Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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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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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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Court upholds jail term for man who attempted to murder ex-girlfriend
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Russian missile maker: MH17 shot down by Ukrainian missile
The Russian maker of the Buk air defense missile system said Tuesday that it has concluded that Malaysian Airlines flight 17 was downed by an older version of the missile, which isn't in service with the Russian military but is in Ukrainian arsenals.Controversy continues over who shot down the plane last summer over eastern Ukraine, killing all 298 people aboard. Ukraine and the West suspect it was destroyed by a Russian surface-to-air missile fired by Russian forces or separatist rebels fightin
June 2, 2015
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Greece has submitted draft bailout plan to creditors
Greece has submitted a proposal for an agreement with its creditors, the country's prime minister said Tuesday, as Athens seeks a deal that will unlock desperately needed rescue money.Alexis Tspiras said the ball was now in Europe's court to prevent the potential breakup of the European Union. Without more rescue loans, Greece could default on its debts this month and potentially drop out of Europe's currency bloc.“It is now clear that the decision for whether they want to adapt to realism and e
June 2, 2015
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Yellen: 1st rate hike likely by year end if economy improves
Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year -- if the job market improves and the Fed is confident inflation will climb closer toward its target rate.She described the U.S. economy as “well positioned for continued growth,” but at the same time highlighted a number of headwinds that threaten progress. Wages have been disappointing and too many people who want full-time jobs and instead working part-time, she said. She also noted a la
May 23, 2015
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South African Minister Nene ‘very concerned’ by forex probe
South Africa’s finance minister said he’s worried a probe into foreign currency manipulation may expose risks in the banking system, as government officials prepare to meet the central bank to discuss the investigation.“We are very concerned,” Nhlanhla Nene said in an interview at a meeting between business and government leaders in Johannesburg Thursday. “We will meet with the Reserve Bank tomorrow to understand what happened and if there’s any impact on South Africa’s financial systems.”The co
May 21, 2015
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Elbit expands cybersecurity business with $158m deal
Israel’s biggest publicly traded defense company, Elbit Systems Ltd., bought a cybersecurity business three days after its chief executive officer said that industry has become a priority.Elbit agreed to pay Nice Systems Ltd. as much as about $158 million for its cyber solutions and intelligence division, according to a filing to the Tel Aviv Stock Exchange on Thursday. The company will merge the acquisition with its recently created subsidiary, Cyberbit Ltd.“We believe cyber will be a major gro
May 21, 2015
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S. Korea takes transparent, lawful stance on Lone Star case: regulator
South Korea is taking a transparent and lawful stance on dealing with the ongoing legal dispute with U.S. equity fund Lone Star over its sale of a major commercial bank and other assets here years ago, Seoul's top financial regulator said Thursday. Lone Star lodged a complaint against the South Korea government before the International Centre for Settlement of Investment Disputes in 2012, claiming that it was forced to pay unfair taxes and suffered losses due to Seoul's delay in approving a
May 21, 2015
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Alibaba founder says fakes 'inevitable' part of economic growth
Alibaba founder Jack Ma said Tuesday counterfeits are an "inevitable part" of economic development, a remark that comes as the Chinese e-commerce giant is facing claims over its alleged role in facilitating sales of fake luxury products. Kering SA filed a lawsuit against Alibaba in the United States last week, accusing the e-commerce juggernaut of profiting from sales of knockoffs, which were shipped to New York, of its luxury brands, including Gucci and Yves Saint Laurent. The French firm had
May 19, 2015
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Greece warned of cash shortage ahead of deadline: report
ATHENS (AFP) - Prime Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($845 million) due this month to the International Monetary Fund, Greek newspapers said Sunday.The reports came less than a week after Athens admitted that it tapped into an emergency account to pay back the loan, in order to avoid crashing out of the eurozone.On May 8, Tsipras wrote to European Commission, IMF and European Central Bank officials to warn them that
May 17, 2015
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Kerry to meet Russia's Putin amid Ukraine, Syria tensions
U.S. Secretary of State John Kerry is in Russia to meet President Vladimir Putin with an eye on easing badly strained relations over conflicts in Ukraine and Syria.Kerry laid a wreath at a World War II memorial in the Black Sea resort city Tuesday before holding talks with Russian Foreign Minister Sergey Lavrov. Later, he was to meet Putin on the brief visit, his first to Russia since May 2013 and the advent of the Ukraine crisis.The top U.S. diplomat plans to test Putin's willingness to push pr
May 12, 2015
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Verizon agrees to acquire AOL in deal valued at $4.4b
Verizon Communications agreed to buy AOL in a deal valued at $4.4 billion, giving the largest U.S. wireless carrier digital content and Web advertising platforms.Verizon will pay $50 a share, a 17 percent premium over AOL’s stock price on Monday. AOL Chief Executive Officer Tim Armstrong will continue to lead AOL’s operations after the deal is completed, the companies said Tuesday in a statement.AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new
