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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Ssangyong Engineering files for debt workout program
Ssangyong Engineering & Construction Co., a South Korean builder, filed for a debt workout program on Tuesday as part of its efforts to get back on its feet again amid a cash crunch, a company official said.The move came days after the builder said its capital had been wiped out due to massive losses for the second consecutive year in 2012 amid the country's protracted housing market slump."We sent an official document to Woori Bank, the main creditor bank," a Ssangyong E&C official said, as he
Feb. 26, 2013
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POSCO denies report on STX PanOcean takeover
POSCO on Monday denied news reports that it was considering taking over STX PanOcean, the country’s third-largest shipping and logistics company.“We have neither discussed the takeover, nor do we have any plan of the sort in the future,” said a POSCO official.“POSCO has no reason to take on the risk of taking over STX PanOcean.”This came in response to a report by a local economic daily that the leading steelmaker might purchase the shipping company, with the aim of expanding its subsidiaries.ST
Feb. 25, 2013
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Smartphones to beat PCs in shipment value
The value of worldwide shipments of smartphones are expected to dwarf that of PCs for the first time this year amid growing demand for mobile devices, data showed Monday.Global smartphone shipment value is forecast to reach $239.6 billion this year, surpassing PC shipment value estimated at $218.6 billion, according to the data by market researcher Gartner Inc. and finance industry sources.If the estimated figures are on track, it will mark the first time smartphone shipments topped PC shipments
Feb. 25, 2013
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Builders wary after Ssangyong E&C trouble
Concerns about possible bankruptcies among small and medium-sized local builders are escalating after Ssangyong Engineering & Construction reportedly decided to seek a debt workout plan this week.News reports said the nation’s 13th-largest builder Ssangyong E&C, which has suffered from the market’s long slump and a resulting liquidity shortage, will request the measure to avoid a bankruptcy.The list of financially troubled companies includes mid-sized firms such as Hanil Engineering & Constructi
Feb. 25, 2013
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LG targets 50% smartphone sales boost
BARCELONA, Spain ― LG Electronics said Monday it aimed to sell at least 40 million smartphones this year, up more than 50 percent from what it sold in 2012, as the firm strengthened its lineup.Park Jong-seok, chief of the mobile communications unit at LG, said that it planned to sell a quarterly average of 10 million smartphones in 2013 with the launch of its four representative handset series featured at the Mobile World Congress.The Seoul-based company sold a total of 26.3 million smartphones
Feb. 25, 2013
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Samsung aims to double tablet sales in 2013
BARCELONA, Spain ― Samsung Electronics plans to double its tablet PC sales for this year with the firm targeting up to 40 million units, said its mobile chief Shin Jong-kyun on Monday.Shin said the global economic slowdown would impact tablet sales in the first half of this year, but the world’s top handset maker would expand its tablet lineup in 2013.“We believe the first half will not be an easy one,” he said in a press conference held a day before the launch of the Mobile World Congress. “But
Feb. 25, 2013
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[Power Korea] Hankook boasts smart factories
Hankook Tire’s Daejeon plant is one of the world’s largest tire factories in terms of production capacity. The factory was established in 1979 in order to meet the growing demand for ultra-high-performance tires globally. The facility is able to produce 24 million tires every year, making up 27 percent of the company’s total production. Despite the large size, the roles for workers are limited only to management and quality control, while cutting-edge machines and smart systems are responsible f
Feb. 25, 2013
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[Power Korea] Hankook Tire: Pride of Korean tires
Hankook Tire has devoted its 72-year history solely to tire making. The nation’s first and largest tire maker, which produces some 90 million tires every year, has grown into the world’s seventh-biggest tire manufacturer today. Last year, when global tire makers were struggling slowing sales, Hankook Tire was the only one among the top 10 that posted robust growth. Between 2008 and 2012, the company saw its global sales increase by an annual average of 15 percent. Last year, it logged 7.291 tril
Feb. 25, 2013
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Imported cars, yet another target?
