Most Popular
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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LG Uplus denies report on borrowing
LG Uplus, one of the nation’s major telecom operators, denied a news report that it is seeking a loan amounting to $200 million.“It is a totally groundless report,” said a spokesman for the telecom company, an affiliate of LG Group.Quoting unnamed sources, Bloomberg reported that the Korean telecommunications and mobile phone operator has held discussions with banks for a two to three-year facility.The news agency said the facility will be a loan-style floating rate note, a type of offshore loan
Nov. 1, 2011
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October trade surplus falls to $4.29b
South Korea’s trade surplus shrank sharply from a year earlier in October as imports growth outpaced exports gains, the government said Tuesday.The country’s trade surplus reached $4.29 billion last month, down from $6.34 billion a year earlier, according to the Ministry of Knowledge Economy. Last month’s figure, however, was larger than the $1.55 billion surplus tallied in September.The ministry said exports grew 9.3 percent from a year earlier to $47.4 billion while imports gained 16.4 percent
Nov. 1, 2011
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Consumer prices grow 3.9 percent in October
South Korea’s consumer prices grew at a slower pace in October than a month earlier, falling below the 4 percent mark for the first time this year, a report showed Tuesday. According to the report by Statistics Korea, the country’s consumer price index rose 3.9 percent last month from a year earlier, slowing from the 4.3 percent on-year gain in September.The October figure marked the first time this year that the index has fallen below the government’s annual inflation target of 4 percent for 20
Nov. 1, 2011
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SK Telecom uses ‘smart’ ideas to make social contributions
Telecom giant’s IT-based projects offer more opportunities for the disabled, underprivilegedSK Telecom, the nation’s top mobile carrier, has continued efforts of corporate social responsibility for many years. The company has recently been focusing more on what they can do best ― IT-based social contribution projects. Apps for the visually-disabledSK Telecom, together with Korea Blind Union, launched the nation’s first mobile app for visually-disabled people called “Library that Reads Happiness”
IndustryNov. 1, 2011
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Biz groups defend ISD settlement system
Local business lobbies again called for the quick ratification of the Korea-U.S. Free Trade Agreement on Tuesday, saying that the investor-state dispute settlement system is one that has become a global standard.In opposing ratification of the accord with the U.S., opposition parties have focused on the ISD clause, which allows disputes between investors and the state to be settled under the mediation of a third party. According to the coalition of opposition parties that seek to prevent the Gra
IndustryNov. 1, 2011
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Momentum building for Northeast Asia trade deal
Korea positioned to take lead in forging trilateral accord with China, JapanWith the parliamentary ratification of a free trade deal with the U.S. held back by a prolonged standoff between the two main parties, Korea agreed to expand its currency swap deals with China and Japan last month.It signed an agreement to double its currency swap arrangement with China to $57 billion last Wednesday during a visit to Seoul by China’s Vice Premier Li Keqiang. The accord with Beijing came only a week after
Nov. 1, 2011
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Banks lose faith in profit targets
Commercial banks plan to lower their earning targets for 2012, forecasting that the nation will continue to suffer from the economic slowdown and their revenues will decrease due to their recent decision to slash transaction service charges.Woori Bank has set the aim of its net profit for next year at about 1.5 trillion won ($1.3 billion), compared to the 2011 goal of 1.8 trillion won.Shinhan Bank is considering scaling down the 2012 target to between 1 trillion and 2 trillion won, compared with
Nov. 1, 2011
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New smartphones flood the market this month
Apple’s iPhone 4S, Samsung’s Galaxy Nexus, LG’s Prada Phone among the selling smartphone bunchA number of new smartphones, including the iPhone 4S, will hit the market this month, setting the stage for another round in the smartphone battle in Korea.Mobile carriers ― SK Telecom and KT Corp. ― are now getting ready to release Apple Inc.’s newest iPhone 4S in the local market as it received radio approval in Korea last week.According to industry sources, both SKT and KT are developing promotion me
IndustryNov. 1, 2011
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Samsung bucks the trend by achieving market cap growth
Samsung Group bucked the trend of the past four months by increasing its market capitalization while its rivals saw their combined stock value shrink amid the financial turmoil sparked by the global recession fears, data showed on Tuesday. According to the data compiled by the Korea Exchange, FnGuide and Chaebul.com, Samsung’s market cap reached 238.08 trillion won ($213.91 billion) as of end-October, growing 6.05 trillion won from the end of June. The country’s biggest conglomerate benefited fr
IndustryNov. 1, 2011
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Highway tolls, train fares to rise
