Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Seoul shares open lower on Cyprus woes
South Korean stocks got off to a weak start Thursday as worries grew over a possible spillover effect of the Cyprus bailout that may hurt the troubled eurozone, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped1.55 points, or 0.08 percent, to 1,991.89 in the first 15 minutes of trading. Blue-chip exporters and financial companies drove down the shares, with tech heavyweight Samsung Electronics falling 0.3 percent and No. 1 lender by assets Woori Finance Holdings losi
BusinessMarch 28, 2013
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Study: Finnish money Europe‘s dirtiest
Researchers at Britain‘s Oxford University said bank notes from Denmark and Sweden have more bacteria than any other European cash. Ian Thompson, professor of engineering science at Oxford, said his team found a piece of paper money in Europe carries an average 26,000 bacteria, while Danish krone were found to have an average 40,266 bacteria and Swedish kroner had an average 39,600 bacteria, The Local.se reported Wednesday. Thompson and his fellow researchers said they found the euro was the cle
TechnologyMarch 28, 2013
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KDB Financial chief offers to resign
The head of South Korea's state-run KDB Financial Group Co. has offered to resign, its officials said Thursday, amid growing pressure from the government for a big reshuffle of major banking chiefs. Kang Man-soo, the chairman of KDB Financial Group and its banking unit Korea Development Bank, has already tendered his resignation to the government, soon after President Park Geun-hye named the new chairman of the Financial Services Commission (FSC), the country's top regulator, according to people
March 28, 2013
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S. Korea's current account surplus widens in Feb.
South Korea's current account surplus widened in February from the previous month as imports declined faster than exports, and a deficit of the service account narrowed, the central bank said Thursday.The current account surplus reached US$2.71 billion in February, up from a revised $2.33 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The February gain was the largest since November, marking the 13th straight mo
March 28, 2013
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‘Mystery shapes’ prompt alien buzz in U.S.
Unidentified shapes recently found in a small U.S. town are stirring talk of aliens, livescience.com reported Tuesday.According to the report, Peggy Gervase from Eden, New York found an unusual pattern -- which resembled large polka dots -– in snow covering a pond near her home. The shape is reminiscent of mysterious crop circles, which are regarded to some as evidence of extraterrestrial life forms.“I‘ve never seen this before in our pond... It’s eerie in a way, but cool in a way,” Gervase said
TechnologyMarch 27, 2013
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Fair Trade Commission investigates controversial rive project
The Fair Trade Commission on Wednesday launched an investigation into five construction companies on allegations that they colluded in a controversial project to refurbish the nation's major rivers pushed under the Lee Myung-bak administration.Those included were Doosan E&C, Hanjin Heavy Industries and Construction Co., Samwhan Corp., Hall Engineering & Construction Corp. and Kyeryong Construction, which joined a consortium to earn the river project. Earlier in the day, investigators were dispa
March 27, 2013
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S. Korea to unveil economic stimulus
The Park Geun-hye government is set to introduce its first package of economic measures aimed at boosting jobs and the sustainability of small and medium enterprises.The Ministry of Strategy and Finance headed by Deputy Prime Minister Hyun Oh-seok is set to reveal to the public its stimulus plans on Thursday after a last-minute check with President Park, whose priority is improving job growth in the country entering a low-growth period.A ministry official said Thursday’s announcement would show
March 27, 2013
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[Graphic News] Consumers’ optimism about economy grows
Consumers’ expectations for economic recovery in March marked the highest in 10 months, the Bank of Korea said on Wednesday. The BOK’s data showed that the consumer sentiment index hit a record-high 104 in March, a two-point increase from a month ago. A CSI over 100 means that consumers have a positive view of the country’s economic status. Additionally, the consumer sentiment for expenditure reached as high as 109, implying that consumers find themselves capable of spending more money in the fu
March 27, 2013
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Ministers to speak on new government’s economic policies
The Korea Herald, the largest English-language daily in South Korea, will hold a special conference on President Park Geun-hye’s key policies that will not only affect Korean businesses but also foreign companies operating here.Slated for April 18, 2013, the event titled “Hear from the New Korean Government: Policies and Reforms over the Next Five Years” will offer a rare chance for top government officials to explain policies. The Korea Herald has invited several senior ministerial-level speake
March 27, 2013
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KOIMA calls for support for import biz
As the world’s eighth-largest trading country, Korea now needs to acquire a balanced view on trade and appreciate the significance of imports, said the new president of the Korea Importers Association.“Imports take up almost half of the country’s total trading volume, which has exceeded the $1 trillion level for the past consecutive years,” said Shinn Tae-yong.“Korea’s trade perspective is still focused on exports only and imports are considered a negative factor, which cuts down on the trade su
March 27, 2013
