Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Amore Pacific innovates tea-making process
Amore Pacific’s tea business has enjoyed double-digit growth since 2008, while the overall tea industry here has been waning, especially compared to that of China and Japan. To pave the way through the expected market stagnation, the South Korean cosmetics company focused on organic cultivation and quality innovation, according to company officials. As a result of intense research and effort, the whole of its 1.8 million square meter tea garden, where the company has grown green tea since it was
IndustryNov. 22, 2012
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Premium teahouse attracts worn-out urbanites
When the winter chill begins to settle in the air, nothing’s better than a mug of steaming hot tea. But that is not the only reason South Korea’s youngsters flock to Osulloc Teahouses, a cafe chain run by the nation’s largest cosmetics company Amore Pacific. The first Osulloc Teahouse opened in Myeong-dong, central Seoul, in 2004 was favorably received among the public for its unique ambience embracing both traditional and modern sentiments of the tea-loving nation. The cosmetics company soon ex
IndustryNov. 22, 2012
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Psy pulls up sales of Nongshim’s Shin Ramyun Black Cup
Sales of Shin Ramyun Black Cup are skyrocketing, thanks to music sensation Psy. The product, produced by Nongshim, the nation’s No.1 instant noodle maker, marked 2 billion won in sales in October, according to market researcher AC Nielsen Korea. That is a jump of more than 30 percent from the previous month. The product’s sales began surging after the advertising campaign featuring Psy first went on air on Oct. 13, said Nongshim officials. Shin Ramyun Black climbed to sixth place in instant cup
IndustryNov. 22, 2012
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BMW, Mercedes, Audi widen target market
Germany’s three premium automobile brands are targeting the middle-income bracket and young consumers in Korea, following the outstanding growth in their sales of upper segment sedans.While the small segment import car market has been dominated by cars like the Volkswagen Golf, the MINI series and the Nissan Cube, the three brands ― BMW, Mercedes-Benz and Audi ― are poised to join the cheaper car sales competition.BMW Group Korea started the war among the big three by recently introducing the se
MobilityNov. 22, 2012
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Samsung chief meets Swiss IOC member
Samsung Electronics chairman Lee Kun-hee met with Patrick Baumann, a Swiss International Olympic Committee member, at his residence in Hannam-dong, central Seoul, on Wednesday, said Samsung Group officials.They shared opinions on the direction for future development involving international sports events such as the Olympics in the meeting, the officials said.Baumann, secretary general of the global basketball organization FIBA, is an expert in the international sports community who became a memb
IndustryNov. 22, 2012
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Seoul shares gain 0.82 percent on Greece optimism
South Korean stocks climbed 0.82 percent Thursday as optimism for a Greece bailout deal grew after eurozone finance ministers agreed to reschedule a meeting early next week, analysts said. The local currency lost against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 15.46 points to close at 1,899.50. Trading volume was moderate at 408.2 million shares worth 3.69 trillion won ($3.41 billion) with gainers outnumbering losers 438 to 362."Expectations that the eurozon
Nov. 22, 2012
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Study: Muscular men live longer
Muscular men are likely to enjoy a longer life span, according to a study in Sweden. The study underlined it does not imply any extreme workout will be always beneficial, but the general strength of muscle is important.To measure muscle power, the team carried out several tests such as push-ups or leg curls. More than 1 million men aged 16 to 19 participated in this study and they were tracked for 24 years. The study revealed that those with above-average muscle strength tend to have a 20 to 30
TechnologyNov. 22, 2012
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Aussie scientists undiscover Pacific island
A South Pacific island identified on Google Earth and world maps does not exist, according to Australian scientists who went searching for the mystery landmass during a geological expedition.The sizeable phantom island in the Coral Sea is shown as Sandy Island on Google Earth and Google maps, supposedly midway between Australia and the French-governed New Caledonia.The Times Atlas of the World appears to identify it as Sable Island and according to Dr. Maria Seton the weather maps used by the So
TechnologyNov. 22, 2012
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FTC opposes presidential candidates' chaebol reform plans
The head of South Korea's antitrust watchdog voiced his opposition Thursday to some measures being pushed by presidential candidates to reform the country's large conglomerates, known as chaebol.The three major candidates have called for an overhaul of sprawling conglomerates under the name of "economic democratization" in what critics say is meant to curry favor with voters ahead of the Dec. 19 presidential election.Fair Trade Commission Chairman Kim Dong-soo cautioned against imposing a ceilin
Nov. 22, 2012
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Over 70 percent of foreign residents in S. Korea employed: report
More than seven of every 10 foreign residents in South Korea are currently employed with nearly half of them working in the manufacturing industry, a government report showed Thursday.According to the report released by Statistics Korea, there were a little more than 1.11 million foreigners aged 15 years or more with work permits in South Korea as of the end of June.Of that total, some 791,000 were employed, posting an overall employment rate of 71 percent at the time of the country‘s first surv
