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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[Kim Seong-kon] Democracy and the future of South Korea
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Yoon's office denies considering liberal figures for key posts
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Why is Apple Pay struggling to get purchase in Korea?
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Seoul says Fu Bao loan 'not going to happen'
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Korea freezes key rate for 6th month
The Bank of Korea held the benchmark rates steady for the sixth straight month Thursday, citing the deepening eurozone debt crisis abroad and slowing exports at home. The monetary policy committee led by Gov. Kim Choong-soo unanimously agreed to freeze the rate at 3.25 percent, a move aimed at helping Asia’s fourth-largest economy fight the external risks that threaten its export-oriented growth. “Downside risks to growth are high, due mostly to the sovereign debt crisis in Europe and to the pos
Dec. 8, 2011
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KT, Softbank open joint data center in Gimhae
KT Corp., the country’s largest fixed-line service operator, said it opened its global data center with Japan’s Softbank in Gimhae, South Gyeongsang Province on Thursday.The global data center, which opened its doors months after local mobile carrier KT and Softbank announced a joint venture in May, was built on 5,450 square meters of land able to take in 7,000 kilowatts of electricity.The center, which also offers office space for Japanese firms to directly get involved in server management and
IndustryDec. 8, 2011
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LSIS listed among world’s top 100 innovative firms
LS Industrial Systems Co. said Thursday it has been named one of the world’s 100 most innovative companies this year by Thomson Reuters, a leading financial news and information provider.Korea’s largest producer of electrical components was among four Korean firms that made it onto the list. The other three are Samsung Electronics, LG Electronics and Cheil Industries.“(The award) confirms an organization’s commitment to progressing innovation globally, to the protection of ideas and to the comme
IndustryDec. 8, 2011
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College opens way to high-income farmers
Graduates of Korea National College of Agriculture and Fisheries earned 65.15 million won on average last year, twice as much as other farmers and even higher than the average pay at top 100 conglomerates, the university said Thursday.The government-funded university said almost one in five earned 100 million won in the past year and 71.3 percent of the total took home more than 30 million won.“What differentiates our graduates from other farmers is that every student in their second year of col
Dec. 8, 2011
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U.S., Japanese cars hope to battle Hyundai-Kia here on U.S. FTA
Three U.S. automakers are expected to pick up their marketing and sales in Korea to battle Hyundai Motor and Kia Motors under the Korea-U.S. Free Trade Agreement, which will take effect early next year.In addition, a great number of Japanese cars produced in the U.S. will likely be imported under the coming slash in tariff on automobiles.Tariff on made-in-U.S. automobiles will be lowered from 8 percent to 4 percent under the bilateral trace pact. Further, the 4 percent tariff will be removed in
MobilityDec. 8, 2011
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Shares down on Europe woes
South Korean stocks slumped 0.37 percent on Thursday as investor sentiment remained fragile due mainly to weak hopes for an upcoming European summit, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI declined 7.03 points to 1,912.39. Trading volume was heavy at 420.1 million shares worth 5.86 trillion won ($5.18 billion), with gainers outpacing decliners 425 to 397.“Investors are doubtful whether the European summit on Friday will bring about substantial developm
Dec. 8, 2011
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Court ruling scuppers KT LTE plan
The high-speed fourth-generation network service appears to be literally a “long-term evolution” for KT Corp., the nation’s No. 2 telecom carrier. KT was scheduled to halt its second-generation mobile service and to announce the beginning of its long-awaited LTE service in a press conference on Thursday. A Seoul court, however, scuppered KT’s plan on Wednesday, saying “Irreversible damages are expected to the remaining 2G users.”“Because the telecom regulator has already approved the 2G shutdown
IndustryDec. 8, 2011
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BOK freezes key rate for 6th month for Dec.
