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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[Luxury Factor] Chaebol daughters build luxury empires of their own
Even for chaebol daughters, the glass ceiling in corporate Korea is hard to shatter. The nation’s big family-owned businesses have long devoted themselves to building the world’s best electronics, cars and ships. Usually, the male heirs guide these flagship operations. So their sisters have found a way to build their own empires in a sector previously untapped by their fathers or grandfathers ― the luxury business. Though it is unclear whether the decision was the result of a power game with the
Jan. 7, 2014
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Builders must come up with 4.5 trillion won to cover bonds
South Korean builders must come up with 4.5 trillion won ($4.2 billion) in the first half of this year to cover maturing corporate bonds that can put pressure on the companies already struggling from a sluggish construction market, an industry report said Tuesday.According to the tally by the Construction Association of Korea (CAK), the total due in the first six months of this year is larger than the 4.1 trillion won in bonds that matured in the second half of 2013.“Many companies, especially s
Jan. 7, 2014
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Imported car sales jump 19.6 percent in 2013
Imported car sales in South Korea rose 19.6 percent on-year to a record high last year as foreign brands continue to make inroads into the country’s automobile market, a trade association said Tuesday.A total of 156,497 foreign-made cars were sold in 2013, compared with 130,858 units in the previous year, topping the 150,000 mark for the first time, according to the Korea Automobile Importers and Distributors Association (KAIDA). This represents a greater gain than the 8 percent increase predict
Jan. 7, 2014
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[Photo News] Kia at CES
Jan. 7, 2014
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U.S., emerging economies to become key export markets for S. Korean companies in 2014
The U.S. and emerging economies are expected to become key export markets for South Korean businesses in 2014, the country's trade promotion agency said Tuesday.The predictions by Korea Trade-Investment Promotion Agency (KOTRA), made at the annual global market strategy meeting in Seoul, follow a government announcement last week that it posted its largest trade surplus of $44.19 billion last year and expects exports to grow 6.4 percent on-year to $595.5 billion won in 2014.In 2013, South Korea
Jan. 7, 2014
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GM Korea seeks double digit market share in S. Korean auto market in 2014
GM Korea Co., the local unit of U.S. automaker General Motors Co., said Monday that it aims to secure a double digit market share in South Korea this year.The company sold a total of 151,040 vehicles in 2013, including imported vehicles, for a market share of 9.8 percent. This represents a 0.3 percentage point gain from the year before and the best figures by the company so far.To reach the new target, the carmaker outlined five major goals, which include improving profitability, greater success
Jan. 6, 2014
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Lotte Shopping to open eight stores at home, abroad this year
South Korea’s No. 2 retailer Lotte Shopping Co. plans to open eight stores at home and abroad this year, spending nearly 1.75 trillion won ($1.7 billion), company sources said Monday.The local retailer will open a department store at its second Lotte World building in Jamsil, southern Seoul, followed by another in Suwon, 46 kilometers south of Seoul, in the second half of the year, the sources said.Lotte also plans to launch a shopping mall complex comprised of a department store, an outlet mall
Jan. 6, 2014
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Audi A3 to heat up premium compact market
Audi Korea on Monday debuted its smallest, cheapest sedan, the A3, hinting at fiercer competition in the nation’s soaring premium compact market thus far dominated by its two German rivals ― the BMW 1 Series and Mercedes-Benz A Class.“We think the sedan design fits the Korean market better than the hatchback design in the premium segment,” said Audi Korea CEO Johannes Thammer, referring to the hatchback styling of BMW and Benz compacts. “In the visual way, we have a good chance.”The Audi A3 was
Jan. 6, 2014
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Korean firms upbeat on prospects in China
South Korean firms are upbeat about business prospects in China this year, a report by the Federation of Korean Industries (FKI) said Monday.The report was based on a business survey index (BSI) survey carried out on 103 branches of South Korean firms in China. The overall index score was 111.7.A BSI reading exceeding 100 means optimists outnumber pessimists, with more companies expecting better times ahead.By individual sector, the BSI for domestic sales stood at 123.9, with exports back to Sou
Jan. 6, 2014
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IKEA to open first Seoul store in 2017
Swedish furniture and appliance retailer IKEA is set to open a store in eastern Seoul as early as 2017, sources said on Monday, adding to two stores already planned in Gyeonggi Province. The news of the first Seoul branch is expected to deepen the anxiety of domestic furniture makers, those close to the issue said. IKEA has agreed to sign a memorandum of understanding with the district of Gangdong-gu this year to allow the world’s largest furniture retailer to open a 13,000-square-meter store in
