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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Korean watchdog to promote Seoul as financial hub
HONG KONG (Yonhap News) ― Korea’s financial regulator said Tuesday it will hold an investor relations session in Hong Kong this week in a bid to promote Seoul as a financial hub and attract foreign financial companies to the capital.The 2012 Financial Hub Seoul Conference in Hong Kong, to be hosted jointly with the Seoul Metropolitan Government on Wednesday, will highlight South Korea’s efforts to become a leading financial center, the Financial Supervisory Service said.Participants will also be
Sept. 11, 2012
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Apple may delay iPhone 5 release in Korea
Apple’s new smartphone both boon and bane for telecom operatorsTech watchers and Apple fans are anxiously awaiting the U.S. company’s grand introduction of its next smartphone model, the iPhone 5, on Sept. 12.Since the announcement of Apple’s media event which showed the numbers “12” and “5” silhouetted on its press invitations, market analysts are already forecasting that its new phone will be a hit even before the iPhone 5 is revealed to the public.Rumors and speculations are growing globally.
TechnologySept. 11, 2012
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Shares edge lower on investor wariness
South Korean stocks closed 0.24 percent lower Tuesday as investors became wary ahead of key events at home and abroad, analysts said. The local currency declined against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 4.7 points to 1,920. Trading volume was heavy at 703.2 million shares worth 4.25 trillion won ($3.77 billion), with losers outpacing winners 457 to 339.“Investors sat on the sidelines to see what policymakers will decide regarding economy-boosting plans later t
IndustrySept. 11, 2012
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Hyundai to provide W10b to the poor
The Chung Mong-koo Foundation, funded by the Hyundai Motor Group chairman, announced Tuesday a new charity program that will provide a combined 10 billion won ($8.8 million) to 20,000 low-income households from October. The new fund will focus more on those who have fallen into the dead zone in regards to government welfare programs, including senior citizens living alone, orphans, low-income multicultural families and North Korean defectors. The foundation plans to continue the support for up t
IndustrySept. 11, 2012
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Seoul-Tokyo tension hits one of 10 Korean firms: poll
Slightly more then one in 10 South Korean companies that trade with Japanese businesses has suffered damage due to the recent diplomatic flare-up between the two countries, a poll showed Tuesday. According to the survey of 500 businesses trading with Japan, 12 percent said they have suffered setbacks in their commerce with Japanese firms due to deteriorated relations between the two countries, while 88 percent said they have not seen any damage. If the tension is prolonged, 64.7 percent of the c
Sept. 11, 2012
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Ensuring wine is beautiful ‘till the last drop’
Australian family-run winemaker seeks future in KoreaBorn into the wine industry, Peter Barry tasted his first glass of wine around the age of 6. “I loved watching people taste wines, smile, and ask, ‘Where is this from?” said the Australian winemaker during an interview on Monday in southern Seoul.He started working at the wine company founded by his father Jim Barry, which the brand was named after, in 1982. His father passed away in 2002, leaving Barry the managing director and proprietor of
IndustrySept. 11, 2012
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Costco Wholesale Korea under fire for doing business on Sunday
The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul’s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores. South Korea’s largest retailer E-Mart and other retail chains later won injunctions
Sept. 11, 2012
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Three-way battle in duty-free market
Shinsegae jumps into local duty-free market dominated by Lotte and ShillaA three-way race is expected as Shinsegae jumped into the local duty-free market which has been so far dominated by Lotte Group and Hotel Shilla. Shinsegae Group announced Wednesday that it had acquired an 81 percent share of Paradise Duty Free for 93 billion won ($82 million). The duty free shop is located inside Paradise Hotel in Busan Metropolitan City and is the 6th biggest in the market. The nation’s duty-free industry
IndustrySept. 11, 2012
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KFS at vanguard of low-carbon green growth
Forest agency expands scope of cooperation to Latin AmericaThe Korea Forest Service leads the vanguard of the nation’s push for lowering carbon emissions and developing green industries.The KFS, in charge of forest policies, has promoted the policy of low carbon emission and green growth on the basis of its “Fifth National Forest Plan.”The 10-year plan, which was implemented in 2008, is designed to further expand the implementation of sustainable forest management in pursuit of maximizing fores
Sept. 11, 2012
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Apple’s secret message about the iPhone 5
Apple fans have found potential clues about the new iPhone 5 just days before its launch, according to news sources. Apple’s PR team started setting up in San Francisco’s Yerba Buena center, the site for the grand launch, over the weekend. On Wednesday, CEO Tim Cook will release the product to the public. Although Apple is famous for keeping silent about their new products, eagle-eyed Apple fans seem to have found a clue in the banner outside the building. Some very eager fans played with the sh
TechnologySept. 11, 2012
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Hollister models’ racist antics in Korea lead to termination
