Most Popular
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Yoon sorry for shortcomings but insists policies were right
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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1 in 3 Koreans live alone, family types becoming diverse
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Sewol victims commemorated on tragedy's 10th anniversary
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Seoul says will cut power to porn festival planned on Han River
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Chanel, Louis Vuitton see muted growth in Korea
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Conservative bloc divided over Han’s role in election defeat
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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Seoul, ASEAN to launch joint group on forest cooperation
South Korea, together with the 10 member countries of the Association of Southeast Asian Nations, will launch an international organization on forest cooperation that will help fight deforestation and climate change, the country’s forest authority said Monday.The Asian Forest Cooperation Organization will officially be launched early next month, following a two-day forest ministers’ meeting in Seoul from next Wednesday.“The AFoCO with 11 member countries will be further expanded into an internat
Aug. 27, 2012
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Korea-China FTA talks pick up pace
Seoul, Beijing agree to remove tariffs on sensitive items 10 years after FTA takes effectKorea’s bargaining for a free trade agreement with China is picking up pace, while FTA talks between Seoul and Tokyo are unlikely to resume any time soon amid a diplomatic row over a territorial dispute.Korea and China agreed during their third round of FTA negotiations last week to remove tariffs on sensitive items 10 years after an FTA takes effect.The two sides agreed to eliminate tariffs on general items
Aug. 27, 2012
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Greater opportunities attract female talent to foreign firms
Higher salaries, less male-dominant corporate culture lure career womenMore women jobseekers prefer to look for employment at foreign-invested companies, hoping to avoid some of the barriers at Korean firms and seek a larger pool of opportunities.More women candidates are emerging in the high-end human resources market, according to one executive recruitment firm.“Now Korean conglomerates are looking at ideal business leaders from different angles,” said Kim Kuk-gil, chairman of Stanton Chase Ko
Aug. 27, 2012
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Korean consumer sentiment hits 7-month low in Aug.
South Korean consumers' confidence dipped to a seven-month low in August as the protracted eurozone debt crisis and China's slowing economy heightened economic uncertainties, the central bank said Monday.The consumer sentiment index (CSI) -- a gauge of consumers'overall economic outlook, living conditions and future spending -- came in at 99 for August, down from 100 tallied in the previous month,
Aug. 27, 2012
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Samsung-Apple patent lawsuits
1. GermanyMay 11, 2012: Mannheim court delays proceedings over patent infringement cases.July 24, 2012: Dusseldorf court bans Samsung Galaxy Tab 7.7 in Europe.July 26, 2012: Apple loses appeal against ruling on 3 Samsung devices in Munich court.2. NetherlandsJan. 14, 2012: Court refuses to ban sales of Samsung tablet.June 20, 2012: Court rules in favor of Samsung in 3G-related patent claim against Apple. 3. BritainSept. 12, 2011: Apple files patent violation suit against Samsung.Oct. 6, 2011: Sa
Aug. 26, 2012
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Out-of-wedlock babies on the rise
The number of new babies born out of wedlock in South Korea is expected to top 10,000 this year after a steady growth over the past nine years, officials said Sunday, pointing to changes in views on traditional marriage and a growing aversion to abortion.Statistics Korea said that 9,959 babies were born out of the wedlock last year, marking a year-on-year rise of 3.3 percent, or 320. Approximately 2.1 babies per every 100 were born outside of marriage, it noted.Last year’s figure was the highest
Aug. 26, 2012
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Green Climate Fund to hold next meeting in Korea
GENEVA (AFP) ― The Green Climate Fund, which will help poor countries fight global warming, will hold its next meeting from October 18 to 20 in South Korea, the body said Saturday.The fund was launched at a UN climate conference in Durban, South Africa, last year to help channel up to $100 billion (80 billion euros) a year in aid to poor, vulnerable countries by 2020 via investments from both public and private sources.Its 24-member board wrapped up a first meeting in Geneva on Saturday after th
Aug. 26, 2012
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Korean tourists fuel demand for dog meat in Cambodia
Riding a motorcycle with a cage, Pov Nat scours rural areas for dogs. He pays between 30,000 ($7.38) and 80,000 riel a head and sells the animals to a butcher in Siem Reap.The 21-year-old native of Kampong Cham province began buying dogs after coming to live with his uncle in Rohal commune in Preah Nethpreach district.“I never thought of this business. I left my hometown to find work. But I don’t
Aug. 26, 2012
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Cause of nuke plant shutdown probed
Officials at the nation’s nuclear power plant Uljin-1 have yet to find out what caused the plant to shut down suddenly on Thursday.The Korea Hydro and Nuclear Power Corp. reported on Thursday evening that the nuclear unit’s reactor and power-generating turbine suddenly ceased operation at around 6:41 p.m. for unknown reasons. Capable of providing 950,000 kilowatts of electric power, the nuclear unit is currently undergoing an inspection by experts dispatched from the International Atomic Energy
Aug. 24, 2012
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S-Oil embraces children of firefighters fallen in duty
