Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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LG rolls out world's first curved OLED TV on home turf
Home appliance giant LG Electronics Inc. Monday released organic light-emitting diode (OLED) TVs with curved displays in South Korea for the first time in the world, staying ahead of a growing competition for the next-generation TV market. The revolutionary model with a 55-inch curved screen is seen to help LG widen a gap with its rival Samsung Electronics Co. and other global TV makers in the race for the burgeoning market, market watchers said. Usually, the images, when they are viewed on
TechnologyApril 29, 2013
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Seoul shares down 0.36 pct late-morning trade
South Korean stocks traded 0.36 percent lower late Monday morning, led by losses in shippers an builders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 7.04 points to 1,937.52 as of 11:20 a.m. Hanjin Shipping plunged nearly 8 percent, with logistics firm Hyundai Glovis falling 2.7 percent, as concerns over global economic recovery worsened on lower-than-expected first-quarter growth rate of the United States. No. 1 builder Hyundai Engineering & Construction l
April 29, 2013
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Seoul shares turn lower after strong start
South Korean stocks turned lower after opening higher, dented by widening losses in large-cap exporters and major banking groups, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.12 points, or 0.11 percent to 1,942.44 in the first 15 minutes of trading. Tech heavyweight Samsung Electronics shed 0.4 percent, with blue-chip auto-parts maker Hyundai Mobis slipping nearly 1.6 percent. Shares of major banking firms lost ground as they began to release quarterly earnings f
April 29, 2013
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S. Korea's current account surplus hits 4-month high in March
South Korea's current account surplus widened to a four-month high in March as exports gained ground despite the yen's weakness and the service account improved, the central bank said Monday.The current account surplus reached US$4.98 billion in March, up from $2.71 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The March reading was the largest since November last year, marking the 14th straight month of a surp
April 29, 2013
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Chaebol hoard earnings over economic slump
Ever since the global financial crisis, the country’s chaebol have been bent on hoarding their retained earnings instead of investing them.As a result, the combined retained earnings of listed firms under Korea’s 10 largest conglomerates has amounted to over 14 times their paid-in capital.The retained earnings-to-capital ratio of 69 companies that balanced their books in December reached a highest-ever 1,441.7 percent last year, up from 923.9 percent in late 2008, data from the Korea Exchange an
IndustryApril 28, 2013
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Firms’ spending at room salons tops W900b
Korean firms’ annual usage of company credit cards at entertainment establishments including room salons totaled at least 1.4 trillion won ($1.25 billion) on average, the Korea Institute of Public Finance said Sunday.According to the institute’s research report, the nation’s corporate sector paid 1.41 trillion won with their company cards at entertainment spots in 2011.Room salons (or hostess bars) topped the list in company card settlement records of 923.7 billion won, followed by karaoke rooms
April 28, 2013
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[Graphic News] Korea’s labor productivity still low
Korea’s labor productivity ranked 23rd among 34 members of the Organization for Economic Cooperation and Development in 2011, moving up one notch from 2010, the government said.In 2011, the total output by each Korean worker came to $62,185, which amounted to 79.9 percent of the OECD average but 60.6 percent of that of the U.S., according to the Ministry of Trade, Industry and Energy.The ministry noted that Korea’s labor productivity grew at an average annual rate of 2.92 percent, the sixth high
April 28, 2013
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[Photo News] Yummy yogurt
IndustryApril 28, 2013
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Gaeseong firms plead for government support
Companies that withdrew from the inter-Korean industrial park in Gaeseong urged the Seoul government on Saturday to come up with plans to protect the products and raw materials left in the enclave and help them get back on their feet.They also called on the government to allow them to visit the North on Tuesday and continue trying to hold talks with the North.“The companies are perplexed at the government’s abrupt decision to have all the (South Korean) staff pull out (from Gaeseong), and we are
IndustryApril 28, 2013
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Ergo Daum warned for manipulating figures
The Financial Supervisory Service said Sunday that it issued a “warning” against Ergo Daum Direct, an online auto insurance company, for rigging insurance premium-related figures in an alleged bid to attract more policyholders.Ergo Daum Direct, which is now under the wing of the France-based Axa General Insurance, was also levied fines of 50 million won ($44,600) from the financial regulator.In 2012, the insurer sought to increase its market share by manipulating the loss ratio ― or the ratio of
April 28, 2013
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Korea’s food exports to Japan dive in 2012
