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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[Weekender] How DDP emerged as an icon of Seoul
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Seoul to provide housing subsidy to married couples with newborns
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Rapper jailed after public street fight with another rapper
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Music in drama] An ode to childhood trauma
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Woman gets suspended term for injuring boyfriend with knife
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U.S. envoy says Korea investment attractive despite N. Korea threats
U.S. ambassador to Korea Sung Kim said South Korea is a safe and attractive business venue despite North Korea’s military threats.“The very fact that we are gathered here this evening to celebrate this anniversary of AMCHAM is sending a strong message that despite North Korea’s provocations, Korea is a safe and attractive place to do business,” he said in the ceremony to mark the 60th anniversary of the American Chamber of Commerce in Korea on Tuesday evening. Leaders of the two countries’ busin
May 15, 2013
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Sanofi Pasteur to give homeless free flu vaccines
The Korean branch of Sanofi Pasteur, a French vaccine manufacturer, said Wednesday it would provide free flu vaccines to 7,000 homeless people this year.The drug maker has signed a memorandum of understanding with the Korea Association of Welfare Institute for the Homeless, a nonprofit organization, to deliver the vaccines to neglected people in Seoul, Incheon and Gyeonggi Province.The plan would provide protection to more than 80 percent of the homeless people registered at support centers and
TechnologyMay 15, 2013
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Seoul shares almost flat amid lack of momentum
South Korean stocks closed 0.12 percent higher on Wednesday, as investors stayed on the sidelines amid a lack of market momentum and concerns over the weak yen, analysts said. The local currency lost ground against the U.S.dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.43 points to finish at 1,971.26. Trading volume was light at 238.6 million shares worth 3.63 trillion won (US$3.25 billion) with gainers outpacing decliners 510 to 301. "The market showed little movemen
May 15, 2013
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NongHyup Financial head offers to resign
The head of NongHyup Financial Group Inc. on Wednesday offered to resign following the massive hacking attack in March that paralyzed the network of its banking unit and the group's weaker earnings.Shin Dong-kyu, the president of the group, said in a statement that he offered to step down from the top post as he believed it would be desirable for a new head to lead the group, given "an array of difficulties facing the group."His resignation came as computer networks at Korea's major broadcasters
May 15, 2013
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Seoul shares down 0.12 pct in late-morning trade
South Korean stocks traded 0.12 percent lower late Wednesday morning, paring earlier gains as large-cap exporters widened losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.36 points to 1,966.47 as of 11:20 a.m. Top-cap Samsung Electronics dropped nearly 1 percent and POSCO, a leading steelmaker, dipped 1.3 percent. Domestic-oriented stocks extended their gains, with state-run Korea Electric Power Corp. rising 0.16 percent and NHN Corp., the No. 1 Inter
May 15, 2013
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Seoul shares open higher on financial gains
South Korean stocks opened a tad higher Wednesday, as large-cap financial companies drove up the main index amid concerns over exporters feared to suffer from yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.15 points, or 0.13 percent, to trade at 1,971.34 in the first 15 minutes of trading. Samsung Life Insurance, the sixth-largest listed firm by market cap, rose 0.5 percent, with No. 4 banking firm Shinhan Financial Group soaring more than 2 percent.
May 15, 2013
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S. Korea's jobless rate falls to 3.2 pct in April
South Korea's jobless rate fell in April from a month earlier and job creation also picked up speed, raising expectations that labor market conditions might be improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.2 percent last month, down from the previous month's 3.5 percent. The jobless rate adjusted for inflation also declined to 3.1 percent from March's 3.2 percent.Job creation quickened, with the number of employed people
May 15, 2013
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Seoul on watch for yen carry trade resurgence
Korea’s financial regulator and central bank are bolstering their monitoring of the foreign exchange market ― investments from funds raised in Japan in particular ― amid the feasibility of sparking the so-called “yen carry trade.”Taking advantage of Japan’s low interest rates and cheap currency, more and more investors are borrowing the yen from Japanese banks either to use the loans as capital or to invest in Korean stocks and other assets.“Though the current impact on the local market is minim
May 14, 2013
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[Graphic News] Weak yen hits Korean exports
The weak yen has led to an average 5 percent decrease in the price of Japanese export products, dealing a blow to their Korean rivals’ competitiveness, data showed on Tuesday.According to reports from CEIC Co. and Mirae Asset Securities, the Korean export unit cost during the five months from November to March fell just 0.5 percent.Industry experts said if the yen depreciation continued, Korea’s major export items such as automobiles and steel products would lose their price competitiveness. By
May 14, 2013
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[Newsmaker] New Samsung body eyes Nobel laureates
Choi Yang-hee, head of Samsung Group’s ambitious new technological research foundation, is determined to produce Nobel Prize winners through advancing basic sciences.Fostering Nobel laureates is actually one of the three main programs of the Samsung Research Foundation, which will support research and development in basic science, materials engineering, and information and communication technology in line with the Park Geun-hye administration’s “creative economy” drive. The other two are nurturi
