Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Man killed by fellow hunter who mistook him for wild boar
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Department store sales grow 7.2% in Jan.: preliminary data
Sales at department stores in South Korea grew more than 7 percent in January from a year earlier, raising optimism that consumer spending might be picking up, preliminary government data showed Tuesday.Department store sales rose 7.2 percent in January from a year earlier, according to the data by the finance ministry. The on-year growth rate quickened from the 0.3 percent gain tallied in the previous month.The ministry attributed the growth to strong demand during the Lunar New Year holidays t
Feb. 11, 2014
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Top chaebol owners' dividend income rises slightly: data
Dividend payments to the owners of South Korea's top 10 conglomerates will rise some 1.9 percent this year despite their firms' sluggish earnings, data showed Tuesday.The combined amount of dividends for the business tycoons was tallied at 245 billion won ($228 million), compared with 240 billion won in 2013, according to the data by Chaebul.com, a corporate information provider on large businesses.Samsung Electronics Co. Chairman Lee Kun-hee, South Korea's richest man, topped the list with 108
Feb. 11, 2014
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[Newsmaker] Loan scandal slaps KT in the face
Incoming president Hwang Chang-gyu of the embattled telecom company KT Corp. faced his first test last week as chief executive after the discovery that a KT affiliate was involved in a loan scandal.KT ENS, a KT affiliate specializing in network integration, will be subject to an extensive probe this week on the allegation that one of its employees played a leading role in a large-scale loan fraud case involving hundreds of billions of won.The Seoul Metropolitan Police Agency on Sunday arrested a
Feb. 10, 2014
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Samsung to unveil ‘bent’ smartphones
Samsung Electronics, the nation’s largest handset maker, is set to unveil “bent” smartphones as a Galaxy variant this year based on the fresh investments its affiliate Samsung Display will be making in flexible panel production, industry sources said Monday. “The bent smartphones will be rolled out as a Galaxy variant with a few million units at the end of this year, initially taking aim at the niche market,” said Song Jong-ho, an analyst at Seoul-based KDB Daewoo Securities. Bent displays are a
Feb. 10, 2014
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Gastech 2014 to feature LNG technology
Gastech, a major conference and exhibition on natural gas, plans to host a series of seminars in March to share technological innovations in the gas industry, the conference organizers said Monday. Natural gas liquefaction is expected to top the conference agenda. As the world’s second-largest importer of liquefied natural gas, Korea has paid much attention to the issue of gas liquefaction, including rising costs and other challenges. “Gastech is definitely an important date in our calendars and
Feb. 10, 2014
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Asiana Airlines’ new CEO declares second foundation
Six months after the deadly crash landing in San Francisco, Asiana Airlines on Monday declared its “second foundation,” with the company’s new chief executive Kim Soo-cheon pledging to prioritize safety and restore profits. “This year will be the year for our second foundation in many ways,” the new Asiana head said during his first press conference at a Seoul hotel. Kim took office on Jan. 1 to replace former CEO Yoon Young-doo. Kim first joined Asiana when it was set up in 1988 and led the su
Feb. 10, 2014
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Toyota to end car manufacturing in Australia
Toyota said Monday it will stop making cars in Australia by the end of 2017, spelling a final blow to auto manufacturing in the country, where car companies say high production costs and tough competition have made the business financially unviable.Toyota's announcement means the loss of around 2,500 jobs and comes just two months after General Motors Co. announced it would be ending production in Australia by 2017. Ford Motor Co. announced in May that it was ending production in the country in
Feb. 10, 2014
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S. Korean carmakers step up R&D to build affordable electric vehicles
South Korean carmakers and the government are stepping up research and development to build affordable electric-powered vehicles with good range, industry sources said Monday.Sources said the plan is to make electric vehicles that cost under 30 million won ($27,900) and travel at least 300 kilometers on a single power charge by 2020.Seoul has already earmarked 130 billion won to be used until 2018 to make EVs and next-generation energy storage systems so that 75 percent of all rechargeable batte
Feb. 10, 2014
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Overseas output by S. Korean carmakers hits record high in January
Overseas production by South Korean carmakers reached record high numbers in January, with output expected to grow further in the future, industry data showed Monday.According to data released by automotive associations and carmakers, overseas production by Hyundai Motor Co. and its affiliate Kia Motors Corp. reached 378,867 units in the one month period, up 4.3 percent from the year before. This accounts for 56.6 percent of all cars sold by the two companies during the month.The previous monthl
Feb. 10, 2014
