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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Shares to waver in choppy trading this week
South Korea’s stock market will likely remain choppy with no clear direction this week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($28 billion) for the October-December peri
Dec. 30, 2012
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Hyundai-Kia expand presence in Mideast, Africa
Hyundai and Kia brand vehicles are accelerating expansion in emerging markets such as the Middle East and Africa. According to Hyundai Motor Group on Sunday, Hyundai Motor and its affiliate Kia Motors saw record sales in the Middle East last year, selling 278,515 and 186,504 vehicles, respectively, in the first 11 months.Hyundai’s car sales are expected to surpass the 300,000 mark there for the first time, while Kia seeks to achieve a record sale of some 200,000 units.Hyundai has already become
IndustryDec. 30, 2012
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AmorePacific promotes CEO to chairman
AmorePacific on Sunday said it promoted president and chief executive Suh Kyung-bae to chairman during a regular personnel reshuffling.The promotion, the company said, was a bid to add more drive to its overseas business push. Suh is not only the CEO, but the owner of AmorePacific Corp., a company devoted to cosmetics. Many of the company’s core functions that were distributed to the sister companies of AmorePacific were integrated under AmorePacific Group, while marketing and sales were merged
IndustryDec. 30, 2012
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Nation enters new digital TV era
The era of digital television has opened following the government’s shutting down of analog broadcasts at 4 a.m. on Monday.The Korea Communications Commission said that all programs have been converted into digital format for better picture and sound quality.Digital TV also provides multiple programming choices, also known as multicasting, along with interactive capabilities.All-digital broadcasts also free up parts of the broadcast spectrum for enhanced efficiency and relocation of channels by
IndustryDec. 30, 2012
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Watchdog fines steelmakers for price fixing
The nation’s state-run antitrust watchdog said Sunday it has imposed a combined fine of almost 300 billion won ($281 million) on seven steelmakers for fixing prices of their steel products. Companies subject to the fine worth 291.8 billion won include POSCO, POSCO C&C, Union Steel, Dongbu Steel, Hyundai Hysco, Seah Steel and Seil Steel, according to the Fair Trade Commission.Seven companies are said to have been involved in separate price-collusion cases between 2004 and 2010 through shady meeti
IndustryDec. 30, 2012
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Park to keep conglomerates in check
Following is the 10th in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. President-elect Park Geun-hye rubbed shoulders with the nation’s corporate sector last week, in a crucial meeting which many said was held in a tense atmosphere due to her economic democratization pledges.For the corporate world, especially the big-scale conglomerates, it is good news that Park will be the next president rather than her liberal rival Moon Jae-in, who pledged tighter reins on chae
Dec. 30, 2012
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Apple will drop Galaxy S3 mini from Samsung patent suit
Apple Inc. agreed to drop Samsung Electronics Co.’s Galaxy S III mini from a patent-infringement lawsuit against the South Korea-based company, according to court records.Apple said it agreed to withdraw the smartphone from its case because Samsung assured the court the phone won’t be sold in the U.S., according to a filing Friday in federal court in San Jose, California. The filing, which follows an August verdict in the same court in Apple’s favor on other infringement claims, comes in a secon
TechnologyDec. 30, 2012
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Foreign firms spend less on charity, but more on environment, study says
Foreign-invested firms in Korea spend less money on the social contributions to the local community but spare more money on environment-friendly management, a study showed last week.According to joint research conducted by the Korea University Institute for Business Research & Education and the Korea Economic Daily, foreign-invested firms in Korea spent only one-quarter the amount Korean firms did for corporate social responsibility operations in 2011. The research is the first of its kind to ev
Dec. 30, 2012
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A hard case to crack: Samsonite
Luggage literally turned over a new leaf when a young new chief executive by the name of Suh Boo-suk took the helm of Samsonite Korea in 2005. Branding is always a challenge for new chief executives, but Suh had his job cut out for him at Samsonite, where the challenge was bigger because of what the 100-year-old brand had stood for: a rugged solidness. “It used to be that luggage was luggage, period. Durability was all that mattered and sidelined the design element. But the younger generation wa
IndustryDec. 30, 2012
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Daunting economic tasks await Park
Even with a new government poised to try guide the nation to clearer waters, the economy is seen as unlikely to pick up soon as global markets have yet to show signs of a rebound. “Our economy is still too dominated by exports, and recovery seems out of the picture for many of the countries around the world, so it’s hard to say that the economy will improve drastically in the New Year,” said Cho Young-moo, a senior research fellow at LG Economic Research Institute. The U.S. economy, still cloude
