Most Popular
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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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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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[Grace Kao, Meera Choi] Has money displaced romance on dates?
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Will China's self-sufficient dream in HBM come true?
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Man stabs woman and her son amid financial dispute, killing 1
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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
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Woori Investment reprimanded for W1.3 billion embezzlement
The Financial Supervisory Service ordered Woori Investment & Securities to dismiss two stockbrokers, including a branch manager, engaged in embezzlement, regulatory officials said Sunday. The regulator said it has uncovered incidences of embezzlement of 1.39 billion won ($1.24 million) committed at two branches in Seoul and Busan of Woori Investment. The manager of Woori Investment’s Suyeong branch in Busan pocketed 665 million won from five customers’ accounts two years ago, FSS officials said
April 27, 2013
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Galaxy S4 good, but not incredible: U.S. media
The highly-anticipated global release of Samsung Electronics’ Galaxy S4 was welcomed with a lukewarm -- “good but not incredible” -- response from a number of major U.S. news outlets.The latest model of South Korean tech giant’s flagship Galaxy series is to hit the global markets on Saturday, a day after it was released in South Korea.Armed with a five-inch screen and powerful hardware that allows users to cruise through apps and videos, the smartphone is expected to present a serious challenge
TechnologyApril 26, 2013
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Clenching can boost memory: study
Clenching one’s fist can boost memory, U.S. researchers claimed in a recent study.Ruth Propper, an associated professor of psychology at Montclair State University, said that clenching fists while memorizing could improve recall later.Propper and her colleagues conducted research in which they divided 50 right-handed participants into five groups and asked them to remember as many words as they could after scanning a list of 72 words. The first group clenched their right hand while memorizing an
TechnologyApril 26, 2013
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[Photo News] Lotte chief on trial
IndustryApril 26, 2013
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Samsung Heavy’s net profit jumps 19%
Samsung Heavy Industries Co., a major South Korean shipbuilder, said Friday that its first-quarter net profit soared 19 percent from a year earlier on the back of increased demand for high-priced ships.Net profit reached 301 billion won ($272 million) in the January-March period, compared with a profit of 253 billion won a year earlier, the company said in a regulatory filing.Sales gained 10 percent on-year to reach 3.89 trillion won in the first quarter, and operating income also spiked 34 perc
IndustryApril 26, 2013
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Ssangyong Motor’s net loss narrows on strong sales
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Friday its first-quarter net loss sharply narrowed from a year earlier on strong sales in the domestic market.Ssangyong’s net loss narrowed to 9.7 billion won ($ 8.7 million) in the January-March period, from 31.5 billion won a year earlier, the Seoul-based company said in a regulatory filing.The carmaker said operating loss also narrowed to 17.3 billion won, from 30 billion won a year earlie
IndustryApril 26, 2013
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SK Innovation’s profit falls on weaker won
SK Innovation Co., the holding company of South Korea’s No.1 refiner SK Energy Co., said Friday that its first-quarter net income fell 54.8 percent from a year ago due to non-operating loss by a weaker won.Net profit came to 293 billion won ($264.2 million) in the January-March period, compared with 648.4 billion won a year ago, SK Innovation said in a regulatory filing.Sales fell 3.9 percent to 18.1 trillion won in the period, with operating profit dropping 5.5 percent to 738 billion won.“The d
IndustryApril 26, 2013
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Kia Motors’ net profit tumbles
Kia Motors Corp., South Korea’s second-largest automaker, said Friday its first-quarter net profit fell 34.7 percent from a year earlier due to decreased profits from its equity investments.Kia’s consolidated net profit fell to 783.9 billion won ($706 million) in the January-March period, from 1.2 trillion won a year earlier, the Seoul-based company said in a regulatory filing.The carmaker said operating profit dropped 35.1 percent to 704.2 billion won, as revenue fell 6 percent to 11.08 trillio
IndustryApril 26, 2013