Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Controversy brews over shakeup of prosecutors amid probe of first lady
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OpenAI gives ChatGPT new powers to see, hear
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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Korean industries gauge impact of Biden's steep tariffs on China
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SKT, KEB open first ‘smart’ branch
In cooperation with mobile carrier SK Telecom, Korea Exchange Bank opened its first “smart bank” branch at Seoul Square in Namdaemun, Seoul, on Tuesday.The paperless bank uses an electronic documentation system, multi-financial service machine and video counseling with bank clerks, SK Telecom said. Dubbed the “Q’Plex Seoul Square Branch,” the bank’s “Smart Branch Device” is a banking machine equipped with the latest information and communication technologies, with which customers can process som
TechnologyDec. 11, 2012
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Big companies brace for limited power supply
Big companies are bracing for a possible limit in the power supply as the government is struggling to increase its power reserves to avoid blackouts.The government issued the “watch” warning across the nation on Tuesday morning as the nation’s power reserve dropped below 4 million kilowatts due to a surge in electricity consumption caused by cold temperatures. It is the fourth-highest level warning after seriousness, vigilance and attention.The companies’ move came after the Ministry of Knowledg
Dec. 11, 2012
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Insurance firms told to increase capital
The Financial Supervisory Service is taking stern regulatory measures against the insurance sector as some businesses have seen their financial status worsen from low returns.As a remedy, the regulator instructed some insurance firms to raise their capital base. It has found that some non-life insurers are suffering weak capability for insurance payments to policyholders.Those that will be under close monitoring of the FSS include players whose “risk-based capital” ratio stayed below optimum lev
Dec. 11, 2012
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E-Mart to open 1st Vietnamese store next year
E-Mart Co., South Korea’s biggest discount chain operator, said Tuesday that it will open its first Vietnamese store next year and expand the total number of stores in the country to 14 by 2017.To that end, E-Mart has formed a strategic tie-up with Vietnam’s 7th largest conglomerate U&I Group and signed a preliminary deal with Savills Vietnam Co., a unit of British real estate agency Savills, for bilateral cooperation, the South Korean company said. “Our foray into the Vietnamese retail market i
IndustryDec. 11, 2012
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Year end: The holidays vs. business as usual
Merry-making is in order for December, the season of Christmas, Hanukkah and other glad tidings. But Cho Song-yeon, a 32-year-old employee in the manufacturing industry, won’t be doing anything special because she’ll be working on Christmas Eve. A handful of local companies, including a couple of Samsung affiliates, will be giving employees a day off before Christmas, but at the majority of Korean firms, it will be business as usual right up until Lunar New Year’s in February.“It didn’t even occ
IndustryDec. 11, 2012
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iSolated: Bad Apple Maps directions lead to desert
The city of Mildura is not at the end of a dirt road in the Australian bush, in tire-choking desert sand far from food and water. Unfortunately, Apple‘s much-maligned mapping application thinks it is.More than two months after Apple’s CEO apologized for errors in its Maps service, Australian police say the app is ``potentially life threatening‘’ because of the bad directions it has given to the southern city. On Tuesday, a police official said Apple had ``sort of half-fixed‘’ the problem.Victori
TechnologyDec. 11, 2012
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Scientists to probe lake hidden under ice
British scientists say they are almost ready to begin an attempt to reach and analyze the water of an Antarctic lake buried under 2 miles of ice.The cold waters of Lake Ellsworth -- 9 miles long, nearly 2 miles wide and 525 feet deep -- have remained in the dark for up to half a million years, they said.Scientists say they hope a study of the ice-covered lake will help them understand the limits of where life is possible.Despite the high pressure of the lake‘s water and the absolute absence of s
TechnologyDec. 11, 2012
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Samsung dominates global LTE market
Samsung Electronics Co., the world's top smartphone maker, claimed the biggest share in the global market for long-term evolution (LTE) devices for the fifth straight quarter, data showed Tuesday.The company topped the LTE market with a 40 percent share in the third quarter, but its stake slipped from 50.9 percent in the previous quarter amid growing competition, according to the data by research firm Strategy Analytics.Handset makers have been racing to roll out LTE devices betting on the fast-
Dec. 11, 2012
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Motorola to pull out of Korea
Motorola Mobility announced Monday that it would withdraw most of its operations in Korea next year, in line with its global reorganization program.The Korean unit of the mobile handset maker said it was part of the restructuring that has been conducted by its U.S. headquarters.Company officials said Motorola was realigning research and development organizations globally to focus its strength on markets where it can compete most effectively.The company added that it would retain two business uni
TechnologyDec. 10, 2012
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Cold spell threatens electricity supply
The nation avoided issuing a warning on a power shortage on Monday as electricity consumption demand did not sharply increase despite the cold temperature, officials said.Nonetheless, the prolonged cold spell is threatening the nation’s power demand management skills, they said. The Korea Power Exchange, which predicts power demand and supply on a daily basis, had expected to put an alert on power reserves early Monday morning. According to the Korea Meteorological Administration, the morning te
