Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Yoon, Lee end first talks with differences, agree to meet more
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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China outpaces Korea in smaller OLED shipments for 1st time
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Foreign ownership of land in Korea shrinks in Q2
The amount of South Korean land owned by foreign nationals dropped slightly from three months earlier in the second quarter, the government said Wednesday.The amount of land owned by foreign investors or companies came to 225.74 million square meters as of the end of June, down 0.42 percent from three months earlier, according to the Ministry of Land, Infrastructure and Transport.The land owned by foreigners accounted for 0.2 percent of South Korea’s total area with the estimated value of the la
Aug. 28, 2013
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CJ chief has successful kidney transplant
The chairman of South Korean food and entertainment conglomerate CJ Group, who had been arrested for massive slush funds, successfully underwent a five-hour kidney transplant surgery in Seoul Wednesday, the group said. Lee Jay-hyun has been taken to a recovery room of the Seoul National University Hospital in downtown Seoul after he had an operation to receive a kidney from his wife, CJ said.Lee had been behind bars since early last month under a court-issued arrest warrant pending trial on char
Aug. 28, 2013
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Korea needs to devise new energy plan: Chu
With the decline of primary energy sources, the world should now brace itself for the new energy technology era, said Steven Chu, former United States Secretary of Energy and Nobel laureate in physics.“Energy is no longer a birth right,” Chu said Wednesday in his keynote speech of Energy Tech Insight 2013, jointly hosted by the Ministry of Trade, Industry and Energy and the Korea Institute of Energy Technology Evaluation and Planning.This year’s forum, the fourth session of the annual series, wa
Aug. 28, 2013
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Ministry to expand public housing supply
The Ministry of Strategy and Finance said Wednesday that it plans to increase the supply of public housing to tame the rising prices of jeonse apartments, and expand tax deductions on monthly rent payments.The government also plans to further cut taxes and provide equity financing for apartment purchases as a means to revitalize the sluggish housing market.Public real estate assets owned by the state-run Korea Land & Housing Corp. will be further expanded to build and offer jeonse apartments, wh
Aug. 28, 2013
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Top 30 firms to invest 155 trillion won in H2
South Korea’s 30 largest business groups plan to expand both their investment and employment in the second half in an apparent response to the government’s deregulation efforts, the government said Wednesday.For the entire year of 2013, the top 30 companies plan to invest a combined 155 trillion won ($138.8 billion), up 12.3 percent from 138 trillion won in 2012, according to the Ministry of Trade, Industry and Energy.The amount also represents a 4 percent increase from 148.8 trillion won planne
Aug. 28, 2013
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Chaebol pledge to expand investment, hiring
The first meeting between President Park Geun-hye and top conglomerate leaders demonstrated their common understanding on the need to quickly revive the nation’s economy.Chaebol leaders promised to expand their investment and hiring while Park indicated that she could ease her policies on large firms.Analysts said the president might have felt the need to dispel concerns among chaebol about her “economic democratization” campaign as she needs their support to revitalize the economy and create mo
Aug. 28, 2013
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KB Financial head targets top spot via retail banking
KB Financial Group said on Wednesday that it would retrieve the No. 1 banker title by strengthening the retail banking business.Group chairman Lim Young-rok told some 25,000 employees to “go back to the basics,” referring to retail banking, the group’s “cradle and all-time best sector.”“The impact of the recession will take on us like a typhoon. Big (banks) are doomed to fall if they are not equipped with the power to stand on their own,” he claimed, stressing that the group should “return to re
Aug. 28, 2013
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KT increases benefits to lure LTE subscribers
KT, a major Korean telecom service provider, has provided multiple benefits for its subscribers in all services including data, membership, content, media and roaming services since July, in return for a constant rise in the number of its LTE users. The company said that 177 billion won ($159 million) in benefits, or some 35,500 won per subscriber a month, have been awarded to more than 10 million users. Doubled data allowance is the biggest benefit for users as they can enjoy twice as much con
TechnologyAug. 28, 2013
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Mirae Asset set to stand out with ‘wrap’ account
Korea’s securities industry has been sliding downhill with most domestic brokerage houses seeing their commission income declining as customers turned risk-averse amid the global financial turbulence.While a number of securities companies have been inevitably shutting down some of their retail operations and downsizing staff to stave off further downturns, Mirae Asset Securities, one of Korea’s leading brokers, aims to stand out and win customers with its latest investment products.Mirae Asset s
Aug. 28, 2013
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Samsung, LG compete in smart home appliances
Samsung Electronics and LG Electronics will fiercely compete to grab the spotlight with their latest smart home appliances in the upcoming IFA trade show in Berlin, Germany. Samsung will introduce an “integrated smart application” which enables consumers to use their smartphones to check and control almost any electronic or electric device including lights, washing machines and air conditioners. The electronics giant will showcase the smart home system at the Berlin trade show before commerciali
