Most Popular
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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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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Commercial banks to kick off debt rescheduling plan
South Korean commercial banks will kick off their debt restructuring programs for the so-called "house poor," who are unable to pay off their debts, including mortgages, starting on Monday. Under the plan named "pre-workout," the banks will extend the repayment period for borrowers with fewer than 90 days of delinquency to up to 35 years, industry sources said Sunday. However, borrowers whose properties are under legal dispute can not apply for the program. Borrowers who filed for a personal fin
June 16, 2013
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Woori chief vows to secure independence of 13 units
Woori Financial Group chairman Lee Soon-woo pledged to prioritize raising the market value of each business unit for successful privatization of the nation’s largest financial service firm.Through his inaugural speech at the group’s headquarters in Seoul on Friday, the new Woori chief called for his staff to put great efforts into bolstering risk management and market dominance at 13 subsidiaries.“By minimizing the excessive rights of the finance holding firm, the group will secure voluntary man
June 14, 2013
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Samsung’s suppliers vow shared growth among themselves
First- and second-tier suppliers of Samsung Electronics inked an agreement on Friday to promote fair trade and shared growth by using standard contract terms and improving payment means and conditions.Twenty-five first-tier suppliers and 589 smaller firms that supply components to them also agreed to be reasonable when adjusting prices, have staff to assist partner firms and introduce a legal compliance system.The suppliers’ manifest of commitment to shared growth comes after Samsung Group said
IndustryJune 14, 2013
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LG Chem considers bid for Woongjin Chemical
LG Chem said in a regulatory filing on Friday that it was considering acquiring Woongjin Chemical, but that the details were yet to be finalized.Although the two companies’ business areas do not overlap, taking over Woongjin Chemical, which has strength in water treatment filters, polyester and electronic materials, would create synergy as LG Group pushes ahead in the water treatment business, according to industry watchers.Other contenders for Woongjin Chemical include Toray Advanced Materials
IndustryJune 14, 2013
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Korea to move onto next chapter of free trade deals
Over the past 10 years, Korea has strived to secure its position in the global trade circles by signing a variety of Free Trade Agreements and thus becoming a trading hub.Upon the launch of the new administration here and under the changed global situations, however, its goal from now will be to maintain the delicate balance between economic powers and to act as a regional linchpin, according to trade officials.The Ministry of Trade, Industry and Energy submitted to the National Assembly a revis
June 14, 2013
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KORAIL to split into 3 companies
The government revealed its long-awaited plans Friday to improve the country’s railroad services that will lead to a de facto breakup of the state-run Korea Railroad into three separate companies by 2017.According to the Ministry of Land, Infrastructure and Transport, KORAIL will first set up a new subsidiary before the end of this year that will handle the operation of a new KTX express train service set to be launched in 2015.It will then set up a new subsidiary next year to handle the operati
June 14, 2013
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Korea logs trade surplus for 16th straight month
South Korea posted a trade surplus for the 16th straight month in May despite tough external market conditions, customs data showed Friday.The country’s exports came to $48.36 billion in May, up 3.2 percent from a year earlier, while its imports dropped 4.6 percent on-year to $42.45 billion, according to customs-clearance trade data by Korea Customs Service.As a result, Korea’s trade surplus came to $5.91 billion last month. This marked the 16th straight month of surplus since February last year
June 14, 2013
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Regulators dismiss currency rigging here
Korean financial authorities on Friday dismissed the possibility of foreign exchange rate manipulation in the local financial market, saying it has no plans to investigate.But critics said Korea’s authorities are taking a lukewarm stance toward the rate-rigging scandal that is snowballing abroad.They argued Korean authorities’ stance appears passive compared to major regulatory agencies in Europe and the United States that are poised to investigate alleged rule-breakers or similar cases.Accordin
June 14, 2013
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Korea Petroleum Association names Chun chairman
The Korea Petroleum Association, one of the most influential lobby groups in the oil industry, has appointed Chun Young-won, 69, a former lawmaker from the ruling Saenuri Party, as its new chairman, the organization said in a press release. CEOs of four regular member firms ― SK Energy, GS Caltex, S-Oil and Hyundai Oilbank ― all agreed to his appointment in a recent general meeting, it added. The association, which was established in 1980 to tide over the second oil crisis, has preferred a chair
June 14, 2013
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Seoul shares up 0.35 pct on bargain hunting
South Korean stocks added 0.35 percent Friday as investors sought after undervalued shares after the market's sharp decline in the previous trading session, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 6.51 points to close at 1,889.24. Trading volume was low at 275.8 million shares worth 3.44 trillion won (US$3.05 billion) with losers outpacing gainers 412 to 378.On Thursday, the index fell below the 1,900-point ma
