Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Weekender] How DDP emerged as an icon of Seoul
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[KH Explains] No more 'Michael' at Kakao Games
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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First test-tube hamburger ready this fall: researchers
The world's first "test-tube" meat, a hamburger made from a cow's stem cells, will be produced this fall, Dutch scientist Mark Post told a major science conference on Sunday.Post's aim is to invent an efficient way to produce skeletal muscle tissue in a laboratory that exactly mimics meat, and event
TechnologyFeb. 20, 2012
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Big four car importers face antitrust probe
FTC to focus investigation on pricing policy and distribution systemAntitrust authorities have launched an investigation into local importers and distributors of overseas brand cars for alleged unfair business practices such as over-pricing, industry sources said Sunday.The Fair Trade Commission, the sources said, sent an official notification to importers of the big four car makers ― Mercedez-Benz Korea, BMW Group Korea, Audi Volkswagen Korea and Toyota Motor Korea ― to ask for cooperation in t
IndustryFeb. 19, 2012
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Major conglomerates see profits decline in 2011
LG Group expected to pull off a recovery, helped by improvement in the IT sectorKorea’s major conglomerates grappled with worsening business conditions last year and LG Group suffered the most in terms of combined earnings, data showed Sunday.On the flip side of the dismal earnings coin, though, is that LG is widely expected to stage a recovery this year, thanks partly to the lower base in comparison and improving market position in key product categories. Based on the earnings reports filed und
IndustryFeb. 19, 2012
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Pernod Ricard donates W100m to Busan
BUSAN ― Pernod Ricard Korea has donated 100 million won ($88,800) to Busan to help the local government promote bicycling, the local unit of the French drinks group said Sunday.The funds will be used to help create a bike park and set up related facilities in the southeastern port city, said the company, which distributes Ballantine’s and Imperial whiskies, Chivas Regal scotch and Absolut Vodka. The donation also coincides with the launch of a limited edition of the company’s Imperial whisky ded
IndustryFeb. 19, 2012
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Hyundai Motor backs design to drive sales
After winning a long battle for quality, Korea’s top automaker Hyundai Motor is focusing on beauty.Hyundai, together with its affiliate Kia, was ranked the world’s fourth largest carmaker in 2010 thanks partly to a decade-long drive to improve workmanship.Now the firm sees its core competitive edge as good design, expressed in a “fluidic sculpture” philosophy.“We are now in the global top five and we needed a product that could reflect that, a product that could differentiate itself from other m
MobilityFeb. 19, 2012
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Builders gear up for $66.7b project in Saudi Arabia
A consortium of local contractors will begin negotiating with the Saudi Arabian government later this month to bid for construction of 500,000 homes there. They embark on one of the biggest state-backed projects in the Middle Eastern nation, the Land Ministry said on Sunday. A taskforce participated by Hyundai Engineering & Construction Co., SK Construction Co., Kyungnam Enterprise Ltd., and state-run property developer LH Corp. are making a detailed estimate of the project’s cost and size based
IndustryFeb. 19, 2012
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Hyundai Heavy to build surgery robots
Hyundai Heavy Industries Co. on Friday opened a laboratory dedicated to building surgery robots within the Asan Institute for Life Sciences, the company said. The center, run by medical professors at the Asan Medical Center, will focus on localizing high-tech robotic equipments used for surgeries on joints and ligaments. “We’re working to build an upgrade of a robotic surgical system for artificial joint operations that allows a more elaborate procedure in a shorter period of time,” an official
IndustryFeb. 19, 2012
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Shares may trade in tight range this week
Korean shares are expected to trade in a tight range this week while trying to stay above the 2,000 point mark, depending on how the eurozone debt crisis unfolds, analysts said Saturday. The benchmark Korea Composite Stock Price Index wrapped up this week at 2,023.47, up 1.5 percent from a week earlier.The KOSPI had a brisk start to the week as the Greek government’s approval of an austerity bill helped quell investor jitters over a possible Greek default. Hopes for a bailout for debt-ridden Gre
Feb. 19, 2012
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Bahk says strong stocks reason for optimism
Prices in global stock markets, including in Korea, appear to have moved ahead of the real economy, said Bahk Jae-wan, Korea’s finance minister.“We see some gap as financial markets have recently shown some strength, if not a rally, while the global economy is slowing due to uncertainties concerning Europe,” Bahk told reporters in Seoul today. “The recent gains may reflect investor expectations of improvement in the global economy and European debt crisis in the coming months, and may be due to
Feb. 19, 2012
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IBK’s Q4 net income reaches 37 billion won
Korea’s state-run Industrial Bank of Korea said that its fourth-quarter earnings fell 73 percent from one year ago due largely to an increase in loan-loss provisions. Net income reached 37 billion won ($33 million) in the October-December period, compared with the revised 136 billion won a year earlier, it said in a regulatory filing. Revenue edged down 1 percent on-year to 3.78 trillion won, while operating profit plunged 81 percent to 32 billion won in the cited period. The bank said the worse
