Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Ministry to raise fund to help Korean firms win overseas plant orders
The Ministry of Trade, Industry and Energy will raise up to 1 trillion won ($898 million) to support the overseas expansion of energy-related public firms and their subcontractors, officials said Wednesday.The ministry held a forum for plant business CEOs on Wednesday, under the chairmanship of Vice Minister Kim Jae-hong, and pledged to raise the nation’s total overseas plant order value to $70 billion, according to officials.The country’s overseas plant construction orders rose steeply until 20
May 15, 2013
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Samsung to spend W170b on software
Samsung Group, South Korea’s top family-owned conglomerate, said Wednesday that it plans to spend 170 billion won ($153 million) in training software engineers and nurturing the related industry over the next five years.The group also said it plans to hire over 2,000 software engineers every year through 2017, up almost 30 percent from an average seen in the past few years.Samsung will also offer software-related training courses for 50,000 students over the next five years.“The plans will help
TechnologyMay 15, 2013
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Seoul sets up new FTA support center for local firms
The government opened a new support center Wednesday that will help local companies take full advantage of the country’s free trade agreements.The center will be part of an FTA support center established early last year, but will specifically help local companies prepare for post-hoc analysis of their outbound shipments, under which the companies may be asked to verify the origin of their products.“The center will help make sure that no company will shun from utilizing benefits of an FTA because
May 15, 2013
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KEB makes inroads into Istanbul
Korea Exchange Bank said Wednesday that it opened a branch in Istanbul, Turkey, becoming the first in the nation’s banking industry to enter the country.The commercial bank said it planned to offer funding to Korea’s big firms operating in the city such as Hyundai Motor, Samsung Electronics and POSCO.It is also pinning hopes on the free trade agreement between South Korea and Turkey, which took effect on May 1, 2013.KEB chief executive Yun Yong-ro stressed that the lender had advanced into its f
May 15, 2013
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‘Naver too dominant’
Choi Mun-kee, the minister of science, ICT and future planning, on Wednesday said the nation’s most influential Web portal Naver was too dominant.“(Naver) seems to have too much of the market,” Choi said, saying that when companies go over the line, they should switch modes to focus more on social contribution.“Naver, however, still seems to be concentrating to much on making the pie bigger,” the minister said in a press conference. He added that the “young CEO” ― Kim Sang-hun, CEO of NHN, which
TechnologyMay 15, 2013
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Samsung, LG execs receive recognition on Invention Day
Samsung Electronics’ mobile chief Shin Jong-kyun was awarded the distinguished Gold Tower Order of Industrial Service Merit by the Korean Intellectual Property Office on Wednesday, which was national Invention Day.At LG Electronics, a senior researcher, Ahn Joon-ki, was crowned as this year’s invention king.The Gold Tower Order is awarded to individuals and companies that have shown outstanding performance in contributing to national interests. Shin of Samsung was recognized for his role in help
TechnologyMay 15, 2013
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Korea to expand sales network for MVNOs
The government said Tuesday that it will allow so-called mobile virtual network operators (MVNOs) to sell their mobile phone services through the country’s state-run postal service provider starting from September, in a bid to help lower mobile rates and households’ communication bills.MVNOs borrow networks from existing mobile carriers at wholesale prices, thus offering their services at cheaper rates compared to existing mobile operators.They can offer cheap mobile rates because they do not sp
TechnologyMay 15, 2013
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Minister calls for lower communication costs
Minister of Science, ICT and Future Planning Choi Mun-kee on Wednesday called for lower communication costs for Korean households, saying that monthly prices of 120,000 won to 130,000 won are ideal.“With the introduction of smartphones, phones have virtually become computers. Because the price of these handsets are going up due to the sophisticated features that are being added, it’s difficult to keep the prices down. We hope there will be a way to maintain prices at 120,000 won to 130,000 won w
TechnologyMay 15, 2013
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U.S. envoy says Korea investment attractive despite N. Korea threats
U.S. ambassador to Korea Sung Kim said South Korea is a safe and attractive business venue despite North Korea’s military threats.“The very fact that we are gathered here this evening to celebrate this anniversary of AMCHAM is sending a strong message that despite North Korea’s provocations, Korea is a safe and attractive place to do business,” he said in the ceremony to mark the 60th anniversary of the American Chamber of Commerce in Korea on Tuesday evening. Leaders of the two countries’ busin
May 15, 2013
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Sanofi Pasteur to give homeless free flu vaccines
The Korean branch of Sanofi Pasteur, a French vaccine manufacturer, said Wednesday it would provide free flu vaccines to 7,000 homeless people this year.The drug maker has signed a memorandum of understanding with the Korea Association of Welfare Institute for the Homeless, a nonprofit organization, to deliver the vaccines to neglected people in Seoul, Incheon and Gyeonggi Province.The plan would provide protection to more than 80 percent of the homeless people registered at support centers and