May 12, 2015
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China cuts rates for 3rd time in 6 months to boost economy
BEIJING (AP) -- China cut interest rates Sunday for the third time in six months to boost sluggish economic growth and announced that it is giving banks more flexibility in setting rates paid to depositors in a new step to make its financial system more market-oriented.The central bank's rate cut reflects the communist leadership's growing urgency about reversing a deepening slump that threatens to cause a politically dangerous spike in unemployment.Economic growth has fallen to its lowest level
May 10, 2015
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Greece, creditors 'very close' to a deal: minister
ATHENS (AFP) -- Greece and its international creditors were "very close" to a loan deal for the cash-strapped country, a Greek junior minister said Sunday, a day ahead of a key meeting in Brussels."After weeks of painful negotiation, if the other side is willing, it will become apparent that... the deal is very close and will be sealed in the coming period," Euclid Tsakalotos, one of Greece's main negotiators, told Avgi daily.Tsakalotos, a junior foreign minister, said Athens and its creditors w
May 10, 2015
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[Newsmaker] More work urged amid Greece default worries
WASHINGTON ― Greece was told Saturday to urgently deliver a detailed fiscal and debt plan to official lenders as the IMF-World Bank spring meetings wound up amid escalating worries of a looming default.As Athens’ talks with creditors continued in Paris, both IMF Managing Director Christine Lagarde and European Central Bank chief Mario Draghi warned in Washington that Greece has not provided enough information about how its economic and reform plans will impact its finances.With Greece seeking th
April 19, 2015
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China cuts reserve ratio requirement as growth slows
BEIJING (AFP) -- China's central bank announced Sunday it would cut the level of funds that commercial banks must hold in reserve by one percentage point, the second such move this year to boost lending.The move, effective Monday, comes days after the world's second largest economy reported its worst quarterly growth figure for six years.In a statement on its website, the People's Bank of China said the cut would "further enhance the ability of financial institutions to support restructuring".Th
April 19, 2015
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Greek bonds drop most since election as default concern builds
Greece's government bonds had their worst week since the aftermath of Syriza's January election victory as the nation failed to make tangible headway in its efforts to secure funding and avoid a default.The yield on 10-year Greek debt climbed to the highest since December 2012 as the clock ticked down toward almost 1 billion euros ($1.1 billion) of payments due next month. German 10-year bonds rose in the week, pushing yields below 0.1 percent for the first time, after European Central Bank Pres
April 18, 2015
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[Newsmaker] Clinton to focus on economic security
CHICAGO — Hillary Rodham Clinton’s presidential campaign will center on boosting economic security for the middle class and expanding opportunities for working families, while casting the former senator and secretary of state as a “tenacious fighter” able to get results, two senior advisers said Saturday.They provided the first preview of the message that Clinton planned to convey when she launches her long-anticipated campaign on Sunday with an online video. Until now, the former first lady has
April 12, 2015
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Seoul firms to run 2nd N.K.-Russia logistics project
A consortium of Seoul firms is expected to run another pilot operation of a key logistics project involving South and North Korea and Russia in late April, a government official said Sunday. The so-called Rajin-Khasan logistics project is the symbol of trilateral cooperation between the two Koreas and Russia at a time when inter-Korean relations remain stagnant. In the previous pilot operation, 40,500 tons of Russian coal arrived in South Korea on a ship from the North Korean port city of Raji
April 12, 2015
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S. Korean agency opens business support center in Beijing
South Korea's government trade agency Wednesday opened a center in Beijing to help small- and medium-sized South Korean companies make inroads into the Chinese market as the two nations are set to sign a bilateral free trade agreement. After declaring the "substantial conclusion" of their free trade talks last November, South Korea and China are expected to formally sign the deal within the first half of 2015, in a move that will further deepen their economic ties. The Korea Trade-Investment
April 8, 2015
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World Bank chief expresses strong support for AIIB
World Bank Group President Jim Yong Kim expressed strong support Tuesday for a Chinese-led regional development bank, saying he welcomes any new players in the fight against poverty. China has launched the Asian Infrastructure Investment Bank in a move seen as designed to bolster its economic clout by creating a counterbalance to the Asia Development Bank, led by the United States. The U.S. has been negative about the AIIB, raising questions about whether the envisioned lender will have the n
April 8, 2015
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S. Korea seeks to double overseas Korean restaurants
South Korea will work to nearly double the number of Korean restaurants in other countries, the government said Monday, a move partly aimed at developing the country's restaurant industry and globalizing its traditional food.The plan seeks to boost the number of Korean restaurants from the current 3,726 in some 40 countries to over 7,000 in 50 nations by 2020, according to the Ministry of Agriculture, Food and Rural Affairs.The number compares with over 30,000 run by U.S.-based global fast-food
April 6, 2015