Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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S. Korea votes in favor of Palestinian bid for UN membership
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Hana-KEB merger in doubt despite ruling
Regulator’s action against Lone Star Funds raises legal issuesHana Financial Group continues to face a hurdle in its plan to acquire Korea Exchange Bank from Lone Star Funds despite a court’s ruling that the U.S.-based equity fund engaged in stock manipulation.Over the past month, the Financial Services Commission has been in the preliminary stages of ordering Lone Star to sell a large portion of its stake in KEB following the court’s verdict on Oct. 6, which may pave the way for Hana Financial
Nov. 6, 2011
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GM may block Saab sale to Chinese firms
NEW YORK (AFP) ― U.S. automaker General Motors said Saturday that it may block the sale of Saab to two Chinese companies aiming to buy the insolvent Swedish carmaker and provide it with substantial long term funding.“We have many unanswered questions about the transaction,” GM spokesman Jim Cain told AFP, referring to the proposed $142 million sale announced on October 28 of Saab to Chinese companies Pang Da and Youngman.“GM would not be able to support a change in the ownership of Saab which co
MobilityNov. 6, 2011
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Land Rover, Mercedes working on new SUVs
HAMBURG (DPA) ― Land Rover and Mercedes are planning new models of their Range Rover and GL models next year, with increased demand for large, luxury sports utility vehicles (SUVs) in China and Russia, Germany’s Autobild newspaper reports.The new Mercedes GL, built on the basis of the M-Class, is expected to be ready early next year, with only small changes to the exterior, the report said.Both the Mercedes GL and the new Range Rover, which is expected to weigh some 300 kilograms less than the p
MobilityNov. 6, 2011
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VW takes last hurdle in acquisition of MAN
FRANKFURT (AFP) ― Volkswagen, Europe’s biggest carmaker, said on Thursday it had received approval from Chinese authorities to increase its stake in MAN, the final hurdle in the takeover process. “The Chinese competition authorities have approved the increase of the stake of Volkswagen in MAN,” VW said in a statement.Approval by the Chinese competition authorities marked the completion of all regulatory clearances necessary for settlement and with it, VW had been able to take another “decisive s
MobilityNov. 6, 2011
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BMW quarterly profit beats estimates on demand for X3 SUV
Bayerische Motoren Werke AG, the world’s largest maker of luxury vehicles, reported better-than- expected profit in the third quarter as demand for the X3 sport- utility vehicle offset lower 1-Series sales.Earnings before interest and taxes rose 44 percent to 1.72 billion euros ($2.35 billion) from 1.19 billion euros a year earlier, the Munich-based company said today. Profit beat the 1.58 billion-euro average estimate of 18 analysts surveyed by Bloomberg. Revenue climbed 3.8 percent to 16.5 bil
MobilityNov. 6, 2011
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Toyota, Honda see U.S. sales decline as Hyundai, Nissan rise
Toyota Motor Corp. and Honda Motor Co. posted U.S. sales declines for October, rather than the increases they had forecast, while Nissan Motor Co. and Hyundai Motor Co. led gains among Asian carmakers amid improving demand.Deliveries fell 7.9 percent from a year earlier for Toyota, Asia’s biggest automaker, and 0.5 percent for Honda, as both of the Japanese companies did better than analysts had estimated. Sales rose 18 percent for Nissan, 23 percent for Hyundai and 21 percent for Kia Motors Cor
MobilityNov. 6, 2011
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U.S.-built Japan cars hit Korea for tax perks
The Korean parliament’s ongoing dispute over the free trade agreement with the United States is dimming prospects for its early ratification. But global carmakers operating in the United States were already fixing plans to launch vehicles here for the tax advantages in the pact that will greatly impact the auto industries of the two countries.Toyota Motor Corp., among them, is the first to bring its made-in-America cars to Korea at a lower price in expectation of lower taxes. As all cars manufac
MobilityNov. 6, 2011
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Google to strengthen ties with Korea tech giants
Schmidt in Seoul to meet Samsung executives, CEOs of telecom carriersAttention is being paid to the visit by Google chairman Eric Schmidt to Seoul on Monday, which experts said is aimed at forging a stronger partnership with local electronics and telecommunication giants.Government officials and tech industry analysts are speculating that the Google founder may bring “gifts” for the nation’s IT scene.As if to reflect the special attention, Korea Communication Commission chief Choi See-joong expr
IndustryNov. 6, 2011
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Samsung sets new TV sales record in U.S.
