Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Korea to invest W513b in nanotech research
The government announced on Monday that it would invest 513 billion won ($446 million) in the research and development of nano-technology by 2020. The investment is part of its “Nano 2020,” project aimed at becoming one of the world’s top three nano-technology powerhouses, according to the Ministry of Education, Science and Technology.The Ministry said the country would focus on developing core technologies including those integrated with environmental and IT technologies. The ministry will set
TechnologyMay 14, 2012
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Trade terms fall to over 3-year low in Q1
South Korea’s terms of trade worsened to the lowest level in over three years in the first quarter as high crude and commodities prices hiked import costs, the central bank said Monday.The country’s net terms-of-trade index for goods came in at 75.1 in the January-March period, down 6.4 percent from a year earlier, the Bank of Korea said in a report. The number also equals the terms of trade index tallied in the fourth quarter of 2008.The index is calculated by dividing the export price index by
May 14, 2012
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Korea Auto Parts Park opens in Detroit
Korea Auto Parts Park in Detroit was launched Monday to help Korean firms settle in the U.S. city.The opening ceremony was organized by Korea’s Commerce Ministry and the state-run Korea Trade Investment Promotion Agency.KAPP provides offices with presentation devices and conference rooms. “It takes a long time for small and medium auto part companies to win business contracts from global carmakers. That is when the local offices are needed,” KOTRA’s vice president Oh Sung-keun said. “KAPP will g
MobilityMay 14, 2012
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Nation’s technological edge gives social media a Korean twist
If you spot a dangerously rattling manhole cover on a street, think English translations should be extended to subway announcements, or need some tips on important life decisions, where would you turn for help?For Seoulites, the quickest help may come from the city mayor via Twitter.Seoul Mayor Park Won-soon, who took office in October with strong support from younger generations, checks and replies to his Twitter posts past midnight and throughout the weekend. Some issues are as practical and p
TechnologyMay 14, 2012
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Ministers to discuss ‘connectivity’ in Seoul meet
The Korea Communications Commission said Monday that a ministerial-level meeting on broadcast and telecommunications will be held at the COEX Convention Center in southern Seoul on Tuesday.Organized for the eighth consecutive year, this year’s meeting will focus on “connectivity,” according to KCC officials. The meeting will be taken part by ministers from 17 countries including Laos, Vietnam, New Zealand, Australia, Venezuela, South Africa and South Korea.Ministers from Australia, Rwanda, Indon
May 14, 2012
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KOTRA, Microsoft agree to support Korean start-ups
The Korea Trade Investment Promotion Agency and U.S. software giant Microsoft have agreed to help local venture start-ups expand overseas. Combining the state-run agency’s global presence and Microsoft’s technical supremacy, the “KOTRA-MS Smart Growth Project” aims to help Korean software developers go global with new services. A total of 20 venture firms are to be selected among those whose services can be combined with cloud computing, KOTRA said. With an aim to commercialize their services wi
IndustryMay 14, 2012
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Samsung says won’t resume auto business
Samsung Electronics chief operating officer Lee Jay-yong dismissed market rumors that Samsung Group may have big new plans for the automotive industry.“(Samsung Group) will not carry out automobile business,” Lee told reporters over the weekend.He reiterated that executives had already made it clear that the auto sector would not be included in the group’s future business categories.The group will only continue to provide carmakers with auto-oriented semiconductors and batteries for electronic-v
IndustryMay 14, 2012
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Half of handset users own smartphones
Smartphone boom to continue with new lineup this monthOne out of every two people in Korea with handsets is a smartphone owner, even though the gadgets were only introduced in November 2009.According to the telecom industry, 26.72 million out of 52.55 million people used a smartphone as of May 11, accounting for more than half of mobile service subscribers here.The smartphone boom hit the nation with the introduction of Apple’s iPhone in November 2009 when the figure for smartphone users amounte
IndustryMay 14, 2012
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Banks’ short-term foreign borrowing falls in April
South Korean banks’ short-term overseas borrowing declined in April as lenders secured enough funds in the past few months to make it possible to cut back on incurring fresh debt, the financial watchdog said Monday.According to the Financial Supervisory Service, the spread on short-term foreign borrowing by local banks stood at 8.9 basis points, a drop from 15.3 basis points in March. A basis point is 0.01 percentage point.“The move by local banks to secure sufficient funds from late 2011 onward
May 14, 2012
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Britain seeks partnership with Korean transport firms
British Parliamentary Under-Secretary of State for Transport Mike Penning said Monday he is looking to build partnerships between Korean and British transportation-related companies concerning technology. Speaking in a news conference in Seoul, the British minister said that he came to Korea to look into technology that can contribute to making transportation of London more environmentally clean. “It is a big project with a 100-year-old metro and 10 million people living in London, to modernize
