Most Popular
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Seoul blanketed by heaviest Nov. snow, with more expected
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NewJeans to terminate contract with Ador
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NewJeans terminates contract with Ador, embarks on new journey
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Seoul snowfall now third heaviest on record
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Korean Air gets European nod to become Northeast Asia’s largest airline
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Samsung shakes up management, commits to reviving chip business
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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BOK makes surprise 2nd rate cut to boost growth
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Flip-flop of Earth‘s magnetic field probed
Some 41,000 years ago a complete reversal of the Earth’s magnetic field occurred and compass needles would have pointed south not north, German scientists say.Researchers at the Helmholtz Center Potsdam -- GFZ German Research Center for Geosciences report the most remarkable feature of the phenomenon was the speed of the reversal.“The field geometry of reversed polarity, with field lines pointing into the opposite direction when compared to today‘s configuration, lasted for only about 440 years
TechnologyOct. 17, 2012
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Carmakers see exports worsen amid eurozone woes
Sales of foreign-made autos offset fall in exports for Hyundai-KiaFollowing the prolonged slump in car sales at home, five major automakers here saw their exports continue to decline over the past few months on a year-on-year basis.According to the Korea Automobile Manufacturers Association, exports of these five companies ― Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motor ― collectively stood at 232,025 units in September, down 7.2 percent from a year earlier.Thei
IndustryOct. 16, 2012
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Korea’s rice production continues to shrink
South Korea’s rice production is expected to decline 3.5 percent this year due to typhoons that devastated farmland across the country, the government said.According to projections by Statistics Korea, South Korea’s rice production will amount to 4.07 million tons this year compared with last year’s 4.22 million tons, becoming the lowest since 1980 when rice production plunged to 3.55 million tons affected by relatively cold weather conditions during the growing season.Arable rice paddies fell 0
Oct. 16, 2012
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Scientists develop new stem cell tech
Korean scientists reported a breakthrough technology that can more efficiently and safely reprogram adult cells to an embryo-like state, where they can grow into organs. The two research teams led by professor Park Se-pill at Jeju National University Stem Cell Research Center and Mirae Biotech succeeded in generating induced pluripotent stem cells using non-viral vectors of nanoparticles and liposomal magnetofection. Non-viral vectors usually consist of DNA that can be delivered to a target cell
TechnologyOct. 16, 2012
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Shipbuilders’ global dominance weakens in 2012
Orders for new ships won by South Korean shipbuilders have plunged over 50 percent from a year earlier so far this year though the country continues to maintain its dominance in the global ship market, the government said Tuesday.In the first nine months of the year, South Korean shipbuilders reaped orders for 5.2 million compensated gross tons, worth $18.9 billion, according to the Ministry of Knowledge Economy.The figures for total weight and monetary value dropped 58.6 percent and 56.9 percen
Oct. 16, 2012
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No. of Samsung Electronics’ foreign workers tops 1,000
Foreign employees at Samsung Electronics Co., the world’s biggest maker of smartphones, memory chips and flat-panel televisions, totaled more than 1,000, industry watchers said Tuesday.The figure is almost twice the roughly 600 foreign headcount from early 2009, mirroring the company’s growing presence in the global job market, they said.The increase is also in line with Samsung’s heightened brand value. The company is ranked the world’s ninth best global brand with its brand value coming to $32
IndustryOct. 16, 2012
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Banks’ foreign-currency deposits hit high in Sept.
Foreign currency deposits at South Korean banks rose to a fresh high in September on gains in the trade surplus and a rise in corporate sales of overseas bonds, the central bank said Tuesday.Outstanding foreign currency-denominated deposits held by local residents reached a record $39.26 billion as of the end of September, up $3.43 billion from the previous month, according to the Bank of Korea.Residents includes individual citizens and firms but does not cover foreign nationals with residency s
Oct. 16, 2012
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Inter-affiliate trading grows among conglomerates
Transactions among affiliates of large business groups in South Korea have increased over the past year with one in five firms making over 70 percent of their sales with sister firms, a report showed Tuesday.According to the report by Chaebol.com, which tracks the country’s conglomerates, 211 or 18.1 percent of 1,165 firms affiliated with the country’s top 30 business groups had over 70 percent of their sales with their sister companies last year.The figure is up from 190 and 11.1 percent a year
IndustryOct. 16, 2012
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Shares up 0.83% on upbeat data
South Korean stocks rose 0.83 percent on Tuesday as investor sentiment got a boost from upbeat China and U.S. economic data as well as overnight gains on Wall Street, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 15.95 points to 1,941.54. Trading volume was moderate at 516.9 million shares worth 3.64 trillion won ($3.29 billion), with gainers outnumbering decliners 470 to 340.“It was mostly external factors, such as slowi
Oct. 16, 2012
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Eximbank backs projects to support Tanzania, Uganda
The Export-Import Bank of Korea said Tuesday it agreed to provide $50 million for an irrigation project in Tanzania and $26.8 million for a vocational training program in Uganda as part of its efforts to support African economies.Eximbank chief executive Kim Yong-hwan inked the agreements with finance ministers William Mgimwa of Tanzania and Maria Kiwanuka of Uganda on the sidelines of a biennial ministerial meeting for economic cooperation between Korea and Africa.The four-day Korea Africa Econ
Oct. 16, 2012
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Shinsegae buys Central City in Gangnam
Shinsegae Group said Tuesday that it will acquire a controlling stake in Central City, the landlord of its department store’s outlet in Gangnam, southern Seoul, in a bid to fend off competition from rival retailers.Shinsegae, which recently sold off its Incheon outlet to Lotte Department Store, said it will buy a 60-percent stake worth over 1 trillion won ($903 billion) in Central City from four Malaysia-based investment companies owned by a foundation of the Unification Church.Spanning over 59,
IndustryOct. 16, 2012
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Korean food hits Tesco shelves in U.K.
