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East Asia
Winners and losers
Strong won hurts carmakers, IT firms, shipbuilders Concerns are growing over the ill-effects of the local currency’s steep appreciation against the dollar as the stronger won makes Korean products more expensive on the global market. This also results in smaller earnings in terms of won for exporters, which affects their…
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West Asia
Saudi Oil Minister Meets The Press Ahead Of OPEC Meeting
Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi speaks to journalists prior to the start of the meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Wednesday, Dec. 12, 2012 . <AP/NEWSis/Ronald Zak>
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East Asia
‘Education poor’ on sharp rise
Middle-class parents pressed to cope with costly private tutoring Kim Ji-hye is 6. She attends a neighborhood preschool in Ilsan, Gyeonggi Province. She has a busier schedule than her parents because her mother wants to keep her focused on learning. After finishing preschool at around 2 p.m., she rushes to…
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Lotte seeks to buy POSCO’s retail units
Lotte Group, the country’s fifth largest family-controlled conglomerate specializing in retail and leisure industries, is in talks with POSCO to take over the world’s fourth largest steelmaker’s three retail units here and abroad, according to industry sources Tuesday. They include Diamond Plaza, a hybrid residential and commercial building in Vietnam,…
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Foreigner-only casinos to open in Saemangeum
The government announced Tuesday that it will allow the building of foreigner-only casinos in Saemangeum from September 2013. The 400-square-kilometer-wide reclaimed tidal flat, about two-thirds the size of Seoul, is currently in the process of being transformed into an industrial park with tourism and leisure facilities. According to the Ministry…
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East Asia
Entrepreneur Academy to foster Jobs’ spirit
The Institute of Global Management (IGM) launched IGM Entrepreneur Academy (IEA) Monday to try and nurture innovative corporate leaders like Steve Jobs. It is the first school which offers programs for those who want to establish their own business with systematized curriculums and skilled professors including successful CEOs of major…
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East Asia
Where is Korean economy heading?
Foreign economists expect rebound to be possible in second half The outlook for the Korean economy has been murkier than ever due to lingering uncertainties caused by a myriad of downside risks, such as the prolonged eurozone debt crisis, concerns over the U.S. fiscal cliff and sluggish corporate investment here.…
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East Asia
Bottom line comes first
Korean firms need to focus more on fundamentals Korean companies have a more pessimistic outlook than their global counterparts about the world economy and the likelihood of its improvement, a sentiment that is affecting to further depress merger and acquisition (M&A) activities as well. According to Ernst & Young’s latest…
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East Asia
Retailers leave China for Southeast Asia
Department stores, discount store chains and other retailers, which rushed to set up presence in China over the past few years, are increasingly turning their eyes to Vietnam and other rapidly growing Southeast Asian nations. Some retailers have decided to downsize their operations in the world’s second largest economy, with…
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East Asia
Year-end Soju War
Liquor makers engage in fierce marketing battle Domestic soju makers are waging a full-scale war against one another in order to get the upper hand during the peak season. The heated competition comes as Koreans consume larger volumes of soju, traditional distilled liquor, in December compared to other months as…
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