Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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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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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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[KH Explains] No more 'Michael' at Kakao Games
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Han Sung Motor CEO talks on successful design
Ulf Ausprung, CEO of Han Sung Motor, the official dealer of Mercedes-Benz cars in Korea, on Monday gave a special lecture to college students here on what makes successful design across industries. The German CEO, who took office in 2011, has been active not just in marketing the luxury brand and its cars but also in teaching students the crucial role of design in building a successful brand. During the lecture held at Hongik University in Seoul, he also introduced some design projects that he c
IndustryMay 20, 2013
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Parliamentary report berates BOK's May rate cut
SEOUL, May 20 (Yonhap) -- The National Assembly Research Service on Monday criticized the Bank of Korea (BOK)'s surprise slash of the key interest rate in May as having undermined consistency of policy and independence of the central bank."It was as if a car turned right while the blinker was signaling a left turn," said a report from the service that conducts research and analysis upon legislators' requests.After six consecutive months of freeze, the BOK on May 9 cut the benchmark rate by a qua
May 20, 2013
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Seoul shares down 0.22 pct on weak yen
South Korean stocks closed 0.22 percent lower Monday as the weak yen continued to weigh down on investors' sentiment here, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.38 points to finish at 1,982.43. Trading volume was low at 266.3 million shares worth 4.22 trillion won (US$3.78 billion) with losers outstripping gainers 434 to 383. "While Wall Street gathered ground in the previous trading session on imp
May 20, 2013
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Seoul shares up 0.13 pct in late-morning trade
South Korean stocks traded 0.13 percent higher late Monday morning, led by gains in carmakers and construction companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.51 points to 1,989.32 as of 11:20 a.m. Carmakers led the market gain, with No. 1 player Hyundai Motor rising 1.02 percent and its smaller affiliate Kia Motors adding 0.73 percent. Top auto parts maker Hyundai Mobis also climbed 1.29 percent. Builders also traded higher, with industry leader H
May 20, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher Monday, taking a cue from overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.36 points, or 0.07 percent, to 1,988.17 in the first 15 minutes of trading.Shares gathered ground across the board, with No. 1 carmaker Hyundai Motor rising 0.26 percent and top steelmaker POSCO adding 0.93 percent. Leading mobile carrier SK Telecom added 2.13 percent.U.S. stocks ended higher on Friday on the country's improv
May 20, 2013
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Lottery issuance to increase 3.6% next year
South Korea plans to issue a maximum of 3.61 trillion won (US$3.23 billion) worth of lotteries next year to meet growing demand, the finance ministry said Monday.According to the ministry in charge of lottery polices, the issuance ceiling is up 3.6 percent from 3.49 trillion won set for this year. The ministry expects that the actual sales will amount to 3.31 trillion won next year.The ministry plans to issue 3.04 trillion won worth of online lotteries, including the most popular lotto. The ceil
IndustryMay 20, 2013
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Japan to outperform Korea in GDP growth
Japan’s economic growth rate is expected to surpass that of Korea for the first time in 15 years as the world’s third-largest economy gains momentum based on the yen’s rapid depreciation.Japan’s economy has been recording unexpected growth over the last couple of years, while Korea has been performing below market expectations, according to data from central banks in Korea and Japan.Korea’s GDP growth had fared well in comparison to Japan until 2011. Asia’s fourth-largest economy posted above it
May 19, 2013
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[Newsmaker] Former Prime Minister Nam dies at 89
Nam Duck-woo, a former prime minister and finance minister who led the country’s economic modernization in the 1970s, died on Saturday night.The 89-year-old former official had suffered complications from prostate cancer, which had worsened due to old age, his family said.Dubbed “Korea’s economic president,” Nam is widely recognized for his key role in the country’s remarkable economic development, especially under the rule of former President Park Chung-hee, the father of President Park Geun-hy
May 19, 2013
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INCARINSU aims for W400b in sales
INCARINSU, the nation’s top insurance brokerage company, said it was aiming to sell 400 billion won ($350 million) in insurance products for this year.“We will raise the goal to 600 billion won next year, and we will do our best to ensure transparency and corporate ethics throughout our 2 trillion won goal for 2020,” company CEO Choi Byung-chae said. The insurer currently has some 950 branches and about 4,000 sales dealers nationwide. INCARINSU has won awards for job creation, and recently recru
May 19, 2013
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Hyundai Motor joins U.S. fuel-cell vehicle project
South Korea’s top automaker Hyundai Motor Co. has been named a partner in a U.S. project to develop next-generation fuel-cell electric vehicles, the company said Saturday.Hyundai Motor is one of only four foreign automakers that has been named a partner for the so-called H2 USA project, it said. The others are Germany’s Mercedes-Benz and Japan’s Toyota Motor Corp. and Nissan Motor Co.The U.S. project seeks to develop new, efficient fuel-cell batteries, along with the necessary infrastructure to
