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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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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KRX to launch gold exchange in March 2014
South Korea’s bourse operator said Tuesday it plans to launch an easily accessible gold exchange market in March of next year to improve transparency in trading and generate new financial opportunities.The new market will commence its test-run on Feb. 10, 2014, and officially open to investors starting March 24, the Korea Exchange said.South Korea’s financial authorities announced the plans for the new gold market in July to improve transparency, in line with the government’s move to bring the s
IndustryDec. 3, 2013
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KEPCO to build power plant with Hanjin Heavy in Philippines
MANILA ― The state-run Korea Electric Power Corp. is developing a project to build a 300-megawatt coal-fueled power plant with Hanjin Heavy Industries and Construction, Korea’s oldest shipbuilder, in the Philippines, KEPCO officials said. “The Hanjin Group affiliate will make an equity investment in the project based on the build-operate-own contract, while it will be responsible for the plant construction,” said Hwang Kyu-byeng, president and CEO of KEPCO Philippines. Industry sources expect th
BusinessDec. 3, 2013
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Korea should push ahead with TPP, KITA chief says
Korea should aggressively take part in negotiations on the Trans-Pacific Partnership, a proposed trade bloc involving most of the key states in the Asia-Pacific rim, according to the chief of the Korea International Trade Association.“Considering the process and maturity of the TPP, it is time for us to express an interest and join the ongoing bilateral negotiations (with each member),” KITA chairman Han Duck-soo told reporters Monday.“It is desirable that the government should send off a positi
Dec. 3, 2013
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Gangnam sees real estate outflow, but outlook positive for tourist areas
In 2013, the central business district office market saw its vacancy rate rise due to new supply. In the first half of the year, three projects totaling an approximate gross floor area of 161,323 square meters were introduced into the CBD market. Looking forward, although new supply in 2014 are much less than seen in 2013, various Cheongjin office development plans are scheduled to becoming available in 2014. However, some new completions will be occupied by owners in the CBD area. Market condit
BusinessDec. 3, 2013
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AmorePacific promotes adviser Baek to CEO
AmorePacific Group, the holding company of the nation’s No. 1 cosmetics maker, said Tuesday that it had named Baek Chung-ki, the group’s adviser, as vice chairman and CEO.Baek will replace Sohn Young-chul, who resigned after serving for just 11-months ― the shortest in the group’s history ― and will now take up the auditor’s position.Baek will not officially be appointed as CEO until the shareholders’ meeting in March next year, but will serve as a management consultant in the meantime, accordin
Dec. 3, 2013
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Mercedes-Benz names new sales VP
Mercedes-Benz Korea on Tuesday said it named Choi Duk-jun from its Chinese operations as the new vice president of sales.Choi, 49, is currently head of network development at Mercedes-Benz China and will start his new job on Jan. 1.Choi joined Mercedes-Benz China in 1999 to become regional manager handling Korea for passenger car sales and marketing. During his seven-year term in China, the number of dealerships rose from an initial 60 to more than 300. The number has made the dealership network
IndustryDec. 3, 2013
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Registered execs at top 100 conglomerates get W1.1b on average
Registered executives of South Korea’s top 100 conglomerates received an average of 1 billion won ($943,000) in annual salary in 2012 with C-suite members at Samsung Electronics Co. topping the annual paycheck list, data showed Tuesday.According to the data compiled by market research service firm CXO Institute, 334 board members of the top 100 local companies in terms of sales received 1.09 billion won in yearly salary last year.Three registered executives at Samsung Electronics, the world’s to
Dec. 3, 2013
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SK Communications accelerates reorganization
SK Communications, a unit of SK Group, is speeding up its reorganization by spinning off divisions to stay competitive in the portal market dominated by behemoths like Naver.The company, which runs Nate.com, tried to build up its flagship portal business along with related social media operations but faced stronger-than-expected challenges from existing players led by Naver and Daum. To focus on its core business, it decided to spin off its Cyworld social media service including the Cymera photo
IndustryDec. 3, 2013
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Canada Goose to file suit against Korean firms
Canada Goose, an upscale fashion brand known for its high-priced winter jackets, is reportedly considering taking legal action against South Korean apparel companies over allegedly copied products sold here.“The head office of Canada Goose is reviewing the litigation,” said an official of Connexsolution, the local distributor for Canada Goose said. “It will take tough action against products that used the logo of the firm without permission.” The Canadian company’s jackets are gaining popularity
IndustryDec. 3, 2013
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Seoul shares drop 1 pct on Fed stimulus tapering woes
South Korean stocks sank more than 1 percent on Tuesday on concerns that the U.S. Federal Reserve may start reducing its stimulus measures earlier than expected on robust economic data, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.42 points, or 1.05 percent, to 2,009.36. Trading volume was low at 290 million shares worth 3.59 trillion won ($3.38 billion) with losers outpacing gainers 223 to 588.Analysts said the
