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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Samsung’s R5 research lab rolls into action
SUWON, Gyeonggi Province ― “For continued growth, we must aspire to become a creative company capable of leading change. Erecting our R5 institute was one such chance for precipitating the change and advancement required for becoming a truly creative company,” said Shin Jong-kyun, Samsung Electronics mobile unit chief.His speech was on the day Samsung held a ceremony for marking the move into Samsung’s newest mobile research institute, the R5, in Suwon, home to the world’s largest consumer elect
TechnologyJune 10, 2013
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Namyang Dairy sales plunge after scandal
Namyang Dairy Products’ sales plummeted upon consumer boycotts and strong sales promotions by rivals after the company came under fire for forcing its sales agents to buy more products than needed.An audio clip revealing a Namyang employee’s verbal abuse against a distributor last month ignited nationwide controversy over abusive business practices between companies.In some large discount store chains, Namyang’s sales were halved in May, causing the dairy giant’s market share to tumble.One of th
IndustryJune 10, 2013
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Korea pressures telecom CEOs to support economic aims
The chief executives of the nation’s three mobile carriers ― KT Corp., SK Telecom and LG Uplus ― on Monday met with Choi Mun-kee, the minister of Minister of Science, ICT and Future Planning, where they reiterated their earlier pledges to slash subscription fees and to act as key players in the creative economy drive. The subscription fee cut is not new, and is a part of a bigger blueprint for phasing in a complete exemption of the fees by 2015. More notable was Choi’s subtle but direct request
TechnologyJune 10, 2013
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AmorePacific launches umbrella campaign
AmorePacific on Monday said it kicked off its “Share your Umbrella” campaign through which consumers may exchange their service points for umbrellas in advance of the upcoming rainy season.With 9,900 points or more accumulated by purchasing products from nationwide AmorePacific stores, consumers can take home a trendy umbrella designed by stylist Jung Yoon-ki.The umbrella is decorated with stars, dark browns and bright mint for colorful protection against the summer rain, the company said.Actor
IndustryJune 10, 2013
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Seoul shares up 0.46 pct on U.S. hopes
South Korean stocks rose 0.46 percent Monday on the market outlook that the U.S. Federal Reserve may maintain its economic stimulus measures down the road, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.85 points, or 0.46 percent, to close at 1,932.70. Trading volume was low at 268.1 million shares worth 3.67 trillion won (US$3.27 billion) with gainers outpacing losers 533 to 296. "Seoul shares gathered ground o
June 10, 2013
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Seoul shares up 0.25 pct in late-morning trade
South Korean stocks traded higher late Monday morning on gains in techs and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.89 points to 1,928.74 as of 11:20 a.m. Tech shares traded bullish, with Samsung Electronics adding 0.28 percent, recouping losses made in the previous tradingsession. The market behemoth plunged 6.18 percent to 1,427,000 won, the lowest since Feb. 6 on Friday. Retailers also traded higher, with Lotte Shopping rising 0.98 perc
June 10, 2013
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S. Koreans top users of credit cards worldwide
South Koreans became the world's top users of credit cards in 2011, data showed Monday, in line with the government's effort to promote purchases with plastics to bolster domestic consumption.According to the data compiled by the Bank of Korea, South Korea's per-capita credit card transactions came to 129.7 cases in 2011, up 12.8 percent from 114.9 cases tallied a year earlier.The number hovers far above Canada, which posted an average transaction of 89.6 cases, trailed by the United States with
June 10, 2013
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Seoul shares open higher on U.S. hope
South Korean stocks opened higher Monday tracking gains on the Wall Street in the previous trading session, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 2.18 points, or 0.11 percent to 1,926.03 in the first 15 minutes of trading. Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor adding 0.48 percent and its smaller affiliate Kia Motors advancing 0.17 percent. Top chipmaker SK hynix added 3.54 percent. U.S. stocks gained ground on Friday
June 10, 2013
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Kakao Talk users to exceed 100m users
The number of Kakao Talk users is expected to break the 100 million mark this month, three years and three months after its launch in 2010.There were some 95 million Kakao Talk users as of June 4. The number of Kakao Talk users exceeded 1 million just six months after the service was introduced and hit 10 million in April 2011. The number increased by 10 million every two to four months ever since.The growth appeared to slow down for a while, but recently regained momentum after the service was
IndustryJune 10, 2013
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Citroen DS5 cars recalled in S. Korea for problem with brake system
The local importer of Citroen vehicles has been told to recall certain model year DS5 units for problems with the car's brake system, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, the car's brakes may get stuck due to a problem in its brake system.The recall affects 54 DS5 vehicles produced between Sept. 12, 2012 and March 8, 2013.Owners of vehicles subject to the recall will be provided with free repair services from Monday at any servi
