Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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[Weekender] How DDP emerged as an icon of Seoul
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Seoul to provide housing subsidy to married couples with newborns
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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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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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KT introduces Microsoft’s Mango phone in Korea
The presale reservations for Nokia Lumia 710, the first smartphone in Korea running on Microsoft’s new mobile operating system Mango, started Thursday ahead of its release scheduled for Dec. 26. Windows Phone represents Microsoft’s attempt to establish itself as a viable competitor in the smartphone arena, while its rivals Apple’s iPhone and Google’s Android have taken the lead in sales.The Mango phone, taking the simplified user interface of Windows PC software, features the full functions of W
IndustryDec. 22, 2011
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Shares slip as eurozone hope fades
South Korean stocks inched down 0.05 percent on Thursday as lingering jitters over the eurozone debt crisis outweighed recent positive U.S. economic data and prompted investors to take a breather following the previous session’s rally, analysts said. The local currency fell against the U.S. dollar.After surging around 3 percent on Wednesday, the benchmark KOSPI dipped 0.92 points to 1,847.49. Trading volume was moderate at 400.2 million shares worth 3.08 trillion won ($2.67 billion), with declin
Dec. 22, 2011
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Chung named influential figure in auto industry
Hyundai Motor Group chairman Chung Mong-koo was selected as the second-most influential figure in the world’s automotive industry by U.S.-based publication Motor Trend.Last year, Chung ranked fifth on the “power list” named by the auto magazine.Over the past few years, Hyundai Motor and its affiliat
MobilityDec. 22, 2011
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Samsung expected to record all-time high operating profit: analysts
Median consensus of analysts forecast 2012 operating profit to near 20 trillion wonSamsung Electronics, the world’s top smartphone maker, is expected to record an all-time high operating profit figure next year, amounting to nearly 20 trillion won ($17.27 billion), analysts said Thursday.The firm’s
IndustryDec. 22, 2011
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GS Caltex, Hyundai Oilbank picked for discount stations
GS Caltex and Hyundai Oilbank have been selected as the suppliers of petroleum to discount gas stations fostered by the government, the Ministry of Knowledge Economy said Wednesday.Nonghyup and the Korea National Oil Corp. chose the two refiners as suppliers for a year without disclosing their bidding prices, and plan to open the discount gas stations within this year. GS Caltex, which runs refineries in Yeosu, South Jeolla Province, will supply petroleum to discount gas stations in the southeas
IndustryDec. 21, 2011
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KT chairman to serve second term
KT chairman Lee Suk-chae will serve his second term after a special review committee on Wednesday recommended him as the only candidate for the top position at the nation’s largest fixed-line carrier.Even though the final decision is made during a shareholder’s meeting early next year, his reappointment has actually been confirmed, industry sources said. Lee’s official term of three years expires in March and he will serve another three years until 2015, KT said in a statement released late Wedn
IndustryDec. 21, 2011
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President’s nephew-in-law suspected of illegal stock trading
Financial regulators decided on Wednesday to bring a nephew-in-law of President Lee Myung-bak to the prosecution for his alleged involvement in illegal stock trading.Jeon Jong-hwa and several other figures have been suspected of conducting unauthorized stock trading after taking over formerly KOSDAQ
Dec. 21, 2011
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KT launches new digital music service
KT Corp., the nation’s second-largest telecom carrier, launched Wednesday the new digital music market “Genie” that targets the nation’s growing number of smartphone and tablet PC users. KT will start the service on Thursday through the Android app store and its own Olleh Market. The mobile app also will be equipped within Android smartphones that KT plans to launch. For the new music service, KT has joined hands with seven major record and entertainment companies including SM, YG and JYP Entert
IndustryDec. 21, 2011
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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