Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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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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Yoon's approval rating plunges to all-time low
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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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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Foreign firms’ hiring to drop by 50% in H2
Foreign companies in Korea are expected to hire only half the number of new university-graduates in the second half of this year compared to the same period last year, data showed.Of 72 firms recently surveyed by online job search portal Job Korea, about 20 foreign companies, or 27.8 percent, said that they plan to hire university graduates. Among the rest, 63.9 percent answered that they have no plans of new employment and 8.3 percent said it is not decided yet. In the same survey conducted ear
IndustrySept. 10, 2012
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Boost from foreign investment comes with risks
Renault Samsung accepts voluntary retirement from 14% of workersRestructuring and downsizing are sweeping the foreign business community in Korea following lackluster sales amid the global economic slowdown stemming from the financial crisis in Europe.Korean equities continue to receive increasing attention from foreigners whose large investment, could lead to further volatility in the stock market when the global economy faces another tumble.These market trends show an overall picture of the li
Sept. 10, 2012
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Creditors to pour W200b into Ssangyong E&C
Ssangyong Engineering and Construction said Monday that its largest shareholder Korea Asset Management Corp. and other creditor banks have agreed to inject 200 billion won ($180 million) to support the troubled builder. A risk management committee at KAMCO recently approved a liquidity support plan, with the first batch of support worth 70 billion won expected to be made on Tuesday. Ssangyong offi
IndustrySept. 10, 2012
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Violent games can ease pain: study
People may develop a higher tolerance toward pain by playing video games that involve players shooting and killing enemies, British scientists claimed on Friday.According to research by Keele University, playing “first-person shooter” games enabled players to endure pain for 65 percent longer than those who played a non-violent golf game.The 40 participants of the study were asked to play both the violent and non-violent games for 10 minutes and then to place a hand in ice-cold water to test pa
TechnologySept. 10, 2012
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S. Korea unveils 5.9 tln won worth of stimulus measures
South Korea unveiled an additional 5.9 trillion won (US$5.23 billion) worth of fiscal support Monday as part of its efforts to boost domestic demand amid worries tough overseas market conditions are casting a pall over the country's export-driven economic growth.According to the finance ministry, the government will push for additional fiscal support worth 4.6 trillion won this year and 1.3 trilli
Sept. 10, 2012
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Seoul developing new bullet train for commercial use in 2015
South Korea is currently developing a new bullet train that has already set a new speed record during its initial test run, the government said Monday.The HEMU-430X is an indigenous express train with an anticipated maximum speed of 430 kilometers per hour (km/h).The train was developed as part of a national research and development project and began its test run in June, according to the Ministry
IndustrySept. 10, 2012
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S. Korea's producer prices rebound in Aug.
South Korea's producer prices rebounded in August from the previous month as oil costs and agricultural product prices increased, the central bank said Monday.The producer price index, a barometer of future consumer inflation, rose 0.3 percent last month from a year earlier, compared with a 0.1 percent on-year fall in July, according to the Bank of Korea (BOK). July marked the first month in nearl
Sept. 10, 2012
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Korea has one of lowest debt-to-GDP ratios in OECD
The ratio of South Korea’s national debt to gross domestic product last year ranked 30th among 34 OECD member countries, according to CIA’s World Factbook on Sunday. The nation’s national debt ratio last year marked 33.6 percent, which was down by 1 percent compared to the previous year. Global credit ratings agency Fitch upgraded Korea’s credibility rating a notch on Thursday from “A+” to “AA-” commenting on its financial health. Japan was the OECD country with the highest national-debt-to-GDP
Sept. 9, 2012
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U.S. firm looks for Korean opportunities with radiation exposure detection kit
Detecting radiation exposure is a time-consuming and expensive procedure, with conventional blood-based tests costing thousands of dollars and taking days before results come out.A small Los Angeles-based company hopes to revolutionize the process. According to CEO of DxTerity Diagnostics Bob Terbrueggen, the company’s DxDirect technology represents an opportunity to lower testing costs, and to improve the way the authorities deal with incidents where a large number of people are exposed to radi
TechnologySept. 9, 2012
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Local team finds protein linked to cancer spread
Discovery could open new possibilities for treatment methodsCancer is one of the most prevalent chronic health conditions in the world, and affects millions of people across the globe each year.According to one estimate, as many as 12.7 million people developed cancer in 2008 alone, and 7.6 million people are thought to have succumbed to cancer in that year. Korea had the world’s 24th-highest cancer frequency in 2008 for both sexes, according to the World Cancer Research Fund International. One
