Most Popular
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Seoul's first snowfall could hit hard, warns weather agency
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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11 injured in 53-car pileup on icy road in Wonju
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Investment advisers see earnings slump 57% in 2011
Investment advisory firms in South Korea saw their earnings slump 56.8 percent in fiscal 2011 from a year earlier due to increased losses from investments in securities and derivatives, the financial regulator said Tuesday.The combined net income of 144 local and foreign investment advisers operating here reached 37.9 billion won ($32.6 million) in the fiscal year ended in March, compared with 87.7 billion won a year ago, according to the Financial Supervisory Service .The fall marked the first
June 26, 2012
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KT, WBA hold Wi-Fi conference in Seoul
KT and the Wireless Broadband Alliance will be holding a conference called Wi-Fi Global Congress from June 26 to 28 in Seoul.KT, Korea’s second largest mobile carrier, said Tuesday that as the host of the international event, the company and some 80 telecom participants will seek ways to boost Wi-Fi roaming and develop new wireless technology via global partnerships.The three-day conference will aim to further make Wi-Fi roaming accessible around the world by the first half of 2013, KT noted.Con
TechnologyJune 26, 2012
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Business sentiment drops sharply on eurozone worries
South Korea’s business sentiment for July fell sharply from a month earlier due to persistent eurozone concerns and a slowdown in global economic growth, a poll showed Tuesday.The monthly business survey index for the upcoming month came in at 89.7, down from 98.3 tallied for June, according to the poll by the Federation of Korean Industries, the lobbying group of the country’s large businesses.The drop also marks the lowest BSI reading this year since 91 tallied for February.A BSI reading below
June 26, 2012
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Consumer sentiment falls in June
Korea’s consumer confidence fell in June from the previous month due to persistent eurozone uncertainties and a slowdown in domestic production and spending, the central bank said Tuesday.The consumer sentiment index, which gauges consumers’ overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 105 in May, according to the Bank of Korea. A reading above the benchmark 100 means optimists outnumber pessimists. The survey, based on a poll of 2,0
June 26, 2012
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Auto parts, textile firms benefit most from U.S. FTA
Korea’s auto parts and textile industries have benefited the most from lowered tariffs under a Seoul-Washington trade pact that took effect earlier this year, a report said Tuesday.According to the report compiled by the Korea International Trade Association, the United States imported a total of $1.19 billion worth of Korean products that were subject to tariff cuts in April alone.The bilateral free trade agreement, known as the KORUS FTA, was implemented on March 15, cutting or phasing out tar
June 26, 2012
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Korea different from Japan in property bubble: experts
A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday.Participants who shared the view that the nation’s property market is different from Japan included professor Choi Hee-gap from Ajou University.Choi said that Japan suffered a property market crash ― “which was initiated by enterprises in the 1980s” ― in the wake of policymakers’ rapid hikes in interest rates in the 1990s.“Unli
IndustryJune 26, 2012
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Firms tap new markets to overcome eurozone crisis
Conglomerates recall their successful countermeasures against 2008-9 global financial crisisChiefs of the nation’s major conglomerates are rolling up their sleeves to minimize the negative impact from the eurozone debt crisis, directing their respective staff to set up instruction manuals to cope with external woes.Some of the business groups have been reusing or upgrading successful countermeasures used during the 2008-09 global financial crisis.When the demand for vehicles declined sharply in
IndustryJune 26, 2012
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GS E&C shifts gear to strengthen overseas operation substantially
GS Engineering & Construction, one of Korea’s leading builders, has vowed to boost its overseas sales to 70 percent of its total sales by 2020. Earlier the company announced its “Vision 2020,” including mid-and-long term growth strategies, and declared its goal of growing into a “sustainable global company.”The company said it would attain the goal by developing and investing in new growth engines.One of the nation’s top three construction firms, GS E&C said its objective for 2012 is to increase
IndustryJune 26, 2012
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Most Korean firms in Europe feel pinch of debt crisis: poll
Nearly nine out of 10 Korean companies operating in Europe are experiencing difficulties because of the persistent eurozone debt crisis, a poll showed Tuesday.According to the survey by the Federation of Korean Industries, 87.6 percent of 90 European subsidiaries of Korean companies polled said the eurozone crisis is having an adverse impact on their operations.Nearly 83 percent saw their revenues decrease during the fiscal crisis, with 65.6 percent finding it inevitable to revise their targets
June 26, 2012
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Sending reply to ‘alien message’