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KNOC discovers ‘significant amount’ of oil in Iraq
The state-run Korea National Oil Corp. has discovered a “significant amount” of oil in Hawler oil field, northern Iraq, where it has a 15 percent stake, the company said Wednesday. Switzerland’s Oryx Petroleum has a 65 percent stake in the block, while the Kurdish local government holds the remaining 20 percent. The KNOC did not disclose an estimate for the oil reserves in the block, saying a more comprehensive study was required for such figures.But it added that a drill stem test had yielded a
March 27, 2013
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KAI signs $400m supply deal with Airbus
State-run Korea Aerospace Industries said Wednesday it won a 460 billion won ($400 million) deal to provide aircraft parts for Airbus’ A321 by 2025.“With a recent surge in A321 sales, demand for related parts is also soaring. We have succeeded in winning the deal due to our superior prowess and quality control,” said a KAI official. The KAI is the nation’s sole aircraft maker that has joined hands with global companies such as Airbus and Boeing. It aims to secure orders worth 6.2 trillion won th
IndustryMarch 27, 2013
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Shares up on stimulus hopes
South Korean stocks closed 0.49 percent higher Wednesday on the back of the government’s envisioned measures to boost its economy, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 9.74 points to 1993.44. Trading volume was moderate at 339 million shares worth 3.76 trillion won ($3.39 billion), with decliners outnumbering gainers 406 to 296.“The stock market gathered ground as investors’ sentiment got a boost from the governme
March 27, 2013
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BASF to move regional HQs to Seoul
BASF, the world’s largest chemical company, said it would move its Asia-Pacific headquarters for electronic materials business to Seoul in the first half of this year.The rest of BASF’s regional headquarters will stay in Hong Kong.The regional headquarters in Seoul will coordinate marketing and product management, sales management and operational management in the Asia-Pacific including China. BASF has been a leading supplier of electronic materials for more than 30 years, offering high-purity,
IndustryMarch 27, 2013
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Hanwha to turn cafes into social enterprise
Hanwha Group said it will turn its coffee business Beans & Berries into a social enterprise starting next year, meaning its entire profit will be spent on the socially vulnerable.Beans & Berries, a brand developed by Hanwha Galleria in 2006, will be separated from the conglomerate in the second half of this year and seek government accreditation as a social enterprise next year, Hanwha Group said in a press release.Hanwha Galleria directly runs 36 Beans & Berries stores mostly in Galleria depart
IndustryMarch 27, 2013
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FSS vows to curb stock manipulation
The nation’s top financial regulator said on Wednesday that it would expand its regulatory manpower to crack down on stock manipulation practices.“We will bolster the sector in charge of investigating unfair (stock) trading practices,” Financial Supervisory Service Governor Choi Soo-hyun said in a news briefing.As an action to raise the probe’s efficacy, Choi, who took office on March 18, stressed that the FSS is considering “increasing the number of inspectors for stock scams in the brokerage i
March 27, 2013
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GS Caltex to mass-produce alternative fuel this year
GS Caltex is aiming to commercialize biobutanol as a renewable fuel for cars that could be used as a substitute for gasoline later this year, market insiders in the oil refinery industry said Wednesday.The company has reportedly set the launch for the fourth quarter of 2013. It is operating a factory which has the capacity to produce biobutanol from sugar or wood under a joint research project with the Korea Advanced Institute of Science and Technology.The launch of the factory’s commercial oper
IndustryMarch 27, 2013
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More than 137 million cyber security attacks occurred in 2012: IBM
A report by IBM on Wednesday said that a total of 137.4 million cyber security attacks took place last year, averaging 380,000 on a daily basis.The report, which was put together after researching 3,700 clients in 130 countries from Jan. 1-Dec. 31, 2012, said cyber attacks are “any kind of malicious activity that attempts to collect, disrupt, deny, degrade or destroy information system resources or the information itself.”The most attacked industry was health and social services, which received
TechnologyMarch 27, 2013
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Apple seeks new U.S. trial over appeal in Samsung patent case
Apple Inc. asked to proceed with a new trial on 14 Samsung Electronics Co. products for which a U.S. judge overturned a jury patent-infringement award rather than letting Samsung appeal her decision upholding damages for 14 other products covered by the jury’s verdict. Apple, in a reply to Samsung’s request to seek an appeal and put the case on hold, said the Suwon, South Korea- based company’s proposal would “likely lead to a remand without a substantive decision” from an appeals court.U.S. Dis
TechnologyMarch 27, 2013
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LG Group goes extra mile for R&D
Helicopters are a rare luxury, even for the wealthiest business tycoons, but there is a company that regularly deploys choppers for its employees: LG.At LG Electronics, the flagship arm of LG Group, helicopters shuttle the research staff to and from headquarters and out-of-Seoul manufacturing sites. From Seoul to LG’s Gumi plant, the chopper cuts the travel time down to 45 minutes, compared to the three to four hours for a ride on the train. LG is tightlipped on the expenses, but it must no doub
IndustryMarch 27, 2013