Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Meet distant cousin: Tiny hyperactive primate
New fossil evidence of the earliest complete skeleton of an ancient primate suggests it was a hyperactive, wide-eyed creature so small you could hold a couple of them in your hand _ if only they would stay still long enough.The 55 million-year-old fossil dug up in central China is one of our first primate relatives and it gives scientists a better understanding of the complex evolution that eventually led to humans. This tiny monkey-like creature weighed an ounce (28 grams) or less and was not a
TechnologyJune 6, 2013
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BS Financial chief pressured to resign
Financial authorities recently urged Busan-based BS Financial Group chief executive Lee Jang-ho to step down from his post voluntarily before his term expires in March 2014, according to market insiders on Wednesday.The alleged pressure on the provincial financial firm from regulators has come under spotlight after most chairmen of the nation’s major financial groups were replaced over the past few months.The Financial Supervisory Service, in a statement earlier in the day, said that BS Financia
June 6, 2013
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U.S. extends Iran sanctions exception for S. Korea
U.S. Secretary of State John Kerry on Wednesday announced the renewal of Iran sanctions exceptions for South Korea and eight other nations.The nine nations will be able to continue purchasing reduced amount of Iranian crude oil for the coming 180 days without any penalties under the National Defense Authorization Act."The United States and the international community stand shoulder to shoulder in maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear progr
June 6, 2013
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Agencies team up to probe offshore investors
The nation’s three investigative agencies on financial transactions and the central bank will collaborate on inquiries into alleged corporate tax evaders via investment in overseas tax havens.Officials at the Financial Supervisory Service said the regulator plans to actively exchange a variety of information on offshore investors with the National Tax Service, the Korea Customs Service and the Bank of Korea.This is the first time in about eight years since 2005 for the agencies to seek joint inv
June 5, 2013
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Korea to improve venture ecosystem
The Ministry of Science, ICT and Future Planning said Wednesday that it would lay the foundations for a sound venture ecosystem that can give every Korean the opportunity to turn innovative and creative ideas into lucrative businesses.Science and ICT Minister Choi Mun-kee said that the government’s incentives and deregulations to promote start-ups would boost job creation and national competitiveness.The Science and ICT ministry said it hoped to create about 650,000 jobs through these measures s
June 5, 2013
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[Photo News] Memorial day
Social AffairsJune 5, 2013
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[Newsmaker] Inspection firm targeted in nuclear scandal
At the heart of the nuclear reactors’ shutdown and subsequent electricity shortage was a quality inspection company that neglected its role for the sake of its own interests.Earlier in the week, the prosecution summoned the head of Saehan TEP for allegedly forging the quality certificate papers on substandard signal cables used in the recently suspended nuclear reactors.A senior employee of JS Cable, too, was questioned on charges of supplying faulty parts and exerting pressure on Saehan TEP to
June 5, 2013
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[Graphic News] Korea more dependent on foreign investment
The nation’s reliance on foreign capital has been rapidly increasing, indicating that its economy could be greatly swayed by external shocks, data showed Wednesday.According to a report from the private Nonghyup Economic Research Institute, the ratio of foreign investment to gross domestic product came to 81.9 percent in March. This was a 16.6 percentage points increase from December 2008.The ratio soared dramatically during the global recession in 2008 and 2009. It gradually dropped to 75.1 per
June 5, 2013
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Starbucks launches first online academy
Starbucks Korea launched Wednesday the world’s first online Starbucks Academy to educate some 5,000 employees here and support better communication between them, anytime and anywhere. It is the first time that the Seattle-based coffee house has introduced an online academy. The company currently has cafes in some 60 countries. The key feature of the membership website, coming together with a mobile app, is the interactive experience. That is best represented by a Wiki-style dictionary for the St
IndustryJune 5, 2013
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Samsung unveils W1.2tr support plan for partners
Samsung Group, the country’s top conglomerate, said Wednesday that it will spend 1.2 trillion won ($1.07 billion) over the next five years to help its business partners and subcontractors.This year alone, Samsung, which has Samsung Electronics and Samsung Display Co. under its wing, will spend 327 billion won for the co-prosperity scheme, it said.Under the group’s plan, technology and financing support will be provided to its business partners. Also, its 11 affiliates such as Samsung Electronics
IndustryJune 5, 2013
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Lotte, Shilla vie for top spot in global duty-free market
