Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Ramen makers to sue antitrust regulator
Companies claim they followed price guidelines from Finance MinistryKorean noodle makers are considering legal action against the Fair Trade Commission over sanctions it imposed on them.The companies producing ramen include Nongshim, which holds the dominant position in the industry.The FTC fined Nongshim and three other players 135.4 billion won ($120 million) for collusion in fixing prices.The regulator said that Nongshim, Samyang, Ottogi and Korea Yakult sought to rig prices on six different
IndustryMay 2, 2012
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Shinhan posts W826.3b profit in first quarter
Shinhan Financial Group Co., South Korea’s largest financial company by market value, said first- quarter profit fell 11 percent after the company set aside more funds for bad loans as the economy slows. Net income dropped to 826.3 billion won ($733 million) in the three months ended March 31 from 924.3 billion won a year earlier, the Seoul-based company said in an e-mailed statement today. That compares with the 766.1 billion won average of 20 analyst estimates compiled by Bloomberg. Earnings a
May 2, 2012
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Shares end higher buoyed by U.S. data, corporate earnings
South Korean stocks closed 0.86 percent higher on Wednesday on U.S. economic data and solid earnings by local blue-chip companies, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index added 17.08 points to close at 1,999.07, rising for the fourth consecutive session. Trading volume was heavy at 639 million shares worth 6.21 trillion won ($5.50 billion), with gainers outpacing losers 529 to 320.“The overnight rally in Wall Street exerted p
May 2, 2012
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Yeosu Expo to hold final rehearsal on Saturday
The 2012 Yeosu Expo Organizing Committee will hold its final dry run on Saturday from 9 a.m. to 11 p.m. A total of 116,000 people recruited through an open call will participate.The committee has held two rehearsals so far ― the first on April 28 with some 30,000 family members of the committee staff, police officers, teachers and volunteers from the region and the second on Wednesday with 50,000 comprised of government officials from Yeosu City and residents from other nearby areas such as Gwan
May 2, 2012
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Korean inspectors visit U.S. animal health office over BSE case
WASHINGTON (Yonhap News) ― South Korea and the United States began on-site consultations Tuesday on the latest case of mad cow disease here.A team of eight South Korean government officials and civilian experts arrived in Washington Monday for discussions with U.S. authorities and inspections of related facilities.Their visit comes amid unrelenting public concern over the safety of American beef in South Korea. The Seoul government has faced political pressure to suspend imports of U.S. beef.In
May 2, 2012
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Korean banks’ overseas net profits double in 2011: FSS
The combined net profit of Korean banks’ overseas sales operations nearly doubled last year, as their profitability recovered to pre-crisis levels, the nation’s top financial regulator said Wednesday.The total net profit of 93 overseas units run by 11 banks last year amounted to $721.6 million, up 95.5 percent from $369.1 million in 2010, thanks to a sharp drop in expenses from bad debt and a turnaround in securities-related profits.Profits had gone down to $312 million in 2008 and $286 million
May 2, 2012
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Banks face fine for abusing borrowers
Regulators vow more stern actions on practices burdening borrowersFinancial regulators plan to take disciplinary measures against a group of banks for engaging in irregular lending practices, based on a year-long investigation.A number of retail customers in the banking sector will face punitive measures for their urging of customers to purchase financial products such as deposits and insurance products in return for having their loan applications approved, officials at the Financial Services Se
May 2, 2012
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BlackBerry bets big on apps, touchscreens
SAN FRANCISCO (AFP) ― Research In Motion on Tuesday unveiled a revamped BlackBerry platform that discards the smartphone’s trademark keyboard to embrace apps, touchscreens and other trendy features.The long-promised platform was shown to software developers at the Canada-based company’s annual BlackBerry World conference in Florida.RIM also released kits for tailoring programs for the new BlackBerry 10 platform and gave attendees slick prototype touchscreen smartphones on which to dabble with th
TechnologyMay 2, 2012
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Samsung ready for new mobile platform
‘Samsung currently in stage of integrating Bada and Tizen OS’The biggest difference between rivals Apple Inc. and Samsung Electronics is the U.S.-based company’s integration of hardware and software.While Apple thrives on its mobile operating software iOS, introducing it exclusively for its wireless devices, Samsung and LG Electronics both make greater use of Google’s Android platform.Samsung, dubbed to be the world’s top smartphone maker in the first quarter, developed a proprietary mobile plat
TechnologyMay 2, 2012
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Samsung Electronics to alter lines to non-memory chip manufacturing
Tech giant moves to expand production of higher efficiency chipsSamsung Electronics is considering transforming some of its existing memory fabrication manufacturing lines into non-memory ones at its plants in Korea and abroad.Industry sources and analysts said that the move comes as demand for non-memory chips such as Samsung’s application processors is set to increase on burgeoning smart devices, while personal computers face decline.AP non-memory chips, which operate much like central process
TechnologyMay 2, 2012
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Korea, China start discussions on FTA
South Korea and China are starting discussions toward reaching a free-trade agreement and want to establish the accord as early as possible, Chinese Commerce Minister Chen Deming said.The first round of talks will take place this month, Chen said at a briefing in Beijing today with South Korean Trade Minister Bark Tae-ho. The two countries’ goal is to lift trade to $300 billion in 2016, Chen said.