Amid chilly South Korea-Japan relations, the South’s food exports to Japan took a dive last year, the national agricultural product agency said Sunday. South Korea exported $32 million worth of makgeolli, Korea’s traditional fermented rice wine, to Japan last year, 33.9 percent less than the amount shipped to the country in 2011, according to the Korea Agro-Fisheries & Food Trade Corporation.Exports of South Korea ramyeon, or instant noodles, reached $43 million last year, down 18.6 percent from
April 28, 2013
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‘Intervention in FX market will do more harm than good’
South Korea’s finance minister said Saturday that it would “do more harm than good” for the government to intervene in the foreign currency market.Hyun Oh-seok, who concurrently serves as deputy prime minister in charge of the economy, made the remarks during a parliamentary committee meeting. “I think that it would do more harm than good for the government directly to intervene in (the movement of) foreign exchange rates in terms of market stability and trust,” he said.His remarks were in respo
April 28, 2013
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Shares likely to move on ECB this week
South Korean stocks are forecast to set their directions according to results of the European Central Bank’s rate-setting meeting next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed on Friday at 1,944.56, up 1.98 percent, or 37.81 points, from a week ago. Analysts said the local stock market is expected to move on results of the ECB’s rate-setting meeting slated to be held this week amid growing voices for an interest rate cut in the eurozone. However, it wi
April 28, 2013
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Multinational firms say university names not important in job seeking
CHEONGJU, North Chungcheong Province ― “Spec” is a term used by Korean job seekers. It refers to highly thought of qualifications such as university name, grades, internships, awards and overseas experience. Many Korean students believe great specs are a must for promising jobs.Shin Ji-yoon, 23, an English major senior at Chungbuk National University, admitted that she was daunted by students from in and around Seoul ― her soon-to-be competitors in the job market. “It would be a lie to say that
April 28, 2013
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Tesla Model S tops GM Volt in North American plug-in race
Tesla Motors Inc., the luxury battery-car company run by billionaire Elon Musk, is North America’s rechargeable auto sales leader so far this year as its Model S sedan passed General Motors Co.’s Chevrolet Volt. Tesla expects to report at least 4,750 deliveries of the electric Model S in the U.S. and Canada when it releases first- quarter results on May 8, said Shanna Hendriks, a company spokeswoman, reiterating a March 31 estimate. That compares with 4,421 Volt sales in North America and 3,695
MobilityApril 28, 2013
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Are mega cities ready for connected driving?
A car is not only a means of transportation to get you from A to B. It is also a place where you spend a lot of time. Many traveling salesmen spend more time in their car than in their office or their living room. So let’s develop a car where you can do things you typically do in your office or in your living room. As you make yourself at home in a perfectly comfortable driver seat, your smartphone automatically connects with the on-board communication ― and entertainment system. Your personal s
MobilityApril 28, 2013
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GM bets big on Trax for Europe turnaround
Europe is a big concern for General Motors as well as other carmakers. The Detroit-based auto giant lost $1.8 billion in the region last year, and the losses this year, industry watchers predict, could top $2 billion. In order to achieve the carmaker’s goal of becoming profitable by mid-decade in the regions, Susan Docherty, president and managing director of Chevrolet Europe, shoulders a heavy responsibility. “Last year, Chevrolet sold 195,000 cars in Western and Central Europe for a market sha
MobilityApril 28, 2013
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Forced exercise reduces anxiety, depression
Rats forced to exercise in a study were protected against stress and anxiety the same as rats who ran without being forced, U.S. researchers say.Benjamin Greenwood, an assistant research professor in University of Colorado at Boulder, said there was a question whether people reap the same mental benefits of exercise if they are forced to do -- as is common among high school, college and professional athletes, members of the military or those who have been prescribed an exercise regimen by their
TechnologyApril 28, 2013
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Conglomerates hold back investment, log record-high retention rate
South Korea's conglomerates are holding back new investment with the level of unspent surplus money by affiliates of the country's 10 biggest conglomerates reaching the highest point in record, the bourse operator and the financial regulator said Sunday. The 69 firms, affiliated with South Korea's 10 biggest conglomerate groups whose financial year ended in December, recorded a combined retention rate of 1,441.7 percent for 2012, according to data by the Korea Exchange (KRX) and the Financial
April 28, 2013
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Gov't intervention in currency market would do more harm than good: minister
South Korea's finance minister said Saturday that it would "do more harm than good" for the government to intervene in the foreign currency market. Hyun Oh-seok, who concurrently serves as deputy prime minister in charge of the economy, made the remarks during a parliamentary committee meeting. "I think that it would do more harm than good for the government directly to intervene in (the movement of) foreign exchange rates in terms of market stability and trust," he said. His remarks were in
April 28, 2013