Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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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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[Weekender] How DDP emerged as an icon of Seoul
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Korean, Chinese CEOs discuss cooperation
South Korean business leaders met with Chinese Vice Premier Wang Yang and some 50 Chinese businesspeople to discuss ways to boost cooperation in trade and business between the two countries in Seoul on Saturday.Some 50 Korean top executives including Hyundai Motor Group chairman Chung Mong-koo and LG Group chairman Koo Bon-moo met with the vice premier on the sidelines of his three-day visit to Korea to promote tourism and commercial ties. “The two countries have a mutual interest in expanding t
IndustryJan. 25, 2015
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‘Oracle set to lead cloud market’
Software powerhouse Oracle has recently been turning to cloud computing businesses to meet the rising demand for services available over the Web. Mark Hurd, Oracle’s cochief executive, expressed strong confidence in his company’s prospects in the cloud industry during a visit to South Korea last Thursday.“We will sell more new cloud in the next year than any other company in the world,” said Mark Hurd at a joint interview with Korean news outlets on late Thursday afternoon. Mark has been sharing
TechnologyJan. 25, 2015
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Daelim records huge Q4 loss
Daelim Industrial, one of Korea’s biggest construction companies, recorded a loss in the fourth quarter of last year due to costs from overseas projects in the Middle East.The Seoul-based builder’s regulatory filing last week reported an operating loss of 222.7 billion won ($205 billion) in the three months to Dec. 31, an improvement from the 319.5 billion won loss it suffered in the same period the year before. The company reported a 4.8 percent jump in fourth-quarter sales at 2.55 trillion won
IndustryJan. 25, 2015
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Woori Bank to focus on innovation
Woori Bank said Sunday that it would use innovation to become a “strong bank” for consumers this year.In a business strategy meeting with some 1,500 executives and staff in Ilsan, Gyeonggi Province, Saturday, Lee Kwang-goo, CEO of Woori Bank, shared his goals for the first half of this year and urged his staff to take more ownership over their work and fully engage in their businesses. Lee also declared the so-called “24.365 Innovation Project,” stressing the need to build a strong foundation to
Jan. 25, 2015
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KOSDAQ jumps on government’s fintech pledge
South Korea’s secondary KOSDAQ bourse continued its strong rally in January as the government’s push to support financial technology fueled upward momentum, data showed Sunday.The price index of the tech-heavy KOSDAQ market closed at 589.31 point on Friday, the highest close in 6 1/2 years since it hit 590.19 on June 30, 2008, according to the data compiled by the Korea Stock Exchange, the bourse operator.It also gained 46.34 points, or 8.53 percent, from the year-end close price of 542.97, with
Jan. 25, 2015
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Tivoli, a keeper for sporty drivers with lighter wallets
Ssangyong Motor’s new compact crossover vehicle the Tivoli is a keeper for those who want an affordable SUV. Its starting price is 16.3 million won ($15,122), cheaper than that of 22.5 million won for Hyundai’s mid-sized sedan the Sonata, but the performance does not fall short compared to sedans or other compact crossovers. Some may be wondering about the car’s social implications ― Ssangyong’s mother company Mahindra said that high sales of the Tivoli might bring laid-off workers back to work
MobilityJan. 25, 2015
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Volvo Korea opens ‘House of Sweden’
Volvo Korea opened its pop-up store The House of Sweden in the fashionable district of Garosu-gil in southern Seoul on Thursday. The store runs through April 21. Aimed at delivering the Swedish carmaker’s brand image and its 88-year-old heritage, the cafe and lounge bar has Volvo premium sports sedan S60 and compact SUV Cross Country on display. Volvo also invited Swedish outdoor fashion brand Haglofs, vodka label Absolute, restaurant Hemlagat and coffeehouse Fika to contribute to the Scandinavi
MobilityJan. 25, 2015
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European car sales speed up after six years of decline
PARIS (AFP) ― New car sales in Europe rose by nearly 6 percent in 2014, ending a long slump in activity that began in 2007, but analysts warn the sector has not yet turned the corner in the region.The European Automobile Manufacturer’s Association said last week that 2014 new car sales grew by 5.7 percent, but noted current volumes of activity remain significantly lower than they were before the global financial crisis that drove the sector into six years of decline.Europe’s continuing economic
MobilityJan. 25, 2015
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Hyundai Motorstudio opens in Moscow
Hyundai Motor opened the “Hyundai Motorstudio Moscow” in the Russian capital Friday. This is the first overseas studio for the world’s fifth-largest carmaker.The 880-square-meter studio surrounded by glass walls has Hyundai’s best-selling model, the Solaris, attached to the front wall. The Solaris is sold as the Avante in Korea and several other countries. The two-story studio contains an exhibition on key products such as the Genesis and the Equus, a library with 300 books about cars and art, t
MobilityJan. 25, 2015
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U.S. safety agency to add automatic braking to star ratings
U.S. regulators will add automatic braking to a list of technologies considered as beneficial to safety in its influential star-rating consumer advisory system.Transportation Secretary Anthony Foxx announced the change Thursday at a meeting in Washington with automotive engineers. The National Highway Traffic Safety Administration currently rates cars based on the results of frontal and side crash tests as well as rollover propensity on a scale of one to five stars, with five being the highest s
