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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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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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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Samsung's Q2 operating profit seen to top record 10t won
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, is projected to reap a record 10 trillion won ($8.76 billion) in operating profit in the second quarter thanks to steady sales of its latest Galaxy smartphone line-up and improved display and chip businesses, data showed Monday.Samsung Electronics' operating profit in the April-June period is expected to reach some 10.22 trillion won, according to the data compiled by financial information provider Fn
IndustryJuly 1, 2013
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S. Korea's consumer prices grow 1 pct on-year in June
South Korea's consumer price growth stayed in the 1-percent range for the eighth straight month in June, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in June, unchanged from the figure tallied in the previous month, which was the slowest growth since September 1999, according to the report by Statistics Korea. The June figure represented the eighth straight month since November that the pric
July 1, 2013
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Seoul shares open lower on large-cap losses
South Korean stocks got off to a weak start Monday, dented by losses in top-listed firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.98 points, or 0.43 percent to 1,855.34 in the first 15 minutes of trading. Leading carmaker Hyundai Motor fell more than 1 percent, with steelmaker POSCO dropping 1.2 percent. Tech giant Samsung Electronics traded flat. The local currency was trading at 1,143.20 won against the U.S. dollar as of 9:15 a.m., down 1.05 won from Frida
July 1, 2013
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KONEX makes debut for start-ups
Start-up investors and entrepreneurs are expected to breathe a sigh of relief once the new stock market exclusively for venture tech firms and small and medium enterprises opens for trading on July 1, 2013.The so-called Korea New Exchange, or KONEX, offers a whole new opportunity for both institutional investors and innovators to raise and redeem capital needed for venture business in a shorter time period.This will also make venture entrepreneurs less dependent on bank loans, which significantl
June 30, 2013
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[Graphic News] Brand value in Korea
According to Brandstock, a brand consultancy in Korea, Samsung Electronics’ Galaxy smartphone series topped the list for brand power for the second half of this year. Also noteworthy was mobile messenger Kakao Talk jumping to 15th, from 28th in the first half of the year.
IndustryJune 30, 2013
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[Newsmaker] FSS under fire for overpaying employees
The Financial Supervisory Service, Korea’s financial regulator, is facing heat for paying excessively high annual salaries to its employees amid mounting worldwide criticism against overpaid executives in the financial sector.The controversy escalated as the FSS recently posted last year’s average annual salary of its employees. Payrolls of all state-controlled organizations are required to disclose their salaries.The financial regulator’s average annual salary in 2012 ― 92 million won ($81,000)
June 30, 2013
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Effect of Korea-EU FTA misses expectations
Korea’s Free Trade Agreement with the European Union, which is to celebrate its second anniversary on Monday, was the country’s seventh trade pact, and the one of largest scale.Upon its effectuation in July 2011, the government assured that the pact would bring tangible benefits to the economy by lowering the tariffs on Korea’s key strategic export items, such as cars, electric devices and textile goods.After two years of implementation, however, the economic leverage of the Korea-EU FTA still s
June 30, 2013
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TRC Korea helps firms settle in Russia
Russia is one of the most difficult markets to penetrate due to its unique business environment, prioritizing trust among partners over work, verbal promise than contract, and price over quality. TRC Korea has been supporting firms which hope to introduce their products and services and gain ground in what seems to be an impervious market for 12 years. As patience and constant efforts are important in doing business in Russia, Kang Nam-young, president of the consulting firm, emphasizes the impo
IndustryJune 30, 2013
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Beer up, wine and whiskey down
Korea’s prolonged low growth has changed the consumption trend of alcohol beverages, with more consumers opting to drink inexpensive beer over premium spirits and wine.This pattern along with other variables, such as the hotter weather and the emerging issues of domestic beer lacking quality taste, have boosted sales of foreign beer to surpass those of wine for the first time over the last month.Also, the economic slowdown has further shrunk the domestic whiskey market, according to market data
IndustryJune 30, 2013
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Shares likely to move upwards this week
South Korean stocks are expected to gather ground this week after a steep decline, as fear of a sudden liquidity squeeze from an unwinding of the U.S. easy-money policy has waned, analysts said.The benchmark Korea Composite Stock Price Index closed at 1,863.32 on Friday, up 2.22 percent from the previous week. The main index underwent a roller coaster trading, dipping more than 2 percent on the first two days before reverting back upon a strong rebound of 4.64 percent over the remaining three se
June 30, 2013
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POSCO to pick 200 students as scholarship employees
