Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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Handset makers, carriers fined for deceptive pricing
The nation’s antitrust watchdog said Thursday that it imposed fines totaling 45.33 billion won ($39 million) on local handset makers and telecom carriers for inflating cell phone prices via a deceptive pricing policy. According to the Fair Trade Commission, almost all the major players in the telecom market have colluded to inflate the prices of cell phones for years while advertising that they were offering cheaper deals through subsidy plans. SK Telecom was fined with the largest amount of 20.
IndustryMarch 15, 2012
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Korea to set up $500m fund for industrial plant building
Korea will establish a $500 million industrial plant building fund to help local builders win overseas contracts, the government said Thursday.The plan, outlined at a weekly economic policymakers meeting, calls for the pooling of money from local pension operators and Middle East sovereign funds so Korean engineering and construction companies can better secure new deals.“Since construction projects are becoming bigger, value-added and high risk ventures, the ability of builders to come up with
IndustryMarch 15, 2012
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Korea’s jobless rate lowest in OECD
Korea’s unemployment rate was the lowest among the 34 leading industrialized economies for the sixth consecutive month in January, a report showed on Thursday.The Organization for Economic Cooperation and Development report said Korea’s jobless rate moved between the 3.1 percent to 3.3 percent range from August to January.In January, the jobless rate of Asia’s fourth-largest economy reached 3.2 percent, or 5 percentage points lower than the OECD’s average.The latest report showed double-digit un
March 15, 2012
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Number of stock trades jumps in February
Korea’s stock transactions surged to a 33 month-high in February due to the influx of investors attracted by rising share prices, data showed Thursday. According to the data by the Korea Exchange and the Bank of Korea, 13.2 billion shares were bought and sold last month, up 53.6 percent from 8.6 billion shares traded in January.Last month’s trading volume was the highest since May 2009, with the total value of shares changing hands reaching a six-month high of 143.8 trillion won ($127.1 billion)
March 15, 2012
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Study: Dinosaurs' exit not mammals' cue
An Australian study challenges a theory that the disappearance of dinosaurs 65 million years ago is what allowed modern mammals to flourish, researchers say.Researchers at the University of New South Wales say their study suggests mammals had already begun to diversify long before the asteroid-linke
TechnologyMarch 15, 2012
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Human-like fossils in China caves puzzle scientists
The most recent fossils ever found of a human-like species in southeast China have presented scientists with a mystery about what may be an unknown Stone Age culture, researchers said Wednesday.Sometimes called the "red deer people," the remains are about 11,500 to 14,500 years old and appear to sho
TechnologyMarch 15, 2012
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New frog species discovered in New York City
Amazed biologists have uncovered a new species of frog in the jungle -- New York's concrete jungle. An illustration of a frog (MCT)The mottled green creature was for years mistaken as belonging to a widespread variety of the leopard frog. But now scientists realize this is new."For a new species to
TechnologyMarch 15, 2012
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‘FTA will create momentum for economy’
KITA chairman forecasts herald interview 7-8 percent growth for Korea’s trade volumeThis is the second of a series of interviews of top officials on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed.Despite persistent signs of fragility clouding the world economy, free trade pacts will lend a fresh impetus to Korea and its counterparts, said Han Duck-soo, chairman of the Korea International Trade Association.With the Korea-U.S. FTA taking effect Thursday, Han predicts that trade volume for
March 14, 2012
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Tax office promises fewer, easier audits on foreign firms
Korea’s tax authorities said they would reduce the frequency and scope of tax audits on foreign companies doing business here in a bid to attract more long-term investment. “Korea’s economic success has been greatly helped by the participation of foreign companies. We need to get rid of all uncertainties in tax probes to help create a business-friendly environment,” National Tax Service deputy commissioner Kim Moon-soo told a meeting of foreign company chiefs Wednesday. Explaining the change, NT
IndustryMarch 14, 2012
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Punishment due on officials who delayed nuke power loss report
Knowledge Economy Minister Hong Suk-woo on Wednesday apologized for delayed reports of the temporary power loss at the Gori nuclear power plant in Busan on Feb. 9 and vowed to reprimand those responsible. Kim Jong-shin, chief executive of Korea Hydro & Nuclear Power Co., said he will take responsibility if necessary, adding that he only learned about the accident on Sunday and reported it to the ministry and nuclear security authorities on Monday.“I apologize for the belated reports on the power
March 14, 2012
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Samsung supplies Apple with screen for new iPad
