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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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Seoul Metro to seek legal action against malicious complaints
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Illit, mired in controversy, remains on Billboard charts for 5th week
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S. Korea lowers COVID-19 warning level, lifts last-remaining antivirus mandates
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Foreign car companies, builder run English camps
Multinational auto and construction equipment makers have started running English summer camps for their employees’ children. The purpose is to heighten workers’ sense of pride and devotion to the company and also to help their children develop global mindsets.Volvo Construction Equipment Korea kicked off the “2012 Volvo Super Junior Camp” at its Pyeongtaek education center, scheduled to run to Aug. 15. About 120 children are participating, the company said.Company officials said the program aim
Aug. 13, 2012
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Otis Elevator Korea rides on early success
Early start, great business model continuing success indicators for his company, says local unit chiefSometimes, it’s good to be first. The multinational leader in the elevators, escalators and moving walkways business began operations in Korea more than 100 years ago, when it installed the nation’s first service elevator in 1910 for the Bank of Korea and the first passenger elevator for the Westin Chosun Hotel four years later. And Otis Elevator Korea has continued riding on its early success.
IndustryAug. 13, 2012
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Seoul shares slip 0.72 percent after rally
South Korean stocks closed 0.72 percent lower on Monday as investors stepped to the sidelines following last week's five-session winning streak, analysts said.The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dipped 13.96 points to 1,932.44. Trading volume was moderate at 348 million shares worth 3.1 trillion won ($2.7 billion), with decliners
Aug. 13, 2012
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Saudi Arabia to build women-only city
Saudi Arabia will construct an all-female city in purpose of providing work for women, according to local news reports.The ultra-conservative kingdom’s Industrial Property Authority (Modon) reportedly will build the city in the eastern city of Hafuf. The new city is anticipated to create around 5,000 jobs in various industries.Saudi Arabia is hoping the new city will encourage more women to work without violating the country’s Islamic law of Sharia. While the law does not ban female labor, it em
IndustryAug. 13, 2012
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Scientists develop fast recharging material for lithium-ion batteries
A group of South Korean scientists has developed a new material for a secondary or rechargeable battery that can be fully recharged in just a matter of minutes, the science ministry said Monday.The development of such a battery could significantly raise the popularity of electric vehicles whose lithium-ion batteries currently take hours to recharge, according to the Ministry of Education, Science and Technology.Conventional batteries use only powdered nanoparticle materials to form a dense, mult
TechnologyAug. 13, 2012
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Seoul shares open lower following rally
South Korean stocks got off to a weak start on Monday as investors took a breather after a five-session winning streak, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 5.58 points, or 0.29 percent, to 1,940.82 in the first 15 minutes of trading.Blue chips were mixed. Market bellwether Samsung Electronics slumped 1.34 percent and top steelmaker POSCO fell 0.78 percent.
Aug. 13, 2012
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Samsung, Osram settle global LED patent fight
Samsung Electronics Co. and Siemens AG’s Osram unit have reached a global settlement of their patent fights over light-emitting diode technology, according to a filing with a U.S. trade agency. Financial details weren’t made public in the filing dated yesterday with the U.S. International Trade Commission in Washington. The settlement ends a case that Samsung filed against Osram and that was scheduled for trial at the agency on Aug. 13. Osram’s case against Samsung went to trial last month, and
TechnologyAug. 12, 2012
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Korea’s R&D in IT, biotech on the rise
Korea has been increasing its research and development projects in the fields of information and technology and biotechnology, spearheaded by 30 state-run agencies over the last three years, according to the National Science & Technology Commission.R&D investment in software, renewable batteries and displays accounted for 19.4 percent of the total last year, up from 18.3 percent in 2009, the commission reported on Sunday.Meanwhile, investment in the development of new drugs, and the welfare and
IndustryAug. 12, 2012
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Yeosu Expo ends run with 8 million visitors
The Expo 2012 Yeosu ended its 93-day run on Sunday, with the number of visitors exceeding the 8 million mark as targeted, the organizing committee said. About 1,100 guests, including United Nations Secretary-General Ban Ki-moon and Prime Minister Kim Hwang-sik, joined the closing ceremony held at the expo site in the nation’s southern costal town of Yeosu. Over the past three months, the Yeosu Expo hosted 104 participating countries, 10 international organizations including the U.N. and seven co
IndustryAug. 12, 2012
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LG Uplus to launch food waste management service
LG Uplus has formed an alliance with local small and medium-size partners, including Bumin W&P, to launch a radio frequency identification (RFID)-based food waste management service, the company announced Sunday.The new “Smart Clean” service is in line with the government’s environmental policy to reduce food waste, which emits greenhouse gases, the local telecom said. The system will allow more efficient ways of managing garbage disposal by having trash bins at apartment or residential areas ch
