Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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Smoking strongly associated with non-melanoma skin cancers in women: study
Women who smoke are more likely to suffer from skin cancer, a study found, reported Science Daily.According to the study, women who have smoked for 20 years or more are twice likely to suffer from the disease. A woman smokes a cigarette in New York (Bloomberg)Study results showed that cigarette
TechnologyDec. 13, 2011
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Fish may have started walking underwater: study
TechnologyDec. 13, 2011
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Vaccine attacks breast cancer in mice: study
WASHINGTON, Dec 12, 2011 (AFP) - Scientists in the United States said Monday they have developed a vaccine that attacks tumors in mice, abreakthrough they hope will help fight breast, colon, ovarian and pancreatic cancer in humans. (Bloomberg)Although studies on mice often do not translate directly
TechnologyDec. 13, 2011
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Samsung Card to sell 17 pct stake in Everland to KCC
Samsung Card Co. said Monday it has decided to sell a 17 percent stake in its unlisted affiliate Samsung Everland Inc to KCC Corp. for 773.9 billion won (US$674.4 million).Samsung Card said in a regulatory filing that its board has approved a plan to sell 425,000 shares in Samsung Everland, the de f
IndustryDec. 13, 2011
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Korea honors 4 foreigners for boosting exports
The Korean government on Monday awarded 31 people, including four foreigners, for their special contributions in helping Korea boost exports, days after the country logged more than $1 trillion in annual trade for the first time.On top of the list of awardees was Scotsman William John Duncan, a shipbuilding engineer who provided technical assistance to Hyundai Heavy Industries in the 1970s.The late Duncan was awarded the Gold Tower Order of Industrial Service Merit for his contributions to the K
IndustryDec. 12, 2011
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Korea cuts outlook for 2012 economy
GDP outlook for 2012 lowered to 3.7%, inflation projected to ease to 3.2%The government slashed its growth forecast for this year and next, backing off from its ambitious growth plan due to weakening consumption and persistent risk stemming from slumps in major economies, the Finance Ministry said Monday.In a downbeat assessment of Asia’s fourth-largest economy, it said the economy will grow 3.7 percent in 2012, down from its 4.5 percent projection in June, the ministry said in its 2012 econo
Dec. 12, 2011
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Discount gas stations face setback
Korea’s plan to launch discount gas stations hit a fresh snag as the government has again failed to strike a bargain with refiners over the prices of petrol supplies last week. The project was initiated in July as a key mechanism for the government’s battle against sky high fuel prices, and calls for converting about 10 percent of the country’s gas stations, about 1,300 outlets, into discount vendors by 2015.The Korea National Oil Corp. and Nonghyup, a state-funded agricultural bank, aim to cut
IndustryDec. 12, 2011
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Hyundai Motor chief stresses internal strength
Hyundai Motor Group chairman Chung Mong-koo called for heads of overseas corporations to prioritize enhancing internal stability amid the unfavorable global market conditions.His remarks come during a meeting of overseas corporations’ presidents from countries such as the U.S., China and India with the Hyundai-Kia staff at their headquarters in Seoul.Chung was quoted by a Hyundai executive as saying that “Hyundai Motor and Kia Motors have posted great performances. The global automotive industry
MobilityDec. 12, 2011
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Banks’ ratings rise despite EU woes
Korea’s commercial banks recently saw their credit ratings raised while many big foreign banks suffered downgrades by three global rating agencies.According to the Korea Center for International Finance, six Korean banks recently enjoyed upgraded credit ratings or more positive outlooks from the rating firms.In July, Standard & Poor’s raised its rating of Shinhan Bank and Hana Bank by one notch.In November, Fitch Ratings revised its outlook on three state-run banks ― Industrial Bank of Korea, Ex
Dec. 12, 2011
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Hyundai Group withdraws from fourth telecom bid
Hyundai Group said Monday that it has decided to withdraw bid to participate in the competition to select the country’s fourth telecom project.Hyundai Group’s affiliate Hyundai Ubiquitous and Information Technology said it is withdrawing from the IST consortium, indicating it will take out its investment sum of 35 billion won ($30.4 million).“We were planning to inject about 35 billion won because we believed the fourth telecom project was a promising one for future growth and a plus for the cou
IndustryDec. 12, 2011
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Seoul shares rise 1.33% on EU deal
South Korean stocks closed 1.33 percent higher on Monday as investors were emboldened by hopes that a new EU fiscal treaty may help solve the eurozone debt crisis, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI gained 25.01 points to 1,899.76. Trading volume was moderate at 404.2 million shares worth 5.28 trillion won ($4.61 billion) with gainers outpacing losers 515 to 293.“European leaders’ agreement on a new fiscal treaty gave some support to the market, bu