May 14, 2012
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Shares dip on eurozone woes
South Korean stocks closed 0.18 percent lower Monday due to persistent European fiscal uncertainties, analysts said. The local currency fell against the U.S. dollar.After swerving in and out of positive territory, the benchmark KOSPI fell 3.40 points to 1,913.73, extending its losing run to four sessions. Trading volume was light at 386 million shares worth 3.97 trillion won ($3.45 billion), with losers clearly outpacing gainers 571 to 280.“Developments unfolding in Europe’s political landscape
May 14, 2012
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China aims to seal free trade deal with Korea within 2 years
HONG KONG (Yonhap News) ― China aims to strike a free trade deal with South Korea within two years, the country’s top state planner said Monday, stressing it will spur the pace of economic integration in Northeast Asia. Earlier this month, the two neighboring countries announced the start of free trade negotiations, setting in motion a process to tear down trade barriers between two of Asia’s biggest economies.The first round of talks on a bilateral free trade agreement will take place later thi
May 14, 2012
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Korea, China agree on terms of FTA negotiations
Korea and China on Monday set the terms of negotiations for a bilateral free trade agreement in their first round of bargaining in Beijing, and agreed to hold the next round of talks in Korea in early July.The two sides set the detailed rules on how to proceed with the negotiations, discussed the scope and coverage of the FTA as well as how to organize the negotiation working groups, Seoul’s Trade Ministry said in a statement.The terms of reference covered the principles of the negotiation, obje
May 14, 2012
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Regulator to inspect Nonghyup Bank, NACF
Financial authorities are set to launch an inspection into the National Agricultural Cooperative Federation and Nonghyup Bank over frequent online transaction system breakdowns and irregular lending practices.“We plan to begin a comprehensive check-up on Nonghyup Bank within May. The inspection will take more than a month,” an official at the Financial Supervisory Service said, suggesting the high intensity of the examination.Nonghyup Bank’s cyber network broke down several times after transacti
May 14, 2012
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World Bank to bring Korean development model to emerging markets
Korea is one of the world’s most connected countries with people enjoying high-speed Internet access and advanced information and communication technology. Its transportation system integrating with ICT is highly modernized and efficient.These are two of Korea’s most competitive development models the World Bank hopes to bring to developing and underdeveloped countries.Rachel Kyte, vice president of the World Bank, said whether it is fragile, poor, middle-income or low-income economies, they are
May 14, 2012
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Boehlinger Ingelheim seeks supporter group
Boehlinger Ingelheim Korea is seeking to recruit female college supporters for a new leg-cooling spray named Alistak.The 30 successful candidates will engage in online promotion activities for the new product for about two months, according to the company.Any female college students with fresh ideas will be able to apply for the position, the company added.Five excellent supporters among the group will be given prize money and an opportunity for an interview with the company to select an intern.
May 14, 2012
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Joris Dierckx to head BNP Paribas Seoul
BNP Paribas announced on Friday the appointment of Joris Dierckx as country head for Korea and general manager of BNP Paribas Seoul branch. Dierckx started his post on Monday. Dierckx has been the country head for Greece for BNP Paribas since 2010. He started his career in Asia in 2001 at Fortis Bank, where he held management positions in Singapore and Tokyo in the area of export and project finance. He served as country manager for Japan as well as acting head for Merchant Banking Asia. He has
May 14, 2012
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Young jobseekers covet Google Korea
Foreign companies popular among 20-somethings seeking benefits and challengesA 29-year-old office worker who has been working at a South Korean conglomerate for about four years recently turned in his C.V. to Google Korea. It was not that sudden a decision ― he has been networking with people working at foreign companies and attending study groups for a while. “The welfare or pay (at the company I am currently working at) is not bad. But as it is such a big group, there is little that an indivi
IndustryMay 14, 2012
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Nine-meter ‘monster’ found in Alaskan lake may be shark
A mysterious underwater creature straight out of legend, or just your garden-variety marine life?A biologist has suggested that the nine-meter fish dubbed “Illie,” which has been spotted several times in Lake Iliamna in Alaska over the last several decades, may turn out to be just a strain of sleeper shark, according to local news reports.Bruce Wright, a senior scientist from the Aleutian Pribilof Islands Association said that the size, shape and color of the elusive beast match those of a sleep
TechnologyMay 14, 2012
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S. Korea, China, Japan adopt joint declaration without mentioning North Korea
South Korea, China and Japan adopted a joint declaration Monday that sums up annual summit talks between their leaders held the previous day, but the document made no mention of North Korea and its provocative behavior.The omission of any clause on North Korea highlights the difference that the South and Japan have with China over how to deal with Pyongyang. Beijing, the North's last-remaining maj
May 14, 2012