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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RSM, Ssangyong sales rise in November
Renault Samsung Motors, the local unit of French automaker Renault SA, said Monday its sales had surged 13.1 percent in November from a year earlier on the back of a rise in its overseas sales. Renault Samsung sold 14,071 vehicles last month, the highest monthly figure this year, the company said in a statement. Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said that its November sales jumped 18 percent on higher demand for SUVs. Ssangyong Mo
MobilityDec. 2, 2013
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KCCI urges clear regulations on ‘ordinary wages’
The Korea Chamber of Commerce and Industry on Monday called for clear regulations on the scope of “ordinary wages,” citing the concept’s vagueness as a key cause of confusion in workplaces. According to a KCCI report submitted to the government, ordinary wages in Germany and Britain are decided during independent negotiations between management and labor.Meanwhile, the U.S. law doesn’t include bonuses as part of ordinary pay, while Japan’s more detailed legal regulations rule out fundamental con
IndustryDec. 2, 2013
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Foreign firms call for higher expat employment quotas
Under Korean immigration regulations, companies are allowed to employ a workforce with up to 20 percent of their employees being foreign semi-professionals or skilled laborers on an E-7 visa.This regulation is one of the complaints from foreign companies doing business in Korea, and some foreign CEOs called for easing the rule when they attended a government-organized forum in Seoul last week. “We sit at the same size because of the immigration law,” said a representative from a Canadian company
Dec. 2, 2013
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Visa Korea names new country head
Visa Korea has named Iain Jamieson, former Philippine and Guam branch manager, as its country manager, the company announced last week.The new chief’s term that is to begin in January will also include the role of establishing the Visa brand in Mongolia and expanding its business there as the country’s branch manager.Jamieson joined the company in 1995 and held various major positions in the Asia-Pacific and Middle East, including the overall supervision of international affairs for the Asia-Pac
Dec. 2, 2013
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Hankook Shell appoints new CEO
Hankook Shell Oil Co. announced Monday that it had appointed Kang Gin-won, former vice president of the company, as its new CEO.He will replace Ha Jong-hwan, who left the position after reaching retirement age.Born 1961 in Seoul, the newly appointed CEO studied mechanical engineering in Switzerland and earned both his master’s degree and doctorate in the field of management, according to the company.He has over 25 years of experience in construction equipment and parts manufacturing and was the
Dec. 2, 2013
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Sitsas named JTI Korea head
Japan Tobacco International has tapped Anastasios Sitsas as general manager of its Korean operation, the multinational tobacco manufacturer said Monday. Sitsas, 48, began his career as a consumer and trade marketing expert in 1990 at British tobacco maker Gallaher, accumulating experience across Greece, Italy, Russia, Kazakhstan, Switzerland and some African nations.After Gallaher was acquired by JTI in 2007, the Greek general manager headed JTI’s regional operation in Central Asia, including Ka
IndustryDec. 2, 2013
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Toyota Korea replaces country chief
Toyota Motor Korea said Monday that it had named Akihisa Yoshida, former vice president at the Japanese carmaker’s Asia-Pacific sales unit, as its new country chief. Yoshida, 52, studied economics at Hokkaido University and joined Toyota Motor in 1984. He has held a number of sales positions in Japan, Australia and other Asia Pacific regions. Since 2011, he was vice president at Toyota Motor Asia-Pacific, a regional sales unit based in Singapore. Yoshida is set to start his term on Jan. 1.His pr
Dec. 2, 2013
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MS Korea chief to lead AMCHAM
A Korean-American has been elected as the new leader of the American Chamber of Commerce in Korea for the first time in the organization’s 60-year history.James Kim, the general manager and CEO of Microsoft Korea, is to replace the incumbent chairperson, Pat Gaines, in January for a one-year term.Kim was picked to lead the influential group in a one-month election process in November. Kim ran as the sole candidate. Observers expressed hopes that along with U.S. Ambassador to Seoul Sung Kim of Ko
BusinessDec. 2, 2013
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Most foreign-invested firms not satisfied with local biz conditions
Nearly half of foreign-invested firms in South Korea are happy with conditions for their business here with more than half saying conditions have improved over the few past years, a report showed Monday.In a recent survey, 47.5 percent of foreign-invested firms here said they were satisfied with the business conditions in the country, up 29.2 percentage points from 18.3 percent in 2009, the Korea Trade-Investment Promotion Agency said in a press release.More than half, or 52.5 percent, also said
Dec. 2, 2013
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Kumho Tires teams up with Yokohama Rubber
Kumho Tires said Monday that it has established a strategic alliance with Japan’s Yokohama Rubber with aims to strengthen both companies’ research and development competitiveness and expand their global presence. To make the deal more mutually binding, they also agreed to seek technological exchanges and mutual equity holdings, with more detailed plans expected to be released as early as next year. The fresh agreement comes at a time when Kumho Tires and Yokohama Rubber, the world’s Nos. 12 and
IndustryDec. 2, 2013
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Techies vs. NSA: Encryption arms race escalates
SAN JOSE, California (AP) ― Encrypted email, secure instant messaging and other privacy services are booming in the wake of the National Security Agency’s recently revealed surveillance programs. But the flood of new computer security services is of variable quality, and much of it, experts say, can bog down computers and isn’t likely to keep out spies.In the end, the new geek wars ― between tech industry programmers on the one side and government spooks, fraudsters and hacktivists on the other
TechnologyDec. 2, 2013
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Mice can ‘warn’ sons, grandsons of dangers via sperm
PARIS (AFP) ― Lab mice trained to fear a particular smell can transfer the impulse to their unborn sons and grandsons through a mechanism in their sperm, a study said Sunday.The research claims to provide evidence for the concept of animals “inheriting” a memory of their ancestors’ traumas, and responding as if they had lived the events themselves.It is the latest find in the study of epigenetics, in which environmental factors are said to cause genes to start behaving differently without any ch
TechnologyDec. 2, 2013
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Seoul shares close lower on weak Black Friday sales in U.S.
