Most Popular
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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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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Seoul alerts overseas missions to NK terror threats
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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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Samsung grabs over 10 pct share of global chip market in Q1
Samsung Electronics Co., the world's top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or US$7.77 billion of the global semiconductor market in the January-March period to rank second among the world's major chip makers. Samsung Electronics garnered a 1
IndustryJune 3, 2013
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CJ Group execs destroyed evidence ahead of raid: prosecution
Some executives of CJ Group attempted to destroy evidence ahead of a prosecution raid over the food and entertainment conglomerate's alleged creation of a slush fund, a prosecution official said Monday.Two weeks ago, a team of prosecutors and investigators raided the headquarters and offices of CJ and the houses of several executives to collect evidence of suspicions that it had created an overseas slush fund worth 7 billion won ($6.2 million) and brought the money into the country. The group ha
IndustryJune 3, 2013
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Females in 20s more economically active than male counterparts
The economic participation rate for South Korean females in their 20s exceeded that of their male counterparts for the fourth consecutive quarter in 2013, data showed Monday, as more women received college education.According to the data by Statistics Korea, the economic participation rate among women in their 20s stood at 61 percent in the January-March period, compared to 60.7 percent for men in the same age group.The economic participation rate refers to the portion of the population that is
June 3, 2013
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Seoul shares open tad lower on downbeat U.S. data
South Korean stocks opened slightly lower Monday, dented by poor U.S. consumer spending data reflecting a slow economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.15 points, or 0.06 percent, to 1,999.90 in the first 15 minutes of trading. Shipping lines and financial firms drove down the shares.Leading player Hanjin Shipping fell more than 2 percent, with No. 1 brokerage house Samsung Securities slipping 1.2 percent. U.S. consumer spending posted the
June 3, 2013
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S. Korea issues preliminary warning for power shortage
South Korea issued a preliminary warning for a possible power shortage Monday, signaling the start of what is expected to be a long streak of difficulties created by a recent shutdown of nuclear reactors.The warning was issued after the country's power reserve level temporarily dipped to under 4.5 million kilowatts, according to the Korea Power Exchange, the state-run distributor of electricity. A level 2 warning is issued when the power reserve falls below 4 million kilowatts.The Korea Electric
June 3, 2013
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S. Korea's consumer prices grow 1 pct on-year in May
South Korea's consumer prices grew at the slowest pace in nearly 14 years in May, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in May, slowing from a 1.2 percent on-year gain in the previous month, according to the report by Statistics Korea. The figure was the slowest growth since September 1999 when it increased 0.8 percent on-year. It also represented the seventh straight month since Nove
June 3, 2013
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Nation faces warning on electricity supply this week
With another nuclear reactor to stop for maintenance and an expected power demand increase because of high temperatures, the nation’s electric power reserves are expected to drop to a warning level this week, officials said Sunday.The projected shortage will greatly concern industrial circles, especially the sectors heavily reliant on electricity for production.According to the Korea Power Exchange, the country’s total electricity inventory will come close to 3 million kilowatts this week and fa
June 2, 2013
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Woori Bank to unload collateral shares in STX
Woori Bank has reportedly notified and gained approval from financial regulators and other creditors of STX Corp. to unload and sell-off its equities of STX and ForceTec Woori received as collateral for loans extended to ForceTec.The conglomerate’s chairman Kang Duk-soo, whose key subsidiaries such as shipping and shipbuilding are teetering on the edge of bankruptcy due to the debt overhang, had put up his equity ownerships of about 11 percent in STX and its de facto IT and logistics parent Forc
June 2, 2013
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[Graphic News] Korean carmakers’ slice of pie continues to shrink
Domestic carmakers’ local market share continued to contract in the face of foreign brands’ aggressive marketing, according to data released on Saturday by the Korea Automobile Manufacturers Association.Since their combined market share fell below 90 percent for the first time in the third quarter of last year, the nation’s five automakers ― Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong ― have seen a continued drop in sales.Industry observers said the trend was expected to continue as im
IndustryJune 2, 2013
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Is Abenomics losing steam?
