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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Starbucks faces legal action over menu omission
(Bloomberg)A consumer group has taken action against Starbucks Korea for failing to include the price of short size drinks on its menu, claiming the move is aimed at selling more expensive drinks.The Citizen’s Mediation Center at Seoul YMCA on Monday filed a complaint with the Ministry of Food and Drug Safety against Starbucks for violating the Food Sanitation Law, which requires all businesses to post the prices of their products.Currently, menu boards in Starbucks stores here show only the pri
IndustryJan. 28, 2015
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GM Korea’s Trax receives highest safety rating in U.S.
GM Korea Co.’s crossover sport utility vehicle Trax has received the highest rating on safety by a U.S. agency, the company said Wednesday.The National Highway Traffic Safety Administration recently conducted a “new car assessment program” in which the Trax received the highest five-star rating, according to the Korean unit of U.S. automaker General Motors Co. The NHTSA’s assessment program consists of a strict evaluation of safety for passengers, including frontal and side crash tests along wit
IndustryJan. 28, 2015
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Japanese, German car parts makers under probe: FTC
South Korea’s antitrust watchdog is investigating Japanese and German car parts manufacturers for price-fixing on products they sold to local automakers, a source said Wednesday.The names of the companies under investigation and the parts supplied have not been made public, but the Fair Trade Commission insider said Hyundai Motor Co. and its corporate cousin, Kia Motors Corp., bought the parts for the past several years. The two carmakers are flagships of Hyundai Motor Group, the world’s fifth-l
Jan. 28, 2015
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Shares up 0.47% as eurozone jitters fade
South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank’s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won ($4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off to a weak start
Jan. 28, 2015
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[Newsmaker] Nexon starts battle for control of NCSoft
A battle has begun for control of NCSoft, the nation’s second-biggest game developer, as Nexon, its largest shareholder, has officially vowed to participate in its management. Nexon, the largest online game firm in South Korea, said Tuesday that it would shift from merely investing in NCSoft, the runner-up in the domestic market, to taking part in its management.“The company made the decision since it has found it difficult to swiftly respond to the rapidly changing IT industry with the previous
TechnologyJan. 28, 2015
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Korea, Alibaba seek logistics partnership
Choi Kyung-hwan. (Yonhap)South Korea’s Finance Minister Choi Kyung-hwan and Alibaba Group chairman Jack Ma agreed to seek partnership between Korea’s logistics companies and the Chinese e-commerce giant, Seoul officials said.The two sides held talks on Wednesday in a follow-up meeting to August last year to reaffirm the partnership between Alibaba and Korea’s small and medium enterprises seeking to make inroads into China.Deputy Prime Minister and Finance Minister Choi met Alibaba chairman Ma ah
Jan. 28, 2015
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Race heats up in bid to build national emergency network
A 2 trillion won ($1.84 billion) mega race has commenced as the Korean government plans to launch a new project building a nationwide emergency network based on Long Term Evolution technology ― the first of its kind globally.Communications breakdowns have often hampered responses to disasters. Experts say that developing communications systems is one of the key challenges in ongoing efforts to improve security preparedness. The new Public Safety-LTE system will allow fire, police and rescue resp
TechnologyJan. 28, 2015
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LG CNS launches mentoring program
LG CNS employees pose at the firm’s mentoring program for new workers. (LG CNS)LG CNS, one of Korea’s information technology solutions developers, said Wednesday that it has launched this year’s mentoring program between senior and junior employees. First started in 2006, the corporate mentoring programs have helped fresh employees adjust to their new workplace and build bonds with colleagues. “In order to become an IT expert, one should quickly adapt to the fast changing work environment,” said
TechnologyJan. 28, 2015
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SK hynix earnings hit all-time high
The main gate of SK hynix in Icheon, Gyeonggi Province. (Yonhap)South Korea’s No. 2 chipmaker, SK hynix Inc., on Wednesday reported all-time high earnings in 2014, marking the second consecutive year of a record-breaking performance.Net profit came to 4.1 trillion won ($3.87 billion) in 2014, up 46 percent from the 2.87 trillion won posted a year earlier, the company said in its regulatory filing. Revenue advanced 21 percent over the cited period to 17.1 trillion won, and its operating profit al
IndustryJan. 28, 2015
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Google’s super-fast U.S. Internet service spreads
Google’s super-fast Internet service ― up to 100 times quicker than basic broadband ― is heading for four more U.S. metropolitan areas as the technology titan ramps up pressure on cable service giants.A Google Fiber program launched nearly five years ago will expand to 18 cities in the Atlanta, Charlotte, Nashville and Raleigh-Durham areas.“We can’t wait to see what people and businesses across the southeast U.S. do with gigabit speeds,” Google Fiber vice president Dennis Kish said in a blog pos
TechnologyJan. 28, 2015
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China accuses Alibaba of lax oversight of merchants
