scandal, but its board chairman said Thursday the company is still investigating and suggested the probe does not exclude top managers.In an update on the German automaker's attempt to get to the bottom of the scandal, Hans Dieter Poetsch said "we are relentlessly searching for those responsible for what happened and you may rest assured we will bring these persons to account.''He confirmed the company had suspen
Dec. 10, 2015
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OPEC set to maintain output levels as oil glut worsens
VIENNA (Reuters) -- OPEC looked unlikely to take steps to cut oil production to lift languishing prices at a meeting on Friday, potentially worsening one of the worst crude gluts in history.Benchmark Brent oil futures LCOc1 are below $45 per barrel, just a few dollars off their 6-year lows. The Organization of the Petroleum Exporting Countries’ (OPEC) own basket of crude grades is below $38 per barrel - a fraction of what most members need to balance their budgets. OPEC’s poorer members have be
Dec. 4, 2015
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Hungarian PM: Greece does not meet its obligations
Hungarian Prime Minister Viktor Orban accused Greece Thursday of not fulfilling its obligations as a member of the deal that allows free movement within the European Union.Orban made the comment in a joint news conference with South Korean President Park Geun-hye and the prime ministers of the Czech Republic, Poland and Slovakia after the inaugural summit between South Korea and the Visegrad Group.He did not elaborate on what he meant by Greece's failure to fulfill its obligations.He said throug
Dec. 4, 2015
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ECB cuts interest rate, to unveil more stimulus for eurozone
FRANKFURT, Germany (AP) -- The European Central Bank cut one of its key interest rates and promised to unveil more stimulus measures on Thursday in an attempt to boost lending and help the growth in the 19-country eurozone economy. The bank said it is reducing the interest rate on deposits from commercial banks from minus 0.2 percent to minus 0.3 percent. The negative rate is intended to push banks to lend excess cash by imposing a penalty for leaving it at the central bank. The size of the cu
Dec. 3, 2015