Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Lotte mall strives to regain trust
Inside the new Lotte World Mall in southeastern Seoul on Sunday afternoon, the atmosphere at last felt like what a mall of its scale should look like on a weekend ― crowded and bustling with people.For the first time in months, most of the mall’s store clerks were busy attending to a rare influx of customers while many restaurants saw its tables fill to capacity.After Lotte finally gained permission from the Seoul Metropolitan Government to reopen the aquarium and the cinema complex on Tuesday f
IndustryMay 13, 2015
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KB to launch early retirement program
KB Kookmin Bank said Wednesday it would carry out a full-fledged early retirement program in the coming weeks, similar to the one late 2010 when about 3,200 workers left the commercial bank via a voluntary redundancy program.The labor union and management of KB Kookmin recently agreed on the early retirement scheme, which is aimed at scaling back its payroll by about 5,500, according to the bank.The trageted employees will include 4,500 ordinary workers and 1,000 senior members ― including execu
May 13, 2015
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Qatari sovereign fund to buy Keangnam skyscraper in Hanoi
The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Vietnam for $800 million and gained exclusive rights for the ensuing negotiations, it was reported Wednesday. According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building’s sale, that it will accept the $800 million appraisal price granted by a Korean court. The QIA initially offered $600 million but has decided
IndustryMay 13, 2015
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DSME mulls acquisition of STX cruise ship builder
Daewoo Shipbuilding and Marine Engineering is reviewing plans to acquire the defunct STX Group’s French cruise-ship maker. According to news reports, DSME was planning to acquire a two-thirds stake in STX France.The company, however, downplayed the reports, saying that the plans were in their early stages. “The company has received a proposal regarding the acquisition of STX France, (but) so far nothing has been decided,” the company said in the statement. STX France is a subsidiary of STX Offsh
IndustryMay 13, 2015
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GS Energy, KNOC secure 3% stake in UAE oil fields
A South Korean consortium sealed a landmark deal on Wednesday to secure a 3 percent stake in the Abu Dhabi Company for Onshore Oil Operations, which operates the biggest onshore oil fields in the United Arab Emirates.The new deal grants the South Korean consortium ― comprised of GS Energy and the Korea National Oil Corp. ― developing rights to ADCO’s oil fields for 40 years, alongside other foreign companies including France's Total and Japan's Inpex.Over the 40 year period, Korea is expected to
IndustryMay 13, 2015
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Korean firms encouraged to invest in Eastern Germany
South Korean businesses were encouraged to invest in Eastern Germany, as German investment specialists and company leaders shared insights about business prospects in the country’s new federal states at a meeting hosted by the Korean-German Chamber of Commerce and Industry in Seoul on Wednesday.Officials from Germany Trade & Invest ― an organization that helps foreign companies enter German markets ― discussed current business conditions and investment flows in the new federal states of Germany,
IndustryMay 13, 2015
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New body to deal with W100tr in postal assets
The government will create a state-run institution to operate the 100 trillion won ($91.2 billion) asset that is currently managed by the Postal Savings and Insurance Bureau, the Finance Ministry said Wednesday. In a national finance strategy meeting at Cheong Wa Dae, Finance Vice Minister Bang Moon-kyu said the launch of a state managed monitoring body will help lessen the uncertainties in the asset management sector that may lead to increased financial threats amid years of low interest and sl
IndustryMay 13, 2015
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LG to nurture beauty, bio start-ups
LG Group said Wednesday it would nurture 20 beauty and bio-industry start-ups this year through its creative economy center that opened in February in North Chungcheong Province. The group recently selected the first eight firms to discuss specific support plans for funding, patent sharing and overseas entry, officials said. “Based on LG’s technological and business prowess, we will offer specific support for the companies’ different needs,” said Yoon Joon-won, the center director. “The support
TechnologyMay 13, 2015
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SKT sells 200,000 smartphone projectors
South Korea’s largest mobile carrier SK Telecom said Wednesday that the sales of its portable projector for smartphones, Smart Beam, reached 200,000, a record high in the global market for pico projectors. Launched in February 2013, the cubical projector measuring at 4.5 centimeters has been released in 12 countries including China and Brazil and around 100,000 units were sold annually, according to the Korean telecom firm. “The Smart Beam, which is also being sold at in-flight duty-free shops o
TechnologyMay 13, 2015
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Ericsson-LG bets big on cloud, IoT
Telecom equipment supplier Ericsson-LG said Wednesday that it would make all-out efforts to lead the next-generation network market, often called 5G, with its improved services and hardware.“Ericsson-LG’s efforts to complete the establishment of a networked society will produce meaningful results from this year,” said Martin Wiktorin, chief executive of Ericsson-LG, at a press meeting in Seoul, adding the company would transform itself into a leading software and services provider, contributing
TechnologyMay 13, 2015
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Global accelerator invites Korean start-ups to Berlin
