Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Seoul Metro to seek legal action against malicious complaints
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Golden chance to liquidate babies’ gold rings?
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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SK Hynix posts profit as chip demand improves
South Korean chipmaker SK Hynix Inc. reported a second straight quarterly profit as its debt load eased and sales benefited from increased demand for chips used in smartphones and servers. The company said Wednesday its October-December net profit totaled 163.7 billion won ($151 million) compared with a 239.9 billion won loss a year earlier. SK Hynix returned to the black in the July-September quarter with a 2 billion won profit following a period of losses due to a slump in chip prices and weak
IndustryJan. 30, 2013
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U.S. court says Samsung infringement wasn’t ‘intentional’
The U.S. court looks to be changing its stance on the Samsung-Apple global patent litigation with Apple with the court acknowledging that Samsung patent infringements were not intentional on Wednesday.U.S. District Judge Lucy Koh denied Apple’s argument that the $1.05 billion damages award against Samsung from its previous patent infringement trial should be increased.She found that Samsung’s infringement was not “willful,” denying a new trial and leaving the August jury findings largely untouch
IndustryJan. 30, 2013
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Seoul shares up 0.17 pct in late-morning trade
South Korean stocks traded 0.17 percent higher late Wednesday morning on the back of gains in tech shares, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.4 points to 1,959.36. Techs led the gains, with the world's two biggest computer memory chip makers Samsung Electronics and SK hynix gaining 1.14 percent and 1.45 percent, respectively.In contrast, automakers stayed in negative territory, with top player Hyundai Motor falling 1.21 percent.The local currency was
Jan. 30, 2013
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Beer hops could be new drug resource
U.S. researchers say hops, which help preserve beer and give it its distinctive flavor, may yield new drugs to treat diabetes, some cancers and other maladies.University of Washington researchers used a process called X-ray crystallography to analyze the precise configuration of humulones, substances derived from hops that give beer its flavor.Previous research has suggested beer and its bittering acids, in moderation, can have beneficial effects on diabetes, some forms of cancer, inflammation a
TechnologyJan. 30, 2013
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Seoul shares open higher on tech gains
South Korean stocks began higher on Wednesday, boosted by gains in major technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 7.06 points, or 0.36 percent, to 1,963.02 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 1.21 percent and SK hynix, which announced its fourth-quarter earnings ahead of the market's open, added 2.69 percent.Shipbuilders were also bullish, with leading player Hyundai Heavy Industries gaining 1.61 perc
Jan. 30, 2013
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S. Korea's space rocket lifts off from Naro Space Center
South Korea's space rocket blasted off Wednesday from the Naro Space Center on the country's southern coast.The Korea Space Launch Vehicle-1 (KSLV-1), also known as Naro, lifted off at 4 p.m. No apparent problems have been observed since its takeoff from the launch site, located 480 kilometers south of Seoul.The 170-ton thrust space rocket is designed to reach its target orbit in 9 minutes following its takeoff. Whether the launch was successful will initially be determined approximately 140 min
TechnologyJan. 30, 2013
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S. Korea's industrial output grows 0.8 pct on-year in Dec.
South Korea's industrial output grew at a weaker pace than a month earlier in December, raising worries industrial activities might be slowing amid toughened economic conditions, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries increased 0.8 percent last month from a year earlier, compared with a revised 3.2 percent on-year gain tallied in November.The output expanded 1 percent from a month e
Jan. 30, 2013
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Korea's service account swings back to black after 14 years
Korea’s services account has swung into the black for the first time in 14 years, mainly thanks to robust transportation transactions, the Bank of Korea said Wednesday.This has helped the country to achieve an annual record in the current account surplus, the broadest measure of trade.Korea’s current account surplus reached a record high of $43.25 billion in 2012, remaining in the black for 15 consecutive years.The current account surplus increased $17.18 billion to $43.25 billion last year, sur
Jan. 30, 2013
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Financial sector gets less in bonuses than top manufacturers
While those who work for industrial giants such as Samsung and LG expect solid rewards for their stellar performances, there will be no bonus party for the financial sector, which had their worst year in 2012. The financial brothers of Samsung ― Samsung Life, Samsung Fire & Marine Insurance and Samsung Card ― however, are an exception.Banks including Shinhan, KB Kookmin, Woori, Hana and NH Nonghyup will offer zero or less than half of last year’s performance-based bonuses this year.The banks’ co
Jan. 29, 2013
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Yuhan launches genetic analysis service
Yuhan Corporation, a Seoul-based pharmaceutical company, said Tuesday that it had launched a genetic information analysis service that tracks down personal genetic risks for certain diseases and disorders.In a joint venture with Theragen Etex, a local biotech firm specializing in genetic code analysis, Yuhan introduced “Hello Gene” that tests personal genetic information with just a few drops of blood, the company said. The service interprets one’s genetic information within a week or two and pr
