Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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Jay Park returns with quintessential R&B album after 8 years
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More deaths in ICU following doctors' mass walkout: lawmaker
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Security issues to take center stage at ASEAN summit
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Netflix's latest runaway hit is a Korean reality cooking show
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Patients opting to die with dignity on steady rise
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Beware Chinese-made counterfeit golf clubs
Chinese-made imitation golf clubs were found being sold illegally on the Internet at up to eight times the original price, the Seoul Main Customs office said on Monday.The office said the clubs ― originally priced at 20,000 won ($18) each ― were being sold for 170,000 won in Korea after they were disguised as clubs manufactured in Japan or the United States. Up to 6.1 billion won worth of clubs were sold this way, officials said. Most of these products were sold by online retailers. One of the c
Oct. 8, 2012
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KT&G releases coffee-flavored Raison
KT&G said it will release the Raison Cafe 1mg, flavored with the aroma of coffee, on Oct. 10.“The product is a milder one with lower containment tar from the Raison Cafe which contains 6 milligrams of tar, which was unveiled in July,” said the nation’s largest tobacco firm.A KT&G spokesman said the coffee-scented product delivers the rich scent of hazelnut coffee with ground coffee beans in the filter. “We spent four years of research and development coming up with a technology that can directly
Oct. 8, 2012
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Mahindra chief hints at rehiring Ssangyong workers within year
Mahindra and Mahindra Ltd. president Pawan Goenka, during a parliamentary hearing here on Monday, hinted that the company could start hiring back Ssangyong Motor workers on unpaid leave within the year.The rare appearance of a foreign executive at the nation’s audit session came amid still escalating tensions between Ssangyong and fired workers since a large-scale restructuring in 2009 before the carmaker was acquired by the Indian company. The Mahindra president said the company was considering
Oct. 8, 2012
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Samsung mum on stake in Renault unit
Group yet to clarify if it will keep stake in Renault SamsungSamsung Group has yet to reveal whether it will maintain its automobile brand partnership with Renault Group, while the French automaker dismissed the possibility that Samsung may dispose of its stake in Renault Samsung Motors.Should Samsung Card, a financial unit of the nation’s largest conglomerate, choose to sell off its 19.9 percent stake in Renault Samsung amid lackluster sales, the auto brand name would also change. Currently, Re
Oct. 8, 2012
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Philip Morris opens new cigarette factory
Philip Morris Korea Inc. on Monday opened its refurbished cigarette manufacturing factory in Yangsan, South Gyeongsang Province, the Korean unit of the international tobacco manufacturer said. The plant, which is equipped with raw material processing and packaging facilities, can produce 40 billion cigarettes per year, almost double that of the previous factory built in 2002. Philips Morris was the first multinational cigarette maker to have its own production line in Korea with an aim to better
Oct. 8, 2012
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Korean release of iPhone 5 in question
Apple’s parts supply shortfall speculated as reason for low inventoryThe launch date of Apple’s new iPhone 5 in Korea remains shrouded in mystery despite the gadget being ready for takeoff, having received government approval here.The iPhone 5 was found to be compatible with local radio waves less than a week after it was unveiled on its home turf of the U.S. last month. All wireless gadgets require such government authorization before they can be sold in the Korean market.The faster-than-usual
Oct. 7, 2012
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Samsung phones are 2.5 times pricier here: lawmaker
Samsung Electronics’ smartphones were being sold at an average price 2.5 times higher in Korea than in other countries, a lawmaker said on Sunday.Rep. Jun Byung-hun of the main opposition Democratic United Party said the average price of Samsung handsets released through three mobile carriers since last year was set at 797,612 won ($717.76). This price tag compares with the 311,123 won ($280) worldwide average. Samsung launched a total of 15 smartphone models through Korea’s top telecom company
Oct. 7, 2012
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Group reneges on promise to hire interns
Embattled Woongjin Group disappointed many an eager intern when it retracted its promise to make regular employees of the majority of those who completed an 8-week internship. In June, months before it was forced to apply for court receivership due to financial difficulties, Woongjin accepted about 100 interns. About 80 percent of them were expected to become regular employees, but Woongjin said only 20 interns would be accepted, ChosunBiz.com reported on Friday. Remarking that the company had a
Oct. 7, 2012
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Woongjin overhaul to be led by third party
Creditor banks demand court to appoint receiver outside Woongjin managementThe court-appointed receiver who will lead Woongjin Group’s upcoming restructuring efforts is unlikely to be an existing member of the company’s managing staff, industry sources said on Sunday. The speculation stems from the fact that Woongjin’s top brass including Chairman Yoon Seok-keum and his right-hand man Lee Joo-seok, along with Kim Jeong-hoon, CEO of Woongjin’s troubled construction arm Kukdong, were all sued by H
Oct. 7, 2012
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Samsung puts Q3 operating profit at record 8.1 trillion won
