Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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Kakao Pay gathers 500,000 users
Kakao Corp., South Korea’s leading mobile messenger service provider, said Tuesday its new mobile payment system “Kakao Pay” gained more than 500,000 users less than three weeks after its launch on Sept. 5. “The number of subscribers for Kakao Pay is increasing by 20,000 users per hour, which is equivalent to six users per second, a surprising growth speed,” the company said in its news release, disclosing that 170,000 users joined the service on Monday alone.“The speed is set to accelerate even
IndustrySept. 23, 2014
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Seoul shares end lower on key exporters’ losses
South Korean stocks closed lower Tuesday as top exporters on the main bourse marked losses amid mixed Chinese industrial data for the month, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 10.36 points, or 0.51 percent, to 2,028.91. Trading volume was high at 421 million shares worth 4.59 trillion won ($4.4 billion), with losers outpacing gainers 505 to 299.Analysts said Seoul shares closed lower as top exporters, such as Sams
Sept. 23, 2014
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Hana, KEB to announce merger of card units
Hana Financial Group, the nation’s second-largest financial holding firm by assets, will hold a board meeting on Wednesday to announce the merger of its card unit with the Korea Exchange Bank’s credit card division, officials said.Hana is planning to ask for the Financial Services Commission’s approval for the integration this month, which will lead the merged entity to become the sixth-largest card company in South Korea with a combined market share of 7.8 percent.Hana is eyeing to introduce th
Sept. 23, 2014
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Bank employment rate rises despite low profit
South Korean banks’ employment rate is expected to jump nearly 19 percent from last year, largely driven by the government’s job creation policies, data showed Tuesday.Five major local banks are planning to hire a total of 1,080 people in the second half of this year, up 18.68 percent from 910 people in the same period in 2013.KB Kookmin Bank is set to hire the most, with 290 new hires, followed by Woori Bank’s 250, Shinhan Bank’s 200, Industrial Bank of Korea’s 200 and NongHyup Bank’s 140. Expe
Sept. 23, 2014
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Insurers mull lawsuit against policy payments for suicides
South Korea’s financial watchdog has ramped up pressure on local life insurers to pay contracted money to the families of policyholders who commit suicide, but insurance companies are weighing taking the case to court, industry sources said Tuesday.More than 10 life insurers were ordered by the Financial Supervisory Service to pay the insurance money in arrears by the end of the month, according to the sources.The insurers had sold policies for accidents that cover disaster-caused deaths as well
Sept. 23, 2014
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OCI opens solar cell module plant in U.S.
OCI, a leading solar power builder in Korea, said Tuesday that the company has completed a solar cell and module production line in San Antonio, Texas, as part of its efforts to enter the fast-growing U.S. solar power market. It marks the first time for a South Korean company to build such a plant in the U.S. “The plant, with an annual production capacity of 100 megawatts, is aimed at supplying highly efficient ‘N-type’ solar cells and modules to OCI’s ongoing mega solar power project in San Ant
IndustrySept. 23, 2014
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LG CNS wins $45m smart grid deal in Poland
Kim Ji-seob (left), vice president of LG CNS’ smart green business unit, shakes hands with Tauron Dystrybucja CEO Piotr Kolodziej. (LG CNS)LG CNS, an IT affiliate of LG Group, said Tuesday it has clinched a $45 million deal with its Polish counterpart to supply advanced metering infrastructures, adding that it aims to expand its business to cover other European countries in the future.Under the agreement, LG CNS will supply 330,000 units of AMI to Poland-based Tauron Dystrybucja S.A. through Apr
TechnologySept. 23, 2014
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New OTC market’s turnover soars on Samsung SDS trades
South Korea’s new over-the-counter market soared in turnover and market value during its first month in operation but with heavy dependence on a key Samsung affiliate scheduled for listing on the main bourse within this year, data showed Tuesday.A daily average of 403,000 shares worth 1.53 billion won ($1.46 million) changed hands from Aug. 25 to Sept. 22 in the off-exchange operated by the Korea Financial Investment Association, a revamped version of Freeboard that added blue chip shares and ea
IndustrySept. 23, 2014
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LG, Tata talk about possible collaboration
LG Group chairman Koo Bon-moo was reportedly in talks with Tata Motors chairman Cyrus Pallonji Mistry on supplying vehicle components, industry sources said Tuesday. According to LG, Koo and Mistry met in late August, when the latter visited South Korea with top executives in the vehicle business. LG vice chairman Koo Bon-joon and Lee Woo-jong, head of the vehicle components department, accompanied chairman Koo at the meeting after giving the Tata delegation a tour around the LG campus in Incheo
IndustrySept. 23, 2014
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MS CEO sets mood for reconcilation
Microsoft CEO Satya Nadella on Tuesday met with top South Korean officials and business moguls including Lee Jay-yong, vice chairman of Samsung Electronics, to discuss expanding ties with Korea and its tech industry. Industry sources said Nadella finalized a deal with the government to set up a Microsoft data center in Busan. He reportedly visited the presidential office of Cheong Wa Dae and also met with Trade Minister Yoon Sang-jick during his two-day stay. Satya Nadella, chief executive offic
TechnologySept. 23, 2014
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Samsung SDS seeks to go global with logistics solution
