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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S. Korea’s key export items stung by yen’s weakness: report
South Korea’s major export items such as automobiles bore the brunt of a weaker Japanese yen with their shipments falling in the first two months of the year, a report showed on Monday.According to the report compiled by the Korea International Trade Association (KITA), 24 out of 49 export items which are in direct competition with Japanese goods in overseas markets saw their export growth slow or overseas sales decline in the January-February period compared with a year earlier.Only nine South
IndustryApril 15, 2013
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Five big firms disqualified from FTC’s fair trader list
Five big enterprises saw their “certification of excellence in fair trade” withdrawn after being named to have engaged in irregular practices including price fixing.The Fair Trade Commission said Sunday that it has downgraded the fair trade assessments on POSCO, POSCO C&C, Samsung Construction & Trade Corp., Hyundai Mobis and Shinsegae.While 27 companies were granted the certification from the antitrust regulator at the end of last year, the five players have been excluded from the fair trader l
April 14, 2013
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[Graphic News] Import car repair costs average $2,300
Repair costs for import cars produced by companies such as BMW and Mercedes-Benz average 2.6 million won ($2,300), far exceeding the average of 840,000 won for the five Korean-made brands.Over the weekend, the Korea Insurance Development Institute released the import car repair costs paid by nonlife insurance companies in 2011.The institute’s report showed that import car repair charges were three times higher than those for domestic cars.Further, components of import cars were five times more e
April 14, 2013
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[Photo News] Boat trip bonanza
IndustryApril 14, 2013
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NTS to check spending of unreported incomes
The National Tax Service said it would trace where the money from the underground economy has flowed, as much of it is used in illegal businesses or to bequeath wealth.The NTS sees all undeclared or untaxed income as part of the underground or “shadow” economy.“Looking back at past tax inquiries, illegal loan sharks, self-employed people with high incomes and entrepreneurs hide a part of their incomes to invest in other businesses, use it in slush funds or siphon it overseas to hand down to thei
April 14, 2013
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Debate over life extension of old nuke plants revived
A series of breakdowns of the nation’s nuclear power plants have rekindled the debate over whether to shut down old reactors or extend their operation.A top government official fanned the controversy when he hinted at a possible shutdown of another reactor whose design lifetime has expired.“Whether to extend operation of the 30-year-old first reactor at the Wolseong complex will be decided based on the agreement of the public,” said Lee Eun-chul, new head of the nation’s Nuclear Safely and Secur
IndustryApril 14, 2013
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Korean liquor exports dip on weaker yen
South Korea’s alcoholic beverage exports declined for the second consecutive month in March, largely due to the descent of the Japanese yen amid faltering overseas demand, data showed Sunday. The country’s exports of soju, Korea’s traditional distilled liquor, reached $9.5 million last month, down 11 percent from the previous year, according to the Ministry of Agriculture, Food and Rural Affairs and the beverage industry. The corresponding figure for Korean beers shrank 23.6 percent to $4.4 mill
IndustryApril 14, 2013
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Kia’s Morning top seller in Q1
Kia Motors’ subcompact Morning ranked as the best selling car in South Korea in the first quarter with more than 23,000 units sold, industry data showed Sunday.Kia sold 23,462 Mornings nationwide in the January-March period, the largest volume among vehicles sold in South Korea, the data showed.Morning, known in many foreign countries as the Picanto, has drawn popularity for its unique exteriors, high quality features and excellent fuel efficiency.Morning was followed by Hyundai Motor’s full-siz
IndustryApril 14, 2013
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Housing, education costs crippling growth: McKinsey
The Korean economy is likely to underperform unless the burden of excessive education and housing costs is relieved, according to McKinsey Global Institute’s latest report.“Korea needs to reboot and make some fundamental changes to go to the next level. It’s like a high-performing Formula One racer making a much-needed pit stop to stay ahead of the rest and come out on top,” said Choi Won-sik, director and chief of McKinsey & Company’s Seoul office who co-authored the report.Titled “Beyond Korea
April 14, 2013
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Major firms dither over new facility investment
Lingering economic jitters here and abroad are holding back major conglomerates in South Korea from making new facility investment, as a weaker yen and North Korean risks have aggravated uncertainties, industry sources said Sunday.According to company officials, Samsung Electronics Co., South Korea’s tech giant, has not made a single new facility investment this year. The world’s largest mobile phone maker said it decided not to disclose its investment plan for this year, citing market uncertain
IndustryApril 14, 2013
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Bark enters second round of competition for top WTO post
