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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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Golden chance to liquidate babies’ gold rings?
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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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SKT’s global forum on next-generation networks
SK Telecom said Sunday that it will hold a five-day conference in Seoul to discuss next-generation mobile networks with 13 other global mobile service providers beginning on Monday.Organizer SKT, the country’s top mobile carrier, said the meeting will be held in two different sessions ― an operating committee meeting and partner forum ― with about 20 mobile makers participating from around the world.The theme of the conference will be the successful development and commercialization of the fourt
IndustryMarch 18, 2012
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16.2% of people on mortgages house poor
64 percent of house poor wish to sell off homes to pay off debtsAn increasing number of people are falling short of cash because most of their money is tied up in their homes, becoming house poor.In a survey of 2,000 families with mortgages in the Seoul area and five other metropolises, 16.2 percent were found to be house poor, KB Financial Group’s Management Research Institute said on Sunday.These house poor families were spending more than 30 percent of their income to pay back the principal a
March 18, 2012
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Banking sector faces little impact from KORUS FTA
Regulator says only minor regulatory changes will take place to enable U.S. financial firms offer services in KoreaThe financial industry will see a limited impact from the trade pact between Korea and the U.S., with only minor regulatory changes to take place enabling U.S. financial firms to offer services here, the Financial Services Commission said. “There were only a few barriers left in the market even before the free trade agreement,” a FSC official said.“Major changes include allowing cro
March 18, 2012
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High oil prices feared to dent S. Korean economy: experts
A recent surge in international crude prices and their high volatility are likely to make a dent in the economy of South Korea that relies entirely on imports for its oil needs, market sources said Sunday.With oil prices soaring due to heightened geopolitical risks stemming from the international standoff over Iran’s nuclear program, the ratio of South Korea’s oil imports bill to its gross domestic product is expected to hit a record high this year, having an immense negative impact on Asia’s fo
March 18, 2012
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Local CEOs see continued high oil prices: poll
Top managers of South Korean companies predict high international oil prices to last for the time being due to the standoff between Western countries and Iran, a poll showed Sunday.According to the survey of 216 local chief executive officers by Samsung Economic Research Institute, 44.4 percent of the respondents expected international crude prices to average $100 to $120 per barrel this year.Another 40.3 percent forecast a price range of $120-$140, with only 4.2 percent projecting the average c
March 18, 2012
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Korea’s health insurance outlays up 6 percent in 2011
South Korea’s health insurance outlays for examination and treatment rose 6 percent on-year in 2011, partly due to more senior citizens requiring medical attention, a state-run agency report said Sunday.The National Health Insurance Corp. said the total amount spent to cover medical examinations, hospitalizations and drug purchases last year topped 46.2 trillion won ($40.1 billion).This translates into an average payment of 940,000 won for every person covered by the country’s health insurance.T
March 18, 2012
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Korean scientists find all-round cancer suppressing enzyme
South Korean scientists said Sunday they have discovered an enzyme capable of suppressing growth of both solid tumors and blood cancers, opening up the possibility of treating the potentially fatal disease.A research team led by An Sung-kwan, a microbial engineering professor at Seoul’s Konkuk University, said the Mulan E3 ligase effectively deals with the Akt protein, kinase which plays a key role in the growth and spread cancer in the body.“The Mulan enzyme has been found to act as a powerful
TechnologyMarch 18, 2012
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Blizzard announces May release of Diablo 3
Blizzard Entertainment announced Sunday that its global release of the firm’s popular action role-playing online game, Diablo 3, will take place on May 15.Mike Morhaime, chief executive and co-founder of Blizzard Entertainment, told local media that he felt Korea has shown a strong response to the announcement of Diablo 3’s release date and that it is in the final development stage for better game play and language customization.However, the company decided to leave out the cash auction house fu
IndustryMarch 18, 2012
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Korean bourse to look to U.S. indicators for a rise
The Korean stock market is expected to attempt to grab fresh upward momentum based on strong U.S. economic data this week, but high oil prices could limit its rally, analysts said. The KOSPI closed down 0.5 percent at 2,034.44 points on Friday, but eked out a weekly gain of 0.8 percent. For the year, the main bourse rose 11.4 percent, helped by a broader rally in recent sessions together with other Asian markets. The tech-packed KOSDAQ closed up 0.27 percent at 539.78 points on Friday. Analysts
March 18, 2012
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SK Biopharm’s constipation treatment in phase-2 trials in U.S.