May 2, 2012
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Survival of the fittest, even for modern humans
Humans tend to believe they are “civilized” and their evolutionary cycle is over. But new research suggests that humans are not that different from other species in terms of evolutionary perspective.The process of evolution, including Darwinian natural selection, is still underway in humans, a joint-study by European institutions has claimed.Researchers looked at detailed Finnish church records of approximately 6,000 people dating back 2-300 years ago to see what variables could have affected th
TechnologyMay 2, 2012
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Samsung chairman says he will not get involved in inheritance suit
Samsung Electronics chairman Lee Kun-hee said Wednesday he will no longer get involved in the inheritance suit with his siblings, apologizing for publicly expressing his anger on the case.While meeting reporters at Gimpo International Airport before leaving for Europe, Lee said, “I will leave the suit up to the legal professionals and only focus on nurturing Samsung Group.”Lee’s comments come after he fiercely criticized his elder brother Maeng-hee and sister Sook-hee for filing inheritance suit
IndustryMay 2, 2012
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Garlic more powerful at fighting food poisoning than antibiotics
Eating garlic can help fight food poisoning, a new research finding showed on Wednesday. Researchers at Washington State University in the United States said that a compound in garlic is 100 times more effective than two popular antibiotics at fighting one of the main causes of food poisoning, citing their latest research results. The finding suggests that the compound called “diallyl sulphide” easily penetrates and kills Campylobacter bacterial cells by combining with an enzyme containing sul
TechnologyMay 2, 2012
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New theory on dinosaur extinction offered
Some dinosaurs may have been on the way to extinction millions of years before an asteroid hit the Earth 65 million years ago, U.S. researchers say.Chicago White Sox pitcher Mark Buerhle has a chuckle with robotic "Baby T Rex," who threw out the first pitch before the game against the Detroit Tigers at at U.S. Cellular Field in Chicago, Illinois, Wednesday, August 6, 2008. (MCT)Scientists say thei
TechnologyMay 2, 2012
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BlackBerry bets big on apps, touchscreens
Research In Motion (RIM) on Tuesday unveiled a revamped BlackBerry platform that discards the smartphone's trademark keyboard to embrace apps, touchscreens and other trendy features.The long-promised platform was shown to software developers at the Canada-based company's annual BlackBerry World conference in Florida.RIM also released kits for tailoring programs for the new BlackBerry 10platform an
TechnologyMay 2, 2012
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Korea, China set to start FTA talks
Korea and China are set to announce the beginning of negotiations for a bilateral free trade agreement as early as Wednesday since the two countries’ top trade officials are in final discussions in Beijing.Korea’s Trade Minister Bahk Tae-ho flew to Beijing on Tuesday for talks with Chinese Commerce Minister Chen Deming and Bahk is scheduled to return home on Thursday.The two sides recently reached an agreement on the draft of a joint statement on the beginning of FTA negotiations, according to g
May 1, 2012
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Central government tightens budget for 2013
The government will seek a balanced budget next year despite an expected outpouring of welfare legislation from the parliament. A government roadmap on budget compilation and fund use for next year, approved by the Cabinet on April 24, calls for refraining from indiscriminate welfare programs and giving state aid to welfare programs selectively. If it achieves this fiscal goal, it will be the second time since 1980 for the government to equal revenue to expenditure. The government budget has bee
May 1, 2012
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Local governments in dire financial straits
Increased welfare, costly infrastructure projects weigh on local public financesLocal governments’ financial problems are worsening due to increased welfare programs imposed by the central government and costly infrastructure projects. Some cash-strapped cities have been unable to pay staff salaries on time. In April, Incheon was a day late in paying allowances to employees. The city’s decision to reduce overtime allowances and halt bonuses to senior officials from May points further to its fisc
May 1, 2012
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ASEAN+3 to increase currency swap
Korea, China and Japan and 10 Southeast Asian countries are poised to become more aggressive in their joint action in response to possible currency volatility.The ASEAN Plus Three group plans to endorse an increase in their access to a regional fund during the meeting of finance ministers and central bank governors, slated for May 3 in Manila, according to Bank of Korea officials.Participants are expected to approve a proposal approved by their deputies who earlier agreed to double the size of t
May 1, 2012