Most Popular
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Controversy rekindled over when to name criminals, suspects
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Seoul transit pass for travelers to be available starting July
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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Court's ruling set to shape path of medical school expansion
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FM Cho says he will have 'frank, in-depth' talks with Wang
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Loans of self-employed swell 50% in four years
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Microsoft touts Xbox One as all-in-1 entertainment
Microsoft thinks it has the one.The company unveiled the Xbox One, an entertainment console that wants to be the one system households will need for games, television, movies and other entertainment. It will go on sale later this year, for an undisclosed price.For the past two years, Microsoft has led the gaming industry in console sales with the Xbox 360. But it's been eight years since that machine came out, and Microsoft is the last of the three major console makers to unveil a new system. In
TechnologyMay 22, 2013
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Exporters' net plunges in 2012 amid weak yen
Local exporters saw their net fall in 2012 from a year earlier, data showed Wednesday, as the weak Japanese yen apparently dealt a harsh blow to their price competitiveness and global sales.Top 500 South Korean firms' net nosedived 7.8 percent to reach 98 trillion won ($88.1 billion) last year from 2011, according to data compiled by CEO Score, a local corporate research firm.Chemical firms led the overall decline, with their operating profit moving down 50.5 percent in 2012 from a year earlier.
May 22, 2013
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Poll: Teens migrating to Twitter
Twitter is booming as a social media destination for teenagers who complain about too many adults and too much drama on Facebook, according to a new study published Tuesday about online behavior. It said teens are sharing more personal information about themselves even as they try to protect their online reputations.Teens told researchers there were too many adults on Facebook and too much sharing of teenage angst and inane details like what a friend ate for dinner.“The key is that there are few
TechnologyMay 22, 2013
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S. Korea's foreign debt declines in Q1
South Korea's external debt fell in the first quarter due to a weaker won, with the ratio of the short-term foreign debt against the total debt hitting an over 13-year low, the central bank said Wednesday.The country's external debt totaled US$410.3 billion as of the end of March, down $3.3 billion from three months earlier, according to the Bank of Korea (BOK).The data marked the lowest reading since $398.7 billion in the fourth quarter of 2011.The BOK said that foreign investors continued to b
May 22, 2013
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Seoul shares open higher on stimulus hope
South Korean stocks opened higher Wednesday as officials from the United States Federal Reserve highlighted the necessity to maintain its quantitative easing down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shot up 8.84 points, or 0.45 percent, to 1,989.93 in the first 15 minutes of trading.Tech blue chips led the gain, with market behemoth Samsung Electronics adding 0.13 percent and its rival LG Electronics moving up 0.72 percent. Leading chipmaker SK hynix c
May 22, 2013
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Seoul eyes engagement policy with Moscow
Korea is looking to engage Russia with a new set of foreign and economic policies that it hopes will lead to the restart of their free trade negotiations.Deputy Prime Minister and Finance Minister Hyun Oh-seok said Tuesday that Korea would need to readjust its foreign and economic policy, and implement so-called “New Nordpolitik” toward Russia.South Korea’s Nordpolitik was first adopted by the administration of former President Roh Tae-woo to engage communist countries or allies of North Korea,
May 21, 2013
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[Graphic News] Malicious code spreads in Korea
South Korea has the third-highest cases of computer malware detected on computers in the world after the United States and Brazil, data showed.According to a Microsoft Security Intelligence Report, about 3.2 million malware cases were discovered in Korea in the fourth quarter of 2012, a 52.5 percent increase from the first quarter of the year. The United States’ number reached 8.96 million and Brazil 4.46 million.Computer experts said cyber attacks with malicious codes are expected to increase a
May 21, 2013
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[Newsmaker] FTC expands probe into NHN’s dominance
NHN, Korea’s biggest search engine operator, is coming under mounting pressure by state regulators as the country’s antitrust agency has further expanded its probe into not only the company but also its subsidiary.The Fair Trade Commission has reportedly launched an additional investigation into NHN Business Platform, a wholly-owned search advertising operator of NHN.NHN has increasingly been in the spotlight lately following the FTC’s full-scale probe into the company to find out whether it abu
May 21, 2013
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Korea to rescue 114,000 credit delinquents
The financial regulator said Tuesday that it has decided to relieve about 5 percent from the blacklist of 2.36 million credit delinquents, who were hit by the 1997 Asian foreign exchange crisis.The rescue package for some credit defaulters comes under policy direction of the Park Geun-hye administration to give aid to low-income households, said the Financial Services Commission.Out of the 2.36 million individuals that were blacklisted between 1997 and 2001, the FSC initially screened some 114,0
May 21, 2013
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Samsung, LG show off technology at IT show
