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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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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[Kim So-hyun] The quiet taxi driver from Paris
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[Photo News] Smart hospital
TechnologyApril 22, 2013
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LG Display swings to black in Q1
South Korean panel giant LG Display Co. said Monday it swung to profit in the first quarter from a year earlier, driven by solid growth of panels for smart devices.Net profit reached 3.48 billion won ($3.1 million) in the January-March period, compared with a loss of 129 billion won a year earlier, LG Display said in a regulatory filing.Revenue jumped 10 percent on-year to 6.8 trillion won in the first quarter, while the company posted an operating profit of 151 billion won, a sharp turnaround f
April 22, 2013
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Hyundai overtakes GM Holden in Australian car market
Hyundai Motor Co., South Korea’s largest automaker, has overtaken GM Holden Ltd., the Australian unit of General Motors, in sales of cars in Australia for the first time in March, industry data showed Monday.Hyundai Motor maintained fourth place in sales of cars in Australia by selling a total of 8,402 units in March, up 7.6 percent from a year ago. Sales of Hyundai’s Tucson ix35 sports utility vehicle reached 1,529 in March, up 83 percent from a year ago.GM Holden trailed behind Hyundai by sell
April 22, 2013
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SK Innovation to launch car battery biz in China
SK Innovation, the holding company of SK Group’s energy-related businesses, said Monday it will enter the Chinese electric-car battery market by setting up a joint venture in Beijing by June this year with its two state-run Chinese partners Beijing Automotive Industry Holding and Beijing Electronics Holding. For this plan, the company’s top management, including SK Holdings vice chairman Chey Jae-won, signed an investment letter of intent with their Chinese counterparts on Monday in Beijing. The
April 22, 2013
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POSCO unit begins work on plant for ‘needle coke’
POSCO, South Korea’s leading steelmaker, said Monday that its chemical unit broke ground for a plant that will produce so-called “needle coke,” a special type of coke used in making LEDs, solar cells, secondary batteries and electrodes. Needle coke, produced from coal tar pitch, has excellent properties such as a low coefficient of thermal expansion and low electric resistance, according to POSCO.In 2011, POSCO ChemTech Co. set up a joint venture with two Japanese firms such as Mitsubishi Chemic
April 22, 2013
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IFA believes in growth despite European woes
SARDINIA, Italy ― “Growth” is the keyword for this year’s IFA, the world’s largest consumer electronics and home appliances show. That usually shouldn’t be baffling or less than expected at a bustling, successful trade show for consumer electronics such as IFA. However, considering that a large part of Europe is still picking up the pieces from an economic crisis, growth is a significant accomplishment. “This year, we will grow again, and it’s not such easy growth,” said Jens Heithecker, IFA’s e
TechnologyApril 22, 2013
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Samsung, LG can’t be No. 1 in Europe: Miele
SARDINIA, Italy ― Miele, a leading German high-end home appliance maker, finds it hard to believe that Samsung and LG will lead the markets in Europe by 2015. “(Samsung and LG) have advantage of size, their knowledge in electronics, but we’ll see if they will make it to No. 1,” Miele head Reinhard Zinkann said at the IFA Global Conference, adding that he had “certain doubts.”He also prodded the Korean brands to stop tooting their own horn and setting their standards too high, calling on them not
TechnologyApril 22, 2013
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FDI will help Korea achieve 2nd Miracle on the Han
During her inauguration speech in February, President Park Geun-hye paid homage to her father’s legacy and his important role in laying the groundwork for Korea’s rapid economic development, which is often described as the Miracle on the Han. In the midst of ongoing economic uncertainty stemming from the global financial crisis, she pledged to revitalize the Korean economy to enable a second Miracle on the Han. While Park did not provide any specific commentary on the role of the foreign busines
BusinessApril 22, 2013
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L’Oreal teams up with Hongik Univ.
