Most Popular
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Korea forecast to overtake Taiwan in chip production by 2032: report
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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Ador CEO's dismissal to be decided on last day of May
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Yoon doubles down on repeal of financial investment income tax
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Finance chief says yen bigger issue than N.K.
South Korean Finance Minister Hyun Oh-seok said Japan’s weakening yen is hurting his country’s economy more than North Korean threats, an example of a “spillover” that merits discussion. “Japan’s economic policies are doing their part to help the world economy recover,” Hyun said Wednesday in an interview in Washington before a meeting of Group of 20 finance chiefs. “But if this causes problems, and then the problems cause new responses from partnering nations, for example a currency war, the wo
April 19, 2013
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Korean Air chosen as Boeing’s best supplier
Boeing named Korean Air as its best supplier in the “pathfinder” category for its notable progress in manufacturing aircraft components.The world’s largest aircraft manufacturer gave the top award to Korean Air at the annual “Supplier of the Year” award ceremony held in San Diego on Thursday.Starting with wing parts for Boeing 747 in 1986, Korean Air has been producing components for Boeing’s 717, 737, 767, 777, 787 and 747-8 aircraft.Korean Air also received the award in 2001 and 2007.Boeing aw
IndustryApril 19, 2013
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FSC vows early privatization of Woori Financial Group
Financial Services Commission chief Shin Je-yoon said the FSC will consider disclosing data on short selling positions after a case involving the largest KOSDAQ-listed firm stirred controversy over short selling.Shin also said he will “put (his) neck on the line” for the privatization of Woori Financial Group to take place early during the Park Geun-hye administration.Celltrion CEO Seo Jung-jin said Tuesday he will sell off his entire controlling stake in the nation’s largest biotech company on
April 19, 2013
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Balanced budget unlikely till 2016
The extra budget that the government recently drew up will likely delay achieving a fiscal balance until 2016 due to increased spending coupled with less-than-expected tax revenues, a government report showed Friday.The government earlier unveiled a 17.3 trillion won ($15.4 billion) extra budget aimed at boosting the country’s slowing economic growth. This was the second largest since 2009 when it announced 28.4 trillion won in extra spending in response to the fallout from the global financial
April 19, 2013
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LG Chem’s Q1 operating profit falls 8.5 percent
LG Chem, a leading Korean chemicals and rechargeable battery maker, said Friday that its operating profit in the first quarter of this year fell 8.5 percent to 408.9 billion won ($366.4 million) compared with the same period a year ago due to the continued minus growth in its battery business. The company said its sales and net profit also dropped 0.6 percent to 5.7 trillion won ($5.1 billion) and 10.6 percent to 340.4 billion won ($350 million), respectively.Operating profit of two other busine
IndustryApril 19, 2013
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KB board OKs stake hike in insurance unit
The board of KB Financial Group Inc. on Friday approved the group’s move to raise its stake in its life insurance unit, making it a fully-owned unit.The board of South Korea’s No. 2 banking group said it gave the green light to the motion earlier in the day to buy the remaining 49 percent stake in KB Life Insurance Co. held by ING Group, without dissenting votes, a deal estimated at around 170 billion won ($152 million).KB Life Insurance was established in 2004 as a joint venture between Kookmin
April 19, 2013
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Shares edge up on metal, financial gains
South Korean stocks closed 0.35 percent higher Friday, as gains from non-ferrous metals and financial firms overshadowed concerns over worsening quarterly earnings, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index added 6.69 points to finish at 1,906.75. Trading volume was moderate at 324.8 million shares worth 4.37 trillion won ($3.91 billion), but decliners outnumbered gainers 422 to 379. “Those that have dipped in the past several
April 19, 2013
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Korea to seek port-driven logistics hubs
The Ministry of Oceans and Fisheries unveiled Friday its road map aimed at making the nation surrounded by three seas into an ocean-powered country.Reporting her ministry’s policies to President Park Geun-hye at Cheong Wa Dae, Minister Yoon Jin-sook said the ministry will promote four policy initiatives including reinforcement of sovereignty over the nation’s marine territories.The ministry also plans to upgrade ocean-related industries, cultivate marine technology-driven industries, and foster
April 19, 2013
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POSCO chief Chung named ‘Steelmaker of the Year’
POSCO CEO Chung Joon-yang was named “Steelmaker of the Year” by the Association for Iron & Steel Technology on Thursday, company officials said. Chung will receive the award at “AISTech 2013,” a steel manufacturing technology conference, from May 6-9 in Pittsburgh, Pennsylvania. According to POSCO, Chung was selected in recognition of his dedication to safety, securing raw materials and new technologies. He has also tried to expand POSCO’s foreign presence and promote mutual growth with steel an
April 19, 2013
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Budget carriers flocking to Korea
Singapore Airlines’ Scoot has joined the heated competition among budget carriers in Korea, announcing Tuesday that it would start the first low-cost services connecting Incheon and Singapore from June 12. Even though the company didn’t disclose its detailed pricing policy, the round-trip fares to Singapore were expected to be as much as 40 percent cheaper than other full-service carriers. “Our exceptional value airfares offer the people of Korea even more reasons to visit Taiwan, Singapore or a
