Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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North Korea holds drills simulating nuclear counterattack against enemy
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POSCO founder laid to rest at National Cemetery
Park Tae-joon, the late founder and honorary chairman of South Korea’s top steelmaker POSCO, was buried at the country’s National Cemetery in Seoul on Saturday.The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park Hee-tae and Commerce Minister Hong Suk-woo. Park died Tuesday of lung complications. He was 84 years old.Born in Yangsan, South Gyeongsang Province, in 1927, the late Park was considered a pioneer for
IndustryDec. 18, 2011
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Shipbuilding, steel, LCD sectors headed for restructuring next year
Shipbuilding, steel and liquefied crystal display industries which have built up an oversupply thanks to aggressive investment in facilities are bracing for major restructuring next year.With the European debt crisis likely to carry on or even worsen next year, some companies are already on the verge of shutdown. Market analysts say the shipbuilding sector faces the greatest peril with competition running to extremes after companies mushroomed during the 2007-2008 market boom.Adding to the woes
IndustryDec. 18, 2011
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Shares face volatile trading on eurozone problems
South Korean shares are expected to suffer volatility this week as the eurozone fiscal debt problems will likely continue to weigh on investors sentiment, analysts said Saturday.The KOSPI dropped 1.8 percent last week to close at 1,839.96 on Friday. The index fell below 1,820 at one point amid worsened market sentiment after credit ratings on European banks were downgraded. Market watchers worry that sentiment could further freeze if credit ratings agencies lower sovereign ratings on European co
Dec. 18, 2011
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Korean hedge funds to debut this week
The list of the nation’s first homegrown hedge funds will be unveiled this week.More than 10 “Korean-style” hedge funds are expected to make their historic debut on Dec. 23, according to the Financial Services Commission and the Korea Financial Investment Association.Over the past few weeks, the FSC has looked into the eligibility of 13 asset management companies, which applied for the homegrown hedge fund business.Most of them are set to introduce one hedge fund product late this month or early
Dec. 18, 2011
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France24 offers service in Korea
The international news and current affairs television channel France 24 is now broadcasting in English in Korea through CJ’s portal TVing.Launched on Dec. 6, the 24-hour channel’s mission is to cover international current events from a French perspective and to convey French values.Funded by the French government and based near Paris, the channel offers variants in English and Arabic in addition to French to overseas markets.TVing is the first TV portal in Korea; created one year ago, it feature
IndustryDec. 18, 2011
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Bank loans to self-employed people exceed W100 trillion
Bank loans taken out by self-employed business owners reached a record high last month, as local lenders were in a fierce competition to extend loans to retired people, industry data said Sunday.Outstanding loans extended by the country’s five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won ($88.8 billion) at the end of last month, compared with 92.8 trillion won at the end of last year, according to the data.The increase in such loans in
Dec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or more is estimated to have reached some 130,000, according to Mirae Asset Global Investments Co.A financial portfolio includes deposits, insurances and stocks.Mirae Asset classifies people with bank depo
Dec. 18, 2011
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Non-life insurance firms suffer slump in overseas markets
Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio
Dec. 18, 2011
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KB Financial expands cause marketing
Group creates foundation to finance educational and scholarship programsKB Financial Group has been taking every chance to expand its cause marketing through donations and philanthropic works for improved customer relations and stronger connections with society. “Putting You First,” its latest corporate social responsibility project, brings together over 25,000 workers from the banking giant to gather a total of 240,000 hours of voluntary service at nursing homes, orphanages and environmental ac
Dec. 18, 2011
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Kia Motors grabs highest China market share in 6 years
