Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Central bank head rules out eurozone support
South Korea’s central bank currently has no plans to tap into its foreign exchange reserves to help the eurozone tackle its debt crisis, the bank’s chief said Monday.“First, it is necessary to watch whether Europe can handle its problems by itself,” Bank of Korea Gov. Kim Choong-soo told reporters on the sidelines of an international conference, stressing a wait-and-see approach on possible support measures for the debt-mired region.Kim’s remarks come after China announced it will not use its am
Dec. 5, 2011
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Korean LED lamps to be installed in Vancouver
Korean-made light-emitting diode lamps will illuminate Vancouver next year, as the Canadian city seeks street lights that are brighter and more durable, as well as energy-efficient, officials said Monday.Yuyang DNU, a Korean LED producer, will supply 20 units of 50-watt and 80-watt lights without charge to Vancouver and nearby Langley in southwestern Canada for a test operation, according to the Korea Trade-Investment Promotion Agency. The deal is to be signed Wednesday.The two cities plan to in
IndustryDec. 5, 2011
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Korea’s trade tops $1tr for first time
South Korea’s annual trade volume passed $1 trillion for the first time Monday, making it the ninth country in the world to break the mark. Only the United States, Germany, China, Japan, France, Britain, the Netherlands and Italy have logged an annual trade volume of over $1 trillion so far. Two of them ― Britain and Italy ― failed to maintain it last year.The eight countries account for half of the world’s total trade, and excluding China, they are all advanced economies with per capita income
Dec. 5, 2011
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Bank loan delinquency ratio rises at fastest pace
South Korean banks’ loan delinquency rate rose at the fastest clip in 15 months in October due mainly to increased defaults by construction firms and shipbuilders, the financial watchdog said Monday.The overall delinquency rate of bank loans to companies and households reached 1.28 percent as of the end of October, up 0.24 percentage points from the previous month, according to the Financial Supervisory Service. The rate is measured based on loans that are overdue for more than one day.The rise
Dec. 5, 2011
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Listed firms’ interest coverage ability retreats with earnings slipped
South Korean listed firms’ ability to cover their interest costs with earnings slipped in the third quarter of this year from a year ago due to lackluster performances, a report showed Monday. The average interest coverage ratio of 612 firms listed on the local main bourse came to 5.11 times in the July-September period, compared with 6.01 times posted a year earlier, according to the report by the Korea Exchange and the Korea Listed Companies Association. The ratio measures a firm’s operating p
Dec. 5, 2011
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Cardif Korea offers life insurance with lower cancellation penalty
Cardif Korea, a local insurance unit of French banking giant BNP Paribas, on Monday launched a variable life insurance product with higher returns than industry norms after cancellation, even within a year of contract.“We’re launching i plus VUL through nationwide branches of Shinhan Bank today. The strong point of the product is that it guarantees more flexibility and value to customers by increasing the cash surrender value even if policyholders cancel at an early stage of contract,” the compa
Dec. 5, 2011
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Foreigners lead high frequency trading
Concerns rise over greater volatility generated by high frequency trading in KoreaForeign investors dominate high frequency trading in the Korean stock market, data showed on Monday, a practice regulators say fuels volatility. According to the report by the Korea Capital Market Institute, which tracked trading patterns of KOSPI 200 futures and options products that matured in December 2010, foreign investors made up 75.6 percent of high frequency traders in the local options market and 98 percen
Dec. 5, 2011
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Samsung denies collecting Galaxy owners’ data
Samsung Electronics on Monday denied privacy invasion claims after local media reported mobile applications uploaded on the Galaxy S were capable of collecting personal data.“Samsung Electronics doesn’t gather or use our smartphone users’ personal data. We also confirm that all mobile apps provided by Samsung aren’t equipped with the function or code that’s capable of data collection,” the company said in a statement.“The fact that it showed the apps could sneak into our customers’ information w
IndustryDec. 5, 2011
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8.39 million Koreans pay no income tax: report
Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no income tax to the government, the National Tax Service said in a report.The figure marked an increase of 270,000 people who are exempt from income taxes from 2009, raising the issue of whether the Korean
Dec. 5, 2011
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Web economy overtakes automotive sector: report
Korea’s Internet industry has surpassed automotives and electric and electronic manufacturing in size, an industry report found Monday. According to the Korea Internet Corporations Association, the Internet economy amounted to 63 trillion won ($55 billion), or 5.94 percent of the gross domestic product, in 2009.The GDP figure puts the industry ahead of electric and electronic equipment manufacturing and automobiles at 5.71 percent and 4.23 percent, respectively, according to the industry lobby r
