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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Seoul's first snowfall could hit hard, warns weather agency
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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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Video games can improve employee health
Employers are using health wellness video games to promote health and save employers direct and indirect healthcare costs, U.S. researchers say.Bill Ferguson, editor-in-chief of Games for Health Journal wrote in an editorial that wellness programs using health games could have a significant impact on human well-being and the costs, pain and suffering of preventable illnesses and conditions.Video g
TechnologyJuly 4, 2012
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Seoul shares open higher on U.S. gains
South Korean stocks got off to a strong start on Wednesday, boosted by overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 10.5 points, or 0.56 percent, to 1,878.32 in the first 15 minutes of trading.Foreign investors continued to scoop up shares, and are set to become net buyers for the third straight session. Retail investors, however, opt
July 4, 2012
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Korean retailers' sentiment falls for Q3
South Korean retailers' confidence for the third quarter fell slightly due to persistent concerns about sluggish economic growth, a poll showed Wednesday.The retail business survey index came to 103 for the July-September period, down from 105 tallied for the last quarter, according to the survey of 943 retailers by the Korea Chamber of Commerce and Industry (KCCI).Despite the dip, the index has r
July 4, 2012
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Hanwoo farmers worried about uncertain market
Kim Kee-Seong has operated a small ranch with about 100 prized Hanwoo cattle in the Hoengseong countryside in eastern Gangwon Province, about 137 kilometers east of Seoul, for the past 30 years. Housed in pens just a few yards from his front porch, the cows are close to the farmer, now well into his 60s, both literally and figuratively. “I grew up on a farm in Hoengseong,” he says. “These cows are my livelihood and they represent a tradition for my family and for all of Korea.” Indeed, the free-
IndustryJuly 3, 2012
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Hyundai Heavy wins biggest container-vessel order in a year
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, won an order to build 10 mega- container vessels for $1.2 billion, the biggest new contract for the type industrywide in a year.The vessels, each able to hold 13,800 20-foot boxes, will be operated by Evergreen Group, the Ulsan, South Korea-based shipbuilder said in a statement on Tuesday. Evergreen will lease the vessels from Enesel SA, the Taiwanese shipping line said separately. Deliveries are due to start in the second half of ne
IndustryJuly 3, 2012
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SKT establishes personal data protection system for customers
SK Telecom, Korea’s largest mobile carrier, has put in place a personal data protection system for consumers subscribing to the company’s mobile network services.The system will be used at some 2,200 nationwide retail stores certified by SK Telecom where customers can sign up for its services or purchase new mobile phones without filling out paper forms.They also can use its security system to request product information or consultation via tablet PCs such as Apple’s iPads or Samsung Electronics
TechnologyJuly 3, 2012
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Kia’s Pride wins IDEA design award
Kia Motors said Tuesday that it has achieved the “grand slam” of winning awards at the world’s top three design competitions, with its model Pride recently taking bronze at the 2012 IDEA Awards. According to Kia, the Pride, whose export brand name is Rio, won bronze in the transportation design category of the IDEA Awards this year, which is run by the Industrial Design Society of America. Officials said that the Korean carmaker has earned the honor of getting recognized at the world’s top three
IndustryJuly 3, 2012
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Little progress in cutting fees at major retailers
The nation’s antitrust watchdog said Tuesday that there had been little progress in its ongoing efforts to reduce commission fees at major retailers despite a voluntary agreement with the industry’s top players.The Fair Trade Commission found that 2,272 vendors have benefited from commission reductions totaling 35.8 billion won ($31.4 million) on trade at 11 won retail companies since October. Aimed at supporting smaller firms, the government in September agreed on 3-7 percent commission cuts to
IndustryJuly 3, 2012
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Samsung develops faster, energy-efficient DRAM chip module
Samsung Electronics, the world’s biggest memory chip manufacturer, has developed the industry’s first 30 nanometer-class Double Data Rate 4 DRAM module.The memory chip module, used for enterprise servers and controller solutions, can transfer data at a rate of nearly 3.2 gigabits per second, the company said.The new DDR4 module can not only process data faster, but is also 40 percent more energy-efficient compared with its previously developed DDR3 DRAM module with speeds of 1.6 gigabits per sec
TechnologyJuly 3, 2012
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Standard Chartered vows to support Korean firms’ advance into Africa
Standard Chartered Bank highlighted Africa’s growth potential and urged South Korean companies to advance into the market. The global bank held a media round table, “Access Africa,” on Tuesday at Westin Chosun Hotel to promote trade between Korea and Africa and discuss how the bank can support businesses. “The huge growth potential of Africa has drawn attention from the world. Korea’s trade volume with African countries is on the rise and we are seeing an increasing number of Korean companies ve