Samsung Electronics Co. will supply the screen for Apple Inc.’s new iPad after LG Display Co. and Sharp Corp. didn’t meet the U.S. company’s quality requirements, according to an analyst with iSuppli. Samsung, the world’s top flat-panel maker, currently is the sole vendor of the display for the 9.7-inch, touch-screen device, said Vinita Jakhanwal, a senior manager at iSuppli, a unit of Englewood, Colorado-based IHS Inc. The new tablet goes on sale March 16. The supply deal deepens Apple’s partne
TechnologyMarch 14, 2012
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NCsoft to see China sales surge: report
HONG KONG (Yonhap News) ― NCsoft Corp., a leading online game developer in South Korea, will likely see its sales in China rise sharply this year largely thanks to its new partnership with a Chinese distributor, Goldman Sachs said Wednesday.NCsoft currently distributes its flagship massively multiplayer online role-playing games ― Lineage I, Lineage II and Aion ― in China through a contract with Shanda Interactive Entertainment Ltd., a Shanghai-based operator of online games. The company has ter
TechnologyMarch 14, 2012
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Economic downturn hurts consumer goods makers: poll
Korea’s economic slowdown and a general drop in demand has put a dent in roughly half of all consumer product manufacturers in the country, a poll showed Wednesday.The survey of 350 domestic demand oriented companies conducted by the Korea Chamber of Commerce and Industry showed 47.7 percent of the respondents saying they are feeling the pinch of sluggish economic growth.Asia’s fourth-largest economy is expected to grow 3.7 percent this year, down from 3.8 percent last year and 6.2 percent growt
March 14, 2012
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Seoul shares hit 7-month high on U.S. optimism
South Korean stocks soared to a seven-month high on Wednesday as exporter shares posted firm gains on the back of optimism over the U.S. economy, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI climbed 20.04 points, or 0.99 percent, to 2,045.08, the highest close since 2,066.26 on Aug. 3. Trading volume was heavy at 534.4 million shares worth 6.3 trillion won ($5.6 billion), with gainers outnumbering decliners 461 to 356.“Better-than-expected retail sales data
March 14, 2012
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Retailers to boycott Samsung Card
Company attacked for offering exclusive benefits to Costco in service feesAbout two million retailers nationwide are poised to boycott consumers’ payments via Samsung Card from next month.They demand the nation’s third-largest credit card issuer cut settlement service charges on retailers and cease offering exclusive benefits to Costco Wholesale Korea, a large discount chain.The association, composed of small- and mid-sized retailers, demanded the card issuer cut the service fee to 1.5 percent o
March 14, 2012
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Samsung lead triples in Chinese market as iPhone fails to gain
Apple Inc. got a second partner in China to sell the iPhone in the world’s biggest mobile-phone market. The deal may be too late to catch Samsung Electronics Co., with a market share that’s three times larger and growing. China Telecom Corp. began selling the iPhone last week as Apple tries to build on its 7.5 percent share of the country’s smartphone sales. Samsung controlled 24.3 percent of the market for phones that can play videos and games, according to Gartner Inc., using a strategy of all
TechnologyMarch 14, 2012
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Korea’s smart meters could cut electricity consumption
South Korea’s plan to install smart meters in half the country’s households by 2016 could cut electricity consumption equivalent to the cost of one nuclear power plant. “We want to make the utility industry intelligent and efficient,” said Choi Kyu-chong, director of the Smart Grid & Electricity Market Division of the Knowledge Economy Ministry. South Korea expects it will be able to save the cost of building a reactor by 2016 by helping households and utilities to manage electricity consumption
TechnologyMarch 14, 2012
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‘Smart work’ system gains popularity in Korea
Recent survey shows eight out of every 10 are smart workersThe mass introduction of smart gadgets in the country has not only changed the lifestyles of many Koreans, but also impacted the way people do their jobs here.A recent consumer study conducted by U.S.-based firm VMware found that at least eight out of every 10 employed Koreans could be dubbed “smart workers,” indicating that they have somehow adopted a flexible working style ― mobile offices, virtual meetings and working in remote areas
TechnologyMarch 14, 2012
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Scientists produce retina structure from blood-derived cells
U.S. scientists have succeeded in making early retina structures by using stem cells from blood, marking a breakthrough toward treating eye diseases, Science Daily reported Tuesday.The new findings can help study degenerative retinal disorder such as retinitis pigmentosa, a prominent cause of blindness in children and young adults, according to a statement by the University of Wisconsin- Madison research team.Last year, the group led by Doctor David Gamm was able to create the most primitive str
TechnologyMarch 14, 2012
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Jobless rate hits 11-month high of 4.2 percent in February
Korea’s jobless rate jumped to the highest level in 11 months in February, indicating that the job market conditions remain cloudy despite the continued economic recovery, a report showed Wednesday.The jobless rate stood at 4.2 percent last month, up from 3.5 percent in January, according to the report by Statistics Korea. It was the highest since March last year when the rate reached 4.3 percent.Job creation also decelerated, with a total of 447,000 jobs added to payrolls in February compared w
March 14, 2012