Duty-free shops have been the biggest cash cows of Lotte Hotel and Hotel Shilla for years, thanks to the sharp increase in tourists from China and Southeast Asia.But with political movements to make duty-free shops donate 1 percent of their revenue as public funds and restrict conglomerates’ further expansion in the business, Lotte and Shilla are turning their eyes abroad. Lotte Hotel and Hotel Shilla netted over 80 percent of their revenue last year, which topped 3 trillion won and 2 trillion w
IndustryJune 5, 2013
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Shares dip 1.52% on policy woes
South Korean stocks sank 1.52 percent Wednesday as lingering uncertainties on monetary policies of major economies made investors jittery, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index retreated 30.32 points to close at 1,959.19. Trading volume was moderate at 326.3 million shares worth 3.93 trillion won ($3.49 billion) with decliners far outpacing gainers 644 to 178. “With the U.S. talking about tapering its quantitati
June 5, 2013
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KB Financial nominates Lim as next chief
KB Financial Group has nominated its incumbent president Lim Young-rok as chairman of the financial service firm, who will succeed the outgoing chief Euh Yoon-dae.The group said Wednesday that its personnel recommendation committee singled out Lim as the final candidate out of the four contenders. It added the committee members unanimously voted for him. Following approval procedures at meetings of shareholders and board members, the 58-year-old nominee “is expected to take office as the next ch
June 5, 2013
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Voddler sees opportunities in Korea
Voddler is not a name too familiar to the Korean ear, but the Swedish company soon expects to entice device manufacturers and film studios here who see great business opportunities in it. Voddler’s president and CEO, Marcus Bcklund, indicated that he is aware of such growing interest from Asia, which is why he is on the lookout for new partners.Voddler is one of Europe’s top services for film and TV streaming that’s both cheap ― for consumers ― and shareable. In an interview with The Korea Hera
TechnologyJune 5, 2013
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SKT to expand its energy reduction business
SK Telecom said Wednesday that it would actively seek to help reduce energy consumption at local businesses by providing a Cloud Factory Energy Management System to production companies Sempio and Cosmo Chemical Co.Cloud FEMS is a newly introduced energy solution for businesses with high-energy consumption. After being developed in 2011 for the first time in Korea, this energy solution is expected to be a way of dealing with the current energy and high oil price issues, according to company offi
June 5, 2013
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Samsung keeps mum over U.S. ruling against Apple
Samsung Electronics on Wednesday maintained its silence over a favorable ruling from the U.S. trade agency banning the sale of several iPhone and iPad models for infringing a Samsung patent. The ruling was deemed as symbolic more than anything else, as if upheld, it would be an indication that some of Apple’s technology had been copied from its top rival, Samsung.The Korean company is currently the world’s largest maker of smartphones in a recent reverse of rankings, with Apple next in line. Sa
TechnologyJune 5, 2013
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Korean media hails Samsung’s victory in ITC ruling
South Korean media on Wednesday hailed Samsung Electronic Co.’s legal victory against its rival Apple as a potential “turning point” in the two tech giants’ patent war.The U.S. International Trade Commission ruled Tuesday that Apple infringed on a patent owned by Samsung, a decision that could lead to a ban on imports and sales in the United States for AT&T models of the iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G. Korean media suggested the victory might tilt the scale toward Samsung in future
TechnologyJune 5, 2013
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Seoul shares dip 1.52 pct on policy woes
South Korean stocks sank 1.52 percent Wednesday as lingering uncertainties on monetary policies of major economies made investors jittery, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 30.32 points to close at 1,959.19. Trading volume was moderate at 326.3 million shares worth 3.93 trillion won (US$3.49 billion) with decliners far outpacing gainers 644 to 178. "With the U.S. talking about tapering i
June 5, 2013
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Seoul shares down 0.8 pct in late-morning trade
South Korean stocks traded 0.8 percent lower late Wednesday morning, as large-cap tech firms and brokerage houses widened losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 15.98 points to 1,973.53 as of 11:20 a.m. Leading home appliance maker LG Electronics fell 2.5 percent, and No. 2 brokerage firm KDB Daewoo Securities slid 1.8 percent. But top-listed company Samsung Electronics inched up 0.13 percent. The local currency was changing hands at 1,119.7
June 5, 2013
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Seoul shares open lower on bearish airlines, builders
South Korean stocks opened lower Wednesday, dented by losses in shares of air carriers and construction firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.38 points, or 0.22 percent, to 1,985.13 in the first 15 minutes of trading. Korean Air Lines, the country's leading air carrier, sank 1.3 percent, with No. 1 builder Hyundai Engineering & Construction sliding nearly 1 percent. The local currency was trading at 1,124.45 won against the U.S. dollar, down 2.25 wo
June 5, 2013