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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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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KT launches new mobile plans for foreign residents
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Farmers seek edge to prosper from China FTA
This is the second and last in a series on the impact of the potential Korea-China Free Trade Agreement on the local agriculture industry. Seo Ji-yeon contributed to this article. ― Ed.With Korean and Chinese policymakers due to wrap up the sixth round of negotiations on a free trade agreement between the two countries in Busan on Thursday, thousands of agriculture workers from across the country have been marching through the city in protest.More than 3,000 farmers wearing red protest headbands
July 3, 2013
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Policymakers downplay household debt risk
Deputy Prime Minister and Finance Minister Hyun Oh-seok on Wednesday played down some economists’ worries that the nation’s household sector is facing a crisis due to its collective heavy debt.Top financial regulatory officials ― Shin Je-yoon and Choi Soo-hyun ― and central bank governor Kim Choong-soo shared Minister Hyun’s view during the National Assembly’s hearing on the outstanding loans to the household sector in Seoul.The policymakers reiterated that the growth pace in the financial firms
July 3, 2013
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Free economic zones face restructuring
The nation’s free economic zones, specially designated regions to attract foreign investment, will face restructuring based on their development performance, according to government officials.After a 10-year-long investment, Korea has eight FEZs, and the number of business districts in them has soared to 101. However, only 52.5 percent or 53 business districts are under development. “A revised law in August 2011 gave FEZs three years to find a land developer. Based on the law, the government can
IndustryJuly 3, 2013
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Firms seek to relocate equipment from suspended industrial zone in N.K.
A private task force called on South and North Korea Wednesday to take steps to relocate electronic and machinery equipment from a suspended inter-Korean factory complex in North Korea.The move represents a growing impatience by South Korean investors over the shutdown of their factories in the North’s western border city of Gaeseong.The North pulled all of its 53,000 workers from the complex in April amid tensions with South Korea. Seoul quickly responded by bringing home all of its workers fro
July 3, 2013
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Korea mulls raising re-entry quota for foreign workers
SEJONG (Yonhap News) ― South Korea is considering raising its re-entry quota for foreign workers seeking to find jobs in labor-intensive fields as part of efforts to ease their chronic labor shortage problems, government officials said Wednesday.According to the officials from the finance ministry, labor ministry and other related agencies, the government is mulling hiking the quota in such labor-intensive areas as the agricultural, livestock and fishery industries as well as small-scale manufac
July 3, 2013
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LG Global Challengers set sail
LG Group on Wednesday held the 19th LG Global Challenger launch ceremony in Seoul with selected members of this year’s student expedition teams and company executives participating, the company said.LG Global Challenger is a fully-funded overseas study and exploration program for talented university students from various academic fields.Each year, the selected teams of students are given opportunities to experience and observe world-class research facilities, universities, corporations and both
IndustryJuly 3, 2013
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Ministry launches energy tech forum
The Ministry of Trade, Industry and Energy kicked off a public and private joint organization in an aim to integrate energy technology with various other sectors such as information communications technology and social sciences.The inaugural ceremony for the ministry-affiliated Energy Tech Innovation Forum was held on Wednesday at Chosun Hotel, officials said.Vice Minister Kim Jae-hong and some 200 corporate chief technology officers attended the event chaired by Lee Hee-beom, the head of the Ko
IndustryJuly 3, 2013
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Toyota Korea CEO named honorary chief of Seoul Zoo
Toyota Motor Korea said Wednesday that its CEO Tommy Nakabayashi has recently been named the first honorary chief of Seoul Grand Park Zoo in Gwacheon, Gyeonggi Province. According to company officials, the Korean chief of Toyota will carry out activities regarding the protection of wild animals and improving customer services at the zoo for the next year. In February last year, Toyota Korea officially pledged to support the zoo’s activities aimed at conserving wild animals in danger of extinctio
IndustryJuly 3, 2013
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JTI to hold senior writing competition
Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.
July 3, 2013
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Going green with dome houses
Eco-friendliness is becoming an important trend in the construction industry. World Dome House Co. CEO Shin Jong-ho has come into the limelight for his company’s dome-shaped “passive houses,” which help keep warmth in and maintain the temperature.“The dome-shaped structure blocks the outside air but makes the inside air flow well and circulate, therefore homeowners can save on air conditioning and heating costs,” said CEO Shin. Along with the structure, the materials the company uses help keep t
July 3, 2013
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Faster network draws ‘phablet war’
As the world’s top two smartphone makers, Samsung Electronics and Apple Inc., continue to vie for a larger share of the global mobile device market, the next battle is expected to focus on “phablets,” according to industry officials.With the commercialization of the LTE-Advanced network ― which can provide up to double the connection speed of the existing Long Term Evolution technology ― the two electronics giants are expected to release their latest handheld devices built for the faster network
TechnologyJuly 3, 2013
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Is TSMC’s tech good enough for Apple?
