Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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KT launches new mobile plans for foreign residents
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Online portal news appeals most to white-collar male workers in their 30s
Male white-collar workers in their 30s with a college degree are the biggest users of online portals’ news services, a report showed on Sunday. According to the report issued by the Korea Press Foundation, male users make up 55.2 percent of news consumers at Korea’s top three portals. The survey, based on users who regularly browse news at Naver, Daum and Nate, showed that those aged 30-39 account for a 26.4 percent share, followed by those in their 40s (23.8 percent), 19-29-year-olds (21.4 perc
TechnologyDec. 11, 2011
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Seoul shares to rebound on European crisis deal
South Korean shares are expected to rebound this week, as European leaders agreed last week on a series of fiscal measures to stem the ongoing debt crisis, analysts said Saturday.At their two-day summit that ended Friday, European leaders agreed to tighten anti-deficit rules and funnel money to the International Monetary Fund, thus preventing future debt run-ups.“The outcomes were roughly in line with market expectations,” said Kang Hyun-chul, an analyst at Woori Investment & Securities. “Now, i
Dec. 11, 2011
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Winds of change blowing at SC First Bank
Lender pushes reform of compensation system, name change, manpower restructuringSC First Bank, the Korean unit of the London-based financial group Standard Chartered, will drop the “First” from its name starting next year. The bank’s name was a result of the British firm’s 2005 acquisition of Korea First Bank, established in 1929.Last week, a new signboard reading “Standard Chartered” appeared on its head office in Jongno, Seoul. Its nationwide branches are also replacing their signboards.For S
Dec. 11, 2011
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Video games sales forecast to reach 17.8 trillion won in 2011
South Korea’s gaming industry will likely see its sales reach nearly 18 trillion won ($15.6 billion) by the end of this year, mainly due to an increase in lottery sales, industry data showed Sunday.Sales of six legal gaming sectors including lottery, casino and horse-racing are expected to reach 17.8 trillion won this year, equivalent to more than 1.5 percent of the country’s gross domestic product, according to the data compiled by the National Gaming Control Commission. The figure would likely
TechnologyDec. 11, 2011
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Watchdog fines cartel of 4 tube glass makers
South Korea’s antitrust watchdog said Sunday that it has fined four South Korean and Japanese makers of cathode-ray tube glass a combined 54.5 billion won ($47.5 million) for colluding to fix prices.Samsung Corning Precision Materials Co. was slapped with the largest fine of 32.4 billion won, with Hankook Electric Glass Co., the local subsidiary of Japan’s Asahi Glass Co. receiving a fine of 18.3 billion won, according to the Fair Trade Commission.The regulator also imposed a combined penalty of
IndustryDec. 11, 2011
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Korea, China, Japan set to conclude study on three-way FTA
Korea, Japan and China are scheduled to wrap up their joint study on a three-way free trade agreement Friday, portending the beginning of negotiations early next year.A free trade deal binding the three nations that account for a fifth of the world’s economic output and a sixth of the global trade volume could help resolve geopolitical uncertainties in the region and advance reunification of the Korean Peninsula.A trade pact removing the tariffs among the three economies, with a combined populat
Dec. 11, 2011
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LG home theater gets high marks in European reviews
LG Electronics, the world’s third-largest flat-screen TV producer, said on Sunday it received high marks from leading product review magazines in Europe. “What Hi-Fi Sound and Vision,” a leading consumer reviews magazine, gave a five-star rating to the LG Cinema 3D Home Theater in its November issue. The company received positive reviews for its home theater and related gadgets released this year, based on their outstanding design, balanced sound and user-friendly features. Other magazines in th
TechnologyDec. 11, 2011
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Jobless rate to top 3.7% in 2012: think tanks
Korea’s unemployment rate is expected to slightly rise next year on the back of sluggish economic growth at home and abroad, leading private think tanks said Sunday.LG Economic Research Institute forecast the country’s jobless rate will be 3.7 percent next year, while Hyundai Research Institute predicted 3.6 percent. Both figures are up from this year’s estimated 3.5 percent.Samsung Economic Research Institute predicted a 3.4 percent rate. But it indicated a possible rise, citing lackluster job
Dec. 11, 2011
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Canadian Chamber elects chief
The Canadian Chamber of Commerce in Korea announced that Don MacKenzie has been elected its new chairman for 2012. “I look forward to taking over the great work of Simon Bureau. His work and dedication over the last four years have helped establish a sound foundation upon which we can continue to build in the future,” said MacKenzie.MacKenzie joined A.T. Kearney Korea in 2010 as vice chairman, focusing primarily on the firm’s extensive financial services, mergers and acquisitions, and private eq
Dec. 11, 2011
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Buffett tips his farmer son as next Berkshire chair
NEW YORK (AFP) -- Mega-billionaire Warren Buffett says his son, a corn farmer, would be a good replacement for him as chairman of his $245 billion investment giant Berkshire Hathaway.Warren Buffett (AP-Yonhap News)Buffett told CBS television that Howard Buffett, 56, would be a good "guardian of
