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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[Graphic News] More Koreans say they plan long-distance trips this year
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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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Shinsegae’s Chung steps down as board director
Shinsegae Group vice chairman Chung Yong-jin will step down as board director of Shinsegae Co. and E-Mart, the retail giant said Wednesday amid ongoing prosecution’s investigations into those companies.The prosecution has for months been looking into whether Chung ordered Shinsegae affiliates to back their sister bakery firm, Shinsegae SVN, and allegations that E-Mart spied on its employees to discourage union activities.The CEOs of each Shinsegae affiliate will lead existing businesses while Ch
IndustryFeb. 20, 2013
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Korea-made Chevrolet Trax unveiled
GM Korea unveiled Wednesday the Chevrolet Trax, a new compact sport utility vehicle that GM’s small vehicle development team has been leading the engineering and design of over the past five years. Amid the growing acceptance of small-engine, fuel-efficient vehicles globally, carmakers have recently been betting big on the niche segment ― compact SUVs. And the Korean-flavored Trax is the first of its kind to be introduced here. “Trax is a vehicle of a new concept. It combines functionality of SU
IndustryFeb. 20, 2013
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Shares jump 1.95% on exporters
South Korean stocks ended 1.95 percent higher on Wednesday as a rosy outlook on the global economy prompted investors to pick up blue-chip exporters, analysts said.The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 38.81 points to 2,024.64. Trading volume was moderate at 401.6 million shares worth 4.8 trillion won ($4.5 billion), with gainers far outnumbering decliners 559 to 233.Foreigners and institutions snapped up shares, but retail inv
Feb. 20, 2013
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Yongsan development project faces key decision this week
A crucial decision on the future of the faltering Yongsan project, the nation’s biggest property development worth about 31 trillion won ($30 billion), is expected to come this week as the developer and major shareholders are set to hold a separate meeting.The state-run KORAIL, the largest shareholder in the project, will hold a board meeting Thursday to decide whether to back the issuance of asset-backed commercial paper worth 300 billion won ($278 million), one of last resorts to finance the p
Feb. 20, 2013
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Lee retires as CEO of Homeplus
Lee Seung-han, chief executive of Homeplus, Tesco Korea, has decided to retire from his post in May, Tesco plc said. Lee will be staying on as a non-executive chairman of Homeplus Group.“He will also be appointed to chairman and professor emeritus of the Tesco Leadership Academy; remain chairman of the e-Paran Foundation; and become a personal adviser to me,” Philip Clarke, CEO of the British retailer, said in a statement Tuesday evening.Lee took the helm of what was then Samsung C&T’s retail di
IndustryFeb. 20, 2013
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Kim offers to resign as micro credit bank chief
Smile Microcredit Bank chairman Kim Seung-yu has expressed his intention to step down from his post, said the Financial Services Commission, the parent entity of the state-run bank.President Lee Myung-bak had installed his college classmate Kim as chief of the foundation, which runs more than 100 micro credit outlets across the country for the underprivileged.While the extended term of Kim, who had worked as chairman of Hana Financial Group, is scheduled to end in February 2015, he reportedly te
Feb. 20, 2013
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2G phones back with a vengeance?
Someone casually pulls out his phone from his pocket during a coffee break in between a series of morning meetings, peers at it for a while before flipping open the lid to start talking into the mouthpiece.At the gesture, several of his colleagues look on in surprise ― shock even ― and they venture to ask him, “how in the world can you still be holding onto such a phone?”Flip phones are usually feature phones, also called second-generation or 2G phones running on the previous second-generation c
TechnologyFeb. 20, 2013
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Samsung healthcare joint venture teams up with Merck
Samsung Bioepis, one of Samsung’s healthcare affiliates, said Wednesday it has signed an agreement with U.S. pharmaceuticals giant Merck Sharp & Dohme Corp. to cooperate in the biosimilar sector.Under the deal with the New Jersey-based company, Samsung Bioepis will take charge of developing, testing and manufacturing biosimilar products, the company said in a press release.Merck will use its global distribution network to promote and sell biosimilars, officially approved copycat medicines develo
TechnologyFeb. 20, 2013
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China becomes world’s top smartphone market
HONG KONG (Yonhap News) ― China has emerged as the world’s largest smartphone market on the rising demand of the device, overtaking the United States, a market report showed Wednesday.The number of smartphones sold in China is estimated to 150 million units between January 2012 and January 2013, industry researcher Flurry said. During the same period, a total of 55 million smartphones were sold in the U.S., according to Flurry.A total of 246 million units were used in China as of January, while
TechnologyFeb. 20, 2013
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Keep eye on data centers’ electricity bills
In 2013, an unfamiliar item may start landing on the desks of many chief information officers: the electricity bill for their corporate data centers.My bet is that bill will be unwanted, but not unexpected. For years, managers in charge of these facilities handled those cost while CIOs ― well, most never saw or cared about that side of the business.But after a dozen years of designing data centers in an ad hoc way, throwing inefficient, commodity servers at the problem of ever-rising demand for
