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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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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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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Over 20tr won losses from currency stabilization fund
The government registered more than 20 trillion won ($17.5 billion) in cumulative losses last year from operating its foreign currency stabilization fund, the Finance Ministry said Wednesday. The government runs the fund, aimed at helping protect the local financial market from external shocks, by issuing state bonds and overseeing the raised money partly by investing in safe assets such as U.S. Treasuries. According to the ministry, the fund’s cumulative losses stood at 22.19 trillion won as of
July 11, 2012
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Korea’s jobless rate rises to 3.2% in June
Korea’s jobless rate inched up in June from a month earlier amid worries that businesses are holding back hiring due to lingering market uncertainty caused by the eurozone debt problems, a report showed Wednesday.The jobless rate stood at 3.2 percent last month, up from 3.1 percent in May, according to the report by Statistics Korea. The seasonally adjusted unemployment rate held steady at 3.2 percent from a month earlier.Job creation decelerated, with employers adding 365,000 more jobs on-year
July 11, 2012
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Ministry to develop Pangyo into ‘Korean Silicon Valley’
The government unveiled a plan on Wednesday to develop the Pangyo area in Gyeonggi Province into a “Korean Silicon Valley.”The Ministry of Knowledge Economy said the Pangyo Semicon Cluster will be the nation’s base for the information technology and semiconductor industry.Government officials, businessmen and scholars, about 300 in total, gathered in Pangyo to celebrate the “Pangyo Semicon Cluster Vision Declaration Ceremony” that was hosted by the Knowledge Economy Ministry.Pangyo is a planned
July 11, 2012
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aT, InterContinental to globalize Korean food
Korea Agro-Fisheries Trade Corp. said Wednesday that it will sign a contract with the InterContinental Hotels Group in October to cooperate in globalizing Korean food.The corporation, or aT, plans to launch promotional events in InterContinental hotels in Vietnam, Malaysia, Thailand and Hong Kong following conclusion of the contract. The company said the event includes publicizing Korean foods through the local media and providing culinary lessons. aT will also financially support the cooks’ fli
July 11, 2012
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Korea’s money supply grows 5.5% in May
Korea’s money supply grew at the 5-percent range for the fourth straight month in May, the central bank said Wednesday, underscoring concerns about inflation risks.South Korea’s M2, a narrow measure of the money supply, amounted to 1,784.2 trillion won ($1.6 trillion) in May, up 5.5 percent from a year earlier, according to the Bank of Korea. In April, the M2 grew an identical 5.5 percent from the year before and the growth of the M2 stayed within the 5-percent range for the fourth straight mont
July 11, 2012
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Auto industry posts highest export growth
Sector accounts for 13.5% of Korea’s total exports in first halfThe automobile sector has led the nation’s exports during the first half of the year, offsetting worries over a sluggish performance amid the eurozone debt crisis.According to the Korea Automobile Manufacturers Association, the nation’s vehicle exports increased by 15.7 percent in the first half over the same period last year, marking the highest growth among the overall industries.In addition, the ratio of vehicles to total exports
IndustryJuly 11, 2012
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Musicshake pushes vision of music-making for all
Samsung, Nexon-backed tech firm Silent Music Band seeks M&A for synergy between music, social networkingMusic has long been considered a field only for professional singers, composers or those who, at least, studied or know how to read and play music.But Blue Yun, the CEO and founder of Silent Music Band, aims to break this conventional thinking by helping consumers, regardless of age, background and experience, understand and create music through its software. This is the main reason the compan
TechnologyJuly 11, 2012
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Google makes proposals to EU on competition concerns
BRUSSELS (AFP) ― Google said Monday it had made proposals to EU regulators who have threatened to impose huge fines unless the Internet search giant allays concerns it has abused its dominant market position.“We have made a proposal to address the four areas the European Commission described as potential concerns,” said Google spokesman Al Verney.The proposals, made in a letter from Google executive chairman Eric Schmidt to EU Competition Commissioner Joaquin Almunia, followed a demand by EU ant
TechnologyJuly 11, 2012
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Foreign phone makers struggle in Korea
Analysts attribute declining foreign presence to lack of marketing, distribution and AS service capabilityForeign mobile phone makers are facing difficulties in marketing their brands in Korea, one of the most wired countries in the world, and competing against local giant players such as Samsung Electronics.Industry sources said that this is nothing new as the local market has always been dominated by local companies, with little space open to foreign players to increase their presence, even d
TechnologyJuly 11, 2012
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Seoul shares drop 0.17 percent on slowdown woes
