Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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LG ready to widen Google TV reach
JEJU ― LG Electronics is ready to expand its lineup for Google TVs this year, as the company expects sales to rise on growing demand, a high-ranking LG executive confirmed on Friday.These innovative smart TVs operating on Google’s Android operating system are consequently expected to become available in more countries other than the U.S., China and Korea.The language band for the Google TVs is also likely to be expanded to more than the current 10 or so based on LG forecasts for higher demand. I
TechnologyMay 24, 2013
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U.S. lawmakers send letters to ITC ahead of Samsung-Apple ruling
A bipartisan group of congressmen in the United States has sent letters to the Washington-based International Trade Commission, stressing the need for careful consideration in rulings about “standard-essential patents.” News reports said the letter might be interpreted as supporting Apple ahead of the ITC ruling on Samsung Electronics’ claims against the U.S. tech firm’s infringement of its patents.According to Foss Patents, a blog covering software patent news, a letter from the leaders of the
May 24, 2013
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FSC aims to increase financial sector’s share of economy
Financial Services Commission chairman Shin Je-yoon on Friday told the country’s financial group heads on Friday that the government would try to develop the financial industry by boosting sales of value-added products.Outlining a 10-year project, Shin said the country aimed to increase the relative weight of the financial industry to 10 percent of the country’s overall economic output.The participants in the meeting included Financial Supervisory Service head Choi Soo-hyun, KB Financial Group c
May 24, 2013
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CJ Foodville under tax investigation
CJ Foodville Corp., Korea’s largest restaurant franchise, is undergoing a tax investigation, according to a news report.Yonhap News quoted an unnamed industry source as saying that the National Tax Service started the intense probe a month ago. But company officials reportedly claimed the probe was part of a regular audit by the NTS. The tax investigation came at a time when its parent CJ Group is under investigation from the prosecution on charges of creating slush funds and other wrongdoings.B
IndustryMay 24, 2013
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‘Foreign stimulus exit could shock Korea’
Korea should brace for increased capital-flow volatility in the stock and bond markets stemming from the possibility of the U.S. and other advanced economies exiting monetary stimulus in the near future.There would be tumbles on global benchmark equities as seen with Japan’s Nikkei 225 index that fell more than 7 percent, Bank of Korea Gov. Kim Choong-soo warned investment bankers in a meeting on Friday.Japan’s benchmark stock index suffered its highest drop in 13 years on Thursday due to a vari
May 24, 2013
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Seoul shares up 0.22 pct on eased currency woes
South Korean stocks edged up 0.22 percent Friday as exporters gathered ground on eased concerns over the weak Japanese yen, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.26 points to finish at 1,973.45. Trading volume was low at 278.3 million shares worth 3.67 trillion won ($3.25 billion) with gainers outstripping losers 420 to 383.Market watchers said the overall gain came as blue chip exporters gathered ground
May 24, 2013
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Gov't to launch commission to investigate controversial river project
The government plans to launch a commission next month to look into a highly controversial public project to refurbish the country's four major rivers, officials said Friday.As a trademark of the previous Lee Myung-bak administration, the mega project costing 22 trillion won ($19.5 billion) is aimed at helping prevent floods and promote tourism along the country's four major rivers - the Han, Nakdong, Kum and Yeongsan. But it has long drawn criticism from civic activists and the opposition party
May 24, 2013
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Seoul shares up 0.15 pct in late-morning trade
South Korean stocks traded 0.15 percent higher late Friday morning on gains in autos and constructions, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.05 points to 1,972.24 as of 11:20 a.m.Carmakers continued to trade higher on eased concerns over the weak yen, with Hyundai Motor rising 0.99 percent and Kia Motors adding 1.22 percent. Top auto parts maker Hyundai Mobis gained 1.61 percent.Builders also gathered ground, with Hyundai Engineering & Construction add
May 24, 2013
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Lotte Group chief fined for boycotting parliamentary audits
The chairman of Lotte Group was fined for not attending parliamentary audits over the company's alleged infringement on the business rights of small retailers. Shin Dong-bin was sentenced to pay 10 million won ($8,870) in fines for refusing to comply with the government's call to appear at the hearings and audits of the National Assembly between October and November of last year, citing different reasons such as overseas business trips.The audits were held as part of the government's drive to pr
IndustryMay 24, 2013
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Samsung to rake in better Q2 profit on Galaxy S4 sales
Samsung Electronics Co., the world's top maker of smartphones, is expected to reap a solid operating profit in the second quarter on robust sales of its Galaxy S4 line-up, analysts said Friday.According to NH Nonghyup Securities Co., the tech giant is anticipated to see its operating profit reach 11.7 trillion won ($10.4 billion) in the April-June period, up 74.6 percent from 6.7 trillion won tallied last year.The strong earnings outlook came as the global sales of its Galaxy S4 smartphones have
IndustryMay 24, 2013
