Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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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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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Will new iPad run on Korea’s LTE networks?
Questions are arising not only about the new iPad’s launch date but also about its fourth generation network compatibility in Korea after Apple introduced it during an event in San Francisco on Thursday.The latest iPad, which boasts “ultra-fast wireless speeds,”is customized to run not on the 4G Long Term Evolution network, but on the 700 megahertz and 2.1 gigahertz wireless broadband spectrums used by U.S. mobile carriers Verizon and AT&T.The finding not only impacts Korea, a country currently
IndustryMarch 9, 2012
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Seoul shares gain on eased Greece woes
South Korean stocks closed 0.88 percent higher Friday, as Greece finally settled on its long-pending debt swap plan to restructure its troubled fiscal health, analysts said. The local currency rose against the U.S. dollar.The benchmark gained 17.54 points to finish at 2,018.30. Trading volume was moderate at 406.4 million shares worth 5.31 trillion won ($4.76 billion) with gainers outpacing decliners 442 to 349. “Since the Greece deal has made a breakthrough, there’s no particular external facto
March 9, 2012
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Hansol acquires firm for power plant business
Hansol EME, an affiliate of Hansol Group, said Friday that it inked an acquisition deal with industrial boiler technology firm SeenTec Co. to dive into the power plant business and secure a new growth engine.The company, specializing in integrated plant projects, signed an agreement with SeenTec this week to acquire a 34.17 percent stake, taking over 3.3 million of its shares worth $33 million in total, according to its officials.The event takes place as the power plant business is projected to
IndustryMarch 9, 2012
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POSCO develops car body frame
POSCO on Friday announced the results of its development of a steel body frame for electric cars that is 25 percent lighter than existing chassis.The use of ultra high strength steel was increased by 40 percent in the new chassis, but it does not require changes in the existing auto production lines, allowing minimized cost increases for mass production of electric cars, POSCO said in a press release.The POSCO Body Concept-Electric Vehicle meets international safety standards for 2015, and reduc
IndustryMarch 9, 2012
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Hyundai, Kia named most fuel efficient carmakers by U.S. agency
Hyundai Motor Co. and Kia Motors Corp. were named the most fuel efficient and environmentally-friendly carmakers by the U.S. Environmental Protection Agency, outperforming rivals such as Toyota Motor Corp.In the EPA’s annual report “Light-Duty Automotive Technology, Carbon Dioxide Emissions and Fuel Economy Trends,” Hyundai and Kia cars for the model year 2010 showed the highest average fuel economy of 27 miles per gallon, or 11.5 kilometers per liter.The two Korean automakers were tied for firs
IndustryMarch 9, 2012
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Top regulator promises transparency under FTAs
The chief financial regulator pledged to improve Korea’s supervisory systems to promote a level playing field for local and foreign players.At a forum for foreign financial firms in Seoul, Friday, Financial Supervisory Service Gov. Kwon Hyouk-se stressed the necessity of bolstering regulatory transparency in “the era of free trade pacts.”His promise came during his speech at the 4th annual event, dubbed “FSS Speaks,” on the nation’s regulatory policy directions.“One (policy) is steps we are taki
March 9, 2012
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Solo households change economy
One in four households has just one occupant; companies shiftattention to their potentialThe number of Korean households with only one occupant is on the rise, and local companies are taking increasing notice of their significant purchasing power. Compared with married people, those who live alone tend to eat out in restaurants, enjoy time at cafes, take various hobbyist classes and go to the gym. The demographic’s distinctive preferences for certain goods and services is now generating interest
March 9, 2012
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Producer price gain accelerates...in February
South Korea’s producer price growth accelerated in February from the previous month because of a rise in oil prices and public service charges, the central bank said Friday.The producer price index, a barometer of future consumer inflation, gained 3.5 percent in February from a year ago, accelerating from a 3.4 percent on-year growth in the previous month, according to the Bank of Korea. The January figure marked the slowest growth pace in 17 months.The on-year gain was largely attributed to an
March 9, 2012
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Import prices of raw materials rise in Feb.
Import prices of key raw materials rose for a second consecutive month in February on a steady rise of petroleum and non-ferrous metal prices, a trade association said Friday.The Korea Importers Association said its price index for imported commodities stood at 387.36 last month, up 16.91 points or 4.56 percent from January. KOIMA uses 1995 as the base year for the benchmark index that covers 56 key imported raw materials, ranging from corn and soybeans to crude oil and aluminum scraps.The assoc
March 9, 2012
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Foreign currency deposits at 5 Korean lenders top $20 bln
Foreign currency-denominated deposits at five South Korean lenders more than doubled from a year ago to $20 billion in February on the back of the local currency‘s ascent against the U.S. dollar, financial industry sources said Friday. According to local sources, the outstanding deposits at five commercial lenders -- Kookmin Bank, Woori Bank, Shinhan Bank, Hana Bank and the state-run Industrial Bank of Korea -- reached $20.36 billion, up 3.2 percent from January.The figure was a 65 percent surge
March 9, 2012
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Proposed ‘nuclear’ clock most accurate?
