Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Welfare budget to increase W20tr by 2016
Budget for four public pension funds to increase by average 10.8 percent per year The mandatory welfare budget is expected to increase by 20 trillion won ($17.9 billion) by 2016, the Ministry of Strategy and Finance said on Wednesday. The budget, which was 59 trillion won this year, will rise to 62.9 trillion won in 2013; 67.7 trillion won in 2014; 72.6 trillion won in 2015; and 78.8 trillion won in 2016, according to the ministry. The four public pensions ― the national pension fund, pension fu
Oct. 3, 2012
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Galaxy Note 2 faces off with iPhone 5 in Hong Kong
HONG KONG (Yonhap News) ― Supply issues could hinder Apple Inc. in its latest smartphone showdown with Samsung Electronics Co. as the two tech behemoths face off in Hong Kong following the release of their new mobile gadgets here last month. Samsung Electronics started selling the Galaxy Note 2 in Hong Kong last Thursday, six days after Apple’s iPhone 5 hit the Chinese territory.So far, Hong Kong and Britain are the only places in the world where the latest products from the two top smartphone m
TechnologyOct. 3, 2012
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CTI agrees with Gwangju on solar power investment
CTI Co., a local partner of SoloPower, a U.S.-based thin-film solar photovoltaic producer, said Wednesday that it signed a memorandum of understanding with Gwangju Metropolitan City to build a production site and R&D center for SoloPower Korea, a joint venture between the two companies.Under the MOU, CTI will invest 111 billion won ($100 million) to build two facilities in the region, while Gwangju City will fully support the company to implement its investment plan by offering administrative su
IndustryOct. 3, 2012
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KIPO urges efforts to tackle patent disputes
Commissioner Kim stresses need to resolve intellectual property chasm between rich and poor countries“Patent war” and “intellectual property chasm” are the biggest crises the international intellectual property system is facing and a joint effort is needed to resolve it, a top Korean official said.Korean Intellectual Property Office Commissioner Kim Ho-won made the remarks at the 50th Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organization, or W
IndustryOct. 3, 2012
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Media reliance on Naver growing concern
Sensationalistic news tires consumers, firms hit by ruthless tabloidsWhy go through the trouble of navigating the Internet to look up your favorite news sites when you can see all the news you want at once on Naver? That’s a question being asked by many in Korea ― officially the world’s most wired country ― who surf the Internet in search of the day’s news. People who don’t have the time or patience to visit the individual websites and want everything at the same place, at once, fast. Naver doe
IndustryOct. 3, 2012
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Space station to move to avoid debris
The Russian space program's Mission Control Center says it will move the International Space Station into a different orbit to avoid possible collision with a fragment of debris. Mission Control Center spokeswoman Nadyezhda Zavyalova said the Russian Zvevda module will fire booster rockets to carry out the operation Thursday at 07:22 a.m. Moscow time (0322 GMT). The space station performs eva
TechnologyOct. 3, 2012
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Watchdog slams Shinsegae for unfair affiliate aid
South Korea's fair trade watchdog said Wednesday it has imposed fines and sanctions on retail giant Shinsegae subsidiaries for inappropriately supporting affiliates through low sales commission rates.The Fair Trade Commission (FTC) said it gave fines of 4.06 billion won (US$3.65 million) to three Shinsegae companies -- Shinsegae, E-mart and Everyday Retail -- and ordered them to correct their prac
IndustryOct. 3, 2012
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Chinese company sues President
A Chinese-owned company has filed a lawsuit in a U.S. federal lawsuit against President Barack Obama for blocking its wind farm project deal in Oregon.In a complaint filed in the U.S. District Court in Washington, Ralls Corp., owned by Chinese nationals, alleged Obama acted in "an unlawful and unauthorized manner" in issuing his order without providing "any evidence or reasoned explanation" for hi
Oct. 3, 2012
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Modern day alchemists use bacteria to produce gold
U.S. scholars said that by using a metal-tolerant bacteria Cupriavidus metallidurans, it is possible to turn the toxic chemical gold chloride into pure gold.According to researchers at Michigan State University, the metal-tolerant bacteria is able to withstand a concentrated dosage of gold chloride, a gold and chlorine compound found in nature, and produce gold.“Microbial alchemy is what we’re doing -- transforming gold from something that has no value into a solid, precious metal that’s valuabl
TechnologyOct. 3, 2012
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Two nuclear reactors halted; 7 shutdowns this year
Officials downplay safety concerns despite incident frequencyReactors at Shin-Kori Nuclear Power Plant in Busan and Younggwang Nuclear Power Plant malfunctioned on Tuesday, adding to public concerns about the safety of the nation’s ageing nuclear reactors. The shutdown at Younggwang was the seventh this year for a nuclear reactor, coming just hours after Shin-Kori 1 reactor witnessed the sixth. It was also the first time two reactors halted operation on the same day. The state-run Korea Hydro &
Oct. 2, 2012
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National debt set to reach W465 trillion next year
