Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Woman dangling from power lines rescued by residents holding blanket
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Naver Q1 net income soars 1,171.9% on growth of major businesses
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Seoul shares open higher on technical gains
South Korean stocks started higher on Friday, led by gains in blue-chip shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 9.16 points, or 0.51 percent, to 1,794.55 in the first 15 minutes of trading.On Thursday, the KOSPI dropped 2.24 percent to close at 1,785.39 points on growing concerns over a slowdown in Asia's fourth-largest economy.Most shares gained groun
July 13, 2012
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BOK cuts 2012 growth outlook to 3 percent
South Korea's central bank on Friday sharply cut its 2012 economic growth outlook to 3 percent as exports are feared to lose steam amid the protracted eurozone debt crisis.The downward revision by the Bank of Korea (BOK) is compared with its earlier estimate of 3.5 percent made in April. In the second half, Asia's fourth-largest economy is expected to grow 3.2 percent, picking up from a 2.7 percen
July 13, 2012
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BOK cuts key rate to 3.0%
Korea’s central bank cut its key interest rate for the first time in more than three years in what it said is a pre-emptive response to growing economic uncertainties in the wake of the persistent eurozone debt crisis.The Bank of Korea’s monetary policy committee said it decided to cut the key interest rate from 3.25 percent to 3 percent on Thursday. It is the first time that the BOK has lowered the key interest rate since February 2009.The change is an end to the BOK’s freeze of the key policy
July 12, 2012
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S. Korean team develops substance that blocks spread of cancer
A team of South Korean scientists has developed a new substance that helps track and even prevent the spread of cancer cells from a primary tumor to adjacent organs, the science ministry said Thursday.The team, led by Prof. Lee Seong-wook of Dankook University, has developed an RNA aptamer that binds to colorectal cancer cells in a peculiar way that makes the cancer cells easily identifiable, according to the Ministry of Education, Science and Technology.Easily detectable cancer cells in turn ma
TechnologyJuly 12, 2012
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Philip Morris’ new menthol-taste product
Philip Morris International Korea added a new menthol-scented product, Parliament Hybrid 2 in 1, to its line-up of on Thursday. The new product has a special capsule inserted within each filter which, once broken, releases a taste of menthol. Smokers can twist-and-break the inserted menthol filter for stronger menthol taste, whereas those who prefer classic cigarettes can leave the capsule unbroken, the company said. Parliament Hybrid 2 in 1 is “rich both in the classical taste of cigarette and
July 12, 2012
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Metal workers to stage four-hour strike Friday
An estimated 130,000 workers at 211 companies nationwide will stage a one-day strike on Friday, complying with an umbrella labor group’s call for improved working conditions, labor unionists said Thursday.The 211 firms, which include the nation’s top automakers ― Hyundai Motor Co., Kia Motors Corp., and GM Korea Co. ― are all affiliated with the country’s largest industrial union, the Korean Metal Workers’ Union, which has about 170,0000 workers in the local automobile, steel, machinery and ship
July 12, 2012
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Kakao, Samsung Galaxy top IT search on Google
“Kakao Talk” was the most popular information and technology search term on Google in the first half of this year, said Google Korea.Korea’s mobile messenger, used by some 50 million people worldwide, recently made headlines over the announcement of its free mobile Voice over Internet Protocol service Voice Talk.This has led to escalating tension between Kakao and two giant mobile carriers ― SK Telecom and KT, further helping Kakao Talk to be the most searched term on Google, the Korean subsidia
TechnologyJuly 12, 2012
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Hanbul Motor introduces second model of DS line
Hanbul Motors, the official importer and distributor of Citroen vehicles, unveiled the DS4, the second of its DS line, on Thursday in Seoul. The winner of “the Most Beautiful Car of the Year” by Eurosport Magazine in 2011, Citroen DS4 combines a coupe style with two-plus-two door practicality, and offers three full-sized rear seats, accessed by rear doors with hidden handles that are seamlessly integrated into its design. The new DS model also provides a capacious 370-liter boot and a host of c
MobilityJuly 12, 2012
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Samsung to showcase Galaxy Note 2 ahead of IFA 2012
Samsung Electronics is most likely to showcase its new wireless gadget Galaxy Note 2 at an event prior to the IFA electronics trade show in Berlin later in August.According to industry sources, the world’s top smartphone maker is expected to hold its “Mobile Unpack” event with its mobile chief Shin Jong-kyun present at its press event on Aug. 30. IFA runs from Aug. 31-Sept. 5.The company has yet to release its final showcase date of the gadget which is categorized to be between a smartphone and
IndustryJuly 12, 2012
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Hyundai Motor’s 6-month sales rise 2.6% in China
HONG KONG (Yonhap News) ― Hyundai Motor Co. sold more than 370,000 vehicles in China in the first six months of this year, market data showed Thursday, showing a steady performance by South Korea’s largest automaker in the world’s largest auto market. The China Passenger Car Association, which provides automotive statistics every month, said Hyundai Motor sold 372,801 units in China during the January-June period, up 2.6 percent from a year earlier.In the month of June, Hyundai Motor sold 58,150
