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South Korean President Yoon Suk Yeol declares martial law
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President Yoon Suk Yeol declares end to martial law after six-hour chaos
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'Is this happening in 2024?' South Koreans in panic, disbelief
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Opposition parties submit motion to impeach President Yoon Suk Yeol
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South Korea faces unprecedented turmoil in aftermath of Yoon's martial law
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Ruling party leader denounces Yoon's declaration of emergency martial law
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What unfolded on Tuesday night in Seoul: A timeline
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Why did President Yoon Suk Yeol resort to martial law?
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South Korea sees first martial law in over 40 years
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Assembly passes motion to revoke martial law
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Korean shipbuilders keep global dominance in H1
Korea’s shipbuilders continued to lead the global market in the first half of the year despite a large drop in overseas orders caused by sluggish economic conditions, the government said Thursday.In the January-June period, the world’s total orders for new ships plunged 58 percent from the same period a year earlier to 8.77 million compensated gross tons, a drop largely caused by “years of oversupply and the European financial woes,” the Ministry of Knowledge Economy said in a press release.Kore
IndustryJuly 19, 2012
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Hyundai Glovis inks F-15K deal with Boeing
Hyundai Glovis Co., a local logistics service provider, signed a deal with U.S. defense contractor Boeing Co. on Thursday to help maintain the operational readiness of South Korea’s F-15K multirole fighters.The performance-based logistics program calls for Hyundai Glovis to manage inventories of parts and components used by the planes and ensure timely delivery to military maintenance personnel so they can be kept combat ready.Under the arrangement, Hyundai Glovis will receive payments for servi
IndustryJuly 19, 2012
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Lotte fined for unfair intra-group transactions
The nation’s antitrust watchdog said Thursday that it fined Lotte PS Net, an automated teller machine operator of Lotte Group, 649 million won ($569,000) for offering favors to its sister company Lotte Aluminum. According to the Fair Trade Commission, Lotte PS Net used to purchase ATMs directly from local manufacturer NeoICP.However, from 2009, the company started purchasing the same NeoICP machines at higher prices through Lotte Aluminum, with the aim of providing commission to then-financially
IndustryJuly 19, 2012
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Renault Samsung to produce Nissan cars
Japanese vehicles to be assembled in Korea for first timeRenault-Nissan Alliance chairman & CEO Carlos Ghosn will make public the auto giant’s strategy to roll out Nissan models at Renault’s Korean unit at a news conference, slated for Friday, sources in Seoul said on Thursday.This will mark the first time that Seoul-based Renault Samsung Motors, whose parent group is Paris-based Renault, takes on production of Japan-based Nissan cars.“Apart from Renault Samsung, no Japanese car model has been p
IndustryJuly 19, 2012
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PC DRAM price fall to curb SK Hynix earnings: report
HONG KONG (Yonhap News) ― SK Hynix Inc., the world’s second-largest memory chipmaker, will see its earnings restrained by weakening prices of dynamic random-access memory used in manufacturing PCs, a report said Thursday.Macquarie said in the report that it is downgrading its rating on SK hynix by one notch to “neutral” from “buy,” saying the company’s operating profit will be affected by the delayed recovery of the PC DRAM market. It also slashed its target price for the South Korean firm to 21
TechnologyJuly 19, 2012
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Listed firms cut dividend payouts on uncertainties
Korean listed firms sharply reduced their cash dividends paid out to their shareholders this year as growing economic uncertainties have led them to secure capital amid a dim earnings outlook, data showed Thursday. The combined interim cash dividends of six local listed firms that logged their dividend payouts in the regulatory filings stood at 118.4 billion won ($103.6 million) as of June 19, down 57.2 percent from 276.4 billion won a year ago, according to the data compiled by financial inform
July 19, 2012
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Korea’s growth could slow to 1 percent range: BOA
Korea’s economic growth rate could drop to the 1-percent range this year if worsening external market conditions make a dent in its exports, a report indicated Thursday.Bank of America Merrill Lynch forecast that Asia’s fourth-largest economy could expand 1.8 percent this year, according to the report compiled by the Korea Center for International Finance. This is much lower than the government’s estimate of 3.3 percent and the Bank of Korea’s 3 percent growth projections. The government and the
July 19, 2012
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Shares up 1.56 percent on U.S. recovery hope
Korean stocks closed 1.56 percent higher Thursday as signs of recovery in the U.S. housing market prompted investors to snap up shares following a sharp fall in the previous session, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 28.05 points to 1,822.96, rebounding from a 1.48 percent decline on Wednesday. Trading volume was moderate at 482.3 million shares worth 4.6 trillion won ($4 billion), with gainers outnumbering de
July 19, 2012
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Discount outlet, department store sales tumble
Sales at South Korea’s major discount outlets and department stores fell from a year earlier last month, the government said Thursday, apparently reflecting worsening consumer sentiment amid rising prices.Sales at the country’s three major discount outlet chains dropped 7.2 percent in June from the same period in 2011, according to the Ministry of Knowledge Economy. The outlet chains are Lotte Mart, E-Mart and Homeplus.June marked the third consecutive month combined sales of the three outlet ch
July 19, 2012
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ING labor union to go on strike
