Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Sony Pictures to withdraw from S. Korean market
Sony Pictures will end its direct movie distribution business in South Korea this year, 24 years after its entry into the local market, the company's local unit said Wednesday."We're going to engage in the film distribution business in South Korea till the year's end according to the decision by the U.S. headquarters," Sony Pictures Korea said in a release."Fury," an American war movie starring Brad Pitt, is expected to be Sony's last Korean release.After the closure, United International Pictur
Nov. 12, 2014
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Watchdog mulls legal action against Hyundai Motor on auto
The South Korean financial watchdog is mulling taking legal action against auto giant Hyundai Motor Co. for abusing its market power in negotiations over card fees with a local credit card company, financial officials said Wednesday, fueling controversy over a car purchasing system adopted only in the country. Hyundai and Kookmin Card Co., the second-largest credit card issuer by market share, have been in talks for more than a month to reset the card fee rates that the carmaker has to pay to th
Nov. 12, 2014
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LG Electronics debuts smartphone with ‘looks’
AKA phone lineup. (LGE)LG Electronics unveiled Tuesday a new handset that comes with unique casings showing facial expressions as part of a push to woo younger consumers. The AKA phone, named after the acronym for “also known as,” is now available for purchase through three local mobile carriers: SK Telecom, KT and LG Uplus, the company said in a statement. The 5-inch handset comes with four different casings, each of which has its own character, name and color: affectionate Eggy in yellow, shor
Nov. 11, 2014
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Hyundai Motor to buy back W450tr of shares amid stock slump
Hyundai Motor, South Korea’s top automaker, said Tuesday it would buy back 450 billion won ($413.6 million) worth of shares in the next three months to prop up its stock price, after hitting lows not seen in years due to a grim outlook and a pricey land deal. In a regulatory filing, the automaker said it would buy common shares worth 366.8 billion won and preferred shares worth 82.3 billion won to “increase shareholder value.”Kia Motors, Hyundai’s affiliate, also announced it would repurchase sh
Nov. 11, 2014
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IBK spurs entry into technology financing
The Industrial Bank of Korea said Tuesday that it hosted a two-day internal workshop called “IBK tour for technology financing,” aimed at discussing technology’s impact on the finance sector and finding business opportunities in the field.On Monday, the bank met with its corporate clients, including ATKO Planning, an eco-material company, and Meta Boimed, a surgical materials producer, to both of which the bank offered technology financing. Industrial Bank of Korea CEO Kwon Seon-joo (right) pro
Nov. 11, 2014
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Philip Morris donates van to cultural institute
Philip Morris Korea said on Tuesday that it had donated a 12-seat van to a cultural institute in Gwangmyeong City, Gyeonggi Province, as part of its social responsibility activities.The institute will use the van to support its cultural programs for the local community.“We hope the donated van can be of help to improve the quality of life of people in the community and offer residents a chance to take part in various cultural programs,” a company official said.The firm has been supporting local
Nov. 11, 2014
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Brokerage houses’ net nearly triples in Q3
South Korean brokerage houses saw their net income almost triple in the third quarter from three months earlier on a rise in bond investment derived from low interest rates, the financial watchdog said Tuesday.The combined net profit of 59 local securities firms came to 814.5 billion won ($749 million) in the July-September period, compared with 276.3 billion won the previous quarter, according to the Financial Supervisory Service.For the first nine months of the year, the net income totaled 1.4
Nov. 11, 2014
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Seoul Square wins top U.S. green building certification
An exterior view of Seoul Square building in Jung-gu, Seoul. (Seoul Square)Seoul Square, a prime office building owned by KR1 CR-REIT and located in Jung-gu, central Seoul, has become Korea’s first building to attain the Platinum Certification of Leadership in Energy and Environmental Design, or LEED, one of the industry’s top honors awarded by the U.S. Green Building Council.Until the 1970s, the 23-story building, formerly known as the Daewoo Building, was the tallest building in Korea. Followi
Nov. 11, 2014
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KEPCO’s net profit jumps in Q3
Korea Electric Power Corp., South Korea’s state-run power company, said Tuesday its net profit soared 61.1 percent in the third quarter from a year earlier on higher electricity rates and cheaper fuel costs. Net income reached 1.56 trillion won ($1.37 billion) in the July-September period, compared with 973 billion won from a year ago, the company said in a regulatory filing. Sales rose 4.3 percent to 14.97 trillion won in the period, while operating income jumped 84.9 percent to 2.86 trillion w
Nov. 11, 2014
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Woori Bank opens office in Vladivostok
Woori Bank, the country's third-largest commercial lender by assets, said Tuesday it has opened an office in the Russian port city of Vladivostok as a growing number of companies are expected to enter the market in line with Moscow's regional development plan.The office, the first in the area to be operated by a Korean bank, will mostly focus on providing corporate finance to South Korean companies, Woori Bank said in a press release.The Vladivostok office is Woori Bank's third local unit in Rus
Nov. 11, 2014
