Most Popular
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President Yoon Suk Yeol defiant as impeachment momentum grows
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NewJeans manager files workplace harassment complaint against Ador CEO Kim Ju-young
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Joint investigation team on Yoon launched
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Ruling party leader says impeachment against Yoon now only solution
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[Newsmaker] Ex-intel commander appears key to alleged martial law plan
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"Denture-tube:" South Korea's YouTube conspiracy machine
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What if martial law had not been aborted?
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Two scenarios for Korea's economic outlook
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'Literature stands in opposition to all acts that destroy life': Han Kang
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Prime Minister Han Duck-soo regrets failing to stop martial law
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Car exports to EU jump 40% this year
Korea’s automakers saw their exports to European countries surge 40.1 percent on a year-on-year basis, which could be interpreted as an outcome of the Korea-EU Free Trade Agreement that took effect in early July.Five carmakers including Hyundai Motor posted 347,207 units in exports to EU countries for the first 10 months of 2011, compared to 247,909 units over the same period last year.The 40.1 percent growth is noteworthy, considering the growth of their total exports around the world was 13.2
MobilityDec. 6, 2011
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LG Electronics launches donation campaign
LG Electronics said Tuesday it launched a yearend gift donation campaign this month with the World Food Program for the underprivileged in Ethiopia.Dubbed the “Matching gift campaign,” the company is encouraging people to make donations to people affected by natural disasters such as drought in Ethiopia. The company then plans to match the donations.“This is one of our newest social contribution efforts,” said an LG Electronics official. “The firm plans to offer up to 500 million won ($441,345)
IndustryDec. 6, 2011
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Shares drop on eurozone woes
South Korean stocks slid 1.04 percent on Tuesday as investor sentiment was muted after Standard & Poor’s said it may downgrade the credit ratings of 15 eurozone countries, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI lost 20.08 points to 1,902.82. Trading volume was moderate at 379.3 million shares worth 4.58 trillion won ($4.04 billion) with losers outnumbering gainers 579 to 252.“The threat of a downgrade made investors reluctant to increase risky assets a
Dec. 6, 2011
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Brokerages blast capital gains tax plan
Securities companies claim new tax could drive away investorsAs the country’s policymakers began to discuss imposing a capital gains tax on shares to increase tax revenues, domestic brokerages expressed concerns about its negative impact on Tuesday.Although the debate is just getting started among politicians, securities houses are voicing their worries as the stakes couldn’t be higher if the current system is modified. The key point of contention is whether the fallout of a capital gains tax wo
Dec. 6, 2011
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Samsung inks new biopharmaceutical tie-up
Group’s Biologics unit signs agreement with Biogen Idec to develop biosimilarsSamsung Group announced Tuesday that its affiliate Samsung Biologics signed an agreement with U.S.-based Biogen Idec to set up a biosimilar joint venture by March.With plans to build the biosimilar research and development center in Songdo, Incheon, next year, the two firms have agreed to invest $300 million for the joint venture. The joint venture has already hired 100 employees who will work at the new R&D center and
IndustryDec. 6, 2011
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Building globally competitive SMEs priority: KOTRA
Building globally competitive small and medium enterprises is key to pushing up South Korea’s trade volume to the next level, the new head of the country’s export promotion agency said Monday.Korea Trade-Investment Promotion Agency President Oh Young-ho said that in order for Seoul to double its annual export volume from $1 trillion reached this month, the capabilities of its SMEs must be enhanced.South Korea’s annual trade volume exceeded the landmark $1 trillion mark for the first time in its
Dec. 6, 2011
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Pantech CEO offers to resign
Pantech CEO and vice chairman Park Byeong-yeop said Tuesday that he will resign from the top post by the end of this year, citing health issues. “I’ll step down from Pantech management on Dec. 31,” he said in an urgent press conference at the company’s headquarters in northern Seoul. “Over the past five years since the company came under a debt management program, I have worked without holidays and can no longer bear the chronic fatigue.” Pantech and its affiliate have been under a debt reschedu
IndustryDec. 6, 2011
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Samsung begins full operation of Austin plant
Samsung Electronics Co., the world’s second-biggest semiconductor maker, said Tuesday it has begun full production at its new Austin semiconductor plant earlier than planned, at a time when demand for smartphones and tablet PCs is booming. The company’s new plant in Austin, Texas, reached its target capacity of 40,000 wafers per month in October, a month prior to its initial target, Samsung said in a statement. Samsung produced the first silicon wafer in May on the S2 line in Austin, an automate
IndustryDec. 6, 2011
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S. Korean workers most vulnerable to unemployment risk in OECD bloc
South Korean workers turned out to be most vulnerable to an economic crisis compared with their counterparts in other OECD countries, due to the country's extraordinarily low levels of unemployment benefits, a report showed Tuesday.Local labor authorities provided unemployed workers with financial a
