Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Farming households dip below 1m for first time in 2023
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Understanding climate change through Expo
The following article was contributed by Secretary General Kim Keun-soo of the Organizing Committee for Expo 2012 Yeosu Korea. ― Ed.On Jan. 10, the Bulletin of the Atomic Scientists announced that they were moving the minute hand of the Doomsday Clock one minute closer to midnight. It is now at only five minutes to midnight. The clock is ticking.The scientists pointed towards the possibility of nuclear war and climate change as the two major threats to the survival of humankind. The point to tak
Feb. 7, 2012
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Controversy rekindled over large retail firms’ ‘super supermakets’
Lotte, Shinsegae and Homeplus bid for smaller grocery chains and Hi-Mart, while small shops, traditional markets sufferAfter two years of dormancy, Korea’s major retailers are charging into the supermarket business again, prompting concerns about further damage to small vendors and traditional marketplaces that are already struggling to keep afloat. Lotte, Shinsegae and Homeplus have been looking to set up chains of so-called super-supermarkets ― shops smaller than discount outlets and larger th
IndustryFeb. 7, 2012
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Foreign outdoor brands over 50% more expensive in Korea
Korean consumers pay over 50 percent more on average for products of major foreign outdoor brands, a civic organization said Tuesday.According to the research by Seoul's Young Men's Christian Association (YMCA), local retail prices of 23 functional outdoor products offered by five brands -- The Nort
IndustryFeb. 7, 2012
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BOK to freeze key interest rate in Feb.: poll
Korea’s central bank is expected to keep its key interest rate steady for the eighth straight month in February due to persistent inflation concerns and downside risks to the domestic economy, a poll showed Tuesday. All 14 analysts forecast that the Bank of Korea will freeze the benchmark 7-day repo rate at 3.25 percent on Thursday, according to the survey by Yonhap Infomax, the financial news arm of Yonhap News Agency. Still-elevated inflationary pressure and looming external uncertainties will
Feb. 7, 2012
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Smoking linked to mental decline in men: study
WASHINGTON (AFP) - Men who smoke experience greater mental declines over time than men who never smoked, but the same link does not appear among women, said a British study published in the United States on Monday.The research suggested that the effects of long-term cigarette smoking show up terms o
TechnologyFeb. 7, 2012
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Soldiers might be able to control weapons with minds
Wars of the next century may look a lot like a scene from a science fiction movies or video games, with soldiers controlling machines with their minds, guns that shoot harmful waves, and neural stimulation to boost performances, Britain’s Daily Telegraph reports. MCTA report by Royal Soci
TechnologyFeb. 7, 2012
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3D printer creates new jaw for woman
A Belgian woman is able to chew, speak and breathe normally after the implantation of a new jawbone created on a 3D printer, doctors say.The replacement jaw, created out of a fine titanium powder sculpted layer by layer by a precision laser beam, has proved a successful substitute for her own jaw al
TechnologyFeb. 7, 2012
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Eximbank to support W70tr for local exporters
The state-run Export-Import Bank of Korea plans to support a record 70 trillion won ($63 billion) for local exporters via loans and assurances this year as part of its drive to boost trade, its chief said Monday.“Eximbank aims to provide financing and assurances worth 70 trillion won this year in a bid to help the nation’s annual trade volume exceed the $2-trillion mark,” Eximbank President and Chief Executive Officer Kim Yong-hwan told reporters.Kim’s remarks come after South Korea’s trade volu
Feb. 6, 2012
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Savings-type insurance market grows sharply
The size of Korea’s savings-type insurance market expanded more than 30 percent over the last two years, data showed Monday, as local insurers vied to sell such products that guarantee high commissions.Savings-type insurance, which includes annuity insurance and variable annuity insurance, refers to a policy designed to safeguard retirement income or help boost financial assets for senior citizens rather than cover health care expenditures and other costs.The savings-type insurance market in Asi
Feb. 6, 2012
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Koreans’ mobile banking use doubles in 2011
The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday.Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two fold from 3.74 million in the previous year, according to the Bank of Korea.The daily transaction amount surged 57 percent on-year to 652.6 billion won ($587.6 million), while the number of mobile banking users jumped 50.6
Feb. 6, 2012
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Australia Chamber names 2012 board
