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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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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What is Hybe’s next move?
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Samsung chief bolsters ties with Germany’s Zeiss
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NHIS readies war on tobacco firms
South Korean health authorities are set to flex their legal muscles against tobacco firms to recoup rising health costs from smoking-related diseases.The state-run National Health Insurance Service said Tuesday it would use “every possible means” including “filing massive lawsuits” against cigarette makers.There have been a number of individuals filing lawsuits against tobacco firms in Korea. But this is the first time a public office has considered suing both Korean and foreign cigarette makers
TechnologyAug. 29, 2013
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Skin problems and swimming
Swimming pools and similar environments with high temperature and humidity allow for the presence of various fungi, bacteria and viruses.These include fungi that cause athlete’s foot, bacteria that cause impetigo, and viruses that cause warts. These diseases can be spread through contaminated water in pools, or via objects that are shared between people, or from the infected person. Infection sets in faster if the skin is broken. On the other hand, people who have dry or itchy skin may experienc
TechnologyAug. 29, 2013
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BNP Paribas, DBS, ANZ fined over collusion
The nation’s financial regulator on Thursday reprimanded Korean operations of three foreign banks for engaging in a cartel practice over prices of a currency swap.The Financial Supervisory Service said the Seoul branches of French-based BNP Paribas S.A., Singapore-based DBS Bank Ltd., and Australia/New Zealand-based Australia New Zealand Banking Group Ltd. colluded.To lower rates for a Korean company’s $10 million currency swap of foreign currency bonds.All three ended up with 4.18 percent swap
Aug. 29, 2013
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Most bilingual pros saw salaries rise this year: report
More than 3 in 4 bilingual professionals in Korea saw their salaries rise this year, according to a global recruitment company specializing in finding senior-level bilingual officials for multinational companies.In its Employee Insights Survey 2013, Robert Walters Korea said that 75.4 percent of the respondents saw a salary rise this year, among which 18 percent received an increase of over 10 percent, officials said Thursday.Only 3.3 percent experienced a salary decrease and for 21.3 percent, t
Aug. 29, 2013
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Sharp calls off talks with Samsung on copier deal
Japanese tech firm Sharp has abruptly ended its talks with Korean electronics company Samsung Electronics, which is trying to make inroads into the copy machine industry, according to Japanese media Wednesday.The exact reason why the once-leading Japanese electronics behemoth called off the collaboration is not clearly known yet but, cross-license patents that Sharp shares with other Japanese copier makers including Canon are said to have contributed to the breakup. Samsung declined to comment o
IndustryAug. 29, 2013
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Transactions among affiliates of biz groups decline
Transactions among affiliates of business groups in South Korea declined for the first time in 2012 amid the government’s drive to establish fair market principles that stimulate competition, data showed Thursday.The “intra-group” business deals made last year by the country’s 49 conglomerates were valued at 185.3 trillion won ($166.5 billion), down 1 trillion won from what was tallied a year earlier, according to the data offered by the Fair Trade Commission. This is the first time that the val
Aug. 29, 2013
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Korea to develop six new marina yacht harbors
Korea on Thursday unveiled a plan to build six new marina yacht harbors as part of efforts to promote leisure and tourism.The move comes as the number of yachts and boats for personal pleasure jumped more than 42 times from 205 in 2006 to 8,560 at the end of 2012, the Ministry of Oceans and Fisheries said.However, there are only 20 marina harbors in the country with a total capacity for 1,542 ships, which covers just about 18 percent of the nation’s personal yachts.“In addition, most of the mari
Aug. 29, 2013
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POSCO starts Mongolia energy projects
ULAN BATOR ― POSCO, the nation’s top steelmaker, is stepping up business development in non-steel areas in mineral resource-rich Mongolia. The energy business, along with materials, is a new growth engine for POSCO.In a press conference held in Ulan Bator last week, POSCO unveiled the detailed plan to build a coal-to-liquid plant, which converts coal to liquid fuel, in Baganuur, a city about 150 kilometers northeast of Ulan Bator. POSCO developed the plan with local partner MCS Group, the larges
IndustryAug. 29, 2013
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Tongyang Securities’ ‘wrap’ account ...outperforms KOSPI
Tongyang Securities’ new investment product is gaining popularity as it ensures stable profitability despite low interest rates and ongoing volatility in the market.In June, the brokerage house launched the “My W New Dividend Plus Wrap” account, which is designed to seek dual returns ― stock gains and dividend earnings ― via direct investment in equities on the Korea Exchange.The noteworthy point is that the wrap account is mostly being invested in “stocks guaranteeing high dividend payouts” to
Aug. 29, 2013
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Banks’ lending rates log first rise in six months in July
South Korean banks’ lending rates rose for the first time in six months in July, rebounding from a record low in the previous month, on an expiry of one-off tax breaks on home buying, the central bank said Thursday. The banks’ average rates for new loans to households and firms stood at 4.6 percent in July, up 0.08 percentage points from a month earlier, according to the data compiled by the Bank of Korea .The lending rates rose for the first time since January when they climbed by 0.16 percenta
