Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Domestic-focused companies’ profit growth outpaces exporters
Profit growth of domestic-oriented companies in South Korea has far outpaced that of exporters, as a strong local currency helped them reduce costs and gave them an advantage in price-setting, data showed Monday. The combined net profit of 25 major domestic-focused firms here is estimated at 1.81 trillion won ($1.67 billion) in the fourth quarter of 2012, up 104.3 percent from 888.5 billion a year earlier, according to the data by local financial information provider FnGuide Inc. The correspondi
March 4, 2013
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Samsung chief Lee’s dividends up 11.2%
Lee Kun-hee, chairman of South Korean tech giant Samsung Electronics Co., is expected to see his dividend jump 11.2 percent on-year in 2013 due mainly to the company’s strong earnings last year, data showed Monday.Lee will receive dividends worth 124.1 billion won ($114 million) for fiscal 2012, compared to 111.6 billion won a year earlier, according to the data compiled by Chaebul.com, which tracks the country’s conglomerates. Market watchers said the increase came as Samsung Electronics’ net p
March 4, 2013
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Park aims to curb Korea’s underground economy
Following is the fourth in a series of stories featuring economic issues facing the Park Geun-hye government that was inaugurated on Feb. 25. ― Ed.Two days after the launch of the Park Geun-hye administration on Feb. 25, the National Tax Service began an investigation into 66 fake oil manufacturers and distributors charged with tax evasion, as part of efforts to implement one of the new government’s top agenda items ― bringing the shadow economy to light. Tax evasion in the fake oil market, in w
March 4, 2013
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Seoul shares slip 0.66 pct on institutional profit-taking
South Korean stocks closed 0.66 percent lower Monday, led by institutional profit-taking, while investors remained relatively calm toward the U.S. spending cuts, analysts said. The local currency fell sharply against the U.S.dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.34 points to finish at 2,028.55. Trading volume was moderate at 352.4 million shares worth 4.28 trillion won (US$3.95 billion) with losers outstripping gainers 482 to 310. "Investors shrugged off th
March 4, 2013
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AIA Life faces sanction for overcharging consumers
Financial regulators have decided to slap fines of up to 260 million won ($240,000) on the Korean unit of American International Assurance for business irregularities, industry sources said Monday.The sources said the firm’s irregular business practices included the “overcharge of insurance premiums” worth about 2.8 billion won for more than 1 million cases.AIA Life, or AIA Group Limited Korea and formerly AIG Life, had stipulated that it would offer a 2 percent discount for payment of premiums
March 4, 2013
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Seoul shares down 0.24 pct in late-morning trade
South Korean stocks traded 0.24 percent lower late Monday morning, led by losses in steelmakers and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.92 points to 2,021.57 as of 11:20 a.m. Leading steelmaker POSCO sank nearly 3 percent, with smaller player Hyundai Steel also dropping 2.4 percent. Chemical issues trended downward, with LG Chem dipping more than 2 percent. In contrast, autos gathered ground. Hyundai Motor was up 1.2 percent and Ssang
March 4, 2013
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Scientists say baby born with HIV apparently cured
Scientists say a baby born with the AIDS virus appears to have been cured thanks to faster and stronger treatment than is usual for newborns.Scientists at a major AIDS meeting say the Mississippi child is now 2 years old and has been off HIV drugs for about a year with no signs of infection.If the child remains healthy, it would mark only the world’s second reported cure. Specialists say it offers promising clues for more research to fight pediatric HIV.Doctors don’t usually give high-dose treat
TechnologyMarch 4, 2013
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Hackers target Evernote, notebook service
The Web and app-based digital notebook service, Evernote, is asking all users to change their passwords after a hacking incident, the company said.Evernote said that no user content and person notes were accessed, but hackers were likely able to access user names, email address and encrypted passwords."While our password encryption measures are robust, we are taking additional steps to ensure that your personal data remains secure," Evernote wrote on its blog.The incident is the latest in a seri
TechnologyMarch 4, 2013
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Samsung Electronics 3rd biggest tech firm by market cap
Samsung Electronics was placed third among global IT firms in terms of market capitalization last year, according to a report by a local IT policy and research body on Monday.The National IT Industry Promotion Agency said that Samsung rose to third place, up from fifth in 2011. Apple Inc. was ranked No. 1 and Google was No. 2.The agency obtained the data using Reuters Knowledge, a Web-based information and analytics tool.Microsoft and IBM, which ranked second and third in 2011, respectively, too
IndustryMarch 4, 2013
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Seoul shares turn lower after strong start
South Korean stocks turned lower after a strong start, as investors remained concerned over the automatic spending cuts in the United States, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slipped1.47 points, or 0.07 percent to trade at 2,025.02 in the first 15 minutes of trading. Steelmakers and shipping lines lost ground, with No. 1 player POSCO falling 1.7 percent and logistics company Hyundai Glovis retreating 1.6 percent. Top-cap Samsung Electronics, however, gained
March 4, 2013
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S. Korea's consumer prices grow 1.4 pct on-year in Feb.