Samsung Electronics Co., the world's largest technology company by revenue, estimated Friday that it posted a record operating profit of 8.1 trillion won (US$7.3 billion) in the third quarter of the year.The preliminary estimate for the July-September period marked a 90.6 percent surge from 4.3 trillion won a year earlier and a 20.5 percent gain from the previous quarter, the company said in a reg
Oct. 5, 2012
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Builders suffer from debt, capital erosion
Builders here appeared to be facing an uphill battle to stay afloat amid worsening industry and economy conditions. According to the Financial Supervisory Service’s public disclosure system on Thursday, 16 percent of the country’s 50 top construction companies were found to be suffering from capital erosion due to snowballing deficits as of June this year.Skyrocketing debt was another problem, as the builders had a combined outstanding debt of 157.9 trillion won ($141.6 billion), which compares
Oct. 4, 2012
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EU disputes France’s complaint against Korean carmakers
The European Union rejected French authorities’ claim that the Korea-EU Free Trade Agreement brought rapid import growth of automobiles produced by Korean companies.EU Trade Commissioner Karel de Gucht said “it is not true” that European countries’ imports of cars produced in Korea posted a sharp increase under the bilateral FTA.He said that the sales growth of Hyundai Motor and Kia Motors in Europe was not primarily due to the trade pact but their manufacturing at localized plants in European c
Oct. 4, 2012
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Samsung’s record profits likely to continue
Smartphones have again driven up the operating profit of Samsung Electronics in the third quarter of this year with the firm expected to break its highest quarterly earnings figure for the fourth consecutive time.With Samsung planning to release its tentative quarterly earnings for July-September on Friday, the securities firms estimated that the company would record 7.5 trillion won ($6.73 billion) in operating profit.Samsung is also projected to reach 51.6 trillion won in total sales, which wo
Oct. 4, 2012
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Domestic car monthly sales show new sign of recovery
Korean carmakers saw moderate growth in domestic sales in September, indicating a further sales boom in the fourth quarter following the introduction of new versions of flagship models and the government’s tax cuts.Hyundai Motor, the nation’s largest auto company, said Thursday it sold a combined 371,743 vehicles at home and abroad last month, a 3.4 percent increase from a year ago. Driven by strong sales of flagship models such as Sonata, Avante and Grandeur, the carmaker delivered 57,559 units
Oct. 4, 2012
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Fall of Woongjin casts doubt on solar energy business
Major solar power investments are put on hold amid growing uncertaintiesThe solar energy business has long been touted as one of Korea’s future growth engines. Major conglomerates have started related businesses or taken over firms with solar power technologies at home and abroad. But doubts over the profitability of solar energy are growing fast, following the recent fall of Woongin Group, which runs two solar energy-related arms. Woongjin Holdings, the holding company of the nation’s 32nd-larg
Oct. 4, 2012
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Shinsegae sanctioned for favors to bakery chains
The nation’s antitrust watchdog said Wednesday that it has imposed fines worth 4 billion won ($3.6 million) on three retail units of Shinsegae Group for offering unfair favors to their sister bakery chains.It is the first time that bakery chains affiliated with a major conglomerate here are facing sanctions for irregularities amid growing criticism that their fast proliferation is threatening other independent mom-and-pop stores. The Fair Trade Commission said Shinsegae Department Store, E-Mart
Oct. 3, 2012
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DSME gains upper hand in drillship order
Order leads company to meet annual target earlier than rivalsDaewoo Shipbuilding & Marine Engineering, or DSME, the nation’s second-biggest shipbuilder, announced on Wednesday that it won a deal worth 2.3 trillion won ($2 billion) to build four drillships for U.S.-based Transocean, the world’s biggest offshore drilling company. It is the second drillship-building order for DSME this year, following one worth 600 billion won to build a drillship for Atwood Oceanics, an U.S. offshore drilling con
Oct. 3, 2012
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CTI agrees with Gwangju on solar power investment
CTI Co., a local partner of SoloPower, a U.S.-based thin-film solar photovoltaic producer, said Wednesday that it signed a memorandum of understanding with Gwangju Metropolitan City to build a production site and R&D center for SoloPower Korea, a joint venture between the two companies.Under the MOU, CTI will invest 111 billion won ($100 million) to build two facilities in the region, while Gwangju City will fully support the company to implement its investment plan by offering administrative su
Oct. 3, 2012
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KIPO urges efforts to tackle patent disputes
Commissioner Kim stresses need to resolve intellectual property chasm between rich and poor countries“Patent war” and “intellectual property chasm” are the biggest crises the international intellectual property system is facing and a joint effort is needed to resolve it, a top Korean official said.Korean Intellectual Property Office Commissioner Kim Ho-won made the remarks at the 50th Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organization, or W
Oct. 3, 2012
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Media reliance on Naver growing concern
Sensationalistic news tires consumers, firms hit by ruthless tabloidsWhy go through the trouble of navigating the Internet to look up your favorite news sites when you can see all the news you want at once on Naver? That’s a question being asked by many in Korea ― officially the world’s most wired country ― who surf the Internet in search of the day’s news. People who don’t have the time or patience to visit the individual websites and want everything at the same place, at once, fast. Naver doe
Oct. 3, 2012