Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Korea’s trade terms hit 3-year low
Korea’s 2011 terms of trade deteriorated to the lowest level in three years as oil price hikes pulled up import costs, outpacing moderate gains in export prices, the central bank said Tuesday. The country’s net terms-of-trade index for goods stood at 78.9 last year, down 8.3 percent from 2010, marking the sharpest annual fall since the 2008 global financial crisis, according to preliminary figures released by the Bank of Korea. On a quarterly basis, Korea’s net terms-of-trade index for goods, a
Feb. 14, 2012
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Joint loan liability for private...business owners to be scrapped
The ruling party and the government agreed to abolish the joint liability system for self-employed businessmen when they apply for loans from May in a bid to lessen the burden on new businesses and boost entrepreneurship, the party’s chief policymaker said Tuesday.Rep. Lee Joo-young of the Saenuri Party held a meeting with senior officials of the Financial Services Commission at the National Assembly and reached an agreement to adopt a package of measures aimed at helping self-sufficient busines
Feb. 14, 2012
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Online stock trading surges on smartphones
Korea’s online stock trading hit a record high last year, helped by the widespread use of smartphones and other Internet-enabled digital devices. The value of stocks traded online reached 2,468 trillion won ($2.19 trillion) last year, up 18.3 percent from 2,086 trillion won a year earlier, according to the Korea Exchange.Of the total, the main bourse KOSPI accounted for 1,524 trillion won, while the tech-packed KOSDAQ generated 944 trillion won worth of online trades last year. Online stock trad
Feb. 14, 2012
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Foreign investors selling Hana shares
Government may intervene in management through pension serviceForeign investors are leaving Hana Financial Group by disposing of their stake amid uncertainties from the group’s takeover of Korea Exchange Bank.Following the departure of Temasek Holdings in October, Goldman Sachs sold off its entire stake in Hana Financial on Tuesday.At the end of June 2011, Temasek, an equity fund controlled by the Singapore government, and Goldman, a global investment bank, were the largest and second-largest sh
Feb. 14, 2012
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Ssangyong targets European car market
Ssangyong Motor unveiled its business strategy to expand its presence in the European market, saying that it will showcase the XIV-2 concept model at the Geneva International Motor Show in March.The XIV-2, the concept vehicle as a premium crossover utility vehicle, is aimed at increasing sales in Europe, the company said in a statement.Based on the hardtop XIV-1 concept from last year’s Frankfurt show, Ssangyong says the XIV-2 blends “the characteristics of a robust and powerful SUV with the dyn
MobilityFeb. 14, 2012
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KB Kookmin named best bank: magazine
KB Kookmin Bank has been selected as Korea’s best onshore custodian for a consecutive year by Asian Investor, a magazine for the Asia-Pacific financial markets.The award, dubbed Asian Investor 2011 Korea, was set up in March 2011 by the magazine.The nation’s largest retail lender Kookmin Bank has emerged as one of Asia’s leading banks.Its parent KB Financial posted 2.37 trillion won ($2.07 billion) in net profit last year. Its total assets came to 361.6 trillion won, up 28.1 trillion won from a
Feb. 14, 2012
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KT resumes Internet service to Samsung smart TVs
KT Corp. resumed the Internet services for Samsung-made smart televisions Tuesday after the two companies agreed to settle their differences through negotiations, according to the nation’s telecom regulator. KT had limited the Internet access of Samsung smart TV sets since Thursday morning in protest against Samsung Electronics’ refusal to join talks for the costs of its network use. The Korea Communications Commission said that Samsung also withdrew the lawsuit the company filed against KT on F
IndustryFeb. 14, 2012
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Lotte chairman Shin meets Vietnamese president in Hanoi
Lotte Group chairman Shin Dong-bin discussed future investment plans with Vietnamese President Truong Tan Sang on his visit to the Southeast Asian country on Monday, officials said Tuesday. Starting with Vietnam, Shin has been traveling Southeast Asian countries including Myanmar, India and Bangladesh during a weeklong tour that started Sunday. Vietnam is one of the fastest growing markets for the global retail industry and Seoul-based Lotte has built up its presence there in recent years. Lott
IndustryFeb. 14, 2012
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KT’s smartphone customers exceed 50%
KT Corp. said Tuesday that smartphone users now make up more than 50 percent of its mobile clientele. According to the nation’s second-largest network operator, 8.18 million of its 16.32 million customers were smartphones users as of Monday.The figure for smartphone users has surged over the past two years after it started with 2 percent of the company’s total subscribers in December 2009, KT said.The rapid infiltration of smartphones in Korea was largely driven by the arrival of Apple’s iPhone
IndustryFeb. 14, 2012
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Shipbuilders bag orders for LNG carriers, tankers