IndustryDec. 5, 2011
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Australian water experts study Korean experience
A group of young Australian experts in water resources management said they could take a page from Korea’s book to tackle water crises in their country during a visit to Seoul on Sunday.Ten public officials, academics and private experts from Australia are participating in the Next Generation Leaders program hosted by the Australia-Korea Foundation. The two countries set a theme and exchange a team of young professionals over two years to help them develop leadership in the field.This year, the
IndustryDec. 5, 2011
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Shares edge up on eurozone optimism
South Korean stocks inched up 0.36 percent on Monday as investors were optimistic about Europe’s efforts to control eurozone budgets, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 6.86 points, to 1,922.9. Trading volume was moderate at 324.9 million shares worth 4.1 trillion won ($3.6 billion) with gainers leading losers 485 to 338.“The index got off to a strong start but the gain was limited as investors remained cautiou
Dec. 5, 2011
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Card firms urged to curb issuance
Customers’ card payment ceilings likely to be slashed to reduce soaring household debtTough screenings are expected for applications for new credit cards, starting later this month, as financial authorities strengthen supervision of card firms. Customers will also likely see monthly payment ceilings on new credit cards slashed sharply compared to the average ceiling on current cards, according to financial regulators.As part of policymakers’ efforts to curb snowballing household debt, the Financ
Dec. 5, 2011
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KEB union threatens walkout against merger
Unionized workers of Korea Exchange Bank have mapped out a plan for a general strike, calling on Hana Financial Group to scrap its preliminary deal with Lone Star Funds.Their plan comes after Hana Financial signed a revised preliminary deal to take over KEB from Lone Star over the weekend.Despite the two parties’ recent agreement to lower the takeover price, the KEB union said it is against Hana’s move to pay Lone Star huge management premiums.“According to the situation, we could choose to stag
Dec. 5, 2011
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8.39 million Koreans pay no income tax: report
Four out of every 10 Korean workers and self-employed residents did not pay taxes on their income last year as a result of increased tax credits and reductions, data showed on Monday.Of the 20.39 million people subject to taxation on their earnings in 2010, 8.39 million, or 41.1 percent, paid no inc
Dec. 5, 2011
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Samsung gains ground in Apple patent war
Samsung Electronics is gaining momentum in its patent battle with Apple after a U.S. court rejected the iPhone maker’s request for a preliminary injunction against the sale of its mobile devices.The South Korean tech giant scored the legal victory on Friday following a win in its appeal against a sales ban of its tablet PCs in Australia last week. Apple sued Samsung in the U.S. in April, saying Samsung’s Galaxy line of mobile phones and tablets “slavishly” copies its iPhone and iPad.But on Frida
IndustryDec. 4, 2011
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Hyundai Motor chief Chung to support 84,000 needy students
Hyundai Motor chairman Chung Mong-koo plans to offer educational support to students from low-income households, the automotive group said Sunday.Chung, who donated 500 billion won ($440 million) via the carmaker’s foundation for social activities last August, mapped out a program to support 84,000 underprivileged students over the next five years.The program involves comprehensive support for elementary, middle, high school and college students residing in farming and fishing villages across th
MobilityDec. 4, 2011
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Refiners’ earnings surge on exports
Korea’s four major refiners saw more than 40 percent growth in earnings on average this year as petrochemicals exports spike despite a dim outlook for the global economy.SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank were among few local corporations that enjoyed brisk third-quarter results as persistent global economic uncertainties slacken exports. Large firms’ revenue fell almost 40 percent during the three month period.The four refiners control more than 90 percent of total domestic pet
IndustryDec. 4, 2011
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Korea Discount stems from chaebol governance: report
The “Korea Discount,” the amount by which foreign investors undervalue Korean stocks, stems largely from structural problems with the governance of the country’s major conglomerates, a brokerage said in a recent report. In a paper titled “2012 Korean Corporate Governance,” Tongyang Securities Inc. argued that governance problems had flared up in the last decade, during which the top five conglomerates saw their combined market capitalization jump from 28.4 percent to 44.9 percent. The report, ba
Dec. 4, 2011
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Growth outlook likely to fall to 4%
The government is considering cutting the growth forecast for next year to about 4 percent from the current 4.5 percent in light of the problems in Europe, officials said Sunday.A downward adjustment would track similar revisions at international institutions and local think tanks, where the consensus now stands at between 3.6 and 3.8 percent.“The changing trends in the global economy will be reflected,” said an official at the Finance Ministry. The ministry is widely expected to scale down its
Dec. 4, 2011