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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NH Financial chairman stresses ‘chemistry’ in brokerage merger
NH Financial Group chairman Yim Jong-yong (front row, fourth from right) poses with NH executives at a workshop held at its headquarters in Seoul on Friday. (NH Financial Group)Developing a new corporate culture in which people can share value and growth is the key to a successful merger between NH Financial’s brokerage units of NongHyup Investment & Securities and Woori Investment & Securities, said NH chairman Yim Jong-yong.“A successful merger between the two brokerages depends on having chem
Sept. 22, 2014
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POSCO Energy launches Pospower
POSCO Energy, a unit of POSCO, said Monday that it has entered the coal-fired power generation business by launching Pospower. The nation’s largest independent power company had previously focused on gas-fired thermal power. Pospower, formerly Tong Yang Power, which POSCO Energy acquired last June for 431.1 billion won ($421.8 million), has a business license to build and operate two 1-million-kilowatt capacity coal-fired thermal power plants in Samcheok, Gangwon Province, by 2021. Under the ren
IndustrySept. 22, 2014
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Microsoft to ink deal on Busan data center
Global tech giant Microsoft Corp. is expected to ink a deal for establishing a data center in Busan, the nation’s biggest port city, when its chief executive Satya Nadella visits Korea on Tuesday.During his stay in Korea, Nadella will meet with top government officials including Trade, Industry and Energy Minister Yoon Sang-jick to discuss how the two sides would cooperate on investment plans in Korea, according to government and industry sources. The presidential office of Cheong Wa Dae earlier
IndustrySept. 22, 2014
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KB, Woori last to stick to IBM mainframes
As most commercial banks here have undergone the transition from the conventional IBM-monopolized mainframe system to a Unix-based system, KB Kookmin Bank has now become one of the few remaining banks batting against the change. Once the state-run Industrial Bank of Korea completes its system replacement early next month, only KB and Woori Bank will be left using IBM.IBK recently announced that it would temporarily halt operations for three days early next month as it installs its new Unix-based
Sept. 22, 2014
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Asiana seeks to revive tourism with Japan
Asiana Airlines CEO Kim Soo-cheon (right) poses with Rep. Takei Shunsukei of Japan’s Liberal Democratic Party. (Asiana Airlines)Asiana Airlines CEO Kim Soo-cheon discussed ways to revitalize tourism between Korea and Japan with visiting Rep. Takei Shunsukei of Japan’s Liberal Democratic Party at the company’s headquarters in Seoul on Monday, the company said in a press release. “As both countries are planning exchange programs a year ahead of the 50th anniversary to mark the normalization of rel
IndustrySept. 22, 2014
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LG rolls out flip smartphone with Kakao button
LG Electronics, South Korea’s No. 2 tech player, said Monday that its first flip-style smartphone, which will come with a button allowing users to directly connect to the popular KakaoTalk messenger application, will go on sale later this week.The smartphone, dubbed the Wine Smart, comes with a 3.5-inch display and an 8-megapixel rear camera, along with a 1,700mAh battery. It runs on the long-term evolution network and is powered by Android 4.4 KitKat. Sales will start on Friday.The new phone’s
TechnologySept. 22, 2014
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Doctor awarded for contributions to dementia awareness
Choi Kyoung-gyu. (Ewha Womans University Mokdong Hospital)Professor and medical doctor Choi Kyoung-gyu, who currently practices at Ewha Womans University Mokdong Hospital, was given an award last week by the Health Minister for his contributions to dementia awareness.Choi has served as the head of the Yangcheon-gu Center for Dementia, a state-run institution for dementia patients and their families in Seoul’s district of Yangcheon, since 2008. The doctor was recognized for raising awareness abou
TechnologySept. 22, 2014
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Seoul urges local firms in Iraq to ensure staff safety
South Korea on Monday called on local companies operating in Iraq to make utmost efforts to ensure the safety of their staff amid growing security threats from Islamic State militants there.About 80 Korean companies, including subcontractors, are doing business in Iraq with about 1,100 South Koreans staying in the Middle Eastern country. Concerns over the safety of foreigners are running high after IS' killing of several hostages from overseas."South Korean companies in Iraq should ensure the sa
IndustrySept. 22, 2014
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Chaebol owners under probe for suspicious FX transactions
Some 20 wealthy people, mostly conglomerate owners, have been under investigation by the country's financial watchdog for their suspected illegal foreign exchange transactions, industry sources said Monday.According to the sources, they had received a combined $50 million in their bank accounts between 2011 and 2014, which they claimed were investment returns, proceeds from asset sales made overseas, and wage income.But some of them had not reported such cases to the concerned authorities before
Sept. 22, 2014
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Automobile sector to benefit from Korea-Canada FTA
South Korea will sign a free trade deal with Canada early Tuesday, allowing the two countries to eliminate almost all tariffs on agreed-upon items over the next 10 years.In particular, Seoul is expecting steep benefits for its automobile sector under the agreement.Ahn Jong-beom, the senior presidential economic adviser, said that phasing out tariffs on Korean-made cars ― currently ranging between 6 and 8 percent ― over a relatively short period of three years would have a significant positive im
