Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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[Power Korea] SK Group rises as a global conglomerate
SK, the country’s third-largest conglomerate, made its debut in the 1950s as a textile firm, but has now evolved into a corporation that covers energy as well as information technology.The corporation was called Sunkyung Textile back in 1953. Founded by former chief executive Chey Jong-kun, it was the first in Korea to export rayon textiles to Hong Kong in 1962.Since stepping into the petrochemical sector about a decade later, the corporation was taken over by the founder’s younger brother Chey
Jan. 21, 2013
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[Power Korea] SK Hynix powers up expansion under group’s wing
SK Hynix, the newest member of SK Group, had been ownerless for more than a decade. The company, which was established as Hyundai Electronics in 1983, acquired LG Semiconductor in 1999 and separated itself from Hyundai Group soon after in 2001.Since changing its name to Hynix Semiconductor, it has shown remarkable progress.On top of becoming the world’s No. 2 memory chipmaker, it launched the world’s fastest 128-megabyte graphics memory chip, called double data rate synchronous dynamic random ac
Jan. 21, 2013
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[Power Korea] SK Innovation transforming into top global energy firm
SK Innovation, the holding firm for SK Group’s oil refining and petrochemical businesses, has seen success in converting to a technology-driven global energy firm.SK Innovation was born following SK Group’s decision to spin off its petrochemical business in January 2011.Fast decision-making and nurturing of new growth engines in its petrochemical projects were expected to come to life under the new name.Formerly named SK Energy, SK Innovation was given three subsidiaries: SK Energy, SK Global Ch
Jan. 21, 2013
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Woongjin chief vows to use his money to save holding firm
The head of Woongjin Group, a mid-size conglomerate in South Korea, has expressed his intention to contribute an unspecified amount of his personal wealth to the group’s troubled holding company in an effort to help it get back on its feet, a company official said Monday.Yoon Seok-keum, chairman of Woongjin Group, has made the decision to help Woongjin Holdings tide over a liquidity crunch, the official said. The holding company was placed under a court receivership last year, along with its con
Jan. 21, 2013
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Home plus publishes book on corporate history
Retailer Home plus on Monday said it has published a volume on the company’s 12-year history. Entitled, “12 Years of Home plus, the Dreams and Passion of the Great Stone Face,” the book deals mostly with the history of the company and also the management initiatives of CEO Lee Seung-han. There are also a series of illustrations to go along with the narrative, the company said via its website.Home plus was established in 1999, first as a joint venture between Samsung Group and U.K.-based Tesco, a
Jan. 21, 2013
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Wal-Mart to close last Korean branch
Wal-Mart has decided to suspend the operations of its remaining Korean operations as of the end of this month, according to industry sources on Monday.The brand had served as the purchasing department for the U.S.-based retailer that handled the purchase of Korean products.In 2006, Wal-Mart pulled out of Korea after selling its shares and stores to E-Mart, citing a difference in corporate and social cultures that prevented the company from expanding its operations here.But it had left behind a b
Jan. 21, 2013
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Shipbuilders eye double-digit growth
Despite the continued slump in shipbuilding orders overseas affected by the prolonged global economic downturn, the nation’s top three shipbuilders have set bold goals for winning orders in the beginning of the year, renewing their growth strategy, industry sources said. Hyundai Heavy Industries, the world’s largest shipbuilder, said it increased its order target steeply by 52.3 percent to $29.7 billion this year compared with order results in 2012. The other two shipbuilders also unveiled doubl
Jan. 21, 2013
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Cigarette sales drop on weaker demand
Sales of cigarettes in South Korea last year fell from a year earlier due mainly to an economic slowdown and widespread anti-smoking movements, industry data showed Monday.According to the data, Ministop Korea, the local operator of the Japan-based convenience chain store, saw its cigarette sales fall 7.6 percent on-year in 2012.Korea Seven Co. said cigarette sales at its 7-Eleven convenience stores dropped 4.3 percent on-year in 2012, and GS25 chains, run by local retail conglomerate GS Corp.,
Jan. 21, 2013
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Global companies use localization to win Korean hearts
It is a serene atmosphere with a Korean traditional teahouse-like interior where people sit down on top of flat cushions on a wooden floor. But the drinks served are Starbucks coffee.Korea’s first drive-through Starbucks opened in Gyeongju, capital of the ancient kingdom of Silla, in September, with Silla designs everywhere.The stair railing to the traditional tearoom on the upper floor is designed after the banisters around the historic Anapji pond where the royals and the upper class partied d
Jan. 20, 2013
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Hong Kong-based fund bids for Ssangyong E&C
Hong Kong-based private equity firm VVL expressed its willingness to participate in a bidding to take over Ssangyong Engineering & Construction Co., industrial sources said Sunday.If successful, VVL will become the largest shareholder of the Korean builder firm, replacing the state-run Korea Asset Management Corp., or KAMCO, Ssangyong’s current largest shareholder. Ssangyong E&C has been accepting applications from developers here and abroad since last November. The bid will most likely close be
