Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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[Music in drama] An ode to childhood trauma
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New chief named to anti-corruption body
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New head of doctors' association vows war in case of disadvantage to medical professors
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Shares fall on telecom, brokerages
South Korean stocks finished 0.79 percent lower Tuesday due to steep falls among telecom companies and brokerages and short-lived rumors on North Korea that triggered a brief plunge, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dropped 14.68 points to 1,842.02. Trading volume was heavy at 520 million shares worth 4.18 trillion won ($3.61 billion) with losers leading gainers 573 to 257. The KOSPI tumbled 2.33 percent at 10:40 a.m.
Dec. 27, 2011
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Just 0.1% of companies account for one third of output
Just 0.1 percent of businesses in Korea account for almost one-third of private sector output, the latest state report said Tuesday, showing seriously skewed income distribution in Asia’s fourth largest economy.Statistics Korea said 0.1 percent from a total of 3.35 million businesses in operation produced 1.32 quadrillion won ($1.15 trillion), or 30.7 percent of total revenue in 2010.Self-employed businesses with less than five workers each made up 83.6 percent of the total number of licensed bu
IndustryDec. 27, 2011
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Spending by foreign tourists jumps 37% in Q3
Spending by foreign travelers here went up at a brisk pace in the third quarter, helping power Korea’s gross domestic product growth, data showed Tuesday.According to the Bank of Korea, foreign nationals spent 3.4 trillion won ($2.9 billion) in the third quarter of this year, up 37.4 percent from the second quarter. Thanks to the increase in expenditure by foreign travelers, their GDP contribution ratio rose to 0.3 percent in the July-September period, up from almost zero in the previous quarter
Dec. 27, 2011
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Banks to cut lending rates for SMEs
Loan delinquency rate of small, medium-sized firms reaches dangerous levelCommercial banks plan to lower interest rates on loans to small- and mid-sized enterprises as the delinquency rate in the industry has continued to rise.The ratio of overdue loans in the SME sector has grown to a critical level, even surpassing the figure from the 2008 global financial crisis.State-funded banks ― Woori Bank, Export-Import Bank of Korea and Industrial Bank of Korea ― have taken the initiative and other majo
Dec. 27, 2011
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Samsung 5th in market cap
Growth of smartphone business bolsters earnings, share priceSamsung Electronics Co., Asia’s biggest technology company, has ranked fifth in the global IT list of market capitalization, overtaking U.S. software firm Oracle Corp., data showed Tuesday. Samsung, a frontrunner in the world’s semiconductor, mobile phone and flat-screen TVs, saw its market cap reach $136.9 billion as of Dec. 23. Oracle’s figure was $131 billion and it was the first time Samsung outpaced the U.S. software leader. Only f
IndustryDec. 27, 2011
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Koreans concerned about inflation
One out of every two Koreans is most concerned about the rising prices of goods and services next year, a recent survey showed on Tuesday.In a survey conducted by the Korea Chamber of Commerce and Industry, 54.6 percent picked inflation as the most burdening factor for the household budget in 2012, followed by remaining loans and a reduction in income with 26.2 percent and 13.4 percent, respectively.The decrease in asset value also took up more than 5.4 percent. The survey was answered by 500 pe
Dec. 27, 2011
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GS to invest W3.1tr next year
GS Group said Tuesday it will make its biggest-ever annual investment of 3.1 trillion won ($2.7 billion) next year in energy, retail and construction businesses, targeting record sales of 7.5 trillion won, up 10 percent from this year.The 48 percent increase in investment compared to this year’s 2.1 trillion won will reinforce the conglomerate’s major businesses and solidify a base for sustainable growth, GS said.In the energy business, GS Caltex Corp., the group’s key affiliate, GS EPS Co. and
IndustryDec. 27, 2011
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SKT develops world’s first ‘femtocell’ for LTE
SK Telecom, the nation’s No. 1 mobile carrier, said Tuesday that it has developed the world’s first femtocell designed to support the fourth-generation Long Term Evolution network service. A femtocell, or a small cellular base station, allows service providers to extend service coverage indoors, especially where access would otherwise be limited or unavailable. With the company’s latest innovation, SK Telecom said that its LTE users will be offered high-speed data service even while indoors and
IndustryDec. 27, 2011
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Semikron to build inverter plant in IFEZ
Semikron, a German electronics maker, plans to set up a factory and research laboratory in Incheon to produce industrial inverters as part of its drive to expand into East Asia, officials here said Tuesday.The Incheon Free Economic Zone Authority said it struck a deal with the German company on Dec. 23 for the $10 million project. But it did not provide details on the plant’s production capacity or time frame.The facilities in Songdo, the port city’s international business district, were envisag
IndustryDec. 27, 2011
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Veloster, Pride win Good Design Awards
