Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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Legoland Korea Resort to open until 9 p.m.
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Loss-making public firms pay chiefs W3b in bonuses
Chiefs of the nation’s loss-generating public agencies raked in performance-based benefits worth about 3 billion won ($2.7 million) in total last year.According to financial info provider Alio, CEOs of 104 state-funded agencies that failed to log a net profit in 2012 received a combined 2.98 billion won in bonuses.The state-run companies that posted net losses or reaped zero net profit included Korea Finance Corp., Korea Deposit Insurance Corp., Korea Credit Guarantee Fund, Korea Electric Power
May 8, 2013
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Banks’ household loans rise for 2nd month
South Korean banks’ household loans rose for the second straight month in April on the back of the government’s measures to revitalize the sluggish property market, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 462.5 trillion won ($425.6 billion) as of the end of April, up 924.9 billion won from the previous month, according to the Bank of Korea.Banks’ home loans grew by less than 1 trillion won for the second straight month in Apri
May 8, 2013
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Only 1 in 10 SMEs say they are globally competitive
Only about 1 out of every 10 small and medium-sized enterprises in the country said they are or have the potential to become globally competitive, the outcome of a survey released Wednesday showed, calling for a dramatic change in government support for small firms.According to the survey conducted by the Korea Institute for Industrial Economics and Trade, only 12 percent or 47 out of 393 companies surveyed said they were globally competitive in terms of both market share and their ability to ad
IndustryMay 8, 2013
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UPS Korea names new managing director
UPS Korea said Wednesday that it has named J.K. Rha, former air export and package operations manager at the company, as its new managing director. Rha joined the Korean unit of the Atlanta-based global logistics company UPS in 1990 and has served diverse positions in Korea, Hong Kong and Singapore. He holds a bachelor’s degree in mathematics and master’s in business administration, both from Chung-Ang University in Seoul.His predecessor, Steven Chang, has been appointed as vice president for gl
IndustryMay 8, 2013
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FSS to impose stricter rule on dormant cards
The financial watchdog said Wednesday it will beef up its surveillance of credit card firms to reduce the hefty number of dormant plastics in the market, which has resulted from heated competition in the industry.The move came as the number of dormant cards in South Korea totaled 23.4 million at end-April, remaining almost flat from 23.5 million tallied at end-January, according to the Financial Supervisory Service.Dormant credit cards refer to accounts without transaction records during a 12-mo
IndustryMay 8, 2013
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Number of mobile subscribers switching carriers nears record
Mobile Number Portability in South Korea still ran high over the past weekend as local mobile carriers lured subscribers with new pay plans and lower prices, industry sources said Tuesday.According to the sources, the country’s three mobile carriers ― SK Telecom Co., KT Corp. and LG Uplus Corp. ― received a total of 105,035 MNP applications during the May 4-6 period, nearing an all-time high of 116,055 MNP applications seen late last month.The figure translates into around 35,000 mobile telephon
TechnologyMay 8, 2013
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LS Group inks e-car MOU with China’s Dongfeng Motor
LS Group, a South Korean conglomerate specializing mostly in electricity materials, said Wednesday that it has signed a memorandum of understanding with China’s Dongfeng Motor Group to cooperate in developing parts for electric cars and hybrid automotives.Under the deal, the South Korean business group will work with the Chinese automaker for the development of power trains, energy storage components and other parts used for automotives, according to the group.Also, the two groups will cooperate
TechnologyMay 8, 2013
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SoloPower to invest in Gwangju
SoloPower, a U.S.-based thin-film solar photovoltaic cell producer, will invest $125 million in Gwangju to build a plant to produce CIGS, semiconductor material composed of copper, indium, gallium, and selenium, said CTI Co., a local partner of the U.S. firm.CTI officials said the two companies had held ceremony early this week in New York, attended by SoloPower CEO Robert Campbell and CTI chairman Lee Yong-kyu and CEO Song Dong-jeong.Campbell revealed that his company will also build a research
May 8, 2013
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How to make real-world use of big data
What is so new about big data, the tech buzzword that is attracting so much attention these days?After all, plenty of organizations, from global telecommunications companies to stock exchanges, have been handling and sifting though massive amounts of data for years. But in fact, three important trends are converging to usher in a new era of big data, one that will fundamentally transform how businesses operate and how they engage with customers, suppliers, partners and employees.The first seismi
IndustryMay 8, 2013
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SK pledges W1.2tr ICT investment
SK Telecom is poised to invest some 1.2 trillion won ($1.1 billion) into integrating different facets of the information and communication technology industry to play its part in the government’s “creative economy” initiative. “We hope to set out successful examples of mutual growth based on our sense of social obligation to help contribute to creating a creative economy based on ICT,” said Ha Sung-min, SKT chief executive. It’s time now, he said, for the company to act not only in its own inter
