Most Popular
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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U.K. woman unaware of pregnancy gives birth
A British woman oblivious of her pregnancy gave birth to a child when she visited a hospital for back pain, local media reported Monday.Kayleigh Renwick, a 24-year-old nurse from County Durham, was just hoping to relieve her backache when she visited a hospital in May this year. She had initially suspected a kidney infection as the source of her pain.Instead she found out -- for the very first time -- that she was carrying a child. Shocked, Renwick visited the University Hospital of North Durha
TechnologyNov. 27, 2012
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S. Korea to further tighten banks’ handling of currency forwards
South Korea said Tuesday it will lower the ceiling of foreign exchange forward positions held by local and foreign banks by 25 percent in a bid to curb the volatility of cross-border capital flows.The move will restrict local branches of foreign banks from holding currency forward deals to 150 percent of their equity capital from the current 200 percent. The ceiling for domestic banks will be lowered to 30 percent from 40 percent, the government said. The move will fully take effect starting on
Nov. 27, 2012
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Seoul shares start higher on Greek bailout settlement
South Korean stocks opened higher Tuesday on the settlement of the Greece bailout deal, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 5.80 points, or 0.3 percent, to trade at 1,914.31 in the first 15 minutes of trading.Tech blue chips drove up the shares, with market behemoth Samsung Electronics increasing 0.71 percent, while LG Electronics gained 1.05 percent. Top steelmaker POSCO added 0.47 percent.Carmakers also traded higher, with No.1 player Hyundai Motor ris
Nov. 27, 2012
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S. Korea's brand value ranks 9th worldwide: think tank
South Korea's brand value reached US$1.6 trillion this year, ranking ninth among 39 countries surveyed, a local think tank said Tuesday.Asia's fourth-largest economy has received good marks in the corporate field, thanks mainly to its strong exports and market share growth around the world, according to the state-run Institute of Industrial Policy Studies (IPS).Brand value covers both corporate and country-level recognition and products made in the country. It also calculates the level of social
Nov. 27, 2012
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S. Korean nurse honored for voluntary medical work in Malawi
The foreign ministry on Tuesday honored a South Korean nurse for her voluntary medical services and dedication to education in Malawi over the past 20 years. Baik Young-sim, 50, became the recipient of this year's "Lee Tae-seok Award," which Seoul's foreign ministry introduced last year to honor the late Catholic missionary and physician Lee Tae-seok. He devoted his life to helping people in South Sudan. Baik began her voluntary medical work in Kenya in 1990 and, after four years, moved to Mala
IndustryNov. 27, 2012
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Average Korean spends $67 a year on ‘Lotto’: ministry
The average Korean has spent about 73,000 won ($67) per year on average in buying “Lotto,” the best-selling lottery ticket issued by the nation’s largest lottery operator Nanum Lotto, the Ministry of Strategy and Finance said on Monday. Fluctuations in the sales history of the national lottery meet the unspoken rule that Lotto is a hidden barometer for the nation’s real economy.Celebrating the 10th anniversary of foundation, Nanum Lotto was first issued in December 2002, when its average annual
IndustryNov. 26, 2012
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[Newsmaker] Samsung couple richest in stocks
Samsung owner Lee Kun-hee and his wife Hong Ra-hee topped the lists of Korea’s wealthiest in terms of stock holdings.Lee ranked the richest on the list for men, while Hong was at the top for women. This was the first time the couple nabbed the No. 1 slot for both lists, according to Chaebul.com, a local website providing exclusive business information on conglomerates.As of last Friday, Lee’s stock portfolio was worth a combined 11.14 trillion won ($10.27 billion). The net value of his stocks ha
Nov. 26, 2012
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Samsung TV sweeps East European markets
South Korean tech behemoth Samsung Electronics Co. retained its top position in the east European countries’ television market in the first nine months of the year, industry data showed Monday.Samsung claimed 35 percent of the region’s flat panel television market in the January-September period, with its market share reaching 35.1 percent for liquid crystal TVs and 38.7 percent for light-emitting diode TVs, according to market researcher GfK Group.The South Korean company was the top smart TV a
Nov. 26, 2012
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Incheon Airport’s passenger count hits record high
The number of passengers traveling via Incheon International Airport reached an all-time annual high of 35.14 million this year, solidifying its status as one of the busiest airports in the world, its operator said Monday.Travelers using the nation’s main gateway, located west of Seoul, surpassed the previous year’s tally of 35.06 million people as of Sunday, according to airport officials.The airport is expected to register 38.9 million travelers by the end of the year, 5.9 million higher than
Nov. 26, 2012
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Korea’s trade volume to top $1tr in 2012: ministry
The trade volume of South Korea is expected to top $1 trillion for a second consecutive year in 2012, making the country the eighth-largest trader in the world, the government said Monday.According to the Ministry of Knowledge Economy, South Korea will see its trade volume exceed the $1 trillion in the middle of next month. If the forecast is right, Korea will surpass Italy to become the eighth-largest country in terms of trade volume.South Korea ranked 13th in terms of trade from 2000 to 2002 b