May 19, 2013
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Seoul, Moscow reach deal on fishing quota for 2013
SEJONG (Yonhap News) ― South Korea and Russia have struck a deal on the 2013 quota for Korean fishing boats operating in Russian waters, the Fisheries Ministry said Friday. During the negotiation held in Moscow from Tuesday to Thursday, the two countries agreed to set South Korea’s fishing quota for pollack for this year at 20,500 tons, which is half of last year’s allotment, the ministry said. However, if South Korea’s bill to prevent illegally-caught Russian crabs from reaching the country via
May 19, 2013
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Samsung’s quarterly investment hits 3-year low
Samsung Electronics Co.’s investment sank to a three-year low in the first quarter of this year as the global tech giant sharply reduced its spending on new plants and equipment amid lingering global economic uncertainties, company data showed Sunday.Samsung, the world’s top maker of smartphones, spent a total of 7.29 trillion won ($6.52 billion) in capital expenditures and spending on research and development in the January-March period, the lowest quarterly figure since 2010, according to the
May 19, 2013
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Shares likely to move upward this week
South Korean stocks are expected to rise this week on economic stimulus efforts by governments, analysts here said.The benchmark Korea Composite Stock Price Index closed at 1,986.81 this week, up 2.16 percent from 1,944.75 a week earlier.The KOSPI moved in a tight range earlier this week as the Japanese currency continued to drop to over 100 yen against the U.S. dollar, but later advanced on hopes for strong economic stimulus efforts by governments and a belief that effects of the weakening Japa
May 19, 2013
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Galaxy S4 picked as top smartphone by U.S. magazine
Samsung Electronics Co.’s Galaxy S4 has been chosen as the best smartphone by a U.S. magazine in its latest handset survey, according the magazine’s Web site Sunday.Consumer Reports recommended the latest version of Samsung’s Galaxy lineup as the best smartphone pick for subscribers of three major mobile carriers in the United States. The Galaxy S4 received the top scores in the categories of voice calls, usability, messaging and four others.The Galaxy S4 rolled out by AT&T Inc. received the hig
TechnologyMay 19, 2013
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Yen’s fall against Korean won in May biggest since 2000
The Japanese yen has declined by the most against the Korean currency this month in three years, adding to fear it will hurt the export-oriented local economy down the road, data showed Sunday. In the month to May 13, the local currency exchanged hands at 1,103.20 won per 100 yen, appreciating 24 percent from an average of 1,451.49 won a year earlier, according to the data compiled by the Bank of Korea and local brokerage houses. That marks the biggest fall in the Japanese currency to the won si
May 19, 2013
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Korea’s corporate debt to hit $2tr by 2017: S&P
Korea’s corporate debt is expected to reach $2 trillion by 2017 as non-financial firms increasingly issue debt and take out loans to service their obligations, a report by Standard & Poor’s said Sunday. This would lead debt to account for 122 percent of the country’s gross domestic product, or to the level seen in 2009, raising concern over Korea’s business fundamentals.S&P noted that it is generally dangerous for the corporate debt-GDP ratio to surpass 90 percent.Non-financial firms’ debt amoun
May 19, 2013
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RAV4: A worthy rival for the Santa Fe?
The beloved RAV4 was strategically reborn as a compact crossover this year, and Toyota is betting on capturing the hearts of SUV-loving Koreans by competing with Honda’s CRV, Volkswagen’s Tiguan and, more importantly, Hyundai’s Santa Fe. This year’s model is the car’s third facelift, and the Japanese carmaker expects to do some serious damage to its rivals, a pledge conscious of the fact that the RAV4, despite having sold more than 4 million cars elsewhere, has failed to become popular in Korea.
MobilityMay 19, 2013
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Europe vehicle sales post first gain in 19 months on Germany
European Union car sales rose in April for the first time since September 2011, adding to signs that the 27-nation bloc’s recession may be short-lived. Registrations of new passenger cars in the EU increased 1.7 percent from the year-earlier period to 1.04 million vehicles, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said Friday. Four-month sales fell 7.1 percent to 4.03 million vehicles. Consumer confidence in the EU increased in April to the highest level since
MobilityMay 19, 2013
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The art of tire design
GWANGJU ― The scene at Kumho Tire’s research and development center was of nine young designers working with an unusual canvas ― black, rubber tires. Their office, filled with the scent of rubber, looked more like a repair shop than a design lab. But it was here that two Red Dot Award-winning tires were born. “Small differences can make a tire unique, although most consumers would never notice,” said senior researcher Park Jae-pil. “Our mission is to create tires that can go faster and last long
MobilityMay 19, 2013
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Hyosung chief receives honorary doctorate in U.S.
S.R. Cho, chairman of the nation’s 25th-largest conglomerate Hyosung Group, received an honorary doctorate at the Illinois Institute of Technology in the United States on Saturday, officials said.He was recognized for his role as a civil diplomat in global business, according to school officials.This was the first time that the IIT decided to confer an honorary degree on a Korean national. It was also unique in that the usual practice is to offer an honorary business administration degree when i
IndustryMay 19, 2013