Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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Korean firms target EV charging market in US
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[Weekender] Geeks have never been so chic in Korea
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Seoul sees further jump in cost of dining out
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Teens banned from entering, working at 'hold 'em' pubs, cafes
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GSK, Pfizer reduce Korean staff to stave off challenges
Top-ranking pharmaceutical companies in Korea are expected to prune their workforces in the face of challenges both at home and abroad including sluggish economic conditions and a number of deep-seated shortcomings that are finally being addressed. GlaxoSmithKline, the largest pharmaceutical company in Korea in terms of sales, is planning to hand out early retirement packages to up to 100 employees ― more than 10 percent of its workforce of 750 ― before the year is over. The firm is currently re
IndustryDec. 17, 2012
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Rising foreign investment in Korean stocks may lead to bubble
The share of foreign investment in the Korean stock market rose to its highest since the global financial crisis in 2008-2009 as global liquidity increased thanks to policy rate cuts and quantitative easing by major economies in the U.S. and Europe. “Ample global liquidity revived the preference for risky assets, while foreign-exchange gains due to the Korean won’s strength and Korean firms’ stable profits attracted foreign investors,” said Lee Soo-jung, a researcher at Korea Investment and Secu
Dec. 17, 2012
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Shares slip on U.S. fiscal cliff woes
South Korean stocks retreated 0.6 percent on Monday as investors sat on the sidelines while keeping a wary eye on stalled spending cut talks in the United States. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 11.98 points to close at 1,983.06. Trading volume was moderate at 360.4 million shares worth 4.19 trillion won ($3.90 billion) with decliners outpacing gainers 497 to 309. “Investors felt more pressure as the deadline for an agreement
Dec. 17, 2012
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Daewoo Shipbuilding wins deal to build 2 LNG carriers
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Monday that it has clinched a contract from a Canadian shipping company to build two liquefied natural gas carriers.Under the deal with Teekay Corp., Daewoo Shipbuilding will deliver the vessels with a capacity of 173,000 cubic meters of LNG by 2016, the company said.The contract also includes an option of three more carriers, it added.The shipbuilder, however, did not disclose the financial terms of the contract.Each
IndustryDec. 17, 2012
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Hyundai Mobis completes plant in Slovakia
Hyundai Mobis Co., South Korea’s biggest auto parts manufacturer, said Monday that it has kicked off production of conventional braking systems at its plant in Slovakia.Hyundai Mobis, an auto parts arm of Hyundai Motor Group, spent 50 billion won ($46.6 million) to complete the line to produce the braking system components at its Slovakia plant located in the northern region of Zilina.The new production line will have an annual production capacity of 600,000 conventional braking system component
MobilityDec. 17, 2012
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KEPCO names ex-vice minister as new CEO
KEPCO, the state-run power distributor, named former Vice Knowledge Economy Minister Cho Hwan-eik as its new CEO in its shareholders’ meeting in Seoul on Monday. The top priority for KEPCO’s new CEO Cho will be to control power demand and supply during the wintertime, industry sources said. KEPCO seems to have selected Cho to more effectively push for KEPCO’s drive to business expansion overseas, the sources said. Cho once led the Korea Trade-Investment Promotion Agency.He also served as a senio
Dec. 17, 2012
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2020 road map for development of electric vehicles faces bumpy road
The nation’s ambitious goal to become one of the world’s top four electric-vehicle production powerhouses faces a bumpy road due to slower-than-expected market penetration.Under the 2020 vision for green cars, unveiled in 2010, the government plans to replace 20 percent of cars on the road with EVs for Korea to take 10 percent of the global EV market. For this goal, the Ministry of Environment and the Ministry of Knowledge Economy have invested in infrastructure for EVs to boost demand for the v
MobilityDec. 17, 2012
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KAI stake sale collapses again
The sale of the Korea Aerospace Industries, or KAI, collapsed again as it failed to attract enough bidders on Monday.Hyundai Heavy Industries, the world’s largest shipbuilder, placed its bid, but Korean Air, the nation’s flagship carrier, decided not to join the competition. At least two bidders are required to participate in bidding for the KAI sale to proceed.Korean Air said in a statement that it gave up the bidding because stock price of the state-run aircraft maker is overvalued. The first
Dec. 17, 2012
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Samsung to finalize investment plan
By Cho Ji-hyunSamsung Electronics on Monday organized a two-day global strategic planning meeting attended by about 600 local and overseas executives in its Suwon and Giheung offices in Gyeonggi Province.The world’s top smartphone maker will finalize its investment plan for next year at the meeting, which will be divided into the sectors of device solutions and finished products.Samsung’s global strategic meeting is held twice a year ― in the first half and latter half ― and it is a time when th
IndustryDec. 17, 2012
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Woongjin Chemical to be put up for sale
Woongjin Group and its creditors have reached an agreement to launch the sale process of Woongjin Chemical next year as a method to improve the group’s financial soundness, bank officials said Monday.Woongjin Chemical’s parent Woongjin Holdings has been placed under court receivership over the past few months due to its financial woes involving heavy debt.“The group, which was instructed by the court to scale down unhealthy assets in consultation with its creditor banks, has no choice but to see
