Most Popular
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Korea added to key bond index
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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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Will Apple quit smart ring race with Samsung?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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More deaths in ICU following doctors' mass walkout: lawmaker
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Jay Park returns with quintessential R&B album after 8 years
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SK chairman Chey steps down
SK Group chairman Chey Tae-won stepped down from his top post to remain as a "strategic" shareholder, the group said on Tuesday. The country’s No. 3 conglomerate named SK Chemical vice chairman Kim Chang-keun to succeed Chey.The conglomerate’s top decision-making council held a meeting, attended by heads of its 17 major affiliates, at its headquarters in downtown Seoul to decide on Kim to lead the group beginning this month.Chey will still hold the chief executive positions at SK Holdings, SK
Dec. 18, 2012
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International court acquits Congo rebel leader
The International Criminal Court has acquitted a Congolese militia leader of all charges of leading fighters who destroyed a strategic village in eastern Congo in 2003, hacking to death and raping some 200 people including women and children. Tuesday's acquittal of Mathieu Ngudjolo is only the second verdict in the court's 10-year history and the first time it has cleared a suspect.Prosecutor Fatou Besnouda immediately indicated she would appeal and ask for Ngudjolo to be kept in custody.Ngudjol
Dec. 18, 2012
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GSK, Pfizer reduce Korean staff to stave off challenges
Top-ranking pharmaceutical companies in Korea are expected to prune their workforces in the face of challenges both at home and abroad including sluggish economic conditions and a number of deep-seated shortcomings that are finally being addressed. GlaxoSmithKline, the largest pharmaceutical company in Korea in terms of sales, is planning to hand out early retirement packages to up to 100 employees ― more than 10 percent of its workforce of 750 ― before the year is over. The firm is currently re
Dec. 17, 2012
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Daewoo Shipbuilding wins deal to build 2 LNG carriers
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Monday that it has clinched a contract from a Canadian shipping company to build two liquefied natural gas carriers.Under the deal with Teekay Corp., Daewoo Shipbuilding will deliver the vessels with a capacity of 173,000 cubic meters of LNG by 2016, the company said.The contract also includes an option of three more carriers, it added.The shipbuilder, however, did not disclose the financial terms of the contract.Each
Dec. 17, 2012
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Samsung to finalize investment plan
By Cho Ji-hyunSamsung Electronics on Monday organized a two-day global strategic planning meeting attended by about 600 local and overseas executives in its Suwon and Giheung offices in Gyeonggi Province.The world’s top smartphone maker will finalize its investment plan for next year at the meeting, which will be divided into the sectors of device solutions and finished products.Samsung’s global strategic meeting is held twice a year ― in the first half and latter half ― and it is a time when th
Dec. 17, 2012
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Popularity of i40 takes Hyundai to sales landmark in Europe
Hyundai Motor’s upper-segment car sales in Europe surpassed a milestone 10 percent of the carmaker’s total sales for the first time, largely driven by the i40 wagon. The Korean auto giant said Monday that it sold 247,151 passenger vehicles in the first 10 months of this year in Europe alone. Of them, larger models with an engine capacity of 1,600 cc or higher made up 11.8 percent of Europe sales, more than doubling last year’s 4.4 percent, the company said. The i40, whose engine capacity ranges
Dec. 17, 2012
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New EU chamber weighs money and image
The European Chamber of Commerce in Korea, which has embraced a brand new identity as a nonprofit group after suffering a string of corruption scandals that marred the previous leadership, appears to be pondering over how to make money while maintaining a spotless public image.“It’s all a matter of financing,” said Thilo Halter, chairman of the new ECCK. He said the chamber still has the option of going full-profit, but that the decision depended on how well the chamber gets back on its feet.The
Dec. 17, 2012
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Korean FDA orders recall of steroid-containing skin cream
South Korea’s drug safety agency has suspended the sales of a cosmetic cream imported from the U.S. that contains steroids, and has ordered the company to recall it. Mario Badescu Healing Cream, known as “magic cream” for helping to minimize the appearance of acne scars, is produced by U.S. facial skin care and beauty product company Mario Badescu Skin Care, Inc.Through a test conducted by the Korea Food and Drug Administration, two types of steroids -- hydrocortisone and Triamcinolone acetonnoi
Dec. 17, 2012
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GSK, Pfizer slim down to stave of challenges
Top-ranking pharmaceutical companies in Korea are expected to prune their workforces in the face of challenges both at home and abroad including sluggish economic conditions and a number of deep-seated shortcomings that are finally being addressed. GlaxoSmithKline, the largest pharmaceutical company in Korea in terms of sales, is planning to hand out early retirement packages to up to 100 employees — more than 10 percent of its workforce of 750 — before the year is over. The firm is currently re
Dec. 17, 2012
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Diet Pepsi quietly changes sweetener
