Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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S. Korea to step up market monitoring following U.S. tapering: minister
South Korea will step up market monitoring and remain ready to take necessary action to minimize the impact of the recent U.S. move to ease its economic stimulus efforts, the country's top economic policymaker said Wednesday."Since the Fed's decision to reduce its quantitative easing was announced, financial markets not just in emerging countries but also in advanced nations are showing signs of instability," Finance Minister Hyun Oh-seok said at a meeting with other economy-related ministries i
Feb. 5, 2014
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Jeju Island aims to become leading int'l port for cruise ships
South Korea's southern resort island of Jeju aims to become the leading cruise ship stopover in Asia this year by attracting more than 500,000 cruise passengers, industry experts and local government officials said.Local government officials and industry experts see the number topping 2 million per year by 2020, making the island the world's leading port of call for international cruise ships."As a port of call in Asia, Jeju will emerge as the No. 1 this year and become one of the world's top th
Feb. 5, 2014
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Korea's FX reserves hit fresh record high in January
South Korea's foreign-exchange reserves rose to a record high in January, aided by an increase in investment profit, the central bank said Wednesday.The country's foreign reserves totaled a record $348.39 billion as of the end of January, up $1.93 billion from the previous month, according to the Bank of Korea.Foreign reserves had increased for the seventh straight month in December after declining by the most in 13 months in June.Foreign reserves consist of securities and deposits denominated i
Feb. 5, 2014
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Not-so-sweet facts about sugar
A new study showed that sugar in the diet may cause cardiovascular-related deaths, Forbes reported. Researchers estimated that people who consumed between 10 and 25 percent of their calories from added sugar had a 30 percent higher chance of cardiovascular mortality. For people who consumed more than 25 percent of their calories from added sugar, the risk nearly tripled.According to the research, sugar has adverse health effects as “empty calories” that supply food energy but little or no other
TechnologyFeb. 5, 2014
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Stocks plummet to 5-month low
Stock prices dipped below 1,900 points for the first time in more than five months amid the ongoing selling streak of foreign investors on mounting market jitters in a growing number of emerging economies.The Korea Composite Stock Price Index closed at 1,886.85 on Tuesday, down 33.11 points from a trading session before.After bottoming out at 1,884.52 on Aug. 28, the benchmark KOSPI ranged between 1,900 and 2,050 points over the past five months.Foreigners, who have massively been pulling their
Feb. 4, 2014
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Microsoft says not planning to build data center in Korea
Despite the calls that the data of Korean Microsoft users should be stored locally, the global tech giant has no plans to build a data center here, Microsoft Korea said Tuesday.“We have no plans to build a data center in Korea for the time being,” a company spokesperson said. And because there is no data center, it means that the data on all business and personal users of Microsoft is sent to data centers in Singapore and Hong Kong. The lack of a data storing and processing facility has become a
IndustryFeb. 4, 2014
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Samsung, LG to supply batteries for Apple’s iWatch
Contrary to recent news reports of solar-powered smart watches, Apple has confirmed that it will stick with lithium-ion batteries for its upcoming iWatch. These batteries are to be supplied mainly by Samsung SDI, LG Chem and Tianjin Lishen Battery, according to industry sources.This means the local manufacturers would be providing products for Samsung’s largest rival. “Apple will utilize LG Chem’s stepped battery since it offers better longevity than others and can be applied for different shape
TechnologyFeb. 4, 2014
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Joe Fresh to challenge SPA brands in Seoul
Canadian fast fashion brand Joe Fresh will open its first Korean store in Lotte World Jamsil in May, industry sources said on Tuesday. According to Iljin Group, a midweight conglomerate and importer of the new brand, Joe Fresh will be introduced around May with the partial opening of the new Lotte World Jamsil shopping complex. The brand, launched in 2006 by Club Monaco designer Joseph Mimran, sells a variety of garments, cosmetic goods and fashion accessories. Joe Fresh, a brand introduced to t
IndustryFeb. 4, 2014
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KEPCO helps blind Filipino children
Korea Electric Power Corp., a company whose core business is powering up society by generating and distributing electricity, has long been pursuing corporate social responsibility programs that reflect its role as a power supplier. “Some companies consider CSR as a passing fad or another source of pressure, but it’s a critical factor for becoming a socially responsible firm for business to build key infrastructure for the development of a society,” said Korea Electric Power Corp. CEO Cho Hwan-ik
IndustryFeb. 4, 2014
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Hyundai, Kia sales in U.S. grow in January
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Monday that its U.S. sales got off to a good start in January thanks to demand for its compact cars and sport utility vehicles.Hyundai Motor America and Kia Motors America, the distribution and marketing arms of the group’s flagship companies, said sales were up 1 percent and 2 percent, respectively, in the one month period, compared with a year earlier. The growth in sales numbers are in contrast to the 0.3 percent dip
MobilityFeb. 4, 2014
