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 bets on biotech
Samsung Group, the nation’s top conglomerate, is expected to make aggressive investments in its mainstay businesses this year, industry sources said on Sunday, adding its increased investments will be put on new growth engines. The group’s investments are poised to top 50 trillion won ($47.4 billion) this year, up from 49 trillion won last year.Samsung Electronics, the flagship company of the group, and Samsung Everland, the group’s de facto holding company, will each spend 84.7 billion won to b
Jan. 5, 2014
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Manufacturers downbeat on Q1
More local manufacturers are pessimistic about their business conditions in January-March than the past quarter, due to the planned U.S. monetary stimulus cuts and local currency‘s volatility, a poll showed Sunday.The survey of 426 companies by the Ministry of Trade, Industry and Energy and the Korea Institute for Industrial Economics and Trade showed the Business Survey Index at 93 for the first quarter of the year, down 8 points from 101 for the October-December period of last year.The index g
Jan. 5, 2014
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Chaebol owners suffer $1b stock loss in 1st week
A jolting tumble in South Korean stocks in the first two trading days of the year has wiped out nearly 1.1 trillion won ($1 billion) in the value of stocks owned by chiefs of top 10 business groups, according to the data compiled by Chaebul.com, a chaebol research firm.The combined value of stocks held by the top 10 chiefs, including Lee Kun-hee of Samsung Group, reached 26.29 trillion won at the market closing on Jan. 3, down 4.2 percent from 27.44 trillion won on Dec. 30, the last session of 2
Jan. 5, 2014
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[Photo News] New year vision
Jan. 5, 2014
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Courts cancel much of regulator's fines on conglomerates
Nearly 87 percent of fines levied on conglomerates by the financial regulator were later canceled by the courts last year despite initial rulings that sided with the regulator, records showed Sunday.The Fair Trade Commission (FTC)'s records showed it has won 14 of the 21 lower court cases on corporate fines last year, a success rate in the upper 60 percent. The results are better, at over 80 percent, when smaller companies and individuals are also considered, according to the FTC."The FTC fines
Jan. 5, 2014
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[Weekender] Korea’s horse racing industry goes global
In recent years, Korea’s horse racing industry has gained the spotlight from the global market. The nation’s racehorses have been exported to other countries including Malaysia and Macau, and Korea also held its first international race with Japan last November. The state-run Korea Racing Authority said it exported broadcasts of the race to Singapore for the first time in Korea last December. The KRA signed a deal with Singapore Turf Club to air the grand prize race at Seoul Racing Park. “This i
Jan. 3, 2014
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[Weekender] Healing with horses
Riders and horse dealers may argue about which was the most beautiful horse ever beheld by mankind. But for a 12-year-old sixth grader with a strained school life, who asked not to be named, no horse beats Heemang, her favorite riding mate. Heemang, which means “hope” in Korean, is one of the 15 riding horses being raised at the Riding Healing Center in Incheon, west of Seoul, established by the Korea Racing Authority.“I like Heemang the best; she is a good girl and does exactly what I tell her
Jan. 3, 2014
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Online shopping industry to surpass 65 trillion won
Korea’s online shopping industry is expected to be worth more than 65 trillion won ($61.7 billion) this year, up 18 percent from last year’s 55 trillion won, as more consumers turn to the Internet for convenient shopping and competitive prices, according to the Korean Online Shopping Association.KOLSA said the remarkable expansion of online commerce largely owes to the rapid growth of mobile commerce, done mainly through smartphones. This year, mobile commerce alone is expected to grow to 10 tri
Jan. 3, 2014
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Corporate Korea’s New Year resolutions
Samsung embracing changes yet againAs he has done in many times in the past, Samsung Group chairman Lee Kun-hee emphasized that Samsung must keep trying to shed old things in running business in order to embrace a new global management system. “To be a leader in an environment that lacks certainty and visibility, we must go beyond the boundaries of current markets and technologies,” Lee said at an opening event for the New Year held at Shilla Hotel. “It is therefore time to change once again,” s
Jan. 2, 2014
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[Photo News] Raising the curtain
Jan. 2, 2014
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FTC fines 21 builders for bidding collusion
South Korea’s antitrust watchdog on Thursday fined 21 construction companies a combined 132.2 billion won ($125.9 million) for collusion in the bidding process for a large-scale subway construction project.Those subject to the fine include big name builders such as Hyundai E&C, Hyundai Development Company, POSCO E&C, GS E&C, SK E&C and Daewoo E&C, according to the Fair Trade Commission.The FTC said it will refer 15 of the companies to the prosecution for further investigation.The builders allege