The government on Tuesday announced plans to raise highway tolls and train fares in a bid to cope with surging costs and to boost the financial stability of state-run enterprises.The package includes an average hike of 2.9 percent in expressway tolls nationwide starting later this month, and an average increase of 2.93 percent in train tickets from mid-December, according to the Ministry of Land, Transport and Maritime Affairs.“The government has frozen toll and train rates since 2006 and 2007 i
Nov. 1, 2011
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Car exports up, domestic sales down
Korea’s major automakers posted contrasting sales performances at home and abroad last month.Hyundai Motor and Kia Motors saw their exports increase in October from a year earlier. But their sales at home dropped on a yearly basis.Hyundai Motor sold 305,923 units, including exports and overseas production, abroad last month, up 18.3 percent from 258,644 units a year ago.The nation’s largest automaker saw exports of 114,454 units and sales of 191,469 units from overseas factories, increases of 18
MobilityNov. 1, 2011
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LG Electronics CEO presents awards, stresses software competitiveness
LG Electronics vice chairman Koo Bon-joon stressed that gaining competitiveness in software means nurturing future growth engines at an event designed to name 14 “software architects” on Tuesday.“Gaining software competitiveness itself is a future growth engine,” said Koo. “I ask you, the software architects, to think of yourselves as one of the best experts and continuously share your knowledge and information to enhance your capabilities.”Software architects are a group picked from the firm’s
IndustryNov. 1, 2011
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Seoul shares close marginally higher
South Korean stocks finished marginally higher Tuesday as foreign investors snapped up blue-chip tech and auto exporters, outweighing losses in banks and steelmakers, analysts said. The local currency fell against the U.S. dollar.After bobbing in and out of negative territory, the benchmark KOSPI edged up 0.6 points, or 0.03 percent, to 1,909.63. Trading volume was moderate at 348 million shares worth 6.19 trillion won ($5.56 billion) with losers leading gainers 541 to 290. “Foreign investors co
Nov. 1, 2011
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Bond outlook improves on currency swaps
Borrowing conditions in the dollar bond market improved after Korea secured expanded currency swaps with Japan and China in October, local banks said Tuesday. Commercial banks said Korea’s $300 billion-plus foreign exchange reserves and the expanded currency liquidity through currency swaps are lowering funding costs for them.“We saw an immediate bounce of interest in the secondary buying of dollar-bonds on Oct. 19 when market heard of Seoul’s expanded currency swap with Japan from $13 billion t
Nov. 1, 2011
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Memory chip prices extend slump
Prices of memory chips used in personal computers and mobile devices logged another drop, according to the latest industry data Tuesday, reflecting still fragile demand for consumer electronics products. Prices of NAND flash memory devices hit a 32-month low in the second half of last month, while prices of dynamic random access memory chips failed to make a rebound and held steady in the same period, according to DRAMeXchange Technology Inc. The Taiwan-based company, Asia’s largest operator of
Nov. 1, 2011
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Nightspot businesses plan massive strike
The credit card commission dispute has entered a new phase as the country’s bars, night clubs, massage parlors, hagwon, and other small businesses plan to go on a nationwide strike at the end of this month over transaction fees. The Federation of Professional Economic-Person Societies, which covers the so-called nightspot business, said on Tuesday it would hold a 50,000 people-strong rally in Seoul on Nov. 30 to call on credit card companies to lower the transaction commission rate to 1.5 percen
Nov. 1, 2011
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Groups push J&J on baby shampoo chemicals
TRENTON, N.J. (AP) — Two chemicals considered harmful to babies remain in Johnson & Johnson's baby shampoo sold in the U.S., even though the company already makes versions without them, according to a coalition of health and environmental groups.This file photo shows Johnson's "No More T
IndustryNov. 1, 2011
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'Rejuvenated' stemcells coaxed from centenarian
Scientists said Tuesday they had transformed age-worn cells in people over 90 -- including a centenarian -- into rejuvenated stemcells that were "indistinguishable" from those found in embryos.The technical feat, reported in the peer-reviewed journal Genes & Development, opens a new path toward rege
TechnologyNov. 1, 2011
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Scientists make human blood protein from rice
WASHINGTON, Oct 31, 2011 (AFP) - Scientists at a Chinese university said Monday they can use rice to make albumin, a protein found in human blood that is often used for treating burns, traumatic shock and liver disease.When extracted from rice seeds, the protein is "physically and chemically equival
TechnologyNov. 1, 2011
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S. Korea's trade surplus hits $4.3 billion in Oct.
SEOUL, Nov. 1 (Yonhap) -- South Korea's trade surplus grew significantly from a year earlier in October on robust exports, the government said Tuesday.The country's trade surplus reached US$4.3 billion last month, up from $2.67 billion a year earlier, according to the Ministry of Knowledge Economy.E
Nov. 1, 2011