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Kia’s upcoming Soul EV receives eco-friendly certification
Kia Motors Corp. said Tuesday its Soul electric vehicle, to be unveiled at the upcoming Chicago Auto Show, received an eco-friendly certification from a leading U.S. safety organization.The Soul EV, which earned the “Environmental Claim Validation” from Underwriters Laboratories, makes extensive use of bio plastics, fabrics and foam, the company said. The interior trim uses plastic based on cellulose, with bio fabrics outfitting the carpets and eco-friendly paint applied to the car. It also util
MobilityFeb. 4, 2014
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SK Innovation’s net plunges 36% in 2013
SK Innovation Co., which owns the country’s top refiner SK Energy Co., said Tuesday its net profit tumbled 36 percent last year from a year ago due to decreased margin in the refining business.Net profit came to 757.03 billion won ($698 million) in 2013, compared with 1.18 trillion won a year earlier, the company said in a regulatory filing.Sales fell 9.1 percent to 66.67 trillion won in the period, and operating profit dropped 18.7 percent to 1.38 trillion won.The figures reflected earnings fro
IndustryFeb. 4, 2014
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Samsung to roll out next Galaxy smartphone on Feb. 24
South Korea’s tech giant Samsung Electronics Co. is anticipated to roll out its next Galaxy smartphone lineup, presumably the Galaxy S5, at the annual Mobile World Congress slated for later this month.The world’s top smartphone maker said Tuesday it will hold the “Samsung Unpacked 2014 Episode 1” event in Barcelona, Spain, on Feb. 24. It said it will introduce new mobile devices but did not provide further details.Samsung’s press release, however, carried a blue stamp showing a box being unpacke
TechnologyFeb. 4, 2014
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Credit card spending growth hits lowest level in 2013
South Korea’s credit card spending climbed 4.7 percent in 2013 from a year earlier, the slowest pace on record, a trade association said Tuesday.Purchases made with credit cards totaled 545.2 trillion won ($502.8 billion) last year, up 24.27 trillion won from the previous year, according to the Credit Finance Association.The data includes credit, debit and prepaid card use. Cash advances, overseas spending and card loans were not included.The 2013 tally marks the slowest growth since 2005, when
IndustryFeb. 4, 2014
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LG Display tops LCD market for fourth year running
South Korea’s panel giant LG Display Co. led the global market for large-sized liquid crystal displays for the fourth consecutive year in 2013, market research data showed Tuesday.LG Display accounted for 26.7 percent of the world’s 9.1-inch-and-above LCD market last year by shipping 186.6 million units, according to the data compiled by DisplaySearch.While LG maintained its No. 1 spot for the 17th consecutive quarter since the October-December period of 2009, the latest figure marked a slight d
TechnologyFeb. 4, 2014
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Hard times ahead for KB
KB Financial Group is undergoing possibly one of the worst crises since its inception. The nation’s No. 2 banking group suffered a blow that was big enough to threaten its status in 2013 after its flagship unit, KB Kookmin Bank, was rattled by a series of scandals involving illegal loans, embezzlement and irregularities at its overseas branches. The company then got off on the wrong foot this year with a data breach that hit several credit card firms including the one affiliated with KB. KB Kook
Feb. 4, 2014
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Lotte eyes overseas coffee mix market with Nestle tie-up
Lotte joined hands with Nestle, the world’s largest food maker, to target the overseas market where a growing number of people are starting to appreciate the taste of Korean-style instant coffee mix.On Jan. 27, Lotte Food, the food manufacturing division of the country’s fifth-largest business conglomerate, established LOTTE-Nestle (Korea) Co. with Nestle Korea after investing 50 billion won in a 50 percent stake. The new firm will produce an instant coffee mix consisting of powdered coffee and
BusinessFeb. 4, 2014
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CJ Group’s Lee sells Korean cool as brother fights tax charge
Miky Lee, vice chairman of CJ Group, beams as she greets a visitor in the executive lounge of South Korea’s biggest purveyor of food, home-shopping services, TV programs and movies. Wearing a black top, charcoal leggings and midcalf Michael Kors sneakers, the 55-year-old granddaughter of Samsung Group’s founder shows no sign it’s been a traumatic last few months.Settling in for her first major interview, Lee opens up about how she’s leading the shaken Samsung offshoot after CJ Group Chairman Lee
Feb. 4, 2014
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Oil sands pollution two to three times higher than thought
WASHINGTON (AFP) ― The amount of harmful pollutants released in the process of recovering oil from tar sands in western Canada is likely far higher than corporate interests say, university researchers said Monday.Actual levels of polycyclic aromatic hydrocarbon missions into the air may be two to three times higher than estimated, said the findings in the Proceedings of the National Academy of Sciences, a peer-reviewed U.S. journal.The study raises new questions about the accuracy of environment
TechnologyFeb. 4, 2014
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Beer tasting with ...an artificial twist
Spanish researchers have created an electronic “tongue” capable of distinguishing between beer varieties and their alcohol content.The artificial organ was accurate nearly 82 percent of the time, said its creators ― and could be the first step toward developing robots with a sense of taste.The taster was made using 21 electrodes, each responsive to different chemical compounds, such as ammonium, sodium, nitrate and chloride, according to researchers from the Autonomous University of Barcelona.Ex
TechnologyFeb. 4, 2014