Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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S. Korea faces scaled-back spending under provisional budget: sources
The delayed passage of South Korea's budget for next year by a protracted parliamentary stalemate is raising concerns that the government might have to prepare a provisional budget for the first time in history, which could eventually severely hurt its spending capacity intended to help boost the economy, experts and government sources said Tuesday.In September, the government drew up a 357.7 trillion won ($337.6 billion) budget proposal for 2014, which is larger than the 342 trillion won budget
Nov. 26, 2013
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S. Korea's consumer sentiment hits 33-month high in Nov.
South Korean consumer sentiment rose to the highest level in 33 months in November as the local economy has been showing signs of improvement, the central bank said Tuesday.The consumer sentiment index (CSI) came in at 107 for November, up from 106 tallied in the previous month, according to the Bank of Korea (BOK). The index is a gauge of consumers' overall economic outlook, living conditions and future spending.The November data marked the highest level since the index hit 109 in February 2011
Nov. 26, 2013
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Insurers' loan delinquency ratio falls in Sept.
The delinquency ratio of loans extended by South Korean insurers fell slightly in September from a month earlier due mainly to a decrease in overdue debts from both corporate and household lending, the financial regulator said Tuesday. The average bad debt ratio of local life and non-life insurers came to 0.69 percent at the end of September, down 0.06 percentage point from the previous month, according to the Financial Supervisory Service (FSS). Compared with a year earlier, the figure declined
Nov. 26, 2013
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FSS presses KB Financial to hold off exec bonuses
The financial regulator has demanded KB Financial Group Inc. put off any bonuses for former and incumbent executives, citing the ongoing probe into suspected corruption at its flagship unit Kookmin Bank, regulatory officials said Tuesday. The Financial Supervisory Service (FSS) has apparently decided that KB Financial's bonus payouts to its executives would be inappropriate given the current circumstances in which Kookmin Bank has been scrutinized by the financial authorities on corruption alleg
Nov. 26, 2013
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Seoul shares open lower on bearish steelmaker, financial losses
South Korean stocks began lower Tuesday, led by a bearish steelmaker and banking firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 15,78 points, or 0.78 percent to 2,000.20 in the first 15 minutes of trading. Leading steelmaker POSCO slid 1.7 percent, with No. 2 lender KB Financial Group dipping 2.7 percent. The local currency was trading at 1,059.95 won against the U.S. dollar as of 9:15 a.m., up 1.95 won from Monday's close. (Yonhap News)
Nov. 26, 2013
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Ocean institute decodes minke whale DNA
The state-run Korea Institute of Ocean Science and Technology, in cooperation with research agencies abroad, successfully decoded the complete genetic base sequence of minke whales for the first time ever, government officials said on Monday.The joint research team’s thesis, titled “Minke Whale Genome and Aquatic Adaptation in Cetaceans,” was published in the online edition of Nature Genetics, a scientific journal for genetics research.“This research is the first worldwide to reveal the physiolo
Nov. 25, 2013
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Samsung developing iris recognition devices
Samsung Electronics has been working to develop iris recognition technologies with Yonsei University’s Biometrics Engineering Research Center, according to industry sources. The nation’s leading mobile device maker was confirmed to have applied for a patent under the title of “device and methods enabling iris recognition and proximity sensing” last May. The patent application states, “iris recognition identifies a person’s unique iris characteristics and applies these to verification technology
IndustryNov. 25, 2013
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[Photo News] Treats in the tropics
IndustryNov. 25, 2013
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Fates split for employees of Samsung’s Corning, SNS units
Starting next year, Samsung Corning Precision Materials will become a wholly owned subsidiary of Corning following a recent decision by Samsung Display to sell back its entire 42.6 percent stake to the U.S. firm.With the move, not only will Samsung Corning become a part of Corning, but the employees will no longer belong to the Samsung brand.Meanwhile, Samsung SNS ― formerly Seoul Technology and Communication ― is cementing its position as a firm part of the Samsung empire, mainly thanks to supp
IndustryNov. 25, 2013
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KT provides faster LTE service in Seoul areas
KT Corp., South Korea’s No. 2 mobile operator, said Monday that it has started providing faster LTE services with wider bandwidth and LTE-Advanced services with increased coverage.The Light Term Evolution service with wider bandwidth was launched in the Seoul metropolitan area in September. KT said the service will be expanded nationwide by January. In August, KT won the rights to use the 1.8 GHz spectrum through rounds of auctions, which helped the telecom operator catch up with its local rival
IndustryNov. 25, 2013
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LINE messenger breaks 300m user milestone