Korea has become a haven for imported cars, which make up approximately 20 percent of the local car industry in terms of sales.Once a rarity, it’s now easy to spot cars of a wide assortment of foreign brands, ranging from the more accessible BMW, Mercedes-Benz and Audi to the super-posh Porsches and Jaguars. But perhaps due to the extreme luxury they stand for, imported cars have also been a target for heavy criticism, mostly involving their prices ― most imported brands are pricier in Korea tha
Feb. 25, 2013
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Woman sues Walmart over 2 cents, wins $100
A Pennsylvania woman was awarded $100 in damages from Walmart over a 2-cent disparity between an item’s tagged price and its scanned price.Murrysville District Judge Charles Conway sided with consumer activist Mary Bach of Murrysville, whose civil suit against Walmart claimed the company intentionally charged 2 cents more for Banquet “Brown ’N Serve” sausage than the price on the tag at the location near Delmont, the Pittsburgh Tribune-Review reported Monday.Conway awarded Bach, whose suit alleg
Feb. 25, 2013
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Smartphones to beat PCs in shipment value for 1st time: data
The value of worldwide shipments of smartphones are expected to dwarf that of PCs for the first time this year amid growing demand for mobile devices, data showed Monday.Global smartphone shipment value is forecast to reach US$239.6 billion this year, surpassing PC shipment value estimated at $218.6 billion, according to the data by market researcher Gartner Inc. and finance industry sources.If the estimated figures are on track, it will mark the first time smartphone shipments topped PC shipmen
Feb. 25, 2013
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Ssangyong E&C to seek debt workout
Ssangyong Engineering & Construction, beset by the housing market slump and a feud between its shareholder and creditor, is scheduled to file for a corporate workout process this week.The process refers to a company requesting its creditor banks for a payment delay or partial debt relief, in exchange for amending its financial structure.The nation’s No. 13 builder has a series of promissory notes and bonds amounting to 60 billion won ($55 million) whose maturity ends this Thursday, while facing
Feb. 24, 2013
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Woulfe to clinch deal for tungsten project in Korea
Woulfe Mining, a Canada-based mining company, is near finalizing a deal to invest some 300 billion won ($260 million) to finance the redevelopment of Sangdong tungsten mine in Yeongwol, Gangwon Province, said a source familiar with the situation.The investment would also include building a processing plant in the region, with Woulfe’s strategic partner TaeguTec securing a long-term supply of the rare metal materials used for the production of its special industrial tools.This could be the bigges
Feb. 24, 2013
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Sustinvest considers further ties with Sustainalytics
It has been nearly seven years since Sustinvest was established by CEO and founder Ryu Young-jae.Ryu now faces even bigger task of providing analytical information on the environmental, social and governance performance of listed companies as domestic pension funds seek to expand socially responsible investing.As its biggest client, the National Pension Service, which has become a “whale in a small pond,” seeks to increase stock investment for higher returns, Sustinvest will also need to boost i
Feb. 24, 2013
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New government to drive exports of nuclear plants
The coming Park Geun-hye government is expected to take a two-track policy of promoting exports of nuclear power plants while curbing expansion of the industry at home. The outline of 140 major projects that the presidential transition committee unveiled on Thursday said the new government will support exports of nuclear plants in an attempt to boost the economy. But it didn’t present a clear direction on the increase of nuclear reactors at home. The president-elect has continued to stress the s
Feb. 22, 2013
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‘Apple missed shared growth’
Yoo Jang-hee, chief of the National Commission for Corporate Partnership, on Friday accused Apple Inc. of overlooking the need for shared growth with other companies.“Apple has been going through hardship lately because it neglected the importance of shared growth,” Yoo said in a seminar of CEOs hosted by the Korea Employers Federation.Dividing corporate activities into those powered by “tangible motives” such as profit and outcome, and “intangible motives” including social values and humanity,
Feb. 22, 2013
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GM renews commitment to Korea
General Motors on Friday renewed its commitment to its Korean operations, pledging to invest 8 trillion won ($7.3 billion) over the coming five years. The promised money exceeds the total 10 trillion won that the U.S. auto giant has poured into the branch over the past 10 years since the establishment of GM Korea. “It’s a real story,” Tim Lee, head of GM’s international operations, during a press conference at the Korean unit’s headquarters in Bupyeong, Incheon.“GM Korea is part of GM’s success
Feb. 22, 2013
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Top 30 Korean brands worth over W90tr
Korea’s top 30 corporate brands were worth a combined 94.36 trillion won ($86 billion). Topping the list was Samsung Electronics, whose brand value accounted for one-third of the combined amount, according to Interbrand and Fortune Korea on Thursday.Interbrand is a leading global brand consultancy that annually announces the world’s 100 best brands. Jez Frampton, the chief executive at Interbrand, said that Korea was a key market driving innovation, and that was why Interbrand had eyes on Korea.
Feb. 21, 2013
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[Photo News] Aiming for top in home appliances
Feb. 21, 2013
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Merck to release new LED phosphor products in Korea
Merck Advanced Technologies, the Korean affiliate of Germany’s Merck, said Thursday it would begin commercial supply of red nitride LED phosphors, used in lighting products, in the first half of this year, in addition to its green LuAG and more reliable silicate phosphors to meet rising demand in the LED market and diversify LED packaging.LED phosphors are used to coat blue light emitting diodes to transform the blue light into white light, as recognized by human eyes. More than 90 percent of th
Feb. 21, 2013