IndustryMay 14, 2013
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KAIST team develops ‘unbreakable’ screen
A group of scientists from the Korea Advanced Institute of Science and Technology has discovered a way to produce an “unbreakable” screen, which may pave the way in display technology, the school announced on Tuesday.The research team led by Yoon Choon-sup used polyamide film instead of glass.Researchers have already been looking at using polyamide film, but so far failed to put it to practical use because of its weak heat-resistance and durability.The KAIST team noted that they have increased t
TechnologyMay 14, 2013
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BMW aims to lead electric vehicle market
BMW, the best-selling foreign brand in Korea, announced Tuesday it would launch the German luxury carmaker’s first all-electric i3 compact in the first half of next year here. The battery-powered i3 hatchback, previously known as the Megacity concept, combines a body made of carbon fiber-reinforced plastic with an aluminum chassis. Korea’s top battery maker Samsung SDI is the sole supplier of lithium-ion battery cells for the i3, which goes on sale globally this year. “The i3 is reinventing BMW
IndustryMay 14, 2013
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STX Corp. garners creditors’ bailout
STX Corp. averted default as its creditors on Tuesday agreed to provide the financially distressed company with bailout funds totaling 300 billion won ($270 million).The 300 billion won is composed of funding for the 200 billion-won-worth corporate bonds issued by STX Corp., which matured on Tuesday, and 100 billion won in emergency relief funds, said its main creditor Korea Development Bank.Over the past week, the state-run KDB and other creditors have been in a series of heated discussions whe
May 14, 2013
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AMCHAM celebrates 60th anniversary
The American Chamber of Commerce in Korea on Tuesday celebrated its 60th anniversary at the Conrad Seoul.Around 400 senior private and public sector leaders from both countries joined the celebration commemorating six decades of successful partnership between American businesses and Korean companies, consumers and workers. Participants included U.S. Ambassador to Seoul Sung Kim; AMCHAM chairman and president of Boeing Korea Pat Gaines; AMCHAM president Amy Jackson; Foreign Minister Yun Byung-se
IndustryMay 14, 2013
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KB chairman to meet Gates, Buffett
KB Financial Group chairman Euh Yoon-dae will share business views with Bill Gates, Warren Buffett and other global business tycoons at this year’s Microsoft CEO Summit in Seattle this week. Euh is the only Korean CEO to join the three-day global business networking hub in three consecutive years, the lender group said in a statement. Last year’s summit in 2012 involved discussion on solutions for the global economic slowdown by some 100 global business leaders including former British Prime Min
May 14, 2013
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Korea pushes to share data on tax evasion with U.S., U.K.
South Korea’s tax agency is pushing to share information on offshore tax evasion obtained by tax authorities in the U.S., Britain and Australia as part of its efforts to intensify crackdowns on Korean nationals engaging in such activities, sources said Tuesday.Earlier, the tax agency in Britain posted a notice on its website, saying that it is now analyzing about 400 gigabytes of data related to offshore assets and tax havens in cooperation with its counterparts in the U.S. and Australia.The sca
May 14, 2013
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Korea to provide EDCF loans to Indonesia, Philippines
SEJONG (Yonhap News) ― South Korea has decided to provide lower-interest and long-term loans to Indonesia and the Philippines to help them carry out businesses aimed at building social and economic infrastructures, the Finance Ministry said Tuesday.Under the economic development cooperation fund program launched in 1987 to help other developing countries with their basic infrastructure facilities, the government will provide $50 million in loans for Indonesia to establish the piped sewerage syst
May 14, 2013
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SK Innovation to spend W90 billion on expansion
SK Innovation Co., the holding company of South Korea’s biggest refiner SK Energy Co., said Tuesday that it will invest about 90 billion won ($81 million) to expand its IT-related production line. SK Innovation aims to complete the expansion of the plant in Jeungpyeong, about 126 kilometers south of Seoul, by 2014, the company said in a statement. The plant produces “flexible copper clad laminate.” FCCL is a key component for the flexible printed circuit board which is used for IT devices like s
May 14, 2013
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Water scarcity emerging as key energy issue: Frei
The loss of water resources on the planet and its impact have been emerging as a critical energy issue, adding more complexity in developing the new energy structure of a country, a global energy expert said. “The global energy industry, which once simply cared about ups and downs of oil prices, has become more complicated today as there are so many more issues that are part of the fundamental uncertainty underlying the sector. In addition to the continued fluctuation of oil prices, we are seein
May 14, 2013
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KDIC hosts global conference to share operation know-how
The role of deposit insurers has become increasingly important as the global financial markets face a shorter cyclical crisis amid low regulatory barriers on cross-border trading and transactions.Financial authorities are urging for more global coordination and collaboration among deposit insurers as their role has become bigger than the traditional task of protecting depositors from possible bank collapses or theft and preventing bank runs whenever a crisis erupts.They are further expected to m
May 14, 2013