Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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'Queen of Tears' riding high on Netflix chart
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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Gov't seeks to convert irregular public workers into regular employees
The government will seek to convert irregular workers in the public sector into employees on regular working contracts as part of its efforts to make sure they have better job security, sources said Thursday. According to the finance ministry sources, the ministry is expected to report the plan to the presidential transition committee in a briefing on its 2013 policymaking scheduled for Sunday.The plan seems to be in line with the campaign pledge of President-elect Park Geun-hye that she will co
Jan. 10, 2013
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Nationwide blackout drill due Thursday
A nationwide drill to prepare for a possible power blackout will start at 10 a.m. for 20 minutes on Thursday, the government said.The Ministry of Knowledge Economy, which is responsible for the nation’s energy policy, said the drill was aimed at raising the public’s awareness about a possible blackout. “The training session will start with the sound of siren at 10 a.m. nationwide and it will run under a mock scenario that power reserves fall below 2 million kilowatts,” a ministry official said.
Jan. 9, 2013
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Park seeks ‘warm growth’ through jobs, SMEs
President-elect Park Geun-hye said Wednesday that her government would seek to reform business laws and regulations for small- and medium-sized enterprises as a means to sustain growth that can be shared with and felt by everyone.“The incoming government believes in the importance of promoting (the so-called) ‘warm growth’ that can reach all parts of the society,” said Park in a meeting with SME businesspeople and members of the Korea Chamber of Commerce and Industry.She added that her administr
Jan. 9, 2013
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Job creation slows in December
Korea saw 277,000 jobs created in December, a drop in employment growth from 353,000 jobs a month earlier.According to Statistics Korea, the December figure marked the slowest job gains on a monthly basis since September 2011 when job creation stood at 264,000.In addition, the total number of employed continued to drop over the past few months ― it marked 25.06 million in October, 24.94 million in November and 24.40 million in December.“The overall job growth pace slowed down last month as jobs
IndustryJan. 9, 2013
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KAIST, Aramco sign agreement to develop carbon storage technology
The Korea Advanced Institute of Science and Technology and Saudi Aramco have agreed to establish a research center to develop technologies to capture, store and utilize carbon dioxide. Korea’s leading research institution and the world’s top oil developer signed a memorandum of understanding in Dhahran, Saudi Arabia, on Monday. They will build a new facility with a total floor space of 16,500 square meters in the school’s campus in Daejeon.KAIST said the center will be financed equally by the t
TechnologyJan. 9, 2013
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Ssangyong union member in coma after suicide attempt
Ssangyong Motor said Wednesday that a 50-year-old union member fell into a coma after attempting suicide at the company’s assembly line in Pyeongtaek, Gyeonggi province, on Tuesday. In a message that was made public with the consent of his family, the worker, surnamed Ryu, called for the government to take prompt action to resolve the deepening labor-management conflict at the company. Despite being offered first aid by a colleague and moved to a nearby hospital immediately, the company said, he
IndustryJan. 9, 2013
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1 in 3 elderly dementia patients live alone: report
More than one-third of elderly patients with severe dementia in Korea are living alone without family support, a report found Wednesday.According to a research team at St. Mary’s Hospital in Seoul, about 36 percent of a group of patients with severe cognitive impairment or with a score of 2 on the clinical dementia rating said they were on their own. The CDR is a scale that assesses the severity of dementia. “Patients with a CDR score of 2 can only do simple housework. They are in the severe sta
TechnologyJan. 9, 2013
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Korea retains global shipbuilding leadership
A late surge helped cement the Korean shipbuilding industry’s global lead in order volume last year, according to a report released by U.K.-based Clarkson’s Research on Wednesday.Korea was tied with China in terms of the number of shipbuilding orders in December, with 30 vessels each, but Korean shipbuilders stayed ahead of Chinese in terms of order value. Korean shipbuilders inked $2.83 billion worth of orders in December, while the value of the Chinese deals stood at $880 million, the report s
IndustryJan. 9, 2013
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Kia unveils new K9 with lower price tag
Kia Motors announced price cuts for popular models including the K9 luxury sedan on Wednesday, following its sister carmaker Hyundai Motor’s recent price cuts. The price cuts are largely aimed at maintaining their competitive edge in the domestic market amid an intensifying offensive by import brand cars. It is the first time ever for them to lower car prices. On Wednesday, Kia unveiled the new 2013 version of the K9 with a lowered price tag. Despite its highly publicized launch last year, the f
IndustryJan. 9, 2013
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FSS, BOK left out of transition team briefing
The Financial Supervisory Service and the Bank of Korea have not been included on the transition team’s list of government agencies that are due to brief President-elect Park Geun-hye on social and economic administrative issues between Jan. 11 and 17.Officials on Park’s team said that it omitted them as they are “not official state ministries.” The Financial Services Commission, the financial policymaking body, however, is scheduled to report to the transition team on Jan 15. FSS is the regulat
