Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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[Weekender] How DDP emerged as an icon of Seoul
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IMF revises down Korea’s economic growth forecast
The International Monetary Fund has lowered Korea’s economic growth forecast to 3.2 percent this year, down from its initial forecast of 3.6 percent.The revision was disclosed to financial policymakers at the Group of 20 finance ministers and central bank governors’ meeting in Moscow last week.The IMF also predicted that Korea would grow 3.9 percent in 2014.The global financial organization initially had a GDP outlook of 3.6 percent in October 2011 in its report.However, the drop came as the IMF
Feb. 19, 2013
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Samsung aims to bolster clout with premium TVs
Samsung Electronics’ television chief Kim Hyun-suk said Tuesday that the world’s top TV maker aimed to double the market share of its rival in the premium lineup of 60-inch and larger TVs in 2013.“We will work toward more than doubling the gap in the premium TV market and becoming the No.1 player in that sector,” he said on the sidelines of its TV launch event in southern Seoul. The comment comes after the company said it expected the lineup of big-screen TVs of 60 inches and larger to grow more
IndustryFeb. 19, 2013
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Food firms slammed for raising prices
Behind the rising food prices in Korea are major processed food companies that have continued to raise prices of their monopolistic or oligopolistic products such as soy sauce and red pepper paste.These companies with overwhelming market shares are facing mounting public backlash for driving up food prices despite increased earnings, with many calling for stronger government efforts to stabilize prices.“The government should come up with tougher penalties against companies caught for price riggi
IndustryFeb. 19, 2013
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Asia’s hotel growth in 2013
The Asia Pacific region has been a strong economic performer these past several years, following the global recession. Economic performance continues to vary greatly around the world, but performances by some countries in Asia Pacific have largely remained stable. Although the region’s dependency on advanced economies appears to have reduced over time, owing to expanding regional demand and proliferation of South-South trade and investment, the region’s economies are still reliant on consumption
Feb. 19, 2013
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Koreans fight back against marathon working hours
A growing number of South Korean corporations are turning their backs on a workaholic culture once seen as indispensable but increasingly viewed as unhealthy, unproductive and inefficient.Long working hours, often followed by intense late-night drinking sessions with the boss, have long been a feature of the Korea Inc. that transformed a war-ravaged nation into Asia’s fourth-biggest economy in a matter of decades.Rapid development has brought new values and new priorities, with employees demandi
Feb. 19, 2013
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This year may see pickup in M&A deals
With the new government set to be inaugurated next week, anticipation is growing in the nation’s financial markets for the mergers and acquisition market to pick up soon.The list of expected sales includes not only some of the top players in their industries but also several so-called mega deals, indicating those with market capitalization of 1 trillion won ($925 million) or more.Domestic pundits, too, predicted that the firms that managed to survive the 2008 global financial crisis would now se
IndustryFeb. 19, 2013
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Samsung Electronics to continue to record strong earnings: investment bank
HONG KONG (Yonhap) -- Samsung Electronics Co. will continue to record strong earnings this year, largely thanks to its robust sales of smartphones, an investment bank said Tuesday.Barclays raised its forecast for Samsung Electronics' 2013 operating profit by 5 percent to 39.9 trillion won (US$36.9 billion).It also raised its estimate of Samsung Electronics' first quarter operating profit to 8.55 trillion won from 8.18 trillion won, reflecting stronger-than-expected smartphone shipments and solid
Feb. 19, 2013
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Seoul shares up 0.2 pct on auto gains
South Korean stocks rose 0.2 percent on Tuesday, buoyed by automakers, but gains were limited as investors stepped to the sidelines ahead of major events, analysts said Tuesday. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 3.92 points to 1,985.83. Trading volume was moderate at 339.9 million shares worth 2.8 trillion won (US$2.6 billion), with gainers outnumbering decliners 435 to 366."Investors refrained from trading ahead of It
Feb. 19, 2013
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Samsung Galaxy S4 likely to debut in March
Samsung Electronics is likely to unveil the new version of its flagship smartphone Galaxy S series next month, according to industry sources.The new phone, dubbed “Galaxy S4,” is expected to be revealed around March. Reports citing Sammobile, the Verge and other sources said on Monday that the launch ceremony would be held in New York City in mid-March. Expectations as well as rumors are mounting ahead of the launch of the Galaxy S4, reflecting the popularity of the S3 in the global market. Sams
TechnologyFeb. 19, 2013
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Resilient personality linked to energy
People with a more resilient personality profile also tend to have greater energy levels, U.S. researchers suggest. Study leader Antonio Terracciano of Florida State University College of Medicine and colleagues studied the relationship between personality, metabolic rate and aerobic capacity.“We tested implicit assumptions that individuals with certain personality dispositions have different metabolic and energetic profiles,” Terracciano said in a statement. “For example, do those who are asser