South Korea's consumer prices increased at a slower pace in February, with the growth rate staying in the 1-percent range for the fourth straight month, a government report showed Monday.The country's consumer prices index rose 1.4 percent on-year in February, compared with a 1.5 percent on-year advance in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.3 percent.The on-year figure marked the fourth straight month that the price growth has remaine
March 4, 2013
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Scientists say baby born with HIV apparently cured
A baby born with the virus that causes AIDS appears to have been cured, scientists announced Sunday, describing the case of a child from Mississippi who's now 2 and has been off medication for about a year with no signs of infectionThere's no guarantee the child will remain healthy, although sophisticated testing uncovered just traces of the virus' genetic material still lingering. If so, it would mark only the world's second reported cure.Specialists say Sunday's announcement, at a major AIDS m
TechnologyMarch 4, 2013
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ECCK at fore of battle against counterfeits
Sting operations to crack down on luxury brand knockoffs have become a regular part of the job for Alexis Touzin, director of legal affairs at the European Chamber of Commerce in Korea. Touzin, who heads the chamber’s Intellectual Property Rights Center, is determined to eradicate the widespread practice of selling and buying counterfeits in the country. “(Our mission) started with Myeong-dong, where the visibility of counterfeits was very high,” Touzin said in an interview with The Korea Herald
IndustryMarch 3, 2013
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[Graphic News] BOK Gov. Kim’s paycheck tops Bernanke’s
The U.S. Federal Reserve may be vastly influential with decisions it makes on key interest rates that can cause ripple effects across the global financial markets.However, this power surprisingly does not reflect the current annual salary of chairman Ben Bernanke, who receives $199,700 ― much lower than that of Bank of Korea governor Kim Choong-soo, according to the Bank of Korea, the Ministry of Labor and the U.S. Bureau of Labor Statistics.The central bank in Seoul said that it was inappropria
March 3, 2013
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Repair costs high for imported cars
The insurance payouts for the four major German brand carmakers in Korea rose 25.2 percent on average from 2010 to 2012 while those for Korean cars grew by 1.9 percent, a lawmaker said on Sunday, citing data from the nation’s top insurers. Mercedes-Benz gave the highest insurance payout for a single car accident, while Volkswagen vehicles took the most days to be repaired, said Rep. Min Byung-doo of the main opposition Democratic United Party.Mercedes-Benz incurred an average insurance payout of
IndustryMarch 3, 2013
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Park to grapple with record household debt
Following is the third in a series of stories featuring economic issues facing the Park Geun-hye government which was inaugurated on Feb. 25. ― Ed.South Korea saw its ratio of household debt to gross domestic product exceed the average held by the Organization for Economic Cooperation and Development member countries last year.The nation’s household debt-to-GDP ratio reached 81 percent, exceeding the 73 percent OECD average, according to the Korea Chamber of Commerce and Industry.Considering Pre
March 3, 2013
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Kyobo, Dongbu least charitable insurance firms
Kyobo Life Insurance and Dongbu Insurance were found to be least charitable firms in the insurance industry, despite reaping high profits in the recent fiscal quarter, according to regulatory filings and media reports.Kyobo Life, which is among the top three domestic life insurers, donated or engaged in social contribution worth 3.8 billion won ($3.5 million), or 0.86 percent of its third-quarter net profit of 438 billion won last year.Dongbu, which posted a net profit of some 330 billion won in
March 3, 2013
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Antitrust agency to expand outdoor apparel probe
The Fair Trade Commission, the country’s antitrust watchdog, is expected to expand its probe into outdoor apparel companies for possible price fixing and related malpractices, industry sources said.The commission is said to have investigated leading outdoor brands such as The North Face, Kolon Sport and K2. It will also look into 10 other companies including Black Yak, Millet and Lafuma.Its probe will include examining the industry’s distribution channels as well as its relationship with supplie
IndustryMarch 3, 2013
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FSC chief nominee Shin cautious over household debt
President Park Geun-hye nominated senior public servant Shin Je-yoon as the nation’s top financial regulator over the weekend.Should Shin garner approval from the National Assembly, he will take office as the first chairman of the Financial Services Commission under the new government ― a vacant seat in the wake of Kim Seok-dong’s resignation on Feb. 25.The 54-year-old nominee, who mostly worked for the Finance Ministry over the past 30 years, has been evaluated as a senior public official with
March 3, 2013
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3 insurance firms probed for dubious accounting
Three life insurance firms are suspected of engaging in irregular accounting practices involving promotion expenses for their “bancassurance” business, industry sources said Sunday.The three firms are Hanwha Life (formerly Korea Life), Tongyang Life and Mirae Asset Life, according to sources and the Financial Supervisory Service.An FSS official said that the regulator recently issued sanctions, such as “reprimands” and “cautions,” against 12 executives and employees of the three insurance firms
March 3, 2013