Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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Some junior doctors are returning: Health Ministry
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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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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Korean media hails Samsung’s victory in ITC ruling
South Korean media on Wednesday hailed Samsung Electronic Co.’s legal victory against its rival Apple as a potential “turning point” in the two tech giants’ patent war.The U.S. International Trade Commission ruled Tuesday that Apple infringed on a patent owned by Samsung, a decision that could lead to a ban on imports and sales in the United States for AT&T models of the iPhone 4, iPhone 3GS, iPad 3G and iPad 2 3G. Korean media suggested the victory might tilt the scale toward Samsung in future
TechnologyJune 5, 2013
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Seoul shares dip 1.52 pct on policy woes
South Korean stocks sank 1.52 percent Wednesday as lingering uncertainties on monetary policies of major economies made investors jittery, analysts said. The local currency gathered ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 30.32 points to close at 1,959.19. Trading volume was moderate at 326.3 million shares worth 3.93 trillion won (US$3.49 billion) with decliners far outpacing gainers 644 to 178. "With the U.S. talking about tapering i
June 5, 2013
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Seoul shares down 0.8 pct in late-morning trade
South Korean stocks traded 0.8 percent lower late Wednesday morning, as large-cap tech firms and brokerage houses widened losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) dipped 15.98 points to 1,973.53 as of 11:20 a.m. Leading home appliance maker LG Electronics fell 2.5 percent, and No. 2 brokerage firm KDB Daewoo Securities slid 1.8 percent. But top-listed company Samsung Electronics inched up 0.13 percent. The local currency was changing hands at 1,119.7
June 5, 2013
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Seoul shares open lower on bearish airlines, builders
South Korean stocks opened lower Wednesday, dented by losses in shares of air carriers and construction firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.38 points, or 0.22 percent, to 1,985.13 in the first 15 minutes of trading. Korean Air Lines, the country's leading air carrier, sank 1.3 percent, with No. 1 builder Hyundai Engineering & Construction sliding nearly 1 percent. The local currency was trading at 1,124.45 won against the U.S. dollar, down 2.25 wo
June 5, 2013
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Korea issues power warning for 3rd straight day
South Korean on Monday issued a first-level “preparation” warning at 9:21 a.m. after the electricity reserve level dropped below 4.5 million kilowatts for the third straight day. The Korea Power Exchange predicted that the power reserve could drop further to under four million kilowatts and trigger the “attention” warning, the next step in the phased warning system.(More to follow)
June 5, 2013
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S. Korea's foreign reserves fall in May
South Korea's foreign exchange reserves declined in May from the previous month as a stronger U.S. dollar eroded the conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$328.1 billion as of end-May, down $700 million from April, according to the Bank of Korea (BOK).The May data marked the first decline in three months, and the FX reserves hit a record $328.91 billion in January this year.Foreign reserves consist of securities and deposi
June 5, 2013
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Samsung hails ITC's ruling on patent infringement by Apple
Samsung Electronics Co., the world's largest smartphone maker, Wednesday welcomed a decision by a U.S. agency to ban imports of iPhones into one of the world's major smartphone markets.The U.S. International Trade Commission (ITC) said on Tuesday in Washington that Apple Inc. infringed on some of Samsung's patents in making smartphones and tablet computers, and issued an order prohibiting Apple, based in California, from importing wireless communication devices, portable music and data processin
TechnologyJune 5, 2013
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Apple violates Samsung patents: U.S. trade agency
Apple Inc. faces a ban on imports of some older devices including the iPhone 4 after a U.S. trade agency said they infringed a patent owned by Samsung Electronics Co., its biggest competitor in the global smartphone market.It is the first patent ruling against Apple in the U.S. that affects product sales. The order covers the iPhone 4 and iPad 2 3G sold for use on networks operated by AT&T Inc., T-Mobile U.S. Inc. and two regional carriers, General Communication Inc. in Alaska and CT Cube LP in
TechnologyJune 5, 2013
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Chun’s son holds offshore account
The eldest son of former President Chun Doo-hwan was found to have held an offshore account through a paper company set up in the British Virgin Islands in July 2004, a local journalist group said Monday.The former president’s son, Chun Jae-kook, was listed as the director and shareholder of a ghost company called “Blue Adonis” in the tax haven, and allegedly used it to open an account at Arab Bank’s Singaporean branch, the Korea Center for Investigative Journalism said.Various paper trails poin
June 4, 2013
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Modified charger can hack iPhone: researchers
A group of security researchers in the United States claimed that a modified charger can instantly hack into an iPhone or iPad, raising questions over the perception that Apple’s devices are better protected. Jang Yeong-jin, Billy Lau and Chengyu Song from Georgia Institute of Technology said they have found a way to break into Apple’s current-generation devices, running on the latest operating systems, through a malicious charger. The charger, once connected to an Apple device, is designed to i
