Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Samsung mocks Apple over iPhone alarm glitch
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Hyundai Heavy wins $3.2b Saudi order: report
South Korea’s Hyundai Heavy Industries has won a $3.2 billion order to build a thermal power plant in Saudi Arabia for state-run Saudi Electricity, a report said Tuesday.The world’s top shipbuilder by orders will build the 2.64-gigawatt power-generating plant over the next four years in Jeddah, Dow Jones Newswires said, citing a person with knowledge of the matter.A Hyundai spokesman declined to comment on the report.Hyundai, which builds ships, heavy machinery and plants, had set a target of $2
Oct. 9, 2012
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KT, NTT DoCoMo team up for mobile payment
South Korean telecom giant KT Corp. said Tuesday it has signed an agreement with Japan’s NTT DoCoMo Inc. to step up cooperation on mobile payments through near field communication technology.Under the memorandum of understanding signed on Monday, the two companies will ramp up joint efforts to provide NFC-based financial services and customer benefits to subscribers in South Korea and Japan, KT said in a press release.NFC technology, which allows wireless data exchanges between two devices withi
Oct. 9, 2012
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Shares down on economic woes
South Korean stocks closed 0.14 percent lower on Tuesday as global economic concerns continued to drag on investor sentiment, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.85 points to 1,979.04. Trading volume was moderate at 501.1 million shares worth 3.56 trillion won ($3.2 billion), with gainers outnumbering decliners 420 to 379.“Foreigners were selling and investors were reluctant to snap up shares amid persistent g
Oct. 9, 2012
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Hanwha Life Insurance new name for oldest firm in the industry
Korea Life Insurance Co., an insurance unit of South Korea’s Hanwha Group, said Tuesday that it officially changed the corporate name to Hanwha Life Insurance Co.The life insurer, established in 1946 as the country’s first life insurer, was acquired by local conglomerate Hanwha Group in 2002.Hanwha Life is South Korea’s No. 2 life insurer with net assets valued at 70.2 trillion won ($63.1 billion) as of end-June, the corporate data showed.Hanwha Life also said it plans to expand its business ove
Oct. 9, 2012
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Household loans grow for 5th consecutive month
Household loans extended by South Korean financial institutions increased for a fifth consecutive month in August, but the growth rate slowed as the property market sagged on falling demand amid the economic downturn, the central bank said Tuesday. Household lending extended by local banks and non-bank institutions totaled 649.8 trillion won ($584.3 billion) as of the end of August, up 4.1 percent from the previous year, according to the Bank of Korea. Such lending grew by 2.3 trillion won on-mo
Oct. 9, 2012
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Overseas plant orders plunge 33.5% in Q3
Overseas plant building orders won by Korean companies slid 33.5 percent to $8.7 billion in the third quarter from a year earlier, mainly due to delayed orders from the Middle East, the world’s largest plant construction market, the Ministry of Knowledge Economy said on Tuesday. “The global economic slowdown forced some plant building projects in the Middle East to be delayed,” Joo Hyun-dong, an official from the ministry said.Affected by worsening third-quarter performance, accumulated overseas
Oct. 9, 2012
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Creditor banks agree on funding for Ssangyong E&C
Five creditor banks agreed on liquidity support worth 129.7 billion won ($116.7 million) for financially struggling Ssangyong Engineering and Construction on Tuesday, according to banks and the builder.Wooribank, the main creditor, will provide the largest amount of 51.7 billion won, followed by Korea Development Bank with 3.5 billion won, Hana with 1.7 billion won, Shinhan with 1.4 billion won and KB Kookmin with 1.2 billion won. Following earlier funding worth 6.32 billion won by its largest s
IndustryOct. 9, 2012
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Google expert posts concerns on Korea’s Internet regulation
‘Google’s Motorola purchase was to help protect Android ecosystem’A Google senior executive expressed concerns about Korea’s Internet regulation policy on Tuesday, calling the controversial online real-name system “hasty.”“We have some concerns about Korean Internet regulation,” said David Drummond, chief legal officer at Google.“Our view is that you should be careful and move slowly when you think about breaking the openness about the Internet. The real name verification law was hasty and I thi
IndustryOct. 9, 2012
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Samsung, Hyundai-Kia dominate earnings
Data shows Korean economy heavily reliant on top two groupsEarnings of Samsung Electronics, Hyundai Motor and Kia Motors are expected to account for more than half of those reaped by the nation’s 30 major firms this year, a local financial data provider said on TuesdayAccording to FnGuide, the 30 largest enterprises are estimated to post a collective net profit of about 67.5 trillion won ($60.2 billion) this year.Among them, the profits of three ― Samsung, Hyundai and Kia ― are projected to reac
IndustryOct. 9, 2012
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Hyundai, Kia thrive in China as Japanese cars stumble
Hyundai Motor and affiliate Kia Motors forecast sales in China will exceed their targets as South Korea’s two largest carmakers benefit from a wave of anti-Japan protests in the world’s largest vehicle market.The two carmakers will probably sell more vehicles in 2012 than the 1.25 million they had projected, Seoul-based Hyundai Motor said in a statement Sunday. Combined deliveries rose to 127,827 units last month, or 9.5 percent higher than the previous record set a year earlier, it said.Non-Jap
