Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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Official campaigning kicks off for April 10 elections
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Department stores’ luxury sales expand 20%
Koreans’ desire for luxury goods doesn’t appear to be waning, with high-end fashion brand sales at the nation’s major department stores soaring almost 20 percent last year. According to the Ministry of Knowledge Economy on Thursday, the nation’s top three department stores Lotte, Shinsegae and Hyundai saw their luxury goods sales surge 19.8 percent last year. The figure is up from 12.4 percent in 2010 and more than double the average sales growth of 8.9 percent among the three retail chains last
IndustryFeb. 9, 2012
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Plans unveiled to prevent nuke power plant malfunctions
Starting with the orders for two nuclear power plants to be placed in the second half of next year, bidders offering the highest value, instead of the lowest price, will be selected, the Knowledge Economy said Thursday.As part of efforts to bolster quality control, Seoul will adopt the system in use by the United States, Britain and Japan that appreciates high technological levels as well as low prices, the ministry said.The new system will be applied for the construction of the fifth and sixth
IndustryFeb. 9, 2012
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Hyundai Oilbank launches charity foundation
Hyundai Oilbank launched a foundation made up of 1 percent of employees’ salaries on Wednesday.Hyundai Oilbank became the first large company in Korea to have management and labor agree on sharing 1 percent of wages for charity in September. Kim Chang-ki, former managing editor of the Chosun Ilbo, was named chairman of the foundation’s board of directors which include actor Choi Soo-jong, Sookmyung Women’s University professor Bae Jung-geun, Asan Medical Center professor Lee Taek-jong and lawyer
IndustryFeb. 9, 2012
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Measures needed for firms hit by euro debt crisis: KCCI
The Korea Chamber of Commerce and Industry said Thursday that measures should be drafted for firms suffering from shrinking exports due to the sluggish European economy.In its recent study that surveyed 500 firms that focus on exports, 62.9 percent said the economic crisis in Europe is likely to continue next year and beyond. Only 37.1 percent answered they believed it will end within the year.When asked about their difficulties involving the Euro debt crisis, 49.5 percent said it led to a decre
Feb. 9, 2012
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Four overseas banks to be taxed on offshore gains
Authorities discover Citi, Standard Chartered, Deutsche and HSBC underpaid taxesFour Korean branches of overseas banks are to pay a combined 300 billion won ($268 million) in capital gains taxes on from an offshore fund in Luxembourg, underpaid for the past five years, government officials confirmed Thursday. Citi Bank, Standard Chartered Bank, Deutsche Bank and HSBC are to make additional payment on their capital gains from investing in offshore funds called Sicav in Luxembourg, tax authorities
Feb. 9, 2012
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Hana Financial to pick new chief in weeks
Group completes KEB takeover payment to Lone Star and Korea EximbankHana Financial Group chairman Kim Seung-yu confirmed his earlier stance that he will step down from his post.Kim reiterated his willingness to resign during a meeting with reporters right after he participated the financial group’s board meeting on future management policies on Thursday.“We (executives) gave up persuading chairman Kim to serve one more term,” a senior executive also said, adding that the chairman has not reverse
Feb. 9, 2012
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Apple files U.S. suit against Samsung
Apple on Thursday filed another patent complaint against Samsung Electronics in a federal court in San Jose, California.However, it was not confirmed what the complaint was filed against.“We’re aware that the complaint was filed in the San Jose court, but we need to gain access to the copy of the complaint to confirm why it was filed,” said a Samsung official.In December, a court in San Jose rejected Apple’s Galaxy S and Galaxy Tab injunction claims after the U.S. tech giant filed the patent inf
IndustryFeb. 9, 2012
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Korean Air to check A380 jets for cracks in wings
Korean Air said Thursday it plans to check its fleet of Airbus A380 superjumbo jets for cracks on parts inside the wings as ordered by Europe’s air safety authority.The European Aviation Safety Agency on Wednesday ordered checks on the entire global fleet of A380 jets, extending a previous order for nearly a third of the planes to be inspected.“Korean Air plans to conduct close examinations on all of our A380 aircraft before the deadline in cooperation with Airbus for safe operations,” a Korean
IndustryFeb. 9, 2012
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KT to limit Internet access of smart TV from Friday
By Lee Ji-yoonKT Corp., the nation’s largest fixed-line operator, said Thursday that it will limit the Internet access of smart TVs from Friday, urging TV makers like Samsung and LG to pay the costs for network use. “The decision is aimed at protecting a majority of Internet users and preventing (smart TVs) from distorting the market system,” said Kim Hyo-sil, executive vice president of KT’s smart network policy task force. Following the announcement, smart TV watchers who are subscribing KT’s
IndustryFeb. 9, 2012
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BOK freezes key rate for 8th month in a row
The Bank of Korea kept the benchmark interest rate unchanged at 3.25 percent, as widely expected, for the eight straight month as uncertainties continue to hover over inflation and growth outlooks.The decision came as the country continues to face slowing exports and greater external risks such as the protracted eurozone debt crisis. The bank’s monetary policy committee said that economic indicators in the U.S. such as employment have shown improvement, but economic activity in the eurozone cont
