Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Weekender] How DDP emerged as an icon of Seoul
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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Korea Exchange to be released from direct state control
The Ministry of Strategy and Finance decided Thursday to release Korea Exchange and five other organizations from direct state control. The nation’s main stock exchange was designated as a state institution in 2009 under the former Lee Myung-bak administration.“KRX has resolved the problem of market monopolization with the revision of the capital market act,” the ministry said after a public organization operation committee meeting. The Korea Exchange office building in Yeouido, Seoul (KRX)“KRX
Jan. 29, 2015
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Korea, China seek to strengthen economic ties
South Korea and China agreed to strengthen economic ties through a free trade agreement, technology exchange, investment in venture start-ups, sharing urban policies and combating climate change, the country’s Finance Ministry said Thursday.In a meeting between the economic chiefs of the two countries in Beijing, South Korea’s Deputy Prime Minister and Finance Minister Choi Kyung-hwan and China’s National Development and Reform Commission Xu Shaoshi also called for stronger partnership in dealin
Jan. 29, 2015
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POSCO aims to increase sale of premium goods to 40 percent
POSCO, South Korea’s largest steelmaker, has vowed to increase the sales of its premium products to 40 percent by next year from the current 30 percent, the company said Thursday.POSCO has aggressively promoted “World Premium” steel ― self-developed products with cutting-edge technologies having high consumer preferences.Last year, the company announced 220 world premium products as part of its marketing efforts to increase profits and competitive edge in the market. A combo picture of POSCO’s
IndustryJan. 29, 2015
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KB aims to be Asia’s leading bank
KB Financial Group chairman Yoon Jong-kyu speaks at a meeting with deputy managers of nationwide branches of Kookmin Bank on Jan. 17. (Kookmin Bank)KB Financial Group chairman Yoon Jong-kyu has vowed to bring about a turning point for its flagship Kookmin Bank in order to become a leading financial firm in Asia. Yoon encouraged executives and employees in his New Year address earlier this month, saying the bank should become a happy workplace with active members. He also emphasized that the staf
Jan. 29, 2015
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Korean firms pick Vietnam as next biz target: poll
A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association. The firms surveyed could make five selections from a list of 32 countries with annual growth of more than 3 perc
Jan. 29, 2015
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Shares down 0.54% on hawkish Fed statement
South Korean stocks ended 0.54 percent lower on Thursday as the U.S. Federal Reserve‘s latest statement surprised investors and prompted a foreign sell-off here, analysts said. The local currency sharply fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slid 10.56 points to 1,951.02. Trading volume was moderate at 381.7 million shares worth 5.2 trillion won ($4.8 billion), with decliners slightly outnumbering gainers 398 to 391.“The Fed statement was more hawkish than
Jan. 29, 2015
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FTC slaps W64.4b fines on Hanwha, Koryo Explosives for price rigging
South Korea’s antitrust watchdog said Thursday it has decided to slap 64.38 billion won ($59.31 million) in fines on two local explosives companies for fixing prices for more than a decade.The Fair Trade Commission said Hanwha Corp. and Koryo Nobel Explosives will be referred to the state prosecutors for criminal investigation.The alleged price fixing took place across the board and covers explosives used in construction and mining and products used by the military as well as detonators and fuse
Jan. 29, 2015
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LG Electronics Q4 net loss widens
LG Electronics Inc., South Korea's leading home appliance and smartphone maker, said Thursday its net loss widened by more than threefold in the fourth quarter of 2014 from a year earlier as it suspended production of plasma display panel (PDP) TVs due to lack of demand.Net loss came to 205.7 billion won (US$189.9 million) in the October-December period, compared with a loss of 63.5 billion won the previous year, the company said in a regulatory filing. The figure was in line with the market con
CompaniesJan. 29, 2015
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SK Telecom Q4 net jumps on growing LTE subscribers and new businesses
SK Telecom Co., the country's top mobile operator, said Thursday its fourth-quarter earnings soared on an increased number of subscribers to its faster mobile Internet connection and a rise in sales from its business solution service.Net profit came to 503.3 billion won (US$465 million) in the October-December period, up 71.4 percent from the 293.6 billion won tallied a year earlier, SK Telecom said in a regulatory filing. The figure, however, marks a 5.2 percent drop from the previous quarter.R
CompaniesJan. 29, 2015
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Samsung Electronics gears up to keep mobile grip after weakest profit in 3 years
Samsung Electronics Co. set out to reclaim its edge in the handset business that on Thursday revealed its weakest annual earnings in three years for the world's top smartphone maker, as competition is expected to get fiercer with global rivals in both the high- and low-end markets.The tech giant booked a net profit of 23.4 trillion won ($21.6 billion) in 2014, down 23.2 percent from 30.5 trillion won the previous year, the company said in a regulatory filing.The operating profit fell 32 percent
CompaniesJan. 29, 2015
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Samsung, Apple seen tying in Q4 smartphone sales