Jan. 2, 2014
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Foreign stock funds stand out
Foreign stock funds that consist of stocks of companies outside South Korea basked in sunny gains last year that far surpassed returns by foreign bond funds and funds that invest in local equities, data showed on Thursday.Foreign stock funds yielded an average 3.41 percent last year, far higher than an average 0.76 percent return posted by funds that invest in local stocks, according to the data compiled by market researcher Zeroin. The comparable figures for foreign bond funds and domestic bond
Jan. 2, 2014
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Number of firms on watchdog’s list down
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees declined in January from a month earlier, the antitrust watchdog said Thursday.The Fair Trade Commission said the number of corporate affiliates on the watch list stood at 1,700 as of Wednesday, down 46 from the previous month.The decline was attributable to the exclusion of 34 affiliates of the crisis-ridden Tong Yang Group from the list as the conglomerate no longer met the business group
Jan. 2, 2014
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Derivatives’ trading volume plunges 12.3%
The trading volume of financial derivatives on the local bourse fell last year as demand for such tools declined amid a bearish run on the local stock market, data showed Thursday.The daily average trading volume of the derivatives, including futures and options, dropped 12.3 percent on-year in 2013 to 47.9 trillion won ($45.6 billion), compared with 54.6 trillion won tallied a year earlier, according to the data compiled by the Korea Exchange.The daily amount of contracts also sank to 3.32 mill
Jan. 2, 2014
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Online shopping volume breaks record
Online shopping volume in South Korea recorded 55 trillion won ($52.1 billion) last year, far surpassing the unprecedented 50 trillion won mark, thanks to the rising popularity of mobile shopping, industry data showed.According to the data, online shopping transactions reached 55 trillion won last year, up 14.6 percent from 48 trillion won the previous year. Such transactions had risen to 34 trillion won in 2010 from 27 trillion won in 2007.Industry watchers say online shopping may well reach 65
Jan. 2, 2014
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Renault Samsung sales down 15.1%
The 2013 sales of Renault Samsung Motors Co. dropped 15.1 percent from a year earlier, a result of weak overseas demand, the South Korean division of French automaker Renault SA said Thursday.The country’s smallest car manufacturer sold a total of 131,010 vehicles last year, compared with 154,309 units tallied in 2012, the company said in a press release.Domestic sales edged up 0.2 percent on-year to 60,027 units, thanks to the rise in demand for the SM3 compact sedan and QM5 small crossover uti
Jan. 2, 2014
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Ssangyong Motor sales surge 20.7%
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Thursday that its sales grew 20.7 percent on-year in 2013 on the strength of consumer demand for new vehicle models.The carmaker said domestic sales grew to 63,970 units with exports, including knockdown kits, reaching 81,679 vehicles for a combined figure of 145,649 cars sold throughout the year.“The overall annual figure is the best achieved since 2002 and marks the fourth straight year of
Jan. 2, 2014
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Hyundai Motor’s sales grow 7.3%
Hyundai Motor Co., South Korea’s No. 1 automaker, said Thursday that its 2013 sales expanded 7.3 percent from a year earlier despite sluggish global economic conditions.Hyundai sold a total of 4,721,156 vehicles from January through December, up from 4,401,946 units tallied for the whole of 2012, the company said in a statement made after its regulatory filing.Its domestic sales dropped 4 percent on-year to 640,865 units, while overseas shipments rose 9.3 percent to 4,080,291 vehicles.The Avante
Jan. 2, 2014
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GM Korea’s 2013 sales decline
GM Korea Co., the local unit of General Motors Co. of the United States, said Thursday that its 2013 sales contracted 2.5 percent from a year earlier mainly due to sluggish overseas demand.South Korea’s third-largest carmaker sold a total of 780,518 vehicles last year, down from 800,635 sold for the whole of 2012, the company said in a press release.Its domestic sales climbed 3.7 percent on-year to a high of 151,040 units, on the back of demand for steady-selling models such as the Aveo subcomp
Jan. 2, 2014
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Homeplus union threatens strike
Unionized workers at Homeplus, the nation’s second-largest chain store owned by the U.K.’s Tesco, on Wednesday threatened to stage a strike from Jan. 9, calling for management to scrap the current half-hourly wage system.Having already held partial strikes, the unionists called for an hourly basis payroll, which was adopted by other chain stores including E-Mart and Lotte Mart. “The so-called half hourly payroll system is unheard of in the industry. Homeplus has been taking advantage of the syst
Jan. 2, 2014