Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Immigrant woman stabbed to death by Korean husband
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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Hyundai Heavy bags $1.9b order from Chevron
Hyundai Heavy Industries Co, South Korea’s leading shipbuilder, said Thursday that it has clinched a $1.9 billion deal to build an offshore oil production facility for Chevron Corp.Under the deal with the U.S. energy group, Hyundai heavy will build the so-called floating oil production and storage facility which is capable of processing 100,000 barrels of crude oil and 190 cubic meters of natural gas a day, and storing up to 1.05 million barrels of crude oil.The facility, 292 meters long, 57.4 m
IndustryApril 11, 2013
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SK Innovation wins patent lawsuit over LG Chem
SK Innovation, a key affiliate of SK Group, won the second round of its patent lawsuit against LG Chem over a key material used for electric car batteries, according to the company in a press release.On Thursday, the Patent Court of Korea dismissed the appeal that LG Chem filed at the end of 2012 to challenge the Korean Intellectual Property Tribunal’s decision to uphold SK Innovation.“The successive wins of SK Innovation in a legal battle with LG Chem testifies to SK Innovation’s technological
IndustryApril 11, 2013
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Shares gain on stimulus hope
South Korean stocks closed 0.73 percent higher Thursday, buoyed by the United States Federal Reserve’s decision to maintain stimulus measures, analysts said.The local currency gained against the greenback.The benchmark Korea Composite Stock Price Index climbed 14.22 points to finish at 1,949.80. Trading volume was moderate at 380.3 million shares worth 4.71 trillion won ($4.17 billion) with advancers far outpacing decliners 552 to 244.“The Federal Reserve’s decision to maintain its stimulus meas
April 11, 2013
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Lee heading off to Europe: source
Samsung Electronics chairman Lee Kun-hee may have yet another trip abroad soon, this time to Paris, a source said Thursday. The source said the visit is scheduled for next week, and it comes just a week after he returned from a three-month trip to Hawaii and Japan. However, a Samsung spokeswoman denied his trip schedule to Europe next week. The source said Lee may take a look around the Milan Furniture Fair in Italy, then head to Paris. Samsung Electronics is taking part in the 52nd Salone Inter
IndustryApril 11, 2013
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FDI in Q1 hits record high amid security concerns
The amount of foreign direct investment into Korea hit a record high of $3.39 billion in the first quarter of this year, a 44.7 percent increase from a year ago, despite rising security concerns on the Korean Peninsula, according to data released Thursday by the Ministry Trade, Industry and Energy. “The data showed that the impact of geopolitical risks created by North Korea on investment decisions of foreigners were limited for the first three months of the year,” a ministry official said. The
IndustryApril 11, 2013
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BOK boosts credit supply for small firms
The Bank of Korea said Thursday that it has decided to ease its credit policy to increase its supply of low-interest loans through commercial banks to small and medium enterprises.The central bank raised its aggregate credit ceiling to 12 trillion won ($10.6 billion) from 9 trillion won, which has been maintained since October 2012.Loans will be extended to SMEs and start-ups that have “exceptional” technology with interest rates of 0.5-1.25 percent, down from 1.25 percent through a rise in the
April 11, 2013
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Korean Air becomes No. 2 shareholder of Czech Airlines
Korean Air said Thursday that it signed a takeover deal for a 44 percent stake in Czech Airlines, becoming the first Korean air carrier to secure shares in a foreign counterpart.The Korean flag carrier now has become the second-largest shareholder of the European airliner, next to Czech Aeroholding, the state-controlled parent company of the airline which owns 51.7 percent of shares. “We expect a synergy effect with the new alliance between the two airlines, which have extensive experience and f
IndustryApril 11, 2013
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LG Uplus offers free calls to LTE subscribers
LG Uplus said on Thursday that it will introduce a new monthly mobile plan that offers unlimited voice calls for its LTE smartphone subscribers.Lee Sang-chul, vice chairman of the telecommunications company, said that its subscribers will be able to freely call mobile phones with their smartphones running on the fourth-generation LTE networks for as much as 69,000 won ($61) per month.While introducing eight new monthly mobile plans that offer free voice calling options, the plans range from 34,0
IndustryApril 11, 2013
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25% of big firm chiefs to be excluded from pay disclosure rule
One in every 4 chief executives at South Korea’s top listed conglomerates will likely be exempt from disclosing his or her salary, despite the government’s latest move to revamp rules to shore up corporate transparency, data showed Thursday.The number of registered chief executive officers at the top 50 family-owned large enterprises known as chaebol, stood at 38, according to the data compiled by the Financial Supervisory Service. The remaining 12 were either not registered C-suite members or r
April 11, 2013
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SK Hynix makes overseas efforts for social contribution activities
SK Hynix is going overseas with its social contribution activities, launching global campaigns with a matching grant as well as employees’ donations.The world’s No. 2 memory chipmaker said that it has been gearing up efforts to increase its social contribution abroad in a bid to create a favorable workplace that emphasizes social welfare projects as well as employees’ happiness.The company has been launched a number of projects that include the word “happiness” in its operations since it was acq
