Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Saving lives by market intervention
Market intervention to reduce drug prices is making a crucial contribution to defeating deadly diseases, a senior official from the World Health Organization said.UNITAID, a small organization based within the United Nations’ health arm, funds market intervention to incentivize pharmaceutical companies to produce new drugs at reduced prices for poor countries. “We don’t spend money to buy the products. We put this money into changing how the markets work so that markets work for the advantage of
TechnologyJune 13, 2013
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FTC targets large firms forcing price cuts
Korea’s Fair Trade Commission unveiled measures on Thursday to eradicate the long-standing practice of conglomerates pressuring their suppliers to lower their prices of goods and services as part of efforts to overhaul the supply chain management system and boost mutual growth.FTC chairman Noh Dae-lae said that the antitrust agency and other related organizations would overhaul the system ensuring fair valuation of SME products supplied to conglomerates, and impose tougher sanctions and regulato
June 13, 2013
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Ssangyong E&C averts liquidation
Ssangyong Engineering & Construction has averted delisting from the stock market or liquidation after its creditors finally agreed to bail out the debt-saddled builder.Following the decision of KB Kookmin Bank a day earlier, Shinhan Bank on Thursday approved the proposition to help Ssangyong E&C’s management normalization by launching a debt rescheduling program under creditors’ control.Hana Bank and the state-run Korea Development Bank also gave the nod to the rescue plan on the same day.Some r
June 13, 2013
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Woori sale project to kick off Friday
The government-led project to retrieve taxpayers’ money injected into Woori Financial Group will officially start on Friday when the new chief of the state-funded financial service firm is scheduled to take office.One day before the coming inauguration of Woori Financial chairman nominee Lee Soon-woo, the nation’s chief financial regulator Shin Je-yoon said the Financial Services Commission would unveil detailed measures to sell the group late this month.FSC chairman Shin told a group of researc
June 13, 2013
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Hanwha accelerates entry into Japanese solar power market
Hanwha Group, the nation’s 10th-largest conglomerate by assets, is to step up its penetration into the growing Japanese solar power market by establishing its second sales office in Osaka within the month, the company said on Thursday. The group’s first Japanese sales office opened in Fukuoka in 2012.In August last year, Hanwha Group signed a deal with Japanese trading firm Marubeni to supply solar modules by 2016 that generate about 500 megawatts.“The group will also set up the first after-sale
IndustryJune 13, 2013
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FSS urges foreign financial firms to improve customer service
The financial regulator Thursday called on chief executives of foreign financial companies operating here to take measures to reduce the number of complaints filed by local financial consumers against their companies in a bid to protect the consumers.The call came at a meeting between Choi Soo-hyun, governor of the Financial Supervisory Service and CEOs of foreign financial companies operating in the country. “The FSS is making efforts to reduce the number of complaints against financial firms b
June 13, 2013
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GS E&C appoints new CEO amid business slump
GS Engineering & Construction, the nation’s fourth-largest builder in terms of capacity, named chief financial official Lim Byung-yong as its new CEO, replacing current CEO Huh Myung-soo, as part of efforts to bring change and innovation to the organization, the company said in a press release. “The decision was made at the latest board meeting on June 12 and three business divisions, led by each division head, will be merged and put under the direct control of chairman Huh Chang-soo,” the compa
IndustryJune 13, 2013
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2 cable channels punished for May 18 uprising reports
The nation’s telecom regulator took punitive action against two cable channels, TV Chosun and Channel A, for their recent false reportage in connection with the May 18 Gwangju civil uprising, officials said Thursday.The Korea Communications Commission held a general meeting and decided to issue a warning against the two broadcasters and punish officials at the companies involved in the reporting.On May 13, TV Chosun broadcast a panel’s claims that about 600 North Korean soldiers infiltrated into
IndustryJune 13, 2013
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Tax authorities probe BMW Korea
The National Tax Service is probing the Korean unit of the German automaker group BMW, sources said Thursday. The NTS is scavenging evidence to back up suspicions of tax evasion by the best-selling imported automaker in Korea, they said. The investigators are expected to focus on whether BMW Korea tried to evade taxes by intentionally distorting the prices of its automobiles that are transported from BMW’s German headquarters.A BMW Korea spokesperson, however, stressed that the probe was only a
June 13, 2013
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[Photo News] New K5
MobilityJune 13, 2013
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Samsung Heavy wins $3b order for oil storage facility
Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it has clinched a $3 billion deal to build an offshore oil storage facility for a Nigerian firm.Under the deal with an unnamed customer, Samsung will deliver the so-called floating production and storage offloading unit and will start operations during the second half of 2018, the company said.The FPSO is designed to process and store oil or natural gas, and can be maneuvered to serve different locations.The vessel, mea
June 13, 2013
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Bosch confident of continued success in electric vehicle era
BOXBERG, Germany ― For Bosch, it was like a divorce. “Bosch and Samsung SDI had different mid- and long-term strategic objectives. So we decided to divide the joint venture,” said Bernd Bohr, chairman of Bosch’s automotive group. Bosch is the world’s largest auto parts supplier in terms of sales. “The cell business goes to Samsung, while battery pack and management goes to Bosch. We are still in a kind of cooperation,” he added at a press conference here. Bosch realized Samsung had approached i
TechnologyJune 13, 2013
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Galaxy S4 can’t lose: market consensus
The Galaxy S4, the latest in line from the world’s largest smartphone maker Samsung Electronics, is at the center of a controversy over whether or not its sales will slow due to rumors and several unfavorable brokerage reports. But concerns of slowing sales seem to be far amiss from what is actually happening in markets all over the globe. Samsung’s Galaxy S4 has been selling briskly in markets all over except for Korea, where the Galaxy S3 and the Galaxy Note 2 are still going strong. In the U.
