Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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[Herald Interview] Why Toss invited hackers to penetrate its system
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Ulleungdo benefits from LG Uplus LTE network coverage
ULLEUNGDO, North Gyeongsang Province ― Ulleungdo, an island 120 kilometers off the east coast, only has a population of about 10,000. It is, however, one of the first islands equipped with fourth-generation Long Term Evolution communications technology, which improves network speed for wireless gadgets.“We have completed the LTE network for 84 different cities in December and we’re planning to provide nationwide coverage by the end of March,” said Kwon Joon-hyuk, vice president of networks at LG
IndustryFeb. 12, 2012
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Seoul shares set to expand gain this week
South Korean stocks may expand their gain this week, buoyed by lessening eurozone default risks, local analysts said Saturday.The benchmark KOSPI closed on Friday at 1,993.71, up 1.4 percent from a week earlier.The index surpassed the keystone 2,000 mark for the first time in six months during the weekly trading session, although it lost some ground on Friday as investors remained cautious that a bailout deal for Greece may not end Europe’s fiscal woes.Market watchers said there are some downsid
Feb. 12, 2012
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Korea remains world’s top derivatives market
South Korea retained its position as the world’s largest financial derivatives market in terms of trading volume last year, claiming 27 percent of total trading volume, data showed Sunday.The trading volume of financial derivatives, such as futures and options, on the local bourse gained 4.4 percent on-year to 3.81 billion contracts, according to the data from the World Federation of Exchanges. In the same period, global trading volume jumped 9.4 percent to 14.14 billion contracts.The on-year in
Feb. 12, 2012
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Jobs at 8 Korean firms increase 8.7% in 2011
The number of jobs at eight South Korean conglomerates rose 8.7 percent last year as companies acquired affiliates and expanded into new business areas, data showed Sunday.The tallied conglomerate groups, including tech behemoth Samsung and auto giant Hyundai Motor, employed 622,000 people as of the end of 2011, compared with 572,000 the previous year, according to the data they provided to Yonhap News Agency.The eight conglomerate groups are Samsung, Hyundai Motor, SK, LG, POSCO, Hyundai Heavy
Feb. 12, 2012
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FSS to host meeting for foreign firms
The Financial Supervisory Service is scheduled to hold an annual conference with foreign and local financial companies in March.The meeting, dubbed FSS SPEAKS, is particularly designed to provide foreign financial services firms with more detailed information on Korea’s market conditions, including stock and bond investments.Since its inaugural meeting in 2009, the meeting has established itself as a leading channel for direct communication between market participants and regulatory officials.“T
Feb. 12, 2012
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Banks’ long-term foreign borrowing up in January
South Korean banks’ mid- and long-term overseas borrowing jumped in January as lenders secured foreign currency liquidity to brace against a possible deterioration in external conditions, the financial watchdog said Sunday.The refinancing rate of 12 local banks’ mid- and long-term foreign debts came to 382.2 percent at the end of last month, up from 174.4 percent in December, according to the Financial Supervisory Service.The rollover rate gauges the percentage of fresh overseas borrowing agains
Feb. 12, 2012
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Korea checking Google’s new privacy policy
South Korea’s communications regulator said Saturday it is checking to see if Google’s new privacy policy of combining all user information into a single trove violates local laws.A source at the Korea and Communications Commission said an investigation is underway to see if the measures being planned by the global search engine conflict with domestic private information protection and open use of Internet rules. Google’s changes are expected to go into effect on March 1.The comments come after
TechnologyFeb. 12, 2012
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Sagging Asian economy to hit Korea’s GDP
Growth of exports to China slows; major Asian nations post unfavorable indicesWorries are growing over the possibility that Korea’s economic growth will be undermined by the gloomy indices of major Asian countries.Apart from the eurozone debt crisis, Asian countries facing symptoms of an economic slowdown include China, Japan, India, Indonesia and Vietnam, according to think tanks at home and abroad.Economists say there is a possibility that the Chinese economy could undergo a hard landing due m
Feb. 12, 2012
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Lexus, Volvo most recalled cars in Korea
28,000 imported cars called back for defects in 2011The number of imported cars subject to recalls for manufacturing faults has surged over the past five years.According to the Ministry of Land, Transport and Maritime Affairs, more than 28,000 imported cars were recalled in 2011, while the number remained below 8,000 in 2006.As foreign automakers saw their 2011 sales reach 105,037 units last year, the figure is equivalent to about 27 percent of the imports sold here.Lexus, the premium brand of
MobilityFeb. 12, 2012
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BMW fined $3 million by U.S. for delaying auto defect reports