TechnologyFeb. 20, 2013
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LG Display drops Galaxy Note 10.1 sales ban request
LG Display Co. said Wednesday it has dropped its request for a domestic sales ban on Samsung Galaxy Note10.1 devices, raising hopes the No. 2 display maker and its rival Samsung Display Co. are inching closer to settling their longstanding quarrel over display technology.LG Display and Samsung Display, the world’s two biggest display makers, have been involved in a legal squabble over organic light-emitting diode and liquid-crystal display technology following investigations into an alleged leak
TechnologyFeb. 20, 2013
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Samsung Everland to build eco-houses for low bracket
Samsung Everland is setting out to help rehabilitate the homes of low-income families, featuring its strength in eco-friendly, energy-saving technology.The company on Tuesday signed a memorandum of understanding with Habitat for Humanity Korea to jointly help reconstruct old houses of poor families, as part of its corporate social responsibility efforts, officials said.In the signing ceremony, held at the company headquarters in central Seoul, CEO Kim Bong-yung delivered a 300 million won ($280,
IndustryFeb. 20, 2013
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Vast asteroid impact zone found in Australia
Scientists have discovered a 200-kilometer-wide impact zone in the Australian outback they believe was caused by a massive asteroid smashing into Earth more than 300 million years ago.Andrew Glikson, a visiting fellow at the Australian National University, said the asteroid measuring 10 to 20 kilometers in diameter was a giant compared to the plunging meteor that exploded above Russia a week ago.While that event set off a shockwave that shattered windows and hurt almost 1,000 people in the Urals
TechnologyFeb. 20, 2013
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Seoul shares jump 1.95 pct on exporters
South Korean stocks ended 1.95 percent higher on Wednesday as a rosy outlook on the global economy prompted investors to pick up blue-chip exporters, analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) climbed38.81 points to 2,024.64. Trading volume was moderate at 401.6 million shares worth 4.8 trillion won (US$4.5 billion), with gainers far outnumbering decliners 559 to 233.Foreigners and institutions snapped up shares, but re
Feb. 20, 2013
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Seoul shares up 1.16 pct in late-morning trade
South Korean stocks traded 1.16 percent higher late Wednesday morning, fueled by gains in blue chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 23.09 points to 2,008.92 as of 11:20 a.m. Shares gathered ground across the board, with market bellwether Samsung Electronics advancing 1.94 percent and top chipmaker SK hynix adding 2.13 percent. Hyundai Engineering & Construction moved up 1.63 percent.Carmakers also traded higher, with No. 1 industry player
Feb. 20, 2013
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Seoul shares open higher on exporters
South Korean stocks got off to a strong start on Wednesday, buoyed by gains in key exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.61 points, or 0.53 percent, to 1,996.44 in the first 15 minutes of trading.Market bellwether Samsung Electronics gained 0.6 percent and No. 2 memory chip maker SK hynix climbed 2.32 percent.In contrast, defensive shares were trading in negative territory, with discount chain operator E-mart falling 1.76 percent. The local curr
Feb. 20, 2013
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Apple hit by hackers, no data stolen
Apple on Tuesday said it was hit by hackers who wormed their way into the California company's system but evidently failed to steal any data.The maker of iPhones, iPads, iPods, and Macintosh computers said it is working with law enforcement officials to hunt down the hackers, who appeared tied to a series of recent cyber attacks on U.S. technology firms."The malware was employed in an attack against Apple and other companies, and was spread through a website for software developers," Apple said
TechnologyFeb. 20, 2013
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S. Korea's external debt hits record high in 2012
South Korea's external debt hit a record high in 2012 as foreigners snapped up local bonds amid powerful monetary easing by advanced economies and credit rating upgrades for Korea, the central bank said Wednesday.The country's external debt totaled US$413.4 billion as of the end of December, up $14.7 billion from a year earlier, according to the Bank of Korea (BOK).It marked the first time that the country's yearly foreign debt surpassed the $400 billion mark.But in the fourth quarter, Korea's f
Feb. 20, 2013
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Japan’s NEC to use same English test as Samsung
Japan’s NEC, an IT services and products provider, is looking to adopt an English testing system for employees used by Korea’s top conglomerate Samsung Group, according to Japanese and local media.NEC, a former semiconductor rival of Samsung Electronics, plans to test some 100,000 of its employees and recruits at its headquarters and subsidiaries over the next three years using the Oral Proficiency Interview-computer, developed by the American Council on the Teaching of Foreign Languages.Samsung
IndustryFeb. 19, 2013
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‘Phishing’ warning issued to 17m consumers
The nation’s leading cyber-settlement provider recently informed its some 17 million customers of the growing risk of their accredited certificates being stolen for financial fraud.The figure accounts for around 75 percent of Korea’s financial consumers who hold Internet banking accounts.In an email to consumers, the Korea Financial Telecommunications & Clearings Institute said that Internet banking users should be particularly cautious about a “new type of phishing” scam.KFTC said the practice
Feb. 19, 2013