Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Healthcare workers worried about hospital-acquired infections: poll
Nearly two-thirds of South Korean healthcare workers are worried about hospital-acquired infections, a poll showed Tuesday.According to the survey, 65.3 percent of doctors, nurses, pharmacists and other support personnel said there is a high chance of infections taking place in hospitals. It also showed that 81 percent of healthcare workers said if infections do occur in hospitals it can lead to serious consequences.The survey, taken by the state-run National Evidence-based Healthcare Collaborat
TechnologyJuly 14, 2015
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Samsung wins patent for smartphone-based body fat analysis
South Korea's tech giant Samsung Electronics Co. has won a patent for analyzing body fat through smartphones, an intellectual property organization said Tuesday, which may mark another leap forward in enhancing health care-related features on smart devices.Under the title "Method and apparatus for measuring body fat using a mobile device," the Korean-language report posted on the World Intellectual Property Organization's website said it has found ways to acquire users' body fat information by s
TechnologyJuly 14, 2015
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Foreigners turn to net sellers of Korean stocks in June
Foreign investors turned to net sellers for the first time in five months in June as the global financial market tumbled due to growing risks of a possible U.S. rate hike and a potential Greek default, the financial watchdog said Tuesday.Offshore investors dumped a net 389 billion won ($344.7 million) worth of local stocks in June, shifting from the 1.35 trillion-won net buying in the previous month, according to the Financial Supervisory Service.They had held on to the net-buyer position since
July 14, 2015
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Hyundai, Kia cut sales target by 10 pct amid bleak outlooks: sources
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have lowered their annual sales target for this year "internally" by around 10 percent in the face of less demand and intensifying competition that have resulted in a sharp fall in sales in major economies including China, sources close to the matter said Tuesday.In its 2015 business plan unveiled earlier this year, the two South Korean car making giants aimed to sell a combined 8.2 million cars at home and abroad, which is 2.5 percent
IndustryJuly 14, 2015
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Samsung C&T look to individual shareholders
With four days left until a crucial shareholder vote on its proposed merger with Cheil Industries, Samsung C&T has made all-out efforts to woo individual swing voters in a battle with opponent U.S. activist hedge fund Elliott. On Monday, the builder put an ad on the front page of newspapers, reading: “Dear Samsung C&T shareholders, we sincerely would like to ask for your support.” The three-paragraph, text-based print ad explained the purpose of the merger, blamed Elliott for its bid to bl
BusinessJuly 14, 2015
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Probe zeroes in on negligence at heart of Hanwha explosion
A police officer enters a Hanwha Chemical plant in Ulsan as part of an investigation into a deadly explosion there on July 4. (Yonhap) Officials clean up the debris from the explosion at the Hanwha Chemical plant in Ulsan on July 7. (Yonhap)The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negligence and lax safety management as the cause of The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negl
IndustryJuly 13, 2015
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Hyundai chief stresses risk management in hard times
Hyundai Motor Group chairman Chung Mong-koo on Monday admitted that his company is facing hard times and called for all-in efforts to boost global sales. “It is true that we are facing hard times in many ways, but this cannot be an excuse. We need to, and can, overcome them and become stronger by doing so,” Chung said at the meeting of representatives of 60 overseas branches of Hyundai and Kia at the company’s headquarters in Yangjae-dong, southern Seoul. “We always need to find the solution in
IndustryJuly 13, 2015
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Robot-makers tap Chinese market
The Korea Trade Promotion Corp., Korea Institute for Robot Industry Advancement and the Korea Association of Robot Industry held a robot trade show in Shanghai from July 10-13, arranging business meetings between 13 domestic companies and 30 Chinese firms. The event was held during the China International Robot Show 2015, where 750 global robot-makers showed off their latest technologies.Six Korean businessmen also had the chance to hold pinpoint meetings with Panda Group, the sixth-largest IT a
IndustryJuly 13, 2015
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Samsung picks 10 new R&D projects to support
Samsung Group on Monday unveiled 10 new research and development projects on smart sensor materials and system software it would support as part of its efforts to nurture the nation’s future growth-engine technologies. Samsung launched the R&D support program in 2013 with a total budget of 1.5 trillion won ($1.3 billion) for the next 10 years. Thus far some 160 projects have been selected for support.While the program focuses on three key areas -- basic science, materials and information and com
TechnologyJuly 13, 2015
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Samsung gauges foreign investors’ decisions on merger proposal
Samsung C&T is thoroughly gauging the decisions of foreign investors, most of whom finished their absentee voting last week on the company’s planned merger with Cheil Industries, the de facto holding company of Samsung Group. With the voting results to be revealed at a shareholders meeting Friday, their decisions are expected to play a key role in determining the crucial 8.9 trillion won ($7.93 billion) merger for the nation’s largest conglomerate’s management transfer to a new generation. Forei