TechnologyJune 13, 2013
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Solar power heats up as alternative to nuclear energy
Attention is being paid to renewable energy again as the nation has suffered from electricity shortages caused by the shutdown of two nuclear reactors.Focus is being especially placed on solar energy, which is considered more sustainable and profitable than other options such as wind or tidal power.Following the growing attention on environment conservation and climate change, non-carbon energy sources have been an issue for the global community.The Ministry of Trade, Industry and Energy also in
June 13, 2013
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Bae named representative of FAO office in Vietnam
Bae Jong-ha, former president of the Korea National College of Agriculture and Fisheries, was named as representative of the Vietnam office of the Food and Agriculture Organization of the United Nations, according to the Ministry of Agriculture, Food and Rural Affairs. “Bae will be responsible for coordinating the FAO’s support programs to develop the agricultural sector in Vietnam,” a ministry official said. Bae, 56, had served the Agriculture Ministry between 1979 and 2009 before he moved to t
June 13, 2013
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Creditors decide to salvage troubled builder Ssangyong E&C
Creditors of Ssangyong Engineering & Construction Co. on Thursday agreed to put the troubled builder under a debt-rescheduling program in a bid to rescue it from a liquidity crunch, officials said.Creditors of Ssangyong E&C, led by Woori Bank, agreed to provide fresh liquidity worth 445 billion won (US$392.8 million) next month and seek a debt-to-equity swap in July, according to bank officials.The creditors had been at odds over whether to place the builder under the debt workout program, claim
IndustryJune 13, 2013
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Computer mouse delivers sensory info to users
South Korean researchers have developed a computer mouse that generates a sense of touch in cyberspace, the Ministry of Science, ICT and Future Planning said on WednesdayThe Center for Mass and Related Quantities in the Korea Research Institute of Standards and Science has developed the world’s first computer mouse that delivers touch information to users.The device allows users to feel coldness and the choppiness of a river on the screen by touching the pad attached to the mouse when they move
TechnologyJune 13, 2013
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Seoul shares down 1.42 pct on foreign selling
South Korean stocks fell 1.42 percent Thursday as foreign investors offloaded local shares amid concerns the U.S. Federal Reserve may reduce its quantitative easing, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 27.18 points to close at 1,882.73. Trading volume was low at 301.9 million shares worth 4.95 trillion won (US$4.36 billion) with losers outpacing gainers 550 to 257. It marked the first time for the index to
June 13, 2013
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Gov't to get tough on conglomerates' arm-twisting practice of 'forced' price cuts
The government unveiled a set of measures on Thursday to beef up its surveillance and punishment of conglomerates twisting the arms of smaller suppliers in order to push them to lower their product prices.The Fair Trade Commission (FTC), the Ministry of Trade, Industry and Energy and other related agencies will work together in monitoring large businesses to prevent the forcing of price cuts of supplies without any warranted reasons.The government added that it will toughen its request for firms
June 13, 2013
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Seoul shares down 1.12 pct in late-morning trade
South Korean stocks traded 1.12 percent lower late Thursday morning on the rising concerns over a possible reduction in the U.S. quantitative easing moves, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 21.33 points to 1,888.58 as of 11:20 a.m. It marked the first time for the index to hover below the 1,900 mark since April 14. Tech shares traded lower, with market behemoth Samsung Electronics falling 1.16 percent and its smaller domestic rival LG Electronics mov
June 13, 2013