Feb. 9, 2012
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Seoul shares rise 0.54% on Greece optimism
South Korean stocks closed 0.54 percent higher Thursday on optimism that Greece may wrap up its austerity talks to receive a fresh bailout from its European neighbors, analysts said. The local currency edged up against the U.S. dollar. The benchmark KOSPI gained 10.89 percent to 2,014.62. Trading volume was heavy at 549.9 million shares worth 7.87 trillion won ($7.05 billion) with gainers outpacing losers 440 to 373. In early trading, strong foreign and program selling sent the KOSPI tumbling as
Feb. 9, 2012
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KB, Shinhan post hefty earnings
KB Financial Group and Shinhan Financial Group reported robust earnings in 2011 on the back of their policy to seek management efficiency.KB Financial posted 2.37 trillion won ($2.07 billion) in net profit last year. Its total assets came to 361.6 trillion won, up 28.1 trillion won from a year earlier.Its flagship KB Kookmin Bank saw its assets reach 276.7 trillion won and KB Kookmin Card recorded 13.4 trillion won.Shinhan Financial, which owns the nation’s largest credit card firm, posted 3.1 t
Feb. 9, 2012
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Apple sues Samsung over patent dispute in California
Apple Inc. filed a patent complaint yesterday against Samsung Electronics Co. in federal court in San Jose, California, according to court records. A copy of the complaint wasn’t immediately available. <한글 기사>애플, 美서 삼성전자 상대 특허권 침해소송미국 애플사는 8일(현지시간) 삼성전자가 자사 특허를 침해했다며 미국 캘리포니아주 새너제이 소재 연방 법원에 소송
IndustryFeb. 9, 2012
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How long can you keep your food?
Expired produce can be safe for some time if unsealed and well storedEveryone has had the experience of throwing away a half-eaten block of cheese or half-empty carton of milk because it has exceeded its expiration date.But the Korea Consumer Agency on Tuesday said most foods are safe even a few days after their expiration date.“The expiration dates written on the cover of the products are usually for distribution. That is, they mean dates when the shop managers begin to take them off the shelve
TechnologyFeb. 9, 2012
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Korea to expand incentives for price stability efforts
South Korea’s finance minister promised Thursday to grant more incentives to municipal governments for their efforts to refrain from raising regional public service fees in a bid to prevent price hikes from fueling overall inflationary pressure.“To induce price stability, the government will expand incentives to municipalities for their efforts to manage regional public fees in a stable manner,” Finance Minister Bahk Jae-wan said during an anti-inflation meeting with other policymakers.It plans
Feb. 9, 2012
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S-Oil signs 20-year crude supply agreement with Saudi Aramco
S-Oil said Thursday it signed a 20-year crude oil supply contract with Saudi Aramco amid concerns of an unstable oil supply due to a U.S.-led oil embargo on Iran.The long-term deal is exceptional in the international crude oil market where one-year contracts are the norm. As S-Oil’s refineries process about 669,000 barrels of crude oil daily, the annual supply from the Saudi Arabian state-owned company is estimated to be about 230 million barrels, or 30 percent of Korea’s consumption of petroleu
IndustryFeb. 9, 2012
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NHN Q4 net falls 16.1 % on marketing costs
NHN Corp., the operator of South Korea’s most-visited Web search engine, said Thursday that its fourth-quarter earnings fell 16.1 percent from a year earlier on increased marketing costs.Net income amounted to 113.3 billion won ($101.3 million) in the October-December period, compared with 135 billion won the previous year, the company said in a regulatory filing.Sales rose 24.7 percent on-year to 591 billion won over the cited period and operating profit gained 15.9 percent to 152.5 billion won
IndustryFeb. 9, 2012
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Korea’s producer price growth hits 17-month low in Jan.
South Korea’s producer prices increased at the slowest clip in 17 months in January on a sharp fall in prices of vegetables and fruits, the central bank said Thursday. The producer price index, a barometer of future consumer inflation, gained 3.4 percent in January from one year ago, slowing down from 4.3 percent on-year growth in the previous month, according to the Bank of Korea (BOK). Last month’s data, which was released ahead of the BOK’s monetary policy meeting to set the key interest rate
Feb. 9, 2012
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Seniors with low credit ratings on the rise
Delinquent borrowers of retirement age are rising in South Korea, data showed Thursday, raising concerns that the trend may accelerate in line with its rapidly aging society.A total of 18,342 people in their fifties or older filed for a debt workout last year, accounting for 24.2 percent of all debt workout applicants, according to the data by the Credit Counseling and Recovery Service.Of the total, those in their fifties accounted for 19.4 percent, while the comparable figure for those in their
Feb. 9, 2012
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Korean firms‘ Q4 performances hit by global uncertainties: data
A majority of South Korean firms saw their earnings drop or suffered losses in the fourth quarter of 2012, hit by global jitters stemming from the world’s major economies, data showed on Thursday.According to data compiled by a local financial information provider, FnGuide, 140, or 57 percent of the 245 listed firms that disclosed their fourth-quarter earnings, reported red figures or an on-quarter decline in their operating profit.Hyundai Merchant Marine Co., the country‘s second-largest shippe
IndustryFeb. 9, 2012