Samsung Electronics Co. and U.S.-based Apple Inc. sold the same number of smartphones in the fourth quarter of 2014, data from a market tracker showed Thursday, suggesting that the world's biggest maker of handsets may have been outperformed by its archrival for the first time in more than three years.Apple reported in its earnings report earlier this week that it sold 74.5 million handsets in the October-December period. Samsung, in an earnings call Thursday, did not give an exact number but sa
IndustryJan. 29, 2015
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S. Korea's online shopping sales surge 20.1 pct on-year in Q4
South Korea's online shopping sales surged 20.1 percent on-year during the fourth quarter of 2014 with stellar growth in purchases through mobile gadgets, a government report showed Thursday.Total transactions during the three month period reached 12.74 trillion won (US$11.73 billion), up from 10.6 trillion won a year earlier and a gain from 11.45 trillion won in the previous quarter, according to the report by Statistics Korea.Of the total, those made through mobile devices soared 107 percent t
IndustryJan. 29, 2015
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S. Korean firms pay bigger dividend, but not yet 'game changer'
South Korean companies are announcing higher dividend payouts, nudged by growing pressure from the government and investors, but the question remains whether it will have a lasting effect on the dull local stock market, analysts said Thursday. In the ongoing earnings season, major Korean companies have said they will return more of their 2014 profits to shareholders to raise their traditionally stingy dividend payout ratio, the key reason why Korean stocks are undervalued compared to their peers
Jan. 29, 2015
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S. Korean firms pick Vietnam as next biz target: poll
A majority of South Korean companies with plans to expand business in overseas emerging markets this year picked Vietnam as the best target, a survey showed Thursday.Of the 537 local firms polled, 49 percent responded that they have plans to develop their businesses in the Southeast Asian nation this year, according to the survey conducted by the Korea International Trade Association (KITA). The firms surveyed could make five selections from a list of 32 countries with annual growth of more than
Jan. 29, 2015
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Hyundai Motor, Kia Motors see marketing spending ratio drop over
South Korea's two largest automakers - Hyundai Motor Co. and Kia Motors Corp. -- saw the ratio of their marketing spending to sales decline in recent years as they depended less on big price cuts to lure customers, industry data showed Thursday.According to the data, the two firms' ratio of marketing spending to the combined sales stood at 3.7 percent in 2014, down from the previous year's 3.8 percent. The ratio is also lower than the 4.9 percent tallied in 2010. Hyundai Motor's marketing spendi
IndustryJan. 29, 2015
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Samsung Electronics' Q4 net down 27 pct
Samsung Electronics Co., the world's top smartphone maker, said Thursday its net profit fell 26.7 percent in the fourth quarter of 2014 from a year earlier, dampened by sluggish smartphone sales as its global rivals increased their shares in both the high- and low-end markets. (Yonhap)Net income came to 5.35 trillion won (US$4.93 billion) in the October-December period, compared with 7.3 trillion won the previous year, the company said in a regulatory filing.Operating profit dipped 36.4 percen
CompaniesJan. 29, 2015
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Naver's net more than doubles in Q4
Naver Corp., South Korea's top Internet portal operator, on Thursday released weaker than expected fourth-quarter earnings, sending its stock price to a one-week low.Net income came to 134.5 billion won (US$124.2 million) in the October-December period, more than doubling from 54.1 billion won a year earlier, the company said in a regulatory filing. But the fourth-quarter reading was well below the median estimate of 163.2 billion won suggested by South Korea's nine brokerage houses, according t
CompaniesJan. 29, 2015
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LG buoyed by affiliates’ strong performance
LG Group, the nation’s fourth-largest business conglomerate by assets, is cutting a fine figure in business circles as its major affiliates reaped huge profits despite the protracted global economic slowdown.Market analysts said the strong performance of some LG affiliates was the result of group chairman Koo Bon-moo’s repeated calls for “action” by executives and employees.LG Electronics Inc., the flagship of the group and the nation’s leading home appliance- and smartphone-maker, said its net
IndustryJan. 28, 2015
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AXA Direct kicks off English website for foreigners
AXA Direct Korea, the Korean branch of Paris-based global insurance provider AXA Group, is to launch an English website service for foreign residents here.Starting from Monday, foreigners will be able to check insurance fees and subscribe to policies directly through the online or mobile platform of AXA’s Global English Website service, officials said Wednesday.The system will be the first to allow foreign nationals here to take out insurance policies without the assistance of others or separate
Jan. 28, 2015
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JTI Korea names new chief
Steve R. DyerJapan Tobacco International named Steve R. Dyer as the new general manager of its Korean operation, JTI Korea said Wednesday. The South African-born executive will take over the helm on Feb. 1, succeeding his Greek predecessor Anastasios Sitsas, who resigned a month ago, citing personal matters. For the past 18 years, Dyer has accumulated experience in many regions including Tanzania and East Africa, Switzerland, Russia and Hong Kong, being promoted to the Asia-Pacific regional head
IndustryJan. 28, 2015