Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Park nominates new chief of Fair Trade Commission
President Park Geun-hye nominated a former state arms procurement agency chief to be the new head of South Korea's antitrust watchdog, the presidential office said Saturday.The nomination of Noh Dae-lae as Fair Trade Commission chief came days after Park's earlier choice for the job resigned amid allegations that he has been holding secret overseas bank accounts to evade taxes.Noh, 57, is an economic technocrat who had worked in various posts at the finance ministry since 1979 before serving as
IndustryMarch 30, 2013
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Ex-STX vice chairman named City Airport CEO
Lee Jong-cheol, 60, the former vice chairman of STX Group, the nation’s fourth-largest shipbuilder, was named as CEO of City Airport, Logis & Travel, the Korea International Trade Association said Friday.Lee joined Pumyang Ocean Shipping, the former body of STX PanOcean, in 1979 and rose to the vice chairman post of the group in 2004. He also served as chairman of the Korean Rowing Association and the Korea Shipowners’ Association.“CALT has been seeking to cut down on the logistics costs for sma
March 29, 2013
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Shares gain on stimulus plan
South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government’s economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won ($3.08 billion) with gainers outnumbering decliners 528 to 280. “The fact that the government has also decided to p
March 29, 2013
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Renault Samsung inks MOU for electric cars
Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Friday that it has signed a memorandum of understanding with the country’s Environment Ministry and six other companies to promote the use of electric cars.Under the deal, Renault Samsung will develop an electric car and sell it below 45 million won. The Environment Ministry, in return, will provide subsidies to companies and public offices that buy electric cars.Renault Samsung and the government will work
CompaniesMarch 29, 2013
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Sale of STX’s shipping unit ruptures
The sale of STX Pan Ocean Co. fell through on Friday as no potential bidders expressed their interest in South Korea’s leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender.According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean as of Friday.South Korean shipbuilding and shipping conglomerate STX has been seeking to sell its key affiliate STX Pan Ocean as part of efforts to improve its fi
IndustryMarch 29, 2013
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Shinhan backs compassionate finance
When Han Dong-woo took office as chairman of Shinhan Financial Group two years ago, his main concern was how to turn the company into one with sustainable growth in the global financial industry characterized by firms’ fast rises and falls.He found the answer by setting humanitarian finance as its core business philosophy and “planting the DNA of compassionate finance” into Shinhan employees.He created the slogan “compassionate finance,” meaning warm, customer-based professionalism in finance, t
BusinessMarch 29, 2013
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Korea launches debt relief fund
The Park Geun-hye government launched Friday a state fund aimed at rescheduling heavy borrowers’ debt programs to help them out of debt.Prime Minister Chung Hong-won and financial leaders including Financial Services Commission chairman Shin Je-yoon and Financial Supervisory Service Gov. Choi Soo-hyun attended the launch held at the state-run debt monitoring agency Korea Asset Management Co. in Seoul.The establishment of the “National Happiness Fund” was one of Park’s core election pledges made
March 29, 2013
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ITC’s initial ruling in favor of Apple
The International Trade Commission in Washington recently ruled in its initial determination that Samsung Electronics infringed four of its rival Apple Inc.’s patents, sources said Friday.Although the document filed earlier this week was labeled confidential, it is widely believed that Thomas Pender, administrative law judge at the ITC, was most likely to have ruled that Samsung had violated four Apple patents, including one for the design of the iPhone.The same administrative judge had said on
IndustryMarch 29, 2013
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Customs office to search out hidden tax revenues
The Korea Customs Service pledged to tighten its grip on smuggling, tax evasion and illegal foreign exchange trading in step with the Park Geun-hye administration’s policy direction.“The KCS will back the government’s economic and welfare policies by securing the necessary tax revenues,” said new KCS Commissioner Baek Un-chan on Friday. This was one of the first official remarks on the agency’s policy made by the new customs chief since he took office on March 18.The office also kicked off a spe
March 29, 2013
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Seoul warns against ‘fiscal cliff’ risk
The Seoul government said its revenue this year will fall about 12 trillion won ($10.8 billion) short of an earlier estimate due to slowing economic growth, and warned that this could lead to a possible “fiscal cliff” situation similar to that of the U.S. in the second half of this year. “Drastic government spending cuts amid a prolonged period of low growth and a weak base for economic recovery could cause the economy to crash in the latter half of this year,” top presidential aide for economic