South Korean stocks closed lower Monday as investors sat on the sidelines on weaker-than-expected Black Friday sales in the United States, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 14.09 points, or 0.69 percent, to 2,030.78. Trading volume was low at 224.3 million shares worth 3.2 trillion won ($3.02 billion) with losers outpacing gainers 525 to 299.Analysts said the local stock market lost ground as the weaker-t
Dec. 2, 2013
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Seoul shares trade 0.15 pct lower in late-morning trade
South Korean stocks traded 0.15 percent lower late Monday morning due to the lack of growth momentum in the market, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.14 points to 2,041.73 as of 11:20 a.m.Tech shares lost ground, with market behemoth Samsung Electronics falling 0.27 percent and its smaller local rival LG Electronics losing 0.88 percent. Flat panel maker LG Display also decreased 0.61 percent.Logistics firms also traded lower, with Hyundai Glovis moving
Dec. 2, 2013
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Samsung names 8 new presidents
Samsung Group promoted group owner Lee Kun-hee’s second daughter Seo-hyun, senior executive vice president of Cheil Industries Co., to president of the fashion business at Samsung Everland.The nation’s top conglomerate also named seven other presidents of its affiliates in its annual reshuffle carried out Monday.“The personnel reshuffle has been conducted, as it was in the past, based mainly on the performance of each figure,” Rhee In-yong, president of corporate communications team at Samsung G
IndustryDec. 2, 2013
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Seoul to log new-high trade surplus with U.S. in 2013
South Korea is expected to post a record-high trade surplus with the United States this year, customs sources said Monday, sparking woes that Washington may take action to narrow its deficit.The outlook came as South Korea has posted a trade surplus of $18.1 billion as of Nov. 20, already hovering above a record-breaking annual surplus of $15.2 billion posted in 2012, according to related data released earlier from the Ministry of Trade, Industry and Energy.It also marked a sharp increase from t
Dec. 2, 2013
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QE tapering feared to hit Korean brokerage houses, card firms
Korean brokerage houses and card companies are feared to face worsening profitability as the Federal Reserve's possible tapering of monetary stimulus will jack up borrowing costs, the top central banker said Monday.Bank of Korea (BOK) Gov. Kim Choong-soo said that an internal stress test showed that rises in market rates, triggered by the tapering of the Fed's quantitative easing (QE), is not likely to pose a threat to financial stability, but local securities companies and card firms are feared
Dec. 2, 2013
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Dublin welcomes investment from S. Korean firms: official
Ireland, which has made large strides in recovering from a financial crisis, seeks to emerge as a favorable investment destination for Seoul-based firms, a chief investment official from the country said Monday."Ireland is one of the most globalized economies in the world," said Barry O'Leary, the head of IDA Ireland, which stands for the Industrial Development Authority. "Ireland is interested in bringing businesses that will bring clear substance," said O'Leary.The remark came as the IDA Irela
Dec. 2, 2013
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S. Korea's consumer price growth staying below 1 pct in Nov.
South Korea's consumer price growth stayed below 1 percent in November, aided by falls in costs of farming products, but quickened slightly from the previous month, a government report showed Monday.The country's consumer price index rose 0.9 percent on-year in November, accelerating from a 0.7 percent on-year gain tallied in the previous month, according to the report by Statistics Korea.The October figure marked the slowest on-year consumer price growth since July 1999 when it increased 0.3 pe
Dec. 2, 2013
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Seoul shares open higher on carmakers, financials
South Korean stocks opened higher Monday due mainly to gains by carmakers and financial firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added 2.38 points, or 0.12 percent, to 2,047.25 in the first 15 minutes of trading.Carmakers gathered ground, with No. 1 Hyundai Motor rising 0.6 percent and its smaller affiliate Kia Motors adding 0.17 percent. Auto parts maker Hyundai Mobis rose 0.98 percent.Financial firms also traded bullish, with Shinhan Financial moving up 2.13
Dec. 2, 2013