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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Seoul vows action over Naver's Line, Yahoo dispute
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Court's ruling set to shape path of medical school expansion
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Panasonic CEO attacks sprawl in bid for profit
In its 95-year history, Panasonic Corp. has grown into a consumer-electronics giant producing everything from TVs to eyelash curlers. New President Kazuhiro Tsuga is deciding what it can’t afford to make any more. Next month, the head of the company that lost more than 1.3 trillion yen ($14.1 billion) since April 2011 will explain which products he wants consigned to Panasonic’s past. He plans to cut the number of business units by a third to focus on those offering the best profit margins, such
TechnologyFeb. 13, 2013
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Global handset makers grab over 50% of Japanese market
Non-Japanese handset makers garnered over half of the Japanese market for the first time in the fourth quarter as consumers moved away from local manufacturers for a wider array of mobile devices, a report showed Wednesday.It marked the first time ever that foreign handset makers managed to surpass the 50-percent mark, with Apple Inc. leading the race with 16 percent in the October-December period, according to the report by Hong Kong-based researcher Counterpoint Technology Market Research. The
TechnologyFeb. 13, 2013
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SPC branches into online music service market
By Kim So-hyunSPC Group, which runs bakery brand Paris Baguette, is jumping into the online music service business.“We have reviewed the business for a long time in a bid to find new sources of profit, and we will start the service soon,” an SPC official said on Wednesday, a week after new restrictions against bakery franchises were announced.SPC Networks, a subsidiary that manages membership service points from the franchised bakeries, will run the online music service named Helium.Members can
IndustryFeb. 13, 2013
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Telecoms, handset makers brace for top global mobile trade show
The Mobile World Congress in Barcelona is coming in less than 10 days with global telecoms and handset makers prepping to present their innovative technologies and gadgets.Themed the “New mobile horizon,” local big names like Samsung Electronics and LG Electronics, as well as telecoms SK Telecom and KT, will take part in the world’s biggest mobile trade show from Feb. 25-28.According to market research firm Strategy Analytics, the official partner for the show, three major trends to watch are th
TechnologyFeb. 13, 2013
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Men try to look tough to impress women: study
Males’ tendency to take risks in order to attract females is a result of evolution, a recent study suggested.According to the study from the Journal of Risk Research, risk taking in prehistoric times was imperative in finding sexual partners, food, or shelter. As a result, men have evolved to be more willing to face danger.The study claims that even in modern times -- after the immediate need to take physical risks has long gone -- the instinct to act like a daredevil has survived, prompting men
TechnologyFeb. 13, 2013
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Seoul shares jump 1.56 pct on eased currency woes
South Korean stocks closed 1.56 percent higher on Wednesday as concern over a global currency row eased following a warning from major advanced economies against Japan's aggressive monetary easing, analysts said. The Korean won gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) soared 30.28 points to finish at a three-week high of 1,976.07. Trading volume was moderate at 324.9 million shares worth 3.62 trillion won (US$3.33 billion) with gainers far o
Feb. 13, 2013
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Seoul shares up 1.14 pct in late-morning trade
South Korean stocks traded 1.14 percent higher late Wednesday morning, fueled by gains in brokerage firms and steelmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 22.11 points to 1,967.90 as of 11:20 a.m.Major local brokerage firm Mirae Asset Securities spiked 4.5 percent and steelmaker Hyundai Steel soared nearly 3 percent. In contrast, telecom shares trended downward, with top mobile carrier SK Telecom falling 0.6 percent. The local currency was changing h
Feb. 13, 2013
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Seoul shares open higher on Wall Street rally
South Korean stocks began higher Wednesday, tracking overnight gains on Wall Street, as investors were buoyed by encouraging remarks by U.S. President Barack Obama before his State of the Union address, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 5.58 points, or 0.29 percent, to 1,951.37 in the first 15 minutes of trading. Most shares trended upwards, with brokerage houses and insurance companies driving up the index. No. 2 brokerage firm KDB Daewoo Securities r
Feb. 13, 2013
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S. Korea's jobless rate rises to 3.4 pct in Jan.