Dec. 12, 2011
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Watchdog to look into mutual home loans by cooperative funds
South Korea’s financial watchdog said Monday it will look into whether local mutual cooperative funds followed rules on home loan extension as household debt has been on the rise, led by non-bank institutions.The Financial Supervisory Service said it plans to launch a field inspection into branches of the National Agricultural Cooperative Federation, or Nonghyup, and National Credit Union Federation of Korea in a bid to uncover irregularities related to the extension of household lending.The FSS
Dec. 12, 2011
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Private pension market to expand by 34% this year
The country’s private pension market is on course to expand by about 34 percent this year as more are joining the retirement market in one of the world’s fastest-aging societies, industry sources said Monday.The retirement and personal pension market is forecast to exceed 250 trillion won ($218 billion) by the end of this year, up from 187 trillion won last year, sources said. The flock to the pension market comes as Korea is fast becoming an aged society, as senior citizens aged 65 or older are
Dec. 12, 2011
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Less than half of S. Korean firms see export gains in 2012: poll
Less than half of South Korean exporters predicted their overseas shipments will expand in 2012 amid lingering concerns of global economic slowdown, a survey showed Monday.According to a survey conducted by the Korea Chamber of Commerce and Industries, 44.2 percent of 502 exporting companies said next year’s business will exceed figures for this year.The poll also showed 43.8 percent expected exports to remain unchanged from this year, while 12 percent expected a decrease in sales in foreign mar
Dec. 12, 2011
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New policy measures may not reverse downward pressure in 2012
Worsening external conditions, faltering domestic consumption cloud the outlook furtherWhen an illness spreads too far, few kinds of medicine can bring it back under control.The implication of the newly unveiled economic policy blueprints fits this scenario, unfortunately, as the impact is seen as severely limited, if not altogether ineffective. The Finance Ministry’s set of plans, announced on Monday, are aimed at fighting the stubbornly strong downward pressure on Asia’s fourth-largest economy
Dec. 12, 2011
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S-Oil CEO receives top industrial award
S-Oil chief executive Ahmed A. Subaey received a top industrial award at the annual Trade Day ceremony Monday for the company’s steady exports of petrochemicals and large-scale investments.At the 48th Trade Day ceremony, the Korean government awarded 785 people for general merit in helping improve Korea’s trade balances, and another 31 for special merit in helping the country reach $1 trillion in annual trade.In the general merit section, Subaey became the second foreigner ever to be granted the
IndustryDec. 12, 2011
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SK fosters social enterprises, helps create jobs
As part of its efforts to fulfill its social responsibility, SK Group has provided systematic support for social enterprises based on its experience of creating social service jobs since 2005.SK organized a division under its Happy Nanum Foundation last year to help develop business items for social enterprises using some 50 billion won ($42 million) in funds.SK launched a website for networking among research institutes, social enterprises, nongovernmental organizations and the government in 20
IndustryDec. 12, 2011
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Samsung retains top spot in global monitor market
Samsung Electronics Co., the world’s largest maker of flat-screen TVs and liquid crystal display panels, said Monday that it has maintained its status as the top monitor supplier with a 15.5 percent market share in the third quarter, thanks to strong demand for upper-end products.Citing data released by International Data Corporation, Samsung said its sales of monitors rose more than 10 percent from a year earlier in the July-September period to 6.42 million units.The increase helped the Korean
TechnologyDec. 12, 2011
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LG Chem sues SK unit over electric car battery technology
LG Chem said Monday that it filed a lawsuit against SK Innovation on Friday, claiming it copied LG’s key proprietary battery separator technology for electric cars.The company said it took legal action after finding out that SK is in the stage of testing its battery for electric vehicles, which uses LG Chem’s technology, called the Safety Reinforced Separator.“We have filed the lawsuit not only because we want to be reimbursed for damages, but also to protect our own technology,” said an LG Chem
IndustryDec. 12, 2011
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U.S. envoy looks to Yeosu Expo
New U.S. Ambassador to Korea Sung Kim said Monday that U.S. participation in the 2012 Yeosu Expo was another important example of its deepening partnership with South Korea. “Our relationship is more than a security partnership and encompasses many different areas like trade, people-to-people ties and, excitingly, more and more cooperation on issues of mutual concern,” Kim said.The ambassador made the remarks during a signing ceremony for the U.S.’ participation contract with Yeosu organizing co
IndustryDec. 12, 2011