Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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Galaxy Mega unveiled in Europe
Samsung Electronics on Thursday unveiled the new smartphone Galaxy Mega, which features its largest size 6.3-inch display screen, for the European market.The world’s top mobile phone maker said the new addition to the Galaxy smartphone lineup would be rolling out in Europe and Russia beginning next month. However, it has yet to determine whether the model will be available in Korea.According to Samsung officials, the new device, which comes with dual-core mobile processors, combines the portabil
IndustryApril 12, 2013
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Galaxy S4 to get wireless charging feature
Samsung Electronics Co. is set to add a wireless charging feature to the Galaxy S4, its latest flagship device waiting to be launched later this month, a company official said.The Galaxy S4 is set to use Qi wireless technology, a standard approved by the Wireless Power Consortium for inductive electrical power transfer over distances up to 4 centimeters.Samsung Electronics is a member of the consortium on wireless charging technology, which includes over 100 manufacturers such as South Korea’s L
IndustryApril 12, 2013
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U.S., global economy likely to weigh on Korea
Korea is expected to face an uphill recovery toward the trend of 4 percent growth on lower economic prospects of the U.S., one of Korea’s top trading partners.The U.S. is expected to grow 1.7 percent this year, down from the International Monetary Fund’s initial forecast of 2 percent, according to the fund’s draft on the global economic outlook obtained by Bloomberg.The report, due to be released next week, said that the across-the-board spending cuts in the U.S., also known as the sequester, wi
April 12, 2013
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Kerry underscores alliance at AMCHAM meeting
U.S. Secretary of State John Kerry on Friday underscored the strong partnership between Korea and the U.S. in a rare meeting with the foreign business community to reassure companies that have shown rising concern for the high-strung inter-Korean ties. Adding that President Obama “does not bluff,” he stressed that the U.S. would continue to press for a peaceful resolution to the North Korean situation. Kerry also reiterated Washington’s commitment to talking Beijing into helping resolve Seoul’s
IndustryApril 12, 2013
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Seoul shares fall 1.31 pct on Q1 earnings woes
South Korean stocks closed 1.31 percent lower Friday due to the rising concerns over listed firms' first-quarter earnings, analysts said. The local currency closed flat against the greenback.The benchmark Korea Composite Stock Price Index (KOSPI) shed 25.57 points to finish at 1,924.23. Trading volume was moderate at 399.7 million shares worth 4.9 trillion won ($4.34 billion) with decliners outpacing gainers 417 to 393."The local stock market lost ground due to the rising concerns over the first
April 12, 2013
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"Libya frees S. Korean man held for spreading Christianity"
Libya has released a South Korean man two months after he was detained for allegedly being involved in Christian missionary work in the Libyan city of Benghazi, a Seoul official said Friday. The man, who is only identified by his surname Lee, was arrested on Feb. 10, along with three other foreign nationals, on suspicion of being a Christian missionary and distributing books about Christianity."Lee was released on April 11," the foreign ministry official said on the condition of anonymity. South
TechnologyApril 12, 2013
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Seoul shares down 0.32 pct in late-morning trade
South Korean stocks traded 0.32 percent lower late Friday morning, led by losses in autos and logistics firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 6.22 points to 1,943.58 as of 11:20 a.m.Carmakers traded lower, with No. 1 player Hyundai Motor falling 1.5 percent and its smaller affiliate Kia Motors losing 0.56 percent. Top auto parts maker Hyundai Mobis shed 5.95 percent.Logistics firms also lost ground, with Hyundai Glovis falling 1.16 percent and CJ Korea
April 12, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Friday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,953.65 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.52 percent and top shipbuilder Hyundai Heavy Industries adding 0.5 percent. NHN, the operator of South Korea's m
April 12, 2013
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BOK freezes key rate despite forecast of low growth
The Bank of Korea’s monetary policy committee Thursday left the benchmark interest rate for April untouched at 2.75 percent, marking a freeze for the sixth consecutive month despite its forecast of the nation’s low economic growth for this year.The central bank said gross domestic product growth is projected to stay at 2.6 percent this year, lower than its 2.8 percent forecast three months ago.Some Finance Ministry officials had hoped ― or predicted ― that the BOK would slash the rate in conside
April 11, 2013
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Korea’s big companies face tougher tax probes
Big businesses are expected to face stringent tax audits and probes by the country’s tax agency following a state auditor’s demand for strengthened tax regulations.The National Tax Service said that it plans to boost its tax inspections on companies with sales of more than 50 billion won ($44.2 million), which amounts to about 1,170 enterprises in the country, as well as increase the duration of its regular audits to six to eight months from the current three to four months. The tax collecting a
April 11, 2013
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How thinking too much could give you gray hair
