Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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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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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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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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Video games boost mental abilities in senior citizens
NEW YORK (AP) ― It probably won’t become as popular as “Grand Theft Auto,” but a specialized video game may help older people boost mental skills like handling multiple tasks at once.In a preliminary study, healthy volunteers ages 60 to 85 showed gains in their ability to multitask, to stay focused on a boring activity and to keep information in mind ― the kind of memory you use to remember a phone number long enough to write it down.All those powers normally decline with age, Dr. Adam Gazzaley
TechnologySept. 8, 2013
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S. Korea earns 'safe haven status' from foreign investors: experts
South Korea is getting "safe haven status" from foreign investors as its current account surplus and the accumulated foreign reserves are serving as defense against possible cross-border capital flight, experts said Sunday.South Korea used to suffer from massive foreign capital outflows whenever a financial crisis cropped up. But Asia's fourth-largest economy is now differentiating itself from other emerging countries such as India and Indonesia which are struggling to curb capital outflows and
Sept. 8, 2013
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POSCO denies chairman resignation rumor
POSCO, the nation’s top steelmaker, dismissed a recent news report that POSCO chairman Chung Joon-yang recently notified Cheong Wa Dae of his intention to resign. According to the report, a high-ranking official from Cheong Wa Dae called on Chung to step down last month. The reason for the government’s request was not reported. A POSCO official said on Friday that the news report was groundless and confirmed that the chairman had no imminent plans to step down. Chung’s second term ends in March
BusinessSept. 6, 2013
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SK E&C warned for deferred payment to suppliers
The Fair Trade Commission said Friday that it issued a warning against SK E&C for unfair deals with eight subcontractors.The conglomerate-based builder was found to have paid the small and mid-sized enterprises parts-supply costs far later than the legal due dates, according to the antitrust regulator.An FTC official said some of the eight suppliers were paid 437 days past the deadline.“As a government agency ― for its construction order ― raised its total payment to SK E&C in reflection of the
Sept. 6, 2013
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Flight attendants caught smuggling goods
Flight attendants were found to have continued to smuggle goods on overseas trips in defiance of strict regulations, the Korea Customs Service said Friday.According to the agency, there has so far been a total of 19 cases of smuggling this year involving flight attendants of both local and foreign airlines. The combined value of the goods comes to 44 million won ($40,200).The most smuggled items include designer bags, watches, cosmetics and jewelry, according to customs officials.Under the regul
Sept. 6, 2013
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Hyundai Motor labor, management reach wage deal
The labor and management of South Korea’s largest carmaker Hyundai Motor Co. tentatively agreed Thursday on a wage deal, putting an end to the ongoing strike.During a new round of negotiations, the two sides narrowed their differences and came up with an interim agreement, which will be put to vote on next Monday. The agreement came after 25 rounds of negotiations over a wage hike and other labor issues that lasted for the past 101 days. Upon the beginning of the talks, Hyundai’s unionized worke
Sept. 6, 2013
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Samsung eyes top spot in consumer electronics market
BERLIN ― A top executive at Samsung Electronics said Thursday that the electronics giant would lead the consumer electronics market through its premium strategy and widen the gap with rivals.“Samsung will make relentless efforts in incorporating philosophies and values in products and share them with consumers,” said Yoon Boo-keun, president of consumer electronics at Samsung Electronics, at a press conference held ahead of the opening of IFA 2013 in Berlin on Friday. “Samsung will make products
TechnologySept. 6, 2013
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Analysts paint rosy future for battery makers
Analysts at some domestic securities companies are upgrading the target stock price of LG Chem, citing the growth potential of the rechargeable battery market.Eugene Investment Securities said Friday that the lithium-ion battery maker’s target stock price was raised to 384,000 won ($350) from 302,000 won. “The rising sales of the U.S.-based Tesla’s electric vehicles will have a positive effect on LG Chem’s battery business,” said Eugene researcher Kwak Jin-hee. “Considering Tesla’s target sales
IndustrySept. 6, 2013
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Money transfers to tax havens surge
Korean companies and individuals were found to have continued to increase their money remittance to overseas tax havens over the past few years.According to the Bank of Korea and data from the financial investment industry, their money transfers to tax havens including countries in the Caribbean have nearly doubled since the 2008 financial crisis.The annual figure, which stood at $212.2 billion (254.3 trillion won) in 2009, climbed to $324.2 billion in 2010, $385.7 billion in 2011 and $413.9 in
Sept. 6, 2013
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Seoul shares close almost flat amid uncertainties
South Korean stocks closed nearly flat Friday as investors sat on their hands due to uncertainties over U.S. jobs data and the Fed's move to taper its monthly debt purchases, analysts said. The local currency closed higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.66 points, or 0.19 percent, to finish at 1,955.31. Trading volume was moderate at 318.8 million shares worth 4.23 trillion won ($3.87 billion) with losers outpacing gainers 446 to 344.Ana
