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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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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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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Yongsan development project still faces uncertain future
The nation’s biggest property development project to build an international business district in Yongsan, central Seoul, by 2016 is fending off bankruptcy amid difficulties in financing the construction of the landmark 150-story Dream Tower, the centerpiece of the project.The board of Dream Hub, which is responsible for the financing and planning of the Yongsan development project, convened a meeting Thursday to discuss ways to extend a lifeline to the project, but failed to draw an agreement. I
IndustryFeb. 7, 2013
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[Newsmaker] Shinsegae chief faces stormy seas in court
Shinsegae Group vice chairman Chung Yong-jin is facing rough seas since taking the helm of the nation’s second-largest retail giant.The prosecution grilled him for 12 hours on Tuesday over allegations that he ordered Shinsegae affiliates to charge their sister bakery firm Shinsegae SVN cheaper commissions to help turn it around.On Thursday, the Seoul Regional Labor Administration raided Shinsegae E-Mart headquarters and several E-Mart stores to search for evidence that the company had spied on i
IndustryFeb. 7, 2013
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Scientists ‘print’ 3-D object with stem cells
PARIS (AFP) ― Scientists on Monday said that for the first time they had printed 3D objects using human embryonic stem cells, furthering the quest to fabricate transplantable organs.Once fine-tuned, the technology should allow scientists to make three-dimensional human tissue in the lab, eliminating the need for organ donation or testing on animals, they reported.Human embryonic stem cells (hESCs) can replicate indefinitely and become almost any type of cell in the human body.They are touted as
TechnologyFeb. 7, 2013
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Park’s nuclear power plan triggers safety concerns
President-elect Park Geun-hye is under growing pressure to revise her nuclear energy governance plan widely criticized as weakening safety regulations and research capabilities.Part of a sweeping government reorganization plan, the presidential transition committee proposed last month a change to the status of the Nuclear Safety and Security Commission. If the plan goes ahead, the currently presidential body will be degraded into a body affiliated to a newly created super-ministry in charge of p
TechnologyFeb. 7, 2013
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Herniation of the spinal disk
The word “disk,” which Koreans often misuse as a name of a condition, refers to the structure that connects the bones in the spine. The correct term for the condition is “spine herniation of the intervertebral disk.” Degenerative change of the lumbar disk is the most common cause of the problem and occurs in people in their late teens to their early 20s. The prevalence of herniation of the intervertebral disk increases significantly in the twenties up to the forties when people are more physical
TechnologyFeb. 7, 2013
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Couch potatoes have lower sperm counts
PARIS (AFP) ― Men who watch television for 20 hours per week have almost half the sperm count of those who watch very little television or none at all, according to a study published on Tuesday.U.S. researchers recruited 189 young men aged between 18 to 22, questioned them about their exercise, diet and TV habits and asked them to provide a sperm sample.Men in the top quarter of TV-watchers ― those who watched for 20 hours or more ― had a 44-percent lower sperm count than those who watched least
TechnologyFeb. 7, 2013
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Sleep could prevent age-related memory loss
Forgetfulness is viewed by many as an inevitable part of getting older. But a new study has found there may be a way to help stem age-related memory decline ― and it could be as simple as getting a good night’s sleep.The study, led by neuroscientists at the University of California, Berkeley, examined the relationship between memory retention, age and the quality of an individual’s slow wave non-rapid eye movement sleep.“We wanted to understand whether sleep was a chief factor in memory loss,” e
TechnologyFeb. 7, 2013
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Korea tourism revenue hits record high
Korea posted record tourism revenue last year, thanks to the popularity of hallyu, or the Korean Wave, and aggressive marketing, according to the Bank of Korea.The country’s inbound tourism brought in more than $14.2 billion in 2012, up 13.6 percent from $12.5 billion a year earlier.This means that the tourism sector was earning more than $1 billion monthly for the first time.The record high earning has contributed to decreasing the travel account deficit to some $5.9 billion last year, from $7.