June 14, 2013
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Samsung unveils camera-smartphone hybrid for Galaxy line
Samsung Electronics Co. on Wednesday revealed the Galaxy S4 zoom, the latest model of its flagship Galaxy series, which is a cross between a camera and a smartphone.The unconventional gadget features a high-end smartphone while also embedding a quality camera, according to information Samsung released to the U.S. media. Up front, the Galaxy S4 Zoom looks like a smartphone, equipped with the Android 4.2 “Jelly Bean” operation system, a 4.3-inch Super AMOLED 960x540-pixel screen, a 1.5GHz dual-cor
TechnologyJune 14, 2013
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Seoul shares open higher on improved U.S. data
South Korean stocks opened higher Friday as investors' sentiment got a boost from improved economic indicators from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 12.14 points, or 0.64 percent, to 1,894.87 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 1.18 percent and No. 1 carmaker Hyundai Motor adding 1.01 percent. Top steelmaker POSCO gained 0.16 percent.U.S. stocks
June 14, 2013
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Diabetes and family history
Diabetes is not a single disease, but a group of heterogeneous diseases characterized by high blood glucose levels.There are various forms of diabetes, and the family history and its association differ for each type. Diabetes can generally be divided into types 1 and 2. Type 1 diabetes is caused by an absolute deficiency of insulin in the body, and requires insulin treatment. Type 2 diabetes has various causes, including insulin resistance, insulin secretory dysfunction, and increased gluconeoge
TechnologyJune 13, 2013
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Saving lives by market intervention
Market intervention to reduce drug prices is making a crucial contribution to defeating deadly diseases, a senior official from the World Health Organization said.UNITAID, a small organization based within the United Nations’ health arm, funds market intervention to incentivize pharmaceutical companies to produce new drugs at reduced prices for poor countries. “We don’t spend money to buy the products. We put this money into changing how the markets work so that markets work for the advantage of
TechnologyJune 13, 2013
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FTC targets large firms forcing price cuts
Korea’s Fair Trade Commission unveiled measures on Thursday to eradicate the long-standing practice of conglomerates pressuring their suppliers to lower their prices of goods and services as part of efforts to overhaul the supply chain management system and boost mutual growth.FTC chairman Noh Dae-lae said that the antitrust agency and other related organizations would overhaul the system ensuring fair valuation of SME products supplied to conglomerates, and impose tougher sanctions and regulato
June 13, 2013
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Ssangyong E&C averts liquidation
Ssangyong Engineering & Construction has averted delisting from the stock market or liquidation after its creditors finally agreed to bail out the debt-saddled builder.Following the decision of KB Kookmin Bank a day earlier, Shinhan Bank on Thursday approved the proposition to help Ssangyong E&C’s management normalization by launching a debt rescheduling program under creditors’ control.Hana Bank and the state-run Korea Development Bank also gave the nod to the rescue plan on the same day.Some r
June 13, 2013
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Woori sale project to kick off Friday
The government-led project to retrieve taxpayers’ money injected into Woori Financial Group will officially start on Friday when the new chief of the state-funded financial service firm is scheduled to take office.One day before the coming inauguration of Woori Financial chairman nominee Lee Soon-woo, the nation’s chief financial regulator Shin Je-yoon said the Financial Services Commission would unveil detailed measures to sell the group late this month.FSC chairman Shin told a group of researc
June 13, 2013
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Hanwha accelerates entry into Japanese solar power market
Hanwha Group, the nation’s 10th-largest conglomerate by assets, is to step up its penetration into the growing Japanese solar power market by establishing its second sales office in Osaka within the month, the company said on Thursday. The group’s first Japanese sales office opened in Fukuoka in 2012.In August last year, Hanwha Group signed a deal with Japanese trading firm Marubeni to supply solar modules by 2016 that generate about 500 megawatts.“The group will also set up the first after-sale
IndustryJune 13, 2013
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FSS urges foreign financial firms to improve customer service
The financial regulator Thursday called on chief executives of foreign financial companies operating here to take measures to reduce the number of complaints filed by local financial consumers against their companies in a bid to protect the consumers.The call came at a meeting between Choi Soo-hyun, governor of the Financial Supervisory Service and CEOs of foreign financial companies operating in the country. “The FSS is making efforts to reduce the number of complaints against financial firms b
June 13, 2013
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GS E&C appoints new CEO amid business slump
GS Engineering & Construction, the nation’s fourth-largest builder in terms of capacity, named chief financial official Lim Byung-yong as its new CEO, replacing current CEO Huh Myung-soo, as part of efforts to bring change and innovation to the organization, the company said in a press release. “The decision was made at the latest board meeting on June 12 and three business divisions, led by each division head, will be merged and put under the direct control of chairman Huh Chang-soo,” the compa
IndustryJune 13, 2013