Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Pandemic left Korea more depressed than before: report
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Finance Ministry leans toward increase of cigarette prices
The Ministry of Strategy and Finance has been saddled with two contradictory tasks: boosting sagging private consumption and raising tobacco prices.Last year, financial policymakers were skeptical about a cigarette price hike pushed by the Health and Welfare Ministry. They cited possible negative effects on consumer prices and household consumption.Further, the Finance Ministry denied the rumors in January that policymakers are poised to raise cigarette prices or create a new tax on the products
March 13, 2013
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Korea’s weekly working hours fall to record low
Korea’s weekly working hours fell to a record low in 2012 as companies reduced operations and production to shed costs amid the economic slowdown.Companies with more than five workers had their employees work an average 41.4 hours a week last year, with average monthly working hours also falling below 180 hours for the first time since 1999 when Statistics Korea began compiling data, the statistics bureau and the Ministry of Employment and Labor said Wednesday.Korea’s monthly working hours avera
March 13, 2013
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[Newsmaker] Yongsan development plan hangs by a thread
The ambitious plan to redevelop Seoul’s Yongsan into a landmark international business district is heading toward collapse with its developer on the verge of bankruptcy, having defaulted on its business loan interest.In the worst-case scenario, the project failure may result in capital impairment of the state-run rail operator KORAIL and an unprecedented class action suits involving dozens of investor companies and thousands of victimized residents.Dream Hub announced its default status Wednesda
March 13, 2013
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Minister nominee stresses need for stimulus
President Park Geun-hye’s nominee for the Finance Ministry chief said Wednesday that the government needs to review diverse measures including fiscal and financial steps to stimulate the economy which remains in a “serious” condition.During a parliamentary confirmation hearing held in Seoul, Hyun Oh-seok also opposed raising tax rates in order to secure the necessary money for an expected increase in welfare spending during the five-year term of President Park.“I agree that the economy is facing
March 13, 2013
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LG, Kia bag top design awards
Korean big names LG and Kia swept this year’s Red Dot design award, considered one of the highest honors in the world of design.LG Electronics said Wednesday it received a total of 27 Red Dot awards, with its curved OLED TV winning the top honor “Best of the Best.” The company garnered 14 awards last year. LG’s curved OLED TV features the industry’s first ergonomically curved screen with vivid picture quality, creating a panorama effect for viewers. The new TV set also removes the problem of scr
IndustryMarch 13, 2013
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BJFEZ eyes top position in Northeast Asia
The Busan-Jinhae Free Economic Zone, which is to celebrate its ninth anniversary this month, is seeking to become the top global business and distribution hub in northeast Asia.Last year, the BJFEZ induced a total of $220 million in foreign investment, boosted by its growth in the port logistics and high-technology industry, officials said Wednesday.Its target for this year is to up the amount to $250 million and to evolve into a comprehensive special zone which embraces logistics, financial ser
March 13, 2013
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FTA boosts Korea’s exports, U.S. investment
Following is the second in a series of articles featuring the Korea-U.S. Free Trade Agreement which marks the first year after its effectuation on March 15, 2012. ― Ed.The Korea-U.S. FTA, initially launched amid worries and expectations, will mark its first anniversary this week. Following a supplemental negotiation in December 2010 ― where in exchange for delaying U.S. tariff eliminations on Korean auto exports for four years, Korea’s tariff phaseout on frozen pork imports and implementation of
March 13, 2013
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Shares up on tech gains
South Korean stocks ended 0.32 percent higher on Wednesday, buoyed by firm gains in major technology companies, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index rose 6.39 points to 1,999.73. Trading volume was moderate at 347.4 million shares worth 3.42 trillion won ($2.12 billion), with gainers outnumbering decliners 444 to 350.“There’s optimism out there on global liquidity and economic data have also been supporting this,” said Wo
March 13, 2013
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Lotte Mart to launch car rental service
Lotte Mart Co., South Korea’s third-largest discount store chain, said Wednesday that it will start a car rental service this week in strategic partnership with CXC Motors, a local dealer of foreign cars.Lotte Mart will provide its car rental service at five stores including its Jamsil location in the southwestern part of Seoul and its online Lotte Mart Mall starting Thursday, the company said in a statement. The discount store chain will expand the number of stores that will provide the car ren
March 13, 2013
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NTS opens tax probe into GM Korea
South Korea’s tax agency has launched an investigation into GM Korea Co., the local unit of U.S. General Motors Co., a company official said Wednesday.The GM Korea official claimed the probe by the National Tax Service is a regular one following a similar investigation in 2008.“We will cooperate with the tax probe in good faith,” the official, noting that there were no unfair business practices and the tax agency imposed no additional taxes on GM Korea after the 2008 investigation.The tax agency
March 13, 2013