Sept. 21, 2014
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Trade Ministry launches English SNS channels
The Ministry of Trade, Industry and Energy kicked off the English version of its social media service on Monday in a move reflecting its pledges to actively promote the government’s trade and economic policies.By using global social media channels such as Facebook, Twitter and Flickr, the ministry plans to offer frequent updates on the nation’s economic trends and policies to those at both home and abroad, according to officials.“Welcome! I hope our new English social network service pages help
Sept. 21, 2014
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LG Chem to supply batteries for Energiequelle’s storage system
LG Chem, South Korea’s materials and battery giant, said Sunday it had sealed a deal to supply lithium-ion batteries to Energiequelle, a Germany-based renewable energy management and services provider.LG Chem’s batteries will be used in Energiequelle’s energy storage system to distribute electricity generated by clean energy sources from wind, solar and biomass power plants in Feldheim, Brandenburg.The company said it would install its 10.8 MWh batteries by the end of the first quarter of next y
TechnologySept. 21, 2014
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Samsung clan’s stock assets to top W18tr
Samsung Group’s head Lee Kun-hee and his family are expected to see the value of their shareholdings in the conglomerate break the 18 trillion won ($17 billion) mark with an upcoming initial public offering.The country’s biggest conglomerate is preparing to list its IT services affiliate Samsung SDS on the main stock index in November, a move that market watchers assume is closely linked to its management succession plan.The Lee family’s holdings reached 18.15 trillion won as of Friday on the K-
IndustrySept. 21, 2014
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Shares expected to trade flat
The South Korean stock market is likely to trade flat this week despite abated woes from Scotland and the U.S. Federal Reserve, due to lack of growth momentum compounded by Hyundai Motor’s plunge on the main bourse, analysts said.The benchmark Korea Composite Stock Price Index climbed 0.58 percent from the previous week to close at 2,053.82 on Friday.Seoul shares lost ground earlier last week on weak economic data from China, the country’s No. 1 trading partner. Beijing’s data showed the country
Sept. 21, 2014
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Korea’s handbag imports rise threefold in 5 years
South Korea’s imports of handbags have been trending higher over the past five years as demand for luxury products remains strong despite a prolonged economic slump, data showed Sunday.Handbag imports amounted to $587.68 million last year, tripling from $193.85 million in 2009, according to the data by the Korea Customs Service. It marks the fifth straight year of increase.The data showed that the trend is likely to continue, with imports in the January-August period this year totaling $424.08 m
IndustrySept. 21, 2014
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Listed firms’ asset sales near W2tr this year
Listed companies in South Korea have seen their sales of land, buildings and other tangible assets reach nearly 2 trillion won ($1.9 billion) so far this year, data showed Sunday, as they are keen to clean up their balance sheets.According to the data from the financial watchdog, companies listed on the nation’s main and secondary stock markets disposed of tangible assets worth 1.84 trillion won this year, excluding last week’s sale of a prime plot in southern Seoul by state-run power company Ko
Sept. 21, 2014
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Hyundai Motor invited to anticancer event for 4th year
Hyundai Motor, South Korea’s largest automaker, took part in a U.S. congressional event aimed at tackling childhood cancer for the fourth consecutive year Friday as an official partner for the bipartisan initiative.The Child Cancer Caucus, involving 78 members of the House of Representatives, held the annual gathering at the Cannon House Office Building in an effort to raise awareness of pediatric cancer and finance the development of medicine and treatment.Hyundai was the only private company i
IndustrySept. 21, 2014
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Public firms’ debt to hit W524tr next year
The combined debt of Korean public firms and institutions is expected to hit 524 trillion won ($502 billion) next year, the finance ministry said Sunday, amid government efforts to reduce their liabilities.The forecast is 3 trillion won smaller than an earlier government estimate this year, with the debt ratio likely to come in at 214 percent in 2015, according to the ministry’s 2014-2018 financial management plan for them, which will be submitted to the National Assembly on Monday.Under Preside
Sept. 21, 2014
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IBK to halt service next month on system change
The state-run Industrial Bank of Korea will halt its financial service for three days from Oct. 3 to replace its main computing system.Debit cards, automated teller machines and online banking services will be out of service during the period, while credit cards will remain in operation, according to the bank officials.IBK’s new Post Next-Generation system will enable the bank to manage its customer information through a centralized system, they added. “We chose the first week of October as Oct.
Sept. 21, 2014
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Lotus may slash jobs in bid for cost savings
Group Lotus Plc, the maker of exotic British sports cars like the Elise, may reduce its workforce by 27 percent to cut costs.As many as 325 of the 1,215 people employed at the Hethel, England-based company could lose their jobs as the manufacturer restructures, the unit of Malaysia’s DRB-Hicom Bhd. said in an emailed statement. Compulsory job reductions might be needed, Lotus said.“We have worked very hard to avoid the need to make the proposal, but do believe that it is now essential,” chief ex
MobilitySept. 21, 2014