Samsung Electronics and LG Electronics on Tuesday showcased a slew of forward-looking devices and appliances at the World IT Show 2013 that kicked off this week for a four-day run at COEX.Samsung’s key products included the edgy 85-inch Ultra High Definition television ― the largest so far in that category ― that received a presidential award after being recognized for a leading multi-media technology. Other devices, such as the Galaxy S4 smartphones, the Solid State Drive 840 and the NX300 smar
TechnologyMay 21, 2013
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Shinsegae fined for faking Prada discount
The Fair Trade Commission said on Tuesday it slapped fines of 5 million won ($4,500) on Shinsegae and issued a corrective action order for faking handbag discounts on its online shopping mall, a violation of the electronic commerce law. The antitrust watchdog warned that it will report the matter to the prosecution if Shinsegae repeats the violation.According to the FTC, Shinsegae stated on its online mall for nearly a year through last November that a Prada bag was marked down by 24 percent fro
IndustryMay 21, 2013
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Microsoft to roll out Surface tablet in Seoul
Microsoft Korea announced on Tuesday that it would begin to sell its new tablet computer Surface in Korea from June 11.Company officials said Surface was a hybrid of a PC and tablet made of light but strong material with a detachable keyboard cover. Microsoft said that Surface Pro came with a digital pen that allowed its users to write on the touchscreen. For Surface RT users, the company provides pre-installed Microsoft Office.“Having the strengths of both tablets and PCs, Surface is optimized
May 21, 2013
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Ministry set to commercialize graphene
The government has begun in earnest to commercialize “graphene,” a new advanced material, announcing Tuesday six consortiums to lead material-related research and development projects.The Ministry of Trade, Industry and Energy said the commercialization of the material could spawn ultra-thin but strong electronics goods, such as paper-thin and flexible TV screens. Graphene, thin sheets of carbon, was discovered in 2004, rocking the science industry. The world’s thinnest and strongest nano-materi
May 21, 2013
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SK Planet to launch online services in Indonesia
SK Planet Co., an affiliate of South Korea’s top mobile carrier SK Telecom Co., is seeking to launch mobile and online services in Indonesia as part of an effort to tap into the country’s growing number of mobile and Internet users, industry sources said Tuesday.SK Planet has recently agreed with Indonesian mobile carrier PT XL Axiata Tbk to set up a joint venture for mobile and online services there, according to the sources.SK Planet and the Indonesian mobile operator each will invest $9.15 mi
May 21, 2013
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Woori to unveil nominee for new chief this week
South Korea’s top banking group Woori Finance Holdings Co. is likely to announce a nominee to replace Chairman Lee Pal-seung later this week, officials said Tuesday.Woori Finance is poised to unveil a group head nominee on Thursday as its selection committee recently reviewed the short list of candidates and passed the list to the financial watchdog, according to officials. A group chief nominee is subject to approval from the group’s board members and shareholders.Apparently giving in to mounti
May 21, 2013
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LH secures management stability through reforms
When the Korea Land & Housing Corp. was established in 2009 as a result of the merger of the Korea National Housing Corp. and the Korea Land Corp., the public was more concerned than hopeful about the organization’s future.The integrated land and housing developer was then in a seemingly irretrievable situation, holding 109 trillion won ($97.6 billion) in total debt, which amounted to 525 percent of its total assets.Things worsened in the following year, when the figure soared to 560 percent, wh
BusinessMay 21, 2013
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Chrysler to recall nearly 1,000 cars in Korea
U.S. automaker Chrysler Group LLC is recalling nearly 1,000 vehicles in South Korea for a defective passenger airbag, the Transportation Ministry said Tuesday.The recall affects 985 units of the 300C luxury passenger vehicle that were produced between April 11 and Dec. 14 of 2011, according to the Ministry of Land, Infrastructure and Transport.The ministry said the front side airbag of the vehicle may not deploy due to faulty wiring.Owners of vehicles subject to the recall may receive free repai
May 21, 2013
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GS E&C wins $1.03b order from Turkey
GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Tuesday that it has won a $1.03 billion order to build an oil refinery plant in Turkey.The deal is part of a $3.45 billion deal that was signed between Star Refining Inc. and a consortium led by TR, Spain’s leading engineering company, on Monday. The consortium also includes Italian oil service group Saipem and Japan’s Itochu Corp.Star Refining is a joint venture between the State Oil Company of Azerbaijan Republic a
IndustryMay 21, 2013
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KEPCO, Alstom Grid set up joint venture
Korea Electric Power Corp., South Korea’s state-run power company, said Tuesday that it will establish a joint venture with Alstom Grid, a French electric power transmission equipment maker, to conduct a high-end electric power transmission project in South Korea. The joint venture, named “KEPCO Alstom Power Electronics Systems,” will focus on the establishment of a high-voltage, direct current electric power transmission system in the country, which uses direct current for the bulk transmission
IndustryMay 21, 2013
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Korean handset makers shine in global LTE market
South Korea’s three major handset makers ― Samsung Electronics Co., LG Electronics Inc. and Pantech Co. ― grabbed a share of more than 30 percent of the global long-term evolution phones in the first quarter, data showed Tuesday.Samsung Electronics, the world’s largest smartphone maker, ranked second by shipping 10.3 million handsets running on LTE service in the first quarter for a market share of 25 percent, according to data compiled by Strategy Analytics.LG Electronics, the world’s No.3 smar
IndustryMay 21, 2013