Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Cargo at seaports slips 0.6% in Nov.
The amount of cargo processed at South Korea’s seaports declined 0.6 percent on-year in November due to a large drop in domestic cargo, the government said Monday.The volume of cargo handled at the country‘s seaports came to 107.3 million tons last month, compared with 108 million tons processed in the same period last year, according to the Ministry of Land, Transport and Maritime Affairs. The November figure also marks a significant drop from 112.89 million tons processed a month earlier.The a
Dec. 26, 2011
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Korea eyes $2.5 bln in 2012 fisheries exports
South Korea will seek to sharply increase its goal for fisheries exports in 2012 as overseas demand for them continues to rise, the government said Sunday.The government is targeting fisheries exports of $2.5 billion for the coming year, up from an estimated $2.2 billion for this year, according to the Ministry of Food, Agriculture, Forestry and Fisheries.The ministry had originally planned to achieve the $2.5 billion mark of fisheries exports by 2014.The ministry said it has established a task
Dec. 26, 2011
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Bond market for small firms to open next year
Korea will set up a new trading system for bonds issued by smaller firms in May next year in a bid to help them raise funds, a trade association said Monday.The envisioned electronic over-the-counter trading system will deal with debts sold by unlisted local small and medium enterprises with total assets below 500 billion won ($436 million), according to the Korea Financial Investment Association.Their debts will only be sold to “qualified institutional buyers,” or those deemed capable of suffic
Dec. 26, 2011
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Banks’ profits to slip next year: report
Korea’s major banks are expected to see their net profits slip next year amid external uncertainties and tightened regulations, data showed Monday.The combined net income of the country’s four major banking groups, including Woori Finance Holdings Co. and KB Financial Group Inc., are forecast to fall 6.62 percent on-year to 8.89 trillion won ($7.74 billion), according to 20 analysts consulted by Seoul-based financial information provider FnGuide.Top player Woori Finance is likely to post the ste
Dec. 26, 2011
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Sales of Kia’s K2 subcompact car hit record high in China
Kia Motors Corp., South Korea’s second-largest automaker, said Monday that sales of its K2 subcompact vehicle reached a record high in China last month, driven by rising demand there.The K2, also known as the Rio in the U.S. and European markets, hit showrooms in China in July and has proven a big hit, with sales exceeding the 10,000 mark in September. Sales of K2 models in China reached 11,327 units and 12,790 units in October and November, respectively, Kia Motors said.The company attributed t
MobilityDec. 26, 2011
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LG Hausys moves to become global leader
Firm promotes localization efforts for markets in the U.S., China and RussiaLG Hausys, the country’s top building and decorative materials company, said Monday it is striving to position itself as a top global player through its localization efforts in overseas markets.The firm said that it is concentrating on securing dominant position in nearby markets, such as China, by announcing the construction of a new manufacturing plant in Wuxi, Jiangsu Province in September. Through its investment of $
IndustryDec. 26, 2011
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Streamlining wave hits financial sector
Banks, brokerages, insurance firms carry out early retirement plans to cut costsKorea’s financial sector is headed for a fresh round of restructuring, with major banks pushing employees to opt for early retirement plans amid growing worries over the lackluster earnings outlook.Domestic banks, brokerages and insurance firms are taking steps to reduce their workforces as they brace for lower earnings due to the stronger regulatory supervision including a cut in commission fees and the uncertaintie
Dec. 26, 2011
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Doosan rolls out social contribution programs
Doosan Group has rolled out a slew of social contribution programs ranging from sponsorship of artists to medical services and disaster aid matching its growing global presence.A team in charge of social contributions was set up last year under Doosan Corporation, the conglomerate’s holding company, to systematically realize Doosan Group’s management philosophy of “sharing dreams and hopes with society.”The team coordinates affiliate companies’ social contribution activities and develops unique
IndustryDec. 26, 2011
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Creditors demand Kumho Petrochemical sell stake in Asiana
Creditors demanded Kumho Petrochemical sell off its stake in Asiana Airlines to facilitate the petrochemical company’s separation from Kumho Asiana Group.“We urged Kumho Petrochemical to dispose of some 14 million shares it holds in Asiana Airlines to meet the requirements for its separation from Kumho Asiana Group,” an official at one of the creditors said Monday. For this, the creditors decided to remove the collateral on the 7.72 percent of the airliner’s common stocks, or some 14.13 million