TechnologySept. 9, 2012
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Hyundai Heavy Industries ties up with U.S. firm
Hyundai Heavy Industries Co., South Korea’s top shipbuilder, said that it has sealed a deal to set up a joint venture with a U.S. firm in order to make inroads into the construction equipment engine business.Under the contract with Cummins Inc., the joint venture, Hyundai-Cummins Engine Co., will be located at an industrial complex in Daegu, 302 kilometers south of Seoul, and start mass production from 2014, said the company in a filing.Hyundai Heavy said that the joint venture is expected to po
IndustrySept. 9, 2012
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Shares likely to further rise this week
Korean stocks are expected to move higher this week on growing expectations that the U.S. Federal Reserve will roll out additional credit easing measures, analysts said Saturday.The country’s key stock index, the KOSPI, gained 0.7 percent this week to close at 1,929.58 on Friday. On Friday alone, the index rallied 2.57 percent as investors cheered the bond-buying program of the European Central Bank amid a recent lack of upward momentum.“This week is packed with a series of events, including the
Sept. 9, 2012
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Korea’s automobile exports drop to 3-year low in August
Korea’s exports of cars dropped sharply from a year earlier in August due to a large cut in production caused by labor strikes that also led to shrinking domestic sales, the government said Sunday.Outbound shipments by the country’s five automakers came to 164,805 vehicles in August, down 23.6 percent from the same month last year, according to the Ministry of Knowledge Economy.The August figure marks the lowest tally in 36 months since August 2009, and also the first year-on-year drop in 2012.T
TechnologySept. 9, 2012
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Creditors to complete funding for Ssangyong E&C this month
Creditors of Ssangyong Engineering and Construction have decided to complete liquidity support for the financially troubled builder within this month, industry sources said Sunday. The nation’s 13th-largest construction firm is currently struggling to pay back huge debts worth about 100 billion won ($88 million) due this year. On Friday, creditors, led by Woori Bank, started an inspection into the company’s financial health to finalize the amount of financial support the company would get. Korea
IndustrySept. 9, 2012
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STX seeks business ties in Russia
STX Group, a Korean shipbuilding and trading conglomerate, said Sunday that it has agreed with Russia’s leading mining company Mechel on a strategic business partnership in shipping and harbor development projects. STX Group chairman Kang Duk-soo and Mechel CEO Igor Zyuzin signed a memorandum of understanding in a meeting on Saturday on the sidelines of the APEC CEO Summit held in Vladivostok, Russia. Under the agreement, the two companies agreed to cooperate on the supply of solid fuel for powe
IndustrySept. 9, 2012
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Samsung says Apple patent invalid as court hears claim on Galaxy
Samsung Electronics Co. said Apple Inc.’s patent claim on so-called multi-touch flags is not valid, as its main competitor in smartphones pursues an infringement case in the Netherlands to ban Samsung Galaxy handsets.Apple claims Galaxy smartphones and tablets infringe the patent that interprets finger activity on touchscreens. Cupertino, California-based Apple lost an earlier claim against HTC Corp. in the U.K. for infringing the patent, as a U.K. judge said it was invalid because it was too ob
TechnologySept. 9, 2012
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KT launches app platform for Japan’s NTT Docomo
KT said Sunday that it has introduced an app platform for NTT Docomo, Japan’s biggest mobile carrier, marking the first time a Korean telecom company has developed an app market overseas.The development of the platform, named “Olleh Market W,” is part of KT’s efforts to become a global media distribution group.Also, this project was in line with “One Asia Super Inter-Store,” or OASIS, which seeks to promote app exchanges among China, Japan and Korea. KT, NTT and China Mobile formed a strategic a
TechnologySept. 9, 2012
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Consumer spending enters deeper slump
Government to announce new plan to invest additional W2tr to revitalize domestic consumptionThe nation’s domestic consumption is showing signs of further contraction as major retailers including department stores and giant marts recorded declining sales last month. Sales at local department stores dropped for three consecutive months since June, decreasing by 6.1 percent in August from the previous month, the Ministry of Strategy and Finance said on Sunday. It is the first time the figure droppe
Sept. 9, 2012
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Galaxy S3 to push Samsung profit past W7tr
Tech giant likely to report record operating profit in Q3, analysts forecastSamsung Electronics is expected to post record earnings again in the third quarter this year, and enter an era of 7 trillion won in operating profit, despite remaining legal challenges with Apple and the global economic slowdown.The world’s largest tech company by revenue is estimated to achieve some 7.6 trillion won ($6.7 billion) in operating profit from July to September, up 78 percent from a year ago.Its sales will i
IndustrySept. 9, 2012
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Hyundai Veloster passes Mini Cooper in U.S.
Hyundai Motor Co.’s sports compact Veloster outperformed BMW Mini Cooper in the U.S. market for the first time this year in August, the South Korean automaker said Sunday.According to Hyundai Motor, South Korea’s largest automaker, the company sold 3,708 units of the Veloster last month, making it the second most popular vehicle of its segment in the U.S. following the Fiat 500, which sold 4,150 units in August.The Mini Cooper of BMW AG came in third place with 3,688 units sold in August.This is
MobilitySept. 9, 2012