S-Oil Corp. held its annual ceremony on Friday to deliver scholarships to the children of Korean firefighters killed in the line of duty.With its “Guardians for Brave Firefighter” program, the company has supported injured or deceased firefighters and their families since 2006. This year, the oil refinery and distributor company gave 3 million won ($2,650) each to 102 children to help them study in a stable academic environment. S-Oil said that the scholarships apply to each individual and not h
Aug. 24, 2012
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Slump, changing tastes dent whiskey sales
The volume of whiskey sold in Korea in the first half of this year plunged, apparently due to the ongoing economic slump, data showed on Thuesday.According to a report by the Korea Alcohol and Liquor Industry Association, whiskey sold in the first six months this year amounted to 1.18 million liters, down 38.9 percent from the same period last year.Such a trend can be attributed to consumers not buying high-priced liquors in the economic downturn, market observers said. Also, a change in drinkin
Aug. 23, 2012
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KEPCO tightens belt to close deficit
Korea Electric Power Corp. has adopted a series of cost-cutting measures to offset its deficit caused by the nation’s below-cost electricity rates.Officials at the state-run company said they have saved about 1.4 trillion won ($1.2 billion) on average annually from in-house measures over the past four years. The cost-saving measures included a voluntary return of salaries of executives in 2008 and a wage freeze of employees and executives in 2009 and 2010. KEPCO has also downsized its organizat
Aug. 23, 2012
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Dissonance hinders aid to small businesses
Mismatch remains in views of what small exporters needAhn Yong-joon opened his auto frame manufacturing company TLtek in 2000, using former business connections to form contracts with car companies in Japan. Looking beyond doing business locally, he set his sights abroad from the start. “There is no other choice than to export,” Ahn said, considering the limited size of the local market.A decade later, nearly 60 percent of his $26.4 million in sales in 2011 came from exporting to Japan, Europe a
Aug. 23, 2012
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KPMA picks Dong-A’s Kim as new board chairman
Korea Pharmaceutical Manufacturers Association picked Kim Won-bae, CEO of Dong-A Pharm, as its 10th chairman of the board during a meeting on Wednesday.Kim graduated from Seoul National University and has worked at Dong-A Pharm since 1974. He served as head of the research team of the company and became its CEO. KPMA also elected 12 new vice chairs who are either CEOs or senior executive vice presidents of pharmacy companies, such as Kim Jung-woo, president of Chong Kun Dang Pharm.Kim replaced Y
Aug. 23, 2012
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Korea awards first damage from EU FTA
South Korea has recognized damages from the country's bilateral free trade agreement (FTA) with the European Union (EU) for the first time since the trade deal went into effect last year, the government said Thursday.The decision came at a meeting on Wednesday, in which the National Trade Commission accepted a claim from a local pork processing company that it suffered damages from the growing mar
Aug. 23, 2012
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Korean firms' July direct financing up 9.5 percent
Direct financing by South Korean companies rose 9.5 percent on-month in July, led by an increase in initial public offerings (IPO) and corporate bond issuances, the financial regulator said Thursday. Local companies raised 11.9 trillion won ($10.5 billion) last month by issuing stocks and bonds, compared with 10.8 trillion won a month earlier, according to the Financial Supervisory Service (FSS).
Aug. 23, 2012
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LS Group sends volunteers to Vietnam
LS Group said it has dispatched university student volunteers to Xa Yen Phuong, near Hanoi, Vietnam, as part of its social contribution activities.The volunteers, comprising LS Group executives and employees and 20 students, will build a playground, repair school facilities and teach children in the Southeastern Asian country until this week.LS group has promoted the program in cooperation with Copion, a non-governmental organization specializing in dispatching overseas volunteers. (dunhil-mint@
Aug. 22, 2012
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Daesang gives blood donor cards to the KACLC
Daesang Holdings, a food company, said that it has delivered 400 blood donation cards to the Korea Association For Children with Leukemia and Cancer. The cards will be used on medical treatments for youths suffering from leukemia and child cancer, company officials said.The company employees voluntarily participate in the frequent blood donation program, which is a part of Daesang’s social contribution campaign called “More Sharing, More Happiness.”Since 2006, Daesang has been constantly holding
Aug. 22, 2012
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Plans for more power plants delayed or scrapped
The construction of 10 nuclear power plants and one tidal power plant scheduled to be completed between 2013 and 2027 has been either put off or canceled, plant operators said, fanning concerns about power shortages.The 11 plants, if completed, altogether could have produced about 12.7 million kilowatts of electricity, which accounts for about 6.4 percent of the nation’s power supply.“We have postponed or canceled some plant construction deals because the government has become more careful about
Aug. 22, 2012
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Cosmetics from jellyfish’s collagen?
The government unveiled on Wednesday an unusual plan to fight the threat of jellyfish to the country’s bathers: turning the sea creatures into cosmetics. The Ministry of Food, Agriculture, Forestry and Fisheries said that it aims to eradicate the jellyfish by exploring ways to extract collagen from the creatures to produce commercial cosmetics.To that end, the ministry has asked the National Fisheries Research and Development Institute to conduct research to find a way to carry out the plan. If
Aug. 22, 2012