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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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Court's ruling set to shape path of medical school expansion
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Loans of self-employed swell 50% in four years
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LG Electronics targets Japan with Optimus G Pro
LG Electronics Inc. said Thursday it plans to roll out the Optimus G Pro in Japan this week, kicking off its global drive for the premium smartphone.LG Electronics said it plans to release the full HD smartphone via Japan’s largest mobile operator NTT DoCoMo, roughly two months after the Optimus G Pro hit local shelves. In February, the South Korean smartphone maker rolled out the 5.5-inch Optimus G Pro, a follow-up model of its flagship smartphone Optimus G, through the country’s three mobile o
April 4, 2013
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Shipbuilders’ debt jumps in 2012
Combined debt owed by South Korea’s seven largest shipyards spiked 44 percent last year as shipbuilders sought more loans from banks and debt sales to cope with falling demand, industry data showed Thursday.According to the data, Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and five other shipyards held a combined 21 trillion won ($18.8 billion) in debt at the end of 2012, compared with 14.6 trillion won a year earlier.The debt includes bank loans and proceeds from sales of corpor
April 4, 2013
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University professor tapped to head KDB Financial
The Financial Services Commission recommended Chung-Ang University professor Hong Gi-take as chairman of the KDB Financial Group, FSC officials said Thursday.Under law, the state-controlled KDB Financial Group chairperson is appointed by the president at the request of the FSC, the nation’s top financial regulator.If Cheong Wa Dae agrees on Hong’s selection, he will succeed Kang Man-soo who tendered his resignation last month. FSC officials said they recommended professor Hong as they judged tha
April 4, 2013
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Lower-cost vacuums outperform premium
The Korea Consumer Agency on Thursday listed a number of vacuum cleaners ranging from premium to low- and mid-cost products to better inform consumers of their efficiency relative to their price.Premium brands such as Nilfisk’s X300C, Dyson’s DC37 and Siemens’ VSZ61240 cost more than 700,000 won with a wide range of functions, but they lack efficiency in terms of suction power and noise when compared with Samsung Electronics’ VC-UBJ937, which costs around 382,000 won, or other lower-cost brands,
IndustryApril 4, 2013
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NTS probe targets black market
The National Tax Service said Thursday that it has launched a full-fledged investigation into 224 figures including private moneylenders on allegations of tax evasion.The 224 targets are composed of 117 private moneylenders, 51 entrepreneurs in the conglomerate sector, 48 individuals on suspicion of offshore tax-dodging and eight purchasing agents of overseas goods.The tax agency clarified that the probe is aimed at securing a base to levy taxes on dubious profit-makers in the underground econom
April 4, 2013
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Park stresses sustainable land policy
President Park Geun-hye stressed sustainable and balanced land development in harmony with the environment, criticizing massive funds-injected, large-scale development projects made in the previous government such as the four-river restoration project.“The government needs to review more thoroughly and systematically the large-scale development projects requiring massive public funding,’’ Park stressed during the Land Ministry’s policy briefing session. Land, Infrastructure and Transport Ministe
April 4, 2013
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Samsung’s Galaxy S4 to roll out in Korea this month
Samsung Electronics’ new flagship smartphone Galaxy S4 will be rolling out in Korea on April 25 following its launch in a number of European countries including the U.K., industry sources said Thursday.With the world’s biggest smartphone maker scheduling its media event on the same day as its roll-out, the new 5-inch Galaxy S4 equipped with octa-core mobile processors will be hitting local shelves in the next three weeks, they said.The company’s new smartphone was unveiled for the first time in
IndustryApril 4, 2013
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Aspire to entice with premium services
Aspire Lifestyles has launched in Korea as a premium concierge, hospitality and brand marketing servicer, the U.K. and Singapore-based company said on Thursday.Aspire Lifestyles offers incomparable lifestyles, services and luxury reward programs. This creates memorable services and lifestyle experiences for customers' needs ranging from travel assistance to lifestyle experiences, the company said.Aspire also specializes in brand marketing, consisting of creating and revamping brands for corporat
IndustryApril 4, 2013
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Nuclear power makes steady global comeback
PARIS ― Having lost much of its appeal after 2011’s Fukushima nuclear disaster, nuclear energy is coming back into favor, slowly but steadily. Emerging economies are resuming plant construction, particularly in Asia, where power demand is exploding in line with rapid economic growth. China led the trend this year, opening the first nuclear power plant since the Fukushima crisis in Dalian, Liaoning province. Industry watchers said the Chinese government will step up construction of nuclear plants
April 4, 2013
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FSC picks new chief for KDB Financial Group
South Korea's financial regulator said Thursday it tapped an economics professor who was an aide to President Park Geun-hye to head state-run KDB Financial Group Co., following the former president's resignation amid a big government shake-up of banking chiefs.The Financial Services Commission said Hong Ki-taek, who teaches economics at Chungang University, will preside over KDB Financial Group and its banking unit Korea Development Bank.The KDB Financial chief was appointed by the president on
April 4, 2013
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Korea's new housing policy unlikely to spur market: IBs
Foreign investment banks (IBs) don't expect South Korea's property market to get a boost from the government's new housing policy in the short term largely because anticipations of an increase in home prices remain weak, a report showed Thursday.On Monday, the government announced a set of measures aimed at boosting the country's sluggish real estate market. It included tax breaks for first-time homeowners and a cut in the supply of new homes to keep prices from falling further. According to the
April 4, 2013
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Scientists find possible hint of dark matter
It is one of the cosmos' most mysterious unsolved cases: dark matter. It is supposedly what holds the universe together. We can't see it, but scientists are pretty sure it's out there.Led by a dogged, Nobel Prize-winning gumshoe who has spent 18 years on the case, scientists put a $2 billion detector aboard the International Space Station to try to track down the stuff. And after two years, the first evidence came in Wednesday: tantalizing cosmic footprints that seem to have been left by dark ma
TechnologyApril 4, 2013
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Hyundai, Kia recall 19m cars in U.S.