TechnologyJune 4, 2013
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[Graphic News] Korea has 5th-most nuclear plants
Global nuclear power capacity grew rapidly between the 1960s and 1980s. The number of global power plants has surged to around 440 today, according to a report released by International Atomic Energy Agency. The United Sates has the most nuclear reactors with 104, followed by France and Japan. The U.S. generates more than 30 percent of the world’s nuclear energy, according to a report by World Nuclear Association. The U.S. is planning to build four to six more by 2020, it added. European countri
June 4, 2013
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Financial leaders say external risks growing
The nation’s finance minister and central bank chief agreed on Tuesday that uncertainties were increasing due to a weaker yen and advanced economies’ possible early exit from quantitative easing. Deputy Prime Minister and Finance Minister Hyun Oh-seok and Bank of Korea Gov. Kim Choong-soo also shared the need for the government to closely monitor capital flows prone to increasing risks of volatility.The nation’s two finance leaders met over a casual breakfast to review and discuss the latest iss
June 4, 2013
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Human error behind 20 percent of Korea’s nuke plant malfunctions
Human error is one of the main causes of malfunctions at nuclear power plants in Korea, a survey showed on Tuesday. According to the state-run Korea Institute of Nuclear Safety, 672 breakdowns or accidents at nuclear plants were reported over the past 36 years between 1978 and April 2013, and 18.3 percent of them were caused by human error. The latest breakdowns of two nuclear reactors, caused by the use of substandard parts, were not reflected in the data.“Twenty percent of breakdowns occurred
June 4, 2013
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BMW Korea driving center breaks ground in Incheon
Yeongjongdo, Incheon ― BMW Group Korea on Tuesday broke ground for the country’s first major driving center, the company said on Tuesday. The facility will be the first of its kind in Asia and comes after similar centers in Germany and the U.S., said Kim Hyo-joon, chief executive of BMW Korea. The driving center ― measuring 240 square kilometers to equal the size of 33 soccer fields put together ― will house six arenas, each allotted for different roles such as for driving safety education, inte
IndustryJune 4, 2013
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Second warning issued on electricity reserves
The Korea Power Exchange once again issued a warning over the nation’s electricity supply on Tuesday, for the second day in a row. The “preparation” warning was declared at 10:22 a.m. on Tuesday as the electricity reserve margin temporarily fell below 4.5 million kilowatts, officials said.The same measure had been taken on the previous day, as the daily temperature soared to a mid-summer level.The warning was lifted later in the afternoon, after the KPX retrieved some 530,000 kilowatts by adjust
June 4, 2013
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Citibank Korea warned for irregular lending
The Financial Supervisory Service said Tuesday that it has fined Citibank Korea 169 million won ($153,600) for engaging in irregular deals with its affiliates.The state regulator also issued an institutional “warning” against the bank for breaching the law on the intra-group credit offering and glossing over employees’ unauthorized access to customers’ personal information.In addition, 44 employees were subject to disciplinary measures including suspension of duties.The U.S. Citigroup’s Korean u
June 4, 2013
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KEB launches foreign language website
Korea Exchange Bank on Tuesday opened a website for foreign residents offering financial and nonfinancial information in four languages: English, Chinese, Japanese and Vietnamese.The website, dubbed “EasyOne for foreigners,” provides non-nationals with a variety of “information on Korean society” as well as Internet banking services, said the commercial bank.KEB said it expected that more consumers would also easily access financial benefits of the EasyOne service via the Internet, whereas befor
June 4, 2013
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Shippers take up 85% of Korean firms in tax havens
Nearly 85 percent of local firms established in tax havens are linked to the shipping industry, data showed Tuesday, raising concerns of excessive public distress over offshore local companies.According to the data compiled by CEO Score, a corporate researcher, the country’s 16 business groups have established 281 companies in seven major tax havens, with 238 of them linked to the shipping industry.It is widely accepted for a shipper to establish offshore special purpose companies, especially wh
June 4, 2013
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Bosch to invest W170b in Korea this year
DAEJEON ― Bosch Group will invest 170 billion won ($150 million) into the production of gasoline direct injection systems in Korea this year and create some 400 new high-skill jobs, the Korean unit said Tuesday. “Due to some profitability issues at the corporate level, we had to cut down the investment amount (from the original 200 billion won announced in September) this year,” said Hermann Kaess, president and CEO of Robert Bosch Korea. The German auto parts manufacturer last year invested 60
IndustryJune 4, 2013
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Hyundai delivers 15 hydrogen fuel cell cars to Denmark
Hyundai Motor Co. said Tuesday that it has delivered 15 hydrogen fuel-cell vehicles to Denmark in the top South Korean automaker’s first such sale after it began assembly-line production of zero-emission cars in February.Copenhagen, the capital city of Denmark, plans to use hydrogen fuel cell versions of Hyundai’s popular Tucson ix sport utility vehicle as official vehicles, Hyundai said.Copenhagen City officials were not immediately reached for comment on late Monday.The move comes three months
June 4, 2013