TechnologyJan. 29, 2013
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IBs predict gradual pickup in Korean economy
The Korean economy will gradually regain momentum as the global economic recovers, the Korean Center for International Finance said in a research report released on Monday.Citing Goldman Sachs, the KCIF stated that the incoming administration’s stimulus plans along with a positive outlook on China’s economic growth will enable the domestic economy to keep building momentum for recovery, despite lowered expectations over the nation’s economic growth.Goldman Sachs cut Korea’s expected economic gro
Jan. 29, 2013
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Samsung takes over U.S. medical equipment firm
South Korean tech giant Samsung Electronics Co. said Tuesday it has acquired a U.S. medical equipment firm as part of efforts to bolster its healthcare business.Samsung Electronics America acquired NeuroLogica, a leading computed tomography company headquartered in Danvers, Massachusetts, the company said in a press release. Financial terms of the deal were not disclosed.Samsung’s U.S. unit will control the U.S. medical equipment maker, which develops medical imaging products and portable CT sca
IndustryJan. 29, 2013
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FSS reviews irregularities of former Shinhan Financial chief
The nation’s financial regulator is looking into the allegation that former Shinhan Financial Group chairman Ra Eung-chan had illicitly used more borrowed-name bank accounts than were revealed about two years ago.“We are reviewing documents to verify whether the allegation is true,” an official of the Financial Supervisory Service said Tuesday.But he said the FSS has yet to decide whether to launch a re-investigation into Ra’s irregularities, after he was already reprimanded by the regulator for
Jan. 29, 2013
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FTC needs to launch task force on chaebol: chief
SEJONG (Yonhap News) ― South Korea’s antitrust watchdog needs to launch an organization focused exclusively on tackling problems caused by excessive concentration of power and market influence in large conglomerates, its head said Tuesday.“In order to tackle problems related to large business groups, which is crucial to economic democratization, we need to create an organization that will exclusively take the lead (on the issue),” Fair Trade Commission chairman Kim Dong-soo told reporters during
Jan. 29, 2013
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POSCO steel posts $2.6b in 2012 operating profit
Sales and operating profits of POSCO, the world’s fifth-largest steelmaker by output, fell in 2012 from the previous year, but outperformed rivals in profit margin on sales, the company said Tuesday.Sales of POSCO Group’s steel business in 2012 dropped 9 percent to 35.7 trillion won ($33 billion) on-year. Operating profit from the steel business plunged 35.6 percent to 2.8 trillion won ($2.6 billion) in the same period. The sharp fall in operating profit resulted from the impact of the global st
IndustryJan. 29, 2013
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KEPCO head picked as chief organizer for energy congress
Korea Electric Power Corp. CEO Cho Hwan-eik was named Tuesday as the new chairman of the organizing committee for the 22nd World Energy Congress to be held in Daegu between Oct. 13 and 17, 2013.The post had been led by acting chairman Kim Young-hoon, chairman of Daesung Group, since November last year, following the resignation of former KEPCO CEO Kim Joong-kyum. Cho said the organizing committee will prepare for the event as a festival for all participants. The 2013 WEC in Daegu, the world’s la
Jan. 29, 2013
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Citroen DS5, ‘Car of president’ arrives
PSA Peugeot Citroen launched the Citroen DS5 in Seoul on Tuesday, renewing its commitment to the Korean market and its official importer Hanbul Motors that has been struggling from sluggish car sales amid the strong presence of German carmakers. The DS5 crossover sedan, launched in late 2011, is the high-end model for Citroen’s DS line that used to only consist of the DS3 and DS4 compacts. The car became known after it was offered to French President Francois Hollande for his inauguration ceremo
IndustryJan. 29, 2013
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Caffebene out as Lotte eyes drugs business
The drug and cosmetics store landscape is expected to undergo major changes as some players are pulling out of the show and others eye the market.Caffebene, which has made a name for itself as a homegrown caf chain, appears to be ready to call it quits in the drug and cosmetics industry, only five months since its entry with a store called December 24. The first December 24 shop opened in Gangnam Station has already been shuttered, while its second shop, located at Sadang Station, is also to clo
IndustryJan. 29, 2013
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Weak yen woes to sap Korean profitability
Japan’s weak yen policy may be good news for Japanese companies seeking export breakthroughs, but it is gradually becoming a nightmare for Korean companies directly competing with their Japanese peers overseas.Automobiles and tech consumer products are two sectors in which Koreans will face tough competition with Japan, and a weak yen is forcing Korean exporters to revise down their sales and profit forecasts this year.More than 80 of the 113 listed companies have revised down their target for o
Jan. 29, 2013
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State-run oil firm KNOC to boost local SMEs
The state-run Korea National Oil Corp. presented on Monday its future business vision to help small and medium-sized oil companies reinforce their international competitiveness.“Our vision is to achieve a global oil company that embraces small-scale companies,” said KNOC president and CEO Suh Moon-kyu.“These efforts will contribute to boosting small and medium-sized oil business units here.”To realize such a goal, the company suggested three major slogans ― reinforcing the competitiveness of sma
Jan. 29, 2013