Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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Yoon apologizes for wife's 'unwise conduct'
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DSME beats Hyundai Heavy in shipbuilding performance
Daewoo Shipbuilding & Marine Engineering, the nation’s second-largest shipbuilder, is emerging as a dark horse in the industry, beating its global rival Hyundai Heavy Industries in business performance for the second consecutive year in 2014.“Behind the success is better performance in high value-added energy and eco-friendly ship construction than our rivals,” DSME CEO Ko Jae-ho said in his New Year’s address in Seoul on Monday. Despite the prolonged recession in the shipbuilding industry, the
Jan. 5, 2015
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Park calls for more corporate investment
President Park Geun-hye called on members of the business community on Monday to boost investment to bring about the nation’s second economic takeoff.Park made the appeal at a New Year greeting session in Coex, southern Seoul, organized by the Korea Chamber of Commerce and Industry.It was the president’s second official outdoor appearance this year after her visit to the National Cemetery in Seoul on New Year’s Day.Cheong Wa Dae officials said the president’s participation in the meeting organiz
Jan. 5, 2015
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VIP shoppers prop up weak growth at department stores
Sales by VIP customers were a rare source of growth last year for South Korean department stores, which are losing shoppers to mobile and overseas channels, data showed Monday.Sales generated by customers who spend more than 20 million won ($18,025) a year jumped 21 percent on-year in the January-November period, according to the data from Galleria, a high-end Gangnam-gu department store that sells mostly luxury brands.Lotte Department Store, the flagship of retail giant Lotte, also saw sales by
Jan. 5, 2015
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Renault Samsung aims to sell more than 30,000 SM5 Nova: official
Renault Samsung Motors Co., the local unit of French automaker Renault S.A., said Monday it aims to sell more than 30,000 units of the SM5 Nova, the latest edition of the company's most popular midsize sedan, in 2015."We are targeting to sell more than 30,000 units of the SM5 Nova this year, with 60 percent of them to be LPG vehicles," Park Dong-hoon, sales chief and vice president of Renault Samsung Motors, said during a press conference. The automaker unveiled the SM5 Nova on Monday as it intr
Jan. 5, 2015
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LG Electronics puts OLED TVs at forefront of CES
LG Electronics Inc. will showcase organic light-emitting diode (OLED) TVs and its first quantum dot TV at the 2015 Consumer Electronics Show (CES) kicking off Tuesday (U.S. time) in Las Vegas, as it pushes ahead with the two TV models as the next growth engine. The 55-inch model will be unveiled as LG's 2015 OLED TV, the company said, following the global debut of larger-sized 65 and 77-inch models in August last year.The OLED TV lineups will come in the "flexible design" by LG, which allows a u
Jan. 5, 2015
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Foreigners offload Hyundai Motor shares amid growth woes
Foreign investors have offloaded more than 300 billion won (US$272 million) worth of Hyundai Motor stocks in the past month, bourse data showed Monday, reflecting concerns that the automaker's sales growth would be slower than expected.According to the Korea Exchange, offshore investors sold a net 338 billion won worth of Hyundai Motor stocks for 15 consecutive trading days last month. Their stake in the country's top automaker dipped to a seven-month low of 43.61 percent Friday.Hyundai Motor wa
Jan. 5, 2015
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[Graphic News] Top 10 stock billionaire celebrities
The founders of Korea’s major star management companies snagged the top four slots on the list of Korea’s stock-rich celebrities in 2014, an online business researcher’s data showed recently. As of Dec. 30, Yang Hyun-suk, the founder of YG Entertainment, topped the list with his listed stocks worth about 185.8 billion won ($168.2 million), according to Chaebol.com. Lee Soo-man, the founder of S.M. Entertainment, ranked No. 2 with 149.3 billion won. Actor and KEAST majority shareholder Bae Yong-j
Jan. 4, 2015
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Korea eyes ‘fintech’ for growth of industry
The South Korean government is gearing up to boost the financial industry, which is a slump, by bolstering the use of information technology in financial services, or “fintech,” according to the government and industry watchers. There are plans to unveil a policy to stimulate the development of financial technologies this month, Financial Services Commission’s chief Shin Je-yoon said Thursday. “The government plans to shift its regulation paradigm since global tech giants such as Alibaba, Google
Jan. 4, 2015
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Ministry seeking to revive stalled Thai water projects
Korea’s infrastructure minister will seek to revive the stalled Thai water project during his visit to Bangkok that kicked off on Sunday, Seoul officials said.The Ministry of Land, Infrastructure and Transport said Minister Seo Seung-hwan is in Bangkok on a two-day trip, aimed at discussing infrastructure projects promoted by the Thai government.“Discussion on bilateral economic cooperation will cover infrastructure projects, including the suspended multibillion dollar Thai water management proj
Jan. 4, 2015
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Doosan Heavy bags W340b order from Kazakhstan
Doosan Heavy Industries & Construction Co., South Korea’s leading power equipment maker, said Sunday that it has clinched a 340 billion won ($308 million) deal to build a power plant in Kazakhstan.Under the deal with Karabatan Utility Solutions, Doosan Heavy will build the coal-fired power plant with a 310-megawatt capacity in Atyrau on the northern banks of the Caspian Sea.The construction of the power plant will be completed by February 2018, according to Doosan Heavy.South Korean companies ar