BusinessApril 11, 2013
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Merck CEO named adviser on Gyeonggi investment
Juergen Koenig, CEO of Merck Korea, was appointed as adviser for promoting investment in Gyeonggi Province on Wednesday. The advisory panel, to serve until April 11, 2015, consists of 25 people such as executives in global high-tech companies, and experts in emerging capital markets and the service industry. “Attracting businesses to Gyeonggi Province is a key to creating more jobs; it is challenging, but at the same time very rewarding and contributes a lot to society,” said Gyeonggi Gov. Kim M
BusinessApril 11, 2013
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Shinsegae bullish on suburban outlets
PAJU, Gyeonggi Province ― Shinsegae Simon plans to increase the number of its suburban outlets to eight by 2020 including the existing two in Paju and Yeoju, and the one scheduled to open near Busan in September.“We plan to open our fourth premium outlet in Daejeon and the fifth one in the southwestern outskirts of Seoul,” Shinsegae Simon chief executive Kang Myung-koo said in a press conference Thursday.“We will review various locations around the other metropolises (Gwangju, Daegu, Ulsan and I
IndustryApril 11, 2013
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NASA unveils plan to capture asteroid
NASA unveiled its new plan on Wednesday to capture an asteroid for astronauts to explore.In 2019, a robotic spaceship will capture a 500-ton, 25-foot asteroid by unfolding a small section of the bag. The rock will be towed to a stable orbit near the moon through a thrust system generated by solar electric power.“This mission represents an unprecedented technological feat that will lead to new scientific discoveries and technological capabilities and help protect our home planet,” NASA chief Cha
TechnologyApril 11, 2013
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Iranian scientist claims to have made ‘time machine’
A 27-year-old Iranian scientist claimed to have invented a “time machine” device that can predict the future, local media reported Thursday.Ali Razeghi, a managing director of Iran’s Center for Strategic Inventions, said the device runs by a complex set of algorithms to “predict details of the next five to eight years of the life of its users.” He claimed that the machine’s accuracy is 98 percent.He said the Iranian government will be able to predict future events such as military conflicts and
TechnologyApril 11, 2013
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Seoul shares gain 0.73 pct on stimulus hope
South Korean stocks closed 0.73 percent higher Thursday, buoyed by the United States Federal Reserve's decision to maintain stimulus measures, analysts said.The local currency gained against the greenback. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.22 points to finish at 1,949.80. Trading volume was moderate at 380.3 million shares worth 4.71 trillion won (US$4.17 billion) with advancers far outpacing decliners 552 to 244."The Federal Reserve's decision to maintain its s
April 11, 2013
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Seoul shares down 0.2 pct in late-morning trade
South Korean stocks traded 0.2 percent lower late Thursday morning, led by losses in autos and builders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.78 points to 1,931.80 as of 11:20 a.m. Carmakers traded lower, with No. 1 player Hyundai Motor falling 2.99 percent and its smaller affiliate Kia Motors losing 0.38 percent. Top auto parts maker Hyundai Mobis shed 3.04 percent. Construction firms also lost ground, with Hyundai Engineering & Construction decre
April 11, 2013
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BOK cuts 2013 growth outlook to 2.6 pct
South Korea's central bank on Thursday revised down its economic growth forecast for this year to 2.6 percent from its earlier estimate of 2.8 percent amid the global slowdown.The Bank of Korea (BOK)'s revised numbers are higher than the government's recent growth estimate of 2.3 percent for this year.The government of President Park Geun-hye sharply cut its 2013 growth projection from an earlier 3 percent in March, vowing to implement strong stimulus measures including creation of an extra budg
April 11, 2013
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BOK unexpectedly freezes key rate for 6th month in April
South Korea's central bank froze the key interest rate for the sixth straight month on Thursday in an apparent bid to preserve policy room for rainy days, rejecting the government's call to join the stimulus drive.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers left the benchmark seven-day repo rate unchanged at 2.75 percent. The bank lowered the borrowing costs in July and October last year.The decision was not anticipated as only two out of 25 analysts predicted the rate fr
April 11, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Thursday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.52 points, or 0.18 percent, to 1,939.10 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.2 percent and top chipmaker SK hynix rising 2.33 percent. No. 2 carmaker Kia Motors advanced 1.15 percent.U.S
April 11, 2013
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Research firm: PC sales plunge as Windows 8 flops
Two somber new reports show unprecedented declines in desktop and laptop sales during the first three months of the year _ signs that the personal computer market may never fully recover from a new generation of mobile devices.And it appears that a makeover of Microsoft's Windows operating system seems to have done more harm than good since the software was released in October.“This is horrific news for PCs,” said BGC Financial analyst Colin Gillis. “It's all about mobile computing now.”First-qu
TechnologyApril 11, 2013