Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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BASF kicks off plant construction
Global chemical company BASF broke ground for its new plant for engineering plastics compounds Ultramid and Ultradur in Yesan, South Chungcheong Province, on June 12. The new plant is expected to begin operations by the end of 2015. With an initial annual capacity of 36,000 metric tons, the new plant will more than double the total compounding capacity of BASF’s engineering plastics in South Korea. With this project and its to-be-expanded Pudong plant in China, BASF’s overall compounding capacit
IndustryJune 17, 2014
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Boosting aid for a greener Earth
Every year, the world celebrates the World Day to Combat Desertification and Drought on June 17 since the designation was granted by the United Nations in 1994.This is to remind people that roughly 30 percent of the Earth is land, of which another 30 percent is currently being cultivated for agricultural purposes, and that these lands are now being ruined and undergoing rapid desertification.Although desolation may occur naturally at any time and any location, it becomes a crucial and immediate
IndustryJune 17, 2014
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Watchdog to tighten monitoring of stock trading by paper companies
The South Korean financial watchdog said Tuesday it will closely monitor stock trading by paper companies set up in tax havens to ferret out local nationals disguised as foreign investors to dodge domestic law and engage in illegal activities.The Financial Supervisory Service (FSS) said out of 38,437 foreign corporations investing in the country, 7,626, or 20 percent, are offshore companies based in 62 tax haven-designated countries including the Cayman Islands, the Virgin Islands, Bermuda, Barb
June 17, 2014
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SC Korea agrees to sell capital unit to Japanese firm
Standard Chartered Korea has agreed to sell its capital and savings unit to Japan-based finance company J Trust, the firm announced Monday.The 100 percent stake in two of its affiliates -- SC Savings Bank and SC Capital -- will be sold for 151 billion won ($148 million), the bank said in a statement.The deal still requires approval from financial regulators from both South Korea and Japan but is expected to go through at the end of 2014. If it does, it would be the first time a Japanese lender h
June 16, 2014
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[Newsmaker] Tough decisions await FM nominee
Deputy Prime Minister and Finance Minister-nominee Choi Kyung-hwan stands at a crossroads as he will soon have to make tough decisions and policy recommendations for President Park Geun-hye to revitalize the economy, which has become sluggish following the ferry disaster in April.A slew of economic tasks await the incoming deputy prime minister after his parliamentary confirmation hearing, and among sensitive issues he will have to address are taxes and loan-related regulations for the housing m
June 16, 2014
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[SUPER RICH] Corporate Korea in fear of SNS
One of the things that chaebol are criticized for time and time again is their lack of communication.Despite their vast wealth and the social responsibilities that follow with their riches, Korean billionaires are known for keeping their distance from the public and keeping them in the dark on critical management ― and sometimes personal ― issues. This is not entirely their fault, since one piece of damaging gossip is often all it takes to nudge them onto the chopping block.But even considering
IndustryJune 16, 2014
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[SUPER RICH] Hanwha heir tests waters with solar power biz
When Hanwha Chemical’s profit swung into the black for the first time in more than three years on May 14, market insiders picked Hanwha Q Cell marketing and strategy director Kim Dong-kwan as the main contributor. Hanwha’s energy unit reported 83 billion won ($81 million) in operating profit for the first quarter of 2014. This marked the first surplus since Hanwha jumped into the solar power business in August 2010 after acquiring Chinese company SolarOne. The heir-apparent of the nation’s ninth
IndustryJune 16, 2014
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FSS pledges to get down to root of KB Financial feud
Financial authorities will be more closely looking into the embattled KB Financial Group’s internal control system in a head-to-toe inspection that may spell out additional sanctions for the company’s troubled leadership.The Financial Supervisory Service, after wrapping up ongoing disciplinary actions on financial organizations, will initiate the probe into KB Financial and KB Kookmin Bank in July, according to officials on Monday.The unprecedented hardline stance from the government watchdog is
June 16, 2014
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POSCO likely to withdraw bid for Dongbu package deal
POSCO is likely to abandon its bid to acquire Dongbu Incheon Steel and Dongbu Dangjin Plant ― two facilities belonging to the troubled Dongbu Group ― following the unexpected downgrade of its credit rating last week by local assessment agencies. According to POSCO officials, chairman Kwon Oh-joon and other top executives reviewed the package deal on Monday morning but made no final decision on the bid.“The chairman has put his priority on improving the company’s financial structure. The manageme
IndustryJune 16, 2014
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Seoul shares edge up on hopes of Europe stimulus
