Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Lee Jong-sup resigns as envoy to Australia
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Recent water action detected on Mars
(MCT)Areas of Mars may have been shaped by liquid water in recent geologic times, suggesting more favorable conditions for life, European researchers say.Scientists at the University of Gothenburg, Sweden, along with colleagues from Germany, said their study shows large parts of the planet's Northern Hemisphere have undergone a number of freeze-thaw cycles, similar to what occurs on Earth."This pr
TechnologyJune 26, 2012
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Seoul shares open lower on EU doubt
South Korean stocks opened a tad lower Tuesday, dampened by concern that this week's European Union summit will not suffice to tame the prolonged crisis, analysts said.The Korea Composite Stock Price Index (KOSPI) declined 1.19 points, or 0.07 percent, to 1,824.19 in the first 15 minutes of trading.Shares lost ground across the board, with steelmakers and machineries leading the fall.Top-cap Samsu
June 26, 2012
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Critics blast Tennessee's 'no holding-hands bill'
Spurred by a classroom demonstration involving a sex toy, Tennessee recently enacted a pro-abstinence sex education law that is among the strictest in the nation.The most debated section of the bill bars educators from promoting "gateway sexual activity." But supporters seemed too squeamish during floor debate to specify what that meant, so critics soon labeled it the "no holding-hands bill."One t
TechnologyJune 26, 2012
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Consumer sentiment falls in June
South Korea's consumer confidence fell in June from the previous month due to persistent eurozone uncertainties and a slowdown in domestic production and spending, the central bank said Tuesday.The consumer sentiment index (CSI), which gauges consumers' overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 105 in May, according to the Bank of K
June 26, 2012
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Trucker strike spooks business
The nation’s unionized truck drivers walked out of their jobs on Monday, demanding a 30 percent hike in trucking fees and legislation of a guaranted minimum wage and labor rights.Government and industry officials expressed worries over the impact on the economy from the general strike, which comes three years after truckers staged a strike in June 2009.Public officials are also concerned about the possibility that parcel delivery service workers will follow suit.Government officials said about t
IndustryJune 25, 2012
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SK Planet secures over 5m mobile payment users
SK Planet said Monday that the number of users of its mobile payment platform has exceeded 5 million since the company launched it two years ago.Named “Smart Wallet,” the mobile platform allows consumers to use coupons, gift cards, royalty and credit cards via their smartphones without having to carry all of different plastic cards for shopping.The platform was launched in June 2010, and hit 1 million users in nine months, and 3 million November last year, the company said.SK Planet, the mobile
TechnologyJune 25, 2012
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Samsung targeting 10 million sales of Galaxy S3 by July
Samsung Electronics’ mobile chief Shin Jong-kyun said Monday that the company aims to sell up to 10 million units of its new flagship smartphone Galaxy S3 worldwide by next month.“We expect it to surpass the 10 million mark by the end of next month as it is being well-received globally,” he said in a media event held to introduce the handset to Korean consumers.“It will be noted as the mobile phone that reached the 10 million mark faster than any other phone in Samsung’s history and it is finall
IndustryJune 25, 2012
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Hyundai Motor chief calls for measures against euro crisis
Hyundai Motor Group chairman Chung Mong-koo called for its affiliates on Monday to devise measures to defend against the deepening eurozone crisis.The chairman gave the instruction during a meeting of heads of overseas branches of Hyundai Motor and Kia Motors, which was convened to check on the global production and marketing strategy for the second half of this year. Company officials said the chairman is trying to find solutions to protect its sales growth amid the European economic crisis, wh
June 25, 2012
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MBK Partners preferred bidder for Hi-mart
Lotte’s bid failure pulls down shares of Lotte Shopping, Hi-mart and EugeneMBK Partners, the largest private equity fund in Korea, was chosen over Lotte Shopping Co. as the preferred bidder for a controlling stake in Hi-mart Co., the country’s No. 1 electronics retailer.MBK Partners offered to buy the 65.25 percent stake in Hi-mart for over 1.25 trillion won ($1.07 billion), which translates into about 8,000 won per share, according to sources.The stake includes a 31.34 percent stake held by Eug
IndustryJune 25, 2012
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China’s environment policy to benefit Samsung SDI: report
HONG KONG (Yonhap News) ― Samsung SDI Co., a South Korean manufacturer of hybrid car batteries, will likely benefit from China’s eco-friendly vehicle policy as China has grown to become the world’s largest auto market, a report by a final services firm said Monday. Shinhan Investment Corp. said in the report that Samsung SDI will gain long-term growth momentum from China’s eco-friendly vehicle promotion.“China’s promotion of the eco-friendly vehicle industry is not a choice but a must,” said Soh
June 25, 2012
