Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Apple EU design may lose reach in Samsung case over tablets, court says
A European Union design Apple Inc. (AAPL) used to win a sales ban on Samsung Electronics Co.’s Galaxy 10.1 tablets may be of limited value after new evidence was introduced in an appeal of the decision, a German court said. Samsung introduced as evidence a U.S. utility patent using a type of flat sc
TechnologyDec. 21, 2011
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Samsung becomes world's seventh largest laptop maker
SEOUL, Dec. 20 (Yonhap) -- Samsung Electronics Co., the world's top memory chipmaker, is also becoming a major supplier of laptop computers, more than quadrupling its global market share in just four years, market observers said Tuesday.The company's global market share rose from 1.4 percent in 2007
TechnologyDec. 20, 2011
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Korea to lower tariffs on 103 items to stabilize prices
South Korea will lower tariffs on a total of 103 products next year in a bid to help stabilize prices of goods frequently consumed by ordinary citizens, farmers and small enterprises, the Finance Ministry said Tuesday.The items, whose tariffs will be temporarily lowered or removed throughout next year under the tariff quota system, will include raw sugar, pork, garlic and butter, according to the Ministry of Strategy and Finance. There will be less products than the 112 imports that were eligibl
Dec. 20, 2011
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Korea’s IT gurus to gather in Las Vegas for electronics show
Hynix CEO Kwon to make appearance in the U.S. event early next monthHynix chief executive Kwon Oh-chul is expected to attend the Consumer Electronics Show in Las Vegas next month to meet with top officials of its U.S. business partners, industry sources said.Hynix chief executive Kwon Oh-chulKwon, t
TechnologyDec. 20, 2011
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Korea’s IT gurus to gather at Las Vegas tech show
Hynix CEO Kwon to make appearance in the U.S. event early next monthHynix chief executive Kwon Oh-chul is expected to attend the Consumer Electronics Show in Las Vegas next month to meet with top officials of its U.S. business partners, industry sources said.Kwon, top executive of the world’s No. 2 memory chipmaker, is most likely to go to the U.S. as demand for its two key products -- NAND Flash memory and mobile application processors -- is increasing with the sharp rise in smart devices such
IndustryDec. 20, 2011
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Strict diet could save brain from aging: study
WASHINGTON (AFP) - Eating less may keep the mind young, according to Italian scientists who reported Monday they have discovered the molecular process by which a strict diet may save the brain from the ravages of age.The research, published in the US journal the Proceedings of the National Academy o
TechnologyDec. 20, 2011
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Markets stabilizing after Kim’s death
Seoul stocks, currency rebound on receding worries over N.K. uncertaintySeoul stocks and the local currency rebounded modestly Tuesday on receding worries that the death of North Korean leader Kim Jong-il will bring drastic and immediate change to the economic climate.The benchmark KOSPI advanced 0.91 percent to 1,793.06, reversing its sharpest loss in six weeks from Monday after North Korea announced that the communist leader had died on Dec. 17. The won gained 1.07 percent against the dollar
Dec. 20, 2011
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Korea’s corporate profitability slips in Q3
South Korea’s corporate profitability worsened in the third quarter from a year earlier as increased commodity prices drove up costs and other expenses, the central bank said Tuesday.The average ratio of operating profit to sales, a key barometer of profitability, came in at 5.3 percent in the July-September period, down from 7.4 percent in the previous year, the Bank of Korea said in a report based on a survey of 1,522 listed companies.The result marked the second straight quarterly decline. Af
Dec. 20, 2011
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S. Korea to prepare action plans on FTA with Japan, China
South Korea will map out its action plans on a free trade agreement with China and Japan before the heads of state from the three Northeast Asian countries meet in May, the Finance Ministry said Tuesday. “Based on consultations with China and Japan and the results of the joint study (which was recently completed), we will prepare our action plans before the summit talks,” the finance ministry said in a press release. Detailed timetables, a negotiation road map and other preparations will be incl
Dec. 20, 2011
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Jeju, Nongshim in dispute over bottled water sales
Major foods company Nongshim on Tuesday hinted at legal action against Jeju Island for canceling their contract over the sales of Samdasoo, the nation’s No. 1 bottled water produced in the southernmost island. Jeju Special Self-governing Province Development Corp. said Monday that as its contract with Nongshim expires on March 14, it would find a new partner to continue the business. The province-run corporation considers, among other things, distributing the water products directly at major sal
IndustryDec. 20, 2011
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Hyundai Group head to visit North Korea for tribute
