Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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Seoul shares expected to gain ground this 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 KOSPI closed at 1,928.41 on Friday, down 1.07 points, or 0.06 percent, from one week ago. Reports about MF Global Holdings’ filing for bankruptcy protection and an announcement from Greek Prime Minister George Papandreou that the trouble
Nov. 6, 2011
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N.K.’s mineral exports to China tripled from 2010: study
North Korea’s mineral exports to China have tripled this year compared to a year ago, a study showed Sunday.A joint study of Chinese data by the Yonhap news agency and Seoul-based IBK Economic Research Institute showed that China imported 8.42 million tons of minerals from North Korea from January to September this year, worth $852 million.Over the first nine months of last year, China brought in 3.04 million tons of minerals from the North for $245 million.Most of the minerals were anthracite c
Nov. 6, 2011
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Korea’s per capita income to reach new high in 2011
South Korea’s per capita income is expected to reach a record high this year, surpassing $20,000 for the second consecutive year, a government official said Sunday.The official from the Ministry of Strategy and Finance said the country’s per capita gross national income will likely reach between $23,500-$24,000.The amount marks over 13 percent growth from last year’s $20,759.The International Monetary Fund predicted a similar level of growth for South Korea’s economy in an earlier report.In its
Nov. 6, 2011
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Korea’s IT exports shrink in Oct.
South Korea’s exports of information technology products reached the third largest monthly volume in the country’s history last month, though they dropped slightly from a year earlier when the country posted record shipments, the government said Sunday.The country shipped $13.79 billion worth of IT products in October, down 2.2 percent from the same month last year, according to the Ministry of Knowledge Economy.The ministry attributed the drop largely to the fewer number of working days from a
IndustryNov. 6, 2011
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Private loan interest rate soars: BOK
The personal loan interest rate has risen by more than twice as much as the rates paid on savings and bank bonds, data showed Sunday.According to industry and Bank of Korea data, interest rates paid on funds gained by banks through savings, installment deposits and bank bonds came in at 3.1 percent at the end of September, up 0.25 percentage point from the end of last year.While changes in interest rates on loans are customarily linked to changes in rates on interest given by banks, the pattern
Nov. 6, 2011
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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