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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Builders’ domestic orders 16% in Sept.
Domestic orders won by South Korean construction companies fell 16.3 percent in September from a year earlier, industry data showed Wednesday, in the latest sign of a prolonged slump in the local construction sector.Local builders bagged a combined 7.26 trillion won ($6.6 billion) worth of new orders in September, according to data released by the Construction Association of Korea.Orders from the public sector plunged 37.9 percent on-year to 2.31 trillion won in September while those from the pr
IndustryNov. 7, 2012
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Seoul shares up 0.49% following Obama’s win
South Korean stocks ended 0.49 percent higher on Wednesday as U.S. President Barack Obama’s re-election helped erase policy uncertainties, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 9.38 points to 1,937.55. Trading volume was moderate at 548.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 401 to 396.“Investor jitters over U.S. fiscal issues had lingered ahead of the presidentia
IndustryNov. 7, 2012
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Reactor closures fuel power shortage worries
Worries over possible power shortages during winter flared up Wednesday as Korea was pressured to suspend the operation of two nuclear reactors for at least two months to replace substandard parts.The Ministry of Knowledge Economy said Monday it was temporarily shutting down two reactors at Yeonggwang Nuclear Power Plant on Monday due to the extensive use of substandard parts in the reactors.The cold season does not usually see as great an increase in electricity consumption as during the summer
IndustryNov. 7, 2012
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TIDE showcases business ideas at Silicon Valley
Non-profit organization the TIDE Institute is holding its “2012 Startup Springboard” in Silicon Valley in the U.S., and in Shanghai, China, this month to support young South Koreans who wish to start up a business. Founded by Go San, a former astronaut trainee, the TIDE Institute has been hosting many events for the ambitious youth who wish to start technology-based businesses. The event for start-ups has been held in nine cities over the past two years including Boston, London and Tokyo. Engine
IndustryNov. 7, 2012
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IT exports surge to 2-year high in Oct.
South Korea’s exports of information technology products rose to a 24-month high last month on a spike in shipments of mobile phones and semiconductors, the government said Wednesday.Exports of IT products in October grew 6.1 percent from the same period last year to US$14.55 billion, according to the Ministry of Knowledge Economy.Imports surged 10.9 percent on-year to $7.45 billion with the country’s trade surplus in the IT sector coming to $7.1 billion.The ministry attributed the surge in expo
IndustryNov. 7, 2012
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Listed firms’ Q4 earnings expected to fare worse
South Korea’s listed companies are predicted to see their fourth-quarter earnings shrink from three months earlier due to the country’s weak exports amid the rising won, a research firm said Wednesday.According to FnGuide Inc., 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($27.9 billion) for the October-December period, down 4.9 percent from the third quarter.The gloomy earnings outlook comes as the prolonged appreciation of the local currenc
Nov. 7, 2012
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FSC’s future hangs in the balance
The top financial regulatory entity is at stake as voices are rising to abolish or disassemble it in the upcoming administration. Presidential candidates and financial experts argued that the over-empowered Financial Services Commission should be repealed or split into two different organizations. A financial regulator should primarily be independent from the government and politically neutral, said Kim In-cheol, economics professor at Sungkyunkwan University and new president of the Korean Econ
Nov. 7, 2012
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Apple claims Galaxy Note, new Android infringe patent
Apple Inc. told a judge that Samsung Electronics Co.’s Galaxy Note 10.1 device infringes its patents, and sought to add the Android 4.1 Jelly Bean operating system to an existing lawsuit against Samsung in California.Apple made the arguments Wednesday to U.S. Magistrate Judge Paul S. Grewal in federal court in San Jose. Apple’s bid to expand the lawsuit follows Samsung’s Oct. 1 move to add patent- infringement claims against the iPhone 5 in the same case. Apple won a $1.05 billion jury verdict a
IndustryNov. 7, 2012
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G-Star to showcase newest online, mobile games
G-Star, the country’s largest international game show and trade exhibition, kicks off on Thursday in BEXCO, Busan, to showcase the newest online and mobile games as well as arcade, board and console games. A total of 434 game makers from 31 countries will participate in the eighth edition of the annual exhibition to be held until Sunday in a wide, 43,000-square-meter venue. G-Star 2012 will greet about 15 percent more participating companies than last year, at a 40 percent larger exhibition ven
TechnologyNov. 7, 2012
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Income gap between men and women remains huge
Women with high-paying jobs earn significantly less than their male counterparts and are more likely to be laid off, according to a report by a British institution.Chartered Management Institute conducted research on the gender pay gap based on experiences of around 39,000 executives, and found out that female executives receive about half a million British pounds ($800,000) less that men. In addition to lower salaries, they are less likely to get a bonus. It was also revealed in the study that
IndustryNov. 7, 2012