Dec. 30, 2012
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Storms brew for export-driven industries
As global economic growth is expected to remain tepid in 2013, the nation’s major industries will find this year harder than the last, with the exception of the smartphone industry, according to a recent export forecast by the Korea International Trade Association. KITA forecast that the smartphone and related-parts industry was likely to be the sole sector to have a good year, enjoying double-digit sales growth in and out of Korea. New models of flagship smartphone brands like Samsung’s Galaxy
IndustryDec. 30, 2012
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ArcheAge aims at a successful kickoff on Jan. 2
A new massively multiplayer online role-playing game “ArcheAge” is drawing attention from Korean gamers, with its debut slated for Wednesday. XLGames, the game’s developer, has provided an advance registration service on Dec. 19 in which gamers can create in-game characters before the official release. As of Friday, more than 200,000 users already have registered on the 15 separate game servers, proving Korean gamers’ enthusiasm for the title. XLGames CEO Song Jae-kyung, who previously achiev
TechnologyDec. 30, 2012
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Watchdog fines 7 steelmakers for price fixing
South Korea's antitrust watchdog said Sunday it has decided to fine top steelmaker POSCO and six other industry players a combined 291.7 billion won ($273.5 million) for colluding to fix prices of some steel products.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six steelmakers, including POSCO and Hyundai Hysco.According to the FTC, they colluded to fix prices of cold-rolled plates, galvanized steel sheets and color steel sheets between 2004 and
IndustryDec. 30, 2012
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Cough syrup deaths in Pakistan rise to 36
A batch of toxic cough syrup has killed as many as 36 people in Pakistan, officials said.The deaths have come over the past four days, mostly in Gujranwala where 25 people who used the cough syrup have died, News Pakistan reported Saturday.Among those who died was Chaudhry Irfan, a former councilor for Nadi Pur Town.About a dozen medical stores have been shut down by authorities and 8,000 bottles of tainted cough syrup have been seized, said health adviser Khwaja Suleman Rafiq, who visited Gujra
TechnologyDec. 30, 2012
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Korea's 2012 per-capita GDP estimated to stay almost flat
South Korea's per-capita gross domestic product (GDP) is estimated to only marginally inch up in 2012 compared with the previous year due to the slowing economy, a report showed Sunday. Korea's per-capita GDP is estimated to reach $22,705 this year, up 1.3 percent from a year earlier, according to a report by Korea Investment & Securities Co. In calculating the figures, the full-year economic growth rate was estimated at 2.3 percent and the local currency was set at an average of 1,127.1 ag
Dec. 30, 2012
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Seoul shares to waver in choppy trading next week
South Korea's stock market will likely remain choppy with no clear direction next week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said Saturday.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won (US$28 billion) for the October-De
Dec. 29, 2012
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Industrial output grows 2.9% on-year in Nov.
South Korea’s industrial output bounced back in November, raising expectations that industrial activities might be picking up, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries gained 2.9 percent last month from a year earlier, turning around from the previous month’s 0.8 percent on-year contraction. The output also grew 2.3 percent on-month, marking the third straight month of expansion. The ser
Dec. 28, 2012
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Banks’ lending rates fall to new record low
South Korean banks’ lending rates fell to a fresh record low in November as market interest rates declined amid the central bank’s monetary easing, the Bank of Korea said Friday.The average rate for banks’ new loans to households and firms stood at 4.94 percent last month, down 0.04 percentage point from the previous month, according to the BOK.The November data marked the lowest level since 1996 when the central bank began to compile related data.The BOK lowered the key interest rates in July a
Dec. 28, 2012
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Asiana Airlines helps typhoon-hit Palau
Asiana Airlines supported global rescue efforts to help the typhoon-devastated Palau by sending an airplane carrying solar lanterns to the western Pacific island country on Thursday.Company officials said the 350 lanterns were donated by the charity organization, International Peace Sports Federation in Seoul. They said the lanterns will be directly delivered to the incoming president Thomas Esang Remengesau Jr., who is scheduled to take office early next month.Asiana Airlines CEO Yoon Young-doo
IndustryDec. 28, 2012
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STX’s European unit wins cruise ship order
South Korea’s shipbuilding and shipping conglomerate STX Group said Friday that its European unit has clinched a deal to build a cruise ship.Under the deal with Royal Caribbean Cruises Ltd., the world’s second-largest cruise operator, STX France will build the cruise ship by mid-2016, the group said. The deal includes an option to build another cruise ship.The group did not reveal the financial terms for the deal, but market watchers estimate the price per vessel will be less than the previous t
Dec. 28, 2012