Most Popular
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Samsung under pressure after Intel's foundry spin-off: analysts
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Yoon leaves for Prague to cement nuclear energy push
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Heavy rain to fall nationwide over weekend, but warmer fall expected
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Seoul chastises predatory pricing claims over Czech nuclear export deal
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YouTuber under fire for consoling former singer accused of bullying
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NK newspaper 'unusually' silent on new missile tests: Seoul
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Samsung CEO introduces ‘bold growth’ as new target
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Bank of Korea eyes rate cut after US Fed's historic pivot
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3 suspects apprehended for selling celebrity deepfake porn: police
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Hyundai Motor officially becomes KT’s largest shareholder
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Samsung to unveil Galaxy Note 3 next month
Samsung Electronics Co., the world‘s largest smartphone maker, on Monday announced that it will reveal its new Galaxy Note 3 phablet in Berlin early next month. The Samsung Unpacked 2013 Episode 2 event will be held in the Tempodrom, a large event venue, at 7:00 p.m. on Sept. 4, the company said in invitations sent to foreign news media. Industry sources had earlier said that Samsung was planning to showcase the phablet ahead of the Berlin’s IFA to be held from Sept. 6 to 11. The phablet, a cros
IndustryAug. 6, 2013
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Sales at department stores shrink 2.1% in July
Sales at South Korea’s department stores were forecast to have contracted about 2 percent in July, preliminary data showed Tuesday, raising worries that private-sector spending still remains weak.According to the data provided by the finance ministry, sales at department stores were estimated to have shrunk 2.1 percent on-year in July, a sharp turnaround from June‘s 4.1 percent growth.Sales at discount chains were also projected to have dropped by 5.2 percent over the same period. In June, sales
Aug. 6, 2013
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Hanwha’s heir apparent drives global solar energy business
Kim Dong-kwan, 31, the heir apparent of Hanwha Group, is expanding his leadership role in the solar energy business, the group’s future growth engine, as the group suffers a leadership vacuum. The group, which is the nation’s 10th-largest conglomerate by assets, has been run by the “emergency management committee” composed of experienced executives from across the group since last August when group owner and chairman Kim Seung-youn received a four-year jail term for embezzlement.Last week, Hanwh
IndustryAug. 6, 2013
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Korea sharply narrows economic gap with U.S.
South Korea has sharply narrowed its economic gap with the United States last year from 30 years ago, due mainly to the 2008 financial crisis that hampered U.S. economy, data showed Tuesday, while its economic difference with China has become wider. According to the data compiled by the Bank of Korea, South Korea‘s gross domestic product, the broadest measure of economic performance, came to US$1.29 trillion in 2012, while the U.S. held a 14-fold higher $16.24 trillion.The gap marked a sharp dro
Aug. 6, 2013
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Samsung’s two units compete for overseas construction
The nation’s top conglomerate Samsung Group, in addition to its already-flourishing electronics business, has made visible achievements in the overseas construction and engineering sectors so far this year.Behind such success, however, was an unseen yet intense power grab between two rivaling subsidiaries ― Samsung Construction & Trading and Samsung Engineering.Samsung C&T has recently risen as a hot topic in the local construction industry since achieving $10.8 billion in overseas construction
BusinessAug. 6, 2013
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The science of growing hamburger in the lab
LONDON (AP) ― At a public tasting in London on Monday, Dutch scientists served a single hamburger made from cow stem cells. Some questions and answers about the science behind the revolutionary patty, how it could help combat climate change and what it actually tastes like.Q: What are stem cells?A: Stem cells are an organism’s master cells and can be turned into any other cell type in the body, i.e. blood, tissue, muscle, etc. Adult stem cells are found in small numbers in most human tissues, in
TechnologyAug. 6, 2013
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Instant coffee contains the highest level of caffeine
Instant coffee mix holds the highest level of caffeine among all coffee drinks according to a report from South Korea’s Food and Drug Ministry on Tuesday.A single kilogram of instant coffee mix contains an average of 8,134.3 milligrams of caffeine while brewed coffee from coffee houses contains 677.8 milligrams and canned coffee 590.0 milligrams per kilogram.Caffeine included in coffee mix also varied from 640 milligrams to 68,780 milligrams, depending on the brand. The report also revealed that
TechnologyAug. 6, 2013
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LG denies it attempted to bribe U.S. journalist
LG Electronics Inc. on Tuesday denied a report claiming it attempted to bribe the tech news website TechCrunch in exchange for favorable reviews of its new smartphone model LG G2.An LG official told The Korea Herald that John Giggs, a TechCrunch journalist who claimed LG attempted to pay him off for good reviews, must have misunderstood its advertisement request originally directed to the media’s advertising department.“Our PR agency Burson Marsteller made an inquiry about sponsored packages (of
TechnologyAug. 6, 2013
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Seoul shares fall 0.5 pct on tech, steel shares