Dec. 10, 2012
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[Newsmaker] Samsung Electronics stock on record rise
Shares of top smartphone maker Samsung Electronics are getting ready to break the 1.5 million won mark as the Korean IT behemoth is gaining an edge in its ongoing global patent battle against Apple Inc.Samsung’s stocks were being traded at over 1.5 million won ($1,389) per share, up 1.62 percent from Friday, shortly after the market opening at 9:01 a.m. on Monday. The share price is setting a new record following foreign investors’ aggressive move to purchase the firm’s shares.Samsung Electronic
IndustryDec. 10, 2012
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Korea’s trade volume tops $1tr for 2nd year
South Korea’s exports and imports exceeded $1 trillion on Monday, breaching the $1 trillion mark for the second consecutive year, the government said.“The trade volume came to over $1 trillion as of 11:06 this morning,” Kwon Pyung-oh, a spokesman for the Ministry of Knowledge Economy, told reporters.Exports have so far amounted to $512.8 billion with imports coming to about $487.2 billion as of Monday, according to the ministry.The country’s trade volume topped $1 trillion for the first time in
Dec. 10, 2012
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Samsung Engineering-led group wins $3b order
A consortium led by Samsung Engineering Co. has secured an order worth $3 billion to build a power plant in Saudi Arabia, South Korea’s largest industrial plant builder said Monday.Under the deal with Saudi Arabia’s Saline Water Conversion Corp., the consortium will build the 3,100-MW power plant in Yanbu, 350 kilometers north of the country’s second-largest city of Jeddah, in 48 months after it begins work.Samsung’s share in the project is valued at around $1.5 billion, according to the company
IndustryDec. 10, 2012
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Shares almost flat amid U.S. fiscal cliff woes
South Korean stocks closed flat Monday as investors took to the sidelines amid the prolonged concerns on the U.S. fiscal cliff, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index finished down 0.03 points to 1957.42. Trading volume was light at 361.6 million shares worth 3.6 trillion won ($3.3 billion) with losers outpacing gainers 460 to 364. “Shares trading remained weak as investors took a wait-and-see approach following the protra
Dec. 10, 2012
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Producer prices dip by most in 3 years in Nov.
South Korea’s producer prices fell by the most in three years in November due to a fall in oil prices and the local currency’s ascent to the dollar, the central bank said Monday.The producer price index, a barometer of future consumer inflation, inched down 0.2 percent in November from a year earlier, compared with a 0.2 percent on-year gain in October, according to the Bank of Korea. The November figure marked the worst performance since November 2009 when the index fell 0.4 percent on-year.Com
IndustryDec. 10, 2012
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‘Apple created Samsung nightmare’
Apple may have turned Samsung into Frankenstein’s monster by entrusting it with the supply of iPhone components, a former employee of Apple’s strategy unit contended in a blog posting on Dec. 7. James Allworth, present fellow at the Forum for Growth and Innovation at Harvard Business School, said that Apple’s expensive, risky patent war against the South Korean handset maker was not the solution to end the dispute. Allworth wrote in his Asymco posting, “The problem that Apple is facing right now
TechnologyDec. 10, 2012
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Hyundai chief urges readiness for market slowdown next year
Hyundai Motor Group chairman Chung Mong-koo on Monday urged overseas operational chiefs to brace for a slowdown in the car market next year. Chung was briefed at a meeting with some 70 heads of global operations of Hyundai Motor and Kia Motors on this year’s sales performance and key issues across regions. He is said to have thanked them for supporting the Korean auto giant to achieve this year’s sales goal despite difficult economic conditions in key markets such as Europe and the U.S. Though t
IndustryDec. 10, 2012
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CJ to shun expansion of its bakery chain for ‘fair economy’
CJ Foodville, the franchise business unit of local food giant CJ Group, announced Monday it would limit the number of its Tous les Jours chain bakeries to meet people’s demands for shared growth with smaller bakeries. The decision ― the first of its kind ― by the nation’s No. 2 bakery chain came amid intensifying disputes between bakery chain stores owned by conglomerates and mom-and-pop shops in the same neighborhood. Conglomerates’ bakery chains, armed with price competitiveness based on mass
IndustryDec. 10, 2012
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Seoul will beef up financing for overseas industrial projects: FSC
Financial Services Commission chief Kim Seok-dong said on Monday that Seoul would increase financial support of companies’ large overseas projects such as nuclear power plants, offshore plants and urban development.“In order to find major momentum for the financial industry, Seoul will beef up financing support of major overseas projects including mega-sized atomic power plants, urban development and offshore plants,” Kim told reporters in Seoul.“Our companies’ reliance on European investment ba
Dec. 10, 2012
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Samsung, Hyundai dominate 2012 earnings
The earnings gaps between the nation’s top two conglomerates ― Samsung and Hyundai Motor ― and other major business groups are widening, data showed on Monday.Samsung Group and Hyundai Motor Group are expected to take up about 70 percent of earnings reaped by the nation’s 10 largest conglomerates this year, according to chaebul.com, a conglomerate-tracking website.In terms of operating profit, Samsung Group accounted for 46.2 percent (17.5 trillion won) of the collective 37.9 trillion won by the
IndustryDec. 10, 2012