TechnologyFeb. 19, 2013
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Seoul shares up 0.25 pct in late-morning trade
South Korean stocks traded 0.25 percent higher late Tuesday morning on the back of gains in carmakers and construction firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.98 points to 1,986.89 as of 11:20 a.m.Carmakers led the market gain, with No. 1 player Hyundai Motor advancing 0.95 percent and its smaller affiliate Kia Motors adding 1.9 percent. Top auto parts manufacturer Hyundai Mobis moved up 1.18 percent.Local builders also traded higher, with Daewoo E
Feb. 19, 2013
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Moon water complicates formation theory
The interior of the moon contained water early in its history, suggesting the formation theories of the moon may have to be re-thought, U.S. researchers say.University of Michigan researchers and colleagues found tiny amounts of water in mineral grains from samples from the lunar highlands obtained during the Apollo missions.The lunar highlands are thought to represent the original crust that crystallized from a mostly molten early moon, suggesting the lunar interior contained water during this
TechnologyFeb. 19, 2013
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Samurai bond sales expected to rise in 2013 on weak yen
South Korean firms' sales of yen-denominated bonds are expected to increase this year as local companies seek to diversify funding sources amid Japan's quantitative easing, analysts said Tuesday.The combined value of Samurai bonds issued by local firms reached 317.7 billion yen ($3.38 billion) in 2012, rising sharply from 171.2 billion yen tallied two years earlier, industry data showed. Samurai bonds refer to yen-denominated debts issued by non-Japanese firms in the Japanese market.Market watch
Feb. 19, 2013
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Foreign IBs say BOK's next move is rate cut
Major foreign investment banks expect the South Korean central bank to cut the key interest rate in March or April to support the country's economic growth, a report showed Tuesday.In a split decision, the Bank of Korea (BOK) froze the benchmark 7-day repo rate at 2.75 percent for the fourth straight month last Thursday on signs of the global economic recovery although a stronger won and geopolitical risks pose threats to the Korean economy.More than five foreign investment banks said that the B
Feb. 19, 2013
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Seoul shares open higher on automakers
South Korean stocks began higher on Tuesday on the back of gains in major automakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.31 points, or 0.02 percent, to 1,982.22 in the first 15 minutes of trading.Autos led the climb with the country's top automaker Hyundai Motor gaining 0.72 percent and its parts affiliate Hyundai Mobis adding 0.84 percent. Some large caps, however, traded in negative territory, with market bellwether Samsung Electronics slipping 0.
Feb. 19, 2013
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Scientists sense breakthroughs in dark-matter mystery
For decades, the strange substance called dark matter has teased physicists, challenging conventional notions of the cosmos.Today, though, scientists believe that with the help of multi-billion-dollar tools, they are closer than ever to piercing the mystery -- and the first clues may be unveiled just weeks from now."We are so excited because we believe we are on the threshold of a major discovery," said Michael Turner, director of the Kavli Institute for Cosmological Physics at the University of
TechnologyFeb. 18, 2013
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Costco may break ties with Samsung Card
U.S.-based Costco Wholesale Corp. may change its “one-credit card use” policy in Korea due to the revised law on credit card service fees.The large discount chain operates businesses in eight countries ― the U.S., Canada, Mexico, Australia, Japan, Taiwan, the U.K. and South Korea.Costco has signed contracts with “one credit card firm per country.” For example, consumers are allowed to pay for goods only with American Express in North America and only with Samsung Card in Korea.Under exclusive de
Feb. 18, 2013
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Huh re-elected as FKI chief
Huh Chang-soo, the chief of energy and construction giant GS Group, was re-elected as chairman of the Federation of Korean Industries (FKI), South Korea's largest business lobby, officials said Monday.The board of the FKI nominated Huh as the organization's next chief, and he accepted the renomination, according to the officials.Huh, 65, assumed the top post at the FKI in February 2011.The FKI chief earlier hinted at his possible reappointment, saying it depends on other members of the board.The
IndustryFeb. 18, 2013
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[Power Korea] Korean Air: Luxury in the sky
Korean Air hopes to offer more premium, exclusive in-flight services. At the forefront of its efforts is the A380 jumbo jet, the world’s largest jet airliner, nicknamed the “hotel in the sky.”Korean Air was the first Northeast Asian airline that adopted the A380 in 2011. It has six of the aircraft in service, plying the routes to New York, Los Angeles, Frankfurt and Hong Kong. The Korean flag carrier has also made the experience onboard the A380 even more luxurious by operating the upper deck ex
IndustryFeb. 18, 2013
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[Power Korea] Korean Air flying as world-class airline
In the late 1960s, when the Korean government started privatization talks for then-state-run Korean Air, no bidder was willing to take over the troubled air carrier that was facing combined losses of 2.7 billion won ($2.5 million). At the time, Cho Choong-hoon, founder of Hanjin Group, now the 10th-largest conglomerate in Korea, had earned a pile of cash after supporting cargo delivery for the U.S. troops during the Vietnam War. Cho bought the airline in 1969 and helped its dramatic turnaround.
IndustryFeb. 18, 2013