IndustryMay 8, 2013
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Google, HTC back Samsung in legal battle with Apple
Google, HTC, Red Hat and Rackspace reportedly filed friends of the court briefs in support of Samsung Electronics on Monday urging the U.S. Federal court of Appeals to rule against Apple’s request for a sales ban on Samsung’s Galaxy Nexus smartphone and Galaxy Tab. The support from the Google-led group comes amid an ongoing mobile device patent infringement battle between Samsung and Apple. The briefs stated that companies shouldn’t be restricted because of what they see as a trivial feature tha
IndustryMay 8, 2013
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Seoul shares edge up 0.11 pct amid global stimulus moves
South Korean stocks closed 0.11 percent higher Wednesday on rising hope over the global economic recovery following a series of advanced countries' stimulus moves, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 2.1 points to finish at 1,956.45. Trading volume was moderate at 332.7 million shares worth 4 trillion won (US$3.7 billion) with gainers outnumbering decliners 493 to 315."Seoul shares gathered ground on the m
May 8, 2013
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Namyang Dairy in crisis
Namyang Dairy, one of Korea’s biggest dairy giants, is taking a turn for the worse following a nationwide uproar caused by one of its salesmen ranting and swearing at its distributor.Ever since an audio file that contained the conversation between Namyang’s salesperson and the distributor was exposed last week on the net, including YouTube, consumers have posted messages on their blogs or taken to the street holding placards urging the general public to stop buying its products ranging from milk
IndustryMay 8, 2013
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Seoul OKs Mount Kumgang-related biz projects
South Korea has approved 14 business projects related to a scenic mountain resort in North Korea, according to a government Web site Wednesday, raising speculation Seoul may be moving to lift restrictions on the resort that has been put on ice for nearly five years. The Ministry of Unification's Web site showed approval was given on Feb. 15 to businesses that applied to engage in various business operations at the scenic mountain resort on the communist country's east coast.This marks the first
IndustryMay 8, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Wednesday, tracking gains on Wall Street in the previous trading session, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.85 points, or 0.2 percent, to 1,958.20 in the first 15 minutes of trading.Shares gathered ground across the board, with leading chipmaker SK hynix rising 0.87 percent and top steelmaker POSCO climbing 0.31 percent. No. 1 auto parts manufacturer Hyundai Mobis moved up 0.58 percent.U.S. stocks ended higher on
May 8, 2013
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Siemens to transfer energy business to Korea by 2017
Siemens will be building its Asian headquarters for its energy solution business in Korea, the company said on Tuesday, a move that will transfer valuable engineering know-how to the nation. It will be the second such regional head office for the German engineering company in the sector of power generation engineering after one in the U.S., Siemens executives said, stressing that the plans would help create a strong platform for Korea to advance in its electric engineering technology.“This is no
IndustryMay 7, 2013
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Samsung takes larger slice of smartphone industry’s profits
Samsung Electronics Co., the world’s top smartphone maker, saw its profitability in the smartphone business arena rise in the first quarter on the back of increased sales, data showed on Tuesday.According to the data compiled by global investment banking house Canaccord Genuity, Samsung took 43 percent of the global smartphone industry’s profits in the January-March period, compared with the 26 percent a year earlier.Apple Inc., the iPhone maker, maintained its status as the dominant player in t
IndustryMay 7, 2013
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April sales at major local department stores drop 1.6%
Sales at South Korea’s major department stores dropped in April from a year earlier, preliminary government data showed Tuesday.According to a report by the Finance Ministry, sales at department stores were estimated to have shrunk 1.6 percent on-year in April. The decline followed a 7.5 percent gain in March.Sales at discount chains also dropped 10.3 percent over the cited period, the report showed. In March, sales fell 4.4 percent.“Retail sales figures for April are expected to be more sluggis
IndustryMay 7, 2013
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Seoul publishes English booklet on Dokdo geography
South Korea has published an English version of its information booklet on Dokdo, the government said Tuesday, in an effort to strengthen the country’s control of the islets also claimed by Japan.The book offers basic information about Dokdo, along with geography of the islets in the East Sea, according to the Ministry of Land, Infrastructure and Transport.The book, “The Geography of Dokdo,” will soon be distributed to libraries and South Korean diplomatic missions around the world, it said.The
IndustryMay 7, 2013
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IBK Capital penalized for information leaks
The Financial Supervisory Service has punished credit finance lender IBK Capital for leaking private information of its customers, FSS officials said Tuesday. The state financial regulator said it issued a 6 million won ($5,500) fine and individual cautions to two executives and three employees of the capital firm. The five are held responsible for exposing names and contact numbers of some 5,700 customers without consent in 2012, the FSS said. About 700 of these customers had their credit ratin
May 7, 2013