Feb. 19, 2012
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Financial groups’ 2012 earnings outlook remains rosy: analysts
Korean financial services groups are widely expected to post robust earnings this year, but net profits will depend on the size of interest income and loan-loss reserves, analysts said Saturday.Top banking group KB Financial Group and its three local rivals posted a record combined net profit of 8.86 trillion won ($7.86 billion) last year, mainly due to an increase in interest income and a one-off gain from a stake sale of Hyundai Engineering & Construction Co., according to FnGuide, a financial
Feb. 19, 2012
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Korean corporate failures fall in January
The number of South Korean corporate bankruptcies fell in January from the previous month as financial institutions increased lending to small firms ahead of a major holiday, the central bank said Sunday. The number of companies that went belly-up reached 103 in January, down from 128 in December, the Bank of Korea said.The figure was the lowest since 97 corporate bankruptcies in September of last year. “Before the lunar New Year holidays, financial institutions extend more loans to small and me
Feb. 19, 2012
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Banks to increase household loans by 5.4 percent this year
Lenders to reduce home-backed loans, putting more pressure on borrowersKorean banks plan to expand their lending but cut down on home-backed loans this year, putting more pressure on debt-laden households. In the 2012 management reports filed to the Financial Supervisory Service, the country’s banks said they would extend their loans to households by 5.4 percent or 25 trillion won ($22.1 billion) from last year, an increase that is within the regulator’s guidelines. The self-imposed restriction
Feb. 19, 2012
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Foreign firms flock back to Busan
Biennial car show expected to be largest ever with participation of 18 automakersThe Busan International Motor Show 2012 is likely to be the largest scale ever, with new offerings from 18 automakers including 13 import brands.The previous Busan Motor Show, which was held in 2010, attracted only two import brands.Two years ago foreign carmakers downplayed the benefits of participation, but this year’s event could be a great chance for the 13 import brands as they are set to unveil a number of ne
MobilityFeb. 19, 2012
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SKT now offering roaming service onboard cruise ships
SK Telecom, the nation’s largest telecom carrier, said Sunday that it will start mobile roaming services onboard cruise ships around the world from Monday. SKT has teamed up with Wireless Maritime Services, a leading provider of onboard communication systems, to offer voice calling, text messaging and data service on 126 cruise liners of 25 companies.The company said that the new service will be helpful even if there is a shipwreck as it is based on satellite communications allowing travelers to
TechnologyFeb. 19, 2012
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Study: Goats can develop 'accents'
MCTGoats, like people, can develop accents based on their surroundings, a British university study indicates.Until now, experts assumed most species' "voices" were dictated exclusively by genetics and not their surroundings. Exceptions were thought to be limited to humans, elephants, dolphins whales
TechnologyFeb. 19, 2012
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It take almost an hour to work off soda
Most U.S. teens don't know how long it takes to work off calories in a soda, but once they know, they drink more water instead, researchers said.Researcher Sara Bleach of The Johns Hopkins Bloomberg School of Public Health in Baltimore and colleagues had posters put in convenience stores, notifying
TechnologyFeb. 19, 2012
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Asian budget carriers set for price war
Peach Aviation, AirAsia Japan, Jetstar Japan and Spring Airlines tapping Korean marketCompetition between Asia’s low-cost airlines is poised to heat up this year as carriers from Japan and China are lining up to launch new routes to Seoul, seeking to gain an upper hand in one of the world’s fastest growing aviation markets. That will bring fresh challenges to Korea’s two full-service airlines, which are already being pummeled by volatile fuel prices, lower cargo demand and a weaker local curren
IndustryFeb. 17, 2012
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Hana, KEB union strike deal
Hana assures KEB independent management, job security for 5 yearsHana Financial Group and the hard-line labor union of the Korea Exchange Bank on Friday reached an 11th-hour compromise on how to manage KEB, taken over by Hana.With the agreement, the KEB union leaders withdrew its plan to go into a general strike against Hana’s merger of their bank. Under the agreement, the KEB brand will be maintained for five years ― separate from the group’s flagship Hana Bank ― as a new unit of Hana Financial
Feb. 17, 2012
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‘Korea to post trade surplus in February’
Knowledge Economy Minister Hong Suk-woo said Thursday that Korea’s trade balance would swing back into the black this month as exports pick up, driving a turnaround from January’s painful deficit. “We’ll post a surplus this month, albeit small, despite tough economic conditions,” he told reporters at a dinner meeting, without providing numbers. Hong’s forecast backs the remarks made early this month by Han Jin-hyun, deputy minister for trade and investment policy that he anticipates slight expor
Feb. 17, 2012