Most Popular
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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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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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Woman gets suspended term for injuring boyfriend with knife
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Samsung chief bolsters ties with Germany’s Zeiss
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Med schools expect 1,500+ new admission slots next year
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KT launches new mobile plans for foreign residents
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[SUPER RICH] Korean chaebol leaders get hooked on baseball fever
Now that the World Cup craze has subsided, it is officially time for baseball. The Korea Baseball Organization league has just stepped into the second half of its season, and some of the country’s top conglomerates are biting their nails over the rankings. This is mainly because business tycoons dominate baseball teams here. Among the nine KBO league teams, all except for the Nexen Heroes are owned by corporate figures. The wealthiest owner of the bunch is KIA Tigers owner and Hyundai Automotive
IndustryJuly 14, 2014
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KDB faces multiple sanctions for STX, Dongbu Group crises
The country’s financial regulators are set to punish the state-run Korea Development Bank by holding it responsible for poor loan management as the main creditor of STX Group and Dongbu Group, according to local reports.The Financial Supervisory Service and Financial Services Commission have recently launched a special audit into the KDB on allegations that the bank fabricated STX Offshore & Shipbuilding’s credit rating and raised the shipbuilder’s credit limit by 300 billion won ($294.6 million
July 14, 2014
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Beijing informs Seoul of KakaoTalk, Line blocking
Beijing has informed Seoul that it has blocked the services of South Korea’s two popular mobile messaging applications, KakaoTalk and Line, since earlier this month, according to a South Korean diplomat close to the matter.He added that China has also indicated that the services would soon be unblocked. Along with other foreign online services, including Yahoo’s photo-sharing site Flickr, users in China have been unable to access online services of KakaoTalk and Line for more than 10 days, the s
TechnologyJuly 14, 2014
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Korea sees rebound in housing market
Housing prices in South Korea are picking up slowly, as the new finance minister nominee says he will consider changes to help prospective homebuyers. The average house prices across the country rose by 0.9 percent in the first half of 2014, after a 0.2 percent drop in 2013, according to data compiled by KB Kookmin Bank.Mortgages taken out by homebuyers are also growing, indicating a rebound in the country’s real estate market, industry watchers said. Industry data showed that mortgage loans iss
July 14, 2014
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Samsung may end business with Chinese supplier accused of employing minors
Samsung Electronics has tentatively suspended its business with a Chinese supplier that was recently accused of hiring underage children, the Korean firm said Monday. The firm added that it would permanently end all transactions if the allegation was proven to be true.The statement came after New York-based China Labor Watch said on Thursday that it discovered minors were being employed at a factory owned by Shinyang Electronics in Dongguan of southern China.Samsung said in its official blog tha
TechnologyJuly 14, 2014
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Ssangyong Motor launches Nomad SUV in Kazakhstan
Ssangyong Motor Co., the local unit of Indian SUV carmaker Mahindra & Mahindra Ltd., said Monday it has launched the Nomad SUV in Kazakhstan, the first significant move by the automaker, which is looking to make a big splash in Central Asia.The car will be shipped as a complete knock-down kit and assembled at a plant that can churn out 10,000 cars annually, the company said. The Nomad is a modified version of the Actyon compact SUV that has been specially tailored to meet the driving conditions
MobilityJuly 14, 2014
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Korea’s international investment position set to turn positive
South Korea’s international investment position may turn positive for the first time in the next one or two years as Asia’s fourth-largest economy continues its current account surplus streak, a central bank report showed Monday.The Korean economy, with a net external debt of $4.3 billion as of end-March, is likely to see its net international investment position shift to the black as its debt size is trending lower following the global financial crisis, according to the report by Bank of Korea
July 14, 2014
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BMW unveils its first Asian driving center in Yeongjongdo
YEONGJONGDO, Incheon ― BMW Group on Monday unveiled its first driving center in Asia here, which the German luxury carmaker said shows its latest commitment to Korea, the ninth-largest market globally. The new facility, located in Yeongjongdo, Incheon, some 40 kilometers west of Seoul, is the third driving center after those in Germany and the United States ― the two countries where BMW produces vehicles.According to BMW Korea, the carmaker plans to invest a combined 77 billion won ($75 million)
MobilityJuly 14, 2014
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Samsung, Hyundai Motor grab increased portion of Korean economy
South Korea’s two largest conglomerates ― Samsung Group and Hyundai Motor Group ― have snatched up an increased portion of the South Korean economy in the past three years from 2009, industry data showed Monday. The two groups’ combined operating profit reached to 39 trillion won ($38 billion), or 24.9 percent, of the total operating profit reported by 482,574 listed companies in 2012, up 8 percent from 2009, according to Chaebul.com, which tracks South Korea’s conglomerates. Their combined annu
IndustryJuly 14, 2014
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Seoul shares rebound on eased eurozone banking jitters