IndustryApril 19, 2013
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Seoul shares edge up on metal, financial gains
South Korean stocks closed 0.35 percent higher Friday, as gains from non-ferrous metals and financial firms overshadowed concerns over worsening quarterly earnings, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 6.69 points to finish at 1,906.75. Trading volume was moderate at 324.8 million shares worth 4.37 trillion won ($3.91 billion), but decliners outnumbered gainers 422 to 379. "Those that have dipped in the past
April 19, 2013
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FTC chief nominee wins parliamentary nod
President Park Geun-hye's nominee for chief of the nation's antitrust watchdog won parliamentary approval Friday following a confirmation hearing that tested his suitability for the job.Noh Dae-lae, a former senior finance ministry official and former head of the state arms procurement agency, was tapped by the president last month to lead the Fair Trade Commission after Park's first nominee resigned over allegations that he kept secret overseas bank accounts in order to evade taxes.In Thursday'
IndustryApril 19, 2013
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Fiscal balance to be delayed due to extra budget: report
The extra budget that the government recently drew up will likely delay achieving a fiscal balance until 2016 due to increased spending coupled with less-than-expected tax revenues, a government report showed Friday.The government earlier unveiled a 17.3 trillion won ($15.4 billion) extra budget aimed at boosting the country's slowing economic growth. This was the second largest since 2009 when it announced 28.4 trillion won in extra spending in response to the fallout from the global financial
April 19, 2013
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Samsung Electronics ranks 20th on Forbes' Global 2000 list
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, joined the elite 25 companies on the annual Global 2000 list of biggest publicly traded companies released by Forbes, ranking 20th this year, up six notches from last year.Hyundai Motor Co., South Korea's leading automaker, ranked 89th, also up from last year's 96th spot, according to the list on the Forbes' Web site on Friday.A total of 65 South Korean firms, including POSCO (184th), Shinhan Financia
IndustryApril 19, 2013
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Seoul shares open lower on large-cap losses
South Korean stocks got off to a weak start Friday, dented by blue-chip losses amid lackluster corporate earnings here and abroad, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.75 points, or 0.3 percent to 1,894.31 in the first 15 minutes of trading. Market bellwether Samsung Electronics slid 1.6 percent, with second-largest listed firm Hyundai Motor retreating more than 2 percent. Major banking groups also trended lower, with No. 3 Hana Financial dropping 1.3 per
April 19, 2013
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Mobile sign-up fees to be abolished by 2015
The three mobile carriers ― SK Telecom, KT and LG Uplus ― will be banned from charging new customers phone sign-up fees after 2015 under the new government’s drive to slash the financial burden on ordinary households.In its policy briefing to President Park Geun-hye on Thursday, the Ministry of Science, ICT & Future Planning said it would ban the start-up fees in the mobile industry on a step-by-step basis.The ministry plans to instruct the three companies to initially cut 40 percent of the curr
IndustryApril 18, 2013
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[Graphic News] 1 in 5 Korean men to die of illnesses linked to smoking
One out of 5 Korean men is projected to die of an illness linked to smoking, according to research by the state-run Korea Institute for Health and Social Affairs. The institute unveiled the study Thursday as the Ministry of Health and Welfare pushes to raise prices of cigarettes to help smokers kick the habit. The research claimed that 79,917, or 21.6 percent, of about 370,000 high school seniors in 2010 were likely to die of smoking-related illness by age 85.It added that 26.9 percent of adults
TechnologyApril 18, 2013
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Fixing graveyard-shift sleep disorders
We find it hard to fall asleep when we travel to the United States or Europe, waking up often during the night. This leads to fatigue during the day, drowsiness, decreased appetite and concentration. Such symptoms are referred to as “jet lag,” and are caused by the biological clock in the hypothalamus of the brain. The biological clock set in Korea does not quickly adjust to the time zone in another country. It usually takes one day to adjust for one hour of time difference. For example, in orde
TechnologyApril 18, 2013
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Beer taste alone triggers reward chemical in brain
PARIS (AFP) ― The taste of beer, even without any effect from alcohol, triggers a key reward chemical in the brain, according to a study on Monday that explores how people become hooked on booze.Neurologists at the University of Indiana asked 49 men to drink either their favorite beer or Gatorade, a non-alcoholic sports drink, while their brains were scanned by positron emission tomography.The goal was to look at dopamine, a chemical in a part of the brain called the ventral striatum that gives
TechnologyApril 18, 2013
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Korea needs to be proactive, open more for FDI: foreign chambers
Korea needs to implement more proactive policies and further open its market to boost foreign direct investment, foreign chambers said at an economic forum hosted by Herald Corp. in Seoul on Thursday.“Korea is a very unique country with an advanced economy and relatively high growth rate. There are various attributes that make Korea an attractive place to make investments,” said Henry An, cochairman of the American Chamber of Commerce’s taxation committee.But he added that the country should try
April 18, 2013