IndustryJune 10, 2013
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Government likely to raise GDP outlook
The Finance Ministry is reportedly considering revising its outlook for 2013 GDP growth up from the current projection of 2.3 percent in reflection of possibly positive effects from the supplementary budget and a cut in the benchmark interest rate.While the ministry lowered the economic growth projection from 3 percent to 2.3 percent in March, government officials have worried that the state-led gloomy stance is hampering investor and consumer sentiment.“In late June, contemplating policy effect
June 9, 2013
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Nuclear authority OKs resumption of reactor in Yeonggwang
A government nuclear watchdog has approved the resumption of a long-suspended nuclear power plant, the Ministry of Trade, Industry and Energy said Sunday, providing some relief to the nation struggling with a power shortage amid the sizzling summer heat wave.According to the ministry, the Nuclear Safety and Security Commission approved the re-operation of the Hanbit Reactor 3 in Yeonggwang in the southwestern province of South Jeolla as its months-long repair works have been completed.Following
June 9, 2013
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Daewoo Shipbuilding to go up for sale
Financial authorities are poised to put the state-funded Daewoo Shipbuilding & Marine Engineering up for auction, following their recent policy to privatize Woori Financial Group.To recoup taxpayers’ money injected into Daewoo Shipbuilding, the Financial Services Commission has launched a process to sell its 17.1 percent stake in the company, regulatory officials at the FSC said Sunday.According to officials, the FSC’s initial goal is to reduce the government’s shares in the shipbuilding giant b
June 9, 2013
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Online press firm to unveil more suspected offshore tax evaders
An independent online press company said Sunday it plans to unveil the list of 30 more South Koreans who are suspected of setting up shell companies in offshore tax havens to evade taxes.Since late May, the Korea Center for Investigative Journalism has released names of 18 high-profile South Koreans, including a son of a former president, who set up paper companies in tax haven regions for alleged tax evasion or stashing away slush funds.“We’ve identified additional names of 30 suspected Koreans
June 9, 2013
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POSCO ranks 5th in global crude steel output in 2012
POSCO, South Korea’s biggest steelmaker, became the world’s fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday. According to data by World Steel Association, India’s ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan’s Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons. POSCO’s crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said. POSCO’s d
June 9, 2013
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21 firms seek to be listed on new venture-driven market
South Korea’s bourse operator said Friday it has received applications from 21 firms wishing to be listed on the new Korea New Exchange market catering to smaller industry players.The Korea Exchange said 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates on Friday. Slated to open on July 1, the KONEX market aims to foster growth of small and mid-sized firms, and add to
June 9, 2013
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Stock assets of chaebol heads decrease nearly 7%
Stock assets owned by heads of South Korea’s top-10 conglomerates, or chaebol, have shrunk by nearly 7 percent this year due to the prolonged stock market slump, an online media site reported Sunday.According to Chaebul.com, shares owned by the chairpersons of the nation’s 10 largest conglomerates, excluding public corporations, were worth 25.6 trillion won ($22.91 billion) as of Friday, down 6.6 percent, or 1.8 trillion won, from the beginning of the year.Lee Kun-hee, the chairman of Samsung El
June 9, 2013
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Shares likely to rebound late this week
South Korean stocks are expected to gain ground late this week after moving sideways early in the week before the central banks of South Korea and Japan hold their respective rate-setting meetings, analysts said. The benchmark Korea Composite Stock Price Index closed on Friday at 1,923.85, down 3.85 percent from 2,001.05 a week ago. Analysts said that if the Bank of Korea confirms its policy to boost up the ailing economy at its June rate-setting meeting slated for Thursday, the KOSPI will botto
June 9, 2013
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Exports, trade surplus in tech products hit record highs
South Korea’s exports of tech products and its IT-related trade surplus rose to record highs in May as global demand for Korea’s smartphones and semiconductors remained firm, government data showed Sunday.Korea’s exports in tech products amounted to a record $15.15 billion last month, up 17.2 percent from a year earlier, according to data by the Ministry of Science, ICT and Future Planning and the trade ministry.The country’s trade surplus in the tech sector also hit an all-time high of $8.27 bi
June 9, 2013
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Bibigo at the vanguard of hansik’s globalization
Korean cuisine, or hansik, is on the front burner in major cities around the globe, with kimchi and bulgogi adorning the menus of top, modern restaurants in New York.But it is still rare for non-Koreans to cook or eat hansik at home as they might with Japanese or Chinese. As part of efforts to add hansik to the carte du jour of cosmopolitans, CJ CheilJedang exports Korean food products such as traditional fermented condiments and frozen dumplings under the brand Bibigo to the U.S. the U.K., Chin
IndustryJune 9, 2013