South Korea's jobless rate rose above 3 percent in January for the first time in five months, but job growth quickened thanks in part to a hike in the manufacturing sector, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.4 percent last month, up from the previous month's 2.9 percent. The rate rose above 3 percent for the first time since August.Job creation, however, accelerated. About 322,000 jobs were created last month compared wit
Feb. 13, 2013
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Korean currency 2nd most volatile in Asia
The Korean won showed the highest volatility after the Japanese yen among Asian currencies last month, spurred by Tokyo’s outright monetary easing, data showed Tuesday. In January, the daily currency volatility rate of the won against the U.S dollar averaged 0.34 percent, according to the data compiled by the Bank of Korea. The rate roughly refers to the average daily variation compared to the previous session’s closing quotation.The Japanese yen topped at 0.7 percent, and the Korean won ranked
TechnologyFeb. 12, 2013
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New foreign investment rules to take effect in June
The Ministry of Knowledge and Economy said on Tuesday that the revised rules of the Foreign Investment Promotion Act that aimed to improve business services for foreign investors would take effect in June.The revised ordinances aimed at sorting out qualified foreign firms and providing them with benefits in terms of financing and services, officials said.Under the new system, access to state-owned or public land will only be allowed for firms that maintain a foreign investment proportion of 30 p
Feb. 12, 2013
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Samsung Display drops injunction against LG Display
Samsung Display Co. on Tuesday dropped an injunction seeking a ban on rival LG Display Co. using organic light-emitting diode technology, raising hopes the two companies are moving to settle their display technology dispute.The two companies have been involved in a legal tussle over display technology since July when 11 people affiliated with the Samsung unit were indicted on charges of leaking core technology to LG.In September, Samsung filed an injunction seeking a ban on use of 18 confidentia
TechnologyFeb. 12, 2013
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LG to feature new L Series smartphone lineup in Barcelona
LG Electronics said Tuesday it would introduce its new smartphone lineup called the Optimus L Series II at the Mobile World Congress in Barcelona, Spain, later this month.The three gadgets that belong in the new series ― Optimus L3 II, Optimus L5 II and Optimus L7 II ― feature four new design elements, which are a seamless layout, laser cut contours, radiant rear design and smart LED lighting on the home button. The devices, all running on Google’s Android mobile operating system, have 3.2-inch,
IndustryFeb. 12, 2013
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Ex-Shinhan chief under prosecution probe again
Prosecutors have again placed former Shinhan Financial Group chairman Ra Eung-chan under investigation for his alleged embezzlement into a slush fund.The prosecution recently launched an investigation into the allegation that a slush fund totaling 300 million won ($278,000) ― fostered by Ra ― was offered to then-lawmaker Lee Sang-deuk, brother of President Lee Myung-bak, in 2008.The allegation was made by civic group Solidarity for Economic Reform that Ra had ordered Shinhan Bank’s then-CEO Lee
Feb. 12, 2013
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Hyundai Motor’s U.S. sales hit new high on large, pricier units
Hyundai Motor seems to be gaining appeal among its high-end customers, with large-car sales in the United States last month hitting a new record, industry sources said Tuesday. The Korean auto giant sold 3,522 units of its larger, pricier models such as the Equus, Genesis, Genesis Coupe and Grandeur in the U.S. market in January.The sales made up 8.1 percent ― the highest-ever ― of its total car sales at 43,713 vehicles in the month. Last year, Hyundai sold a combined 46,376 vehicles in the U.S.
IndustryFeb. 12, 2013
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Public sector targets 10 percent cut in operating expenses
Government ministries and agencies will cut 10 percent of their basic operating expenses in their 2013 budget in an attempt to tighten their belts amid the protracted economic downtown, the Ministry of Strategy and Finance said Tuesday. “It is true the government asked for ministries to submit a plan to cut their basic operation costs by 10 percent,” a ministry official said. The cut will be made by reducing spending on administrative activities, information technology system operations and publ
Feb. 12, 2013
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Economy to shrug off N.K.’s nuclear shock
South Korea’s economy is able to withstand external shocks from North Korea’s third nuclear test given the South’s strong market foundation, economists in Seoul said.They said the effect of the North’s provocation on Tuesday, ahead of U.S. President Barack Obama’s State of the Union address, on the South Korean economy and financial market would be “extremely limited,” and that the North Korean nuclear capability was more of a political issue than an economic matter.“Shocks from North Korea’s nu
Feb. 12, 2013
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‘Agricultural sector should go after high-end’
Riding the Korean Wave is not enough. For local farm products to cater to a bigger international audience, they must find ways to become premium, high-end brands, according to a man who has devoted his life to developing Korea’s agricultural sector. “If Psy can do it, why not our cuisine?” asks Kim Jae-soo, president of the state-run Korea Agro-Fisheries & Food Trade Corp., or aT, in an interview with The Korea Herald. “Hallyu definitely helped boost Korea’s image, but the agricultural sector mu
BusinessFeb. 12, 2013
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Energy think tank calls for gas cooperation in Northeast Asia
Natural-resource-poor South Korea has been sensitive to changes in the global energy landscape for its energy security. One of the latest major trends in the global energy sector is the emergence of natural gas in the global energy mix, boosted by the shale gas revolution in the U.S.In line with the trend, Korea, the world’s second-largest buyer of liquefied natural gas, is advised to develop a strategy in preparation for the “golden age of gas.”“The upcoming shale gas boom will reduce natural g
BusinessFeb. 12, 2013
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Conglomerates boost charitable activities
Some South Korean family-controlled conglomerates have either created or strengthened their organizations handling corporate social responsibility, officials said Tuesday, in what could be an attempt to soothe widespread corporate bashing.The move comes as many South Koreans have called for corporate social responsibility in recent years amid widespread perception that conglomerates are to blame for the wealth gap.GS Group plans to unveil programs meant to provide social contributions after its
Feb. 12, 2013