Most Popular
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Yoon apologizes for Busan's Expo bid failure; Mayor open to 2035 rebid
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AI robots to aid English education in Seoul schools
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Samsung promotes execs in 30s, 40s for future growth
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State-run body says 'cannot hire women' applicants
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4.0 magnitude earthquake rattles Gyeongju, wakes Korea up
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Disgraced Korean-American singer wins suit over visa denial
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As streaming services raise fees, some turn to illegal streaming sites
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BOK holds key rate steady, cuts 2024 growth outlook
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Drug addiction treatment to be covered by national insurance
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4.0 magnitude earthquake shakes southeastern Korea
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Samsung Electronics, LED merger likely next week
Samsung Electronics is expected to merge with Samsung LED by next Monday, according to industry sources on Wednesday.Samsung Electronics and Samsung Electro-Mechanics will hold a board meeting on Dec. 26 to decide on whether the flagship electronics arm will acquire the 50 percent stake of Samsung LED, currently owned by Samsung Electro-Mechanics, sources said.The merger is projected to be completed by the first half of next year with the board’s approval.Samsung LED is a joint venture made betw
IndustryDec. 21, 2011
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KOSPI makes strong rebound on U.S. data
Officials believe fundamentals are strong enough to weather short-term volatilitiesSeoul shares surged 3.09 percent Wednesday on positive U.S. housing data, ending earlier losses from Kim Jong-il’s death as a brief technical decline. The benchmark KOSPI advanced 55.35 points to close at 1,848.41, extending gains for the second day after posting its sharpest loss in six weeks Monday on the death of the North Korean leader. The local currency advanced 14.5 won against the U.S. dollar to close at 1
Dec. 21, 2011
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Eximbank to expand spending for underprivileged
Export-Import Bank of Korea has been expanding its social activities such as employment of the needy and supporting low-income households.For the project, the state-run bank said Wednesday that its budget for social activities sector will increase by about 50 percent to 3 billion won ($2.63 million) in 2012 from 2 billion won in 2011.“Some part of our interest income from extending loans to conglomerates will be allocated for contributing the underprivileged,” an Eximbank spokesman said.In its r
Dec. 21, 2011
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Switch to iPhone 4S or LTE?
Customers hesitate to make choice with introduction of LTE handsetsCho Yoon-ah, 30, is hesitating over whether to buy the newest version of Apple’s smartphone, the iPhone 4S, or one of the LTE handsets now that her two-year mobile contract is almost over.Cho even signed up in advance to get the iPhone 4S, but local mobile carriers’ aggressive move to introduce smartphones that run on the fourth generation Long Term Evolution network has left her confused.The 4G LTE network technology is reported
TechnologyDec. 21, 2011
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KEB, Lone Star lose lawsuit to former shareholder
Korea Exchange Bank and its biggest shareholder Lone Star Funds lost an international suit filed by Olympus Capital, the formerly second-largest shareholder of KEB’s credit card affiliate. The International Court of Arbitration of Singapore, in its recent verdict, ordered KEB, Lone Star and three other parties to pay Olympus Capital $37.3 million (43 billion won) with arrear of interest of 5 percent per annum. The equity fund Olympus Capital had argued that KEB breached its contract with the th
Dec. 21, 2011
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Kim’s death likely to affect South Korea’s bond sales
The death of North Korean leader Kim Jong-il could make it tough for local banks and firms to sell foreign currency-denominated bonds due to heightening geopolitical risks, a report showed.In particular, the sale of Samurai bonds denominated in the Japanese currency could be affected as Japanese investors may be more cautious about developments in their neighboring country, according to a report by the Korea Center for International Finance.“The sale of Samurai bonds has been brisk this year, bu
Dec. 21, 2011
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Two electric car models get tax breaks
Renault Samsung Motors’ SM3 ZE and Kia Motors’ Ray were chosen as the first two electric cars to receive tax breaks starting next month in a bid to promote sales of the eco-friendly vehicles.The Ministry of Knowledge Economy said Wednesday that tax breaks of up to 4.2 million won will be provided for the SM3 ZE and the Ray, which are priced at around 60 million won and 45 million won, respectively, as the two met all the requirements for energy efficiency and technological details. The SM3 ZE c
IndustryDec. 21, 2011
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Korea to pump $11.8 b into resources search in 2012
Korea will inject a record $11.8 billion in overseas resources development next year in a bid to slake its ever-growing thirst for energy and rare earth minerals, the government said Wednesday.Of the total, $7.8 billion, or 66 percent, will come from state coffers and the remainder from the private sector, the Ministry of Knowledge Economy said. The sum also reflects a 34 percent jump from last year’s estimated $8.8 billion.Under the plan, the government aims to nearly double its self-sufficienc
Dec. 21, 2011
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Hyundai chairwoman coordinating N.K. visit with former first lady
The chairwoman of Hyundai Group, a family-run shipping and tourism conglomerate, is working with former first lady Lee Hee-ho to jointly pay their respects to North Korean leader Kim Jong-il, sources said Wednesday.The company, which has extensive business interests in the socialist country, said it has begun talks so the two women can form a civilian condolence group to go to the communist country.“There is a need to work out details on how many people will be included in the group and when the
Dec. 21, 2011
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Firms spooked more by Europe than N.K.