MobilityJan. 25, 2015
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Appeals court upholds decision blaming Samsung over leukemia death
A Seoul appeals court has upheld a ruling by a lower court that South Korean tech giant Samsung Electronics is to blame for the leukemia death of one of its former employees at a chip-making facility, a court official said Sunday.In 2013, the Seoul Administrative Court recognized as an industrial accident the death of Kim Kyong-mi, who died of acute leukemia in 2009 at the age of 29 after working at Samsung's semiconductor production lines in Giheung, just of Seoul, between 1999 and 2004.The Kor
TechnologyJan. 25, 2015
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S. Korean firms' China investment hits 8-year high
South Korean companies' investment in China reached an eight-year high in 2014 amid their growing interest in the world's second-largest economy following the conclusion of a bilateral free trade deal, data showed Sunday.South Korean firms invested a combined $3.97 billion in China last year, up 29.7 percent from the previous year, according to the data by the Beijing office of the Korea International Trade Association.The amount accounted for 3.3 percent of overall foreign direct investment in
IndustryJan. 25, 2015
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Samsung Electronics likely to expand dividend payout
South Korean tech giant Samsung Electronics Co. is expected to unveil a near 40-percent jump in cash dividends this week, industry sources said Sunday, following such decisions by Hyundai Motor Co. and Kia Motors Corp.Samsung had paid out a total of 2.16 trillion won ($1.99 billion) in dividends to its shareholders for 2013, or 14,300 won per share, according to the sources.They said that the company will likely give a 40 percent increase in cash dividends for 2014, citing Samsung's earlier anno
CompaniesJan. 25, 2015
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Hyundai, Kia's dividend payout ratios lag far behind global peers
Despite their recent announcements to pay higher cash dividends to investors, South Korea's two leading carmakers, Hyundai Motor Co. and Kia Motors Corp., lag far behind global rivals in terms of payout ratio, data showed Sunday.Last week, Hyundai said it will pay a cash dividend of 3,000 won ($2.77) per share to its shareholders, up 54 percent from what it paid a year earlier. It would cost the company around 817.3 billion won in total.Its sister Kia also raised its cash dividend payout to 3,00
IndustryJan. 25, 2015
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S. Korean exports of instant noodles to Japan dip in 2014
South Korean exports of instant noodles to Japan plunged 23.5 percent in 2014 from the previous year, data showed Sunday, amid growing anti-South Korean sentiment in the neighboring country.Shipments of South Korea's ramyeon, or instant noodles, came to $24.47 million last year, compared with $32 million the previous year, according to the data by the state-run Korea Agro-Fisheries & Food Trade Corp. and industry sources.The volume of exports also nose-dived 26 percent to 5,534 tons last year fr
IndustryJan. 25, 2015
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Global sales of mobile displays hit record high in 2014
Global sales of displays for smartphones and other mobile devices soared to a record high in 2014, with the number topping 2 billion units for the first time, industry data showed Sunday.Worldwide shipments of mobile displays stood at 2.01 billion units last year, up from 1.83 billion the previous year, according to the data by market tracker DisplaySearch.The value of mobile displays sold also reached a record high of $30.13 billion, exceeding the $30 billion mark for the first time.Thin film t
IndustryJan. 25, 2015
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Sony seeks to delay earnings over 'The Interview' cyberattack
TOKYO (AFP) -- Sony said Friday it was asking Japanese regulators for permission to delay its earnings release next month after a cyberattack at its Hollywood film unit compromised "a large amount of data".The Japanese firm said its US-based Sony Pictures Entertainment subsidiary will not have time to put together its financial statements after the attack, linked to its controversial North Korea satire "The Interview," which has been widely blamed on Pyongyang.The Tokyo-based firm, which was due
TechnologyJan. 23, 2015
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U.N. official backs N. Korea abuses despite defector's changes
TOKYO (AP) -- The United Nations' official in charge of investigating human rights violations in North Korea said Friday he stands by U.N. findings of widespread abuses there despite recent backtracking by a prominent defector on the details of his life in the North's prison system.Marzuki Darusman said that although defector-turned-activist Shin Dong-hyuk has revised some of the details of his story, it remains for the most part valid and represents the experiences of just one of hundreds of de
TechnologyJan. 23, 2015
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Central bank not surprised by ECB’s QE
The government forecast that the additional quantitative easing by the European Central Bank would have a limited impact on the nation’s economy, saying the measure was within market expectations.“The ECB’s expansive monetary policies are part of (the BOK’s) forecasts,” Bank of Korea chief Lee Ju-yeol said in a breakfast meeting with commercial bank chiefs in Seoul on Friday. “If the measure had diverted from market forecasts, there would have been a shock,” the central bank chief added. There i
Jan. 23, 2015
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Hana-KEB merger faces deadlock
The merger of Hana Financial Group’s two flagship banks, Hana Bank and Korea Exchange Bank, is expected to face further delays as the management and labor failed to reach a last-minute agreement.The financial group recently decided to go ahead with the merger, with or without the KEB labor union’s consent, a move that deepened the latter’s resistance.The Financial Services Commission was scheduled to discuss the issue at its regular meeting next Wednesday but decided to postpone action due to th
Jan. 23, 2015