L’Oreal chose Hongik University in Seoul as its first Asian partner for an academic-industrial collaboration program, called the “L’Oreal Open Innovation Packaging Challenge.”Since 2011, the world’s biggest global cosmetic company has chosen universities around the world to cooperate for packaging design. About 100 students have proposed more than 300 ideas and 12 of them have won prizes so far. Hongik University was selected as the top design university in Asia to carry out the project for six
IndustryApril 22, 2013
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Joe Erlinger to head McDonald’s Korea
McDonald’s has named Joe Erlinger as its managing director to head its Korean unit, company officials said Monday. The fast food mega franchise said he would start his new position on May 1.Erlinger joined U.S.-headquartered McDonald’s Corp. as senior manager of strategic planning in 2002 and served as special assistant director to the COO and special assistant senior director to the CEO. He was also vice president and general manger of the Indianapolis region until March 2013. Erlinger was sel
April 22, 2013
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‘Korea saved European outdoor brands’
European outdoor wear and equipment brands such as Millet of France were hanging by a thread when demand in Korea began to jump over 30 percent each year as hiking became fashionable and hikers started to dress up.“Due to strong nationalism in terms of the brands and differences in tastes and sizing, the European market is very fragmented, meaning the French only buy Millet and the Germans only buy Jack Wolfskin,” Julien Provot-Ragueneau, senior executive officer at MilletEdelweissHoldings, said
IndustryApril 22, 2013
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POSCO dismisses exec over ramen rage
The nation’s leading steelmaker POSCO dismissed on Monday an executive of its power generation subsidiary POSCO Energy, who reportedly physically and verbally abused a female flight attendant.“The corresponding official has been dismissed from his current post and other follow-up measures will be implemented,” said a POSCO official.The disputed man, identified by his family name Wang, is known to be an executive director in the renewable energy sector of the POSCO subsidiary.The executive was re
IndustryApril 22, 2013
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Seoul shares gain 1.03 pct on bargain hunting
South Korean stocks closed 1.03 percent higher Monday as investors scooped up shares on bargain hunting, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.56 points to finish at 1,926.31. Trading volume was low at 254.9 million shares worth 3.6 trillion won (US$3.25 billion) with gainers outnumbering decliners 521 to 283. "The market gain came as investors scooped up undervalued shares despite the listed firms' w
April 22, 2013
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Seoul shares up 0.14 pct in late-morning trade
South Korean stocks traded 0.14 percent higher late Monday morning, led by gains in techs and mobile carriers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.64 points to 1,909.39 as of 11:20 a.m. Tech heavyweight Samsung Electronics edged up 0.07 percent, an top chipmaker SK hynix added 0.35 percent. Leading flat panel manufacturer LG Display advanced 1.17 percent. Mobile carriers also gathered ground, with No. 1 SK Telecom rising 1.33 percent and KT moving u
April 22, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Monday, tracking gains on Wall Street in the previous trading session on investors' bargain hunting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.37 points, or 0.39 percent, to 1914.12 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.81 percent and its smaller local rival LG Electronics rising 0.91 percent. Leading auto parts maker Hyundai Mobis ad
April 22, 2013
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Samsung, LG urged to cooperate on OLED
SARDINIA, Italy ― Samsung and LG were urged to reach an agreement on patent sharing to keep at bay the Chinese rivals that are fast on Korea’s heels in terms of OLED technology, an executive at leading research firm said in an interview Saturday. “It could be desirable for the companies to share their patents,” said Paul Gray, director of TV Electronics and Europe TV Research at DisplaySearch, on the sidelines of the IFA Global Conference on the Italian island of Sardinia. “I think that Samsung
TechnologyApril 21, 2013
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Savings bank victims file W900m lawsuit against KDIC
Bond owners who were victimized in the 2011-12 savings bank woes filed a group lawsuit against state-controlled Korea Deposit Insurance Corp. over the weekend, the Korea Finance Consumer Federation said Sunday. A total of 573 suitors submitted a class action suit against Korea Deposit Insurance Corp. to the Seoul Administrative Court, claiming severe loss on transaction-frozen deposits in the wake of the savings bank fiasco.Out of the lost 20 billion won, suitors claimed about 900 million won ($
April 21, 2013
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Minister urges big companies to help with economic democratization
Korea’s Finance Minister Hyun Oh-seok said that large Korean companies need to run their businesses in line with the incumbent administration’s economic democratization policy.Hyun, who is also the deputy prime minister, told reporters after the Group of 20 meeting of finance leaders in Washington, D.C., on Saturday that companies that devised their management and operation plans without considering economic democratization are headed in the wrong direction.He added that companies should accept
April 21, 2013
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KDB Daewoo Securities under regulatory probe
The Financial Supervisory Service will conduct a regulatory inquiry into KDB Daewoo Securities, a brokerage unit of the state-controlled KDB Financial Group, for the next three weeks.The financial regulator said it has dispatched about 20 inspectors to the Yeouido, Seoul, headquarters of KDB Daewoo Securities, which holds the No. 1 position in Korea’s securities market.This marks the first time in about three years for the brokerage house to be subject to a sector-wide probe by the FSS.A key reg
April 21, 2013
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Debts held by public firms grow to W400tr, threatens nation’s finances
The amount of debt owed by public companies as of last year approached almost 400 trillion won, leading to concerns that the nation’s fiscal soundness may be at risk.The combined debts to be paid by the 28 state-owned firms as of December last year were 393 billion won ($350 billion), up 8.7 percent from the previous year, an online news provider reported Sunday.The figure also took a large part of the government’s total debt, which was some 445 trillion won.The corresponding public firms includ
IndustryApril 21, 2013