IndustryDec. 26, 2011
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New nuclear plants face public backlash
Civic groups, environmentalists, residents stage protests, voicing safety concerns The government’s plan to install new nuclear reactors in the country’s eastern shore faces stiff opposition from residents, stoking safety concerns in the aftermath of a Japanese disaster.Last week, the government picked two candidate sites for nuclear power plants --Yeongdeok in North Gyeongsang Province and Samcheok in Gangwon Province. The decision will be finalized by late next year after on-site inspections a
IndustryDec. 26, 2011
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FSC puts reins on credit cards to curb debt
New rules include imposition of age, income limit on customersKorea’s financial regulators said on Monday they would toughen qualifications for credit card issuance as part of efforts to stem excessive spending through plastic. The Financial Services Commission unveiled plans for the new credit card issuance guidelines and other measures aimed at reining in fast-rising credit card spending and ballooning household debt at a time when the country’s economy braces for an extended slowdown due to
Dec. 26, 2011
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Seoul shares drop on institutional selling
Korean stocks finished 0.56 percent lower on Monday as uncertainties about Europe overshadowed upbeat U.S. data, prompting institutional sell-offs, analysts said.The local currency fell against the U.S. dollar. After opening briefly higher, the benchmark KOSPI dropped 10.52 points to 1,856.70. Trading volume was moderate at 424 million shares worth 2.97 trillion won ($2.58 billion) with losers outpacing gainers 448 to 357. “Investors are not paying much attention to past economic data as they ar
Dec. 26, 2011
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Seoul shares end 0.56% down on institutional selling
South Korean stocks finished 0.56 percent lower on Monday as uncertainties about Europe overshadowed upbeat U.S. data, prompting institutional sell-offs, analysts said.The local currency fell against the U.S. dollar.After opening briefly higher, the benchmark KOSPI dropped 10.52 points to 1,856.70. Trading volume was moderate at 424 million shares worth 2.97 trillion won ($2.58 billion) with losers outpacing gainers 448 to 357.“Investors are not paying much attention to past economic data as the
Dec. 26, 2011
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KT to start long-awaited LTE service from next week
By Lee Ji-yoonKT Corp, the nation’s second-largest telecom operator, plans to start its long-awaited Long Term Evolution service from next week after a Seoul court gave it the green light on Monday to ditch its feature phone service.According to KT, it will shut down the second-generation network service in phases, first in Seoul at 10 a.m. on Jan. 3, starting faster LTE service straight away on that day. The Seoul High Court on Monday overturned a lower court ruling in favor of some 900 users w
IndustryDec. 26, 2011
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Earth has two moons now
The Earth has always had a second moon, new study has claimed. When astronomers in Arizona found a mysterious titanium white object orbiting the Earth in the fall of 2006, it looked like a spent rocket stage The full moon rises behind the ancient temple of Posseidon, in Sounio about 73 kilomet
TechnologyDec. 26, 2011
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KT to start long-awaited LTE service from next week
KT Corp, the nation’s second-largest telecom operator, plans to start its long-awaited Long Term Evolution service from next week after a Seoul court gave it the green light on Monday to ditch its feature phone service.According to KT, it will shut down the second-generation network service in phase
TechnologyDec. 26, 2011
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Kumho Petrochemical pressed to sell stake in Kumho Asiana
Creditors of Korea Kumho Petrochemical Co. are pressing the company to sell its stake in Asiana Airlines Inc., a major affiliate of Kumho Asiana Group, in order to separate the petrochemical firm from the group, industry sources said Monday.Park Chan-koo, chairman of Kumho Petrochemical, has been se
Dec. 26, 2011
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BOK under pressure to tighten this week
Dec. 26, 2011
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'Anonymous' hackers target US security think tank
LONDON (AP) _ The loose-knit hacking movement ``Anonymous'' claimed to have stolen thousands of credit card numbers and other personal information belonging to clients of U.S.-based security think tank Stratfor. One hacker said the goal was to pilfer funds from individuals' accounts to give away as
TechnologyDec. 26, 2011
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IT-related application sales nearly double
Sales of information technology-based applications in Korea have almost doubled on average over the past three years, driven by soaring demand for high-tech solutions to upgrade products, a poll showed Sunday. Five-hundred companies, chiefly non-IT, raked in more than 160 billion won ($139 million) collectively from the business-to-business transactions last year, according to the Ministry of Knowledge Economy. Total output has surged more than 28 percent to almost 50 trillion won between 2007 a
IndustryDec. 25, 2011