IndustryJuly 13, 2015
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Analysts paint rosy picture for duty-free bid winners
Analysts on Monday raised their target prices on shares of high-profile bid winners who will operate duty-free stores in downtown Seoul, citing that the retail giants secured a new growth engine amid sluggish domestic demand and rising competition.The upgrades in the target prices of the retail firms reflects expectations that the new stores will give a boost to the world‘s largest duty-free market, accounting for 13 percent of global revenues from duty-free shops in 2014. “The urban duty-free b
IndustryJuly 13, 2015
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Samsung advances release of Galaxy Note 5
Samsung Electronics plans to advance the release of the Galaxy Note 5 to August from September in an apparent move to boost its sagging mobile devices, sources said Monday. But it remains yet to be seen whether the global top tech giant‘s strategy will yield success, analysts said. The world’s largest smartphone maker had planned to unveil the latest Note 5 at the IFA electronics trade show in Germany in September. Samsung Electronics’ Galaxy Note 4 (Yonhap) “Advancing the unveiling date may
TechnologyJuly 13, 2015
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[Graphic News] Six Korean banks listed on global top 100
Six South Korean banks are on the list of the world’s top 100 banks, data showed Sunday.KDB Financial Group, KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Financial Group and NongHyup Financial Group made the top 100 global bank list, according to British-based financial industry tracker The Banker.The highest-ranked Korean bank was KDB Financial Group at 62nd place, up 16 notches from last year. KB Financial Group followed in 65th place.Shinhan Financial Group ranked
IndustryJuly 13, 2015
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Probe reveals negligence at heart of Hanwha explosion
The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negligence and lax safety management as the cause of the deadly accident. Since the explosion took the lives of six workers of the Hanwha subcontractor -- Hyundai Environment -- on July 3, the authorities have been probing into the accident. A number of officials from both companies including the chiefs of Hyundai Environment and Hanwha Chemical’s safety team are under suspicion of being respons
IndustryJuly 13, 2015
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Hana, KEB union agree on merger
The Hana Financial Group building is reflected in the window of a KEB office in Seoul. (Yonhap)Hana Financial Group and the Korea Exchange Bank labor union reached an agreement on the Hana Bank-KEB merger deal Monday, heralding the launch of Korea’s largest lender by assets.The banking group said it would complete the merger process by Sept. 1, as the last hurdle was now cleared. Hana Financial has pushed for the merger since its acquisition of KEB from U.S. buyout fund Lone Star in 2012. But th
July 13, 2015
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Biz groups urged to adopt flexible working system
A major business lobby group said Monday that it will push for diverse efforts to encourage its member companies to adopt a flexible working system that it expects could result in more leisure time for workers and eventually more consumer spending down the road. In a related move, the Federation of Korean Industries, which represents the interest of large conglomerates, said it will send an official notice to heads of its member companies to adopt the flexible working system in a way that would
IndustryJuly 13, 2015
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Samsung woos shareholder support with ad blitz
Samsung C&T Corp. conducted a massive advertisement blitz to drum up shareholder support for a proposed merger with another unit of Samsung Group on Monday, days ahead of a crucial shareholder meeting.Samsung C&T shareholders are scheduled to meet on Friday to cast ballots on Cheil Industries Inc.'s proposal to take over the builder in an all-stock deal. Cheil Industries is the de facto holding firm of the top family-controlled conglomerate in South Korea."We desperately ask shareholders of Sams
IndustryJuly 13, 2015
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Foreigners pull out of S. Korean bond market
Foreign investors are showing signs of leaving the South Korean bond market, while the "Grexit" concerns and the recent Chinese rout have triggered an outflow of foreign funds from the country's stock market, industry data showed Monday.According to the data, offshore investors held 105 trillion won ($92.8 billion) worth of won-denominated bonds as of Friday, down 2.7 trillion won from 107.7 trillion won tallied last Monday.Their ownership of Treasury bonds and monetary stabilization bonds dropp
July 13, 2015
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Growth of overseas direct purchases slows in H1
Growth of South Korean consumers' overseas direct purchases sharply slowed in the first half as demand waned on economic concerns, unfavorable exchange rates and other factors, a government report showed Monday.South Koreans ordered some $770 million worth of goods from aboard in the January-June period, up 7 percent from $720 million the year before, the Korea Customs Service said.In terms of volume, there were 7.91 million shipments, a gain of 6 percent from 7.46 million purchases that cleared
July 13, 2015
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Samsung, Apple set to wage new smartphone battle
Samsung Electronics Co. is poised to stage another battle with archrival Apple Inc. to grab a bigger share of the global smartphone market by releasing devices with wider screens at an international trade show in September, market watchers said Monday.While Samsung has yet to announce the detailed schedule of its next phablet lineup, a cross between a smartphone and tablet PC, the South Korean tech giant is widely expected to showcase the model, presumably the Galaxy Note 5, at the International
TechnologyJuly 13, 2015