SK Biopharmaceuticals Co. said on Sunday it began phase-2 clinical trials of YKP10811, a treatment for chronic constipation, in the United States last month.The phase-2 trials are conducted on patients with chronic constipation and other gastrointestinal disorders to see if once-a-day oral dosing of the drug is effective and safe.Once the phase-2 and phase-3 trials succeed, SK Biopharm expects to begin sales of the new drug around 2016.Unlike the current treatments for constipation that rely on
IndustryMarch 18, 2012
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‘Banking shares have more room to rise’
Korea’s banking sector is likely to see a continued upturn following a solid performance in the past week that outperformed the broader KOSPI, a brokerage said in a report. Kyobo Securities said the banking shares on the main bourse rose 6.4 percent in the past week, while the KOSPI rose 4.2 percent, largely because of a brightened outlook for Europe’s economic recovery and optimism about investors’ demand for the stocks. The rally came after shares in local lenders had weakened a bit following
March 18, 2012
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‘Galaxy Note to boost Samsung’s operating profit’
Korean tech giant’s total shipment of smartphones to rise 16 percent in 2012Samsung Electronics is likely to see its operating profit hit a record high in the January-March period this year thanks to stronger-than-expected sales of its upscale smartphone Galaxy Note, a brokerage said. Korea Investment & Securities said in a report that Samsung’s latest smartphone would chalk up sales of 5 million units, up from its earlier estimate of 3 million units, citing its surging popularity among consumer
March 18, 2012
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GM sees Europe pricing weakness causing broad capacity cuts
General Motors Co. sees “clearly deteriorating” sales and pricing in Europe’s car market leading to restructuring across the industry, according to analysts who met with the automaker’s management yesterday. Analysts met with Dan Ammann, GM’s chief financial officer, and James Davlin, treasurer of the Detroit-based automaker, according to Citigroup Inc. Europe’s vehicle pricing has “worsened significantly” during the past three to four months, Rod Lache, a New York-based analyst at Deutsche Bank
MobilityMarch 18, 2012
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U.S. auto dealers who survived debacle see record sales
Spring Chrysler-Jeep-Dodge-Ram in Houston was one of the fortunate U.S. auto dealers to have survived the industry meltdown of 2008 and 2009.“It was tough times,” Al Heggs, the dealership’s general manager, said of the period when sales plunged to less than 135 new cars and trucks a month from 300. “You don’t take any solace in the fact that everybody else is suffering. You just got to figure out how to keep yourself above water.”Beleaguered Spring Chrysler wound up doing that ― and much more. T
MobilityMarch 18, 2012
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Two wheels lure young away from four
Sports motorbikes are offering a fuel-efficient alternative to cars for young people in the entry-level market. BMW Motorrad and Honda Korea note a two-digit expansion in sales of their flagship models over the past year, taking sales from the entry-level car market.The sales volume of Honda’s CBR125R, a 125cc engine bike, grew 128 percent last year alone. CBR125R boasts fuel efficiency of 57.3 kilometers per liter, making it attractive compared to compact cars after oil prices soared to all tim
MobilityMarch 18, 2012
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Blizzard announces May 15 release of Diablo 3
Blizzard Entertainment announced Sunday that its global release of the firm’s popular action role-playing online game, Diablo 3, will take place on May 15.Mike Morhaime, chief executive and co-founder of Blizzard Entertainment, told local media that he felt Korea’s strong response following the anno
TechnologyMarch 18, 2012
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Nuclear issue creeps up agenda for April election
Opposition leader vows to curb use of atomic power, experts warn of political motivationIn an increasingly volatile race for parliament, nuclear power is creeping up the political agenda as opposition lawmakers seek to exploit growing safety jitters to retake power in next month’s vote.Concerns about the safety of the nuclear industry are rife after news broke last week that plant operators had attempted to cover up a power cut at a reactor in Busan for over a month.Though it caused no damage or
IndustryMarch 18, 2012
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Samsung Electronics fined 400m won for obstructing probe
South Korea's tech giant Samsung Electronics Co. has been fined 400 million won ($354,900) for obstructing the government's mobile phone price-rigging probe, the country's corporate watchdog said Sunday.The Fair Trade Commission (FTC) said the fine is the highest levied on a company so far for hinde
IndustryMarch 18, 2012
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Korean scientists find all-round cancer suppressing enzyme
South Korean scientists said Sunday they have discovered an enzyme capable of suppressing growth of both solid tumors and blood cancers, opening up the possibility of treating the potentially fatal disease.A research team led by An Sung-kwan, a microbial engineering professor at Seoul's Konkuk Unive
TechnologyMarch 18, 2012
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Apple fans snap up new iPad in muted launch
SAN FRANCISCO (AFP) - The new iPad went on sale on Friday with Apple fans lining up from Sydney to San Francisco to snap up the latest model of the hot-selling tablet computer.Buyers in Asia, Europe and the United States praised the eye-poppingly sharp display on the new iPad but a device which is o
TechnologyMarch 18, 2012