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West Asia
Egypt Seeks IMF Loan To Boost International Economic Confidence
In this Wednesday, Jan. 2, 2013 file photo, Egyptian brokers work at the stock market in Cairo, Egypt. As Egypt begins the latest round of talks with the International Monetary Fund for a $4.8 billion loan, the government says it will boost international confidence in its economy. However, critics question…
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Hyundai cuts prices of 5 popular cars
Hyundai Motor announced Thursday that it has cut the price of five popular models by up to 1 million won to enhance affordability. It is seen as an aggressive marketing strategy to secure market dominance this year. Discounts are being offered on the top two trims of the Sonata, Genesis,…
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‘China threatens Korea’s shipbuilding supremacy’
China overtook Korea last year to become the world’s largest shipbuilder by exports, a trade research institute estimated Thursday. By every assessment, Korea has been the undisputed kingpin in the global shipbuilding industry for years, thanks largely as its home to the world’s three largest shipbuilders. But the leadership was…
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East Asia
Korea is no longer country for young men
During the carefree days of the 1980s and early 1990s, Korean youngsters carried an unmistakable sense of entitlement, enjoying the luxury of passing on job offers for one with a bigger paycheck. The millions of young people toiling in the decimated job market of today are shocked into realization that…
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East Asia
Firms step up guard against crisis
The heads of Korea’s top four conglomerates are placing priority on exploring new markets, improving product quality and leading market trends this year in order to secure an edge in the increasingly competitive global marketplace. In a New Year message, Samsung Electronics Chairman Lee Kun-hee urged the country’s largest business…
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East Asia
Banking groups brace for ‘Ice Age’
Financial CEOs to focus on risk management Chief executives of financial companies vowed Wednesday to tackle the challenges of low economic growth and declining interest rates. Describing the 2013 financial industry as an “Ice Age,” heads of the nation’s four largest financial groups ― Woori, KB, Hana and Shinhan ―…
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East Asia
Who will shine in biz circle in 2013?
With most firms completing year-end reshuffles, attention is now on who will lead their respective conglomerates to the top in Korea’s growing industries. Electronics duopoly Samsung and LG Electronics and automobile giant Hyundai Group have the best outlook for the new year with the longest standing businesses among local players…
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Turkey rejects Korea’s nuclear reactor bid
Korea’ bid to win a contract to build a nuclear reactor in Turkey has hit a stumbling block as the government there has rejected its initial one, saying the proposal was not acceptable. According to the Ministry of Knowledge Economy, Thursday, Turkey’s Energy and Natural Resources Minister Taner Yildiz said…
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East Asia
Bakery war deepening
New rules to be unveiled against franchise expansion Tension is rising among the country’s bakery franchises because the government is expected to announce new regulations preventing further domestic expansion of their businesses. The Commission for Shared Growth for Large and Small Companies will publish the rules today despite strong opposition…
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East Asia
Chinese firms target fashion brands
A growing number of Chinese companies are expanding investment in Korean fashion brands to learn their marketing and design and to eventually develop a high-quality homegrown brand in China. Over the past few months, some cash-rich Chinese firms have taken over leading Korean brands, while others have established funds to…
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