South Korea’s top portal operator Naver Corp. said Monday that its free messenger application LINE broke the 300-million download mark as worldwide smartphone users rushed to connect with one another through the mobile messenger service.The milestone came four months after the service drew 200 million users in July and seven months after attracting 150 million in April this year. The free messenger service was launched in June 2011.Analysts said the free messenger service is expected to reach an
IndustryNov. 25, 2013
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Korean Air breaks ground on flight training center
Korean Air Lines Co., South Korea’s top air carrier, said Monday it has broken ground with Boeing Co. on their 150 billion won ($141 million) joint project to build Asia’s largest flight training center in South Korea.Korean Air said the 32,000 square meter flight simulator training center will be built by 2015 in Incheon, a port city home to Incheon International Airport, South Korea’s main gateway.The carrier said that each year about 3,500 pilots can receive training at the center that will b
IndustryNov. 25, 2013
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Volkswagen to put top priority on customer service: Korea chief
Germany’s Volkswagen, which has lately enjoyed a sales boom in Korea, pledged Monday to further expand its after-sales service network to boost customer satisfaction, saying the carmaker was still bullish on growth here. Volkswagen became the nation’s second-best-selling import car brand in October, outpacing the former No. 2 Mercedes-Benz and fast catching up with the No. 1 BMW. This year alone, the carmaker sold 21,401 vehicles as of October, up 46.7 percent from 14,591 unit sales a year ago,
IndustryNov. 25, 2013
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Hyundai Motor heir apparent tops list of young stock rich
The eldest son of Hyundai Motor chairman Chung Mong-koo is South Korea’s richest man among several dozen wealthy people in their 30s and 40s, data showed Monday.Chung Eui-sun, vice chairman of Hyundai Motor Group, holds stock assets worth 3.5 trillion won ($3.3 billion), according to the data compiled by CEOSCORE, a website that tracks conglomerates as well as financial firms and state-run companies.Hyundai Motor Co. and smaller sister company Kia Motors Corp. are the two major flagship units of
Nov. 25, 2013
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Korea, Canada reopen FTA talks in 5 years
South Korea and Canada resumed their talks to conclude a free trade agreement in Seoul on Monday, ending their five-year deadlock in negotiations. Choi Kyung-lim, deputy minister for trade, represented the Korean side while Ian Burney, assistant deputy minister for trade policy and negotiations, led the Canadian delegation. It is the 14th round of FTA talks between the two countries since they launched negotiations in July 2005. The two sides have held 13 rounds of talks, but failed to make prog
Nov. 25, 2013
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‘Creative economy critical to ICT sector’
Information and communication technology experts from around the world on Monday discussed the role of Korea’s creative economy initiative in the world’s ICT sector during the Global ICT Forum, a preparatory meeting for the 2014 ITU Plenipotentiary Conference.Timothy Mack, president of the World Future Society, a nonprofit international organization for social, technological and economic issues, emphasized the importance of the creative economy of the Korean government. “The creative economy ini
TechnologyNov. 25, 2013
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Shale gas the next big thing in China’s energy landscape
The biggest story in the energy market in the past few years has been the surge in production of natural gas from shale formations in the U.S. This previously untapped resource, made accessible by new drilling technologies, has the potential to turn North America’s energy industry on its head. Through higher energy self-sufficiency, it could reinvigorate the domestic industry and revive an economy still recovering from the aftermath of the financial crisis.The euphoria surrounding U.S. shale con
Nov. 25, 2013
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Iran deal raises Korean hopes for auto, petrochemicals trade
Hopes for South Korea restarting trade with Iran have been raised following a landmark nuclear deal between the Middle Eastern nation and a group of six powers led by the U.S.Key sectors such as automobiles and petrochemicals, which are blocked from trade with Iran under sanctions by the U.S. Treasury’s Office of Foreign Assets Control, are expected to be revitalized, analysts said.As an initial lightening of curbs, the deal would suspend economic sanctions on Iran’s auto and petrochemical indus
Nov. 25, 2013
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Blue lights as the new caffeine?
Students and adults alike resort to coffee for their regular dose of caffeine but new findings shed light on a possible alternative without the common side effects accompanying coffee. “Using blue lights in right amounts can have a positive effect on health,” a research team led by Mid Sweden University said. The research findings show blue lights have an effect that’s similar to caffeine intake. Habitual coffee drinkers can be freed from sleeping disorders, heart palpitations, fretfulness and c
TechnologyNov. 25, 2013
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POSCO's rating downgraded by Moody's
Moody's Investors Service said Monday that it has downgraded POSCO's foreign currency bond rating by one notch to "Baa2," citing the leading South Korean steelmaker's high level of debt and industry uncertainties.In a statement, Moody's said it has cut POSCO's foreign currency bond rating to "Baa2" from "Baa1." Moody's has also downgraded the steelmaker's senior unsecured shelf rating to "Baa2" from "Baa1." The rating outlook is stable, the rating agency said."POSCO's high level of debt, the cha
IndustryNov. 25, 2013