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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[Weekender] How DDP emerged as an icon of Seoul
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Tensions heighten ahead of first president-opposition chief meeting
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[Music in drama] An ode to childhood trauma
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Seoul to provide housing subsidy to married couples with newborns
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New head of doctors' association vows war in case of disadvantage to medical professors
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Rapper jailed after public street fight with another rapper
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Avante Coupe makes debut in U.S.
Hyundai Motor unveiled the Avante Coupe, dubbed the Elantra Coupe in North America, during the 2012 Chicago Auto Show.Hyundai, set to launch the two-door midsize sedan in Korea and major overseas markets, picked the U.S. market as its first target.“The Avante Coupe is equipped with a 1.8-liter engine with 148-horsepower,” the company said Thursday. “It will hit showrooms in the U.S. during the first half of the year.” In addition, the carmaker introduced the i30 hatchback, dubbed the Elantra GT
MobilityFeb. 9, 2012
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Korea to intensify probe into tax evasion by conglomerates
South Korea’s tax agency will intensify its surveillance of large-sized business groups to head off their tax evasion attempts, a move aimed at establishing fair taxation in the corporate sector, sources said Thursday.The National Tax Service is planning to deploy 100 top-class investigation experts to regional tax offices in order to help them probe any tax evasion attempts by conglomerates, according to the sources. “Large companies with annual sales of 500 billion won ($447.4 million) or more
Feb. 9, 2012
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Lotte Homeshopping to start all-day sales broadcast in Vietnam
Lotte Homeshopping Co., a South Korean TV-based retailer, said Thursday that it will start 24-hour sales broadcasting in Vietnam that could expand its presence in the fast emerging Southeast Asian country.The company, which is part of the Lotte Group, said all-day broadcasting will start on Friday and cover 1.5 million households in the Hanoi and Ho Chi Minh City areas.It said products such as TV sets made by Samsung Electronics, miscellaneous household goods like containers made by Lock & Lock
IndustryFeb. 9, 2012
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Google may open retail store at European headquarters in Dublin
Google Inc. (GOOG) may open its first stand- alone retail store at its European headquarters in Dublin, according to a filing by the world’s most popular search engine. Attendees at the National Retail Federation listen to a discussion about Google Wallet, Tuesday, Jan. 17, 2012 in New York. (
TechnologyFeb. 9, 2012
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Brain stimulation may boost memory: study
California scientists said Wednesday they may have found a way to stimulate a part of the brain so that it forms memories more easily. MCTSomeday, the process might be used to make a neuroprosthetic device, or thinking cap, that people could turn on when they need to remember new information, or it
TechnologyFeb. 9, 2012
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Study on mice shows fasting weakens cancer
Early research on mice with cancer shows that fasting may weaken tumors and help chemotherapy work better, scientists said on Wednesday.While it remains unknown if the same approach could work in humans, or if it would even be safe, researchers said the findings suggest a promising new route of stud
TechnologyFeb. 9, 2012
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Hana to launch savings bank February 17
The Financial Services Commission approved Hana Financial Group’s application to take over Jeil 2 Savings Bank and Ace Mutual Savings Bank.With the regulatory endorsement, the financial group’s secondary banking unit, named Hana Savings Bank, is poised to launch business on Feb. 17.Hana Financial won the bid to acquire the two distressed savings banks last December.Jeil 2 Savings Bank, which is headquartered in Seoul, has assets of 503.7 billion won ($441.8 million). Ace Mutual is based in Inche
Feb. 8, 2012
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Bank loan ratio for smaller firms at record low
The ratio of bank loans to smaller firms slumped to a historic low while that for large-cap companies continued to rise, data showed Wednesday, showing a widening gap between funding circumstances for smaller firms and large businesses.The portion of bank loans to smaller firms reached 78.7 percent as of the end of November, down from 88.8 percent in January 2007, according to data by the Bank of Korea. In contrast, the ratio of loans extended to large-cap firms nearly doubled to 21.3 percent fr
Feb. 8, 2012
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Consumption slowdown clouds economic outlook
Department store sales drop 4.2 percent in January, the lowest in 37 monthsKorea’s private consumption is declining rapidly, data showed Wednesday, amid sluggish sentiment sparked by the eurozone fiscal debt crisis. Local consumers are tightening their belts to grapple with a slowing economy, which in turn deals a blow to manufacturers and big-ticket item sales. Sales at department stores slowed and imports of goods also dropped. Private consumption fell 0.4 percent in the October-December perio
Feb. 8, 2012
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Korea gears up for Yeosu Expo
More than 300 representatives from 101 countries and nine multinational organizations gathered on Wednesday in Seoul to ensure smooth preparations for the 2012 Yeosu Expo three months ahead of its opening. Under the theme “Living Ocean and Coast,” the participant countries and organizations will showcase their diverse marine development and advancement of oceanic technology on the southern shore of the Korean Peninsula from May 12 to Aug. 12.The 93-day event will focus on oceans and their potent
