Most Popular
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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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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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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Shares down on EU disappointment
South Korean stocks closed 0.12 percent lower on Monday as investors were disheartened by a recent European Union summit and downbeat earnings from U.S. firms, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index slipped 2.25 points to 1,941.59 in the first 15 minutes of trading. Trading volume was moderate at 453.8 million shares worth 3.8 trillion won ($3.4 billion), with decliners outnumbering gainers 444 to 369.“The EU policy event di
Oct. 22, 2012
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Hana-SK issues record number of mobile cards
Hana-SK Card, the smallest player among local credit card companies, is not so little when it comes to mobile cards, as proven by its recent record-breaking card issuance numbers. Hana-SK became the first in the industry to issue more than 500,000 mobile cards as of September this year, industry sources said on Monday. The figure is also a record-breaker in the global credit card industry, they said.Hana-SK’s feat comes as existing plastic credit cards are expected to be largely replaced by mobi
IndustryOct. 22, 2012
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Discount chains to restrict business to support small biz
Presidents of large discount store chains such as E-Mart, Lotte Mart and Homeplus agreed to refrain from opening new stores and to voluntarily close on Sundays in a bid to support small retailers and mom-and-pop shops.Chiefs of the retail giants also agreed with associations of merchants and small supermarkets during a meeting on Monday to organize a consultative body to discuss the current law that requires large outlets to close every other Sunday and measures to support small and medium-sized
IndustryOct. 22, 2012
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LG Chem denies halt at Holland battery plant
LG Chem on Monday denied news reports that operations have stopped at its overseas battery plant in Holland, Michigan, stating that it was never officially activated.The plant, designed to produce batteries for electric vehicles, has curtailed its operations to 75 percent and has deferred the date to put the factory in full operation mode as the firm is waiting until the market condition turns favorable for electric cars, according to company officials. It now employs about 200 workers.“Some for
IndustryOct. 22, 2012
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Korea plans to allow duty-free SMEs
Sour consumer sentiment has been taking its toll on Korea’s department stores and discount chains for months, but the duty-free retail industry has been a shining exception.Duty-free shops run by chaebol conglomerates such as Lotte, Shilla and SK posted some 4.4 trillion won ($3.9 billion) in combined sales last year, nearly double their combined revenue of 2.2 trillion won three years before in 2008. The two-story Lotte Duty Free Shop above Lotte Department Store in central Seoul alone generate
IndustryOct. 22, 2012
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Affiliates of conglomerates pay out low dividends
South Korean conglomerates’ average dividend payouts to investors hovered below the market average last year, data showed Monday, raising concerns over family-owned firms taking excessive profits.The average dividend yield ratio came to 1.09 percent for 83 affiliates of the top 10 conglomerates listed on the main bourse, according to market researcher Corporate Governance Service.The number lags behind the market average of 1.42 percent tallied by 710 listed firms on the main bourse, the CGS dat
Oct. 22, 2012
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Renault Samsung appoints new PR expert
Renault Samsung Motors has scouted a new PR expert. The South Korean unit of French automaker Renault announced last week that it appointed Hwang Eun-young as a new executive in the company’s PR division. Hwang began her post on Monday. After studying at Ewha Womans University’s Graduate School of Translation and Interpretation, Hwang worked at Korea Employers Federation, law firm Kim & Chang, and Fleishman-Hillard Korea, one of the units of the global advertising and communication group Omnicom
IndustryOct. 22, 2012
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Kang appointed as new Lenovo Korea chief
Lenovo Korea appointed a former HP Korea executive as the company’s new country general manager last week. Kang Yong-nam, who became the new chief of Lenovo Korea, specialized in the personal computer, software, server, storage and IT consulting fields over the past 20 years at Dell and HP. He contributed to the expansion of HP’s market share in South Korea and $100 million sales in PCs while he served as an executive at the company’s Printing Personal System Group. At Lenovo, Kang will be in c
IndustryOct. 22, 2012
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Korean consumers begin to demand fair deal on imports
When it comes to makeup, 28-year-old office worker Lee Yu-na prefers foreign brands like SK-II, Dior or La Mer instead of Korean brands, especially cheap ones. “Foreign cosmetic brands have a longer history compared to most Korean brands and have been appreciated by women all over the world. It is the company, not the separate brands, that I consider before my purchase, and small companies like those that make cheap local brands seem unreliable,” she said. “I would go for the more expensive one
IndustryOct. 22, 2012
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S. Korea should lead economic integration in Asia-Pacific region: minister
South Korea should intensify its efforts to integrate economies in the Asia-Pacific region to better capitalize on what many see as the newly-emerging center of the global market, the country's top economic policymaker said Monday."We should keep our policy focus on the Asia-Pacific region, which is emerging as the nucleus of the global economy, so we can spearhead regional economic integration," Finance Minister Bahk Jae-wan told a meeting with other key policymakers.He said the government has
BusinessOct. 22, 2012
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LG Chem denies reports on U.S. plant operation delay
LG Chem Ltd., the world's largest battery maker, on Monday denied reports by U.S. media outlets that it has delayed starting commercial operation of its American lithium-ion battery plant, thus failing to create jobs and leaving about 200 workers idle. U.S. media outlets including Fox News and Wood TV have reported the factory built using US$150 million of taxpayer funds is putting workers on furlough before a single battery has been produced. "The report is not true," LG Chem said in a statemen
IndustryOct. 22, 2012
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How do ‘Lotto millionaires’ spend their money?