South Korean stocks inched up 0.14 percent on Monday on hopes of Europe’s stimulus measures, with investors taking a wait-and-see stance against unrest in Iraq, analysts said. The South Korean won fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index climbed 2.74 points to 1,993.59. The trading volume was moderate at 227.9 million shares worth 1.19 trillion won ($1.17 billion), with losers outpacing gainers 440 to 368.The KOSPI started a tad lower, following a shar
June 16, 2014
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Hyundai E&C to extend retirement age to 60, adopt peak wage system
Hyundai Engineering and Construction, South Korea’s No. 1 builder, said Monday it will extend the retirement age of its workers to 60 and adopt a peak wage system a year before it becomes mandatory for large businesses to take such steps.“The move marks a first in the construction sector and was reached through detailed consultation between labor and management,” a corporate official said. At present, the retirement age for the company, like most other firms, is 58.The National Assembly passed a
IndustryJune 16, 2014
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Hyundai Motor Group car sales in China jump 10% in May
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Monday its sales in China jumped 10 percent on-year in May, fueled by strong demand for its popular models.The conglomerate said combined sales by its flagship companies Hyundai Motor Co. and Kia Motors Corp. in the neighboring country stood at 143,121 units last month, up from 130,093 a year earlier.The two companies sell cars through local affiliates Beijing Hyundai Motor Co. and Dongfeng Yueda Kia Automobile Co.The t
MobilityJune 16, 2014
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Koreans’ excess cash holdings up in Q1
Excess funds held by South Korean households and nonprofit agencies gained in the first three months of the year as consumption growth lagged behind income, central bank data showed Monday.Their excess funds totaled 25.3 trillion won ($24.8 billion) in the January-March period, compared with 15.6 trillion won three months earlier, according to the data from the Bank of Korea.Excess funds are the volume of money that remains on the balance sheets of households after deposits and stock investments
June 16, 2014
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Korea, EU to develop 5G mobile network
South Korea and the European Union will work together to develop technologies for a next-generation mobile information and communication network, while also jointly seeking to set global standards with the new technology, the Seoul government said Monday.Such an agreement was reflected in a joint declaration signed and announced at a Seoul hotel.“In the joint declaration, the two sides agreed to work closely to strengthen their cooperation in the information and communication technology sector,
TechnologyJune 16, 2014
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(Photo News) Bolstering maritime industry
IndustryJune 16, 2014
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KT, SKT tie up with small firms to tap global market
Korea’s leading mobile carriers are ramping up efforts to nurture startups and help them gain a foothold in the global market. KT Corp., Korea’s largest telecom company, said Monday that it would run a startup nurturing program, called “Startup Nomad,” in collaboration with VentureSquare, a leading Korean startup accelerator. A total of eight teams will be selected for the program and given a variety of support to begin a business at home and abroad. The support includes seed capital of 20 milli
TechnologyJune 16, 2014
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Chinese credit card spending soars at Lotte
Credit card sales by Chinese shoppers at Lotte Department Store, South Korea’s No. 1 department store chain, soared during the first four months of this year compared to the same period last year as more Chinese tourists went on shopping sprees here in that period, Lotte said on Monday. The portion of payment via China UnionPay cards reached just under 20 percent of all credit card payments at the flagship branch of the department store in downtown Seoul during the January-April period. This was
IndustryJune 16, 2014
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(Photo News) Ice cold
IndustryJune 16, 2014
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SK hynix, Micron vie for second place in mobile DRAM
SK hynix and Micron Technology are expected to vie for second place in the Samsung-dominated global mobile DRAM market this year. However, regardless of market shares, both will still make decent profits as they have no incentive to trigger a price war, industry watchers said. Micron Technology reclaimed the second spot from SK hynix in the first quarter of this year, according to market research firm IHS Technology. Samsung Electronics retained the top spot with a 44 percent market share, follo
IndustryJune 16, 2014
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Nominee’s property policy in dispute
Finance Minister-nominee Choi Kyung-hwan’s plans to ease mortgage loan regulations are drawing mixed reactions from financial policymakers and regulators as to whether they could bolster South Korea’s slumping real estate market or end up fueling the nation’s spiraling household debt. The main bone of contention is whether or not to deregulate the current loan-to-value and also debt-to-income ratio rules for mortgage loans, as Choi is proposing. On Friday, the three-term Saenuri Party lawmaker i
June 16, 2014