Apora Ventures, an Amsterdam-based start-up investment firm, is kicking off its operations in Seoul next month with a program inviting global-minded Korean start-ups to immerse their business in the European innovation and technology hotspot of Berlin.The program, Accelerate Korea-Berlin, will nurture five start-ups younger than 3 years old for a four-month acceleration program starting June 1, including spending three months in the German capital, where they will have opportunities to form part
TechnologyMay 13, 2015
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Visibility worsened significantly before Asiana jet's hard landing in Japan
Visibility had worsened significantly when a passenger plane of South Korea's No. 2 flag carrier Asiana Airlines Inc. crash landed at an airport in Japan last month, a preliminary investigation showed Wednesday.The results of the month-long investigation conducted by the Japan Transport Safety Board, however, did not pinpoint the exact cause of the accident that took place in mid-April. Nor did it mention any possible fault or mistake by the pilots that could have led to the accident.The results
IndustryMay 13, 2015
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S. Korean milk powder makers turn to China on low birthrate
South Korean milk powder makers are revving up exports to China, data showed Wednesday, as they search for new profit sources to make up for falling sales at home due to a tumble in baby births.South Korea's weekly milk powder consumption came in at 13,555 tons last week, nearly halving from 25,472 tons 20 years earlier, according to the data by the Korea Dairy Committee.The drop is attributed to the country's birthrate, which reached 1.21 in 2014, one of the lowest rates among member nations of
IndustryMay 13, 2015
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Park urges fiscal reform to reduce debts
President Park Geun-hye called Wednesday for efforts to speed up a fiscal reform to reduce state debts.South Korea's operational fiscal balance was in the red by 30.2 trillion won ($27.6 billion) for the January-November period last year, the latest months for which statistics are available, according to the government data.The balance has been on the negative side since 2008, reaching a peak in 2009 when it surged to 43.2 trillion won."We need to speed up a fiscal reform to minimize the public
May 13, 2015
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Asiana to reduce flights to Saipan on services for Hiroshima
Asiana Airlines Inc., South Korea's second-largest flag carrier, said Wednesday that it will reduce its flights to Saipan as part of efforts to address a plane shortfall caused by the recent resumption of its Hiroshima route that was temporarily halted following a hard landing accident in Japan. The Asiana Airlines Flight 162, carrying 73 passengers and seven crew members, came to a stop after veering off the runway, as it tried to land in the Hiroshima Airport on April 14. The Airbus320 passeng
IndustryMay 13, 2015
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S. Korea plans to keep fiscal expansion for economic growth
South Korea will maintain its expansionary fiscal policy stance for the time being to prop up economic growth, while taking steps to reduce unnecessary outlays, the government said Wednesday.The plan comes amid lingering concern over the economy's performance. Seoul originally set this year's growth target at 3.8 percent, up from 3.3 percent in 2014, but private economists are skeptical of the goal, citing still flaccid private consumption and slumping exports. Reporting the plan to the 2015 nat
May 13, 2015
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NCsoft Q1 net down 2.57 pct
NCsoft Corp., one of South Korea's leading game makers, said Wednesday its first-quarter net profit shed 2.57 percent from a year earlier but managed to push up sales helped by popularity of its flagship Lineage games.Net profit came to 35.6 billion won ($32.4 million) on a consolidated basis in the January-March period, compared with the 36.5 billion won a year earlier, the company said in a regulatory filing.Sales moved up 5.59 percent on-year to reach 188.1 billion won in the first quarter, a
IndustryMay 13, 2015
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Eight out of 10 listed firms forecast to log better Q2 profits
Eight out of 10 listed firms in South Korea are expected to post better earnings in the second quarter than a year earlier, led by chemicals, airlines and securities firms, data showed Wednesday.Out of 208 listed firms whose earnings guidances were available, 82.2 percent said they expected to see their operating profits rise in the April-June period from a year earlier, according to the data compiled by market researcher FnGuide. Among them, 150 are projected to show on-year growth, while 19 ar
May 13, 2015
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S. Korean TV makers to fare better in Q2 on LCD price drop: report
South Korean TV manufacturers are expected to fare better in the second quarter compared with the dismal previous three months, as a price decline in liquid crystal display panels will boost their profits, a report showed Wednesday. The price of a 42-inch full high-definition LCD panel stood at $145 at the end of March, according to the latest report by market tracker DisplaySearch. The report forecast the price to fall by $4 in the second quarter, another $6 in the third quarter and an addition
IndustryMay 13, 2015
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Smart lineup to take up 40 pct of global TV market in 2015
Smart TV sets are expected to take up more than 40 percent of global TV shipments in 2015, data showed Wednesday, with South Korean firms anticipated to maintain their lead in the market.Sales of smart TVs are expected to reach 97.1 million units this year, up 11.3 percent from 86.8 million units posted in 2014, according to the data compiled by industry tracker DisplaySearch.The figure came to 73.1 million units in 2013.On the back of the sharp rise, the global portion of smart TVs is also set
TechnologyMay 13, 2015