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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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Seoul shares slip 0.13 pct on N. Korean risks
South Korean stocks closed 0.13 percent lower on Monday as North Korean risks dented investor sentiment despite positive U.S. jobs data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell2.66 points to 2,003.35. Trading volume was moderate at 387.5 million shares worth 3.63 trillion won (US$3.32 billion), with decliners outnumbering gainers 540 to 280."Heightening geopolitical tension is weighing on the local stock market d
March 11, 2013
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Samsung trails Apple in Q4 smartphone sales: data
Samsung Electronics Co., the world's top smartphone maker, saw its fourth-quarter smartphone sales lag behind rival Apple Inc. due to robust demand for the U.S. firm's iPhone 5, data showed Monday.Samsung Electronics claimed 28.7 percent of the global smartphone market in the three-month period in terms of revenue, following Apple's 42.7 percent, according to the data by market researcher Strategy Analytics.The change in ranking was largely attributed to robust demand for Apple's iPhone 5, its f
IndustryMarch 11, 2013
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Seoul shares slip 0.08 pct in late-morning trade
South Korean stocks traded 0.08 percent lower late Monday morning as foreigners and retail investors opted to scale back holdings, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell1.66 points to 2,004.35 as of 11:20 a.m.Large caps were mixed. The country's top automaker Hyundai Motor slumped 1.64 percent and its smaller affiliate Kia Motors lost 1.5 percent.In contrast, market bellwether Samsung Electronics gained 0.33 percent.The local currency was changing hands at 1,0
March 11, 2013
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Amid renewed debates, S. Korea, U.S. mark 1st year of bilateral FTA
A round of heated debates over the effects of the South Korea-U.S. free trade agreement (FTA) is expected in the U.S. capital this week, as the two sides mark the first anniversary of the implementation of the historic deal.After years of political controversies and tumultuous ratification procedures, the agreement, dubbed "KORUS FTA," went into effect on March 15 last year. It is arguably the U.S.'s most commercially significant free trade agreement in almost two decades.South Korea's oppositio
March 11, 2013
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Seoul shares open lower on exporter falls
South Korean stocks got off to a weak start on Monday due mainly to falls in shares of key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell11.45 points, or 0.57 percent, to 1,994.56 in the first 15 minutes of trading.Major blue chips lost ground, with market bellwether Samsung Electronics slipping 0.6 percent and top automaker Hyundai Motor falling 2.11 percent.The local currency was trading at 1,097.3 won to the U.S. dollar as of 9:15 a.m., down 7 won from F
March 11, 2013
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Eximbank, IIAC consider joining forces for airport project in Myanmar
The Export-Import Bank of Korea could assist Incheon International Airport Corp to finance Myanmar’s new airport project as the state-run airport operator is currently looking into ways to fund the potential deal worth up to $600 million, said sources familiar with the situation.IIAC could seek Korea Eximbank, which has a non-binding agreement with IIAC to support the export of its airport operation know-how, to back its consortium through the policy bank’s Economic Development Cooperation Fund
March 10, 2013
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[Graphic News] Corporate CEOs top paycheck rankings
Corporate top guns touted the largest paychecks in the country, according to figures from the Korea Federation of Savings Banks on Saturday.CEOs’ annual salaries averaged 109 million won, followed by lawmakers, who were paid an average 106 million won. They were followed by maritime pilots whose annual paychecks were around 105 million won. Maritime pilots have the job of guiding ships safely to shore. Among doctors, plastic surgeons appeared to have the highest-paying jobs, with an annual salar
IndustryMarch 10, 2013
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Koreans spend big on overseas studies
South Koreans have spent an annual average of more than $4 billion on overseas study since 2006, far exceeding the amount of money foreigners spend on education programs here, central bank data showed Sunday.According to the data by the Bank of Korea, South Koreans’ spending on overseas education programs came to $4.36 billion last year, a slight decrease from $4.39 billion a year earlier.Remittances for overseas study had hovered around the $4 billion mark since 2006, except 2009 when the amoun
IndustryMarch 10, 2013
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Why Korean rockets can’t go solid
Goheung, Naro Space Center ― The Korea Space Launch Vehicle-1 rocket had a successful launch last month and carried a satellite into orbit, to the joy of Koreans all over the nation. However, when seen from a technological point of view, there is much room for improvement, particularly in terms of the fuel used to power the rocket. Due to no wrong from the scientists or the engineers who worked on KSLV-1, Korea is restricted from fueling rockets ― even those to be used for peaceful or space deve
TechnologyMarch 10, 2013
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Foreign firms bid to open casino in S. Korea
Several foreign companies are seeking to build casino facilities in South Korea’s economic free zones following eased regulations on investment, industry sources said Sunday.U.S.-based firm Caesars Entertainment Corporation and Lippo Group, an Indonesian company, applied for preliminary review by the Ministry of Culture, Sports and Tourism in January for a joint casino in Yeongjongdo, home to Incheon International Airport, sources said.Universal Entertainment Corporation, a Japanese casino firm,
