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Business
What explains big cash advances from Macau?
Korean financial authorities are taking a harder look on the sharp rise in cash withdrawals by Korean credit card users in Macau. Gamblers are apparently using their credit cards to pay for bets, but Financial Supervisory Service (FSS) officials are also suspicious about bizarre spending patterns in Asia’s casino capital,…
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Business
How far can English education go?
For decades, Koreans’ zeal for learning English has been incomparable. Parents spend more than 20 trillion won ($18 billion) each year on private education for primary and secondary school students and about a third goes to English language education, government statistics show. The amount does not include money spent on…
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Business
Appealing to consumers desires’ and fears
Marketers decieve to win business #1 In the TV commercial of an instant coffee mix, “French Cafe” from Namyang Dairy Products, famous actress Kim Tae-hee drinks the mixed coffee and whispers with a smile, “This is the right time to choose this coffee mix as long as you care about…
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Business
‘Ice age’ in the offing
Economy trapped in prolonged slow growth The Korean economy has entered a phase of prolonged slow growth where no major shocks exist but a myriad of small risks combine to undermine economic fundamentals at a gradual pace. Simply put, Asia’s fourth-largest economy is not likely to undergo a major crisis…
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Business
‘Jeonse’ blues
Low earners struggle to find homes amid soaring rents Kim Ji-hye, a 37-year-old housewife in Hannam-dong, Seoul, is concerned as the “jeonse” contract with her landlord will soon expire and she will probably face a drastic rise in her deposit when renewing it. “I’m happy with my neighborhood as well…
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Business
We remember
It has been a year since Apple founder Steve Jobs died at the age of 56 after a long battle with cancer. Arguments are ongoing as to whether the innovation and dramatic changes in living habits and culture he initiated will continue. Early evidence from Korea, a nation fascinated with…
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Business
New cars ready to hit road
Foreign brands aggressively seeking bigger market shares Consumers here have tightened their purse strings but they seem to be open to buying imported cars. Foreign brands seem to be aware of this spending pattern and are poised to unveil new models to snap up a bigger slice of the pie.…
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Business
Darkest days in Korean history
People suffered greatly under brutal Japanese colonial rule This is the ninth of a 10-part series of Korean history from its mythological, ancient beginning until the present day. This project is sponsored by several companies and public agencies including Merck Korea, eBay Korea, Daewoo Securities and Korea Post. ― ED.…
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Business
Korean firms out to fix booze problem
Observers paint election preview on macro-economic data It’s obvious that the economy will be of greatest concern to voters when they head to the polling booths come December to pick a new president. So observers could do much worse than break down the recent economy-related numbers when making their predictions…
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Business
Cho Yang-ho’s dream
Can Hanjin chairman acquire KAI this time? Hanjin Group Chairman Cho Yang-ho is seeking to transform Korean Air, the conglomerate’s flagship unit and the country’s largest carrier, into a leading international aerospace company by acquiring Korea Aerospace Industries (KAI). He also hopes to expand its hotel business to create synergy…
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