South Korean stocks edged down 0.17 percent on Wednesday as investors remained jittery over a global economic slowdown, analysts said. The local currency gained against the U.S. dollar.The Korea Composite Stock Price Index (KOSPI) lost 3.06 points to finish at 1,826.39. Trading volume was light at 329.9 million shares worth 3.24 trillion won ($2.84 billion), with losers just outpacing gainers 393
July 11, 2012
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South Korea hints at scrapping whaling plan
South Korea said Wednesday it may scrap its fiercely criticized plan to resume "scientific" whaling if experts come up with non-lethal means to study the mammals in its waters."We may not conduct whaling for scientific research if there is another way to achieve the goal," Kang Joon-Suk, a senior official of the Ministry of Food, Agriculture, Forestry and Fisheries, told reporters.South Korea unve
TechnologyJuly 11, 2012
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Smart headlights will see 'through' rain
U.S. researchers say a new "smart" headlight design will help drivers in rainy condition by constantly redirecting light to shine between raindrops.Scientists at Carnegie Mellon University in Pittsburgh say the system, successfully demonstrated in lab tests, prevents the distracting and dangerous glare of headlight beams reflected by precipitation back toward the driver."If you're driving in a th
TechnologyJuly 11, 2012
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Pets boost infant immunity to infections
(123rf)Infants, who had contact with dogs at home had fewer respiratory tract symptoms or infections than children with no dog contacts, researchers in Finland found.Lead author Dr. Eija Bergroth, a pediatrician who worked at Kuopio University Hospital in Finland at the time of the study, and colleagues at Kuopio University Hospital, the National Institute for Health and Welfare in Kuopio, Finland
TechnologyJuly 11, 2012
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Doctors extract 13-cm worm from man’s eye
Doctors in Mumbai removed a 13-cm live worm from a patient’s right eye.The 75 year-old patient, PK Krishnamurthy, was suffering from an irritated and itchy eye for a long period of time before finally deciding to visit his local doctor’s office.After an examination, ophthalmologists at Fortis hospital found the worm -- a threadlike parasite -- swimming around in the eye and extracted it. Dr V Seetharaman who conducted the minor surgery said the case was “extremely unusual” and Krishnamurthy was
TechnologyJuly 11, 2012
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Conn. man donates 18 gallons of blood
A Connecticut man who has been donating blood for 34 years said he has donated a total of 18 gallons in 144 separate donations.Alan Gittleman of South Windsor, first donated blood to the American Red Cross in 1978 as part of the Bridgeport Jewish Community Center's drive in the name of his father-in-law, who had recently undergone surgery.He said he has donated about six times per year since his o
TechnologyJuly 11, 2012
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Seoul shares open lower on U.S. losses
South Korean stocks started lower on Wednesday following overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.03 points, or 0.6 percent, to 1,818.42 in the first 15 minutes of trading.Large-cap shares lost ground, with Samsung Electronics slipping 0.27 percent and Hyundai Motor falling 1.54 percent.U.S. stocks fell for a fourth session on T
July 11, 2012
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S. Korea's jobless rate rises to 3.2 percent in June
South Korea's jobless rate inched up in June from a month earlier amid worries that businesses are holding back hiring due to lingering market uncertainty caused by the eurozone debt problems, a report showed Wednesday.The jobless rate stood at 3.2 percent last month, up from 3.1 percent in May, according to the report by Statistics Korea. The seasonally adjusted unemployment rate held steady at 3
July 11, 2012
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Auto industry braces for union strikes
Unionized workers at local automotive companies are gearing up for a massive general strike in the coming weeks, with the largest Hyundai Motor Union expected to join the plan, the first in four years. The Korean Metal Workers Union, which includes the car industry, started a two-day vote on Tuesday to ask the approval of their 150,000 members on a four-hour walkout plan on July 13 and 20. The 45,000-member Hyundai Motor Union, which makes up about 70 percent of the total metal union members, al
IndustryJuly 10, 2012
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Soaring wages stoke inflation fears: data
South Korean workers’ wages surged in the first four months of this year, sparking concerns that inflation expectations could build down the road, data showed Tuesday.South Korean workers’ real wage grew an average of 3.83 percent in the January-April period from a year earlier, larger than an average 2.9 percent growth in consumer prices, according to calculation based data from the labor ministry and the state-run statistics agency.Last year, the country’s real wage declined 2.74 percent on-ye
July 10, 2012
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Samsung wins U.K. Galaxy Tab design suit
Samsung Electronics Co. on Monday won a design patent suit in the United Kingdom against Apple Inc., scoring a legal victory in the midst of a spate of ongoing patent lawsuits with its global rival, industry sources said. The British High Court of Justice ruled in favor of the South Korean tech giant, saying the Galaxy Tab, its tablet PC, does not infringe Apple’s registered design and that consumers are not likely to be confused, according to the sources. The ruling came after Samsung filed a s
July 10, 2012