Former Trade Minister Bark Tae-ho entered the second-round competition for the post of the World Trade Organization director-general, according to the Ministry of Trade, Industry and Energy.“The WTO announced on Friday that Bark passed the first-round competition for WTO’s top post with four candidates from Indonesia, Mexico, Brazil and New Zealand,” the ministry said. Four of the nine candidates from Jordan, Ghana, Kenya and Costa Rica were dropped in the first round. The WTO will select the f
IndustryApril 14, 2013
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Woori Financial chief Lee offers to resign
Woori Financial Group said Sunday that its chairman Lee Pal-seung expressed his willingness to resign before the end of his term. Lee, regarded as a close confidant of former President Lee Myung-bak, has been under pressure to step down from his high-profile post under the new government.In a statement, the outgoing chairman said he hopes that “privatization of Woori Financial would be achieved as soon as possible for the development of the nation’s financial industry.” Lee also said he did his
April 14, 2013
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BMW adds currency hedges with VW to mitigate volatility
Bayerische Motoren Werke AG and Volkswagen AG increased their currency hedging in 2012 to reduce the risk that foreign-exchange market swings would harm revenue, according to annual reports from the German carmakers. BMW, the world’s biggest maker of luxury cars, raised its protection in foreign-exchange markets by 39 percent from the previous year to 36 billion euros ($47 billion), according to the report published on March 19. Volkswagen, Europe’s biggest automaker, boosted hedges by 27 percen
MobilityApril 14, 2013
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GM outsells VW in China for 1st time in Q3
General Motors Co. outsold Volkswagen AG in China for the first time in three quarters, helped by growth in demand for Buick vehicles. Volkswagen, which unlike GM includes Hong Kong and Macau in its China figures, today reported first-quarter sales in China climbed 21 percent to about 770,000 vehicles. That’s 5.7 percent fewer than the deliveries reported by GM last week. The results give Detroit-based GM a head start as it seeks to keep its lead ― on an annual basis ― among foreign automakers i
MobilityApril 14, 2013
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A Porsche dream come true
Seoul may not be the perfect place to drive a Porsche, especially so for German car buffs who enjoy driving at face-peeling speeds on the autobahn. But Stuttgart Sports Cars CEO Michael Vetter, a German with a love for speed, says Porsche owners are creative enough to find ways to drive their cars up to their limits.“If you just drive half an hour outside the city, Korea has beautiful scenery to offer. For example, Namhansanseong (the ancient fortress) has beautiful, winding roads and views if y
MobilityApril 14, 2013
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Samsung Electronics shares may take a hit in Q2: analysts
Shares of South Korea's tech heavyweight Samsung Electronics Co. may take a hit some time before the second half of this year, stoking concerns the local stock market could reel from the fall, if realized, given the company'sbig market proportion, analysts said Sunday. Shares of the world's largest mobile phone maker closed at 1,517,000 won (US$1,342) on Friday, down 1.49 percent from the previous session, according to the Korea Exchange (KRX). The market bellwether had dropped to the 1,180,0
April 14, 2013
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Builders face big restructuring amid dim earnings outlook
Fears of a massive restructuring are again lingering in the local construction industry as leading contractors are known to have logged steep losses in the first quarter amid a protracted industry downturn, data showed Sunday. The combined operating profit of eight listed construction companies here is estimated at 197.7 billion won (US$174.9 million) for the January-March quarter, down 75.2 percent from a year ago, according to the data compiled by local corporate information tracker FnGuid
April 14, 2013
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Executive paychecks average W1.2b
Registered executives at South Korea’s top 20 conglomerates received an average of 1.22 billion won ($1 million) in annual salary in 2012, data showed Friday.CEOSCORE, a Web site that tracks conglomerates as well as financial firms and state-run companies, released the figures based on its analysis of 448 registered executives at 136 non-financial listed companies affiliated with the country’s top 20 business groups.The Web site said 77 out of 136 companies paid 1.3 billion won on average to the
IndustryApril 12, 2013
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KOSPI to reach 2,000 mark in two weeks: analysts
Korea’s benchmark KOSPI index is expected to gradually rebound toward the 2,000 mark in about two weeks, as few downside risks remain that can undermine investor sentiment in the short term, analysts said.“We expect to see a gradual rebound in share prices. I think it will be possible (for the KOSPI) to reach 2,000 in the short term of one to two weeks,” said Samsung Securities analyst Kwak Joong-bo. The KOSPI fell from 2,004.89 on March 29 and has yet to recover. He added that most negative fac
April 12, 2013
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FEZ approves tax break for Hyundai Cummins
South Korea’s free economic zone committee on Friday approved FEZ incentives for Hyundai Cummins Engine Co. that will offer various tax incentives to the joint venture for up to 15 years.Under the decision, the company will be completely exempt from the corporate tax for five years following the start of its business here, and then be given a two-year grace period during which it will have to pay only half of its corporate tax. It will also have its acquisition and property taxes exempt or reduc
IndustryApril 12, 2013