The nation’s top steelmaker POSCO is to expand its scholarship program this year and hire 200 university students during their school years, officials said Sunday.Since 2009, the company has selected 100 sophomores every year and offered them scholarships until they graduate and join POSCO as regular employees.From this year, POSCO doubled the number to 200 and expanded the system to its subsidiaries ― POSCO Engineering & Construction, POSCO Energy and Daewoo International.“The POSCO scholarship
IndustryJune 30, 2013
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DSME to build largest warship for Norway
Daewoo Shipbuilding & Marine Engineering, one of the nation’s top three heavy industry players, won an order to build a $230 million battleship for Norway, officials said Sunday.The ship, which is to become the largest warship in the history of the Northern European state, will be delivered to the Norwegian Navy by September 2016.Its key function is to procure and supply material for the navy as well as to protect private merchant ships out in the open seas.This was a second warship order for th
IndustryJune 30, 2013
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Ferrari-fueled Maserati lures bored BMW buyers
Maserati, the Italian maker of exotic cars driven by the likes of U2 frontman Bono and designer Ralph Lauren, is shifting its focus from the elite to the merely wealthy with a mid-sized sedan called the Ghibli. The new car, which will start at $65,600 when it hits U.S. showrooms in September, represents a direct challenge to mainstay German models like the BMW 5-Series, Mercedes-Benz E-Class and Audi A6. The Fiat SpA unit is betting the car can offer something the Germans can’t: Italian sex appe
MobilityJune 30, 2013
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BMW 530d, perfect for Korea
Munich, Germany ― It was through countless quintessential German villages that I maneuvered the BMW’s new 5 Series ― the 530d Sedan and the 535i Grand Turismo. Making my way on the indefinitely winding roads to a golf course near Aschheim where BMW runs its test track, I realized why the 5 Series stands as one of the most successful lineups in the world, especially the sedans: All you had to do was slip your foot on the accelerator, and off she went. The roar of the engine ― a straight four-cyli
MobilityJune 30, 2013
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‘I never regretted joining Hyundai’
MUNICH, Germany ― “Hyundai Kia chairman Chung Mong-koo had a vision: how to raise the level of Korean car companies,” said Peter Schreyer, Hyundai and Kia’s chief design executive, comparing one of Korea’s top business tycoons with visionary CEOs and artists such as Steve Jobs, Jimi Hendrix and Miles Davis. Chung Mong-koo is the chairman of Hyundai Motor Group, which encompasses the Kia brand. In a rare interview, Schreyer spoke about his life at Hyundai and in Korea in a documentary aired recen
MobilityJune 30, 2013
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Merkel says she blocked car carbon curbs to shield auto jobs
German Chancellor Angela Merkel said that she blocked a draft European Union law aimed at reducing carbon-dioxide emissions from cars over concerns the measure would cost jobs in the auto industry. A coalition of EU states led by Germany prevented approval of the measure at a meeting of diplomats in Brussels earlier this week. Merkel said that she moved to delay the proposal ― which would cap average carbon discharges by passenger vehicles in the bloc at 95 grams a kilometer in 2020 ― to defend
MobilityJune 30, 2013
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Seoul shares likely to move upwards next week
South Korean stocks are expected to gather ground next week after a steep decline, as fear of a sudden liquidity squeeze from an unwinding of the U.S. easy-money policy has waned, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,863.32 on Friday, up 2.22 percent from the previous week. The main index underwent a roller coaster trading, dipping more than 2 percent on the first two days before reverting back upon a strong rebound of 4.64 percent over the r
June 29, 2013
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Korea considering buying ailing sectors' corporate bonds
South Korea is mulling buying corporate bonds to be sold by troubled local industries including construction firms and shipbuilders in a bid to help ease their cash crunch, sources said Saturday.The Financial Services Commission (FSC), the financial regulator, is weighing measures to support the ailing corporate bond market as low-credit companies are facing difficulty in securing funds, sources said, adding that detailed plans are to be announced next week.The government is considering supporti
June 29, 2013
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The man driving BMW’s success in Korea
For BMW, competition is everywhere. But having been the best-selling premium car brand here for the past 13 years, BMW Korea, led by CEO Kim Hyo-joon, now takes a more relaxed approach. “We no longer do things to catch up with others. Instead, we stay focused on delivering our best brand value to customers,” Kim said in an interview with The Korea Herald. Kim, 56, is something of an icon of the stellar growth of the nation’s import car market.In 1995, when the former regional head of the drugmak
IndustryJune 28, 2013
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Big dreams for BMW’s new 5 Series
MUNICH, Germany ― Wait no more: BMW this week held its global launch of the much anticipated new BMW 5 Series at its Munich headquarters.The latest Sedan, Touring and Gran Turismo models are expected to once again tug at the heartstrings ― and purse strings ― of faithful BMW fans, especially since the cars have become newer and more efficient while still staying true to the classic BMW style. As the carmaker’s best-selling line, the 5 Series is one of BMW’s most critical segments. The current si
IndustryJune 28, 2013