Hyundai Group chairwoman Hyun Jeong-eun plans to visit North Korea to pay a tribute to the late North Korean leader Kim Jong-il, company officials said on Tuesday.The plan was revealed as the South Korean government decided to allow her family members to visit the North for the tribute to Kim.The officials said the group will finalize the chairwoman’s visit schedule after having consultations with the Ministry of Unification. Earlier in the day, Hyun expressed her condolences over the death of t
IndustryDec. 20, 2011
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History indicates limited impact on bourse
Goldman Sachs sees N.K.’s transition unlikely to hurt southern economySouth Korea’s financial markets are expected to get back to normal after a setback on Monday following the death of North Korean leader Kim Jong-il, analysts said on Tuesday. The KOSPI’s historical patterns indicate that the latest shock will not have a serious impact on the index, while risk signals such as credit default swap premiums remain stable. Foreign investors haven’t shifted their stance drastically on the local bour
Dec. 20, 2011
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Top two private lenders face suspension
The nation’s two largest private lenders face suspension for allegedly charging some borrowers illegal interest rates, officials said on Tuesday.Gangnam Ward Office of Seoul, which has investigated these practices in coordination with the Financial Supervisory Service, said Tuesday that it would halt the operations of Rush N Cash and Sanwa Money soon.The private loan industry’s No. 1 player Rush N Cash and No. 2 player Sanwa Money have been suspected of violating the upper ceiling of 39 percent
Dec. 20, 2011
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Economy to grow 3.4% in 2012: think tank
South Korea‘s economy will likely grow 3.4 percent in 2012, down from 3.8 percent growth projected for this year, as global economic uncertainties affect exports, a private think tank said Tuesday. In its outlook for next year, LG Economic Research Institute said sluggish growth in industrialized economies is expected to hurt demand for durable goods and related parts. Such developments can directly impact the country’s outbound shipments.The institute said there may be some improvements in dome
Dec. 20, 2011
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Korea seeks river restoration tech exports
The government’s multi-billion-dollar efforts to revamp the country’s major river basins are about to bear some fruit as it nears a deal with foreign partners to transfer related technology.The Lee Myung-bak administration has been ratcheting up its ambitions to export its much-touted recipe for refurbishing waterways and wetlands as a means to offset simmering criticism over the feasibility of the costly project and its potential side effects on wildlife conservation.The government is expecting
IndustryDec. 20, 2011
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Hyundai E&C devoted to co-prosperity with suppliers
Korea’s biggest builder expands low-interest loans and technology development for subcontractorsHyundai Engineering & Construction, Korea’s largest builder, is expanding its campaigns to prop up smaller partners and suppliers as it strives to build a level playing field in Asia’s fourth-largest economy.Co-prosperity has been a keyword for corporate management over the past year as the government pushes for fair trade and healthy competition between conglomerates and small and medium businesses.
IndustryDec. 20, 2011
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KOGAS receives top award for development of human resources
Korea Gas Corporation received a presidential honor for human resource development at the annual Korea National Quality Award ceremony last week. Companies and persons who have greatly contributed toward improving quality, reducing costs and raising productivity in industry have been awarded at the ceremony hosted by the Ministry of Knowledge Economy and the Korean Standards Association each year since 1975. About 1,700 people including Prime Minister Kim Hwang-sik, chief of the parliamentary co
IndustryDec. 20, 2011
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KT leads 14-member consortium to build undersea optical cable
KT Corp., the country’s biggest fixed-line service operator, signed a contract with 13 telecoms on Tuesday to form an international consortium that will build a high-speed underwater optical fiber cable that connects nine Asian countries.KT, together with overseas telecom firms including NTT Communications in Japan and Chunghwa Telecom in Taiwan, will construct 10,000 kilometer-long optical cable called the “Asia Pacific Gateway,” according to KT officials.The underwater communications cable, wh
IndustryDec. 20, 2011
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Foreign firms unfazed by N.K. leader’s death
Business as usual seems to be the consensus from foreign businesses and chambers of commerce in South Korea over the announcement of North Korean leader Kim Jong-il’s death on Monday.North Korea’s secretive leader died of a heart attack on Saturday sparking concerns both at home and abroad.“At the moment, the events and the way things are going to roll out will not affect business,” said Rob Edwards, chairman of the British Chamber of Commerce in Korea.The American Chamber of Commerce expressed
IndustryDec. 20, 2011
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Port security tightened in wake of Kim’s death
Airlines concerned about passenger cuts from China, JapanThe government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist presence including socialist nations and countries whose nationals have been caught for attempting to b
IndustryDec. 20, 2011