MobilityOct. 9, 2012
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Learning to communicate from advertising
Effective communication is essential in all parts of today’s society, whether political, economic, social or cultural. For example, one of the most important skills that national leaders need is the ability to communicate their ideas and visions with the public, while inside companies, communication skills are considered the second most important quality for management after insight.Yet many people still say communicating with others is difficult. Communication problems are blamed for conflicts
Oct. 9, 2012
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Some feel cheated by pricey matchmakers
Some professional matchmaking companies lack personnel and servicesAge: 35. Gender: male. Occupation: working for a sales department at a pharmaceutical firm. Goal: to get married. Soon.Kim Dae-jin (alias) thought he was all set to tie the knot when he gave out his personal information to sign up at Gayeon, one of the better-known matchmaking companies in Korea, next to Duo.He had been skeptical going into the deal, but his matching manager in charge of his blind dates persuaded him otherwise. K
IndustryOct. 9, 2012
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Inje Univ. professor wins BMW’s academic award
BMW Korea said Monday that it has named Bae Jin-young, professor of management and international trade at Inje University, as the winner of the 2012 BMW Academic Award for his critical insight into the current global financial crisis. The Korean unit of the German carmaker, together with Korean-German Academy of Economics and Management, has offered the award since 1999 with an aim to accelerate academic exchanges between the two countries. In his recent academic paper, Bae offered a deep analys
IndustryOct. 9, 2012
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Study: Learning a language changes brain
(MCT)LUND, Sweden (UPI) -- Intensive learning of a new language can make certain areas of the brain increase in size, Swedish researchers say.Scientists studied young recruits at the Swedish Armed Forces Interpreter Academy who learned a new language at a very fast pace, going from having no knowledge of a language such as Arabic, Russian or Dari to speaking it fluently in the space of 13 months.M
TechnologyOct. 9, 2012
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Warcraft playing candidate under fire
Maine Republicans are criticizing a Democratic state Senate candidate for her “disturbing alter ego” in online game ‘World of Warcraft.’The Maine Republican party has created a website, collensworld.com, to compile comments Democratic candidate Colleen Lachowicz, 48, has made while playing or writing about the online game, the New York Daily News reported Monday.“So I‘m a level 68 orc rogue girl. That means I stab things ... a lot. Who would have thought that a peace-lovin’, social worker and de
TechnologyOct. 9, 2012
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Florida man eats bugs, dies
DEERFIELD BEACH, Fla. (UPI) -- A 32-year-old Florida man ate dozens of cockroaches and worms to win a contest and then he died, authorities said.Edward Archbold of West Palm Beach went outside after winning the contest at the Ben Siegal Reptile Store in Deerfield Beach Friday and collapsed. He was taken to a hospital where he was pronounced dead, The Miami Herald reported.An autopsy was to be perf
TechnologyOct. 9, 2012
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Prehistoric spider attack frozen in time
U.S. researchers have found what they say is the only fossil ever discovered of a spider attacking prey caught in its web, a 100 million-year-old “snapshot.”In an engagement frozen in time, the extraordinarily rare fossils of the spider and its prey, a wasp, are entombed in a piece of amber, Oregon State University reported Monday.“This juvenile spider was going to make a meal out of a tiny parasitic wasp, but never quite got to it,” said OSU zoology Professor George Poinar Jr., a world expert o
TechnologyOct. 9, 2012
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IMF cuts 2012 growth estimate for S. Korea to 2.7 percent
Less than three weeks after cutting South Korea's growth estimate for this year, the International Monetary Fund (IMF) on Monday provided a gloomier outlook for Asia's fourth-largest economy amid uncertainties in the eurozone and U.S. economies.South Korea is projected to record only 2.7 percent in economic growth this year, the IMF said in a new report on the global economy. Based on annual consu
Oct. 9, 2012
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Glass ceiling still thick in public sector
The glass ceiling most certainly exists in corporate Korea, particularly in the financial sector, recent figures showed.Out of 61 registered executives at the nation’s 10 publicly run financial companies, director Roh Jeong-ran of the Korea Asset Management Corp. was singled out as the only woman, according to a government-run data system on publicly-operated firms on Monday. Further, since 2008, these 10 companies had hired 356 female executives, just one-quarter of the total. In comparison, th
Oct. 8, 2012
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Beware Chinese-made counterfeit golf clubs
Chinese-made imitation golf clubs were found being sold illegally on the Internet at up to eight times the original price, the Seoul Main Customs office said on Monday.The office said the clubs ― originally priced at 20,000 won ($18) each ― were being sold for 170,000 won in Korea after they were disguised as clubs manufactured in Japan or the United States. Up to 6.1 billion won worth of clubs were sold this way, officials said. Most of these products were sold by online retailers. One of the c
IndustryOct. 8, 2012