Kia Motors Corp. captured its highest share of the Chinese market in six years in November, gaining momentum in the world’s most populous market, company officials said Friday, Kia posted a China market share of 4.1 percent last month, the largest since October 2005 when it reached 4.7 percent.Kia achieved record China sales of 45,768 units last month with the newly launched mid-sized sedan K2 leading the way, the officials said. The K2, also known as the Rio in the U.S. and European markets, hi
MobilityDec. 18, 2011
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Carmakers gear up for launches for 2012
Kia plans to release K9, Hyundai 2012 Santa Fe while GM’s Corvette may hit the roadThe auto industry is set to roll out a series of new cars next year in all styles from sedans to SUVs to sports cars. The new cars in store include the premium sedan K9 from Kia Motors Corp., the 2012 Santa Fe from Hyundai Motor Co., Corvette, the sports car from GM, and the new BMW 3 series 320d and 320ed. BMW Korea confirmed that it will bring in 320d and 320 Efficient Dynamics, the sixth generation of its 3-ser
MobilityDec. 18, 2011
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Scientists develop self-cleaning cotton
(Yonhap News)UC Davis scientists have developed a self-cleaning cotton fabric that can kill bacteria and break down toxic chemicals such as pesticide residues when exposed to light."The new fabric has potential applications in biological and chemical protective clothing for health care, food process
TechnologyDec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or mo
Dec. 18, 2011
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Russia's Mars probe will crash to Earth in January
MOSCOW (AP) -- A Russian spacecraft bound for a moon of Mars and stuck in Earth's orbit will come crashing back next month, but its toxic fuel and radioactive material on board will pose no danger of contamination, the Russian space agency said Friday.Between 20 and 30 fragments of the probe with a
TechnologyDec. 18, 2011
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Amazon selling over one million Kindles a week
WASHINGTON (AFP) - Amazon said Thursday that it is selling more than one million Kindles a week and the new Kindle Fire tablet computer is its top-selling item."Kindle Fire is the most successful product we've ever launched -- it's the best-selling product across all of Amazon for 11 straight weeks,
TechnologyDec. 18, 2011
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POSCO honorary chairman laid to rest at Seoul's National Cemetery
Park Tae-Joon, the late founder and honorary chairman of South Korea's top steelmaker POSCO, was buried at the country's National Cemetery in Seoul on Saturday.The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park H
IndustryDec. 17, 2011
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Korea slaps new sanctions on Iran
The South Korean government announced additional sanctions against Iran on Friday over its nuclear program, blacklisting 99 Iranian firms and six individuals.The government also issued an advisory on Korean companies to be cautious in their purchase of Iran’s petrochemical products.But the Finance Ministry said the new punitive measures will not affect Korea’s imports of crude oil from Iran, which accounts for about 10 percent of domestic needs. Under the new sanctions, those on the blacklist wi
Dec. 16, 2011
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‘Domestic demand to lead growth’
South Korea’s top central banker said Friday that Korea’s 2012 growth outlook cannot be seen as bad as domestic demand will likely prop up growth despite external economic uncertainty.The Bank of Korea forecast last week that Korea’s economic growth is expected to slow to 3.7 percent next year from an estimated expansion of 3.8 percent this year as Europe’s debt crisis and a global slowdown are feared to hurt exports.BOK Gov. Kim Choong-soo said in a meeting with local bank heads that Korea’s gr
Dec. 16, 2011
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Farm Ministry vows efforts to boost food exports in 2012
South Korea will work to boost its food exports by more than 30 percent to $10 billion as part of its policy goals for next year, the Ministry of Food, Agriculture, Forestry and Fisheries said Friday.The move comes as the country is expected to implement its free trade agreement with the United States in early 2012, which, the ministry earlier said, could lead to a reduction of 12.67 trillion won ($10.9 billion) in production by the country‘s agricultural, farming and fisheries industries.“The b
Dec. 16, 2011
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Kolon to recall outdoor jackets over carcinogen
Kolon Industries Inc., South Korea’s leading textile and chemical material producer, plans to recall one of its outdoor jacket brands, which was found to contain an excessive level of a cancer-causing material, a consumer rights group said Friday.According to Consumers Korea, Kolon’s “Active” outdoor jackets were found to contain “p-aminoazobenzene” far exceeding the permissible level. The material can cause cancer in wearers.“We conducted a safety and quality evaluation on 12 outdoor jackets of
IndustryDec. 16, 2011