Most Popular
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Chuseok still is a headache for couples
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Students suffer sleep deprivation, fatigue, suicidal thoughts
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N. Korea launches trash balloons toward S. Korea for 2nd day: JCS
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Heat wave watch issued for Seoul; latest on record
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Yoon's approval rating hits new low: poll
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Lime green plates deepen slump in Korea’s luxury car sales
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Popular tourist destinations beckon Chuseok holidaymakers
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Nearly 2,000 aging separated family members die in first 8 months of year: gov't data
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[AtoZ into Korean mind] Koreans do things quickly. Is it efficiency or lack of patience?
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Calories that stalk the Chuseok table
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Japanese fishery imports drop
Korean imports of Japanese fishery products have dropped in the past week due to consumer concerns over their possible contamination with radiation and disruptions in supply in the neighboring country, the customs office said Tuesday.Before the 9.0-magnitude quake struck Japan on March 11, Korea’s daily weekday imports of fishery products from the country averaged $3.4 million, according to the Ko
IndustryMarch 22, 2011
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Property slump hits mid-sized builders
Korea’s mid-size builders have been dogged by severe financial problems due to a prolonged slump in the local housing market, a trade association said Tuesday. Over a quarter of the top 100 local builders, including LIG E&C Co., were put under a workout program or court receivership as of Tuesday, according to the Construction Association of Korea.The biggest reason for their cash shortages is a p
IndustryMarch 22, 2011
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Hyundai supports Meister school system
Hyundai Motor Co. will hire up to 1,000 Meister high school graduates over a 10-year period starting next year.The plans were revealed in a memorandum of understanding the carmaker signed with the Ministry of Education, Science and Technology to collaborate on related issues on Tuesday. Introduced last year, Meister high schools are high-quality vocational schools designed to diversify education a
IndustryMarch 22, 2011
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Woori Bank’s No. 2 man tapped as new head
Woori Finance Holdings Co., Korea’s No. 2 banking group, said Tuesday it picked Lee Soon-woo, executive vice president of Woori Bank, as the new chief executive officer of the group’s flagship banking unit.The state-run financial services company said its seven-member special president selection committee selected Lee Soon-woo, 61, to lead Korea’s second-largest lender for three years.Woori Bank i
March 22, 2011
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KORES buys stake in Indonesian mine
A South Korean consortium including Korea Resources Corp. has acquired a 90 percent stake in an Indonesian bituminous coal mine for $84.15 million, the state-run mineral developer said Tuesday.KORES said it was involved in a joint venture with Korindo, a Korean-run developer in the Southeast Asian country, to buy the share for the 244 million-ton Kapuas mine from PKP Group, a local mineral exporte
IndustryMarch 22, 2011
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Is the owner always right for LG?
New technology and teamwork expected to revive LGEIt was with a sense of grim determination that Koo Bon-joon took the helm of LG Electronics last year, tasked with the daunting mission of reviving the former glory days of the floundering electronics-maker.Koo, as a member of LG’s owner family, was under close scrutiny from market watchers who were naturally suspicious of just how much of a better
IndustryMarch 22, 2011
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Sony halts some TV, camera production
Sony Corp., Japan’s largest exporter of consumer electronics, halted factories that make televisions and cameras, citing difficulties procuring components and materials following the March 11 earthquake. The company suspended operations at 5 plants in central and southern Japan, including in the Aichi and Oita prefectures, starting Tuesday until the end of this month, the Tokyo-based electronics m
IndustryMarch 22, 2011
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Texas man gets first full face transplant in US
BOSTON (AP) _ A Texas construction worker horribly disfigured in a power line accident has undergone the nation's first full face transplant in hopes of smiling again and feeling kisses from his 3-year-old daughter.Dallas Wiens, 25, received a new nose, lips, skin, muscle and nerves from an unidentified dead person in an operation paid for by the U.S. military, which wants to use what is learned t
TechnologyMarch 22, 2011
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Vice president of Woori Bank tapped as new head
Woori Finance Holdings Co., South Korea's No. 2 banking group, said Tuesday it picked the vice president of Woori Bank as the new chief executive officer of the group's flagship banking unit. The state-run financial services company said its seven-member special president selection committee selected Lee Soon-woo, 61, to lead South Korea's second-largest lender for three years. Woori Bank is c
