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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Exports of military hardware to hit record high
The defense industry is projected to mark an all-time high in its weapon exports this year, according to the Korea Institute for Industrial Economics and Trade.While the nation had mostly exported ammunition and components for weapons, it recently diversified products such as self-propelled artillery and submarines.Among the major export destinations are the United Kingdom, Peru and India, KIET said in a report.The defense-related orders from abroad rapidly increased over the past few years ― fr
IndustryOct. 22, 2012
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Whiskey sales fall
Whiskey consumption has continued to drop in the local market amid the economic slowdown and many consumers’ reduced preference for strong alcohol.Sales of whiskey came to 517,912 boxes ― which contain 18 bottles, 0.5 liters each ― during the July-September period, down 13.4 percent over the same period last year, according to the local liquor industry.The slowing pace has become faster compared to the 10.1 percent slowing fall, posted during the first half of the year.Diageo Korea saw its sales
IndustryOct. 22, 2012
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‘Double spy’ acquitted decades after execution
A Seoul court on Monday posthumously cleared a local man of espionage charges and apologized to his bereaved family a half century after he was executed for being a “double agent” for both Koreas.Shim Moon-kyu was sent to North Korea to carry out espionage activities in 1955, two years after the 1950-53 Korean War ended in a truce. Shim, however, was detected by the North and trained for one year and seven months to become a North Korean spy. Upon returning home, Shim immediately turned himself
TechnologyOct. 22, 2012
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AIPPI’s policy recommendations
One of the missions of AIPPI is to achieve the harmonization and improvement of intellectual property laws worldwide by conducting comparative legal research and formulating recommendations to entities charged with developing, interpreting or enforcing IP laws. These recommendations are referred to as the resolutions, which, because of the representative nature of the membership of AIPPI, and its working methods, are intended to be a truly worldwide answer to an intellectual property issue of cu
Oct. 22, 2012
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Creations of the ‘beautiful mind’
“Creations of the beautiful mind.” No, I am not referring to a novel I read last week.It refers to the definition of intellectual property offered by the World Intellectual Property Organization, or WIPO. “Intellectual property refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images and designs used in commerce.” In the midst of the infamous “intergalactic” ongoing battle between Samsung and Apple, we tend to think that intellectual property is someth
Oct. 22, 2012
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AIPPI groups and meetings
On Saturday, about 2,000 IP specialists from throughout the world converged in Seoul for the 43rd Congress of the International Association for the Protection of Intellectual Property.AIPPI has members from more than 100 countries, either grouped in national groups or regional groups. Where no group exists they are independent members. Each group welcomes IP specialists of the country or region (such as lawyers, patent and trademarks attorneys, members from industry, academics and judges) and an
Oct. 22, 2012
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AIPPI considers ambitious revamp
The 43rd World Intellectual Property Congress of AIPPI is taking place in Seoul from Saturday until Tuesday, 2012. It is the first time in 20 years that the AIPPI Congress returns to Asia. In that interval of 20 years, the economies of Korea, Japan and China have all assumed positions as leading economies in the world. During the past 20 years, the AIPPI has reformed and modernized its working methods and meetings in an effort to maintain its leading role in the study, development and harmonizat
Oct. 22, 2012
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IP experts discuss future patent system
Members of the 2012 APPI Intellectual Property Congress in Seoul started ramped up their learning curve on Sunday by sailing through a number of IP-related plenary sessions and workshops, following a warm-up period for the first two days. Attendees expressed their keen interest in the Korean legal system, in what is one of the fastest-moving IP protection markets in the world as a high-tech export-driven nation. In the afternoon, a plenary session opened up the topic of the future of the patent
Oct. 22, 2012
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Insurance to be required for on-call chauffeur services
A bill has been submitted to the National Assembly to make insurance mandatory for on-call chauffeur service providers as an increasing number of accidents occur while these services are taking place for drunk drivers.About 23,000 car accidents involving on-call drivers were reported to insurance companies in 2010 and 22,000 cases last year, according to the Financial Supervisory Service and the insurance industry.These accidents fall under special contract categories for car insurance in which
Oct. 22, 2012
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Electronic cigarette firms punished for false ad
Electronic cigarette manufacturers were punished and forced to make changes to their misleading advertisements, the nation’s antitrust watchdog said on Monday. The Fair Trade Commission said that electronic cigarette firms have falsely advertised that replacing regular cigarettes with electric cigarettes is effective in quitting smoking. Although the health-improving effect and safety of electric cigarettes have long been disputed, the public can easily conceive the wrong impression of electroni
IndustryOct. 22, 2012
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YF Sonata forecast to hit record sales in U.S.