Those who attended the recent Australia Chamber of Commerce general meeting had a chance to meet the newly elected board of directors.After brief welcoming remarks from interim chairman Peter Feltis, the Chamber’s patron Australian Ambassador Sam Gerovich explained the importance of the chamber to Korea-Australia relations especially in the context of 2012, when a Korean-Australian free trade agreement could become a reality.The new board of directors for this year are Feltis from Samsung Engine
Feb. 6, 2012
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Offshore wind summit out to attract EU firms
The European Union Chamber of Commerce has arranged for a special discount for members that participate in the Offshore Wind Construction Summit in Jeju.The summit on Feb. 15-17 will offer a platform to address concerns about the offshore wind construction industry, while exploring the challenges in constructing offshore wind farms.Case studies from around the world will be used to address key technological and operational issues when it comes to delivering an offshore wind farm that meets gover
Feb. 6, 2012
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Cafe du Commerce’s first networking event
Networking is probably one of the most important aspects of doing business in Korea so with that in mind the French chamber will hold their first networking event of the year.The French Korean Chamber of Commerce and Industry in partnership with the Economic Mission of the French Embassy and Novotel Hotel are presenting a special edition of Cafe du Commerce on Feb. 9.Held at the Novotel Ambassador hotel in Gangnam, the event will offer a French style buffet with regional and traditional favorite
Feb. 6, 2012
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German Chamber event for new members
A seminar has been organized to welcome new members of the Korea-German Chamber of Commerce and Industry. During the meeting on Feb. 13, the chamber will offer information and advice for professional and private challenges by experienced directors and staff at the KGCCI.Registration is only accepted online until Feb. 8. The event will be at the Chamber’s office on the 7th floor in Hannam-dong and costs 80,000 won, including a traditional Korean dinner. For enquiries, contact Hana Cha, senior eve
Feb. 6, 2012
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Factiva expects Korean market to grow
Dow Jones’ Factiva, one of the largest digital business information aggregators and archivers in the world, sees a growing interest among Korean companies for its services, which can start at about $2,500 a month.Korea business development manager Kim Sae-hoon said, “Corporations are hungry for reasonable and accurate information. So Korea, even if the information industry is not there yet, we expect it will grow, the media industry is booming here but it’s in the beginning stages.”The average k
Feb. 6, 2012
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British Columbia beckons Korean firms with tax incentives
A top Canadian executive has expressed hope that more Korean companies will be attracted by British Columbia’s tax incentives.Under the tax benefit program, a company can receive a provincial corporate tax refund of 10 percent by registering an international business in the region. There are also programs where refunds will pay back on the net income of the international financial business.“Increasingly, companies are starting to pay attention to this benefit because as profit margins begin to t
Feb. 6, 2012
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Queensland to expand Korea ties
Investment chief expects closer relations in energy, food and marine resort sectorsTrade volume between Korea and Australia has soared to more than $27 billion since the two countries established diplomatic relations five decades ago. Korea now is Australia’s third-largest trading partner.At the forefront of that relationship is Queensland Government Trade and Investment Office, which is responsible for attracting business between Korea and one of Australia’s most important trading states.Korea’
Feb. 6, 2012
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Woongjin Group to sell water purifier maker
Woongjin Group announced Monday that it will sell Woongjin Coway, the nation’s biggest water purifier maker, according to news reports.The news immediately sparked market attention on the reason behind the sale, as the company is a money-making subsidiary for the conglomerate. Coway’s sales last year took up about 27 percent in the conglomerate’s total output. The company also enjoys a share of more than 50 percent in water purifier marketSome industry watchers said the sale may be aimed at secu
IndustryFeb. 6, 2012
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Carcinogens found in Samsung chip factories: study
Trace amounts of leukemia-linked carcinogens were found in semiconductor-producing factories of Samsung Electronics Co. and other chipmakers, a governmental authority said Monday. “We found that cancer-causing substances are present inside the chip factories,” said Park Jung-sun, head of the s
IndustryFeb. 6, 2012
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BAT to roll out strong cigarettes
By Shin Hyon-heeBritish American Tobacco Korea plans to introduce a stronger version of its Lucky Strike cigarettes to boost the nascent brand’s presence in the market, the local unit of the multinational group said Monday.The latest product, Lucky Strike Original Filters, will provide a richer and bolder taste than the previous version, and features cork-tipped filters with modern, black packaging, the company said.A pack contains 8 milligrams of tar and will be sold for 2,500 won ($2.20) start
IndustryFeb. 6, 2012