TechnologyAug. 28, 2013
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Beware of backpack injuries
ATLANTA ― Even if you’re not a parent of school-aged children, the traffic and returning road rage has signaled the beginning of a new school year.But what may not be common knowledge, even to parents, doctors say, are the risks associated with lugging around heavy backpacks.According to the U.S. Consumer Product Safety Commission, backpack-related injuries send an estimated 5,000 children a year to emergency rooms. More than 14,000 children are treated annually for injuries.Carrying a heavy bac
TechnologyAug. 28, 2013
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Samsung recognized for contribution to U.S. society
Samsung Group won the 2013 Patriot Award from a U.S. veterans association on Tuesday (local time) in Houston, Texas. It is the first time for a private firm to receive the award, which is given to those who are deemed to have contributed to national security development or the American Legion, the largest organization of American wartime veterans. The conglomerate was also recognized for its scholarship program for the offspring of war veterans, group officials said. Samsung has funded a scholar
Aug. 28, 2013
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Seoul shares almost flat amid Syria risks
South Korean stocks closed almost flat Wednesday, shrugging off geopolitical risks in Syria as firm foreign demand for local equities offset external worries, analysts said. The local currency rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.32 points to finish at 1,884.52. Trading volume was moderate at 371.3 million shares worth 3.35 trillion won (US$2.99 billion) with decliners outpacing gainers 531 to 241.The KOSPI started off tumbling so
Aug. 28, 2013
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Korea's economy grows, but consumption sluggish in July, Aug.: BOK report
South Korea's economic growth inched up in July and August, compared with the second quarter, on increased exports and facility investment, but consumption still remained weak, the central bank said Wednesday.Asia's fourth-largest economy has been on the modest recovery track since the fourth quarter of last year as its overseas shipments are faring well, weathering the yen's weakness and China's slowdown, the Bank of Korea (BOK) said in its newly issued report dubbed the BOK Golden Book.The Kor
Aug. 28, 2013
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Seoul shares down 0.56 pct in late-morning trade
South Korean stocks traded 0.56 percent lower late Wednesday morning, as shares of financial companies continued to drive down the index, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 10.52 points to 1,875.32 as of 11:20 a.m.Shinhan Financial Group, the country's No. 4 banking firm sank more than 2 percent, with top player Samsung Life Insurance dipping nearly 1 percent. But autos moved upward. Hyundai Motor shot up 1 percent, and its smaller affiliate Kia Motors cl
Aug. 28, 2013
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Emerging market turmoil unlikely to grow into big crisis: BOK head
South Korea's top central banker said Wednesday that global central bankers mostly agreed that current jitters in emerging markets are not likely to flare up into a major crisis although those countries could undergo difficulties in coping with turmoil.Bank of Korea (BOK) Gov. Kim Choong-soo delivered remarks by the world's central bankers over rout in emerging markets including India and Indonesia after joining the annual Jackson Hole policy retreat held in Wyoming, U.S., on Aug. 22-24.He said
Aug. 28, 2013
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Seoul shares open sharply lower on Syria woes
South Korean stocks sank nearly 1 percent at the opening bell on Wednesday as a possible U.S.-led military strike on Syria jolted the global financial market, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 18.63 points, or 0.99 percent to 1,867.21 in the first 15 minutes of trading. Most shares lost ground across the board, with large-cap tech and financial companies leading the decline. Samsung Electronics dipped 0.8 percent and banking giant Shinhan Financial Gr
Aug. 28, 2013
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Big firms hope for policy change
Business leaders are expected to ask for investment deregulation and convey their concern about the political circle‘s move to restrict power of major shareholders when they meet with President Park Geun-hye on Wednesday.Attention is being paid to the Cheong Wa Dae luncheon meeting, the first of its kind, as it comes at a time when tax authorities are stepping up probes into big firms that have been accused of exercising unfair trade activities, and as political parties are seeking to pass “econ
IndustryAug. 27, 2013
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[Graphic News] Bank employees’ pay increases
According to data from the Financial Consumer Agency, the nation’s major banks raised the salaries of their full-time employees by double-digit percentages for the past two years despite falling profits. Hana Bank raised the pay of its workers by a whopping 57.46 percent between 2011 and 2012, followed by Citibank Korea with a 36.04 percent on-year increase and a 24.69 percent rise at Woori Bank.
Aug. 27, 2013
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Extramarital births at all-time high in 2012
The number of babies born to unmarried couples reached an all-time high in 2012, data showed Tuesday, raising the necessity for the government to enforce measures to change the stigma against such families.According to the data compiled by Statistics Korea, 10,144 babies were born outside marriage in 2012, up 1.9 percent from a year earlier. It marked the highest number since the agency started to compile such data in 1981.“The extramarital birth (rate) is increasing in the country as South Kore
Aug. 27, 2013