South Korean shares rose 0.26 percent on Monday, rebounding from last week’s 1 percent dip as concerns over a eurozone banking crisis eased, analysts said. The local currency closed at 1,018.20 against the dollar, up 0.8 won from the previous session. The benchmark Korea Composite Stock Price Index gained 5.14 points to 1,993.88. The index suffered a loss last week on escalating jitters over Europe’s financial stability. Trading volume was moderate at 267 million shares worth 3.07 trillion won (
July 14, 2014
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Korean minivan market dominated by local carmakers
South Korea’s robust minivan market is dominated by local carmakers, with foreign brands effectively shut out by local consumers, industry data showed Monday.Sales figures released by carmakers showed sales of minivans or multipurpose vehicles hitting 5,255 units in June, up 23 percent from a year earlier, thanks in part to growing interest in camping and outdoor activities.Of the total, vehicles made by Kia Motors Corp. and Ssangyong Motor Co. enjoyed 97.7 percent market share, while cars made
IndustryJuly 14, 2014
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Corporate Korea far behind in big data gold rush
Corporate Korea is lagging behind in using big data in day-to-day business, according to a recent survey compiled by The Korea Chamber of Commerce and Industry.The organization said Monday that among the 500 Korean firms participating in the survey, only 7.5 percent said they used big data in their business activities, while 81.6 percent responded that they do not use it at all. The most frequent use of big data is for marketing. Of companies that used big data, 47 percent used it for this purpo
TechnologyJuly 14, 2014
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LG CNS asks employees to be versatile
LG CNS CEO Kim Dae-hoon said Monday that the company needs new human resources that can create high value-added solutions and technologies by coming up with good ideas generated from a wide range of knowledge.In a meeting with his new employees at the company’s headquarters in Seoul, the chief executive of the IT solutions provider said it needs “people who can freely use both hands” in this age of smart technology. LG CNS CEO Kim Dae-hoon advises rookies to develop their skills and become versa
TechnologyJuly 14, 2014
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Korea’s auto parts exports hit all-time high in H1: data
South Korea’s exports of auto parts jumped to an all-time high in the first half of this year, driven by robust sales of vehicles in overseas markets, government data showed Monday.According to the data by the Ministry of Trade, Industry and Energy, South Korea exported $13.58 billion worth of auto parts during the January-June period, up 5.4 percent from a year earlier. This represented the largest amount of first-half exports, breaking the previous record of $12.84 billion tallied during the f
IndustryJuly 14, 2014
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Firms’ dividend payouts forecast to stay low this year
Dividend payouts by South Korean listed firms are expected to remain low this year compared with their foreign rivals, although their average dividend yield ratio may creep up from last year, industry data showed Monday.The average dividend yield ratio of listed firms that trade on the country’s main bourse is estimated at 1.25 percent for the year, compared with last year’s 1.18 percent, according to the data.The dividend yield ratio refers to a company’s annual dividend payments per share divi
July 14, 2014
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Renault Samsung, GM Korea face prospect of strikes by workers
South Korean carmakers are facing the prospect of renewed labor strife as they deal with unfavorable market conditions, industry sources said Monday.Renault Samsung Motors Co. and GM Korea Co. said their union workers are planning walkouts and work disruptions after initial union-management talks failed to find middle ground on regular wages, bonuses and fringe benefits.Renault Samsung, the local unit of French automaker Renault S.A., said its workers at the company’s Busan plant will halt work
MobilityJuly 14, 2014
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Truckers stage one-day strike to push parliamentary passage of bill
Thousands of unionized truck drivers across the country staged a one-day strike on Monday, demanding the parliament pass a bill that would improve their working conditions.The members of a truckers' union affiliated with the Korea Confederation of Trade Unions, the more militant of the nation's two umbrella unions, also held rallies in the union's 15 regional offices. "Since the National Assembly has yet to approve a cargo-related bill proposed in 2012, some 380,000 cargo transportation workers'
IndustryJuly 14, 2014
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China informs S. Korea of service blockage of KakaoTalk, Line
China has told South Korea that it has blocked online services of South Korea's two popular mobile messaging applications, KakaoTalk and Line, since earlier this month, a South Korean diplomat with the knowledge of the matter said Monday, adding that the services would "soon" return to normal.Along with other foreign online services, including Yahoo Inc.'s photo-sharing site Flickr, users in China have been unable to access online services of KakaoTalk and Line for more than 10 days. Some anti-c
TechnologyJuly 14, 2014
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Regulators to reprimand main creditor of troubled conglomerates
The financial watchdog will reprimand the main creditor bank of cash-strained STX Group and Dongbu Group for negligence in monitoring the financial conditions of the conglomerates, officials said Monday, pressuring the bank to take stronger measures to normalize the ailing firms.STX Group, the 13th-biggest conglomerate with 10 affiliates under its wing, has been struggling with a liquidity shortage and mounting debts due to the downturn in the shipbuilding and shipping sectors.The Financial Supe
July 14, 2014
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Korean firms' dividend payouts forecast to stay low this year: data
Dividend payouts by South Korean listed firms are expected to remain low this year compared with their foreign rivals, although their average dividend yield ratio may creep up from last year, industry data showed Monday.The average dividend yield ratio of listed firms that trade on the country's main bourse is estimated at 1.25 percent for the year, compared with last year's 1.18 percent, according to the data.The dividend yield ratio refers to a company's annual dividend payments per share divi
July 14, 2014