A clock tied to the orbiting of an atom’s neutron could gain or lose less than a second in 14 billion years, the age of the universe, Australian scientists say.“This is nearly 100 times more accurate than the best atomic clocks we have now,” said one of the researchers proposing such a “nuclear” clo
TechnologyMarch 9, 2012
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Space weather storm fizzles on arrival
A picture taken late on March 7, 2012 of northern lights in Abisko, Swedish Lapland. (AFP)A space weather storm that was forecast to be the strongest in five years has fizzled out and ended up causing no impact to power grids or modern navigation systems, US experts said on Thursday.A series of erup
TechnologyMarch 9, 2012
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Seoul to promote safety of its nuclear plants
Korean reactor models demonstrate upgraded safety featuresThe Seoul Nuclear Security Summit on March 26 and 27, which will be preceded by a nuclear industry conference three days earlier, is expected to be an opportunity to show off the technological excellence and safety of Korean atomic power plants.The Korean standard nuclear power plant, which is 95 percent technologically self-sufficient, has risen as a major export item in the country after semiconductors, cars, mobile phones and ships.Sta
IndustryMarch 8, 2012
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LG Uplus to offer service for LTE voice calls in October
LG Uplus Co., South Korea’s smallest mobile carrier, said Thursday that it plans to start voice over long-term evolution service late this year that will enable smartphone users to access better data and voice services.The LTE service, or the fourth-generation wireless technology, enables customers to access a stream of data faster than the current 3G network and download and watch movies more quickly. The VoLTE technology allows users to enjoy high quality voice services as well. “We are aiming
IndustryMarch 8, 2012
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LG chairman orders faster roll-out of OLED TVs
LG Group chairman Koo Bon-moo urged its flagship electronics arm to secure the lead in the organic light-emitting diode television market by rolling out the TV sets earlier than scheduled.During his visit with its affiliates’ chief executives to the group’s research and development conference in Daejeon on Wednesday, he requested an early release of the 55-inch OLED TV, which is currently set to be launched in the latter half of this year.He also asked LG Display to speed up the development of p
IndustryMarch 8, 2012
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Hotels under antitrust probe
The Fair Trade Commission has launched an investigation into the country’s seven top-rated hotels in Seoul on suspicion of colluding to rig the prices of their wedding packages and rooms, according to industry sources and reports Thursday.The seven hotels are Lotte Hotel Seoul, Lotte Hotel World, The Shilla Seoul, The Westin Chosun Seoul, Sheraton Grande Walkerhill, W Seoul-Walkerhill and The Plaza Hotel Seoul.“FTC investigators requested yesterday documents related to our wedding business,” an
IndustryMarch 8, 2012
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BOK holds rate steady at 3.25% for ninth month
Rising oil prices feared to add to inflationary pressureThe Bank of Korea held the benchmark rate unchanged at 3.25 percent, extending the stand-pat streak to a ninth month, as its policy-decision panel sees no other enticing option. Korea’s consumer prices rose 3.1 percent on-year in February, within the target band of the central bank, but went up 0.4 percent from the previous month amid growing concerns that inflationary pressure is already building up. The central bank’s policymakers seemed
March 8, 2012
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Seoul shares gain 0.94% on eased Greece woes
South Korean stocks gained 0.94 percent Thursday, as investor sentiment was boosted by news from Greece that the debt-laden country is close to making the debt swap deal with private creditors to avert a default, analysts said. The local currency rose against the U.S. dollar. The benchmark KOSPI advanced 18.61 points to close at 2,000.76, snapping its three-day losing streak. Trading volume was moderate at 449.6 million shares worth 6.24 trillion won ($5.57 billion) with gainers outstripping los
March 8, 2012
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Watchdog approves Google-Motorola merger
Korea’s antitrust watchdog said Thursday that it has approved Google Inc.’s move to purchase Motorola Mobility “with no stings attached,” saying that it would not restrain competition in related industries.“Based on our reviews of opinions from stakeholders and global coordination (with foreign antitrust watchdogs), we have concluded that the deal would not limit market competition in related industries,” the Fair Trade Commission said in a press release.Google announced in August last year it w
March 8, 2012
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Korea’s trade minister rules out scrapping KORUS FTA
South Korea’s top trade official on Thursday said it would be impossible to scrap a free trade pact with the U.S., stressing that the accord will help South Korea’s economic growth.The trade pact signed in 2007 is set to go into effect on March 15. South Korea’s parliament approved the free trade pact in November last year despite vehement protests from opposition lawmakers. The deal was approved by the U.S. Congress in October.The scheduled implementation of the free trade pact will come amid g
March 8, 2012