Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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Rapper jailed after public street fight with another rapper
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New head of doctors' association vows war in case of disadvantage to medical professors
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Software mogul to sell part of stake in company to finance new charity
SEOUL, Feb. 7 (Yonhap) -- Software mogul Ahn Cheol-soo unveiled more details of his management plan for his new charity Tuesday, saying he will sell part of his stake in his software company to raise the funds needed to operate the charity.Ahn, the founder of the nation's largest anti-computer virus
IndustryFeb. 7, 2012
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Korea prioritizes inflation amid growth slowdown
The Finance Ministry on Tuesday reiterated that the inflation fight is its top priority for the coming months, even as it sees growth slowing further from external risks and weak consumer sentiment.Its report to the National Assembly said it aims to keep inflation in the low 3-percent range, a challenging task given the worries about higher oil prices that are driving price expectations higher.“Price stability is our policy priority for this year also. Measures will target making the low-income
Feb. 7, 2012
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Korean companies shift from ‘Made in Asia’ to ‘Made for Asia’
Recent weeks have seen Korea post a string of gloomy economic figures.The country’s trade balance went into the red for the first time in two years in January, according to data released by the Ministry of Knowledge Economy last week.Figures from the central bank revealed a week earlier that gross domestic product grew by only 0.4 percent in the final quarter of 2011, the slowest rate in two years. Consumption by indebted households declined for the first time in three years, slipping 0.4 percen
Feb. 7, 2012
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Is Asian economy entering a golden age?
Robust growth, strong domestic demand, fiscal health brighten prospectsIn its outlook for the Asian economy last month, the International Monetary Fund forecast growth would come close to 6 percent in 2012 and further recover to 6.5 percent next year.Though revised slightly down, the projections nonetheless confirmed that Asia would “hold firm” as the world’s fastest growing region in the face of global financial turmoil and the eurozone’s debt problem. The IMF cut its growth outlook for the wo
Feb. 7, 2012
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Hyundai Oilbank, Shell in joint venture
Hyundai Oilbank said Tuesday it will jump into the lubricant base oil business by establishing a joint venture with Shell Petroleum Co. next month.With plans to start production in the latter half of 2014, the joint venture, named Hyundai and Shell Base Oil Co., will break ground on a factory in October.Lubricant base oils, also known as base oils, are the primary hydrocarbon components of industrial lubricants such as engine oil, transmission fluid, hydraulic fluid, gear oil and metal working o
IndustryFeb. 7, 2012
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SaKong will not seek second term: KITA
SaKong Il, chairman of the Korea International Trade Association, will not seek a second term despite his upbeat reappointment prospects, the state-run trade body said Tuesday. SaKong, 73, has been overseeing the association’s operations, including supporting small- and mid-size firms and improving the domestic business environment over the past three years. His term is to expire Feb. 22. “I wish to contribute to the development of the national economy and trade industry as a Korean citizen with
IndustryFeb. 7, 2012
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Woongjin’s decision to sell Coway draws mixed response
Woongjin Group’s announcement that it would unload its water purifier unit, Woongjin Coway, sparked mixed reactions among investors and analysts on Tuesday, as demonstrated in the steep price changes of related shares.Woongjin Holdings shares shot up 14.9 percent to close at 7,250 won on Tuesday, reflecting a positive reaction to the plan to sell off Coway. Woongjin Chemical also climbed 13.46 percent to 1,180 won and Woongjin Energy surged 14.87 percent to 8,190 won. The chemical and energy aff
IndustryFeb. 7, 2012
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BOK could resolve household debt: Goldman Sachs
Moody’s says Korean banks vulnerable to eurozone debt crisisA global investment bank cited the central bank’s monetary policy as a key solution to resolving the growing worries over the record-high household debt.Goldman Sachs predicted that a soft landing of Korea’s household debt will be possible according to the Bank of Korea’s interest rate-setting.Its optimistic view could be contradictory to the prevailing anxiety in the market that household debt is a ticking time-bomb as outstanding cons
Feb. 7, 2012
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Finance chief cautious on new tax proposal on stock profit
Finance Minister Bahk Jae-wan said Tuesday that the government is cautious about the ruling party’s proposal to impose a new capital gains tax on profits from stock transactions, out of concern over potential negative impact on foreign investments in the local bourse. The minister made the remark at a parliamentary meeting as the ruling party is pushing to revise the current taxation system to impose taxes on stock gains and increase taxes on the wealthy as part of efforts to woo voters unhappy
Feb. 7, 2012
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Korea-EU trade volume up 3.9% after FTA