Korea’s two leading shipbuilders are upping the ante for natural gas carriers with new orders as they scramble for a bigger slice in the lucrative market amid a looming industry slowdown.Hyundai Heavy Industries said Tuesday it has won orders worth $1.1 billion in total to build four liquefied natural gas carriers and an LNG storage vessel along with its affiliates from Europe.The shipbuilder said it has clinched a deal for one LNG floating storage and regasification unit with Norway’s Hoegh. It
IndustryFeb. 14, 2012
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SK chief Chey to co-lead chipmaker Hynix
Group chairman says he will take opposition to him as a call to make company better oneHynix Semiconductor said on Tuesday that SK Group chairman Chey Tae-won will jointly lead the chipmaker with its current chief executive Kwon Oh-chul.Chey was given the thumbs up to co-lead the world’s No. 2 computer memory chipmaker in a meeting of the nine-member board composed on Monday. The board of directors also selected SK Telecom president Ha Sung-min as the head of the board committee. The selection o
IndustryFeb. 14, 2012
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Iran envoy expects 10-15% oil import cut from Korea
Seoul denies any discussion with Washington on percentage of oil import cutsIran’s top envoy to Korea said he was informed by the Korean government that it might cut Iranian oil imports to the level of 2010 ― a reduction of 10 to 15 percent ― as part of the U.S.-led sanctions to pressure Tehran to end its nuclear ambitions.“They (The Korean government) informed us that they might decrease at the level of 2010 oil imports,” Iranian Ambassador Ahmad Masoumifar told The Korea Herald. “Maybe decreas
Feb. 14, 2012
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KT restores Internet access for Samsung's smart TVs
(Yonhap News) -- KT Corp., South Korea’s top fixed-line operator, on Tuesday resumed services for Internet-enabled TVs produced by Samsung Electronics Co., four days after it restricted access to its high-speed network, the country's telecommunications watchdog said.The service was resumed at
TechnologyFeb. 14, 2012
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Homeowners’ debt grows faster than income in 2011
Debts held by homeowners in Korea grew faster than their income in 2011, data showed Tuesday, indicating that the slowing economy and heavy financial burden from housing loans are causing many to become the so-called “house poor.”According to the data offered by the Bank of Korea and Statistics Korea, household debt among homeowners came to 63.53 million won ($56,570) last year, up 12.9 percent from 56.29 million won a year earlier.Over the same period, their disposable income rose 9.3 percent f
Feb. 14, 2012
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Incheon Airport world’s best again
Incheon International Airport Corp. won the world’s best airport title from the Airports Council International for a seventh straight year in 2011.The airport, Korea’s main gateway, said Tuesday it has been ranked top in the non-profit association’s annual airport service quality report, followed by Singapore and Beijing. Gimpo International Airport also secured the No.1 spot in the mid-size airport category with annual passengers between 15 million and 25 million. “The award has an invaluable s
IndustryFeb. 14, 2012
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Korean Air unveils eco-friendly freighters
Korean Air on Tuesdsay uncovered its two new fuel-efficient and eco-friendly Boeing freighters that emit up to 17 percent less carbon dioxide in a bid to raise its competitiveness in cargo transport. Korean Air became the first airliner in the world to own both the B747-8F and the B777F.The B747-8F can carry 134 tons of cargo, the largest among existing commercial freighters, or 24 tons more than the B747-400F used by Korean Air so far. The new aircraft also makes less noise. Korean Air plans t
IndustryFeb. 14, 2012
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Botox developer rues missing out on billions
Botox developer Alan Scott says he rues the day he handed over rights to the best-selling wrinkle-smoothing drug to a US company for just $4.5 million, saying he might have become a billionaire. Dr Richard Ellenbogen injects botox into smile wrinkles on the bridge of Perla Pacheco's nose at Beverly
TechnologyFeb. 14, 2012
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Samsung brothers feud over inheritance
Lee Kun-hee (Yonhap News)The founding family of Samsung Group, one of the Korea’s richest and secretive family, has become embroiled in a legal dispute over inheritance. It was revealed Tuesday that Lee Maeng-hee, the eldest son of the late founder Lee Byung-chull, has filed a suit with a Seou
IndustryFeb. 14, 2012
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Mediterranean Diet may be healthier for brain
A customer browses fruit and vegetable goods displayed on a stall. (Bloomberg)The benefits of the popular Mediterranean diet might not just stop at preventing heart disease, dementia and metabolic syndrome, researchers say. A new study suggests eating in Mediterranean style may reduce damage to smal
TechnologyFeb. 14, 2012
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New finding suggests ‘super-Earth’ may be lifeless after all
Astronomers have discovered several candidates of so called “super-Earth,” potentially habitable planets outside solar system, raising anticipation to find extraterrestrial life forms.However, new study indicates such planets may be dry despite ideal distance to their stars.According to a research p
TechnologyFeb. 14, 2012