Hyundai Motor Co., South Korea’s leading automaker, said Monday that sales of its leading midsize sedan, YF Sonata, are expected to reach a record high in the United States this year on the back of its good performance and design.In the first nine months of the year, a total of 175,436 YF Sonata sedans were sold in the U.S., up 0.3 percent from a year earlier, according to Hyundai Motor.Hyundai Motor sold 225,961 YF Sonata sedans in 2011 following sales of 170,224 units in 2010. “Demand for the
IndustryOct. 22, 2012
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Shares down on EU disappointment
South Korean stocks closed 0.12 percent lower on Monday as investors were disheartened by a recent European Union summit and downbeat earnings from U.S. firms, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.25 points to 1,941.59 in the first 15 minutes of trading. Trading volume was moderate at 453.8 million shares worth 3.8 trillion won ($3.4 billion), with decliners outnumbering gainers 444 to 369.“The EU policy event di
Oct. 22, 2012
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Hana-SK issues record number of mobile cards
Hana-SK Card, the smallest player among local credit card companies, is not so little when it comes to mobile cards, as proven by its recent record-breaking card issuance numbers. Hana-SK became the first in the industry to issue more than 500,000 mobile cards as of September this year, industry sources said on Monday. The figure is also a record-breaker in the global credit card industry, they said.Hana-SK’s feat comes as existing plastic credit cards are expected to be largely replaced by mobi
IndustryOct. 22, 2012
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Discount chains to restrict business to support small biz
Presidents of large discount store chains such as E-Mart, Lotte Mart and Homeplus agreed to refrain from opening new stores and to voluntarily close on Sundays in a bid to support small retailers and mom-and-pop shops.Chiefs of the retail giants also agreed with associations of merchants and small supermarkets during a meeting on Monday to organize a consultative body to discuss the current law that requires large outlets to close every other Sunday and measures to support small and medium-sized
IndustryOct. 22, 2012
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LG Chem denies halt at Holland battery plant
LG Chem on Monday denied news reports that operations have stopped at its overseas battery plant in Holland, Michigan, stating that it was never officially activated.The plant, designed to produce batteries for electric vehicles, has curtailed its operations to 75 percent and has deferred the date to put the factory in full operation mode as the firm is waiting until the market condition turns favorable for electric cars, according to company officials. It now employs about 200 workers.“Some for
IndustryOct. 22, 2012
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Korea plans to allow duty-free SMEs
Sour consumer sentiment has been taking its toll on Korea’s department stores and discount chains for months, but the duty-free retail industry has been a shining exception.Duty-free shops run by chaebol conglomerates such as Lotte, Shilla and SK posted some 4.4 trillion won ($3.9 billion) in combined sales last year, nearly double their combined revenue of 2.2 trillion won three years before in 2008. The two-story Lotte Duty Free Shop above Lotte Department Store in central Seoul alone generate
IndustryOct. 22, 2012
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Affiliates of conglomerates pay out low dividends
South Korean conglomerates’ average dividend payouts to investors hovered below the market average last year, data showed Monday, raising concerns over family-owned firms taking excessive profits.The average dividend yield ratio came to 1.09 percent for 83 affiliates of the top 10 conglomerates listed on the main bourse, according to market researcher Corporate Governance Service.The number lags behind the market average of 1.42 percent tallied by 710 listed firms on the main bourse, the CGS dat
Oct. 22, 2012
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Renault Samsung appoints new PR expert
Renault Samsung Motors has scouted a new PR expert. The South Korean unit of French automaker Renault announced last week that it appointed Hwang Eun-young as a new executive in the company’s PR division. Hwang began her post on Monday. After studying at Ewha Womans University’s Graduate School of Translation and Interpretation, Hwang worked at Korea Employers Federation, law firm Kim & Chang, and Fleishman-Hillard Korea, one of the units of the global advertising and communication group Omnicom
IndustryOct. 22, 2012
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Kang appointed as new Lenovo Korea chief
Lenovo Korea appointed a former HP Korea executive as the company’s new country general manager last week. Kang Yong-nam, who became the new chief of Lenovo Korea, specialized in the personal computer, software, server, storage and IT consulting fields over the past 20 years at Dell and HP. He contributed to the expansion of HP’s market share in South Korea and $100 million sales in PCs while he served as an executive at the company’s Printing Personal System Group. At Lenovo, Kang will be in c
IndustryOct. 22, 2012
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Korean consumers begin to demand fair deal on imports
When it comes to makeup, 28-year-old office worker Lee Yu-na prefers foreign brands like SK-II, Dior or La Mer instead of Korean brands, especially cheap ones. “Foreign cosmetic brands have a longer history compared to most Korean brands and have been appreciated by women all over the world. It is the company, not the separate brands, that I consider before my purchase, and small companies like those that make cheap local brands seem unreliable,” she said. “I would go for the more expensive one
IndustryOct. 22, 2012