More than three decades after receiving the famous Wow! signal, humanity is finally sending its answer to what may be an alien civilization, according to news reports.The National Geographic channel recently revealed a plan to collect messages from the general public via Twitter and beam it to outer space. All tweets tagged with the hashtag #ChasingUFOs from 2 a.m. to 8 a.m. on June 30 GMT will be combined into a single encrypt message.The message will be sent out on August 15, exactly 35 years
TechnologyJune 26, 2012
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Canadian house bought for $15,000, now on market for $2 million
A Canadian man, who purchased his home for $15,000 in 1982, is now selling the property for $2 million.The house, located in Nova Scotia and comprised of seven rooms, is believed to be one of the oldest east of Quebec City and was built by French missionaries.The owner, Sherman Hines, remembered the first day he toured the area, saying, “We drove up and I crawled around in this basement, it was full of mud and debris. I was doing kind of a duck walk around, I couldn‘t stand up, and I fell in lov
June 26, 2012
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Seoul to halt Iranian oil imports from July
South Korea will be forced to halt oil imports from Iran due to European Union sanctions that will ban insurance on Iranian oil shipments from next month, the Seoul government said Tuesday."The country, too, has to suspend oil imports from Iran as the European Union is set to stop offering any type of insurance on Iranian oil imports while also suspending oil imports from Iran itself from July 1,
June 26, 2012
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Recent water action detected on Mars
(MCT)Areas of Mars may have been shaped by liquid water in recent geologic times, suggesting more favorable conditions for life, European researchers say.Scientists at the University of Gothenburg, Sweden, along with colleagues from Germany, said their study shows large parts of the planet's Northern Hemisphere have undergone a number of freeze-thaw cycles, similar to what occurs on Earth."This pr
TechnologyJune 26, 2012
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Seoul shares open lower on EU doubt
South Korean stocks opened a tad lower Tuesday, dampened by concern that this week's European Union summit will not suffice to tame the prolonged crisis, analysts said.The Korea Composite Stock Price Index (KOSPI) declined 1.19 points, or 0.07 percent, to 1,824.19 in the first 15 minutes of trading.Shares lost ground across the board, with steelmakers and machineries leading the fall.Top-cap Samsu
June 26, 2012
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Critics blast Tennessee's 'no holding-hands bill'
Spurred by a classroom demonstration involving a sex toy, Tennessee recently enacted a pro-abstinence sex education law that is among the strictest in the nation.The most debated section of the bill bars educators from promoting "gateway sexual activity." But supporters seemed too squeamish during floor debate to specify what that meant, so critics soon labeled it the "no holding-hands bill."One t
TechnologyJune 26, 2012
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Consumer sentiment falls in June
South Korea's consumer confidence fell in June from the previous month due to persistent eurozone uncertainties and a slowdown in domestic production and spending, the central bank said Tuesday.The consumer sentiment index (CSI), which gauges consumers' overall economic outlook, living conditions and future spending, stood at 101 for this month, compared with 105 in May, according to the Bank of K
June 26, 2012
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Trucker strike spooks business
The nation’s unionized truck drivers walked out of their jobs on Monday, demanding a 30 percent hike in trucking fees and legislation of a guaranted minimum wage and labor rights.Government and industry officials expressed worries over the impact on the economy from the general strike, which comes three years after truckers staged a strike in June 2009.Public officials are also concerned about the possibility that parcel delivery service workers will follow suit.Government officials said about t
IndustryJune 25, 2012
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SK Planet secures over 5m mobile payment users
SK Planet said Monday that the number of users of its mobile payment platform has exceeded 5 million since the company launched it two years ago.Named “Smart Wallet,” the mobile platform allows consumers to use coupons, gift cards, royalty and credit cards via their smartphones without having to carry all of different plastic cards for shopping.The platform was launched in June 2010, and hit 1 million users in nine months, and 3 million November last year, the company said.SK Planet, the mobile
TechnologyJune 25, 2012
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Samsung targeting 10 million sales of Galaxy S3 by July
Samsung Electronics’ mobile chief Shin Jong-kyun said Monday that the company aims to sell up to 10 million units of its new flagship smartphone Galaxy S3 worldwide by next month.“We expect it to surpass the 10 million mark by the end of next month as it is being well-received globally,” he said in a media event held to introduce the handset to Korean consumers.“It will be noted as the mobile phone that reached the 10 million mark faster than any other phone in Samsung’s history and it is finall
IndustryJune 25, 2012
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Hyundai Motor chief calls for measures against euro crisis
Hyundai Motor Group chairman Chung Mong-koo called for its affiliates on Monday to devise measures to defend against the deepening eurozone crisis.The chairman gave the instruction during a meeting of heads of overseas branches of Hyundai Motor and Kia Motors, which was convened to check on the global production and marketing strategy for the second half of this year. Company officials said the chairman is trying to find solutions to protect its sales growth amid the European economic crisis, wh
June 25, 2012