Japanese stocks, bonds and exchange rate have lost momentum over the past weeks, a sign that the effect of its monetary and fiscal stimulus, or part of the so-called “Abenomics,” may be letting up.Japan’s Nikkei225 falling more than 7 percent on May 23 was a wake up call to investors and financial policymakers as the benchmark continued its decline toward 13,700 from 15,000 over the last six trading days.Yields on Japan’s state bonds touched 1 percent, while their value has dropped, increasing t
June 2, 2013
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[Photo News] Campaign for cutting food waste
June 2, 2013
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Tick-borne virus hits outdoor business
Fewer people are buying equipment for outdoor activities over fears of a deadly tick-borne virus.According to multiple retailers, sales of outdoor products such as hiking boots and climbing equipment have shrunk since the national disease control agency issued a public alert last month after the death of the country’s second infected patient.“It’s quite uncommon to see camping equipment and outdoor gear’s sales drop before the summer vacation season,” an official from a local retail store was qu
June 2, 2013
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Woori warned for not reporting money withdrawal
The nation’s top financial regulator decided to issue an institutional warning against Woori Bank for its failure to properly monitor a withdrawal of a large amount of money from the bank, sources said on Sunday.The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.Former Mirae Savings Bank chairman Kim Chan-kyung,
June 2, 2013
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Trade surplus hits nearly 3-year high in May
South Korea’s trade surplus surged to a nearly three-year high in May, as an economic recovery of its two largest exporting partners fueled brisk outbound shipments, the government said Saturday. South Korea chalked up a trade surplus of $6.03 billion last month, compared with a surplus of $2.39 billion a year earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 3.2 percent on-year to $48.37 billion, while imports fell 4.8 percent to $42.34 billion over the cited peri
June 2, 2013
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Shares likely to move in tight range this week
South Korean stocks are expected to continue rangebound trading this week, as investors will likely keep a close watch over global markets amid a possible tapering of U.S. monetary easing, analysts said. The benchmark Korea Composite Stock Price Index closed at 2,001.05 on Friday, up 1.3 percent from 1,973.45 the previous week. The main bourse got off to a strong start in the beginning of the week, breaching the psychologically important 2,000 mark on Wednesday, as the yen’s weakness stabilized
June 2, 2013
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Listed firms’ Q1 net slips nearly 10%
South Korea’s listed companies saw their earnings shrink nearly 10 percent in the first quarter from a year earlier, as major exporters suffered a setback from the Japanese yen’s prolonged weakness amid the economic slowdown, the bourse operator said Sunday. The combined net profit of 625 firms listed on the main bourse came to 14.4 trillion won ($12.7 billion) on a consolidated basis in the January-March period, down 9.71 percent from 16.1 trillion won the previous year, according to the data b
June 2, 2013
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Top Dutch court rejects Apple’s sales ban request against Samsung
The top Dutch court has dismissed Apple Inc.’s request to ban sales of tablets made by Samsung Electronics Co., ruling in favor of the South Korean smartphone maker in its legal battle with the iPhone maker. The Supreme Court of the Netherlands did not agree with the U.S. firm’s accusation that its Korean rival infringed its design patents, the court said on its website on Friday.The California-based tech giant filed an injunction against Samsung, claiming it had copied Apple’s designs in its Ga
TechnologyJune 2, 2013
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FTC seeks to raise fines for unfair practices
The country’s antitrust watchdog said Sunday that it will significantly increase fines for unfair business practices, a move partly aimed at financing the administration’s new policy goals.However, the Fair Trade Commission said it seeks to increase the amount of money actually collected by lowering fine reduction rates and eliminating or strengthening certain conditions for a reduction, instead of raising the upper limit for fines.The move comes as the government seeks to further promote fair b
June 2, 2013
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FSC chief reaffirms sale of Woori Financial by 2014
Financial Services Commission chairman Shin Je-yoon has reaffirmed that the government will find a new owner for Woori Financial Group by 2014.The FSC chief picked the much-disputed privatization of Woori Financial Group as his do-or-resign financial agenda. “Our plan at this point is to fix the new owner by the end of 2014, although we may need more time for the rest of the legal paperwork,” Shin told reporters on Saturday.He stressed that the sale of Woori Financial was currently “headed towar
June 2, 2013
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Pensioner lives in the fast lane
HOENGSEONG, Gangwon Province ― A sleek, black Porsche was fast approaching, its exhaust sounds roaring through the mountainous county of Hoengseong, about 70 kilometers east of Seoul. The driver, Bae Young-ja, 73, wearing sunglasses, white racer gloves and a Porsche logo cap and pique shirt, rolled down the window.“Follow me,” she said.Then she accelerated briskly, rarely braking at the numerous corners leading to her house deep in the mountain.“My Porsche goes really well. I like the way it loo
MobilityJune 2, 2013