Businesses more concerned about effects from eurozone debt crisisMajor listed companies in South Korea saw North Korea as less of a risk than the European debt crisis for their business next year, despite concerns of instability in Pyongyang following Kim Jong-il’s death.South Korea’s top 20 listed businesses in terms of aggregate market value said they were much more perturbed by the fiscal predicaments in Europe than they were by North Korea. They were, however, worried about currency exchange
IndustryDec. 21, 2011
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Homeplus to start convenient store business
Homeplus, the nation’s No. 2 supermarket chain owned by the U.K.’s Tesco, said Wednesday that it is ready to expand its business to convenient store franchises early next year. The retail giant said it has already received clearance from local antitrust authorities to go ahead with its plan to enter the industry here. “A growing number of babyboomers are expected to retire in the coming years. They could profit from the franchise business with less investment, leading to more jobs here,” a Homep
IndustryDec. 21, 2011
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SK Telecom, Chery Automobile set up joint lab in China
HONG KONG (Yonhap News) ― Chery Automobile Co., China’s seventh-largest automaker, said Wednesday it has jointly built a laboratory with South Korea’s leading mobile carrier SK Telecom Co., in a bid to boost their competitiveness in the vehicle networking technology. A trend has been growing recently in the automobile industry toward developing in-vehicle data transmission and communications between vehicles and the outside world.After three years of coordination, the two companies recently laun
IndustryDec. 21, 2011
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Samsung becomes world’s 7th largest laptop maker
Samsung Electronics Co., the world’s top memory chipmaker, is also becoming a major supplier of laptop computers, more than quadrupling its global market share in just four years, market observers said.The company’s global market share rose from 1.4 percent in 2007 to 6.5 percent in the third quarter of this year, they said.The third-quarter figure is the world’s seventh largest, placing Samsung ahead of other major suppliers including Japan’s Sony Corp. and United States’ Apple Inc.Samsung’s do
TechnologyDec. 21, 2011
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Hyundai Motor’s Eon, Verna named best cars in India
Hyundai Motor Co.’s Eon and Verna small-size cars have been respectively named the “best cars of the year” in their segments in India, industry sources said Wednesday.The Eon, Hyundai’s hatchback city car, has been named the micro-mini car of the year by the Overdrive automotive review program aired on CNBC-TV18, according to the sources.The model made by South Korea’s largest carmaker features an 800cc engine, and was launched in the local market in October, with sales hitting 7,418 units last
MobilityDec. 21, 2011
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Gold prices jump on North Korean woes
Gold prices in South Korea have climbed following the death of North Korean leader Kim Jong-il as worries over heightened geopolitical uncertainties and a strengthening greenback prompted investors to stack up the safe-haven asset, data showed Wednesday.The retail price of 1 don of pure gold in South Korea stood at 238,000 won ($205.99) as of Tuesday, rising the most in five days since 241,000 won on Dec. 14, according to the Korea Gold Exchange.The don (3.75 grams) is a Korean unit used to meas
Dec. 21, 2011
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Korea Life to set up joint venture in China
Korea Life Insurance Co., South Korea’s second-largest life insurer, said Wednesday it will launch a joint venture in China in a bid to tap into the world’s second-largest economy.Korea Life Insurance signed an agreement Tuesday with China’s state-run fund provider Zhejiang International Business Group Co. to set up a joint life insurer in Hangzhou, the provincial capital of Zhejiang, the Korean insurer said in a statement.The 50-50 joint venture will be capitalized at 500 million yuan ($78 mill
Dec. 21, 2011
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France may order 30,000 women to remove implants
Up to 30,000 French women and perhaps tens of thousands more around the world may have to have defective breast implants removed after several suspicious cases of cancer, officials said Tuesday.A decision on whether to order the removal of the implants, produced by the Poly Implant Prothese (PIP) co
TechnologyDec. 21, 2011
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2 Earth-size planets spotted around distant star
NEW YORK (AP) — Scientists have found two Earth-sized planets orbiting a star outside the solar system, an encouraging sign for prospects of finding life elsewhere.The discovery shows that such planets exist and that they can be detected by the Kepler spacecraft, said Francois Fressin of the H
TechnologyDec. 21, 2011
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Apple EU design may lose reach in Samsung case over tablets, court says
A European Union design Apple Inc. (AAPL) used to win a sales ban on Samsung Electronics Co.’s Galaxy 10.1 tablets may be of limited value after new evidence was introduced in an appeal of the decision, a German court said. Samsung introduced as evidence a U.S. utility patent using a type of flat sc
TechnologyDec. 21, 2011
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Samsung becomes world's seventh largest laptop maker
SEOUL, Dec. 20 (Yonhap) -- Samsung Electronics Co., the world's top memory chipmaker, is also becoming a major supplier of laptop computers, more than quadrupling its global market share in just four years, market observers said Tuesday.The company's global market share rose from 1.4 percent in 2007
TechnologyDec. 20, 2011