Aug. 29, 2013
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Korea’s risk premium falls despite Asian market woes
South Korea’s credit default risks remained flat amid the economic downturn in emerging markets in Asia, data showed Thursday, apparently due to improved economic indicators for the country. According to SuperDerivatives, a provider of real-time market data and analytics, the credit default swap premium for South Korean state bonds reached 85.96 basis points Tuesday, compared to 121.16 basis points tallied in June.The spread on CDS reflects the cost of hedging credit risks on corporate or sovere
Aug. 29, 2013
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Hyundai Mobis on a roll in global auto market
Hyundai Mobis is gaining a foothold in the global auto market with its leading-edge technologies. The South Korean auto parts maker ranked eighth this year in the top 100 global OEM parts suppliers released by Automotive News, a Detroit-based auto newspaper. It has been on the top list for three consecutive years. Hyundai Mobis’ business with global auto makers has become diversified in recent years. It has supplied parking brakes to GM, lamps to BMW and Volkswagen, intelligent battery sensors a
IndustryAug. 29, 2013
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Hanwha’s housing project in Iraq gains momentum
Determined to shake off its postwar distress and rebuild, Iraq passed a special deregulation for foreign-invested projects, such as the massive landmark housing project led by a Korean builder.The regulation bill to exempt taxes and levy for national investment projects, which was ratified by the Iraqi Ministry of Finance in July, is soon to take effect once the related enforcement ordinance is promulgated, according to local media.One of the key purposes of this unprecedented regulation is to f
IndustryAug. 29, 2013
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Korean, Southeast Asian officials discuss REDD+ cooperation
High-level officials from Korea and four Southeast Asian countries discussed ways to cooperate in the so-called REDD+ projects aimed at reducing greenhouse gas emissions by preventing forest degradation and deforestation, officials said.The Korea Forest Service opened a two-day meeting with senior officials from Indonesia, Cambodia, Myanmar and Laos on Jejudo Island on Thursday.The focus of their discussion was on REDD+ activities and their positive effect on the mitigation of climate change, ac
Aug. 29, 2013
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KFS holds symposium on REDD+ projects
The Korea Forest Service hosted an international symposium in Seoul on Wednesday to discuss business on forest management to prevent deforestation and degradation. The one-day seminar was organized with the aim of providing opportunities with private companies and organizations to participate in the so-called overseas REDD+ projects. REDD+ is a climate change mitigation solution that many initiatives, including the U.N.-REDD Program, are currently developing and supporting.During the workshop, t
Aug. 29, 2013
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Korea seeks to assist forest management in developing countries
The Korea Forest Service this week held an international symposium in Seoul to enhance public understanding of Reducing Emissions from Deforestation and Forest Degradation (REDD+), and a meeting of high-level officials on cooperation on the issue in Jeju.REDD+ schemes are drawing attention worldwide as they support global efforts to combat climate change. The Korea Herald interviewed Ryu Kwang-su, director general of the International Affairs Bureau of the Korea Forest Service, ahead of these tw
Aug. 29, 2013
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Virus likely causing mass dolphin deaths
NORFOLK, Virginia (AP) ― Federal officials identified a virus as the likely reason hundreds of bottlenose dolphins died along the East Coast, but they say there’s little they can do to stop the deaths.More than 330 dolphins have been stranded between New York and North Carolina since July 1, with nearly all of them dead by the time they wash up on shore, the National Oceanic and Atmospheric Administration said.That’s more than nine times the historical average for dolphin strandings in the regio
TechnologyAug. 29, 2013
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Naver moves to set up a center for biz partners
Naver, which runs the nation’s biggest Internet portal, announced on Thursday it will set up the “Naver Partner Center” next month to better cooperate with smaller businesses. The move came a month after the company announced it would take a flurry of measures to seek coprosperity with small enterprises amid intensifying public criticism over its monopolistic practices. Naver controls a wide range of online businesses ranging from news to online communities to Internet advertising. The partner
CompaniesAug. 29, 2013
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Seoul shares rally 1.22 pct amid easing Syria woes
South Korean stocks closed 1.22 percent higher Thursday, fueled by strong foreign buying in a sign of receding market jitters over geopolitical tension in Syria, analysts said. The Korean won gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 23.02 points to finish at 1,907.54. Trading volume was light at 296.2 million shares worth 4.72 trillion won (US$4.24 billion) with gainers outnumbering decliners 559 to 246. Analysts cited growing perc
Aug. 29, 2013
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Foreign banks slapped with fines for swap rate-rigging: regulator
The financial regulator said Thursday it fined three foreign banks operating in South Korea for fixing the rate of a currency swap. The Financial Supervisory Service imposed a fine of 50 million won ($44,988) each on the Seoul-based branches of BNP Paribas S.A., DBS Bank Ltd. and Australia and New Zealand Banking Group Corp. (ANZ), the regulator said in a statement. They were found to have colluded on the asking price for a $100 million currency swap deal in April 2011, which enabled them to poc
Aug. 29, 2013