IndustryNov. 22, 2012
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Service, sales workers puff away more than others: report
More service and sales workers in South Korea smoke than those in other job groups, a report said Thursday, suggesting occupation-specific measures should be taken to encourage people to kick the habit.The smoking rate of male service and sales workers aged 19-34 was 62.6 percent, topping that of people in other job groups, according to the report by Prof. Kim Seong-ryeol of Soonchunhyang University. The report is based on a survey of 9,283 people aged 19 years or older throughout the country.Th
TechnologyNov. 22, 2012
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Seoul set to launch space rocket on Nov. 29
South Korea plans to launch the Korea Space Launch Vehicle-1 (KSLV-1) next week in its third attempt to send a rocket into space from its own soil, a government committee said Thursday."Nov. 29 has been set as the candidate launch date," the Naro Launch Preparation Committee said in a released statement. "The possible time of the launch will be between 4 and 6:55 p.m. with the actual time to be decided on the launch date."It said, however, that both the date and time were still tentative as bad
TechnologyNov. 22, 2012
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Seoul shares start higher on U.S. gains
South Korean stocks opened higher Thursday as investor sentiment got a boost from overnight gains on Wall Street following improved jobs data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 15.25 points, or 0.81 percent, to trade at 1,899.29 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics increasing 1.08 percent and top steelmaker POSCO adding 0.81 percent. No. 2 carmaker Kia Motors edged up 0.3
Nov. 22, 2012
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Korea's exports on growing trend in Nov.: data
South Korea's exports are likely to gain ground in November, weathering the global economic slowdown and the local currency's ascent to the U.S. dollar, data showed Thursday.The value of Korea's outbound shipments reached US$28.2 billion during the first 20 days of this month, up 1.7 percent from a year earlier, according to estimates by the finance ministry and the state-run customs agency.The uptrend comes after South Korea's exports grew 1.1 percent in October from a year earlier, the first o
Nov. 22, 2012
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Shares slip on renewed Greece woes
South Korean stocks shed 0.32 percent Wednesday as eurozone leaders’ failure to sort out a Greece aid plan unnerved investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. After opening higher, the benchmark Korea Composite Stock Price Index retreated 6.14 points to close at 1,884.04, snapping a two-day rally. Trading volume was moderate at 371.6 million shares worth 3.90 trillion won ($3.59 billion), with losers outstripping gainers 545 to 271. “Uncertainties
Nov. 21, 2012
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Samsung C&T as prime bidder for Turkey hospital
A consortium led by Samsung C&T Corp., the construction and trading arm of South Korea’s Samsung Group, has been selected as a preferred bidder for a $750 million project to build a large hospital in Turkey, a Samsung official said Wednesday.The order placed by Turkey’s government calls for the construction of a 540,000-square-meter hospital in the southeastern Turkish city of Gaziantep, according to the official.The South Korean builder is expected to win a portion worth $180 million out of the
Nov. 21, 2012
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Korea Exchange to launch new stock index next week
South Korea’s stock market operator, the Korea Exchange, said Wednesday it will introduce a new stock index to provide reliable data to investors seeking safer and profitable investments.The index, dubbed the S&P/KRX Dynamic Asset Exchange Index and based on the KOSPI 200 Index and 10-year U.S. Treasuries, is scheduled to be launched at the first trading session of next week, the KRX said. It will be presented from 9:01 a.m. to 3:00 p.m., with the base standing at 1,000.000, it added.The KOSPI 2
Nov. 21, 2012
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Hyundai Motor tops Australian customer satisfaction survey
Hyundai Motor has recently topped the automotive section of the 2012 Canstar Blue, Australia’s leading customer satisfaction survey across industries, the carmaker said Wednesday. The survey, conducted by a local market research firm Colmar Brunton, questioned 7,500 Australian customers who have purchased a new car over the past three years. Among the seven categories surveyed, Hyundai won a maximum five-star score in overall satisfaction, reliability, value for money and after-sales service. Th
IndustryNov. 21, 2012
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KB Financial bolsters Chinese operations
KB Financial Group established a local corporation in China and opened a Beijing branch of its banking unit on Wednesday in a move to advance into Asia’s biggest economy. Over 400 key financial figures from both countries including KB Financial Group chairman Euh Yoon-dae, KB Financial president Lim Young-rok, and officials from China Banking Regulatory Commission attended the opening event, according to KB. “It is a necessary step to strengthen KB Financial Group’s future growth engines to adva
Nov. 21, 2012
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BOK chief urges firms to boost investment, jobs
South Korea’s top central banker called for local companies Wednesday to expand investment and create more jobs in a bid to help the economy recover from a prolonged slowdown.Bank of Korea Gov. Kim Choong-soo said in a meeting with six heads of large firms that companies are facing tough business conditions amid the global downturn, but they should play a key role in helping the Korean economy pull out of the longstanding slowdown.“It may be difficult for companies to make investments under such
Nov. 21, 2012