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S. Korea constructs its first carbon capture facility
South Korea on Friday began operating its first carbon capture facility at a thermal power plant that is designed to cut greenhouse gas emissions by over 90 percent.The carbon capture and storage (CCS) unit at the Boryeong Thermal Power Plant Complex on the country's west coast is currently attached to a 10-megawatt station to test its effectiveness, according to the Ministry of Trade, Industry and Energy.The CCS facility is expected to capture about 80,000 tons, or over 90 percent, of carbon di
IndustryMay 24, 2013
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Seoul shares open higher on techs, autos
South Korean stocks opened higher Friday due mainly to gains in technology firms and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.37 points, or 0.48 percent, to 1,978.56 in the first 15 minutes of trading.Tech blue chips drove up the market, with Samsung Electronics advancing 0.4 percent and top chipmaker SK hynix moving up 0.64 percent. Flat panel maker LG Display added 0.34 percent.Carmakers also gathered ground, with No. 1 Hyundai Motor rising 2.22
May 24, 2013
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Gov't submits bills to ratify information-sharing deals with 2 tax havens: sources
The government has submitted ratification bills for parliament to approve information sharing deals with two tax haven countries to intensify its crackdown on offshore tax evasion, government sources said Friday.The government recently submitted the bills for a National Assembly session scheduled for next month to ratify the deals it signed with the Bahamas and Vanuatu, according to the sources.Under the deals, the government will be able to request from them such information as business registr
May 24, 2013
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Korea’s pedestrian death rate highest in OECD
LEIPZIG, Germany ― Korea again posted the highest fatality rate of pedestrians among the 29 OECD member nations last year, a recent report found Wednesday.The figures came amid growing attention for walking as an alternative transportation for cars and other motorized vehicles at the 2013 International Transport Forum that kicked off Wednesday in Leipzig, Germany. In the OECD report entitled “Pedestrian Safety, Urban Space and Health,” pedestrian fatalities made up 37 percent of all road deaths
IndustryMay 23, 2013
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Tax office gears up for probe into offshore accounts
Korean tax authorities are gearing up for a full-scale probe into those holding offshore accounts via paper companies created in tax havens exposed by non-profit news organizations.Investigations into the accounts held by notable family members connected to family-run conglomerates such as Korean Air, OCI and Hyosung will likely begin by uncovering the truth and purpose behind establishing such shell companies.It is too early to tell whether they are illegitimate as not all companies or manageme
May 23, 2013
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[Graphic News] Tax havens under spotlight
Tax havens are drawing media limelight after a journalist group disclosed 245 Korean businessmen and their families suspected of evading taxes by running paper companies in countries or territories that either have very low tax rates or do not impose them at all.Tax havens are generally divided into three categories ― tax paradises, tax shelters and tax resorts.Tax paradises mainly refer to countries that have no tax treaty regime with other countries and do not impose any income tax. They inclu
May 23, 2013
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[Newsmaker] Lee takes helm of Woori Financial
The new leadership of Woori Financial Group, which is expected to take the initiative in privatizing the state-funded firm, will take over in the coming weeks.The group’s personnel affairs committee said Thursday that it nominated incumbent bank unit CEO Lee Soon-woo as the new chairman.At a news briefing, nominee Lee clarified that he would not always adhere to the past sale project of a block deal for the taxpayers’ money-injected financial group.He clarified that the group ― in coordination w
May 23, 2013
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Korea likely to legalize ‘right to die’
Terminally ill patients who have no other medical options but to hang on to life with essential treatment will likely be given the right to die starting next year.A subpanel of the presidential committee on bioethics has reached an agreement to legally allow patients who are dying or their families to decide whether to withdraw treatment that is keeping them alive.According to the subpanel’s advisory report released by the Ministry of Health on Monday, a terminal patient can voluntarily forgo li
TechnologyMay 23, 2013
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Seoul issues year’s first ozone warning
The capital city of Seoul saw its first ozone warning of the year take effect on Thursday.The Seoul Metropolitan Government said the warning was issued at 3 p.m., as ozone density in the northern part of the city averaged 0.131 ppm per hour.The warning is issued when the density of the powerful oxidants is more than 0.120 ppm.“We measure the density in five regions of the city, and even one area detected to exceed that point leads to the issuance (of the warning) for the whole city,” said Kim Hy
TechnologyMay 23, 2013
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‘Climate change boosted human development’
PARIS (AFP) ― Early humans living in South Africa made cultural and industrial leaps in periods of wetter weather, said a study that compared the archaeological record of Man’s evolution with that of climate change.Anatomically modern humans, Homo sapiens, first made their appearance in Africa during the Middle Stone Age which lasted from about 280,000 to 30,000 years ago.Some of the earliest examples of human culture and technology are found in South Africa ― with fossil evidence of innovative
TechnologyMay 23, 2013