TechnologyMay 15, 2013
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Seoul shares almost flat amid lack of momentum
South Korean stocks closed 0.12 percent higher on Wednesday, as investors stayed on the sidelines amid a lack of market momentum and concerns over the weak yen, analysts said. The local currency lost ground against the U.S.dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.43 points to finish at 1,971.26. Trading volume was light at 238.6 million shares worth 3.63 trillion won (US$3.25 billion) with gainers outpacing decliners 510 to 301. "The market showed little movemen
May 15, 2013
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NongHyup Financial head offers to resign
The head of NongHyup Financial Group Inc. on Wednesday offered to resign following the massive hacking attack in March that paralyzed the network of its banking unit and the group's weaker earnings.Shin Dong-kyu, the president of the group, said in a statement that he offered to step down from the top post as he believed it would be desirable for a new head to lead the group, given "an array of difficulties facing the group."His resignation came as computer networks at Korea's major broadcasters
May 15, 2013
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Seoul shares down 0.12 pct in late-morning trade
South Korean stocks traded 0.12 percent lower late Wednesday morning, paring earlier gains as large-cap exporters widened losses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.36 points to 1,966.47 as of 11:20 a.m. Top-cap Samsung Electronics dropped nearly 1 percent and POSCO, a leading steelmaker, dipped 1.3 percent. Domestic-oriented stocks extended their gains, with state-run Korea Electric Power Corp. rising 0.16 percent and NHN Corp., the No. 1 Inter
May 15, 2013
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Seoul shares open higher on financial gains
South Korean stocks opened a tad higher Wednesday, as large-cap financial companies drove up the main index amid concerns over exporters feared to suffer from yen weakness, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 2.15 points, or 0.13 percent, to trade at 1,971.34 in the first 15 minutes of trading. Samsung Life Insurance, the sixth-largest listed firm by market cap, rose 0.5 percent, with No. 4 banking firm Shinhan Financial Group soaring more than 2 percent.
May 15, 2013
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S. Korea's jobless rate falls to 3.2 pct in April
South Korea's jobless rate fell in April from a month earlier and job creation also picked up speed, raising expectations that labor market conditions might be improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.2 percent last month, down from the previous month's 3.5 percent. The jobless rate adjusted for inflation also declined to 3.1 percent from March's 3.2 percent.Job creation quickened, with the number of employed people
May 15, 2013
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Seoul on watch for yen carry trade resurgence
Korea’s financial regulator and central bank are bolstering their monitoring of the foreign exchange market ― investments from funds raised in Japan in particular ― amid the feasibility of sparking the so-called “yen carry trade.”Taking advantage of Japan’s low interest rates and cheap currency, more and more investors are borrowing the yen from Japanese banks either to use the loans as capital or to invest in Korean stocks and other assets.“Though the current impact on the local market is minim
May 14, 2013
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[Graphic News] Weak yen hits Korean exports
The weak yen has led to an average 5 percent decrease in the price of Japanese export products, dealing a blow to their Korean rivals’ competitiveness, data showed on Tuesday.According to reports from CEIC Co. and Mirae Asset Securities, the Korean export unit cost during the five months from November to March fell just 0.5 percent.Industry experts said if the yen depreciation continued, Korea’s major export items such as automobiles and steel products would lose their price competitiveness. By
May 14, 2013
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[Newsmaker] New Samsung body eyes Nobel laureates
Choi Yang-hee, head of Samsung Group’s ambitious new technological research foundation, is determined to produce Nobel Prize winners through advancing basic sciences.Fostering Nobel laureates is actually one of the three main programs of the Samsung Research Foundation, which will support research and development in basic science, materials engineering, and information and communication technology in line with the Park Geun-hye administration’s “creative economy” drive. The other two are nurturi
IndustryMay 14, 2013
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KAIST team develops ‘unbreakable’ screen
A group of scientists from the Korea Advanced Institute of Science and Technology has discovered a way to produce an “unbreakable” screen, which may pave the way in display technology, the school announced on Tuesday.The research team led by Yoon Choon-sup used polyamide film instead of glass.Researchers have already been looking at using polyamide film, but so far failed to put it to practical use because of its weak heat-resistance and durability.The KAIST team noted that they have increased t
TechnologyMay 14, 2013
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BMW aims to lead electric vehicle market
BMW, the best-selling foreign brand in Korea, announced Tuesday it would launch the German luxury carmaker’s first all-electric i3 compact in the first half of next year here. The battery-powered i3 hatchback, previously known as the Megacity concept, combines a body made of carbon fiber-reinforced plastic with an aluminum chassis. Korea’s top battery maker Samsung SDI is the sole supplier of lithium-ion battery cells for the i3, which goes on sale globally this year. “The i3 is reinventing BMW
IndustryMay 14, 2013