Jan. 6, 2014
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Social commerce trading volume grows sharply
Local social commerce operators such as Coupang experienced a lucrative year due to the growth of various mobile channels, industry sources revealed Monday.Coupang, the current market leader among domestic social commerce websites, saw its annual trading volume surge to 1.2 trillion won ($1.1 billion) last year, up roughly 50 percent from the 800 billion won in 2012.The company’s monthly transactions also reached a record high of 100 billion won last June.The nation’s second-largest operator, Ti
Jan. 6, 2014
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Kakao Corp. plans to go public next year
Kakao Corp., the operator of Korea’s leading mobile messenger Kakao Talk, said Sunday that it foresees May 2015 possibly going public in go public ― the first time the company has publicly revealed its plans.Kakao intends to be listed in the domestic market and is putting off the initial public offering until next year in order to receive a better value assessment.Currently, Kakao’s total market value is gauged between 1.5 trillion won ($1.4 billion) and 5 trillion won.The company’s stocks are b
Jan. 6, 2014
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[Photo News] World's fist curved UHD TV
Jan. 6, 2014
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Analysts divided over Samsung’s Q4 earnings outlook
Analysts from home and abroad are divided over the fourth-quarter earnings outlook of Samsung Electronics Co. for 2013, data showed Monday, with local brokerage houses suggesting relatively rosier estimates.Samsung is expected to post an operating profit below the psychologically significant 10 trillion won ($9.47 billion) for the October-December period, due to multiple factors such as weak sales of smartphones and other one-off expenditures.Market data showed while foreign analysts mostly esti
Jan. 6, 2014
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Conglomerates to take self-help measures
Leading business groups such as Hyundai are pushing forward self-help measures in the new year that involve selling of assets totaling trillions of won, industry sources said Monday.Sources said conglomerates have set up special companies whose sole purpose is to sell assets and are beginning to conduct due diligence and trying to arrange block deals to liquidate nonessential holdings in order to generate cash reserves.Hyundai Group is planning a paid-in capital increase for Hyundai Elevator Co.
Jan. 6, 2014
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Samsung bonuses stood at 3 trillion won
Samsung Electronics Co., the world’s No. 1 maker of smartphones, is estimated to have handed out around 3.2 trillion won ($3.03 billion) in bonuses in 2013, market watchers said Monday.The South Korean tech giant’s regulatory data showed it had given out 2.4 trillion won worth of incentives through September in 2013, with its average quarterly amount reaching 821.6 billion won.The yearly estimate will mark a 21 percent increase from the record 2.7 trillion won posted for fiscal 2012, the data sh
Jan. 6, 2014
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Jin Air passengers top 10 million
Jin Air, a budget carrier owned by Korean Air, said Monday that its accumulative passenger numbers have surpassed the crucial 10 million mark. The low-cost carrier launched operation in July 2008, with the first B737-800 aircraft connecting Seoul’s Gimpo and the resort island of Jejudo. The number of passengers hit the 5 million mark in February 2012. Jin Air’s stunning growth over the past years is attributed especially to the lucrative Gimpo-Jeju route as it claimed 15.1 percent market share.A
Jan. 6, 2014
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Conglomerates to implement self-help measures in new year
Leading business groups such as Hyundai are pushing forward self-help measures in the new year that involve selling of assets totaling trillions of won, industry sources said Monday.Sources said conglomerates have set up special companies whose sole purpose is to sell assets and are beginning to conduct due diligence and trying to arrange block deals to liquidate nonessential holdings in order to generate cash reserves.Hyundai Group is planning a paid-in capital increase for Hyundai Elevator Co.
Jan. 6, 2014
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Seoul shares likely to rise this week
Despite sharp falls in the first week of the year, the country’s stock market may gain ground this week on the back of optimism for a global recovery, stock market analysts said.The benchmark Korea Composite Stock Price Index, or KOSPI, finished at 1,946.14 last week, down 2.1 percent from a week earlier. The KOSPI declined for the second straight session on last Friday as the local currency’s rise against the dollar and the yen raised fears of a negative impact on exporters. Foreign investors u
Jan. 5, 2014
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Samyang Foods slapped with fines for unfair funding
Korea’s antitrust regulator said Sunday that it would impose fines of 2.6 billion won ($2.4 million) on Samyang Foods. for its management’s alleged bid to rake in irregular gains via unfair intra-group deals.The producer of ramen, a common Korean instant noodle, was found to have engaged in dubious funding with its affiliate between 2008 and 2013, according to the Fair Trade Commission.FTC officials noted that Natural Samyang, a provider of seasoning for ramen additives and one of the sister com
Jan. 5, 2014