July 3, 2012
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Seoul shares up 0.87 percent on hopes of stimulus measures
South Korean stocks closed 0.87 percent higher Tuesday as weak economic data from major economies spurred expectations that policymakers may move toward stimulus measures, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 16.17 points to 1,867.82. Trading volume was moderate at 340.8 million shares worth 4.67 trillion won ($4.1 billion), with gainers outnumbering decliners 523 to 280.“A series of weak economic data from China an
July 3, 2012
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Korea’s foreign reserves rebound in June
Korea’s foreign reserves rebounded in June from the previous month as investment profit gained and a weaker dollar raised the conversion value of non-dollar assets, the central bank said Tuesday.The country’s foreign reserves reached $312.38 billion as of the end of June, up $1.51 billion from the previous month, according to the Bank of Korea.The foreign reserves in May retreated after they hit a fresh record high of $316.84 billion in April. The country’s FX reserves have been widely on the ri
July 3, 2012
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Bank earnings probably slipped almost 15 percent in first half
Korean major banks’ earnings may have dropped nearly 15 percent on-year in the first half of the year amid economic uncertainties and increased bad loans, data showed Tuesday.The combined net income of the country’s four major banking groups, including Woori Finance Holdings Co. and KB Financial Group Inc., and Industrial Bank of Korea and Korea Exchange Bank is estimated to have fallen 14.6 percent on-year to 7.95 trillion won ($6.96 billion) in the first half, according to financial informatio
July 3, 2012
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Industrial sector opposes electricity price hike
Korea’s industrial community on Tuesday raised its voice against a recent government move to raise electricity prices, arguing that a hike will place greater burdens on companies.“An increase in the electricity rate is a huge burden for the entire industry, including small and mid-size firms as they face an economic slowdown,” Lim Sang-hyuk from the Federation of Korean Industries said in a forum. The FKI is the country’s biggest business lobbying group.“There still is controversy over the calcu
July 3, 2012
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Foreign IBs give Korean stocks overweight ratings
Major foreign investment banks have advised investors to purchase more South Korean stocks, citing the market’s upward potential down the road, a report showed Tuesday. Six out of seven foreign IBs including Credit Suisse and Deutsche Bank have offered overweight ratings for South Korean shares, according to the report by the Korea Center for International Finance. Credit Suisse predicted the benchmark KOSPI will likely trend upward, considering its current level has been undervalued about 16 pe
July 3, 2012
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BC Card to replace CEO
BC Card, Korea’s credit card payment services provider, will name Lee Kang-tae, former Hana SK Card chief, as its new CEO, reports said on Tuesday.KT, the nation’s telecommunication giant, which is the largest shareholder of BC Card, has decided to select Lee, replacing Lee Jong-ho who recently tendered his resignation, according to the reports.Industry sources said KT has been looking to accelerate the merger of finance and telecommunications. Lee, who served as the Hana SK CEO until early this
July 3, 2012
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Biggest-ever class suit filed over fixed collateral fee
A total of 42,000 borrowers have filed a collective suit against banks and other financial institutions to retrieve fees for registering collateral, becoming the largest-ever number of people to take such joint legal action.The Korea Consumer Agency said on Tuesday that it filed a complaint on behalf of 42,000 people who requested a class-suit to retrieve collateral-fixing fees paid to a judicial scrivener for mortgage loans from banks. About 1,500 financial institutions including banks, insurer
July 3, 2012
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NTS rejects Lone Star’s refund request
Tax dispute likely to become Korea’s first ISD for arbitrationThe National Tax Service has decided to reject Lone Star’s request for a refund of 391.5 billion won ($348 million) in tax on capital gains from its sale of Korea Exchange Bank, officials said Tuesday.The U.S. buyout fund sold its 51.02 percent stake in KEB for about 3.9 trillion won ($3.5 billion) to Hana Financial Group in January. The NTS imposed a 10 percent withholding tax on the proceeds from the sale, which Hana Financial paid
July 3, 2012
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LG chairman calls for revamped business strategies
LG Group chairman Koo Bon-moo instructed his staff to map out practical business strategies for an overall revision of each subsidiary’s targets during a monthly meeting of executives on Tuesday.“Though there were discussions with CEOs of our subsidiaries last month, we’ve seen shortage of details and practicability in our mid- and long-term strategies,” Lee was quoted by his spokespeople as saying.Amid unfavorable external factors, superficial business goals with only slogans are not enough to
IndustryJuly 3, 2012
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Retail revival driven by borderless global trade
Competition to take better space spreads in Korean commercial real estate marketThe retail world is becoming a borderless global marketplace. Mature retail and gateway cities serve as the foundation, while emerging markets are the primary drivers of growth. There is a tremendous opportunity for increases in personal spending among the fast-growing middle class in emerging markets, and it’s creating a new population of shoppers. The prospects for economic growth in emerging markets ― where GDP gr
July 3, 2012