The national debt is expected to snowball to 445.2 trillion won ($339 billion) this year and 464.8 trillion won next year, according to the Ministry of Strategy and Finance’s 2012-2016 National Debt Management Plan. According to the plan submitted to the National Assembly on Tuesday, this year’s total debt is expected to increase by 5.9 percent compared to 2011, and next year’s by 4.4 percent compared to this year. The national debt increase is expected to slowdown to 1 to 2 percent in 2014. The
Oct. 2, 2012
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More drugs, watches being smuggled via online transactions
Goods and drugs that were illegally imported online rose by more than one-quarter from last year to reach 541.1 billion won ($486 million) during the first eight months of this year, the Korea Customs Service announced on Tuesday.The state-run customs agency said there were 22 more cases than in the same period last year, while the sales volume climbed by 125.4 billion won. “These illegal goods usually enter the country through express mail services or courier services that are registered as les
IndustryOct. 2, 2012
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Stock index stays flat
South Korean stocks remained nearly unchanged Tuesday as investors took to the sidelines with no clear signs of economic recovery in sight, analysts said. The local currency declined against the U.S. dollar. The benchmark Korea Composite Stock Price Index dipped 0.18 points, or 0.01 percent, to 1,996.03. Trading volume was moderate at 491.8 million shares worth 3.6 trillion won ($3.2 billion) with gainers closely outpacing decliners 412 to 399. “There were some good news from the United States o
Oct. 2, 2012
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Samsung adds iPhone 5 to patent row
Samsung Electronics Co. said Tuesday it has officially added Apple Inc.’s iPhone 5 to the ongoing patent war between the two smartphone titans, a move that could affect sales of the latest iPhone.In a statement, Samsung, the world’s largest smartphone maker, said it has filed a motion to add Apple’s latest gadget to the U.S. patent row on charges of infringing its patents.“Apple continues to take aggressive legal measures that will limit market competition. Under these circumstances, we have lit
TechnologyOct. 2, 2012
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U.S. concerned about trade deficits after FTA with Korea
WASHINGTON (Yonhap News) ― A U.S. congressional committee voiced concerns Monday over growing deficits in trade with South Korea following the implementation of a free trade agreement.But the Joint Economic Committee, composed of 10 members each from the Senate and the House of Representatives, said it’s premature to conclude that the FTA was a mistake.In a report on U.S. trade with South Korea, the committee pointed out, “Since the free trade agreement was implemented in March 2012, imports fro
Oct. 2, 2012
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Samsung, Hyundai Motor see brand boost
Electronics giant named one of top 10 global brands while carmaker ranked 53rd in worldFor the first time, Samsung Electronics was included on the list of the world’s 10 most valuable brands selected by Interbrand on Tuesday.Hyundai Motor and its affiliate Kia Motors also saw their brand values highly estimated by the agency, being ranked 53rd and 87th, respectively, on the list published by the world’s leading brand management consultancy.According to the 13th annual Best Global Brands report f
IndustryOct. 2, 2012
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Toys imported from U.S., Europe ‘overpriced’
Toys from the U.S. or European Union countries are sold here at prices up to 165.2 percent higher than in the countries of origin, the Korea Consumer Agency said on Tuesday. According to the KCA’s research on 1,140 imported toys sold in 75 local department stores, discount marts, toy shops and online stores, most of the toys were sold at remarkably high prices to Korean consumers. Toys from the U.S. showed the highest price gains with a minimum of 94 percent higher than U.S. prices, up to 165.2
IndustryOct. 2, 2012
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POSCO faces hurdle in buying Australian steel maker Arrium
Despite differences over takeover terms, bidding is likely to continue, analysts sayKorean steel giant POSCO is facing a bumpy road to take over Arrium, Australia’s second-largest steelmaker, on disagreements over its stock value. A consortium named Steelmakers Australia, which POSCO has joined as a strategic investor, offered 1.2 trillion won ($1.03 billion), or 860 won (78 cents) per share, to Arrium last Friday to buy all Arrium shares, but the Australian steel maker, previously known as OneS
IndustryOct. 2, 2012
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Samsung chief Lee’s stock value tops W10tr
The chief of Samsung Electronics Co., South Korea’s top market cap, is the wealthiest share holder in South Korea with his value of stock holdings soaring 22 percent through Friday this year, data showed Tuesday.Chairman Lee Kun-hee held 10.8 trillion won ($9.7 billion) worth of shares as of Friday, up 1.97 trillion won from Jan.2, according to the data compiled by Chaebul.com, which provides information on conglomerates.The business mogul’s stock holdings include a 3.38 percent stake in Samsung
Oct. 2, 2012
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Youth start-up programs young, but blooming
Public and private sectors boost entrepreneurial support to tackle nation’s unemployment problemIn an effort to tackle youth unemployment and boost young people’s enthusiasm for starting their own businesses in a conglomerate-dominated economy, the public and private sectors alike are boosting their entrepreneurship programs for ambitious new university graduates.Chung Ju-yung Entrepreneurship Competition The latest of these programs is the Asan Nanum Foundation’s Chung Ju-yung Entrepreneurship
Oct. 2, 2012