Dec. 3, 2013
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Seoul shares trade lower in late-morning trade
South Korean stocks traded 0.63 percent lower late Tuesday morning amid woes that the United States may start tapering its economic stimulus moves earlier than expected, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 12.80 points to 2,017.98 as of 11:20 a.m.Carmakers traded lower, with No. 1 Hyundai Motor falling 4.21 percent and top auto parts maker Hyundai Mobis decreasing 3.53 percent. Kia Motors shed 4.87 percent.Brokerage houses also lost ground, with Samsung Sec
Dec. 3, 2013
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S. Korea records tourism deficit for 17th straight month in October
South Korea recorded a deficit in tourism balance in October, extending its losing streak to 17 months since June last year, data showed Tuesday.According to the data by the Korea Culture & Tourism Institute, the country's tourism deficit came to $94 million in October. The spending by foreign tourists visiting the country came to $1.448 billion in October, while South Korean tourists' overseas spending reached $1.542 billion. Foreign tourist arrivals stood at 1.09 million in the same month, up
Dec. 3, 2013
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Lee Soo-man richest stockholder in entertainment
Much thanks to the monster worldwide success of local rap star Psy with his record-shattering hit single “Gangnam Style,” YG Entertainment finally overtook long-time reigning rival SM Entertainment as the nation’s most profitable talent agency. However, now that the craze of Psy’s first global hit has faded, YG CEO Yang Hyun-suk finds himself trailing behind SM once again. Earlier in September it was announced that Yang, a former member of iconic idol group Seotaiji and the Boys and current head
Dec. 3, 2013
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Seoul shares open lower on weak U.S. end-year sales
South Korean stocks opened lower Tuesday as investors' sentiment was dented by weaker-than-expected Thanksgiving and Black Friday sales in the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 9.36 points, or 0.46 percent, to 2,021.42 in the first 15 minutes of trading.Tech shares traded lower, with top chipmaker SK Hynix falling 0.7 percent and handset maker LG Electronics decreasing 0.88 percent. Flat panel maker LG Display shed 1.43 percent.Logistics co
BusinessDec. 3, 2013
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KB Financial places bid for two Woori units
KB Financial Group made its bid Monday to buy two affiliates of Woori Finance Holdings Co., as the government moves a step closer to privatizing the state-run banking group, officials said.The second-largest South Korean banking firm submitted its bid to take over Woori F&I Co., the debt investment unit, and auto insurance arm Woori Financial Co., according to the Financial Services Commission (FSC) and bank officials familiar with the matter.Four other financial companies, including local broke
Dec. 2, 2013
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[Graphic News] Starting pay by industry
Entry-level workers in the financial and insurance industry saw the highest average starting salaries in Korea at 3.1 million won per month, according a survey released by the Korea Employers Federation. The poll also showed that average starting salaries at conglomerates with more than 1,000 employees topped 3 million won for the first time.
Dec. 2, 2013
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Samsung heir apparent’s power grows
The key points in Samsung Group’s latest personnel reshuffling are the concentration of power to heir apparent Lee Jay-yong and the desire to maintain the status quo. The so-called “Lee Jay-yong’s people” who received promotions included memory business chief Jun Dong-soo, who was named chief executive of Samsung SDS, an unlisted affiliate that may now receive a boost with the move. Samsung SDS is a leading IT service provider in which Lee Jay-yong holds an 11.3 percent stake. With the stake, th
TechnologyDec. 2, 2013
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TPP membership offers mixed prospects for Korea
The Korean government has “expressed interest” in joining the U.S.-led Trans-Pacific Partnership, but experts still debate whether or not its much-delayed decision will indeed be beneficial for the nation’s economy.Optimists claim that the mega-sized economic deal will offer Korea leverage in the Asia-Pacific, whereas opponents say that it may bring about few benefits and even deter other trade pacts, including the top-priority Korea-China Free Trade Agreement still under negotiation.The TPP cou
Dec. 2, 2013
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Daewoo-led Korean consortium to develop hotels in Myanmar
A Korean consortium led by Daewoo International will launch a project to develop luxury hotel infrastructure in Yangon, Myanmar, the company said Monday. The POSCO trading arm and three other Korean companies are to build a 14-floor luxury hotel and a 29-floor serviced residence building on a 2,183-square-meter site near Inya Lake, one of the most popular recreational areas in Yangon. “The $220 million project will kick off soon as three other companies have reached an agreement for their roles
IndustryDec. 2, 2013
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Budget fallout to affect jobs, infrastructure projects
Government officials warned that Korea will face a catastrophic effect equivalent to the U.S. government shutdown in October if the National Assembly does not pass the 2014 budget bill by year-end.Lawmakers failed to pass the budget by the legal deadline on Monday due to political strife between the ruling and opposition parties over key national and economic issues, including tax revision and the appointment of an audit chief.Korean lawmakers have not passed the annual budget for 11 straight ye
Dec. 2, 2013