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  • Samsung phones cleared for US government use Tuesday, 21 Oct 2014 | 3:33 AM ET

    SEOUL, South Korea— Samsung Electronics Co. said Tuesday some of its Galaxy mobile devices were approved by the National Security Agency for use with classified U.S. government networks and data, a boost to the company's efforts to expand in the security-conscious business market. The South Korean company said the Galaxy S5, the Galaxy Note 4 and seven other...

  • Samsung seeks boost from redesigned Note Tuesday, 21 Oct 2014 | 2:37 AM ET

    Even though reviews for the Galaxy Note 4 have been favorable, analysts said its redesign may not be enough as Apple Inc. has entered the large-screen smartphone category with the iPhone 6 Plus. "It will not be easy," said Lee Sei- chul, an analyst at Woori Investment& Securities. Samsung estimated earlier this month that its July-September quarterly profit shrank...

  • SEOUL/ WASHINGTON, Oct 21- South Korea said it could cancel a planned $1 billion- plus deal for BAE Systems Plc to upgrade its F-16 fighter jets and seek a new different contractor if talks with the British company do not proceed smoothly. While BAE has been on cost and schedule with an initial $140 million development contract for the upgrades of the 134 jets, the U.S....

  • SEOUL, Oct 20- For a country trying to avoid the menace of deflation, South Korea is receiving timely help from unusual quarters- the country's landlord and their tenants. Nomura estimates that there was some $400 billion tied up in jeonse deposits in 2012, equal to one-third of South Korea's annual economic output. "The sharp drop in interest rates is the most...

  • Falling oil prices shake up global economies Thursday, 16 Oct 2014 | 3:02 AM ET

    The global price of oil closed at $84.47 per barrel Thursday, down about $31, or 27 percent, from its high point for the year. "The problem is that countries get accustomed to a certain level of income, and then spend," says Edward Chow, a senior fellow at the Center for Strategic and International Studies. Increased production in the U.S., Canada, Iraq and elsewhere made up...

  • SEOUL, Oct 15- South Korea's central bank slashed its policy interest rate for the second time in three months on Wednesday to match its record low and gave no clear signal that its easing cycle had ended- keeping the door open for another cut. Bond prices rose modestly as Wednesday's decision had been widely expected, with the anticipated tightening in U.S....

  • South Korea cuts interest rate to record low Wednesday, 15 Oct 2014 | 12:30 AM ET

    SEOUL, South Korea— South Korea's central bank lowered its key interest rate to a record low Wednesday as it tries to bolster a fragile economic recovery. Next year, South Korea's economy will grow 3.9 percent, instead of 4 percent. Analysts expected the rate cut as South Korea's finance minister had said the recovery in Asia's fourth-largest economy was fragile.

  • South Korea cuts interest rate to record low Tuesday, 14 Oct 2014 | 10:31 PM ET

    SEOUL, South Korea— South Korea's central bank lowered its key interest rate to a record low on Wednesday as it tries to bolster a fragile economic recovery. Next year, South Korea's economy will grow 3.9 percent, instead of 4 percent. Analysts expected another rate cut as South Korea's finance minister had said the recovery in Asia's fourth-largest economy was...

  • South Korea identity thefts forces ID overhaul Tuesday, 14 Oct 2014 | 2:42 AM ET

    SEOUL, South Korea— After an avalanche of data breaches, South Korea's national identity card system has been raided so thoroughly by thieves that the government says it might have to issue new ID numbers to every citizen over 17 at a possible cost of billions of dollars. Rebuilding the system and tightening security could take up to a decade, according to Kilnam...

  • Korean chat app vows to protect user privacy Tuesday, 14 Oct 2014 | 12:25 AM ET

    SEOUL, South Korea— Popular South Korean messaging app Kakao Talk said Monday it will stop fully cooperating with authorities seeking to access private messages as part of a government crackdown on online criticism. Lee Sirgoo, CEO at DaumKakao which owns Kakao Talk, apologized for its initial handling of privacy issues at a news conference called at short...

  • Korean chat app vows to protect user privacy Monday, 13 Oct 2014 | 7:44 AM ET

    SEOUL, South Korea— Popular South Korean messaging app Kakao Talk said Monday it will stop fully cooperating with authorities seeking to access private messages as part of a government crackdown on online criticism. Lee Sirgoo, CEO at DaumKakao which owns Kakao Talk, apologized for its initial handling of privacy issues at a news conference called at short...

  • *OPEC unlikely to cut output to support prices- Kuwait. SINGAPORE/ SEOUL, Oct 13- Global oil futures lost more than a dollar on Monday after Saudi Arabia and Kuwait signaled ample supplies and their willingness to bear lower prices to defend market share, although better than expected trade data from China pared oil's losses. Contrary to market expectations, OPEC...

  • *Some storage sites expected to be full by 2016. SEOUL, Oct 13- Among the usual commercials for beer, noodles and cars on South Korean TV, one item stands in marked contrast. It plans to cram those sites with more fuel than they were originally intended to hold while it looks for a permanent solution, suggesting little has been learned from the Fukushima disaster in...

  • Secretary of State John Kerry told him on Oct. 8 that the world's second biggest greenhouse gas emitter behind China may announce a major injection of money into the Green Climate Fund created by the United Nations. "He says that the U.S. is considering seriously to make a significant announcement even before the Lima conference, probably next month," Gutierrez...

  • WASHINGTON, Oct 10- The United States may make a major contribution to a fund in November that would help poor countries prepare for and combat climate change, said the foreign minister of Peru, the country hosting a crucial round of climate negotiations in December. Secretary of State John Kerry told him on Oct. 8 that the world's second biggest greenhouse gas...

  • S. Korean coast guard kills Chinese boat captain Friday, 10 Oct 2014 | 4:45 AM ET

    SEOUL, South Korea— A South Korea coast guardsman on Friday fatally shot the captain of a Chinese fishing vessel who resisted the inspection of his ship for suspected illegal fishing, officials said. China's Foreign Ministry quickly urged South Korea to thoroughly investigate the incident and called for stern punishment of those responsible for the...

  • MOSCOW, Oct 10- South Korean shipbuilder Samsung Heavy Industries plans to build three Arctic tankers for Russian oil company Gazprom Neft, which has been targeted by Western sanctions, sources familiar with the deal said. The tankers will be bought by Gazprom Neft's Austria- based subsidiary Gazprom Neft Trading, one of the sources told Reuters.

  • South Korean town votes no to nuclear plant Thursday, 9 Oct 2014 | 10:11 PM ET

    SEOUL, South Korea— Voters in a South Korean city have rejected plans to build a nuclear power plant in a referendum the government says has no legal effect. Thursday's vote in Samcheok, on South Korea's east coast, went as expected following this year's election of a mayor who wants the government to scrap nuclear plant. "I will persuade the national government...

  • Japanese paper: Reporter indicted in South Korea Wednesday, 8 Oct 2014 | 8:47 AM ET

    SEOUL, South Korea— South Korean prosecutors on Wednesday indicted a Japanese journalist on charges he defamed South Korea's president by reporting rumors that she was absent for seven hours during the April ferry disaster because she was with a man, according to the journalist's employer and the Japanese government. The weeks-long investigation of the...

  • South Korean town to put nuclear plan to vote Wednesday, 8 Oct 2014 | 7:11 AM ET

    SEOUL, South Korea— Fighting plans to build a nuclear power plant, a South Korean fishing village is holding a referendum Thursday, even though the government has warned the vote is illegal. A site in Samcheok, 195 kilometers east of Seoul, was picked by the energy ministry after a previous city government applied in 2010 for a nuclear power facility.