March 22, 2011
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Korean retailers to halt imports of Japanese food
Korean retailers said Monday that they have decided to suspend imports of foods and products from Japan due to growing consumer concern over their possible contamination with radiation released from an earthquake-damaged nuclear power plant.Lotte Mart Co., Korea’s third-largest discount store chain, said it will not sell pollack which have mainly been imported from Japan, starting Tuesday.“Though
IndustryMarch 22, 2011
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Disasters will not have long-term effect on Japanese economy, Buffett says
DAEGU ― The disasters that struck Japan will not change the economic prospects of the country, Berkshire Hathaway Inc. chief executive Warren Buffett said Monday.Speaking at a press conference held on the sidelines of the groundbreaking ceremony for TaeguTec’s second plant in Daegu, Buffett said that while such adversity leaves effects, they would temporary and limited in the long term.TeaguTec is
IndustryMarch 22, 2011
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Lee lauds Buffett for his donation activity
President Lee Myung-bak said Monday that Warren Buffett's continued donations have inspired many Korean firms to rethink their social responsibility. "(Your activity) has become a good example for companies in Korea and has aroused a lot of discussions on corporations' social responsibility," Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong
IndustryMarch 21, 2011
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KNOC buys stake in U.S. oil field
State-run Korea National Oil Corp. has purchased a 23.67 percent stake in a U.S. oil field from Anadarko Petroleum Corp. for US$1.55 billion, the government said Monday. The shale oil field in the Maverick Basin region in Texas near the U.S.-Mexico border is estimated to hold 491 million barrels of oil equivalent, said the Ministry of Knowledge Economy, adding that KNOC will secure 116 million B
IndustryMarch 21, 2011
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Korea secures 1.7m barrels of overseas oil
South Korea has inked two oil deals in the United States and Kazakhstan meant to boost the country’s energy security. The state-run Korea National Oil Corp. has bought a stake in an unconventional oil field in Texas from Anadarko Petroleum Corp., the Ministry of Knowledge Economy said Monday.The firm now holds a 23.7 percent-stake in the shale oil field for which it paid $1.5 million and expects t
IndustryMarch 21, 2011
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South Korea, Peru sign free trade agreement
South Korea formally signed a free trade agreement with Peru on Monday which would broaden its access to the Latin American country’s vast natural resources and fast-growing consumer market. The pact was inked by the two countries’ trade ministers, Kim Jong-hoon and Eduardo Ferreyros, in Seoul two years after they launched negotiations in March 2009. A preliminary deal was made last November. It i
March 21, 2011
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KOGAS develops biggest LNG tank
Korea’s state-run Korea Gas Corp. said Monday that it has developed a design technology for the world’s largest liquefied natural gas tank. The tank has a storage capacity of 270,000 kiloliters, up 35 percent compared with that of the largest existing tank, helping reduce the construction cost per LNG tank by 23.5 billion won ($20.9 million), KOGAS said in a statement. The company said it is consi
IndustryMarch 21, 2011
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Korean financial sector awaits 2nd ‘big bang’
With President Lee Myung-bak’s appointment of a new government financial regulator earlier this year, reform is once again a serious topic in Korea’s one-step-forward, two-steps-back financial services industry.“The most revolutionary area (of reform) will be the introduction of hedge funds,” said Ernst J. Lee, spokesperson for the Financial Services Commission, echoing recent pronouncements by hi
March 21, 2011
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Small firms urged to improve competitiveness
Small and medium enterprises must take the lead in promoting balanced growth between large companies and their subcontractors, the commerce minister said Monday.In a meeting with heads of smaller companies, Knowledge Economy Minister Choi Joong-kyung said that in order for Korea’s economy to make the next leap forward, SMEs that largely act as subcontractors to conglomerates must become more globa
March 21, 2011
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Korea needs stronger won to tame inflation: experts
Korea needs to engineer the local currency’s ascent against the U.S. dollar rather than raise interest rates to contain inflation more effectively, experts said Monday.The government, however, remains opposed to the idea, saying the currency issue should be approached in a broader context as it could have far-reaching ramifications over the overall economy.The argument comes as Korea’s inflation l
March 21, 2011
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[News Focus] FSC pressed to settle Lone Star issue
Regulator likely to face criticism whether or not it supports own decisionThe market is focusing on the issue of whether financial regulators will endorse Hana Financial Group’s plan to acquire Korea Exchange Bank from Lone Star Funds in the coming weeks.The issue is gaining more interest after the Financial Services Commission declined to make a clear ruling on whether Lone Star has been eligible
March 21, 2011