Models of U.S. brand Hollister who allegedly mocked Asians in online photographs were fired, the Daily Mail and other news sources reported on Monday. Hollister recently announced on its homepage that it dismissed the models who uploaded the offensive photos online, and issued a statement of apology.“On behalf of our more than 80,000 associates around the world who cherish our core values and our culture of diversity and inclusion, we sincerely apologize for the offense caused by these unauthori
IndustrySept. 11, 2012
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Costco Wholesale Korea under fire for doing business on Sunday
The South Korean unit of U.S. retail giant Costco Wholesale Corp. has resumed operations on Sunday at its outlets across the country, a move that local industry officials claim violates Seoul‘s policy of restricting the business of large retailers.Local authorities in South Korea have prohibited large retailers from doing business on the second and fourth Sunday of every month to help protect mom-and-pop stores.South Korea’s largest retailer E-Mart and other retail chains later won injunctions i
IndustrySept. 11, 2012
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Government plans W5.9tr stimulus measures
The government announced on Monday a stimulus package worth 5.9 trillion won ($5.23 billion) to boost lackluster domestic consumption and exports by the protracted eurozone debt crisis and a slowdown in China. The Finance Ministry said it would allocate 4.6 trillion won for this year and 1.3 trillion won for next year in its fiscal support measures.The economic support will be made mainly in the form of tax cuts to recharge sagging domestic demand, ministry officials said.The package was arrange
Sept. 10, 2012
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3rd Korean bullet train sets new speed record
Korea’s new high-speed train HEMU-430X has recorded a speed of 354.64 kilometers per hour, the highest-ever demonstrated by trains here. The Ministry of Land, Transport and Maritime Affairs said Monday that the new record speed was set in a test carried out on Sunday at the 120-kilometer section between Busan and Daegu. The previous record was 352.4 kilometers per hour set by the French high-speed KTX back in December 2004. The ministry said Korea has now taken one step closer to connecting the
IndustrySept. 10, 2012
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FTAs drive up wine imports from U.S., Europe
Korea’s imports of wines from the United States and Europe surged on free trade deals with the two major economies despite an economic slump here, industry data showed Monday.According to the data by the Korea Wines & Spirits Importers Association, imports of American wines during the January-July period rose 19.4 percent from a year earlier to $8.63 million.Wine imports from Spain and Germany jumped 19.7 percent and 19.9 percent, respectively, on-year over the same period, while the amount of i
Sept. 10, 2012
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Korea’s producer prices rebound in Aug.
Korea’s producer prices rebounded in August from the previous month as oil costs and agricultural product prices increased, the central bank said Monday.The producer price index, a barometer of future consumer inflation, rose 0.3 percent last month from a year earlier, compared with a 0.1 percent on-year fall in July, according to the Bank of Korea. July marked the first month in nearly three years that producer prices dropped on-year.Compared with the previous month, the index climbed 0.7 perce
Sept. 10, 2012
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Shares slip 0.25% ahead of U.S. stimulus package
Korean stocks edged down 0.25 percent Monday as investors sat on the sidelines before the envisioned U.S. central bank’s stimulus packages, analysts said.The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 4.88 points to 1,924.7, ending a two-session rally sparked by the European Central Bank’s bond-purchasing plan last week. Trading volume was heavy at 608.9 million shares worth 4.28 trillion won ($3.79 billion), with losers outnumbering winne
Sept. 10, 2012
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Big firms still favor former officials as outside directors
Affiliates of Korea’s top 10 conglomerates still prefer former government officials and ex-policymakers as outside directors, data showed Monday, amid escalating criticism of their practice.A total of 330 people served as outside directors at the 93 affiliates of the leading conglomerates as of end-June this year, down from 337 a year earlier, according to the data compiled by local research firm Chaebul.com. Of the 77 outside directors newly hired, 29, or 37.7 percent, were former government of
Sept. 10, 2012
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SPC Group investigated by FTC
The nation’s antitrust watchdog is considering imposing sanctions against SPC Group, a leading franchise conglomerate that operates bakery chain Paris Croissant and Paris Baguette, for enforcing unfair contract conditions on store owners. The Fair Trade Commission said Monday it has found some 300 Paris Croissant store owners out of the total 3,200 nationwide have been forced to carry out refurbishments every year. For those who cannot afford the cost for expansion or refurbishment, the head off
IndustrySept. 10, 2012
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POSCO, Hyundai Group begin work on logistics park in China
HONG KONG (Yonhap News) ― South Korea’s leading steelmaker POSCO and Hyundai Group, known for its business ties with North Korea, broke ground Monday on a logistics park in northeastern China, company officials said. The two South Korean firms started construction of the 1.5-square-kilometer distribution center in the city of Hunchun, located in China’s northeastern Yanbian Korean Autonomous Prefecture. The distribution center, expected to have a capacity of 13 million tons by 2020, will handle
Sept. 10, 2012