Jan. 4, 2015
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Xiaomi Doubles Revenue to $12 Billion as Phone Sales Surge
Xiaomi Corp., whose investors include billionaire Yuri Milner, more than doubled its sales revenue last year, according to a blog posting by Chief Executive Officer Lei Jun. The Beijing-based company’s revenue before tax rose to 74.3 billion yuan ($12 billion) in 2014, Lei said on his microblog today. It sold 61.1 million mobile phones, 227 percent more than in the previous year. Xiaomi plans to release a Redmi smartphone and will hold a press conference on Jan. 15 to issue an “important flagshi
Jan. 4, 2015
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Korean cosmetics brand Missha closes outlets in Hong Kong: report
South Korean budget cosmetics brand Missha has closed all of its 20 outlets in Hong Kong, a Hong Kong newspaper reported Saturday, citing notices posted by two of the Missha outlets.One of the notices posted by a Missha store at Queensway Plaza in Admiralty district was quoted by the South China Morning Post as saying, "Missha is not available to serve you and we apologize for any inconvenience caused." Public relations officials at Seoul-based Able C&C, which owns the Missha brand, were not imm
Jan. 3, 2015
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Business leaders express hopes for New Year
Despite the ongoing economic hardships, business leaders looked to a brighter 2015 with upbeat messages for the New Year. Hyundai Motor Group chairman Chung Mong-koo on Friday reaffirmed the world’s fifth-largest carmakers’ goal of selling 8.2 million units this year and called on its executives and employees to take extra care in terms of research and development. “We will reinforce our network of 32 manufacturing plants in nine countries, six R&D centers and dealers around the world in order t
Jan. 2, 2015
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Major refiners’ deficit for 2014 likely to hit W1tr
South Korea’s major refiners’ combined net deficit last year is expected to surpass 1 trillion won ($907 million) for the first time.The four leading companies ― SK Energy, GS Caltex, S-Oil and Hyundai Oilbank ― posted a combined 971.1 billion won in net losses for the first nine months of the year. According to industry sources, the sharp drop in crude oil prices widened the refiners’ deficit due largely to inventory valuation losses in the third quarter. This is because the refiners ― whose bu
Jan. 2, 2015
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Lush Korea on to something fresh
“It’s all about the people,” said Christina Woo, chief executive of Lush Korea.While I’ve heard this line before, Woo’s actions spoke for themselves. As I moved to hand her my business card, she politely stood back and let her staff say hello first. It was a small gesture, but it stuck in my mind. Even during the interview, Woo was all about letting her staff ― the Lush Happy People ― talk, intercepting only when I directed a question specifically to her. Lush Korea CEO Christina WooBut when it
Jan. 2, 2015
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Complaint filed against ex-state oil firm chief over takeover deal
The state audit agency said Friday it has filed a complaint with the prosecution against a former chief of the state-run oil company for incurring a huge loss from a shady takeover deal he led while in office.The move came after the Board of Audit and Inspection of Korea found that the Korea National Oil Corp. (KNOC) suffered a loss of around US$279 million in the firm's shady acquisition of the Canadian refining firm, North Atlantic Refining Limited (NARL), in 2009. The loss was incurred after
Jan. 2, 2015
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Hyundai, Kia set 2015 sales target at 8.2 mln units
Hyundai Motor Group's chairman said on Friday the group's two carmakers set a goal to produce and sell 8.2 million vehicles this year after exceeding their sales targets for 2014. In a ceremony marking the start of 2015, Chung Mong-koo said it would "not be difficult" to reach the combined sales target of Hyundai Motor Co. and Kia Motors Corp. and added that it won't be long before they produce and sell more than 9 million units."This year's target has been set at 8.2 million, which will not be
Jan. 2, 2015
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Number of firms on watchdog's list edge up in Jan.
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees edged up by one in January from a month earlier, South Korea's antitrust watchdog said Friday.The Fair Trade Commission (FTC) said the overall number of firms on its watch list stood at 1,676 belonging to 63 business groups as of this month, from 1,675 tallied in early December.A total of 18 firms -- including affiliates belonging to Lotte Group, the country's largest retail conglomerate, an
Jan. 2, 2015
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[Newsmaker] ‘Nut rage’ spreads to family fiasco
A monthlong drama that started with a flight delay over a packet of macadamia nuts continued Wednesday, when an arrest warrant was issued for Cho Hyun-ah, a former Korean Air executive accused of violating aviation safety law and obstructing the flight crew in their duties.Cho, the eldest daughter of Korean Air chairman Cho Yang-ho, became the first female chaebol scion to be held in a detention center.But the “nut rage” scandal spread to other members of the Cho family, after prosecutors reveal
Jan. 1, 2015
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POSCO offloads POSFINE
POSCO, the nation’s top steelmaker, on Wednesday offloaded its shares in POSFINE, a slag powder producer, to a local private equity fund for an estimated 30 billion won ($27.5 million), industry sources said.Under the deal, POSCO sold its 69.22 percent stake in POSFINE to Hahn & Co. The move came two months after POSCO had opened talks with the fund in line with its reorganization efforts.Hahn & Co. also reportedly plans to acquire the remaining shares in POSFINE from Tongyang Cement & Energy Co
Jan. 1, 2015