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Researchers warn of a world going acidic
While world attention is focused on climate change and extreme weather, U.S. researchers say another global change underway must be addressed: acidification.The combustion of fossil fuels, smelting of ores, mining of coal and metal ores and the application of nitrogen fertilizer to soils are all driving down the pH of the Earth's air, water and the soil at rates faster than Earth's natural systems can buffer, posing threats to both land and sea life, they said.Janet Herman of the Department of E
TechnologyNov. 7, 2012
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Puncture-proof bike tire runs without air
LITTLETON (UPI) -- A number of designs for airless tires for cars have been put forward over the years, but one U.S. company says its new version is intended for bicycles.Colorado-based Britek Tire and Rubber has been working on an airless tire it calls the Energy Return Wheel, where a rubber tread and sidewall is stretched over an internal scaffolding of rods and cushions that allows the tire to give in the same way a pneumatic tire does.Mounted on carbon fiber rims, rubber is stretched tight a
TechnologyNov. 7, 2012
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Koreans buy domestic phones, tablets abroad
An increasing number of Korean customers are ordering LG Nexus 4 smartphones and Samsung Nexus 10 tablets from the U.S., since they cost only about half of other up-to-date smartphones sold in Korea, according to news reports.Korean customers are willing to buy the newest smartphone and tablet from overseas despite the possible difficulties in customer services, local reports said Monday. With the increase in demand, many Koreans studying in the U.S. and Canada have posted offers online to rese
TechnologyNov. 6, 2012
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[Newsmaker] Nuclear plant fiasco a matter of public trust
Distrust with the government is deepening following the shutdown of two nuclear reactors on Monday for using 230 substandard components. Although the Ministry of Knowledge Economy said the move was a preventive measure to exchange all unsuitable parts by the end of this year, people who remember the nuclear disaster in neighboring Japan last year are concerned over their safety. There is also anger stemming from the fact that the supply of substandard parts to Korea Hydro & Nuclear Power Co., th
Nov. 6, 2012
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SK Telecom Q3 sales up 2 percent on-year
SK Telecom Co., South Korea’s top mobile carrier, on Tuesday said its net profit more than halved in the third quarter on increased spending to promote the faster long-term evolution network.Net profit came to 175.6 billion won ($160.8 million) in the July-September period, compared with a profit of 383.9 billion won a year earlier, SK Telecom said in a regulatory filing.Revenue gained 2 percent on-year to 4.1 trillion won in the cited period, while operating profit tumbled 46.4 percent on-year
IndustryNov. 6, 2012
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Asiana Airlines swings to profit in Q3
Asiana Airlines Inc, South Korea’s No. 2 flag carrier, said Tuesday it swung to a net profit in the third quarter of this year due to favorable foreign exchange rates.Consolidated net profit reached 80.2 billion won ($73 million) in the three months ended Sept. 30, a dramatic turnaround from a net loss of 34.7 billion won profit a year earlier, the carrier said in a regulatory filing.Sales also gained 5.2 percent on-year to 1.5 trillion won. However, the company’s operating profit dropped 39.6 o
IndustryNov. 6, 2012
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Banks’ foreign-currency deposits hit fresh high
Foreign currency deposits at South Korean banks rose to a fresh high in October largely due to a gain in the country’s trade surplus, the central bank said Tuesday. Outstanding foreign currency-denominated deposits held by local residents reached a record $39.39 billion as of the end of October, up $130 million from the previous month, according to the Bank of Korea. Residents in this case include individual citizens and firms but not foreign nationals with residency status. The data also exclud
IndustryNov. 6, 2012
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Shares up 1.05% as autos recover
South Korean stocks climbed 1.05 percent on Tuesday as key automakers rebounded from sharp falls spurred by a fuel efficiency scandal in the U.S., analysts said.The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index soared19.95 points to 1,928.17. Trading volume was moderate at 539.6 million shares worth 4.5 trillion won ($4.1 billion), with gainers outnumbering decliners 493 to 334.“We saw excessive sell-offs of Hyundai and Kia shares in the previous s
Nov. 6, 2012
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Malaysian property firm to go ‘Gangnam style’ on Jeju Island
Jeju Island is the next stop where Berjaya Land Berhad hopes to implant the company’s version of the “Malaysian Dream” involving a high-end healing resort. “We’re confident that we chose the right place,” said Dato Francis Ng Sooi Lin, chief executive of Berjaya Land Berhad, in an interview with The Korea Herald.The company ― an affiliate of Malaysian conglomerate Berjaya Group ― plans to build facilities worth $2.4 billion on the Korean tropical island based on a business partnership with Jeju
IndustryNov. 6, 2012
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Korea’s risk premium falls to pre-crisis levels: data
South Korea’s credit default risk has dropped to levels seen before the 2008 financial crisis erupted, mirroring its solid economic fundamentals, data showed Tuesday. The credit default swap premium on the country’s five-year Treasuries came to 65 basis points as of Nov. 2, the lowest in more than four years since the 64 basis points tallied in May 22, 2008, according to the Korea Center for International Finance. The spread on CDS reflects the cost of hedging credit risks on sovereign or corpor
Nov. 6, 2012