A group of economists analyzed how 3,000 winners of the Britain’s National Lottery spent their winnings, according to British news reports.According to a study by Oxford Economics, so-called Lotto millionaires won a combined total of 8.5 billion British pounds ($13.6 billion) to date, and have spent 4.74 billion pounds. Among the usual luxuries purchased by the overnight millionaires were cars, hot tubs and houses. The study showed that 10 percent purchased autos, about 33 percent bought a hot t
Oct. 22, 2012
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S. Korea likely to launch space rocket as scheduled: minister
South Korea plans to go ahead with the scheduled launch of its space rocket this week, at least for now, though weather conditions and other factors may prompt last-minute changes, the science minister said Monday."We have confirmed after considerations of weather conditions and preparations for the launch that the launch will be possible on Oct. 26," Minister of Education, Science and Technology Lee Ju-ho told reporters.The space rocket, the Korea Space Launch Vehicle-1 (KSLV-1), is currently s
TechnologyOct. 22, 2012
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Smoking linked to increased cataract risk
ZHEJIANG, China (UPI) -- Scientists in China say evidence shows smoking increases the risk of age-related cataracts, the leading cause of blindness and vision loss in the world.Dr. Juan Ye of the Institute of Ophthalmology at Zhejiang University in China and colleagues conducted a meta-analysis using numerous studies from Africa, Asia, Australia, Europe and North America to compare the prevalence of age-related cataracts in individuals who ever smoked cigarettes to those who have never smoked. “
TechnologyOct. 22, 2012
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Seoul shares start lower on U.S. losses
South Korean stocks got off to a weak start Monday as investor sentiment was dampened by losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 24.12 points, or 1.24 percent, to trade at 1,919.72 in the first 15 minutes of trading.Shares lost ground across the board, with market bellwether Samsung Electronics falling 1.54 percent and leading carmaker Hyundai Motor decreasing 1.1 percent. Top steelmaker POSCO shed 1.12 percent.U.S. stocks ended lower on
Oct. 22, 2012
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Demo at S. Korea embassy in Tehran after Daewoo deal sours
Around 1,000 workers from Iran's Entekhab group staged a demonstration at the South Korean embassy in Tehran on Sunday after an acquisition deal with Daewoo Electronics went sour due to sanctions.The demonstration by workers from the private Iranian company was aimed at retrieving a down payment of $70 million (53 million euros) Entekhab had paid in 2011 to Daewoo, company spokesman Hamid Ghaznavi told AFP.In November 2010, Entekhab Industrial Group signed a contract sealing its acquisition of S
IndustryOct. 22, 2012
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More elderly enjoy sex
Almost four out of 10 Koreans in their 80s are sexually active, according to research released by the Korea Consumer Agency on Friday. The figure is a fourfold increase compared to a decade ago. The research, involving 500 people ― 377 men and 123 women ― aged over 60, showed that 36.8 percent of the elderly aged between 80 and 84 enjoy sex. Among those aged between 75 and 79, 58.4 percent answered that they have sex; between 70 and 74, 61.9 percent; between 65 and 69, 69.4 percent; and between
Oct. 21, 2012
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Korea becomes black hole for some global IT firms
Yahoo! Korea is to become the latest globally well-known IT firm to close its Seoul office, with the Internet venture expected to leave the country by the year-end.Considering that Korea is the home turf of leading IT companies like Samsung and LG Electronics, multinational companies have been experiencing difficulty in sales and business here.Yahoo! Korea, established in 1997, had been the nation’s top online portal, taking over 80 percent of the online search market in early 2000.However, its
IndustryOct. 21, 2012
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Boon for next-generation displays
New derivatives could be boost to local electronics industryKorean scientists have developed new organic materials that may help the electronics industry produce next-generation displays and maintain its global competitiveness.A team of scientists led by professor Choi Dong-hoon of Korea University said it has discovered extended conjugated molecules through compounds of porphyrin.The porphyrin derivatives may be used to boost the efficiency of semiconducting devices such as organic field-effect
TechnologyOct. 21, 2012
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Meaning of hosting AIPPI World Intellectual Property Congress in Seoul
AIPPI is holding its 43rd World Intellectual Property Congress from Oct. 20 to 23 at COEX in Seoul. AIPPI strives for the establishment of consensus positions on current and important IP issues and advocating those positions to international and regional governmental organizations and to governments. This biennial congress’ grand return to Asia after the Tokyo congress in 1992 is particularly imperative, as Northeast Asia is the epicenter of global and major IP advancements, while also having ro
Oct. 21, 2012