There is a joke that if an intelligent person thinks too much they develop gray hair, while a less intelligent person who thinks too much becomes bald. There is a legend that when Marie Antoinette, the wife of Louis XVI of France failed to evacuate and was due to be executed, she developed gray hair in just one night of mental suffering. However, does thinking too much really lead to the development of gray hair?Gray hairs are a symptom of aging. Most people start going gray in their 40s, but so
TechnologyApril 11, 2013
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Doctors use brain scans to ‘see’ pain
Scientists reported Wednesday in a provocative new study that they were able to “see” pain on brain scans and, for the first time, measure its intensity and tell whether a drug was relieving it. Though the research is in its early stages, it opens the door to many possibilities.Scans might be used someday to tell when pain is hurting a baby, someone with dementia or a paralyzed person unable to talk. They might lead to new, less addictive pain medicines. They might even help verify claims for di
TechnologyApril 11, 2013
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Cosmetics fair puts Korean beauty center stage
The secret to Korean-style beauty will be unlocked next month when the curtain is raised on the 2013 Cosmetics & Beauty Expo in Osong, North Chungcheong Province. Up to 2,000 buyers from 300 companies are to participate during the 24-day exhibition from May 3-26, with 1 million people expected to attend, the event organizers said.The event, the first of its kind, is designed to showcase how much Korean cosmetics makers have advanced, along with offering a stage for other global cosmetics manufac
BusinessApril 11, 2013
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Low margin on overseas deals adds to woes of builders’ balance sheets
GS Engineering & Construction, the nation’s No. 4 builder, recorded a huge deficit in the first quarter, raising further concerns on the future of the struggling construction industry.The first quarterly operating loss of GS E&C came to 535.5 billion won ($474 million), officials said Wednesday. Also, the yearly loss is estimated to reach 798.8 billion won, with 684.4 billion won during the first half of the year.The company, however, said that its profit level will recover by the end of the yea
April 11, 2013
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NTS unveils plans for 5-year underground economy crackdown
The National Tax Service on Thursday vowed to focus on tax collection from the nation’s underground economy to secure funds needed to promote the government’s welfare programs.Revealing its 2013 policy direction at a meeting of heads of NTS’ local offices in Seoul, the tax agency said it hopes to secure an extra 28.5 trillion won ($25.2 billion) in the five-year plan to secure an increased welfare budget, aside from its usual tax collection activities. The tax agency said it would focus its inve
April 11, 2013
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GS Shop to air fee-free programs for small vendors
GS Shop, the nation’s No. 1 home shopping company, said Thursday that it will start airing commission-free programs introducing products made by smaller firms. The decision comes after four local home shopping channels, including GS, and government offices agreed in January on their cooperated efforts to support small- and mid-sized firms.Starting from April 14, GS plans to air a 45-minute program twice a month for selected quality items. No commission fees will be charged and all the profits fr
IndustryApril 11, 2013
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Hyundai Heavy bags $1.9b order from Chevron
Hyundai Heavy Industries Co, South Korea’s leading shipbuilder, said Thursday that it has clinched a $1.9 billion deal to build an offshore oil production facility for Chevron Corp.Under the deal with the U.S. energy group, Hyundai heavy will build the so-called floating oil production and storage facility which is capable of processing 100,000 barrels of crude oil and 190 cubic meters of natural gas a day, and storing up to 1.05 million barrels of crude oil.The facility, 292 meters long, 57.4 m
IndustryApril 11, 2013
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SK Innovation wins patent lawsuit over LG Chem
SK Innovation, a key affiliate of SK Group, won the second round of its patent lawsuit against LG Chem over a key material used for electric car batteries, according to the company in a press release.On Thursday, the Patent Court of Korea dismissed the appeal that LG Chem filed at the end of 2012 to challenge the Korean Intellectual Property Tribunal’s decision to uphold SK Innovation.“The successive wins of SK Innovation in a legal battle with LG Chem testifies to SK Innovation’s technological
IndustryApril 11, 2013
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Shares gain on stimulus hope
South Korean stocks closed 0.73 percent higher Thursday, buoyed by the United States Federal Reserve’s decision to maintain stimulus measures, analysts said.The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index climbed 14.22 points to finish at 1,949.80. Trading volume was moderate at 380.3 million shares worth 4.71 trillion won ($4.17 billion) with advancers far outpacing decliners 552 to 244.“The Federal Reserve’s decision to maintain its stimulus meas
April 11, 2013
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Lee heading off to Europe: source
Samsung Electronics chairman Lee Kun-hee may have yet another trip abroad soon, this time to Paris, a source said Thursday. The source said the visit is scheduled for next week, and it comes just a week after he returned from a three-month trip to Hawaii and Japan. However, a Samsung spokeswoman denied his trip schedule to Europe next week. The source said Lee may take a look around the Milan Furniture Fair in Italy, then head to Paris. Samsung Electronics is taking part in the 52nd Salone Inter
IndustryApril 11, 2013