Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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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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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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S. Korea logs smaller current account surplus in April
South Korea's current account surplus narrowed in April from the previous month on smaller trade gains and an increase in foreign investors' dividend repatriation, the central bank said Wednesday.The current account surplus reached US$3.97 billion in April, compared with a revised surplus of $4.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The April reading marked the 15th straight month of a surplus run and
May 29, 2013
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Halted reactors threaten summer shortages
The Nuclear Safety and Security Commission on Tuesday suspended the operation of two nuclear reactors and delayed the scheduled operation of two other reactors for their use of substandard components.The government’s decision prompted public concerns over electricity shortages this upcoming summer.The suspended reactors were the Shin-Kori Reactor 2 in Busan and Shin-Wolsong Reactor 1 in North Gyeongsang Province, in which substandard parts were supplied under faulty quality warranties during the
May 28, 2013
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[Graphic News] Korea on alert over widening income gap
Korea saw its income inequality surpass the average of OECD members, raising concerns over the widening economic disparity between the rich and poor.Korea’s top 10 percent group earned 10.5 times the income of the poorest 10 percent, over the OECD average of 9.5 times in 2010, the Paris-based international organization said.The increased inequality led Asia’s fourth-largest economy to rank ninth among OECD members.Mexico showed the biggest gap with the richest 10 percent earning 28.5 times more
May 28, 2013
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FSS to boost contact with foreign CEOs
The nation’s chief financial regulator has promised to meet with chief executives from Korean branches of foreign financial service firms twice a year.“Under the authorities’ policy to expand communication channels, I will hold the biannual meetings with CEOs of foreign financial firms (operating here),” said Financial Supervisory Service Gov. Choi Soo-hyun during FSS Speaks 2013, a forum held in downtown Seoul on Tuesday.Choi’s predecessors had held them once a year. According to financial indu
May 28, 2013
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SK C&C data center receives high mark
SK C&C, the nation’s leading IT service provider, on Tuesday said its Daedeok Data Center received an A+, the second-highest mark for being an energy-efficient and eco-friendly facility for housing computer systems and related components.The recognition was granted by the Korea Technology Service Industry Association, which held the first Green Data Center ceremony at Palace Hotel. “It’s been 12 years since we built this facility, and now our Daedeok Data Cater has become a role model for other
TechnologyMay 28, 2013
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Ssangyong E&C creditors reluctant to agree rescue
Following the financially distressed STX Group woes, commercial banks are suffering from critical liquidity problems at Ssangyong Engineering & Construction.While creditors of Ssangyong E&C have been pressured to bail out the ailing builder by financial authorities, some of them say that it would be better for the authorities to scrap the state effort to rescue the company, highlighting extremely insolvent assets.Research analysts as well as bank officials estimated that some 1.1 trillion won ($
May 28, 2013
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Korea starts construction of nuclear power plants in UAE
Korean builders started full-scale construction on nuclear power plant unit 2 in Barakah, United Arab Emirates, on Tuesday, the Ministry of Trade, Industry and Energy said. The construction is part of the nation’s first nuclear power plant export deal, which was sealed in 2009. Under the deal worth 21 trillion won ($19 billion), Korea will build four reactors in Barakah by 2020. Trade, Industry and Energy Minister Yoon Sang-jick and other VIPs from the UAE side, including Minister for Presidenti
May 28, 2013
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Hyundai Mobis completes 1m Jeep chassis modules
Hyundai Mobis, the nation’s largest auto parts maker, said Tuesday that its provision of complete chassis modules to Chrysler’s Jeep Wrangler has exceeded 1 million units as of May 17. The complete chassis module is a key assembled frame module located on the lower part of the car body. About 50 percent of auto parts are mounted on it.Mobis, an affiliate of Hyundai Motor, has provided its chassis modules to the Jeep off-roader since 2006. “The figure 1 million is a milestone for Mobis, which has
IndustryMay 28, 2013
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Insurance funds score low on sovereign trust evaluation
Korea’s state-run funds that manage employment insurance, workers’ safety insurance, agriculture assets, and arts and culture businesses scored “low” in the government’s evaluation of sovereign management trusts, the Ministry of Strategy and Finance said Tuesday.In a report of over 140 funds to Cabinet members, the Finance Ministry said they performed below average in part due to a lack of professional human resources that can manage those funds worth some 14 trillion won ($12.4 billion).Meanwhi
May 28, 2013
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The right way to fail
The general perception about failure is that it is bad ― and rightly so. Failure incites negative feelings such as desperation, anxiety and a lack of self-confidence. People who do not cope well with failure tend to become risk averse, avoiding challenges and accepting only tasks that are easy to complete. Companies that operate in this manner can consistently achieve their goals in the short run, but will be overtaken by rivals in the long run because they fail to innovate. Innovative global co