March 29, 2013
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’UFO memo’ is most viewed FBI record
A 1950s memo about UFOs is the most viewed public record in the history of the U.S. Federal Bureau of Investigation, according to the agency’s website.The FBI on Monday uploaded a post about the so-called Hottel memo, a single-page report documented on March 22, 1950, by Guy Hottel, then head of FBI’s field office in Washington. It has been viewed nearly 1 million times since April 2011, when the bureau uploaded its public records.The Hottel memo relayed a story told to FBI agents about “flying
TechnologyMarch 29, 2013
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‘UFOs’ in Texas identified as paper lanterns
UFO sighting reports in the Texas ended in an anticlimactic way after the objects turned to be paper lanterns, U.S. media reported MondayAccording to the local sheriff’s office, the “fireballs in the sky” which incited UFO stir were actually Chinese paper lanterns from a nearby wedding.The “fireballs” were first reported to police around 8:30 p.m. Saturday. About a dozen locals and police officers responding to the report witnessed several orange lights moving slowly in the sky.Police contacted
TechnologyMarch 29, 2013
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Seoul shares gain 0.57 pct on gov't stimulus
South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government's economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won (US$3.08 billion) with gainers outnumbering decliners 528 to 280. "The fact that the government has also de
BusinessMarch 29, 2013
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Seoul shares up 0.78 pct in late-morning trade
South Korean stocks traded 0.78 percent higher late Friday morning, buoyed by gains in brokerage houses and foodmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) soared 15.45 points to 2,008.97 as of 11:20 a.m.Leading brokerage firm Woori Investment & Securities Co. surged 3.5 percent, with local major foodmaker Nongshim climbing 3.8 percent. In contrast, autos and heavy industries trended in negative territory, with Hyundai Heavy Industries, the world's largest ship
BusinessMarch 29, 2013
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Study finds link between smoking and genes
A team of scientists from the U.S., U.K. and New Zealand said they that have identified ways in which genes increase the chance of someone becoming a heavy smoker.A study by Duke University did an analysis of previous studies find out which genes affected smoking behavior. They then tracked 1,000 people living in New Zealand from birth to age 38, to see if those with a high-risk genetic profile took up smoking more quickly as teenagers and found it harder to stop smoking.Those with a genetic pro
TechnologyMarch 29, 2013
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U.S. dentist put 7,000 patients at risk of HIV, other diseases
A dirty dentist placed 7,000 patients at risk of contracting HIV and other infectious diseases after failing to properly sterilize equipment at his Oklahoma practice, health officials warned Thursday.Officials do not yet know if any patients were infected but urged everyone who had ever been treated at the Tulsa oral surgery practice to be tested at a free clinic.“We do not know how long these improper practices have been occurring, so we recommend that all patients of Dr. (Scott) Harrington‘s b
TechnologyMarch 29, 2013
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Seoul shares open higher on gov't stimulus plan
South Korean stocks got off to a strong start Friday as investor sentiment was cheered by the government's economic stimulus unveiled the previous day, which included a possible extra budget worth 10 trillion won (US$89.8 billion), analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 16.31 points, or 0.82 percent, to 2,009.83 in the first 15 minutes of trading. Shares gathered ground across the board, with builders and brokerage houses leading the rise. No. 1 player Hyun
March 29, 2013
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S. Korea's industrial output drops 0.8 pct on-month in Feb.
South Korea's industrial output shrank for the second straight month in February, intensifying worries that industrial activities might be slowing due to toughened economic conditions, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 0.8 percent last month from a month earlier. It is the second straight on-month contraction following a revised 1.2 percent fall in January.The output also
March 29, 2013
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Korea lowers growth forecast to 2.3 percent
The Ministry of Strategy and Finance has revised down its growth estimate this year on fears that the global economy could continue to be weighed down by sluggish demand.The ministry on Thursday projected 2.3 percent growth in 2013, down from its initial forecast of 3 percent announced last year, as exports slowed and private consumption and facilities investment continued to show weak performance.Unveiling the new government’s economic policy direction, Finance Minister Hyun Oh-seok said it wou
March 28, 2013
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[Photo News] Need a job
March 28, 2013