Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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SNU profs to suspend treatment for one day
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Aging population to drive down Korea's housing prices from 2040: experts
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Non-life insurance firms suffer slump in overseas markets
Korea’s six non-life insurance companies saw their earnings in overseas markets drop by 52.2 percent on a year-on-year basis, due mainly to natural disasters and lax risk management.Overseas operations of three companies have led the fall in net profit. They were Samsung Fire & Marine, Korea Re and LIG Insurance, according to the Financial Supervisory Service.Samsung Fire & Marine’s overseas unit reported a net profit of $5.43 million during the April and September period, a drop of $3.91 millio
Dec. 18, 2011
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KB Financial expands cause marketing
Group creates foundation to finance educational and scholarship programsKB Financial Group has been taking every chance to expand its cause marketing through donations and philanthropic works for improved customer relations and stronger connections with society. “Putting You First,” its latest corporate social responsibility project, brings together over 25,000 workers from the banking giant to gather a total of 240,000 hours of voluntary service at nursing homes, orphanages and environmental ac
Dec. 18, 2011
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Kia Motors grabs highest China market share in 6 years
Kia Motors Corp. captured its highest share of the Chinese market in six years in November, gaining momentum in the world’s most populous market, company officials said Friday, Kia posted a China market share of 4.1 percent last month, the largest since October 2005 when it reached 4.7 percent.Kia achieved record China sales of 45,768 units last month with the newly launched mid-sized sedan K2 leading the way, the officials said. The K2, also known as the Rio in the U.S. and European markets, hi
MobilityDec. 18, 2011
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Carmakers gear up for launches for 2012
Kia plans to release K9, Hyundai 2012 Santa Fe while GM’s Corvette may hit the roadThe auto industry is set to roll out a series of new cars next year in all styles from sedans to SUVs to sports cars. The new cars in store include the premium sedan K9 from Kia Motors Corp., the 2012 Santa Fe from Hyundai Motor Co., Corvette, the sports car from GM, and the new BMW 3 series 320d and 320ed. BMW Korea confirmed that it will bring in 320d and 320 Efficient Dynamics, the sixth generation of its 3-ser
MobilityDec. 18, 2011
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Scientists develop self-cleaning cotton
(Yonhap News)UC Davis scientists have developed a self-cleaning cotton fabric that can kill bacteria and break down toxic chemicals such as pesticide residues when exposed to light."The new fabric has potential applications in biological and chemical protective clothing for health care, food process
TechnologyDec. 18, 2011
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Number of super-rich Koreans rises to 130,000
The number of wealthy people with exceptionally high net financial portfolios in South Korea grew dramatically this year despite the financial turbulence and the global economic slump, a local asset manager said Sunday.The number of Koreans with net financial assets of 1 billion won ($864,000) or mo
Dec. 18, 2011
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Russia's Mars probe will crash to Earth in January
MOSCOW (AP) -- A Russian spacecraft bound for a moon of Mars and stuck in Earth's orbit will come crashing back next month, but its toxic fuel and radioactive material on board will pose no danger of contamination, the Russian space agency said Friday.Between 20 and 30 fragments of the probe with a
TechnologyDec. 18, 2011
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Amazon selling over one million Kindles a week
WASHINGTON (AFP) - Amazon said Thursday that it is selling more than one million Kindles a week and the new Kindle Fire tablet computer is its top-selling item."Kindle Fire is the most successful product we've ever launched -- it's the best-selling product across all of Amazon for 11 straight weeks,
TechnologyDec. 18, 2011
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POSCO honorary chairman laid to rest at Seoul's National Cemetery
Park Tae-Joon, the late founder and honorary chairman of South Korea's top steelmaker POSCO, was buried at the country's National Cemetery in Seoul on Saturday.The funeral service was attended by over 600 people, including top political and government figures such as National Assembly Speaker Park H
IndustryDec. 17, 2011
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Korea slaps new sanctions on Iran
The South Korean government announced additional sanctions against Iran on Friday over its nuclear program, blacklisting 99 Iranian firms and six individuals.The government also issued an advisory on Korean companies to be cautious in their purchase of Iran’s petrochemical products.But the Finance Ministry said the new punitive measures will not affect Korea’s imports of crude oil from Iran, which accounts for about 10 percent of domestic needs. Under the new sanctions, those on the blacklist wi
Dec. 16, 2011
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‘Domestic demand to lead growth’
South Korea’s top central banker said Friday that Korea’s 2012 growth outlook cannot be seen as bad as domestic demand will likely prop up growth despite external economic uncertainty.The Bank of Korea forecast last week that Korea’s economic growth is expected to slow to 3.7 percent next year from an estimated expansion of 3.8 percent this year as Europe’s debt crisis and a global slowdown are feared to hurt exports.BOK Gov. Kim Choong-soo said in a meeting with local bank heads that Korea’s gr
