Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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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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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Export-oriented firms suffer as won rises
South Korea’s export-oriented firms are suffering as the won continues to strengthen. The won-dollar exchange rate dipped below 1,100 won last month and has not risen above that value since. For some industries, the exchange rate has already fallen below the minimum needed to secure profit, which averaged 1,086.2 won per dollar, according to a survey conducted by the Korea Chamber of Commerce and Industry on about 500 companies. About 57 percent of the surveyed companies said that their profits
IndustryNov. 8, 2012
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HHI to make construction equipment engines
Hyundai Heavy Industries held a ground-breaking ceremony to build a production line for its joint venture with Cummins, a U.S.-based construction equipment engine maker, in an industrial complex in Daegu on Thursday.Hyundai-Cummins Engine, the 50-50 joint venture between the two companies, will complete the diesel engine production site by May 2014 by investing 87 billion won ($80 million), Hyundai Heavy said in a press release. It added that once the plant is completed, the joint venture firm w
IndustryNov. 8, 2012
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Officials oppose supervisory revamp
Senior financial regulatory officials expressed opposition to the presidential candidates’ election campaign pledges to overhaul the financial supervisory structure.The opponents include the top two officials ― Financial Services Commission chairman Kim Seok-dong and Financial Supervisory Service governor Kwon Hyouk-se.Aside from the political sector, many college professors and economists have continued to express skeptical views over the nation’s regulatory structure and system.“Korea ranked 5
Nov. 8, 2012
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Korean biz bodies hail Obama’s reelection
South Korea’s major business organizations welcomed the reelection of U.S. President Barack Obama on Wednesday as they tried to gauge opportunities and challenges Obama’s second term could bring to local companies and their exports.The Korean Chamber of Commerce and Industry said it hopes that Seoul and Washington will strengthen their economic cooperation and that Obama’s firm leadership will improve conditions of South Korean exporters.The Federation of Korean Industries, the lobby for the cou
Nov. 8, 2012
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Korea holds IR session in H.K.
HONG KONG (Yonhap News) ― South Korea urged investors in Hong Kong Thursday to invest in Asia’s fourth-largest economy by offering a variety of incentives.South Korea’s Ministry of Knowledge Economy opened a national investor relations session in Hong Kong earlier in the day, designed to woo Hong Kong-based large-scale funds and other foreign capital.South Korean officials, led by Knowledge Economy Deputy Minister Moon Jae-do, promised various incentives, and private business meetings will be he
Nov. 8, 2012
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LG Hausys offers on-site tour for clients from Europe
LG Hausys, the building material arm of LG Group, has invited about 50 key clients from European countries, including Russia and Turkey, to Korea and offered them a field trip to its headquarters and shops. “The field trip, which lasted from Nov. 5 to Nov. 9 in the company’s Cheongju factory, was designed to offer European clients a hands-on experience of our competitiveness in product design and technology,’’ a company official said. High-ranking officials invited work for construction and buil
IndustryNov. 8, 2012
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Hyundai allowed to bid for Brazil rail project: report
SAO PAULO (AFP) ― Brazil has cleared the way for South Korean industrial giant Hyundai to put in a construction bid for a bullet train to link Rio with Sao Paulo and Campinas, according to a report Wednesday.Economic daily Valor said the federal government has agreed to lower a requirement for prospective bidders: instead of requiring a ten year record of operating high-speed trains without accident, bidders would only need five.Hyundai, which has only eight-and-a-half years of high-speed train
IndustryNov. 8, 2012
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Hyundai’s HB20 named Brazil car of the year
Hyundai Motor’s new Brazil-only hatchback, HB20, has recently won the Car of the Year award in the Latin country, just one month since its official debut there, company officials said Thursday. Brazil’s auto magazine Auto Esporte, which has named the best car of the year since 1966, gave the top honor to Hyundai’s HB20 among the five finalists, including Chevrolet’s Sonic, Citroen’s C3, Pugeot’s 308 and Toyota’s Etios. The flex-fuel model HB20 was exclusively developed for the Brazilian market a
IndustryNov. 8, 2012
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Overseas investors threat or opportunity?