The trade volume between South Korea and the European Union increased 3.9 percent on-year over the six months after their bilateral free trade agreement took effect in July, the Trade Ministry said Tuesday.Korea saw its trade surplus with the world’s largest economic bloc, however, sharply narrow to $740 million from $6.92 billion over the cited period, the ministry said, without disclosing the value of bilateral trade.According to the ministry, the sharp decline in Seoul’s trade surplus with th
Feb. 7, 2012
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Shares gain on eased Greece woes
Korean stocks closed 0.43 percent higher Tuesday on eased concerns over Greek debt problems, analysts said. The local currency gained against the U.S. dollar.Moving in a tight range, the benchmark Korea Composite Stock Price Index gained 8.46 points to 1,981.59. Trading volume was heavy at 532.5 million shares worth 6.50 trillion won ($5.81 billion) with gainers outstripping losers 447 to 393. “Investors are taking a wait-and-see approach. Investor angst was offset by anticipation that the debt
Feb. 7, 2012
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Hana’s Kim reappointed to head Miso Foundation
Hana Financial Group chairman Kim Seung-yu has been reappointed to head the government-backed nationwide microfinance program for another three years, the financial holding company said Tuesday.“Chairman Kim decided to take the leadership for the microcredit institution for another three years upon a request from the government,” a Hana Financial official was quoted as saying. President Lee Myung-bak in 2010 installed his college classmate Kim as the head of Miso Foundation which runs about more
Feb. 7, 2012
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Card firms to cut rates on overdue payments
Companies’ decision reflects government move to cope with delinquent loansCredit card companies decided to lower the interest rates on customers’ overdue payments by a maximum of 1 percentage point.Their move comes after the Financial Supervisory Service issued a warning against reckless credit card loans with high interest rates.Major firms ― Shinhan Card, KB Kookmin Card, Samsung Card, Lotte Card and Hana SK Card ― will slash the extra rates on delinquent loans.Shinhan Card, the nation’s No. 1
Feb. 7, 2012
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Understanding climate change through Expo
The following article was contributed by Secretary General Kim Keun-soo of the Organizing Committee for Expo 2012 Yeosu Korea. ― Ed.On Jan. 10, the Bulletin of the Atomic Scientists announced that they were moving the minute hand of the Doomsday Clock one minute closer to midnight. It is now at only five minutes to midnight. The clock is ticking.The scientists pointed towards the possibility of nuclear war and climate change as the two major threats to the survival of humankind. The point to tak
Feb. 7, 2012
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Controversy rekindled over large retail firms’ ‘super supermakets’
Lotte, Shinsegae and Homeplus bid for smaller grocery chains and Hi-Mart, while small shops, traditional markets sufferAfter two years of dormancy, Korea’s major retailers are charging into the supermarket business again, prompting concerns about further damage to small vendors and traditional marketplaces that are already struggling to keep afloat. Lotte, Shinsegae and Homeplus have been looking to set up chains of so-called super-supermarkets ― shops smaller than discount outlets and larger th
IndustryFeb. 7, 2012
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Foreign outdoor brands over 50% more expensive in Korea
Korean consumers pay over 50 percent more on average for products of major foreign outdoor brands, a civic organization said Tuesday.According to the research by Seoul's Young Men's Christian Association (YMCA), local retail prices of 23 functional outdoor products offered by five brands -- The Nort
IndustryFeb. 7, 2012
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BOK to freeze key interest rate in Feb.: poll
Korea’s central bank is expected to keep its key interest rate steady for the eighth straight month in February due to persistent inflation concerns and downside risks to the domestic economy, a poll showed Tuesday. All 14 analysts forecast that the Bank of Korea will freeze the benchmark 7-day repo rate at 3.25 percent on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency. Still-elevated inflationary pressure and looming external uncertainties will
Feb. 7, 2012
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Smoking linked to mental decline in men: study
WASHINGTON (AFP) - Men who smoke experience greater mental declines over time than men who never smoked, but the same link does not appear among women, said a British study published in the United States on Monday.The research suggested that the effects of long-term cigarette smoking show up terms o
TechnologyFeb. 7, 2012
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Soldiers might be able to control weapons with minds
Wars of the next century may look a lot like a scene from a science fiction movies or video games, with soldiers controlling machines with their minds, guns that shoot harmful waves, and neural stimulation to boost performances, Britain’s Daily Telegraph reports. MCTA report by Royal Soci
TechnologyFeb. 7, 2012
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3D printer creates new jaw for woman
A Belgian woman is able to chew, speak and breathe normally after the implantation of a new jawbone created on a 3D printer, doctors say.The replacement jaw, created out of a fine titanium powder sculpted layer by layer by a precision laser beam, has proved a successful substitute for her own jaw al
TechnologyFeb. 7, 2012