Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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S. Korea to build hydro power plant in Indonesia
South Korea's state-run power supplier said Tuesday it has started construction of a hydro power plant in Indonesia that will begin commercial operation in 2017. Korea Midland Power (KOMPIO), one of six power generation subsidiaries of the state-run Korea Electric Power Corp., said it will invest 28 billion won ($25.9 million) to build the 55 megawatt-water plant on Sumatra Island, Indonesia.It is the second of its kind that the Korean power supplier has exported to the Asian nation. Under a dea
IndustryMay 5, 2015
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S. Korea, Vietnam sign bilateral FTA
South Korea and Vietnam signed a bilateral free trade agreement (FTA) Tuesday, the Seoul government said, with the countries seeking to implement the deal before the year's end.The Korea-Vietnam FTA was officially signed by the countries' trade ministers in a ceremony held in Hanoi, about a month after the deal was initialed, according to the Ministry of Trade, Industry and Energy."The two countries have agreed to work together for early implementation of the Korea-Vietnam FTA," it said in a pre
May 5, 2015
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Hyundai Motor recalls 2,580 cars in U.S.
South Korea's top automaker Hyundai Motor Co. will recall 2,580 units of its 2015 Accent vehicles in the United States for an error in the model's occupant detection system, according to the U.S. transportation authority's website Tuesday. "In very cold temperatures, the occupant detection system (ODS) may not be able to determine if a child restraint seat is in the front passenger seat," said a recall report by the U.S. National Highway Traffic Safety Administration. "If the ODS fails to detect
IndustryMay 5, 2015
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Asia should lure more infrastructure investment: finance minister
South Korea's finance minister called on Asia Monday to better meet regional demand for infrastructure development by attracting more outside investment and strengthening ties between regional economic institutions, Seoul's finance ministry said.Choi Kyung-hwan, who doubles as deputy prime minister for economic affairs, made the call in a speech to the board of governors session of the Asian Development Bank's annual meeting held in Baku, the capital of Azerbaijan."Asian countries need to speed
May 4, 2015
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Household loan growth hits 9-year high
The nation’s households have rapidly increased their borrowing from commercial banks amid the record-low interest rates and brisk property transactions, data showed Monday.The Financial Supervisory Service said Monday that the banks’ (won-denominated) outstanding loans to the household sector reached 526.1 trillion won ($487.1 billion) at the end of March, up 4 trillion won from a month earlier.This increase marked the highest growth in nine years ― for March every year ― since the FSS started t
May 4, 2015
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[Graphic News] Apple, Xiaomi jump in smartphone sales
Samsung Electronics showed a decrease in smartphone sales while other players enjoyed an increase in the first quarter of this year, data showed Monday.According to Hong Kong’s Counterpoint Research, Samsung’s sales reached 83.3 million smartphones during the period, a 6.2 percent decrease from a year earlier.Meanwhile, other companies increased smartphone sales compared to last year ― Apple’s sales increased by 40 percent with 61.2 million phones, while local competitor LG increased by 25.2 per
IndustryMay 4, 2015
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Samsung execs excited about tech in ‘Avengers’
Top executives of tech giant Samsung Electronics gathered in a movie theater to watch the Hollywood blockbuster “Avengers: Age of Ultron” in Gangnam, Seoul on Monday.The Samsung executives showed a great deal of excitement after watching the film, due largely to Samsung’s collaboration with the film’s producer Marvel to show off futuristic devices, including see-through smartphones, smart watches, and Bluetooth earpieces, used by the Avengers team.Some of those devices are said to be in the work
TechnologyMay 4, 2015
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Renault Samsung to introduce ultrasmall electric vehicle
Renault Samsung Motors said Monday the company would introduce battery-powered ultrasmall electric vehicle Twizy to Korea in the near future, starting with test-drives on domestic roads in the first half of the year. The management is discussing regulation revisions with the Korean government to pave the way for the mini car, which has sold 15,000 units in Europe since its launch in 2012. The company expects to sell 1,000 units of EVs in Korea this year, and more if Twizy rolls out for sale, ins
MobilityMay 4, 2015
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POSCO subsidiary applies for court receivership
Pos-HiaL, an alumina supplier in which POSCO has a 51 percent stake, filed for court receivership last week, company officials said. It is the first time in the steelmaker’s 47-year history that one of its affiliates has been put under court supervision.Pos-HiaL was established in 2012 as a joint venture between POSCO M-Tech, POSCO’s raw materials arm, and alumina manufacturer KC Corporation. The company, however, has faced continued losses due to low demand and oversupply in the LED market.Acco
IndustryMay 4, 2015
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[Photo News] LG Whisen dehumidifier
A model poses with LG Electronics’ new Whisen dehumidifiers that boast a 17-liter inverter ― the largest capacity within the industry ― at a launch event in Seoul on Monday. (LG Electronics)
MobilityMay 4, 2015
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DuPont settlement to boost Kolon’s profits: analysts