Diet Pepsi is quietly changing its sweetener ahead of a major rebranding of the soft drink set for next month.The change comes as PepsiCo Inc. looks to reinvigorate its namesake brands after losing market share to Coca-Cola Co. in recent years.Cans of Diet Pepsi around the country now list a mix of two artificial sweeteners, a pairing that is commonly found in newer diet sodas. Previously, Diet Pepsi used only aspartame, which is sensitive to heat and breaks down more easily.This summer, PepsiCo
Dec. 17, 2012
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Wine sales outpace soju sales for first time
Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea’s drinking culture.Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent.Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, but jum
Dec. 16, 2012
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Lottery sales exceed limit cap for 2nd year
Lottery sales in South Korea surpassed an annual government-set limit for the second straight year as more people bought tickets amid an economic recession, data showed Sunday.Sales of lottery tickets totaled 2.91 trillion won ($2.71 billion) in the January-November period, exceeding the 2.87 trillion won ceiling recommended by the National Gambling Control Commission, according to the data by government agencies.If the trend continues, this year’s lottery sales are expected to surpass 3 trillio
Dec. 16, 2012
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Unlocked iPhones could fuel fee competition
The release of the iPhone 5 as unlocked and contract-free form is being eyed as to whether it will stir up competition in the market of mobile virtual network operators, which offer more affordable wireless payment plans.Apple’s iPhone 5 handsets, without any kind of contract with mobile carriers, went on sale in Korea on Friday.“As Korea decided to implement a system that enables consumers to pick their own handset and mobile carrier as well as mobile payment scheme starting this year, Apple ha
Dec. 16, 2012
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New SM5 keeps Renault Samsung plant busier
BUSAN ― Resounding with K-pop music, the production lines at Renault Samsung Motors’ Busan plant were full of energy Friday. With the recent launch of its new SM5 sedan, the Korean unit of the France-based Renault Group resumed overtime work at the factory last month for the first time in 11 months.“After a long time, the new SM5 is revitalizing factory workers here. We have continued working overtime since November,” said Oh Jik-youl, manufacturing chief of Renault Samsung. Amid an almost 40
Dec. 16, 2012
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ASEIC drives eco-innovation for Asian SMEs
The ASEM SMEs Eco-Innovation Center, established by South Korea’s Small and Medium Business Administration in 2011 to promote eco-innovation in the ASEM member countries, has offered its eco-business consulting services for small and medium enterprises in Asia for the past two years. Behind the drive is ASEIC’s belief that SMEs play a critical role as dynamic developers and adopters of eco-innovation in the global economy. According to the OECD, eco-innovation is defined as innovation that resul
Dec. 16, 2012
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Korean, Chinese SMEs discuss green partnerships
Korean and Chinese SMEs discussed ways to expand bilateral green partnerships in a forum on Nov. 29 in Qingdao, Shandong province, China. The forum, hosted by ASEIC, was held after the Chinese government pledged to invest in projects that would move it toward a green economy in July.According to China’s green road map, China will invest more than 2 trillion yuan ($315 billion) over the next five years into opportunities in the country’s burgeoning energy-saving sector. Under the road map, China
Dec. 16, 2012
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Wine sales outrun soju shipments for first time
Sales of wine at local discount chains outstripped those of soju for the first time, data showed Sunday, mirroring a changing trend in South Korea's drinking culture. Wine sales surpassed those of the local alcoholic drink by 4.6 percent this year, according to the data by Lotte Mart, a discount chain arm of retail giant Lotte. Last year, sales of wine lagged behind those of soju by roughly 6 percent. Wine sales stood at around 25 percent of soju sales in the first half in the early 2000s, b
Dec. 16, 2012
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SMEs' 2013 growth forecast hits lowest mark since 2008
South Korea's small and medium-sized enterprises (SMEs) forecast the country's economic growth to reach a record low next year since the 2008 financial crisis, a poll showed Saturday. According to a survey of 1,500 SMEs taken by the Korea Federation of Small and Medium Business (Kbiz), a majority of the companies polled predicted South Korea's economy will grow 2.9 percent in 2013, the lowest level since their 2009 prediction of 2.4 percent. Nearly 70 percent of the respondents regarded advanced
Dec. 15, 2012
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Black boxes on cabs reduce accidents: data
Taxis run by companies caused fewer car accidents after most of them installed black boxes, while a bill that requires all vehicles to be equipped with black boxes awaits parliamentary approval.The number of accidents involving company-run cabs fell 17.7 percent from 2007 to 20,331 last year, when most cabs were equipped with black boxes, according to the General Insurance Association of Korea and the Korea Transportation Institute.Starting with Incheon in 2008, local governments had black boxes
Dec. 14, 2012
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Hyundai denies double-digit global share
Hyundai-Kia on Friday denied a report that the two affiliate carmakers achieved a two-digit global market share for the first time last month.Citing LMC Automotive’s data, Korea Investment & Securities analyst Suh Sung-moon said Hyundai Motor and affiliate Kia Motors together reached a global market share of 10.1 percent last month.Hyundai Motor spokesman Lee Dong-hyung said, however, that the figure 10.1 percent was inaccurate as it was made based on LMC’s estimate of retail auto sales worldwid
Dec. 14, 2012