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Schindler trying to divert blame for losses, failed M&A: Hyundai Elevator
Hyundai Elevator Co., South Korea's top moving solutions provider, said Sunday that Schindler Holding AG's teleconference last week aimed only to divert blame for its losses and failed merger and acquisitions (M&A) plan.In a press release, the elevator company blasted the Swiss firm, which is its second largest investor, for trying to distort basic truths in their business relationship."The global teleconference held Friday ahead of Schindler's board meeting was one long show full of lies and so
Feb. 9, 2014
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[Photo News] Romanelli's Coca-Cola
Feb. 9, 2014
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Genting to build $2.2b casino resort in Jejudo
Genting Singapore Plc, Southeast Asia’s largest casino operator by market value, will develop a casino resort on South Korea’s Jejudo Island to target Chinese bettors.The $2.2 billion project will be jointly built with Hong Kong-listed Chinese property company Landing International Development Ltd. and initially target visitors from eastern and northern China, Yang Zhihui, chairman of the Chinese company, said at a press conference in Hong Kong yesterday.The Genting group of companies has been e
Feb. 9, 2014
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Schindler still eyeing Hyundai’s elevator unit
The chief of Schindler Holding AG said buying Hyundai Elevator Co.’s lift business can still be considered if conditions permit, although he does not think such a development is likely to occur without outside intervention.In a telephone conference with journalists, Alfred Schindler stressed that he had no intention of pursuing a hostile takeover of the South Korean company that enjoys about 42 percent of market share in the country.He stressed that such actions, based on his experience, would b
Feb. 9, 2014
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Korean airlines to reduce Japan-bound flights
South Korea’s major airlines plan to suspend or reduce their flights bound for Japan as the number of passengers visiting the country is declining, company and industry sources said Sunday.Asiana Airlines Inc. plans to suspend its twice-a-day flights linking the southeastern port city of Busan to Osaka starting Feb. 21. It recently received approval from the transportation ministry for the flight suspension, according to the sources.An Asiana Airlines official said that the decision was made due
Feb. 9, 2014
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Public firms’ welfare spending high despite heavy debt
Twelve debt-ridden public organizations in South Korea have spent more than 300 billion won ($279.3 million) over the past five years on providing welfare benefits, including financial support for health and education, data showed Sunday.According to the data offered by government information portal Alio, the most indebted public firms, which include LH Corp., Korea Electric Power Corp. and Korea Coal Corp., spent a combined 317.4 billion won from 2009 to 2013 on four major welfare benefits.The
Feb. 9, 2014
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Toyota close to $1 bln deal to settle U.S. probe -WSJ
Toyota Motor Corp is close to a deal to pay $1 billion to settle a U.S. criminal investigation into how it disclosed customers' complaints about unintended acceleration years ago, the Wall Street Journal reported on Friday, citing anonymous sources.Toyota could reach a deal with U.S. authorities within weeks, the Journal quoted the sources as saying, ending a four-year probe into one of the Japanese automaker's most embarrassing international episodes.The deal under negotiation could still colla
Feb. 8, 2014
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Samsung Antitrust Probe Over Patent Use Closed by U.S.
Samsung Electronics Co. won’t be penalized for its efforts to exclude certain Apple Inc. products from the U.S. market after the Justice Department closed an investigation without taking action. The department’s antitrust division closed its review because the U.S. Trade Representative in August vetoed an import ban won by Samsung against some older Apple iPhone models, the U.S. said in a statement today. The case involved Samsung patents on essential technology used throughout the mobile-phone
Feb. 8, 2014
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[Photo News] Spot check
Feb. 7, 2014
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Korea to intensify market monitoring on volatility fears
South Korea will intensify its market monitoring on fears that volatility could deepen in the wake of the U.S. Fed’s decision to make an additional cut to its bond purchase stimulus efforts, a senior economic policymaker said Friday.“We will step up our monitoring on expectations that the situations of market volatility deepening will persist throughout this year,” Vice Finance Minister Choo Kyung-ho said at a meeting with other policymakers to review the latest financial and economic situations
Feb. 7, 2014
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Apple closes gap with Samsung in China market
Samsung Electronics’ smartphone market share in China fell in the fourth quarter of 2013 as its rival Apple saw a marked increase. Analysts said Apple would continue to see a rise in the first quarter of this year as it recently signed a new deal with China’s largest telecom carrier China Mobile Communications Corporation. According to research firm Strategy Analytics, Samsung’s smartphone market share in China dropped to 19.1 percent, from 21.6 percent in the previous quarter. Apple rose to 7.3
Feb. 7, 2014