Hyundai Motor Co.’s three-door sports car Veloster won a design award in the transportation category of the 2011 Good Design Awards, one of the most prestigious industrial design awards in the world, the company said Tuesday.The 2011 Veloster features asymmetric three-door where a single rear passenger door is on the right side with a rear hatch look. “Hyundai Motor Group’s design continues to be recognized in the global design awards. Hyundai’s Veloster, Kia’s Pride and concept car KV7 were win
IndustryDec. 27, 2011
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GE Energy provides clean energy products
Korea’s first integrated gasification combined cycle power plant, a type of renewable energy production unit, broke ground last month in Taean, South Chungcheong Province. The 300-megawatt “cleaner coal” facility will turn coal into synthesis gas, then remove impurities from the coal gas before it is combusted and turn any pollutants into reusable byproducts, resulting in lower carbon emissions. Korea Western Power Co. picked General Electric as the supplier of a 7F Syngas Turbine, a D11 steam t
IndustryDec. 27, 2011
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Consumer sentiment at 3-month low
South Korean consumers’ confidence fell to a three-month low in December as nagging concerns about the eurozone debt crisis increased economic uncertainty, the central bank said Tuesday.The consumer sentiment index ― a gauge of consumers’ overall economic outlook, living conditions and future spending ― came in at 99 for December, down from 103 tallied in the previous month, according to a survey by the Bank of Korea.The December data marked the lowest level since the index reached an identical
Dec. 27, 2011
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SK Telecom gets approval to buy Hynix
SK Telecom on Tuesday received regulatory approval to acquire Hynix Semiconductor Inc., which the nation’s No. 1 mobile carrier hopes to develop into its next growth engine. The Fair Trade Commission approved SK’s purchase of a controlling stake in the nation’s second-largest provider of memory chips on Tuesday, saying, “No impact is expected on the related market competition.”Even though the two companies are leading players in each market, the antitrust regulator saw no problems with the acqui
IndustryDec. 27, 2011
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Korean banks‘ credit risks lower than global lenders: report
The cost of insuring South Korean lenders against default increased at a slower clip than global peers thanks to positive sovereign ratings, a report showed Tuesday.Local banks saw their credit default swap premium rise by 80-90 basis points this year from the end of last year, compared with the 130-255 basis points of U.S. lenders and 120-210 basis points of French banks, according to a report by the Korea Center for International Finance.The spread on CDS reflects the cost of hedging credit ri
Dec. 27, 2011
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[Best Brand] World’s best airline, Singapore Airlines
Singapore Airlines has earned a reputation as a leader in the global aviation industry and received numerous awards due to its commitment to customer service and innovation.Premium customer service is integral to Singapore Airlines’ success. Symbolized by the “Singapore Girl,” the marketing icon is one of the most instantly recognized figures in the global airline industry. This gives the company a great advantage over its competitors. Singapore Airlines’ network stretches across 103 destination
IndustryDec. 27, 2011
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Berkshire completes deal to buy Omaha World-Herald
OMAHA, Nebraska (AP) _ Berkshire Hathaway Inc. has completed the purchase of company chairman Warren Buffett's hometown newspaper, the Omaha World-Herald.The deal announced Nov. 30, for $150 million and the assumption of $50 million in debt, ended one of the newspaper industry's last sizable employe
IndustryDec. 27, 2011
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Vigorous star-forming galaxy at cosmic dawn discovered
An international team of astronomers has discovered a vigorous, star-forming galaxy that existed about 750 million years after the Big Bang. This galaxy, named GN-108036, was a remarkable source of star formation at the so-called "cosmic dawn.” It was generating an exceptionally large amount of star
TechnologyDec. 27, 2011
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French breast implant maker faced US lawsuits
NEW YORK, Dec 26, 2011 (AFP) - Breast implants made by troubled French firm PIP have been at the heart of multiple lawsuits in the United States, where they were sold up until 2000, documents filed with the US government show.Tens of thousands of women worldwide have been fitted with the implants, w
TechnologyDec. 27, 2011
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VW recalls 2,750 diesel vehicles
Volkswagen Korea, the local importer and distributor of Volkswagen vehicles, is recalling 2,750 diesel cars in South Korea for faulty fuel pipes that could break and cause fuel leaks, the government said Monday.The recall covers the Golf, Jetta, Tiguan and Passat models produced from Jan. 6, 2009 to Jan. 24, 2011, according to the Ministry of Land, Transport and Maritime Affairs.The ministry said the vehicles have fuel lines that could wear out under vibration, causing leaks that could also catc
IndustryDec. 26, 2011
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Samsung buys Sony’s stake in LCD venture
Samsung Electronics Co. said Monday that it has agreed to end its joint liquid crystal display venture with Sony Corp. as the global panel industry continues to struggle with a prolonged downturn in TV demand. The Korean firm decided to buy Sony’s entire stake in the joint venture, S-LCD Corp., for 1.08 trillion won ($939.6 million), it said in a statement. The deal is expected to be completed by the end of next month, pending regulatory approval. Even though the joint venture will come to a clo
TechnologyDec. 26, 2011