A company’s national identity has become more complex now that the majority of the country’s top 30 enterprises are replete in foreign investment. Overseas investors hold more than a 50 percent stake in some of the largest companies here. Well-known names such as Samsung Electronics, KB Kookmin Bank, KT Corp., Hyundai Motor, LG Electronics and POSCO are now better identified as “global firms” due to the significant percentage of foreign shareholders.“Foreign shareholders are now almost a part of
IndustryNov. 8, 2012
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’Smart pills’ concern U.K. experts
The research field of human enhancement, which lets people work without tiring and recall every conversation, is moving fast and will be a tangible reality to prepare for, experts said. Recently introduced “smart” pills, originally made for dementia patients, are already widely used for students who want to stay up late studying. One commonly used “smart” drug is modafinil (brand name Provigil), which is normally prescribed for sleep disorders, and another is the drug methylphenidate (brand name
TechnologyNov. 8, 2012
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Newfound “Super-Earth” may be habitable for life
An exoplanet that may be capable of supporting life has been found, according to European researchers.The distance between the planet HD 40307g and its host star HD 40307 suggests the planet may have liquid water on its surface, according to a study led by Mikko Tuomi of the University of Hertfordshire in the United Kingdom. This increases the possibility that the planet may support living organisms.“The longer orbit of the new planet means that its climate and atmosphere may be just right to su
TechnologyNov. 8, 2012
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Wi-Fi, heat from laptop damage sperm
A British couple who struggled to have a baby for six months were stunned when doctors said their laptop was to blame. Scott Reed, the 30-year-old electrician, was told that using his computer on his lap caused heat damage to his sperm. After he went through an examination from the hospital, he started using his laptop on a table instead and three months later his wife became pregnant with the couple’s daughter. “When the doctors told us it was a real shock. Scott would use his laptop in the eve
TechnologyNov. 8, 2012
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Online persona can affect real life
Creating a persona in the virtual world can influence a person’s actual life, according to a new study by U.S. researchers.Making an avatar in the online world allows an individual to easily try on new appearances and characteristics and may potentially push the person toward a more positive direction, claimed lead researcher Elizabeth Behm-Morawitz, assistant professor at the University of Missouri, who specializes in communications. “That alter-ego can then have a positive influence on a perso
TechnologyNov. 8, 2012
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Foxconn says cannot meet demand for iPhone 5
Taiwan‘s Foxconn has admitted that it cannot meet strong demand for Apple’s new iPhone 5 due to difficulties in building the gadget, amid concerns over the U.S. giant‘s future earnings.“We can’t really fulfill Apple‘s requests. Our shipments are insufficient... given the huge market demand,” Foxconn chairman Terry Gou told reporters late Wednesday.He added that the design of iPhone 5, of which five million were sold over its launch weekend in September, has made the production difficult but did
TechnologyNov. 8, 2012
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Student use of attention drugs a problem
Amid growing concerns students are using medications such as Ritalin to boost performance, some British schools say they might consider drug tests before exams.Discussions have been held on how to detect students using drugs that allegedly give them an advantage by helping them remain alert and focused, Cambridge University Professor Barbara Sahakian said.Drugs meant to treat attention deficit-hyperactivity disorder are becoming increasingly popular with healthy people looking for an extra edge,
TechnologyNov. 8, 2012
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Slowdown sees surge in young economically inactive people
The ratio of people in their 20s not working and unwilling to find a job has jumped, data showed Wednesday, suggesting that tough employment conditions are hitting younger people harder than other age groups.According to the data by Statistics Korea, “economically inactive” people in their 20s accounted for 38.4 percent of the age group in September, up 0.7 percentage points from a year earlier. The figure is the highest since June.Economically inactive people refer to those who are not working
IndustryNov. 7, 2012
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[Newsmaker] 4 retail chiefs shirk assembly hearing
Four chiefs of major retail giants were ordered to attend a parliamentary hearing Tuesday. But none of them showed up, citing overseas business trips.Lotte Group chairman Shin Dong-bin was visiting Indonesia for business talks with government officials there, while Chung Ji-sun, Hyundai Department Store Group chairman, was in China to discuss establishing a joint venture home shopping channel, according to company officials.Shinsegae Group vice chairman Chung Yong-jin also was said to have left
IndustryNov. 7, 2012
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Little change expected in Korea-U.S. economic ties
Korea and the United States were expected to undergo no drastic change in their economic relations after Barack Obama was reelected U.S. president, analysts in Seoul said Wednesday.Korea’s major economic think tanks forecast that U.S. President Obama’s reelection would help decrease uncertainties regarding his country’s economic policies. But they raised doubt over the outlook for the U.S. economy next year, which is a key factor for Korea’s continued economic growth. The U.S. is Korea’s second-
Nov. 7, 2012
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LIG Insurance supports victims of Gumi toxic gas incident
LIG Insurance Co., a major local non-life insurance company, has donated funds it collected through ticket sales for a volleyball match to those affected by the leaked hydrofluoric acid incident in Gumi in October.LIG said the volleyball game was between Samsung Fire and Marine Insurance and NH Nonghyup and held at the Park Chung-hee Gymnasium in Gumi on Tuesday. The donation amount was not disclosed.Company officials said it organized the charity event in the hope of relieving the pains that pe
Nov. 7, 2012
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Banks’ bad loan ratio gains in Q3
The ratio of bad loans extended by South Korean banks rose in the third quarter from three months earlier, largely due to a decrease in bad debt clearance, the financial regulator said Wednesday.The ratio of non-performing loans held by 18 local banks came to 1.56 percent as of the end of September, up 0.07 percentage point from 1.49 percent tallied as of end-June, according to the Financial Supervisory Service.The bad loan ratio had dropped to as much as 1.36 percent at the end of last year, be
Nov. 7, 2012