Taiwan Semiconductor Manufacturing Co. has now been on the block long enough for Apple Inc. to turn to the world’s largest chip foundry firm to diversify its supply lines for its most critical device component, the AP processor chip. But the real question now is whether TSMC ― which is still struggling to improve its yield and offer satisfactory chip characteristics ― will be able to deliver what Apple wants, industry watchers said.Yield, which measures the percentage of chips in a finished wafe
TechnologyJuly 3, 2013
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Seoul shares close 1.64 pct lower on weak yen
South Korean stocks closed 1.64 percent lower Wednesday as the Japanese currency resumed its downtrend against the greenback, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 30.36 points, or 1.64 percent, to close at 1,824.66. Trading volume was moderate at 399.8 million shares worth 3.65 trillion won (US$3.19 billion) with losers outpacing gainers 633 to 195. Analysts said the decline came as the yen-dollar exchang
July 3, 2013
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Samsung, SK Hynix signs cross-licensing deal
Samsung Electronics and SK Hynix, the world’s top two memory chip makers, on Wednesday said they have signed a cross-licensing deal, significantly reducing the possibility of intellectual property feuds between the two.The contract, which reportedly had been in progress for a couple of years, will allow them to share technology on semiconductors for an unspecified amount of time so they can spend more time and effort on technological advancement. The pair also will be able to form a united front
TechnologyJuly 3, 2013
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Seoul shares down 0.93 pct in late-morning trade
South Korean stocks traded 0.93 percent lower late Wednesday morning as the Japanese yen resumed its downtrend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.22 points to 1,837.80 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics losing 1.72 percent and its rival LG Electronics moving down 2.73 percent.Builders also traded lower, with Hyundai Engineering & Construction falling 2.11 percent and Daewoo Engineering & Constructio
July 3, 2013
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Seoul shares open higher on shipbuilders, techs
South Korean stocks opened higher Wednesday on gains in shipbuilders and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.79 points, or 0.15 percent, to 1,857.81 in the first 15 minutes of trading.Shipbuilders gathered ground, with Samsung Heavy Industries advancing 0.56 percent and Daewoo Shipbuilding & Marine Engineering moving up 0.39 percent. Leading carmaker Hyundai Motor added 0.7 percent.Tech shares mostly traded bullish, with SK hynix climb
July 3, 2013
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S. Korea's FX reserves fall by most in 13 months in June
South Korea's foreign exchange reserves fell by the largest amount in 13 months in June due to repayment of maturing currency stabilization bonds and a stronger U.S. dollar, the central bank said Wednesday.The country's foreign reserves reached US$326.44 billion as of end-June, down $1.66 billion from a month ago, according to the Bank of Korea (BOK).The FX reserves fell by the most since May last year when they declined by $5.97 billion. The June data also marked the lowest level since November
July 3, 2013
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S. Korean farmers hold massive rally against FTA with China
Thousands of South Korean farmers and fishermen rallied Tuesday to oppose a potential free trade deal with China as the two countries kicked off a new round of negotiations to tear down trade barriers between two of Asia's biggest economies.An estimated 3,200 protesters from across the country attended the rally in front of the BEXCO convention center, a few kilometers from the negotiation venue in this southeastern port city of Busan.The organizers put the number of participants at about 6,000.
July 2, 2013
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LG to discuss business cooperation with BMW
MUNICH, Germany ― LG Group executives including LG Electronics' chief Koo Bon-joon are planning to meet BMW officials on the carmaker’s home turf in Munich, sources said. Flanked by the heads of LG’s European offices, this group of top LG officials will reportedly sit down for a face-to-face with executives from BMW headquarters on Thursday in a bid to supply LG’s automobile-related parts to the premium German carmaker. The situation recalls when Samsung Group’s heir apparent Lee Jay-yong previo
IndustryJuly 2, 2013
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[Graphic News] Korea’s trade balance in H1
Korea’s exports dropped for the first time in four months in June, indicating that the nation still faces external economic uncertainty amid the global slowdown. (Source: The Trade Ministry)
July 2, 2013