May 28, 2013
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Hyundai Elevator vs. Schindler, round 2
The second round of legal battles between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, is set to begin following Schindler’s appeal on a local court’s ruling that rejected its request to stop a planned capital increase in June. The rationale behind the Germany and Switzerland-based elevator and escalator maker is that the 110.9 billion-won worth of capital increase would lead to an up to 25 percent discount of stock value. Schindler al
IndustryMay 28, 2013
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Foreigner-only casinos thrive on Chinese influx
The nation’s 16 casinos exclusive to non-Koreans are enjoying a business boom, marking record-high sales reaching 1.3 trillion won ($1.2 billion) last year, according to the National Gambling Control Commission. Behind the growth of the casino business is the increased inflow of Chinese visitors. According to the Ministry of Culture, Sports and Tourism on Monday, the number of Chinese gamblers visiting Korean casinos surpassed that of Japanese high-rollers for the first time last year, making up
May 28, 2013
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Korean Air’s Cho sparks ‘maternity trip’ controversy
Cho Hyun-ah, Korean Air’s senior vice president, recently delivered twins in the United States, sparking speculation that her travel to Hawaii could have been intended to obtain U.S. citizenship for the children. Cho, the eldest daughter of Hanjin Group chairman Cho Yang-ho, has been in Hawaii since early last month and delivered twin sons last week. The company explained that Cho had already been transferred to the U.S. as of March 20 to oversee hotel projects that the air carrier’s U.S. branch
IndustryMay 28, 2013
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N. Korean carrier among worst airlines: report
An Australian news website announced a list of the worst airlines in the world for economy class, which included North Korea’s state-run airliner Koryo.According to a list of the “20 Worst Airlines in The World” by Business Insider Australia, Air Koryo provides the fifth-worst economy-class traveling in the world. The website used data ratings and reviews by Skytrax, a leading airline and airport review site.Receiving a score of 39.2 of 100, the world’s only one-star airliner Koryo offers “revol
IndustryMay 28, 2013
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Seoul shares edge up 0.32 pct on waned fears over yen's slide
South Korean stocks inched up 0.32 percent Tuesday, as concerns over the negative impact of the Japanese yen's fast descent on local exporters eased, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.25 points to finish at 1,986.22. Trading volume was light at 297.4 million shares worth 3.17 trillion won (US$2.82 billion) with gainers far outstripping losers 514 to 301. "It's a tight session as there are no vents thi
May 28, 2013
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“League of Legends” popularity dips over server glitches
“League of Legends,” the undisputed king in South Korea’s gaming industry, was dealt a major blow after a series of server problems in the past few days.According to game data provider Gametrics, the “League of Legends” Internet cafe share was 21.3 percent last week, a 15 percent drop from the week before.The game, however, retained a comfortable lead over its rivals. Runner-up “Sudden Attack,” for instance, had a 10 percent share.The Internet cafe share refers to the percentage of a certain gam
TechnologyMay 28, 2013
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Seoul shares up 0.3 pct in late-morning trade
South Korean stocks traded 0.3 percent higher late Tuesday morning, buoyed by gains in builders and IT services companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6 points to 1,985.97 as of 11:20 a.m. Daelim Industrial, a leading construction firm, climbed 2.6 percent and NHN Corp., the No. 1 Internet portal service provider, gained 1.6 percent. In contrast, utilities and brokerages lost ground. State-run Korea Electric Power Corp. sank more than 2 percent
May 28, 2013
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‘Samsung may showcase new Galaxy, ATIV devices in June’
Samsung Electronics Co. said Monday that it would hold an event called “Samsung Premiere 2013 Galaxy & ATIV” next month in London, prompting speculation that the tech heavyweight may introduce new products for its Galaxy and ATIV lines.The South Korea-based firm did not reveal the specifics in the invitation but tech journalists are suspecting that the name of the event indicates new gadgets for the Android-based Galaxy line and Windows-based ATIV line will be headlining the event.As Samsung ann
TechnologyMay 28, 2013
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Commission halts operation of two nuclear reactors due to fake parts
The nuclear safety commission halted the operation of two nuclear reactors Tuesday, while also suspending the scheduled operation of two other reactors for substandard parts used in the reactors.Neither the shutdown of the reactors nor the substandard parts used in them posed immediate threats to public safety, according to the Nuclear Safety and Security Commission.The commission said it has shut down two reactors -- the Shin Kori Reactor 2 and Shin Wolsong Reactor 1 -- after learning that subs
TechnologyMay 28, 2013
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8 firms get poor shared growth marks
Eight large companies including Homeplus, CJ O Shopping and STX Heavy Industries have received failing marks in promoting shared growth with smaller partner firms.The National Commission for Corporate Partnership, which grades large businesses based on their efforts to seek coprosperity with small firms, announced on Monday the scores for 73 companies belonging to the country’s major conglomerates. Kolon Global, Hyundai Homeshopping, Hyundai Department Store, KCC and LSIS also failed in the annu
IndustryMay 28, 2013