Feb. 7, 2013
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Korean women least active in startups
The number of women in Korea who intend to start their own business was one of the lowest among developed countries, a report showed.Only 19.8 percent of women were interested in starting a business in 2010, according to a report by the Korea Institute for Industrial Economics and Trade on Thursday.This was significantly lower than the corresponding figures for other members of the Organization for Economic Cooperation and Development ― 51.2 percent in Mexico, 43.3 percent in the United States,
Feb. 7, 2013
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Low investment, consumption, employment weigh on economy
Low investment and consumption are further weighing on the Korean economy, said the Korea Development Institute, a state-run think tank, in a report.Signs show that industrial production has been improving and exports maintaining resilience since last month.However, slow investment, especially in the construction sector, which is leading to a stagnant real estate market, is projecting a bleak outlook for the economy.Although the consumer sentiment index is above 100, showing more optimism than p
Feb. 7, 2013
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NCsoft to unveil its latest games to Chinese users in H2
HONG KONG (Yonhap News) ― NCsoft Corp., a leading South Korean online game developer, will unveil its latest games to Chinese consumers in the second half of this year in a move to boost its sales in China, officials said Thursday. NCsoft plans to launch two online games ― “Blade & Soul” and “Guild Wars 2” ― in the world’s most populous country and has designated Tencent Holdings Ltd. as the sole local distributor, company officials said. Last year, the Seoul-based company signed an agreement wi
Feb. 7, 2013
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Korea’s job growth expected to plummet this year
South Korea’s job growth is forecast to decrease sharply this year compared with a year earlier as the persistent economic slowdown will likely sap self-employed businesses and new hiring by smaller firms, data showed Thursday.A total of 300,000 new jobs is estimated to be created this year, compared with 437,000 the previous year, according to the data by the Bank of Korea and Statistics Korea. That puts the on-year growth rate of Korea’s fresh employment at 1.2 percent this year, down from 1.8
Feb. 7, 2013
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Hanwha Life mulls takeover of ING Life Korea
Hanwha Life Insurance Co., South Korea’s No. 2 life insurer, said Thursday it is considering acquiring the local life insurance unit of ING Group.“Hanwha Life is considering taking over ING Life Korea,” an official from the firm said. “However, nothing has been determined yet.”The move comes after the board of KB Financial Group Inc., South Korea’s No. 2 banking group, turned down a company plan to take over ING Life Korea on Dec. 18 last year, dealing a blow to the group’s push for business exp
IndustryFeb. 7, 2013
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POSCO begins work on auto steel plants in Mexico
POSCO, South Korea’s leading steelmaker, said Thursday that it has started building two auto steel sheet-processing centers in Mexico.The POSCO-Mexico Aguascalientes Processing Center, set to be completed by September this year, will provide processed steel sheets to local auto parts suppliers.POSCO will also complete the construction of a similar steel sheet-processing center, the POSCO-Mexico Puebla Processing Center, by October this year, the South Korean steelmaker said.POSCO did not elabora
Feb. 7, 2013
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Korean consortium to sell electricity to Thailand, Laos
A South Korean consortium led by SK Engineering & Construction Co. said Thursday that it has signed a deal with Thailand’s state-owned Electricity Generating Authority to provide electricity to the Southeast Asian country.The deal, inked in Laos on Wednesday, called for the consortium to sell 1,575 gigawatt-hours of electricity to Thailand, 90 percent of the total electricity that will be produced in a hydroelectric power plant in Laos, for the next 27 years.The consortium, which includes Korea
IndustryFeb. 7, 2013
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Feud over fees grows between card firms and retailers
Credit card firms threatened to suspend payment services for customers “based on interest-free installment” later this month yet again, in response to retailers’ refusal to share “marketing event expenses.”Samsung, Hyundai, Hana SK and Lotte will halt the interest-free payment services starting on Feb. 17 with the other two ― BC and KB Kookmin ― following suit at the end of this month.While the credit card industry called on retailers to account for at least 50 percent of interest costs offered
Feb. 7, 2013
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NHN net up 49% in fourth quarter
NHN Corp., South Korea’s top Internet portal operator, said Thursday its fourth-quarter earnings jumped49.1 percent from a year earlier, buoyed by increased profit from search advertising and new services such as the mobile messenger LINE.Net profit reached 169 billion won ($155 million) in the October-December period, compared with a profit of 113.3 billion won the previous year, NHN said in a regulatory filing.Revenue rose 13.8 percent on-year to 652 billion won last year, and operating profit
Feb. 7, 2013
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Shinhan Financial posts W2.3tr in profit
Shinhan Financial Group said Thursday that it posted a net profit of 2.36 trillion won ($2.18 billion) last year.The financial services company said the 2012 earnings marked a drop by 23.8 percent from the 2011 net profit of 3.1 trillion won. “The year-on-year fall was attributable to a reduction in the net interest margin and accumulation of loan loss provisions.”Its flagship Shinhan Bank reported a profit of 1.69 trillion won, down 19.9 percent from a year earlier. Shinhan Card posted 749.8 bi
Feb. 7, 2013
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LG Chem’s Yeosu plant gets top rating for energy efficiency
LG Chem said Thursday that its naphtha cracking center located in Yeosu, South Jeolla Province, was ranked the world’s No. 1 plant in energy efficiency in a U.S. research project.In a survey conducted by consulting firm Solomon Associates on 115 firms, the country’s biggest chemicals maker was noted for using 40 percent less energy in ethylene production at its center in Yeosu than its competitors. This move saves energy worth 300 billion won ($280 million) every year, according to LG Chem offic
IndustryFeb. 7, 2013
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BMW Korea targets 10% growth
BMW Korea hinted Thursday that it might take a breather in 2013 from its aggressive expansion of recent years, unveiling its sales target of at least 10 percent growth for 30,000 cars sold“We aim to see at least 10 percent growth this year. The year 2013 will be a year for us to prepare for the next big leap,” said BMW Korea CEO Kim Hyo-joon during a press conference in a Seoul on Thursday.Though the 10 percent figure was described as “moderate,” it still exceeds the estimated 8 percent growth o
IndustryFeb. 7, 2013