SEOUL, Dec. 8 (Yonhap) -- South Korea's central bank froze the key interest rate on Thursday for the sixth straight month in a bid to shield the economy from the impact of growing downside risks from the eurozone debt crisis.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers unanimo
Dec. 8, 2011
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Japan, Russia see chance to clone mammoth
TechnologyDec. 8, 2011
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Research: Bedbugs can thrive despite inbreeding
PITTSBURGH (AP) _ Bedbugs aren't just sleeping with you. They're sleeping with each other.Researchers now say that the creepy bugs have a special genetic gift: withstanding incest.It turns out that unlike most creatures, bedbugs are able to inbreed with close relatives and still produce generally he
TechnologyDec. 8, 2011
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Income inequality among elderly citizens 3rd-highest in OECD countries
SEOUL, Dec. 8 (Yonhap) -- Income inequality among elderly citizens in South Korea is the third highest in major economies, data showed Thursday, indicating that the country's public pension system remains relatively insufficient to support retirees.The Gini coefficient for those aged 65 and older he
Dec. 8, 2011
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Court orders S. Korea's No. 2 mobile operator to continue 2G
A court ordered Wednesday South Korea's second-biggest mobile operator not to switch off its second-generation wireless service. The decision by the Seoul Administrative Court came just hours before KT Corp. plans to end its wireless service on Thursday. It dealt a blow to the telec
IndustryDec. 7, 2011
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Emissions reduction efforts by major companies
The government plans mandatory targets of carbon emissions for five energy-intensive industries ― steel, electronics, petrochemicals, cement and refining. The sectors account for about 88 percent of the total emissions reduction under the program.By company, POSCO tops the list, followed by Samsung Electronics, LG Display, Hyundai Steel, Samsung Mobile Display, Ssangyong Cement Industrial, LG Chem, S-Oil, SK Energy and Tongyang Cement & Energy. The 10 firms account nearly 30 percent.POSCO, respo
IndustryDec. 7, 2011
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Korea Inc. strives to shoulder climate change burden
Firms implement emissions-cutting measures, but lack concrete long-term frameworkKorea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year.The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve.In October, the government unveiled specific targets for 366 firms, which will have to shoulder 96.5 percent
IndustryDec. 7, 2011
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Korea aims to be global marine sports hub
South Korea plans to build more international marinas in a move to promote marine sports here and also help create new jobs in the industry, the government said Wednesday.Under the plan, announced by the Ministry of Land, Transport and Maritime Affairs, the government will first simplify its regulations for the industry to help boost investment.In addition, the government will expand the number of free try-out services from the current 180,000 per year to 500,000 from next year, according to the
IndustryDec. 7, 2011
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Bank holding firms’ capital ratio slips in Q3
The capital adequacy ratio of South Korean bank holding companies fell in the third quarter, due to an increase in risk-weighted assets such as equities and loans, the financial regulator said Wednesday.The average capital adequacy ratio of nine local bank holding companies, including top player Woori Finance Holdings Co., stood at 13.54 percent as of the end of September, down 0.24 percentage point from three months earlier, according to the Financial Supervisory Service. The figure comes after
Dec. 7, 2011
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Money supply growth hits 8-month high in Oct.
The growth of South Korea‘s money supply rose to an eight-month high in October as bank lending remained brisk and the current account surplus widened, the central bank said Wednesday.South Korea’s M2, a narrow measure of the money supply, amounted to 1,742.6 trillion won ($1.5 trillion) in October, up 4.4 percent from a year earlier, according to the Bank of Korea.In October, M2 growth quickened from a 4.2 percent on-year expansion tallied in September and marked its sharpest growth since 5 per
Dec. 7, 2011
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Banks‘ household loans grow slower in Nov.
South Korean banks’ household loans grew at a slower pace in November than the previous month as mortgage loan growth eased, affected by the government‘s efforts to curb household debts, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 453.2 trillion won ($402 billion) as of the end of November, up 1.4 trillion won from the previous month, according to the Bank of Korea.The November growth slowed from a 3.2 trillion won gain in October
Dec. 7, 2011
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Nearly half of local firms fail 2011 targets: poll
Nearly half of South Korean companies are unlikely to meet their 2011 targets for sales and operating profit amid growing global economic uncertainties, a survey showed Wednesday.According to the poll by the Korea Chamber of Commerce and Industry, 44.7 percent of 309 surveyed companies said that it is impossible to achieve their sales and operating profit targets for the year.Only 12.9 percent of the respondents said they are able to exceed their business targets, while 42.4 percent said they wi
IndustryDec. 7, 2011
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Korea Inc. strives to shoulder climate change burden
Firms implement emissions-cutting measures, still lack concrete long-term frameworkKorea is poised to blaze a trail in action against climate change by imposing mandatory emission cut targets on large companies and institutions beginning next year.The much-touted policy, however, faces a rough ride with the affected firms by and large still lacking concrete plans, organization and resolve.In October, the government unveiled specific targets for 366 firms, which will have to shoulder 96.5 percent
IndustryDec. 7, 2011