Most Popular
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Yoon interacts with public for 1st time since election defeat
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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Seoul transit pass for travelers to be available starting July
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N. Korea says to deploy new multiple rocket launcher starting this year
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State-led adoption system to be established to ensure adoptees' well-being, minimize overseas adoption
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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Controversy rekindled over when to name criminals, suspects
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Buddha's birthday lantern parade to light up Seoul
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Business moguls attend concert by Helene Mercier, wife of LVMH CEO
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BTS leader RM's new song tops iTunes charts in 82 countries
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'ArcheAge' to enter the Russian game market
Korean massively multiplayer online role-playing game “ArcheAge” will be launched in Russia and 13 other nearby countries.XLGAMES, developer and publisher of “ArcheAge,” announced in a press release on Tuesday that the company has signed an agreement with Mail.Ru, one of the largest Internet service providers in Russia, to facilitate the game’s release in 14 European countries including Russia and the Commonwealth of Independent States.Mail.Ru is a leading Internet service and online game compan
TechnologyJan. 23, 2013
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Seoul shares up 0.04 pct in late-morning trade
South Korean stocks traded a modest 0.04 percent higher late Wednesday morning led by gains in large-cap exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.71 points to 1,997.23 as of 11:20 a.m.Techs led the rise, with market bellwether Samsung Electronics adding 0.81 percent and LG Electronics, the country's second-largest home appliances maker, climbing 0.39 percent.Top automaker Hyundai Motor gained 2.1 percent and its smaller affiliate Kia Motors rose 1.1
Jan. 23, 2013
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CJ officials to face punishment over alleged kickbacks to doctors
Police said Tuesday that they plan to punish about 10 senior officials of food and medicine manufacturer CJ CheilJedang for allegedly giving illegal kickbacks worth of 4.5 billion won ($4.2 million) to more than 200 doctors.Some officials from CJ CheilJedang are suspected of offering kickbacks to about 210 doctors for about two years since May 2010 in exchange for prescribing its products, according to police. The government last year declared a war against the long-running illegal practice in t
IndustryJan. 23, 2013
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Seoul shares open higher on slowdown in yen weakness
South Korean stocks got off to a strong start on Wednesday as investor sentiment was boosted by the slowdown of the yen depreciation, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.7 points, or 0.54 percent, to 2,007.22 in the first 15 minutes of trading.Large-cap exporters led the increase, with tech behemoth Samsung Electronics gaining 1.28 percent and top steelmaker POSCO climbing 0.55 percent.The country's biggest automaker Hyundai Motor jumped 2.1 percent, and
Jan. 23, 2013
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Hahn & Company picked as prime bidder for Korea Line
A Seoul court on Tuesday selected private equity fund Hahn & Company as the preferred bidder for Korea Line, which has been under court receivership due to mounting debt. South Korea's No. 4 shipper Korea Line was hit hard by the global economic downturn and has been under court receivership since early 2011 as the company has suffered from massive debts worth over 1 trillion won ($942 million). Hahn & Company offered a higher bidding price to buy the shipping company, beating Zenith Partne
IndustryJan. 22, 2013
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Renewable energy drive makes little progress
The nation’s drive to increase electricity generation from renewable energy sources is facing rough sailing as a number of power and utility companies failed to meet their green energy production targets in 2012. The targets were set by the government under a regulation called the renewable portfolio standard, or RPS.RPS, which was introduced in January last year, is an annual renewable energy development quota for state-run and private power and utilities companies with more than 500 megawatts
Jan. 22, 2013
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Elderly unemployment jumps after 2008 financial crisis
Korea’s labor market conditions for people aged 60 and older have shown no signs of improvement since the nation was hit hard by the 2008 global financial crisis, data showed.According to data compiled by the Korea Institute of Finance, the unemployment rate in the age group reached 2 percent last year.The figure had remained at the 1 percent mark until 2008. But it rose to break the 2 percent barrier and registered 2.4 percent in 2010. “Due to a lack of preparations for post-retirement life, mo
Jan. 22, 2013
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Two young Koreans to support one elderly person in 2023
Korea is expected to bear a critically heavy financial burden in caring for elderly people in the coming decades, compared with major developed countries.According to forecasts and data from the U.N. and Statistics Korea, three Koreans, engaging in “core” GDP production activities, financially support a senior person older than 64 years on average as of 2013.“The population engaging in core economic activities refers to individuals aged between 25 and 49,” a Statistics Korea official said. “Thos
Jan. 22, 2013
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Limits eyed for big firms’ restaurants
Rainy days lie ahead of diners run by conglomerates such as Nongshim and CJ as a state-funded panel is expected to add restaurants to the list of trades deemed suitable for only small and medium-sized companies.Conglomerates and companies that do not meet the legal conditions for SMEs are restricted from or recommended to refrain from expanding in businesses designated suitable for only SMEs. Controversy is inevitable in this case, however, since the ball and chain will apply to only domestic co
IndustryJan. 22, 2013