Jan. 9, 2013
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Woori Card to spin off in first quarter
Financial regulators are set to approve Woori Financial Group’s plan to spin off its credit card unit from Woori Bank later this month, sources said Wednesday.The Financial Services Commission and the Financial Supervisory Service held a senior-level meeting on Wednesday to fine-tune details in a preliminary step to endorse Woori Financial’s proposal to launch a stand-alone credit card operation. An FSC official said regulators will reach a final decision in the coming panel discussion, slated f
Jan. 9, 2013
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CJ Freshway opens Busan outlet despite protest
CJ Freshway has opened an outlet in the Busan area despite the government advising against it, according to the Small and Medium Business Administration earlier this week. On Jan. 2, CJ Freshway, a CJ affiliate specializing in distributing food materials and food services, opened a store in Busan although the SMBA had requested that the company suspend the opening.The administration had issued the request after receiving demands from the Busan area’s association of retailers and wholesalers, ask
IndustryJan. 9, 2013
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Shares down on earnings woes
South Korean stocks finished 0.31 percent lower on Wednesday as investor sentiment was dented by concerns over weak corporate earnings for the fourth quarter of 2012, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 6.13 points to 1991.81. Trading volume was heavy at 598 million shares worth 3.95 trillion won (US$3.71 billion) with losers outnumbering gainers 428 to 376.“Local listed firms are estimated to have remaine
Jan. 9, 2013
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Orion’s Chinese sales surpass W1tr
Orion Group, best known for its signature chocolate-covered pies, has become the first Korean confectionery to achieve annual sales topping 1 trillion won in the Chinese market, the company said Wednesday. Orion said its sales for the year 2012 stood at 1.1 trillion won ($1 billion) to record a considerable increase from slightly over 700 billion won the year before. Orion has shown an average annual growth rate of almost 50 percent over the past five years, and in 2012, the company expects its
IndustryJan. 9, 2013
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Park aims to empower consumers, SMEs
As President-elect Park Geun-hye vowed to be the president for the low and middle-income groups, one of the key economic policies her administration plans to implement involves consumer protection and micro credit financing.In her broader economic democratization agenda that aims for equality of opportunity irrespective of economic status, Park sets out to create a control tower, or an executive branch of sorts, to focus on supporting and protecting the middle class.Various policy suggestions ma
Jan. 9, 2013
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Apple said to develop cheaper iPhone for late 2013 debut
Apple Inc. plans to sell a smaller, cheaper version of the iPhone as soon as this year, said a person familiar with the plans, part of a push to gain customers in developing nations.Apple, which had been working on a more affordable smartphone since at least February 2011, is weighing retail prices of $99 to $149 for a device that would debut in late 2013, at the earliest, according to the person, who asked not to be named because the negotiations are private. Apple has spoken to at least one of
TechnologyJan. 9, 2013
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Innovative tech augments autos
LAS VEGAS ― Carmakers are expressing their big appetites for in-vehicle technology integration at this year’s Consumer Electronics Show, led by Audi and Lexus’ unveiling of skills for driverless driving.“Whenever I don’t want to drive, I can allow myself to be driven. Ultimate responsibility rests with the pilot,” said Ricky Hudi, head of development in electrics and electronics at Audi. Boasting that Audi is the world’s first car manufacturer that has a license to test automated driving in Neva
TechnologyJan. 9, 2013
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OLED TV market to grow to 1m units in 2014: LG
LAS VEGAS ― LG Electronics’ home entertainment chief Kwon Hee-won said Wednesday that the firm expects that about 1 million units of OLED TVs will be shipped globally next year thanks to the increase of competitors.With the rise of Japanese firms in the OLED TV market, LG is getting ready to mass produce the 55-inch OLED TV which it claims to have superior brightness, clear picture quality and good contrast ratio. Using W-RGB display technology, the company also showcased the world’s first 55-in
TechnologyJan. 9, 2013
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Samsung, LG unveil world’s first ‘curved’ OLED TVs
LAS VEGAS ― Samsung and LG Electronics, the world’s top two TV makers, once again boasted tech prowess in the TV industry by revealing the world’s first curved OLED TV at the Consumer Electronics Show on Wednesday.Creating a panorama effect, the 55-inch curved OLED TV is intended to offer a more immersive viewing experience for consumers, according to Samsung officials.They also said that the curved display offers consistent picture quality from any angle and that consumers are deemed to be more
TechnologyJan. 9, 2013
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Nearly 100 doctors caught for abusing propofol, other drugs
Nearly 100 doctors have been caught for misusing narcotics and psychotropic drugs such as propofol, police said Wednesday.Police have uncovered 98 medical workers -- mostly doctors -- and eight hospitals in a two-month nationwide crackdown on illegal use of drugs by hospitals.The crackdown, conducted jointly with the health authorities, came after a local obstetrician was arrested in August on charges of injecting his girlfriend with an anesthetic that caused her death and then abandoning her bo
TechnologyJan. 9, 2013