The labor union of ING Life Insurance announced on Wednesday it will go on a strike later this month as the company refused to guarantee its members’ job security. The labor union will start the strike between July 25 and 31, to last for an indefinite period. “We are going on a strike because the company lacked sincerity when negotiating about employment security and the issue of irregular workers. The company deliberately delayed discussions so there was no progress,” said Lee Gi-cheol, the uni
IndustryJuly 19, 2012
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KT to sell copper cables to focus on faster network operations
KT plans to sell its old copper cables that used to be the main telecommunication lines for telephones and the Internet in the 1990s.With the emergence of smarter devices and demand for faster data, copper cables have gradually been replaced by fiber-optic cables, which are lighter and transmit data faster with greater bandwidth.KT said Thursday that it will sell over 26,000 tons of copper cables via a public auction to waste and recycling companies by the end of August.With the proceeds from th
TechnologyJuly 19, 2012
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KCC establishes TV app innovation center
The Korea Communications Commission said Thursday that it has set up a center aimed at supporting developers to create applications for smart TVs.The country’s communications watchdog established the support center in southern Seoul with leading tech and content companies such as Samsung Electronics, LG Electronics and CJ HelloVision.The KCC said the center aims to support and encourage college students, venture tech start-ups and small and medium-sized enterprises to develop world-class apps fo
TechnologyJuly 19, 2012
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Three of eight pro baseball teams turn profits in 2011: reports
Fewer than half of baseball teams in the nation’s top competition turned a profit last year, reports showed Thursday, despite the sport’s recent run of massive popularity.According to reports by the Financial Supervisory Service and the Ministry of Culture, Sports and Tourism, three of the eight clubs in the Korea Baseball Organization made profits in the fiscal year 2011. The Lotte Giants made 3.7 billion won ($3.2 million), followed by the Doosan Bears with 2.3 billion won and the Samsung Lion
July 19, 2012
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Farm clusters group aims at agriculturally-advanced Korea
Lee takes over helm of agency supporting marketing for nearly 70 farm clustersLee Kyung-soo, president of the National Agro Food and Beverage Cluster Association, stressed that a real change in the local agricultural industry should start from a brand new mindset among CEOs at individual project clusters nationwide. “CEOs’ mindsets are very important. If cluster CEOs make changes, our farming and fishing villages would change, transforming Korea into an advanced agricultural country,” Lee said i
IndustryJuly 19, 2012
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SK holds forum to mark China ties
SK Group’s academic institute opened a two-day forum in Seoul to mark the 20th anniversary of diplomatic relations between Korea and China.The Korea Foundation for Advanced Studies, a private non-profit educational organization founded by the conglomerate, organized the forum titled “International Academic Symposium in Commemoration of the Korea-China 20th Diplomatic Anniversary.” About 42 prominent Chinese scholars with at least a one-year stay in Korea since 2000 attended the academic conventi
July 19, 2012
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Ewha identifies new rare hereditary disease
A group Korean doctors have identified a new hereditary disease, which has been acknowledged by international academia.Dr. Choi Byoung-ok of Ewha Womans University and others on Wednesday said that the rare breed of a hereditary illness they found for the first time in the world in 2011 was named “Peripheral Neuropathy, Myopathy, Hoarseness and Hearing Loss” by the U.S. National Institute of Healt
TechnologyJuly 19, 2012
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Man’s battle with eating disorder sheds light, breaks stereotypes
CHICAGO ― Rob hated to run. But he hated to stop even more.That’s when his disparaging inner voice, the one that had belittled him since seventh grade, would emerge. If he didn’t keep going, it said, he was going to get fat. He would never have the shredded abs that taunted him from every fitness magazine. He would be just a regular guy ― not the superman he felt driven to become.So on he ran. And when even six hours a day of exercise weren’t enough to quiet the voice, he started skipping meals,
TechnologyJuly 19, 2012
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Rainy season and skin problems
Many patients complain of skin problems during the warm and humid rainy seasons. During this season, the skin is more vulnerable to infection due to heat and humidity, which is ideal for the growth of microorganisms.The warmth and the humidity allow the rapid growth of fungi and bacteria, which are why some skin conditions are more prevalent during the rainy season. We will now look into some common skin conditions which can develop during the rainy season.Athlete’s footAthlete’s foot is common
TechnologyJuly 19, 2012
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Highly anticipated weight-loss pill wins approval
WASHINGTON (AP) ― A new weight-loss pill that many doctors consider the most effective of a new generation of anti-obesity drugs got the approval of the Food and Drug Administration on Tuesday.The pill, called Qsymia, was approved for patients who are overweight or obese and also have at least one weight-related condition such as high blood pressure, diabetes or high cholesterol.The drug offers hope for those who have failed to lose weight in other ways, but its path to approval also underscores
TechnologyJuly 19, 2012
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Things you might want to know about sepsis
How much do you know about sepsis?Probably not many Koreans are aware of the illness since the government has designated sepsis vaccination as mandatory. The threat and fear of sepsis is very low here. Still, there is always a chance of contracting the disease as improper wound or injury management can easily lead to it. Dr. Ron Daniels, a specialist physician at Critical Care and Anaesthesia and CEO of the Global Sepsis Alliance, shared some information about sepsis in his written interview wit
TechnologyJuly 19, 2012