IndustryMarch 10, 2013
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Samsung tops China’s smartphone market in 2012
South Korean tech giant Samsung Electronics Co. claimed the top spot in the Chinese smartphone market for the first time in 2012 by nearly tripling its sales in the world’s largest market, industry data showed Sunday.Samsung Electronics sold 30.06 million smartphones in China last year, up from 10.90 million units a year earlier, garnering a 17.7 percent market share, according to the data by market researcher Strategy Analytics.Last year’s market share represents a 5.3 percentage point increase
IndustryMarch 10, 2013
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CJ Cheiljedang eyes 1tril. won in feed sales
CJ Cheiljedang Corp., South Korea’s largest food company, said Sunday it is targeting to post 1 trillion won (US$920 million) in animal feed sales this year by establishing more overseas production facilities.To achieve the sales goal, CJ Cheiljedang said it will build six production plants in China, Vietnam and Indonesia, where demand for animal feed has been experiencing explosive growth.The completion of the envisioned facilities would raise the number of the company’s overseas feed factories
IndustryMarch 10, 2013
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N.K. risks feared to weigh on Seoul’s markets this week
South Korean stocks are expected to be affected this week by how the North Korea risks heightened by the U.N.’s toughened sanctions on its nuclear test will be playing out among investors’ sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 20.48 points or 1.01 percent to 2,006.01 on Friday from the previous week.Earlier this week, the market tided over the increased uncertainty after the automatic across-the-board budget cuts in the U.S. went in
March 10, 2013
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Naro launch boosted by IT edge
GOHEUNG, Naro Space Center ― The KSLV-1, more affectionately known as the “Naro” rocket, may be only half Korean rocket science, but in terms of devotion, it’s 100 percent ours.At the same, the IT technology that perfected the rocket is also completely home-grown.On Saturday, the Korea Aerospace Research Institute, unveiled the launch control center to the press ― where all the IT-related data is gathered to make informed decisions on the Naro launch.Here, more than 180 types of different data a
IndustryMarch 10, 2013
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Korea to see slow economic recovery: KDI
Korea will likely see a slow economic recovery as various indices ranging from domestic consumption to exports registered lackluster figures, a state-run think tank said on Sunday.Exports, the country’s main growth engine, dropped about 9 percent in February from a year ago, but Korea was able to record a trade balance surplus of some $2 billion, the Korea Development Institute said in the report.The fall in exports is in part due to sluggish outbound shipments of ships and automobiles, as well
March 10, 2013
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IAEA projects renaissance of nuclear energy
VIENNA, Austria ― The International Atomic Energy Agency, the world’s nuclear watchdog under the United Nations wing, projected the world’s nuclear energy generating capacity to see steady and continued growth, recovering from the dent made by the Fukushima nuclear accident on March 11 in 2011. Nuclear energy, which enjoyed a renaissance as a low-carbon energy source, has recently fallen into a slump, challenged by safety concerns after the Fukushima accident, the world’s worst nuclear disaster
IndustryMarch 10, 2013
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U.S. body in hot seat over Samsung vs. Apple
The U.S. International Trade Commission is stuck between a rock and a hard place over the patent infringement cases filed by Samsung Electronics and Apple Inc. against each other.While it would most likely run into difficulty banning products of the Cupertino-based company on its home turf, it may also be afraid of “protectionism” claims if it chooses to block U.S. imports of Samsung, which is the world’s biggest smartphone and TV maker by shipments.The U.S. trade agency announced Thursday, loca
IndustryMarch 10, 2013
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Seoul City declares war on big stores with sales ban plan
Seoul City has declared another war against major retailers by planning to limit the sales of 51 items including fresh foods at large discount stores and supermarket chains. Although the measure is not legally binding yet, Seoul City’s recommendation to large discount stores and supermarket chains to restrict sales of those items would deal a blow to their revenues should it become a law. The main objective is to lure people to conventional or traditional markets. The city government plans to pr
IndustryMarch 10, 2013
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Hyundai nurtures young Brazilian talent
Hyundai Motor, which is gaining sales momentum in Brazil, is expanding social contribution activities as part of its efforts to renew its brand image there. On top of that, it is focusing on supporting young Brazilian talent through internship programs. The Korean auto giant, which entered the Brazil market in 1992, suffered a 29 percent plunge in car sales in the first half of last year after the Brazilian government toughened regulations and increased tariffs on imported car brands. Hyundai, h
MobilityMarch 10, 2013
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Ferrari hybrid hits resurgent market
Ferrari, Bentley, Jaguar, and Rolls- Royce are roaring back with new leather-swathed models after a drop last year in European sales of ultra-luxury cars.At the Geneva Motor Show last week, Ferrari showed a 1 million-euro ($1.3 million) hybrid called LaFerrari. Bentley exhibited a revamped four-door Continental Flying Spur. Jaguar debuted the XFR-S, its fastest sedan ever. Rolls-Royce is adding a 245,000-euro coupe called the Wraith to its lineup. The highest end of the market ― vehicles costing
MobilityMarch 10, 2013