Dec. 16, 2011
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Farm Ministry vows efforts to boost food exports in 2012
South Korea will work to boost its food exports by more than 30 percent to $10 billion as part of its policy goals for next year, the Ministry of Food, Agriculture, Forestry and Fisheries said Friday.The move comes as the country is expected to implement its free trade agreement with the United States in early 2012, which, the ministry earlier said, could lead to a reduction of 12.67 trillion won ($10.9 billion) in production by the country‘s agricultural, farming and fisheries industries.“The b
Dec. 16, 2011
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Kolon to recall outdoor jackets over carcinogen
Kolon Industries Inc., South Korea’s leading textile and chemical material producer, plans to recall one of its outdoor jacket brands, which was found to contain an excessive level of a cancer-causing material, a consumer rights group said Friday.According to Consumers Korea, Kolon’s “Active” outdoor jackets were found to contain “p-aminoazobenzene” far exceeding the permissible level. The material can cause cancer in wearers.“We conducted a safety and quality evaluation on 12 outdoor jackets of
IndustryDec. 16, 2011
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Losses from KOSDAQ misconduct up
Losses incurred due to embezzlement and malpractice by KOSDAQ-listed company officials jumped 44.6 percent this year, data showed Friday, raising investment concerns on South Korea’s secondary stock market.Losses amounting to 407.2 billion won ($352.9 million) were estimated to have been incurred through 24 cases of misconduct such as embezzlement and corporate negligence in 2011, according to the data by the Financial Supervisory Service, South Korea’s financial watchdog.The tally includes embe
Dec. 16, 2011
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Gori nuclear reactor resumes operation
South Korea on Friday resumed operation of a nuclear reactor recently shut down due to problems detected in its electric generator, plant operators said.The reactor at Gori Nuclear Power Plant in Ulsan, 410 kilometers southeast of Seoul, was expected to reach its full output early Saturday, following its resumption of operation at 5:50 a.m. Friday, according to the Korea Hydro & Nuclear Power Co.The state-run nuclear plant operator had to shut down the reactor with a capacity of 950,000 kilowatt
Dec. 16, 2011
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Household loans post highest growth in 11 months
Household loans offered by South Korean depository institutions posted the highest growth in 11 months in October on home loans, the central bank said Friday, complicating the government’s efforts to curb private sector debt.Household lending handled by local banks and non-bank institutions totaled 634.3 trillion won ($548 billion) as of the end of October, up 5.7 trillion won from the previous month, according to the Bank of Korea.The October data marked the largest monthly expansion since a 6.
Dec. 16, 2011
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Kia Motors grabs highest China market share in 6 years
Kia Motors grabs highest China market share in 6 yearsKicker: Kia‘s Morning named best city car in FranceKia Motors Corp. captured its highest share of the Chinese market in six years in November, gaining momentum in the world’s most populous market, company officials said Friday, Kia posted a China market share of 4.1 percent last month, the largest since October 2005 when it reached 4.7 percent.Kia achieved record China sales of 45,768 units last month with the newly launched mid-sized sedan
IndustryDec. 16, 2011
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Credit card firms rush to trim benefits for customers
Cut in card commission results in fewer perks for customersSouth Korea’s credit card firms in mid-October reluctantly announced they would lower the transaction fees they collect from restaurants and other shops due to growing public criticism.Now, credit card companies are fighting back by eliminating benefits for customers, a move that was widely expected but stings nonetheless.Credit card companies as well as card units of banks are taking steps to trim extra services for their customers in a
Dec. 16, 2011
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Regulators reject both bidders for fourth mobile operator
KMI and IST fail to pass, clouding outlook over new impetus to wireless sectorThe Korea Communications Commission said on Friday it would not issue wireless carrier licenses to Internet Space Time and its rival Korea Mobile Internet. Both IST and KMI failed to secure 70 points or higher in the screening process, dimming their hopes to become the country’s fourth mobile carrier. Currently, the domestic market is dominated by SK Telecom, KT and LG Uplus. The KCC held a judging committee meeting ea
TechnologyDec. 16, 2011
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Seoul shares up on U.S. data
South Korean stocks closed 1.15 percent higher on Friday as stronger U.S. jobs data eased concerns about the recovery of the world’s largest economy, analysts said.The local currency rose against the U.S. dollar.The benchmark KOSPI rose 20.85 points to 1,839.96, breaking the third straight session of falls. Trading volume was moderate at 483.5 million shares worth 4.3 trillion won ($3.7 billion) with gainers outpacing losers 492 to 342.“Better-than-expected data on U.S. job markets gave some sol
Dec. 16, 2011