South Korean textile and chemical company Kolon Industries is expected to see profits rise this year thanks to its legal settlement with global giant DuPont last week over the alleged theft of company trade secrets, analysts in Seoul said Monday.Kolon’s yearly operating profits are likely to rise by 53.4 percent to reach some 258.9 billion won ($239 million) this year due to improved business conditions, according to Meritz Securities.Last Thursday, Kolon pleaded guilty to the charge of conspiri
IndustryMay 4, 2015
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Alitalia to resume flights to Korea in June
ROME ― Italian carrier Alitalia will resume services to Korea after 18 years with its Incheon-Rome direct route to launch on June 4. Alitalia, a member of the SkyTeam airline alliance, will operate the new route three times a week with 250-seat A330 aircraft and offer three travel classes ― Magnifica (business class), Classica Plus (premium economy class) and Classica (economy class). “Under the vision to build the ‘new Alitalia,’ we have put a priority on the expansion of the Asian network (for
IndustryMay 4, 2015
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Controversy flares over ex-KEB chief’s new role with Lone Star’s law firm
A former top financial official who advocated for Korea Exchange Bank’s breakaway from Lone Star has taken up a position in a law firm that represents the U.S. buyout firm.His move comes at a time when the South Korean government faces an impending international lawsuit from Lone Star, which demands 5 trillion won ($4.6 billion) in compensation.Shin and Kim, one of the nation’s top five law firms, said Sunday it scouted former KEB president Yun Yong-ro as a senior adviser, specializing in the me
May 4, 2015
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Local team develops ‘emotion reading’ sensor
A sensor that can detect and differentiate muscle movements caused by changes in emotion has been developed by a local research team.The team led by professor Lee Nae-eung of Sungkyunkwan University developed the flexible sensor, which can be attached to the skin and can detect minute movements that occur when the facial expression changes. The team’s study, which was published in the journal ACS Nano, used sensors made of single-wall carbon nanotubes (SWCNTs) sandwiched between elastomeric comp
TechnologyMay 4, 2015
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AIIB to use U.S. dollar as settlement currency: source
The China-led Asian Infrastructure Investment Bank is expected to use the U.S. dollar as its currency of settlement, a diplomatic source here said Monday, despite Beijing's ambition for the internationalization of China's yuan. Fifty-seven countries, including South Korea, became founding members of the AIIB, which is seen as a potential counterbalance to U.S. and Japan-led multilateral lenders such as the Asian Development Bank and the World Bank. The U.S. and Japan did not join the AIIB. The s
May 4, 2015
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Brokerage cuts target share price of Naver
Local securities firm Daishin Securities slashed South Korea’s top portal operator Naver’s target share price by 11 percent in a report released Monday. The securities firm revised the portal’s target price down to 670,000 won ($620) from the 750,000 won set three months ago on the grounds that Naver’s dominant power is expected to decline in the mobile environment. Daishin said Naver‘s flagship messaging app Line is likely to see its growth potential weaken in games and advertising. “Naver used
IndustryMay 4, 2015
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Renault Samsung seeks to introduce Twizy ultra-small EV in S. Korea
Renault Samsung Motors Co., the local unit of French automaker Renault SA, said Monday that it is seeking to introduce its popular Twizy ultra-small electric vehicle in South Korea amid "satisfactory" progress in talks with relevant authorities for its sale here.The Twizy is a battery-powered two-passenger electric vehicle that produces no emissions. Renault started to sell the vehicle in Paris and other global markets in 2012, but not in South Korea, as it has not met local safety and other reg
CompaniesMay 4, 2015
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Korean won rises most among emerging market currencies
The South Korean won has seen the biggest surge in its real effective exchange rate among emerging currencies since the U.S. Federal Reserve first hinted at tapering its quantitative easing two years ago, data showed Monday. The won's real effective exchange rate was 113.46 as of end-March, 11.2 percent higher than in April 2013, when then Federal Reserve Chair Ben Bernanke signaled a reduction in its massive monetary easing, according to data by the Bank for International Settlements. The REER
May 4, 2015
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Global symposium on electric vehicles kicks off in S. Korea
An international conference on electric cars and the related technology kicked off on Monday with experts and officials of major carmakers gathering to discuss how the electric car market will be shaping up in the future, organizers said.The International Electric Vehicle Symposium, first held in 1969, is a worldwide event for global scholars and industry officials to share the leading trends and technologies regarding sustainable mobility. This year's conference will be held at the Korea Intern
IndustryMay 4, 2015
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Hyundai Motor takes subcompact car off Indian market
South Korea's top automaker Hyundai Motor Co. has withdrawn a subcompact car from the Indian market as the company seeks to sell other new models in Asia's second-largest economy, industry sources said Monday. The Santro city car, also known as the Hyundai Atoz in South Korea, was pulled off the Indian market in January after Hyundai Motor decided to cease its production late last year, according to the sources. The subcompact car, which was the very first model for Hyundai Motor to showcase in
CompaniesMay 4, 2015