The world’s fifth-largest automaker Hyundai Motor and its sister company Kia Motors will be recalling 1.9 million vehicles in the United States for malfunctioning brake light switches and airbags, the companies said on Thursday.There were no accidents or injuries due to the defects, but Hyundai said it is conducting the recall to ensure customer safety.“We hope to resolve the issue as soon as possible,” said Chung Jin-haeng, the Hyundai CEO. “We’ll do our best to prevent the situation from escal
IndustryApril 4, 2013
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Hyundai-Kia recalling nearly 1.9 million vehicles
DETROIT -- Korean automakers Hyundai and Kia are recalling almost 1.9 million vehicles to fix problems with air bags and brake light switches. The brake light recall covers the Hyundai Accent, Elantra, Genesis Coupe, Santa Fe, Sonata, Tucson and Veracruz. Also affected are Kia's Optima, Rondo, Sedona, Sorento, Soul and Sportage. The vehicles are from the 2007 through 2011 model years. U.S. safety regulators say a faulty switch can stop the brake lights from illuminating when drivers press t
IndustryApril 3, 2013
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Park urges swift execution on budget, stimulus plans
President Park Geun-hye urged economic policymakers to swiftly draw up plans to raise additional budget and seek National Assembly approval to spur employment, investment and the livelihoods of the middle class.“Foremost, a supplementary budget should be devised as soon as possible to revitalize the economy and that could help normalize (the government’s) tax revenue,” President Park said in an economic briefing by the Ministry of Strategy and Finance on Wednesday.“The budget should be drawn up
April 3, 2013
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KORAIL pressed to quit Yongsan
The state-run rail operator KORAIL is under pressure from the government to withdraw from the nation’s single largest but money-losing project to redevelop Yongsan, at the heart of Seoul, into an international business district.Government officials said the Ministry of Land, Infrastructure, and Transport had instructed KORAIL to open an exclusive account for the Yongsan development project, separate from its accounting business on rail operation.The instruction is tantamount to a call for giving
April 3, 2013
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‘Starcraft 2’ championships kick off
Online game developer Blizzard Entertainment launched the World Championship Series on Wednesday, featuring a showdown of top players of its “Starcraft 2.”The WCS will narrow down the best players in regional contests in Korea, the U.S. and Europe, who will then meet at the final round to be held in California in November this year, according to Blizzard.Among the three regions, Korea’s league will start first on Thursday, and GomTV and Ongamenet will alternate to operate WCS Korea seasons and w
IndustryApril 3, 2013
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Sales of Hyundai cars in U.S. up 30.6% in March
LOS ANGELES (Yonhap News) ― South Korea’s top automaker Hyundai Motor Co. said Tuesday that sales of its cars and those of its sister company Kia Motors Corp. showed signs of recovery in the United States last month.Hyundai Motor sold 68,306 vehicles in the United States in March, up 30.6 percent from a month ago. Kia Motors sold 49,125 units in the U.S. last month, up 18.4 percent from a month ago.Still, the two carmakers, the flagship companies of Hyundai Motor Group, the world’s fifth-largest
April 3, 2013
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LG Electronics to sponsor LA Dodgers
South Korean electronics giant LG Electronics Inc. said Wednesday it will sponsor the Los Angeles Dodgers, a U.S. Major League Baseball team, as part of its marketing strategy.The Los Angeles-based club signed South Korean left-handed pitcher Ryu Hyun-jin in December. It is also familiar to South Koreans for being the team that pitcher Park Chan-ho, who retired in November, played for the longest during his MLB career.As part of the sponsorship, LG Electronics plans to set up product showrooms a
April 3, 2013
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Hyundai E&C bags $1.89b deal from UAE
Hyundai Engineering & Construction, South Korea’s top builder, said Wednesday that it has clinched a $1.89 billion contract to build facilities in an oil field in the United Arab Emirates.Under the contract with state-owned Abu Dhabi Marine Operating Company on Monday, Hyundai E&C will build facilities on two artificial islands to gather and distribute crude oil produced in Sarb oilfield, 120 kilometers northwest of Abu Dhabi.The South Korean builder also said it will build facilities on nearby
April 3, 2013