Twelve Tesco outlets in Britain will begin regular sales of Korean-made food products such as bulgogi sauce, a pomegranate-flavored health drink that contains vinegar, chocolate-dipped snacks called Pepero, soy sauce, ramyeon and soju on Thursday. Forty-nine food items from 19 Korean companies, chosen from a wider range of products that were temporarily displayed at a Tesco store in London, have earned regular spots on the shelves of 11 more stores thanks to the excellent consumer response, Home
IndustryOct. 16, 2012
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Ex-officials head 30% of public firms
Only 17.5 percent hired from within companyThree out of 10 heads of institutions run by government agencies were found to be former officials of those same agencies.Among 286 public companies run by some 30 ministries and other state-run agencies, 82 executives were found to have, at one point, worked for one of the ministries or agencies, according to Alio, a website compiling management information on publicly run firms on Tuesday. These former officials accounted for almost 30 percent of the
IndustryOct. 16, 2012
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AIPPI to open 2012 congress in Seoul
The International Association for the Protection of Intellectual Property (AIPPI) said on Tuesday it will hold its 43rd annual congress in COEX, Seoul, between Oct. 20-23.“The World Intellectual Property Congress is one of the biggest intellectual property events in the world. In the upcoming Seoul congress, around 2,000 intellectual property professionals from over 80 countries are expected to attend,’’ AIPPI Korea, the organizer of the 2012 Congress, said in a statement. High-ranking officials
Oct. 16, 2012
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GM Korea celebrates 10 years as fastest-growing automaker
Celebrating its 10th anniversary on Wednesday, GM Korea, the local unit of the U.S.-based General Motors Co., claims itself as the world’s fastest growing carmaker. Over the past 10 years, the company’s car sales have surged more than five times from some 280,000 units in 2002 to 2.05 million last year, the nation’s third-largest carmaker said Tuesday. Its accumulative car sales have surpassed 15 million vehicles. During the same period, its revenue has also seen a four-fold growth to reach 15
IndustryOct. 16, 2012
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Chaebol-bashing tops election agenda
Conglomerates worried and indignant about possible reformsThe country’s top three presidential candidates don’t seem to agree on much, but one policy initiative they all seem fixated on is “economic democratization.” Generally speaking, the term indicates a process of leveling out the playing field so that all players, big and small, have an equal chance of success in the economic and financial markets, according to the key people who are configuring the pledges for each presidential camp. The g
Oct. 16, 2012
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Experts call for more support for seed industry
The seed industry, which deals with total science technologies integrating genetic information and scientific expertise, is the link that connects various sectors including the food industry, preventive medicine industry and life science industry, said Kim Byung-dong, honorary professor at Seoul National University. “We should not be satisfied with domestic consumption (in the seed industry) but seek for a bigger development in the sector by grafting life-science technologies to it and making it
IndustryOct. 16, 2012
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Mystery of giant eyeball solved
(UPI)A mystery giant eyeball that washed up on a Florida beach last week most likely came from a large swordfish, scientists say.Cut marks on the eyeball suggest it was cut out of the fish's head at sea by a fisherman who then tossed it overboard, NBC News reported Monday.There had been speculation the eye might have come from a giant squid or even a whale, but officials at the Florida Fish and Wi
TechnologyOct. 16, 2012
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LG Uplus, Google team up for new TV service
South Korean mobile carrier LG Uplus Corp. and U.S. tech giant Google Inc. said Tuesday they plan to launch a new program incorporating the two companies‘ television services.The program, called “u+tv G,” will combine the No. 3 mobile carrier’s existing Internet Protocol (IPTV) service with the Android giant‘s “Google TV” service, the two companies said.By setting up a u+tv G set-top box, users who subscribe to the monthly service will get access to 119 channels as well as Google’s signature fea
TechnologyOct. 16, 2012
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Distant planet found circling with 4 stars
(Haven Giguere/Yale University-UPI)Two U.S. citizen scientists have discovered a planet in a system with four different suns, the first known of its type, U.S. and British astronomers say.The distant planet orbits one pair of stars while a second pair of stars orbits around it, they said.The planet was discovered by two U.S. volunteers using the Planethunters.org website who spotted faint dips in
TechnologyOct. 16, 2012