Sept. 6, 2013
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Lego sales rise on Asia growth, now 2nd biggest toymaker
Danish toy maker Lego on Thursday reported an 18-percent rise in first-half net profit as revenue grew 13 percent, fuelled by growth in Asia as developed markets stalled.Lego, now the world's second-biggest toy manufacturer behind Mattel of the US, said its largest markets North America, Europe and Japan had experienced a slow start to the year."Despite this tough dynamic, our data indicates that consumer sales of Lego products for the first half of 2013 grew nine percent globally," chief execut
IndustrySept. 6, 2013
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Seoul, Beijing agree on basic guidelines for FTA negotiations
South Korea and China have reached an agreement on the modality or basic guidelines for their negotiations on a bilateral free trade agreement (FTA), the Seoul government said Friday.The agreement came at the end of three-day talks that ended Thursday in Beijing, according to the Ministry of Trade, Industry and Energy."At this week's meeting, the two sides reached an agreement on the modality for the FTA, concluding the first stage negotiations for the Korea-China FTA that began in May last year
Sept. 6, 2013
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Park calls for closer macroeconomic coordination during G20 summit
South Korean President Park Geun-hye called Thursday for closer macroeconomic coordination among the world's top economies, urging advanced countries to be more careful when changing their monetary policies.Park made the appeal during the opening session of the summit of the Group of 20 major economies in Russia's second-largest city, saying economies around the world are interlinked so much that it is difficult for any one of them to grow alone."In a situation like this where global economies m
Sept. 6, 2013
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Seoul shares open higher on carmakers, techs
South Korean stocks opened higher Friday due to gains on Wall Street in the previous trading session amid improved industry data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.75 points, or 0.14 percent, to 1,954.40 in the first 15 minutes of trading.Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor rising 1.64 percent and top steelmaker POSCO rising 0.46 percent. Leading auto parts maker Hyundai Mobis advanced 0.18 percent.U.S. stocks
Sept. 6, 2013
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S. Korea places import ban on all fisheries products from Japan's Fukushima region
South Korea expanded its import ban on Japan's fisheries products to include all fisheries products from the radiation-hit Fukushima and seven other adjacent prefectures, the government said Friday.The move comes as a widespread radiation scare in South Korea is leading to a sharp drop in the consumption of fisheries products."The measure comes as our people's concerns are growing over the fact that hundreds of tons of radiation contaminated water are leaked daily from the site of Japan's nuclea
Sept. 6, 2013
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Hyundai Motor's labor, management reach wage deal
The labor and management of South Korea's largest carmaker Hyundai Motor Co. tentatively agreed Thursday on a wage deal, putting an end to the ongoing strike.During a new round of negotiations, the two sides narrowed their differences and came up with an interim agreement, which will be put to vote on next Monday.The agreement came after 25 rounds of negotiations over a wage hike and other labor issues that lasted for the past 101 days.Upon the beginning of the talks, Hyundai's unionized workers
IndustrySept. 5, 2013
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DP lawmakers propose tax hikes for the rich
Debates on whether to raise incomes taxes on the wealthy will likely be heated between ruling and opposition lawmakers during the September plenary session of the National Assembly.While the governing Saenuri Party had taken a skeptical stance over demands to increase the tax burden on the high-income bracket, opposition lawmakers have revived the issue.Along with the opening of the plenary session, 10 lawmakers of the main opposition Democratic Party proposed a motion to raise the upper ceiling
Sept. 5, 2013
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[Graphic News] Billion won deposits decline
The number of bank accounts with more than 1 billion won deposited has been decreasing since the second half of last year, according to a Yonhap News report that compiled data from the Bank of Korea and major banks. Analysts attribute the decline to continued low interest rates and depositors’ concerns about the government moving to step up tax probes into the underground economy.
Sept. 5, 2013
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Design emerging as key corporate asset for innovation
This is the fourth installment in an eight-part series that examines the social role of design beyond its aesthetic aspect. The weekly series is a precursor to Herald Design Week 2013 from Oct. 7-11, which will be organized under the theme of “Re-imagine the World.” ― Ed.When Paris Baguette, a leading bakery chain in Korea, announced it would enter the purified water market with its new premium water brand “Eau” in 2010, few expected that the retailer with no experience in the market could survi
BusinessSept. 5, 2013
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[Newsmaker] Hyosung head in trouble for tax dodge claims
S.R. Cho, chairman of Hyosung Group, is coming under increasing pressure over allegations of tax evasion as tax authorities step up their investigation into his financial history.With conglomerate heads known for purchasing airline tickets to get out of tight spots in the past, Cho was banned from traveling abroad, forcing him to cancel plans to go to Vietnam with President Park Geun-hye for her state-visit there.The National Tax Service and the prosecutors’ ramped-up investigations into both pu
Sept. 5, 2013