IndustryNov. 26, 2012
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Shares inch down ahead of key events
South Korean stocks edged 0.15 percent down Monday as investors sat on the sidelines before key events in the United States and Europe, analysts said. The local currency gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 2.82 points to 1,908.51. Trading volume was light at 273.2 million shares worth 3.18 trillion won ($2.93 billion) with gainers slightly outpacing decliners 402 to 389. “The eurozone finance ministers gathered to decide a bailout for Greece
Nov. 26, 2012
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Kangwon Land shares soar on expansion approval
By Seo Jee-yeon The government’s approval of a casino facility expansion has been pushing the stock price of Kangwon Land to hit a record high in 52 weeks.The company’s shares soared 13.31 percent to 31,500 won ($29) on Monday. The jump was expected as the disclosure was issued after the stock market closed last Friday. According to company officials, the state-invested casino and resort operator, located in Jeongseon County, Gangwon Province, will double the floor of the game room to 11,824 squ
Nov. 26, 2012
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Samsung Electronics to improve working conditions at partner firms in China
By Cho Ji-hyunSamsung Electronics on Monday announced a set of measures to improve its working conditions at the firm’s Chinese partners.The world’s top smartphone maker acknowledged that some of its workers had to work extended hours and that some were not given a copy of their contracts that state their working conditions.The company said that it did not find any minors under age 16 employed at any of its 105 partner firms. Samsung Chinese plants were exempted from the report.The results were
IndustryNov. 26, 2012
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Hyundai Motor shrugs off EU slump
By Lee Ji-yoonEuropean auto sales, possibly facing a 17-year low this year, saw a further decline last month. But Korea’s Hyundai Motor was one of the few carmakers with continued growth momentum in the sluggish market, industry data found Monday. According to the European Automobile Manufacturers’ Association (ACEA), Hyundai sold 33,687 vehicles in Europe last month, a 10.2 percent rise from the previous month. In the first 10 months this year, the company saw a 9.3 percent growth in sales, del
IndustryNov. 26, 2012
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Banks eye Myanmar market
By Kim Yon-seMajor commercial banks are poised to actively make inroads into Myanmar as the country is starting to implement an open-door policy toward international activity.Following Woori Bank and Hana Bank, which opened liaison offices in the Southeast Asian country last month, Shinhan Bank plans to join the movement as early as the first half of next year.The state-run Industrial Bank of Korea is also preparing to tap the new market in a bid to overcome the saturated market conditions at ho
Nov. 26, 2012
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Units’ merger signals SK restructuring
The planned merger of two SK Telecom subsidiaries ― SK Planet and SK Marketing & Company ― is seen as SK Group’s first step to streamline its subsidiaries to improve the conglomerate’s efficiency, a report said on Monday.Yang Jong-in, an analyst at Korea Investment and Securities, said that the merger of the two subsidiaries in the information and telecommunications sector would produce synergy by getting rid of projects that overlap.As exemplary cases, the two companies will combine projects li
IndustryNov. 26, 2012
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3 in 4 iPads use LG Display panels
Three out of four Apple Inc.’s mega hit tablet computer iPads are equipped with liquid crystal displaypanels manufactured by South Korea’s LG Display Co. amid the heated patent row between Apple and Samsung Electronics Co., industry data showed Monday.According to data by research firm DisplaySearch, the global shipments of 9.7-inch LCD panels used for Apple’s fourth-generation iPad and iPad 2 came to 5.92 million units in October.The number of 9.7-inch panels produced by LG Display reached 4.25
TechnologyNov. 26, 2012
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French Chamber to run 2012 Gala
The French Korean Chamber of Commerce and Industry will hold its annual gala for the French-Korean business community Saturday. The event has become a must-attend event for about 800 business figures from both nations every year. It is an exceptional opportunity to network and build relationships,” said an official at FKCCI through a statement. This year’s event will be held in partnership with Chamonix Mont-Blanc, and the most enchanted winter village scene will be reproduced at venue, the offi
IndustryNov. 26, 2012
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Black Friday boosts foreign online shopping sites
Spending a few hours every day browsing on U.S.-based online shopping malls for a good deal became a habit for 27-year-old office worker Cho Yun-hee ever since Black Friday sales began last week. “I have heard of Black Friday before, but considered it irrelevant to me because I live in Seoul. I only recently found out that there are ways I can take part in it by using overseas purchase and delivery agencies,” said Cho. “It will be cheaper than purchasing in Korea, even taking into account the de
IndustryNov. 26, 2012
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KOTRA invites foreigners to ‘get to know Korea’
Invest Korea, a unit under the state-run Korea Trade-Investment Promotion Agency, held an event on Sunday to introduce Korea’s traditional culture to foreign investors and diplomats here. At the event titled “Get to Know Korea,” over 90 foreign investors, diplomats, press correspondents and their families including Canadian ambassador to Korea David Chatterson and Fuji Xerox Korea CEO Yasuaki Ueno enjoyed the Korean traditional musical performance “Miso” at Chongdong Theater in central Seoul. “M
IndustryNov. 26, 2012