Dec. 17, 2012
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BMW recalls nearly 2,200 cars
BMW Group Korea, the local distributor of German automaker BMW AG, is voluntarily recalling certain model year X5 and X6 sport utility vehicles for a problem with a bolt that can cause loss of power-assisted steering, the Transportation Ministry said Monday.The recall affects 1,579 X5 SUVs produced between Dec. 11, 2006 and Feb. 19, 2010, along with 616 units of X6 SUVs built from April 3, 2008 through Feb. 22, 2010, according to the Ministry of Land, Transport and Maritime Affairs.The ministry
Dec. 17, 2012
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KT launches business messenger
Mobile carrier KT rolled out “olleh biz talk,” a messenger program specialized for corporate use, on Monday. Combining characteristics of a traditional messenger program and smartphone text-messaging, olleh biz talk provides services including chat, message, fax, phone call, audio and photo message, and group message. Unlike traditional messenger programs, olleh biz talk is accessible both through computers and mobile phones. The contact lists are organized by the company’s structure.The messeng
TechnologyDec. 17, 2012
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Popularity of i40 takes Hyundai to sales landmark in Europe
Hyundai Motor’s upper-segment car sales in Europe surpassed a milestone 10 percent of the carmaker’s total sales for the first time, largely driven by the i40 wagon. The Korean auto giant said Monday that it sold 247,151 passenger vehicles in the first 10 months of this year in Europe alone. Of them, larger models with an engine capacity of 1,600 cc or higher made up 11.8 percent of Europe sales, more than doubling last year’s 4.4 percent, the company said. The i40, whose engine capacity ranges
IndustryDec. 17, 2012
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New EU chamber weighs money and image
The European Chamber of Commerce in Korea, which has embraced a brand new identity as a nonprofit group after suffering a string of corruption scandals that marred the previous leadership, appears to be pondering over how to make money while maintaining a spotless public image.“It’s all a matter of financing,” said Thilo Halter, chairman of the new ECCK. He said the chamber still has the option of going full-profit, but that the decision depended on how well the chamber gets back on its feet.The
IndustryDec. 17, 2012
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E1 CEO Koo awarded for energy efforts
E1 CEO Koo Ja-yong was awarded by the Korea Resource Economics Association for his contribution to the energy industry at a ceremony in Seoul on Monday. E1, a liquefied petroleum gas importer and distributor, has contributed to offering the country a stable LPG supply channel, the association said, adding that the company has also had zero accidents at the site for the past 28 consecutive years. During the award ceremony, Koo pledged to make continued contributions to the development of the ener
Dec. 17, 2012
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Korean FDA orders recall of steroid-containing skin cream
South Korea’s drug safety agency has suspended the sales of a cosmetic cream imported from the U.S. that contains steroids, and has ordered the company to recall it. Mario Badescu Healing Cream, known as “magic cream” for helping to minimize the appearance of acne scars, is produced by U.S. facial skin care and beauty product company Mario Badescu Skin Care, Inc.Through a test conducted by the Korea Food and Drug Administration, two types of steroids -- hydrocortisone and Triamcinolone acetonnoi
IndustryDec. 17, 2012
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GSK, Pfizer slim down to stave of challenges
Top-ranking pharmaceutical companies in Korea are expected to prune their workforces in the face of challenges both at home and abroad including sluggish economic conditions and a number of deep-seated shortcomings that are finally being addressed. GlaxoSmithKline, the largest pharmaceutical company in Korea in terms of sales, is planning to hand out early retirement packages to up to 100 employees — more than 10 percent of its workforce of 750 — before the year is over. The firm is currently re
IndustryDec. 17, 2012
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Watching porn may hurt short-term memory: study
People who watch Internet pornography may suffer from short-term memory loss immediately afterward, German scientists have claimed.Researchers from University of Duisberg-Essen conducted a study where they asked 28 German heterosexual men to look at a series of sexual images mixed with non-sexual images such as people laughing, playing sports or carrying a weapon. The average age of participants was 26.The participants were then asked to answer “yes” or “no” on whether or not the image they were
TechnologyDec. 17, 2012
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Diet Pepsi quietly changes sweetener
Diet Pepsi is quietly changing its sweetener ahead of a major rebranding of the soft drink set for next month.The change comes as PepsiCo Inc. looks to reinvigorate its namesake brands after losing market share to Coca-Cola Co. in recent years.Cans of Diet Pepsi around the country now list a mix of two artificial sweeteners, a pairing that is commonly found in newer diet sodas. Previously, Diet Pepsi used only aspartame, which is sensitive to heat and breaks down more easily.This summer, PepsiCo
IndustryDec. 17, 2012
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Huge DNA code of the Christmas tree being revealed
To millions of people, the Christmas tree is a cheerful sight. To scientists who decipher the DNA codes of plants and animals, it’s a monster.We’re talking about the conifer, the umbrella term for cone-bearing trees like the spruce, fir, pine, cypress and cedar. Apart from their Yuletide popularity, they play big roles in the lumber industry and in healthy forest ecosystems.Scientists would love to identify the billions of building blocks that make up the DNA of a conifer. That’s called sequenci
TechnologyDec. 16, 2012