Samsung Electronics said Sunday that its television sales in the North American market topped 1 million units last month, setting a new monthly sales record among all TV makers.The world’s biggest flat-screen TV maker said the October sales figure indicates that it sold one of its TVs ― including li
IndustryNov. 6, 2011
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Seoul shares expected to gain ground next week
South Korean stocks are forecast to move upward next week, analysts said Saturday, with the Greek prime minister's latest victory in a confidence vote and an upcoming meeting among European financial ministers likely to embolden investor sentiment. The benchmark Korea Composite Stock Pri
Nov. 5, 2011
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EU questions Samsung, Apple for possible probe
The European Commission said Saturday that it has requested Samsung Electronics Co. and Apple Inc. to provide details on their wireless patents as part of an initial procedure in antitrust investigations. The commission sent requests for information to Samsung andApple regarding the enfo
TechnologyNov. 5, 2011
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G20 leaders fail to agree on how to boost IMF
CANNES, France (AP) -- Leaders of the world's 20 most powerful economies failed to agree on how to increase the firepower of the International Monetary Fund, so that it can help stem the European debt crisis, though they acknowledged its resources should be boosted. The leaders st
Nov. 4, 2011
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Big firms banned from tofu, 24 other businesses
A presidential panel to promote shared growth on Friday released an updated list of 25 industry sectors where conglomerates will be advised to withdraw or have their business expansion restricted. The Commission on Shared Growth for Large and Small Companies said large companies will be banned from expanding into over-competitive sectors or those traditionally occupied by small businesses, including tofu, plate glass and ready-mixed concrete.The decision is the latest instruction after a series
IndustryNov. 4, 2011
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Lotteries booming in Korea
Emergence of pension lottery jumpstarts the boomKorea is in the grip of lottery fever. The nation is on course to sell 3 trillion won ($2.69 billion) worth of tickets this year, up 25 percent from 2010. The Finance Ministry, in charge of lotteries, has stopped its TV promotions with celebrities in an effort to slow the industry’s growth. The explosive popularity of lotteries this year isn’t just about the thrill of winning. Years of branding the state-run project has attracted more prudent, leve
IndustryNov. 4, 2011
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Seoul shares soar 3.13% on eased Greek woes
South Korean stocks surged 3.13 percent on Friday, boosted by hopes Greece will abandon a controversial national vote on terms of a eurozone bailout package, analysts said. The local currency shot up against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 58.45 points to 1,928.41. Trading volume was heavy at 461.5 million shares worth 7.1 trillion won ($6.4 billion), with gainers far outnumbering losers 706 to 147. “The referendum called by Greek Prime Minister George Papa
Nov. 4, 2011
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IBK Q3 net rises 12%
South Korea’s state-run Industrial Bank of Korea said Friday that its third-quarter earnings rose 12.5 percent from a year earlier due to an increase in interest income. Net income amounted to 410.3 billion won ($369.3 million) in the July-September period, compared with 366.3 billion won the previous year, the state-run bank, which mostly caters to small and medium enterprises, said in a regulatory filing.Compared with three months earlier, net profit declined 14.7 percent as the bank recorded
Nov. 4, 2011
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New agency to protect financial comsumers
Korea’s two financial regulatory bodies agreed to set up an agency aimed at protecting consumers after ironing out many of their differences. The new agency will be established early next year.The Financial Services Commission, whose primary role is to set financial policies, and the Financial Supervisory Service, an agency authorized to inspect and punish financial firms that fail to protect consumers, were locked in a battle for influence over the new organization.FSC officials said on Friday
Nov. 4, 2011
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SK chief calls G20 business leaders’ attention to corporate responsibility
SK Group chairman Chey Tae-won called for global efforts to strengthen social corporate responsibility to achieve the sustainable growth of poor countries.Chey made the call during a roundtable discussion at the meeting of business leaders on the sidelines of G20 Summit in Cannes, France, on Thursday.Chey attracted support from participants when he proposed to global companies to set up “social enterprises’ and investment in them for the developing countries’ sustainable growth, according to SK
Nov. 4, 2011
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Preorders for iPhone 4S start amid price dispute
Korea’s two leading mobile carriers SK Telecom Co. and KT Corp. on Friday began receiving preorders for Apple Inc.’s iPhone 4S, which is slated to hit the local market on Nov. 11, amid a brewing dispute over its higher price here than in other countries. The battle for iPhone 4S is expected to be tougher than ever as KT, the company which began to provide iPhone in the Korean market as the sole provider in late 2009, is desperately trying to retain its existing iPhone user base against the marke
TechnologyNov. 4, 2011
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SK Telecom, KT start to accept preorders for iPhone 4S
South Korea's two leading mobile carriers SK Telecom Co. and KT Corp. on Friday began receiving preorders for Apple Inc.'s latest iPhone 4S, which is slated to hit the local market next week.South Korean customers could preorder the iconic smartphone on the companies' Web sites from Friday. Preorder
TechnologyNov. 4, 2011