Dec. 11, 2011
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Samsung wins patent war for tablet PC in Australia
Samsung Electronics will be rolling out its Galaxy Tab 10.1 in Australia in time for the holiday season as its High Court rejected Apple’s request on Friday to extend the sales ban on Samsung’s tablet PCs.The three-judge High Court panel said that Apple failed to convince them that the firm could win on appeal and denied the company a hearing, according to news reports. Chief Justice Robert French, representing the panel, supported the decision reached earlier by the Federation Court to overturn
IndustryDec. 9, 2011
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FSS chief stresses fair audit, accounting transparency
The nation’s top financial regulator on Friday urged accounting firms to commit to a rigorous audit of troubled savings banks to uproot accounting fraud.Financial Supervisory Service Gov. Kwon Hyouk-se pinpointed the lack of transparency in financial reports in the industry at a breakfast meeting with chiefs of the industry’s 13 biggest accounting firms.“Transparency is an essential element in a trusted relationship between banks and the public, and demand for honest reporting is growing,” Kwon
Dec. 9, 2011
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Many brokerage houses to get new CEOs in 2012
More than half of securities company chiefs in Korea are about see the end of their terms, signaling a wave of management changes in the brokerage industry.According to the Korea Financial Investment Association, 29 out of 49 securities firms will see their tenures end next year.In particular, most of the 10 major securities firms are affected. Samsung Securities replaced its CEO on Dec. 7.The current figures include Daewoo Securities CEO Im Kee-young, Woori Investment and Securities CEO Hwang S
Dec. 9, 2011
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Producer price growth hits 1-year low in Nov.
South Korea’s producer prices grew at the slowest clip in one year in November as prices of vegetables and fruits fell sharply, the central bank said Friday.The producer price index, a barometer of future consumer inflation, rose 5.1 percent in November from a year earlier, cooling from a 5.6 percent on-year gain in October, according to the Bank of Korea.Last month‘s data marked the slowest gain since a 4.9 percent gain tallied in November 2010, it added.Compared with the previous month, produc
Dec. 9, 2011
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Samsung permitted to roll out Galaxy Tab in Australia
Samsung wins legal battle in Australia, but fails to ban sales of iPhone 4S in FranceSamsung Electronics will be rolling out its Galaxy Tab 10.1 in Australia in time for the holiday season as its High Court rejected Apple’s request on Friday to extend the sales ban on Samsung’s tablet PCs.The three-judge High Court panel said that Apple failed to convince them that the firm could win on appeal and denied the company a hearing, according to news reports. Chief Justice Robert French, representing
IndustryDec. 9, 2011
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BOK cuts 2012 growth forecast to 3.7 percent
The Bank of Korea on Friday dimmed the country’s growth forecast for next year to 3.7 percent, down from its earlier estimate of 4.6 percent, citing uncertainty from Europe’s debt situation as lingering risks for the export-reliant economy.The downward revision narrowed gaps in the mid- to-high 3 percent range at private think tanks, in a sign that Asia’s fourth largest economy will grow at a slower pace than this year under sluggish global trade sentiment and weak domestic demand.The central ba
Dec. 9, 2011
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Hyundai, Kia top Russian car market
1.6-liter Gamma engine selected for the ‘Best 10 Engines’ list by U.S. auto mediaHyundai Motor and its affiliate Kia Motors became the No. 1 and No. 2 foreign carmakers, respectively, in Russian markets in November, according to industrial data.Hyundai posted sales of 17,283 units in Russia last month, maintaining the No. 1 position for the third consecutive month, according to the Association of European Businesses.Kia ranked second with sales of 15,115 units, overtaking GM Chevrolet with sales
Dec. 9, 2011
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FTC deliberating Google’s merger deal with Motorola
Korea’s antitrust regulator said Friday that it had launched a deliberation on U.S. search giant Google’s recent acquisition of Motorola Mobility, to decide whether the merger would undermine market competition. The California-based company filed on Tuesday for Korean clearance to complete the $12.5 billion deal announced in August, according to the Fair Trade Commission. “The purchase is expected to affect the nation’s smartphone market, including local handset makers Samsung and LG,” said Lee
IndustryDec. 9, 2011
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Shares sink 1.97% on eurozone fears
South Korean stocks fell 1.97 percent on Friday as investor sentiment was dampened by uncertainties over the eurozone debt crisis and a grim economic growth forecast, analysts said. The local currency declined against the U.S. dollar.The benchmark KOSPI lost 37.64 points to 1,874.75, sinking below the 1,900 point level for the first time since it finished at 1,847.51 on Nov. 30. Trading volume was moderate at 367.9 million shares worth 5.07 trillion won ($4.42 billion) with losers leading gainer
Dec. 9, 2011
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Drug combo boosts breast cancer survival: study
Postmenopausal women with a common type of breast cancer that thrives on estrogen survived longer when treated with a combination of two drugs rather than just one, a US study said Wednesday.The results of the phase III trial, released at a meeting of breast cancer experts in San Antonio, Texas, sho
TechnologyDec. 9, 2011