Most Popular
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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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Korean language teaching expert says demand has outstripped supply
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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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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Samsung pulls back on LED business in Japan
Samsung Electronics has pulled back on its light emitting diode business in Japan, a Samsung official confirmed on Monday.Factors behind the pull-out were difficulties in breaking into Japan’s electronics distribution network and industrial LED standards turning favorable to local companies, an industry source said. Yen depreciation also weakened the competitiveness of Korean goods. Samsung officials confirmed the withdrawal in a phone interview, saying “the company plans to focus more on bigger
Dec. 23, 2013
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[Photo News] Spreading the holiday spirit
Dec. 23, 2013
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Jeju Air adding flights to meet growing demand
Jeju Air Co., South Korea’s largest budget carrier, said Monday that it will expand its number of international flights in the winter months to meet an expected rise in outbound travelers and an influx of Chinese tourists.The company, owned by Aekyung Industrial Co., said the planned increase in irregular flights will take place for routes departing from and arriving in Busan, the country’s second largest city, and the resort island of Jejudo, which is the main hub for the low-cost carrier.It sa
Dec. 23, 2013
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Samsung chairman still in love with cars
Despite his age, Samsung Electronics chairman Lee Kun-hee’s passion for cars seems to die hard. The 71-year-old tycoon and automobile enthusiast, known for operating a warehouse full of the world’s fastest and priciest vehicles at the Samsung auto museum in Yongin, Gyeonggi Province, even has a team of technicians to look after his cars. Over the past few years, he has hired experts mostly specialized in repairing Mercedes-Benz and Maybach cars. They are mainly mechanics who were hired by Merced
Dec. 23, 2013
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[Photo News] Homeplus mega-sale
Dec. 23, 2013
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Industry minister urges redoubled efforts to cut debts of public firms
South Korea's industry minister on Monday urged the heads of state-run companies to double their efforts to reform their organizations, warning those who fail to do so may be sacked.In a special meeting with the heads of 41 public firms currently under the leadership of the Ministry of Trade, Industry and Energy, Yoon Sang-jick said the recently submitted plans of the public firms on debt-reduction and other reform measures showed little sense of crisis or will to overcome such a crisis by their
Dec. 23, 2013
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Hyundai Group decides to sell financial units for cash flow
Hyundai Group said it would secure around 3.3 trillion won ($3.1 billion) in emergency funds by selling its three financial units, including Hyundai Securities Co. This is part of its efforts to address the recent liquidity concerns raised by the market. “Though we have enough cash for the first half of next year, we have taken strong measures to ease the concerns of the market,” a Hyundai spokesman said. “We have repeatedly pondered the sale of financial organizations, which are among Hyundai G
Dec. 22, 2013
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K-sure, Eximbank join Australia mine project
Two state-run export credit agencies ― K-sure and Korea Eximbank ― will offer $2.2 billion to finance the Roy Hill project, a $12 billion iron ore mine and related-infrastructure development scheme in the Pilbara region of western Australia, K-sure announced on Sunday. The project attracted $4.55 billion from five export credit agencies from Korea, Japan and the U.S. Among these agencies, K-sure led with $1.2 billion in financing, followed by Korea Eximbank with $1 billion. “The decision was mad
Dec. 22, 2013
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[Photo News] Dream school for teens
Dec. 22, 2013
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[Photo News] A bright idea
Dec. 22, 2013
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Shinsegae vice chairman cleared of illegal surveillance suspicions
The vice chairman of retail giant Shinsegae Group was cleared of suspicions that he ordered an illegal surveillance of his employees to block them from organizing a labor union, state prosecutors said Sunday. Chung Yong-jin has been investigated over allegations that the nation's largest discount outlet E-Mart, run by Shinsegae, systemically attempted to undermine the organization of a labor union through various illegal methods. Wrapping up a five-month probe, the Seoul Central District Pr
Dec. 22, 2013
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S. Korea launches anti-dumping probe into ethanolamine imports
South Korea's trade commission on Friday launched a formal investigation into alleged dumping by a local importer of ethanolamine.The probe will affect products from the United States, Japan, Malaysia and Thailand, according to the Ministry of Trade, Industry and Energy.Ethanolamine is a chemical compound used to produce various products including detergent and plasticizer.In 2012, the country's market for ethanolamine came to about US$47 million with 49 percent of the total supplied by the four
Dec. 20, 2013
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POSCO defers decision on CEO
POSCO has deferred the appointment of its next chairman and chief executive to next year.On Friday, the steelmaker did not discuss forming a CEO nomination committee at its regular board meeting. POSCO reportedly decided that it would not rush into the decision on its new CEO because its outgoing CEO Chung Joon-yang will remain in office until March next year.Further discussion on the nomination committee is likely to occur at a January board meeting, those close to POSCO said. Until then, the c
Dec. 20, 2013
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Steelmakers troubled by anti-dumping suits in U.S.
The Korean steel industry is troubled by a series of anti-dumping lawsuits filed against its key export items in the North American market. Korean steelmakers have seldom been intimidated by such conventional trade protection measures in the past, but things may be different this time, as the global market slump is still showing no signs of recovery next year.In July, a U.S. steel producers’ consortium filed a petition against 10 Korean steelmakers, seeking anti-dumping relief on Oil Country Tub
Dec. 20, 2013
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[Photo News] Positive energy
Dec. 20, 2013
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[Photo News] World's widest curved TVs
Dec. 19, 2013
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[Photo News] Hyundai -LG launch eco-freindly partnership
Dec. 19, 2013
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Scandal-marred nuke operator hires external staff for reform
The state-run Korea Hydro & Nuclear Power Corp., the nation’s nuclear power plant operator, said Thursday that it had implemented the most drastic personnel reshuffle in its 12-year history, filling five executive posts with figures from outside the company. “The top priority of the personnel reform was to break deep-rooted ‘pure-bloodism’ in the organization, a root-cause of serial scandals involving KHNP and its nuclear power plants,” CEO Cho Seok said. With the hiring of five new executives o
Dec. 19, 2013
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Korean Air to sell off S-Oil shares, old planes for cash
Korean Air announced on Thursday that it would secure fresh liquidity worth 3.5 trillion won ($3.3 billion) by selling off its shares of refiner S-Oil, plus 13 old, fuel-guzzling aircrafts and other properties.The move is part of the airline’s efforts to improve its financial structure, the company said. The flagship unit of Hanjin Group used to maintain its debt-to-equity ratio at about 400 percent but the figure recently surged to 800 percent. Among other things, the nation’s largest air carri
Dec. 19, 2013
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Samsung C&T rises to No. 1 in overseas orders
Samsung Construction & Trading is ranked No. 1 among Korean builders in overseas orders this year, thanks to its winning of a series of mega-scale infrastructure projects.It is the first time that the company is to take the champion position in overseas sales, beating the country’s largest builder Hyundai Engineering & Construction.Samsung C&T’s total overseas contract amount as of Monday this week reached 14.1 trillion won ($13.3 billion), far surpassing Hyundai E&C’s 8.5 trillion won, accordin
Dec. 19, 2013