Jan. 20, 2013
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Global companies sport localization strategies to win Korean hearts
It is a serene atmosphere with a Korean traditional teahouse-like interior where people sit down on top of flat cushions on a wooden floor. But the drinks served are Starbucks coffee.Korea’s first drive-through Starbucks opened in Gyeongju, capital of the ancient kingdom of Silla, in September, with Silla designs everywhere.The stair railing to the traditional tearoom on the upper floor is designed after the banisters around the historic Anapji pond where the royals and the upper class partied d
Jan. 20, 2013
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LG Optimus G sells over 1 million units
LG Electronics Inc. said Friday it has sold more than 1 million Optimus G smartphones worldwide since the flagship device’s launch last year.The milestone comes roughly four months after the South Korean handset manufacturer unveiled the 4.7-inch display phone that runs on Qualcomm Inc.’s Snapdragon S4 Pro processor.In September, LG introduced two premium smartphones ― the Optimus G and the Optimus Vu 2 ― as part of efforts to regain its presence in the mobile market.The company has released the
Jan. 18, 2013
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Seoul should brace for end of global credit easing: BOK
South Korea’s top central banker said Friday that the country should brace for the possibility that major central banks may end their march toward credit easing.“It does not seem that the financial crisis will further worsen. There is a chance that major central banks may unwind their drives for quantitative easing,” Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with local bank heads.Major central banks including the U.S. and Japan have launched a massive bond-buying program
Jan. 18, 2013
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Nongshim shows interest in Woongjin Foods: sources
Nongshim Co., South Korea’s top instant noodle maker, has expressed keen interest in buying Woongjin Foods Co., a beverage unit of cash-strapped Woongjin Group, industry sources said Friday.The move comes as Woongjin Holdings Co. and its creditors have reached an agreement on sales of the food unit to ramp upWoongjin’s debt rescheduling program. The mid-sized group has been placed under court receivership last year due to financial difficulties.Nongshim has vowed to strengthen beverage business
Jan. 18, 2013
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IBM outlines strategies for mutual growth
IBM Korea on Friday announced strategies to more efficiently work with its business partners in a ceremony attended by more than 500 company executives, including the new IBM president Shirley Yu-Tsui. IBM is currently working together with more than 1,000 business partners and vendors, while on a global level, its partners now number more than 130,000. IBM’s main priorities for working with partners involve jointly developing new markets and offering key solutions based on advanced technology,
Jan. 18, 2013
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SK affiliates undergo major reshuffling
SK Group affiliates on Friday announced a reshuffle that affected six companies including SK Innovation, the group’s holding company. Among the affiliates, SK Innovation promoted 29 executives including its president and CEO Koo Jay-young, who was appointed vice chairman and CEO.The company also elected its first-ever female executive in the vice president level: Kang Sun-hee, who was named secretary-general of the board of directors and sustainable growth director. Five other affiliates includi
Jan. 18, 2013
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Korean IT sector clicks onto Africa
Africa, one of the least tapped markets in the world, has become the target of local IT companies that are eagerly eyeing the continent for business opportunities. In particular, electronics firms such as Samsung and LG Electronics, along with telecom KT, are actively moving to grab a larger share in Africa where the customer base for electronic products is growing at a fast pace. Until now, electronics makers have prioritized mostly the U.S. and European markets, but market saturation, not to m
Jan. 18, 2013
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GSK chief tapped to head pharmaceutical association
Kim Jin-ho, the chief executive of GlaxoSmithKline Korea, was elected this week as chairman of the Korea Research-based Pharmaceutical Industry Association, one of the largest organizations for pharmaceutical companies here with over 30 members. Kim was the second Korean following Lee Dong-soo, CEO of Pfizer Korea, to take up the post, according to industry sources. Kim will start his duties as the new chairman beginning Feb. 1, the association said. “The status of Korean companies in the global
Jan. 18, 2013
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Sony selling Madison Avenue HQ building for $1.1 bn
Sony shares rocketed 12.20 percent Friday after the embattled Japanese consumer electronics giant said it was selling its US headquarters in Manhattan for $1.1 billion as part of a huge restructuring.The Tokyo-listed shares finished at 1,149 yen, boosted by a weak yen and after the announcement that New York-based commercial property firm Chetrit Group was leading a consortium that agreed to buy the Madison Avenue skyscraper.The sale, expected to close in March, comes as the firm undergoes a cor
Jan. 18, 2013
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E-Land signs deal to buy K-Swiss
Apparel giant E-Land Group inked a deal on Thursday to acquire Nasdaq-listed U.S. footwear company K-Swiss, Inc. for $170 million, becoming the first Korean company to buy a listed American fashion firm.Through taking over K-Swiss, which saw its sales halve from 2005 to around 600 billion won in 2011, E-Land plans to beef up its footwear line and business in China.About half of K-Swiss’ sales come from the U.S., and the other half from Europe and Asia.“By expanding our sports brand business from
Jan. 17, 2013