Feb. 8, 2012
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Unclear if Japan mergers help or harm Samsung
Questions are being raised as to how the possible merger of Japanese technology companies would impact the sales and operations of tech giant Samsung Electronics.On Wednesday, media outlets in Tokyo reported that three of Japan’s biggest electronics companies ― Panasonic, Renesas Electronics and Fujitsu ― are in talks to form a chip-making venture as they seek economies of scale in the competitive marketplace.The move comes as the firms’ system large-scale integration chip (System LSI) operation
IndustryFeb. 8, 2012
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Samsung to roll out new smart TV this week
Samsung Electronics said Wednesday that it will roll out its new premium smart televisions beginning this weekend.Dubbed the ES 8000 series, the new smart TVs are installed with smart evolution kits on their backs, enabling the upgrade of key features like the TV processor by replacing it with a new one beginning next year, said Kim Hyun-suk, executive vice president at visual display business at Samsung Electronics. “The new smart TVs are being introduced for the first time in Korea and the mai
IndustryFeb. 8, 2012
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Woori eyes 2012 launch of card unit
Woori Financial pinning hopes on lawmakers’ push while government takes wait-and-see stanceWoori Financial Group, which aims to launch a stand-alone credit card operation, is pinning hopes on an early law revision so that its goal can be attained this year.Though the financial group has sought to spin off a credit card unit from Woori Bank for about a year, financial regulators are taking a wait-and-see or skeptical position over the move amid heated competition in the card industry.But a revisi
Feb. 8, 2012
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KT&G to freeze cigarette prices ‘for the time being’
KT&G Corp., Korea’s tobacco giant, said Wednesday it planned to freeze its cigarette prices for the time being, citing persistent inflationary pressures.The Seoul-based company has recently been faced with a dilemma as to whether it should follow the lead of its smaller rivals, which relayed price hikes since last year to cope with surging raw material and labor costs. Philip Morris International Korea is set to increase its cigarette prices by 6.8 percent on average starting Friday. Its flagshi
IndustryFeb. 8, 2012
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Shares break 2,000 on eased Greece woes
Korean stocks closed 1.12 percent higher Wednesday on signs that debt-laden Greece will soon undertake the rest of the procedures needed to get its second bailout package, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI climbed 22.14 points to 2,003.73, surpassing the psychologically significant 2,000 mark for the first time since Aug. 4. Trading volume was heavy at 571.2 million shares worth 7.09 trillion won ($6.35 billion) with gainers far outpacing decliner
Feb. 8, 2012
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‘Iran sanctions won’t hurt Korean exports’
Woori, Industrial Bank of Korea freeze accounts with Bank TejaratThe new sanctions halting Korea’s transactions with the third-largest Iranian financial entity Bank Tejarat will not constrict trade flows with the Middle Eastern country, bank officials said Wednesday.Two state-run banks ― Woori Bank and the Industrial Bank of Korea ― halted transactions with Bank Tejarat as of Jan. 23 in support of the U.S.-led sanctions against Tehran aimed at preventing the country from developing nuclear weapo
Feb. 8, 2012
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Korea to start domestic procedures for free trade talks with China
Korea will begin its domestic procedures later this month for the start of formal negotiations with China on a bilateral free trade agreement, Seoul’s trade ministry said Wednesday.The ministry said a public hearing on the launch of free trade talks with China will be held on Feb. 24 to gather opinions from experts.In early January, Korea and China agreed to start formal negotiations for a free trade agreement with the aim to launch talks before the end of June.Once Seoul smoothly completes its
Feb. 8, 2012
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Nonlife insurers mull cuts in car insurance premiums
Buoyed by stellar performances last year, Korean nonlife insurers are considering cutting their car insurance premiums amid worries over high inflation, industry sources said Wednesday.Industry leader Samsung Fire & Marine Insurance Co. recently sounded the Financial Supervisory Service, the local financial regulator, on its intention to slash insurance premiums by around 2 percent, according to the sources.The FSS has begun looking into the possibility, examining other non-life insurers’ loss r
Feb. 8, 2012
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Large companies vow to promote stability
A group of Korea’s large conglomerates pledged Wednesday that they will make concerted efforts to stabilize the economy and improve the livelihoods of ordinary people in the face of persistent global economic woes.The Federation of Korean Industries, a powerful interest group for the country’s big family-owned businesses, adopted a resolution on their responsibility for economic stability and social integration.The move came as the country’s large conglomerates have come under fire for monopoliz
Feb. 8, 2012
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NASA planning ‘space taxi’ program
United States space agency NASA is looking for firms to design and build space taxis to transport astronauts to and from International Space Station, Reuters reported Tuesday. NASAThe program aims to continue previous plans by NASA to develop commercial passenger spaceships.With the U.S. shutting do
TechnologyFeb. 8, 2012