MobilityJuly 12, 2012
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KT switches focus to going global
Korean telecom giant aims for W4 trillion in sales abroad by 2015KT, the country’s biggest fixed-line service operator, is aiming to become a leading global company, projecting about 4 trillion won ($3.47 billion) in overseas yearly sales and global projects taking up 10 percent of its operations by 2015. Although the firm did not unveil the specific outline of its global business, a top executive said it will proceed with the projects based on four rough strategies: participating in stake inve
IndustryJuly 12, 2012
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FTC chief opposes cap on conglomerate investment
The nation’s chief antitrust regulator reiterated his stance of skepticism toward calls for the revival of a ceiling on equity investment by big business groups at a forum in Seoul on Thursday.The remarks of Fair Trade Commission chairman Kim Dong-soo come while a group of opposition lawmakers are issuing the necessity of more rigidly regulating the conglomerate sector by reintroducing the equity investment ceiling.While some lawmakers argue the government should restrict conglomerates from inve
IndustryJuly 12, 2012
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Shares drop despite rate cut
South Korean stocks plunged 2.24 percent on Thursday as investors were not cheered by the central bank’s rate cut and foreigners dumped local stocks upon a futures and option expiry, analysts said. The local currency tumbled against the U.S. dollar.After starting 0.08 percent higher, the Korea Composite Stock Price Index dived 41 points to finish at 1,785.39, falling below the 1,800 level for the first time in more than a month.Trading volume was light at 314.5 million shares worth 4.24 trillion
July 12, 2012
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Banks’ long-term foreign borrowing costs decline
Korean banks’ long-term overseas borrowing costs fell sharply in June on the back of eased market conditions over the debt-mired eurozone, the financial watchdog said Thursday. The spread on mid- and long-term foreign borrowing by local lenders that mature in one year stood at 93 basis points at the end of last month, sliding from 112 basis points in May, according to the Financial Supervisory Service. A basis point is 0.01 percentage point. The spread on short-term overseas borrowing, however,
July 12, 2012
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Car registration slows
The rise in the number of registered vehicles in Korea slowed down in the first half mainly due to a large drop in new vehicle purchases, the Transportation Ministry said Thursday.The number of registered vehicles came to 18,661,866 as the end of June, up 1.2 percent from that of 2011 when the number had surged 2.8 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs.The slowdown was apparently caused by a significant drop in the number of new vehicle pu
July 12, 2012
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Only 32% of elderly benefit from public pension system
Only 32 percent of South Korean senior citizens benefit from the public pension system, stoking concern over financial difficulties for the aged population, data showed Thursday. The proportion of public pensioners aged 65 and older stood at 31.8 percent at the end of 2011, according to the data by Statistics Korea and the Financial Supervisory Service. Beneficiaries of the National Pension Service accounted for 28.3 percent of the elderly, with 3 percent benefiting from the pension fund for civ
July 12, 2012
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Luxury goods imports from EU soar after FTA
Korea’s imports of luxury goods from the European Union have surged since the implementation of a bilateral free trade deal a year earlier, customs data showed Thursday.Korea imported a total of $1.24 billion worth of wrist watches, bags, shoes, perfumes and cosmetic products from the EU between July 1, 2011, and June 30 this year, according to the data by the Korea Customs Service.That amount is up 21.68 percent from $1.02 billion worth of imports of such relatively high-priced products during
July 12, 2012
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Real-estate reform wanted, poll finds
Experts predict sentiment will worsen in latter half: KCCI surveyMore than half of Seoulites and the people residing in satellite cities said vitalization of the real estate market is necessary, a survey showed on Thursday.According to a poll by the Korea Chamber of Commerce and Industry, 54 percent of the 500 adults and 88 property experts said a boom in the real estate market is needed.About 20 percent of the respondents said vitalization is unnecessary while 25 percent of them did not pick ei
IndustryJuly 12, 2012
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Cookman releases new health-friendly products
Cookman, the Korea-based maker and distributor of the world’s first infrared-ray electric roasting pan, released its two new products “Cookman Premium S-II” and “Cookman New Silver S-II” this month.The two new products are equipped with some upgraded functions including a three-level control on fire intensity in which the user can adjust the heat level for personal taste. It also emits less smell or smoke while cooking than normal pans, ensuring both flavor and health, according to a company rep
IndustryJuly 12, 2012
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Chinese firm Greenland to invest $872 billion in Jeju Healthcare Town
Shanghai-based property developer the Greenland Group will invest about 1 trillion won ($872 billion) into the Jeju Healthcare Town project in the coming months. According to the Jeju Free International City Development Center, or JDC, the Chinese firm signed a memorandum of agreement with the Jeju business organization during a ceremony held in Shanghai, China, on Wednesday.Under the agreement, the Greenland Group will build recreational and cultural facilities, a medical research and developme
July 12, 2012