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Toyota Camry named Korean Car of the Year
Toyota Motor’s Camry was named the 2013 Korean Car of the Year by the Korea Automobile Journalist Association on Monday, becoming the first import brand to win the industry’s top honor. The Camry sedan earned the highest score of 78.75 points on its value for price, performance, safety and fuel efficiency, followed by BMW’s 3 Series and Hyundai Motor’s Santa Fe sport utility vehicle.A total of 32 journalists from different media companies participated in the annual evaluation, which was introduc
IndustryJan. 22, 2013
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Seoul property market to rally
The sluggish real estate market in Seoul will bounce back this year after bottoming out in the coming months, BoA-Merrill Lynch predicted Tuesday.“Thanks to the recent reduction of housing supply and the growing feasibility of the government-led regulation easing on property transactions, there is a high possibility that the Seoul region real estate market will be vitalized in 2013,” the Korea Center for International Finance said, citing a report from BoA-Merrill Lynch.However, the research cen
Jan. 22, 2013
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Microsoft Korea to disband R&D unit
Microsoft Korea said Tuesday that its research and development workforce based in Korea will be dissolved by the end of next month.With the Microsoft headquarters deciding late last year that the Asia R&D Center will be based in Beijing, the 21 R&D employees in Seoul were ordered to relocate, according to a Microsoft Korea official.So far, 10 R&D workers based in its southern Seoul office have received calls to work at the U.S. software giant’s headquarters in Redmond, Washington. However, posit
IndustryJan. 22, 2013
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Automotive trade surplus hits record
The trade surplus in the nation’s automotive industry surpassed $60 billion for the first time last year. According to industry data on Tuesday, the combined trade surplus of Korea-made cars and auto parts amounted to $61.7 billion won last year, up 5.8 percent from $58.3 billion in 2011. The figure was more than double the nation’s total trade surplus of $28.5 billion for the year. Despite sluggish car sales in Europe, Korean carmakers continued sales momentum in markets such as the U.S., Easte
IndustryJan. 22, 2013
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Shares up on yen weakness
South Korean stocks closed 0.49 percent higher on Tuesday as investors remained cautious over the impact of Japan’s monetary easing to stimulate the economy, analysts said. The local currency edged up against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 9.66 points to finish at 1,996.52. Trading volume was moderate at 547.9 million shares worth 4.2 trillion won ($3.95 billion) with gainers slightly outnumbering decliners 404 to 399.“Investors are now less worried about
Jan. 22, 2013
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Advocacy group, Samsung to start leukemia talks
An advocacy group for former employees of Samsung Electronics Co. who allegedly suffered from leukemia and other illnesses while working on chip-making lines accepted the company’s proposal for compensation talks Tuesday, opening the way for resolving the drawn-out dispute.Samsung Electronics has been at loggerheads with the families of the alleged victims of leukemia and other workplace diseases for the past six years. Following the deaths of young semiconductor workers who were diagnosed with
Jan. 22, 2013
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Money management of Korea’s superrich
For ordinary people, being rich is a lifelong dream. They are always curious about how the “superrich” ― wealthy people who possess at least 10 billion won ($9.4 million) in total assets ― made seed money and secondary sources of extra income.“Small changes in habits make a huge difference,” said Shin Dong-il, a KB Kookmin Bank private banker who authored “Habits of the Superrich,” a Korean-language bestseller among local management and economics books last year.“First, copy from the essence of
BusinessJan. 22, 2013
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LG Display Q4 earnings expected to double
South Korean panel giant LG Display Co. is likely to see its fourth-quarter operating profit nearly double from three months earlier but faces risks stemming from its key customer Apple Inc. in the first quarter, analysts said Tuesday.The display maker is expected to have reaped an operating profit of 438.3 billion won ($411.4 million) in the October-December period, compared with the 253.4 billion won in the previous quarter, according to estimates by local securities firms compiled by Yonhap I
IndustryJan. 22, 2013
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Local builders eye niche markets
The nation’s major builders are turning their eyes to new markets as local demand has been contracting and overseas competition escalating.Their mutual keyword for survival is diversification and specialization.“Though the Middle East is still the largest overseas market, our long-term vision is to see beyond the present and to develop new potential,” said an official of Hyundai Engineering and Construction Co.Last year, the company reclaimed its previous lead in the overseas construction contra
IndustryJan. 22, 2013
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Have we created certainty? Not yet
At the last possible moment, Congress and the president arrived at a compromise that resolved part of the fiscal cliff. Although there was a sense of relief in Washington and nationally that the worst aspects of the impending tax increases and spending cuts were dealt with, there is still much more work to be done. What has been dubbed the fiscal cliff is in reality a set of tax and spending changes put in place in July 2011 when the U.S. went through a debt ceiling and a fiscal crisis. The agre
Jan. 22, 2013
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Lotte to volunteer with customers
Lotte Department Store on Tuesday said it is planning a series of events to jointly pursue volunteer projects with its customers, such as by inviting them to join programs for offering medical aid with the help of local doctors’ organizations.The department store has already issued the invitations via its website. The campaign involves both Lotte employees and the company’s customers, who will together with the Korean Open Doctors Society offer their aid to the underprivileged throughout the yea
IndustryJan. 22, 2013