TechnologyAug. 12, 2012
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New airport election issue again
Land Ministry to gauge profitability of 17 airports next yearThe government has decided to study whether to construct a new airport or expand existing ones next year, possibly creating a major campaign issue ahead of December’s presidential election. According to a long-term plan on airport development announced in January last year, the Ministry of Land, Transport and Maritime Affairs is not permitted to start a new study on airport operations until 2014. The ministry, however, recently decided
IndustryAug. 12, 2012
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Listed firms fare worse in Q2 on economic woes
Korean listed firms saw their net profits plunge in the second quarter despite increased sales, due to the protracted global economic slowdown, data showed Sunday.According to the Korea Listed Companies Association, the combined net profit of 80 major listed firms was estimated at 16.03 trillion won ($14.20 billion) in the second quarter, down 23.9 percent from a year earlier.Their total sales rose 6.1 percent on-year to 297.94 trillion won in the April-June period, with their operating profit f
Aug. 12, 2012
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Foreign investors rush to buy Korean shares
Foreign investors poured the largest amount of money into Korean shares among emerging markets in Asia over the past month as easing concerns over Europe’s debt crisis prompted them to take greater risks, a report showed Sunday.Foreigners purchased a net $3.11 billion worth of Korean stocks between July 10 and Thursday, the largest foreign net buying among six emerging markets in Asia, according to the report by Woori Investment & Securities Co.Korea was followed by India with $1.15 billion, Ind
Aug. 12, 2012
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FSS to look into non-banking sector borrowing
Korea’s financial watchdog said Sunday that it will look into the state of home-backed lending offered by non-banking financial institutions as part of its efforts to keep tabs on the overall surging household debts.Savings banks, insurers, credit finance firms and other non-banking financial agencies are the destination for many people seeking to borrow money after being rejected by banks due to their poor credit backgrounds.Their lending is focused on home-backed loans, which are estimated at
Aug. 12, 2012
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More than 400 financial industry workers punished
Over 400 officials working in South Korea’s financial industry were submitted to disciplinary action so far this year for corruption and insincerity, according to the Financial Supervisory Service. The FSS announced on Sunday that 447 workers at local banks, brokerages, insurers and credit card firms faced penalties this year as of Friday for moral hazard and basic faults such as not properly checking the customers’ real names, embezzlement of customers’ deposits, leaking information and abettin
Aug. 12, 2012
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Eximbank to support Hyundai Motor suppliers in St. Petersburg
The Export-Import Bank of Korea said Friday that it discussed with the suppliers of Hyundai Motor Co. in Russia’s Saint Petersburg ways to support them amid the European fiscal crisis.The Korea Eximbank said it hosted a meeting with the chiefs of the local arms of Hyundai Motor and its suppliers at the carmaker’s Russian production line on Thursday.“Cooperation between large and small companies is important for an overseas production cluster to succesfully settle down,” Kim Yong-hwan, chief exec
IndustryAug. 12, 2012
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Major insurers cut loan rates
Major insurers are cutting interest rates following public criticism that they are too high compared to banks. According to industry sources, Kyobo Life Insurance will reduce the ceiling on its policy loan rate of vested interest-based-insurance products from the current 13.5 percent to 10.5 percent in October. Policy loan rates will be managed at between 6.1 percent and 10.5 percent. Customers in urgent need of money often use policy loans as they enable policyholders to borrow 70 to 80 percent
Aug. 12, 2012
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BMW in China explains Europe’s best new bonds
Bayerische Motoren Werke AG’s China growth is being rewarded by investors who have pushed down relative yields on bonds sold in January by the biggest luxury carmaker more than any other new issue in Europe this year. The spread on BMW’s 1.25 billion euros ($1.5 billion) of notes due 2015 has narrowed 77 basis points since its Jan. 13 sale to 6 basis points, Bloomberg generic prices show. The 94 percent decline outpaced an 83 percent drop for the 500 million euros of 2017 notes issued the same m
MobilityAug. 12, 2012
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Sales of small cars stay strong in slowdown
Local carmakers eager to ride the boom while import car brands remain cautiousThe nation’s economic slowdown is turning consumers toward small-sized cars, a trend likely to continue during the second half of this year, according to experts and government officials.Auto analysts said the 20-year-old small car market is growing bigger than ever, selling 124,450 compact and sub-compact cars in the first seven months of this year with a 15 percent growth on-year.They said the market has a high chanc
MobilityAug. 12, 2012
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KFS joins forces with the world for green growth
Government reaches out beyond borders to make the Earth greenerIt is now high-tech gadgets and automobiles that make Korea a global model of success, but the nation’s original start-from-scratch story lies within its forests. Korea made itself green out of the rubble of the Korean War, and its reforestation garnered much praise from around the world. As Lester Brown, a well-known U.S. environmental analyst, once said, “South Korea is a reforestation model for the world. We can reforest the earth
Aug. 12, 2012