Knowledge Economy News
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South Korea, the world’s biggest maker of consumer-electronics memory chips, is leading the first geological study of Colombia’s rare metals as it seeks to secure supplies for Samsung Electronics Co. and LG Corp.
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Japan’s trade ministry is set to invite South Korea to discuss joint purchases of liquefied natural gas as the world’s two biggest buyers seek to cut fuel import costs, according to two government officials with knowledge of the plans.
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Leadership changes provide a good opportunity for China, Japan and South Korea to put aside territorial disputes to pursue a free trade deal, South Korea’s trade minister said.
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Sales at major South Korean department stores fell the most since at least 2005 in January after the timing of the Lunar New Year holiday distorted year- on-year comparisons.
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South Korea raised its overseas crude purchases in January by 0.9 percent, the first year-on-year increase since November.
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South Korea granted approval for Samsung C&T Corp. and three other private companies to build eight coal-fired power plants as part of an energy plan that spreads investment among state and private power generators.
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South Korean President Lee Myung Bak named Hong Suk Woo as the new Minister of Knowledge Economy after his predecessor resigned to take responsibility for rolling blackouts in September.
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Emerging-market stocks rose, capping a 0.4 percent weekly advance, as an increase in the U.S. jobless rate boosted prospects the Federal Reserve will continue stimulus that has stoked investment in developing nations.
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South Korea’s government, which has spent $2.6 billion to foster a domestic market for clean energy, plans to change the way it subsidizes renewables to encourage private energy providers to take more initiatives on their own.
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South Korea will raise electricity prices by an average 4 percent starting next week, the second increase in five months, seeking to curb rising power demand.
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