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LS C&S to enter S. American undersea cable market
LS Cable & System said Wednesday that it won a 200 billion won ($182 million) contract to supply 230kV extra- high-voltage undersea cables to Venezuela’s state-run power firm, Corpoelec, becoming the first Korean firm to enter the submarine cable market in South America.The company said the successful bid proved its capabilities as a general engineering company for submarine power cable systems. With the rising demand for electric power in South America boosting electric cable sales, LS C&S is e
March 13, 2013
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‘Cracks in Lotte World Tower need repairs’
The 123-story Lotte World Tower currently under construction in Seoul’s Jamsil needs immediate reinforcement as 98 cracks were found on the surface of the mega columns which form the building’s framework.“Rain can seep into the widening cracks in the mega columns and lead to corrosion of the steel frames inside,” said Shin Sung-woo, chief of the diagnostic team jointly organized by the Architectural Institute of Korea and the Korea Infrastructure Safety Corporation.“Immediate repairs and reinfor
IndustryMarch 13, 2013
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67% of Korean mobile subscribers use smartphones
A total of 67 percent of South Korean mobile subscribers used smartphones, surpassing usage rates in other major economies, data showed Wednesday.In a survey of 10 countries, South Korea had the highest rate of smartphone usage, surpassing China’s 66 percent and Australia’s 65 percent, according to the data from U.S. market researcher Nielsen.The figure was higher than 62 percent in Italy, 61 percent in Britain and 53 percent in the United States.South Korea also had one of the highest subscript
TechnologyMarch 13, 2013
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Samsung SDI tops lithium-ion battery market for 3rd year
Samsung SDI Co. topped the global market for lithium-ion batteries for the third straight year in 2012, helped by growing demand for mobile devices, data showed Tuesday.The company shipped 1.07 billion cells last year, claiming 26 percent of the global lithium-ion battery market, according to the data by Japanese market researcher B3.One cell is generally used for batteries for smartphones or tablet PCs, while a larger number of cells are used for bigger batteries such as those for electric cars
TechnologyMarch 13, 2013
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SKC sells stake in Chinese PET plant to Toyobo
SKC Inc., a South Korean industrial film maker, said Wednesday that it has decided to sell a stake in its Chinese polyester film plant to a Japanese maker of plastic film, as part of efforts to strengthen business cooperation.Toyobo Co. of Japan will hold a 15-percent stake in SKC High Tech Plastics Co. in China, becoming the third-largest shareholder after SKC and SKC China, the company said.SKC did not reveal the value of the deal.The PET film plant, located in the Chinese city of Nantong, Jia
TechnologyMarch 13, 2013
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Google seen passing Apple in tablets for first time in 2013
Google Inc.’s software will power more tablets than Apple Inc.’s operating system for the first time this year as smaller, cheaper alternatives to the iPad gain favor with consumers, according to IDC.Devices running Google’s Android software will climb to 49 percent of the market in 2013, while Apple’s share will slip to 46 percent, IDC said in a statement Wednesday. Last year, Apple commanded 51 percent, compared with Google’s 46 percent.Machines introduced since the iPad’s debut in 2010 ― incl
TechnologyMarch 13, 2013
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Latest in Galaxy lineup promises more pressure on Apple’s iPhone
Samsung Electronics Co. is making its biggest run yet at the iPhone’s U.S. loyalists, unveiling the new Galaxy S4 a few blocks from Apple Inc.’s flagship store in New York and broadcasting the event live in Times Square.The debut of Samsung’s marquee smartphone, which will be held at Radio City Music Hall tomorrow, lets Samsung bring the fight directly to Apple’s strongest market. The South Korean company is relying on an advertising blitz and cutting-edge features, potentially including a snazz
TechnologyMarch 13, 2013
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Two blockbuster games hit Korea
Two blockbuster online games are rushing in with Blizzard Entertainment’s “Starcraft 2: Heart of the Swarm” and Nexon’s “Korean Baseball 2K.”“Starcraft 2: Heart of the Swarm” is an expansion pack to the military science fiction real-time strategy game “Starcraft 2: Wings of Liberty,” which is now available for purchase in Korea, the U.S., Canada, Europe, Southeast Asia, Hong Kong and other regions.Blizzard held a launching event in Seoul on Monday to announce the release of the new blockbuster
TechnologyMarch 13, 2013
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Will Samsung-Google alliance last?
Samsung Electronics and Google Inc. have thrived through their smartphone alliance, fighting their common rival Apple Inc. in the fiercely competitive global IT industry.Since the introduction of its Galaxy S smartphone series, Samsung has grown to become the world’s biggest handset maker, and the majority of the Korean smartphones shipped worldwide are equipped with Google’s Android mobile operating platform.“Samsung is one of our most important partners and we talk to them all the time,” said
TechnologyMarch 13, 2013
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Mobile carriers slump on looming subsidy regulation
South Korean mobile operators ended lower on the Seoul main stock index on Wednesday following government remarks on tightening regulations on smartphone subsidies.During a briefing on President Park Geun-hye's first cabinet meeting, spokeswoman Kim Haing said the government is seeking to draw up measures to curb excessive subsidies involved in mobile phone sales.Top mobile carrier SK Telecom Co. slipped 0.27 percent to 183,000 won, while No. 3 player LG Uplus Corp. lost 1.03 percent to 8,660 wo
March 13, 2013