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Korea to face tough challenges as population hits 50m mark: official
South Korea is expected to face tough challenges now that its population has surpassed the 50 million mark, a senior economic policymaker said Monday.Vice Finance Minister Shin Je-yoon told an economic strategy coordination committee meeting that the population increase comes amid very low birthrates and rising concerns of reduced growth potential.“The population will grow for the time being to help create a domestic market for goods, but rapid population aging will trigger various social proble
June 25, 2012
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Seoul stocks fall 1.19% ahead of EU summit
South Korean stocks fell 1.19 percent Monday ahead of a European Union summit and amid weak U.S. and Chinese economic data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index plunged 22.01 points to 1,825.38, marking the third straight session of decline. Trading volume was very light at 277 million shares worth 4.08 trillion won ($3.51 billion), with losers outpacing gainers 501 to 316.“There is persistent uncertainty surrounding the E
June 25, 2012
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Korea reports sharp fall in Iran oil imports
Korea’s May imports of Iranian crude oil fell 39.5 percent from a year earlier to 3.96 million barrels as it cuts shipments in line with a U.S. sanctions drive, figures showed Monday.Imports from January to May dropped 15.7 percent from the same period last year, according to the preliminary figures from the state Korea National Oil Corp.May’s imports from Iran were down 47.3 percent month-on-month. Korea has in the past imported about 10 percent of its crude needs from Iran. It is cutting purch
June 25, 2012
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SK Hynix introduces SSD for consumers
SK Hynix said Monday that it released its first solid-state drive product for general consumers.The client 2.5-inch SSD, named “SH910,” consists of ONFI synchronous NAND flash memory using 20 nanometer-class process, with available capacities of 128GB and 256GB.It significantly improves speed and reliability by adopting the Serial Advanced Technology Attachment 3 interface with data transmissions of 6Gbit per second. The super-fast storage device generates sequential read speeds of 510MB/s and s
TechnologyJune 25, 2012
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Insurer loan default rate edges up in April
The default rate on loans extended by South Korean insurers inched up as of end-April from a month earlier, mainly due to a slight rise in overdue household and corporate loans, the financial regulator said Monday.The average ratio of overdue loans came to 0.80 percent of total lending by local life and non-life insurers, up 0.04 percentage points from the end of March, the Financial Supervisory Service said in a report.The April figure, however, marks a 0.29 percentage point dip from a year ear
June 25, 2012
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Korea declares war on new types of drugs
Customs service sets up unit to block inflow of designer drugs such as synthetic marijuanaThe Korea Customs Service said Monday it launched a campaign against the trafficking of new types of narcotics, such as synthetic marijuana, a day ahead of the U.N.-designated International Day against Drug Abuse and Illicit Trafficking.Increasing volumes of the so-called “designer drugs,” including synthetic marijuana and synthetic cathinones, are being smuggled into Korea.Designer drugs are created to eva
June 25, 2012
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FKCCI to hold networking session
An informal business networking session organized by the French Korean Chamber of Commerce and Industry will be held on July 12. As the latest installment in the chamber’s regular “cafe du commerce” series, next month’s session will take place at the Novotel Seoul Ambassador Gangnam in southern Seoul.Participants will also be able to enjoy a selection of French wines and dishes from a buffet that features traditional and regional cuisine from France. For more details, please email novogfbcoord@a
June 25, 2012
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CanCham Korea to celebrate national day
The Canada Chamber of Commerce in Korea will hold a Canada Day 2012 event on July 1.It will take place at the Embassy of Canada, located in Jung-gu, central Seoul.The event will be divided into two parts, and the second requires advance registration, according to a CanCham spokesperson. Those interested in attending the event should contact pr@canchamkorea.org.
June 25, 2012
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AustCham to hold donation drive Saturday
The Australian Chamber of Commerce in Korea will hold a donation drive on June 30.The chamber is asking patrons to donate gently used clothing and shoes in good condition, as well as used kitchenware, linen, bedding and curtains. Other wished-for items include used toys, CDs, DVDs and books. According to AustCham Korea, the media items can be in any language. Donations can be made via several options, including drop-off points in Itaewon and Sinchon, a pick-up service, or even a “quick service”
June 25, 2012
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Foreign execs recharge with weekend activities, excursions
Join family and friends for sports, cultural outings, gardeningOn a typical weekend, one can find Danish business executive Steen Lauge Kokkenborg at a traditional Korean market, scouring the stalls for locally sourced, hard-to-find ingredients. “My wife and I share the Koreans’ passion for food ... (so) one of our favorite pastimes is to go and look for ingredients among the hundreds of stalls selling vegetables, fruits, meats and herbs,” he said. Kokkenborg, who currently serves as the general
June 25, 2012