South Korean stocks declined 0.5 percent Tuesday, led by losses in tech and steelmakers, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slid 9.6 points to close at 1,906,62. Trading volume was light at 286.3 million shares worth 3.32 trillion won (US$2.97 billion) with decliners outnumbering gainers 473 to 312. "A slew of upbeat economic indexes here and abroad since last week drove up the KOSPI. But this week's been
Aug. 6, 2013
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‘LG attempted to buy reviews for new phone’
LG Electronics Inc. had attempted to pay for favorable reviews of its new smartphone model LG G2, a potentially compromising revelation that could taint the long-anticipated product launch of the South Korean tech company, a tech news website said Monday.John Giggs of TechCrunch claimed that he recently received an email from a member of LG’s Korean PR agency Burson Marsteller, asking for a review of the LG G2 in exchange for an unspecified amount of money.Giggs said the offer included an in-dep
TechnologyAug. 6, 2013
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BOK likely to freeze key rate for 3rd straight month: poll
South Korea's central bank is almost certain to freeze the key interest rate for the third month in a row for August amid improving signs of the local economy and concerns about China's slowdown, a poll showed Tuesday.All 20 analysts predicted that the Bank of Korea (BOK) is expected to leave the benchmark seven-day repo rate unchanged at 2.5 percent on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency.In May, the BOK made its first rate cut in sev
Aug. 6, 2013
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Seoul shares open lower on renewed Fed woes
South Korean stocks opened lower Tuesday weighed down by a U.S. federal banker's remarks implying that a cut in its stimulus may be drawing near, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) declined 10.03 points, or 0.52 percent, to 1,906.19 in the first 15 minutes of trading. Blue-chip exporters lost ground. Tech heavyweight Samsung Electronics dipped nearly 2 percent, with steelmaker POSCO falling 1.7 percent. The Federal Reserve Bank of Dallas President Richard Fish
Aug. 6, 2013
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Growing household debt poses risks to economy
South Korea’s household debts grew in the second quarter, mainly pushed by the government’s moves to bolster the sagging property markets, data showed Monday, spawning concerns that households‘ capacity to repay debt is worsening.Household loans by local banks, including home-backed and credit loans, reached 469.9 trillion won ($420.1 billion) as of end-June, up 4.8 trillion won from the previous month, according to the Bank of Korea. Such lending grew a combined 8.27 trillion won in the second
Aug. 5, 2013
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[Graphic News] Singers earn more than other celebrities
According to a report submitted by the National Tax Service to Rep. An Min-suk, singers, earning 52.55 million won ($46,700) last year, topped the list of average incomes among celebrities. Actors and actresses made an average 41.34 million won while athletes earned 29.85 million won, and models 13.1 million won.
Aug. 5, 2013
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[Newsmaker] Debt weighs heavily on college students
Korea may be the most costly country to parents, where most children rely partially or entirely on them for college tuition, living costs, rent and wedding expenses. The expression “deunggol breaker,” or spine breaker, is now a common nickname for children as heavy financial burdens tie down their parents.But Korean college students say it is not fair to blame kids for seeking economic support from their parents, as there is no way to afford college but to dive into heavy debt. It was not until
Aug. 5, 2013
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More earthquakes hit Korean Peninsula
The Korean Peninsula has become more prone to earthquakes with the number of tremors soaring nearly 55 percent over the past three years, the state weather agency said Monday.According to the Korea Meteorological Administration, a total of 65 quakes were observed in the first seven months of this year, up 54.8 percent from 42 for all of 2010.This year‘s figure compares with 52 in 2011 and 56 in 2012, the weather agency said, adding that the final tally for this year, if this trend continues, may
TechnologyAug. 5, 2013
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Ministry to invest W1.6b in satellite program
The government vowed on Monday to invest 1.6 billion won ($ 1.43 million) over the next three years to nurture qualified professionals in the satellite industry.The Ministry of Science, ICT and Future Planning has partnered with the Satellite Technology Research Center of Korea Advanced Institute of Science and Technology to jointly develop new training courses for selected postgraduate students and researchers. The ministry said it was seeking to increase manpower in the space industry from rou
TechnologyAug. 5, 2013
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Shinsegae expands investment to W2.5tr
Shinsegae Group has raised this year’s investment to 2.5 trillion won ($2.2 billion), its largest-ever sum, with the aim of boosting the sluggish domestic economy, the nation’s second-biggest retailer said Monday. The investment is expanded from 2 trillion won announced earlier this year and is up 10 percent from last year’s 2.2 trillion won, according to group officials. “Despite economic uncertainties in Korea and abroad, we have decided to invest more actively in order to help the sluggish ec
IndustryAug. 5, 2013
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3M Korea’s Lee to head Australia-N.Z. business
3M Korea said Monday that Junhan Lee, safety and graphics senior manager, has been named managing director of 3M Australia and New Zealand as of Aug. 1. It is the fourth time that the Korean unit of the U.S. multinational conglomerate 3M has produced regional chiefs in other markets from among its own staff members.Lee majored in English language and literature at Konkuk University and joined 3M Korea in 1991. He has served diverse positions, especially in industrial safety areas. “Lee’s appoint
IndustryAug. 5, 2013
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[Photo News] Jaguar F-TYPE release
MobilityAug. 5, 2013