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S. Korean firms' ratings trimmed on poor earnings
A spate of major South Korean firms, mostly shipbuilders and construction companies, had their credit ratings downgraded due largely to their poorer-than-expected third-quarter earnings, industry watchers said Tuesday.Hyundai Heavy Industries Co., the world's largest shipyard, was cut by one notch by two local rating agencies to "AA" from "AA+"due to its third-quarter earnings that shocked investors.Hyundai Heavy said last month that it logged a record quarterly operating loss of 1.93 trillion w
Nov. 11, 2014
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Daum Kakao starts cash transaction service
Daum Kakao, South Korea's leading mobile messenger operator, on Tuesday launched BankWalletKakao, a service that allows users to transmit cash through the messenger platform.The service, arranged with 16 local banks, lets users share bills or send money through the messenger application KakaoTalk.Subscribers of BankWalletKakao are allowed to deposit up to 500,000 won (US$460.7) in their "bank money" accounts.A user can send up to 100,000 won per day and receive up to 500,000 won. Daum Kakao, how
Nov. 11, 2014
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Tesco looking to offload Homeplus
Tesco, the world’s No. 3 retailer, is considering selling off its South Korean operations under Homeplus to rein in its accounting crisis, local reports said Monday.The reports said the firm would have European investment bank Credit Suisse review the spinoff plans for its Asian operations, including South Korea. This is not the first rumor of a potential selloff of Homeplus, but the current claims are supported by Tesco’s new CEO Dave Lewis examining ways to raise funds following the discovery
Nov. 10, 2014
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Incheon Airport Railroad lures foreign travelers
The airport train platform at Incheon International Airport. (Incheon Airport Railroad)The Incheon Airport Railroad is attracting a rising number of foreign travelers thanks to its easy and convenient access to downtown Seoul, according to both railway officials and passengers. The trains depart from Incheon International Airport Station to connect to Gimpo International Airport and other key spots in Seoul.On-time departures and arrivals, along with a short connecting time, appeared to be some
Nov. 10, 2014
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Korean Air turns to net loss in Q3 on strong currency
Korean Air, South Korea’s largest air carrier, said Monday it swung to a net loss in the third quarter as the strong local currency increased the amount of dollar-denominated debt and interest rate payments. The net loss reached 392 billion won ($361.3 million) in the July-September period, compared with a net profit of 335.4 billion won a year ago, the company said in a regulatory filing.The company’s operating profit rose by 50.3 percent year-on-year to 240.7 billion won on falling fuel costs,
Nov. 10, 2014
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Korea to contribute W305 billion to lending groups
The South Korean government plans to contribute 305.9 billion won ($281 million) to multinational lending organizations next year, a slight increase from this year’s 300.4 billion won, according to the Finance Ministry. A large portion of the nation’s contributions to international society will be given to the World Bank and its lending arms.The country plans to offer $35 million to the World Bank next year. This will increase the nation’s voting share in the financial institution to 1.63 percen
Nov. 10, 2014
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[SUPER RICH] Billionaires reach for the sky
Skyscrapers, usually designed for office, commercial and residential use, could be called the pyramids of the 21st century.Towering above the skyline, they are clear symbols of industrialization, exhibiting integration of technology, concentration of wealth and enhancement of industry. They tell of the wealth and influence of the time in which they were built. Thus, the superrich and skyscrapers have been connected from the start. Some skyscrapers, such as the Empire State Building in New York,
Nov. 10, 2014
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[SUPER RICH] Influence of family businesses rising globally: McKinsey
Despite growing criticism of Korea’s family-controlled conglomerates, known locally as chaebol, U.S. management consultancy McKinsey found that family businesses are stronger and more vital around the world than ever before. According to McKinsey’s report on founder- and family-owned businesses, about one-third of the Fortune Global 500 companies are founder- or family-controlled, as are 40 percent of the major listed companies in Europe. “Family businesses are especially important in emerging m
Nov. 10, 2014
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BOK may freeze key interest rate in November
Korea’s central bank is expected to keep its benchmark interest rate at 2 percent this month amid growing concerns over household debt and foreign capital outflows. The Bank of Korea cut its key rate twice this year ― in August and October ― to a record low of 2 percent. Industry watchers are concerned that another cut may increase the level of Korea’s household debt. South Korea’s household debt has reached 1 quadrillion won ($940 billion) last year, which is threatening the economic health of
Nov. 9, 2014
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Korean retailers latch onto China’s Black Friday
South Korean consumer goods makers are in fierce competition to woo Chinese consumers on China’s “Singles Day” on Nov. 11, the Chinese version of Black Friday, the largest shopping day in the U.S.They are aggressively offering special deals for Chinese consumers who seek Korean goods to buy on Singles Day on Chinese e-commerce websites, including Tmall Global, the online marketplace of Alibaba Group. The website of Tmall Global, a direct-buying platform for Chinese consumers looking to buy forei
Nov. 9, 2014