Bayerische Motoren Werke AG, the world’s largest premium automaker, must pay a $3 million U.S. civil penalty for delays in reporting auto-safety defects and recalls of about 338,700 vehicles in 2010.Munich-based BMW’s fine is the largest related to safety by the U.S. National Highway Traffic Safety Administration, the investigator of automobile defects and regulator of recalls, since the record $16.4 million levied against Toyota Motor Corp. in 2010. It’s NHTSA’s second-largest penalty since at
MobilityFeb. 12, 2012
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Imported car registration tops 600,000
The number of imported vehicles that were registered in South Korea surpassed the 600,000 mark for the first time last month as demand grows among local consumers for cars manufactured by overseas automakers, data showed Sunday.A total of 606,825 imported cars were registered as of the end of January, up from the 597,766 vehicles registered the previous month, according to the data from the Korea Automobile Importers and Distributors Association (KAIDA).The local market for imported cars has bee
MobilityFeb. 12, 2012
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Imported car registration tops 600,000
The number of imported vehicles that were registered in South Korea surpassed the 600,000 mark for the first time last month as demand grows among local consumers for cars manufactured by overseas automakers, data showed Sunday.A total of 606,825 imported cars were registered as of the end of Januar
MobilityFeb. 12, 2012
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Jobs at eight Korean conglomerates up 8.7% in 2011
The number of jobs at eight South Korean conglomerates rose 8.7 percent last year as companies acquired affiliates and expanded into new business areas, data showed Sunday.The tallied conglomerate groups, including tech behemoth Samsung and auto giant Hyundai Motor, employed 622,000 people as of the
IndustryFeb. 12, 2012
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S&P lowers rating on 34 Italian banks
NEW YORK (AP) -- Standard & Poor's Ratings Services on Friday lowered its ratings on 34 Italian banks, citing concerns over Italy's financial vulnerability and expectations for weak profits at the banks.Among the banks downgraded were some of Italy's largest, including UniCredit SpA, Intesa Sanpaolo
BusinessFeb. 11, 2012
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U.S. said likely to approve Google's Motorola Mobility bid
The U.S. Justice Department will probably give antitrust approval next week to Google Inc.'s bid for Motorola Mobility Holdings Inc., said two people familiar with the matter.If approved by regulators, the acquisition of Libertyville, Illinois-based Motorola Mobility will give Google more than 17,00
IndustryFeb. 11, 2012
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Discount stores perplexed over forced days off
More local councils, governments to restrict big stores to protect smaller onesRetail giants are under growing pressure from local governments seeking legal action to cut their operating hours as part of their efforts to support small retailers and moribund traditional markets.Jeonju, the largest city in North Jeolla Province, was the first to approve an ordinance aimed at reducing large discount stores’ business hours on Tuesday.After a revision to the Distribution Industry Development was pass
IndustryFeb. 10, 2012
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Samsung to sue KT over Internet cut
Samsung Electronics said Friday that it will take legal action against KT Corp. as its smart TV users are unable to access the Internet via their TV sets from that day. KT, the nation’s largest fixed-line operator, has started limiting the Internet access of Samsung-made smart TVs from 9 a.m. Friday in protest against the company’s refusal to pay for network use. Of some 1 million smart TVs sold here, about 340,000 units are Samsung TV sets. The owners who subscribe to KT’s Internet network cann
IndustryFeb. 10, 2012
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Korea, Japan show similar credit default risks
Korea and Japan had a similar chance of declaring a national credit default as of the end of last month, a report showed Friday, after a recent surge in Japan’s economic woes.The likelihood of the two countries plunging into sovereign default became almost the same after Japan logged its first trade deficit in 31 years and may be subject to a downgrade in its credit rating. According to a report released by the Korea Center for International Finance, Japan’s credit default swap premium stood at
Feb. 10, 2012
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2011 national tax revenue grows over 8%
Korea’s national tax revenue grew more than 8 percent on-year in 2011 as a better-than-expected economic recovery led to expanded collections of income and corporate taxes, the Finance Ministry said Friday.The country’s national tax revenue came to 192.4 trillion won ($171.8 billion) last year, up 8.3 percent from 177.7 trillion won in the previous year, the ministry said in a press release. It is slightly lower than the 192.8 trillion won projected in September.Income tax jumped 12.9 percent on
Feb. 10, 2012
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Foreigners buy W10tr in Korean securities
Foreign investors have scooped up more than a net 10 trillion won ($8.93 billion) worth of Korean equities this year, with their holdings of local stocks and bonds accounting for over one third of the country’s market capitalization, data showed Friday. The combined value of stocks and bonds listed on the main bourse and owned by foreigners reached a net 10.8 trillion won as of Feb. 9, according to the data by the Korea Exchange. As of Jan. 25, foreign investors accounted for 33.3 percent of the
Feb. 10, 2012