Alibaba Group Holding Ltd. has a “credibility crisis” fueled by its failure to crack down on shady merchants, counterfeit goods, bribery and misleading promotions in online malls, the Chinese government said.The scathing report by the State Administration for Industry & Commerce accused Alibaba of allowing merchants to operate without required business licenses, to run unauthorized stores that co-opt famous brands and sell fake wine and handbags. Alibaba employees took bribes, and the e-commerce
TechnologyJan. 28, 2015
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Korean unit of Macquarie Funds ordered to suspend partial business
South Korea's top financial regulator on Wednesday imposed a three-month partial business suspension and a fine of 100 million won ($92,000) on the local unit of Australia-based asset manager Macquarie Funds Group for engaging in illegal bond trading.In November, the Financial Supervisory Service, the financial overseeing body, put forth the penalty for Macquarie Investment Management Korea Co., formerly known as ING Investment Management Korea, accusing it of involvement in "parking" bonds at b
BusinessJan. 28, 2015
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Affinity, MBK submit final bids for Korea's largest car rental firm
Six investors including SK Networks Co. and private equity firm MBK Partiners have submitted their final bids to buy South Korea's biggest car rental firm KT Rental, in what could be the largest merger and acquisition deal in the first half, industry sources said Wednesday. KT Corp, the parent of KT Rental, put their entire stake in the car-rental service firm up for sale in June in a deal expected to fetch up to 800 billion won ($737 million). The sources said a consortium comprising of two
BusinessJan. 28, 2015
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LG Electronics' 2014 net more than doubles in 2014
LG Electronics Inc., South Korea's leading home appliance and smartphone maker, said Wednesday its net profit more than doubled in 2014 from a year earlier on upbeat sales of its TV sets and flagship smartphone G series. Net income reached 501.3 billion won ($462 million) in the January-December period, compared with 222.7 billion won a year earlier, the company said in a regulatory filing. The figure falls far short of a median estimate of 914 billion won polled by Yonhap Infomax, the financia
BusinessJan. 28, 2015
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SK hynix performance all-time high in 2014
South Korea's No. 2 chipmaker, SK hynix Inc., on Wednesday reported all-time high earnings in 2014, marking the second consecutive year of a record-breaking performance.Net profit came to 4.1 trillion won (US$3.87 billion) in 2014, up 46 percent from the 2.87 trillion won posted a year earlier, the company said in its regulatory filing. Revenue advanced 21 percent over the cited period to 17.1 trillion won, and its operating profit also jumped 51 percent to 5.1 trillion won over the cited period
IndustryJan. 28, 2015
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Seoul shares up 0.47 pct as eurozone jitters fade
South Korean stocks ended 0.47 percent higher on Wednesday as investors scooped up shares amid eased concerns over Greece and hopes on the European Central Bank (ECB)'s massive stimulus, analysts said. The local currency weakened against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.18 points to 1,961.58. Trading volume was moderate at 392.8 million shares worth 5.3 trillion won (US$4.9 billion), with gainers outnumbering decliners 479 to 319.The KOSPI got off
Jan. 28, 2015
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KDI chief presses labor flexibility as he warns against following
South Korea must make its labor market more flexible and take heed of Japan's mistakes because failure to do so could result in more serious repercussions, the head of the country's top state-run economic think tank said Wednesday.Speaking to top executives at Samsung Electronics Co.'s headquarters in Seoul, Korea Development Institute (KDI) President Kim Joon-kyung warned the country's future will be bleak if Seoul follows Tokyo."Japan poured huge sums of money up until the early 2000s to reviv
Jan. 28, 2015
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S. Korea's trade promotion agency seeks 'open collaboration' in
The new head of South Korea's trade promotion agency said Wednesday he will strengthen "open collaboration" with other state agencies and organizations to create synergy in helping local small and medium-sized enterprises (SMEs) grow into global companies. Kim Jae-hong, who took office as the head of the Korea Trade-Investment Promotion Agency (KOTRA) earlier this month, added that the agency will serve as a "guide" for firms to better capitalize on free trade deals that the government has secur
Jan. 28, 2015
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Apple, Xiaomi outsell Samsung in Chinese smartphone market
Samsung Electronics Co., once China's No. 1 smartphone vendor, sold fewer smartphones in China for the fourth quarter of last year than Apple Inc. and local brand Xiaomi Inc., continuing to lose ground in the battle for the world's largest smartphone market, a market tracker said Wednesday. "The incredible popularity of the iPhone 6 and iPhone 6 Plus in China in Q4 2014 has led Apple to take first place in the Chinese smartphone market for the first time by units shipped," Canalys said in a stat
IndustryJan. 28, 2015
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Bird flu, FMD disease take toll on S. Korea's meat exports
Outbreaks of bird flu and foot-and-mouth disease (FMD) caused exports of poultry and fresh pork to drop sharply last year, government data showed Wednesday.Cases of bird flu were reported early last year with the first FMD outbreaks being detected later on. The government even implemented "standstill measures" restricting the movement of animals and farmers earlier in the month to try to contain the spread.According to data by Korea Agro-Fisheries & Food Trade Corporation and the farm ministry,
Jan. 28, 2015