Dec. 6, 2011
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Scientists find monster black holes, biggest yet
CAPE CANAVERAL, Florida (AP) _ Scientists have found the biggest black holes known to exist _ each one 10 billion times the size of our sun.A team led by astronomers at the University of California, Berkeley, discovered the two gigantic black holes in clusters of elliptical galaxies more than 300 mi
TechnologyDec. 6, 2011
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Planet in sweet spot of Goldilocks zone for life
WASHINGTON (AP) -- A newly discovered planet is eerily similar to Earth and is sitting outside Earth's solar system in what seems to be the ideal place for life, except for one hitch. It is a bit too big.The planet is smack in the middle of what astronomers call the Goldilocks zone, that hard to fin
TechnologyDec. 6, 2011
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S. Korean economy grows revised 0.8 pct in Q3
The South Korean economy grew slightly faster than previously estimated in the third quarter on sustained exports, but the growth momentum slowed from three months earlier amid global economic uncertainty, the central bank said Tuesday.Korea's gross domestic product (GDP), the broadest measure of ec
Dec. 6, 2011
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State agency advised to halt lottery sales
The gaming industry’s government supervisor has advised the lottery issuing authority to stop sales of lottery tickets to stem the boom brought on by the launch of pension-style lottery payments in July, officials said Monday. The National Gaming Control Commission has appealed to the Korea Lottery Commission, the lotto-operating agency under the Finance Ministry, to consider halting sales of all tickets out of concern that the government could be seen as instigating gambling. But the KLC will n
Dec. 5, 2011
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KT acquires video search firm Enswers for W45b
KT Corp. said Monday that it has bought Enswers Inc., a Seoul-based video search technology provider, for 45 billion won ($40 million) to shore up its cloud computing business. The acquisition, one of the largest deals in South Korea’s technology startup history, will help the company release a new multimedia service for purchasing, storing, managing and browsing online video content, KT said in a statement. KT, South Korea’s dominant fixed-line operator and No. 2 mobile carrier, has been seekin
TechnologyDec. 5, 2011
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Australian water experts look to take page from Korea
A group of young Australian experts in water resources management said they could take a page from Korea’s book to tackle water crises in their country during a visit to Seoul on Sunday.Ten public officials, academics and private experts from Australia are participating in the Next Generation Leaders program hosted by the Australia-Korea Foundation. The two countries set a theme and exchange a team of young professionals over two years to help them develop leadership in the field.This year, the
IndustryDec. 5, 2011
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KEB union threatens walkout against merger
Unionized workers of Korea Exchange Bank have mapped out a plan for a general strike, calling on Hana Financial Group to scrap its preliminary deal with Lone Star Funds.Their plan comes after Hana Financial signed a revised preliminary deal to take over KEB from Lone Star over the weekend.Despite the two parties’ recent agreement to lower the takeover price, the KEB union said it is against Hana’s move to pay Lone Star huge management premiums.“According to the situation, we could choose to stag
Dec. 5, 2011
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Bibigo aims to be McDonald’s of bibimbap
CJ’s strategy chief stresses ‘motherly leadership’ at creative companyCJ Group, a local food giant, launched the bibimbap restaurant chain Bibigo in May 2010, targeting global customers from the beginning.Noh Hee-young, a celebrated tastemaker and the strategist behind the brand, believes this will be different from other numerous failed attempts to globalize Korean cuisine.“I have no doubt that Bibigo will become a global brand like McDonald’s within a few years,” the executive director of CJ’s
IndustryDec. 5, 2011
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Central bank head rules out eurozone support
South Korea’s central bank currently has no plans to tap into its foreign exchange reserves to help the eurozone tackle its debt crisis, the bank’s chief said Monday.“First, it is necessary to watch whether Europe can handle its problems by itself,” Bank of Korea Gov. Kim Choong-soo told reporters on the sidelines of an international conference, stressing a wait-and-see approach on possible support measures for the debt-mired region.Kim’s remarks come after China announced it will not use its am
Dec. 5, 2011
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Korean LED lamps to be installed in Vancouver
Korean-made light-emitting diode lamps will illuminate Vancouver next year, as the Canadian city seeks street lights that are brighter and more durable, as well as energy-efficient, officials said Monday.Yuyang DNU, a Korean LED producer, will supply 20 units of 50-watt and 80-watt lights without charge to Vancouver and nearby Langley in southwestern Canada for a test operation, according to the Korea Trade-Investment Promotion Agency. The deal is to be signed Wednesday.The two cities plan to in
IndustryDec. 5, 2011
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Korea’s trade tops $1tr for first time
South Korea’s annual trade volume passed $1 trillion for the first time Monday, making it the ninth country in the world to break the mark. Only the United States, Germany, China, Japan, France, Britain, the Netherlands and Italy have logged an annual trade volume of over $1 trillion so far. Two of them ― Britain and Italy ― failed to maintain it last year.The eight countries account for half of the world’s total trade, and excluding China, they are all advanced economies with per capita income
Dec. 5, 2011