With the world economy seeing a rapid increase in trade, both public and private enterprises are finding it necessary to better manage their supply chains and logistics using information technology.Samsung SDS, South Korea’s IT solutions giant, seeks not only to help them improve their logistics and inventory management systems, but also to efficiently manage risks against natural disasters and unpredictable economic downturns.The company said Tuesday that its advanced solution, called Cello, en
TechnologySept. 23, 2014
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Institutional portfolios: Where ETFs currently leave futures trailing
Jane Leung, head of iShares Asia PacificAmong institutional investors, financial futures have long been considered an effective way of representing beta in their own portfolios quickly and in a targeted manner. Such deployments as funded futures do not constitute leveraging, but instead aim to exclusively establish market exposure in an extremely efficient way.In today’s investment world, however, it is precisely in this function that exchange-trade funds have been outstripping futures in many e
Sept. 23, 2014
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Cars, textiles, machinery to benefit from FTA with Canada
South Korean autos, textiles and machinery stand to benefit the most from the free trade agreement with Canada, a trade report said Tuesday.According to the Korea International Trade Association (KITA), South Korea and Canada have mutually complementary economies that both stand to gain from the deal. It said for Seoul, Canada can be a stable supplier of various raw materials and energy resources, while the FTA gives Canada a beachhead in Asia to fuel sales. Canada was South Korea‘s 25th-largest
IndustrySept. 23, 2014
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South Korea's national debt nears 490 tln won in 2013: gov't data
South Korea's national debt neared 490 trillion won ($470.8 billion) in 2013 as the government increased borrowing to make up for its deficit, a government report showed Tuesday.According to the report by the finance ministry, the debt owed by the central and provincial governments came to 489.8 trillion won in 2013, up 46.6 trillion won from a year earlier. The debt represents 34.3 percent of the country's gross domestic product.The central government's debt rose 38.9 trillion won on-year to 46
Sept. 23, 2014
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Corporate leaders probed for suspect FX transactions
Financial authorities on Monday said they have been investigating some 20 business leaders, including Lotte Group chairman Shin Kyuk-ho, on allegations of breaching the foreign exchange transaction act. “We launched the investigation two months ago, and the estimated amount of transacted money is around 52.2 billion won ($50 million),” said a spokesman from the Financial Supervisory Service. Other wealthy people on the list of the investigation include Lee Soo-young, chairman of OCI, a leading l
IndustrySept. 22, 2014
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No initial offering for Line this year: Naver
The country's top portal operator Naver Corp. has decided against listing its Japan-based affiliate Line Corp. in the U.S. and Japanese stock market this year, the company said on Monday.In a regulatory filing, Naver said that while it is still considering the overseas IPO of Line, which operates a popular messaging application of the same name, it has yet to reach a conclusion. It added that it will issue a regulatory filing within six months when further progress is made."We considered an IPO
TechnologySept. 22, 2014
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[SUPER RICH] Korea’s stock billionaires
In the 21st century, what makes rich people rich is how many shares they own in a company. The power of stocks, which is the combination of corporations ― called the greatest invention of capitalism ― and compound interest ― the strongest energy in the universe, according to Einstein ― gets stronger every day as the world economy advances. In other words, having a business and a source of compound interest is one of the best and fastest ways to become a billionaire. For instance, Bill Gates, a y
IndustrySept. 22, 2014
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[SUPER RICH] Samsung heiress enjoys success with fashion venture
Lee Seo-hyun, president of Cheil Industries’ fashion division, clearly has a knack for making money through fashion. The 41-year-old younger daughter of Samsung Group chairman Lee Kun-hee has recently added fashion brand NONAGON to her success list. Targeting teens and those in their early 20s who are attracted to street fashion, all NONAGON products sold out within three days of its official launch, the company said on Sept. 15. Cheil Industries’ fashion division president Lee Seo-hyun. (Korea
IndustrySept. 22, 2014
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Korean firms seek to tap Canada’s distribution market
South Korean companies are seeking to make inroads into Canada’s vast distribution market in step with the free trade pact with Canada, industry sources said Monday. To that end, a two-day joint road show for the export and retail markets will be held in Toronto from Tuesday to help link South Korean companies and merchandisers with large retail and wholesale businesses in Canada and the United States, they said. The event involving some 30 South Korean small and medium enterprises is being orga
IndustrySept. 22, 2014
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Cisco Systems launches new servers in Korea
Cisco Systems Korea said Monday that it has launched new integrated servers that can perform rapidly and efficiently with Intel’s fast processing power.The product called the Unified Computing System M-Series Modular Servers, which not only optimizes users’ storage capability but also that of networking and database management, has been made to perform tasks and applications fit under cloud and virtualization computing systems.The Korean unit of the U.S. network equipment giant added that the se
TechnologySept. 22, 2014