Most Popular
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Yoon visits ancient Uzbek city, wraps up Central Asia trip
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[AtoZ into Korean Mind] Korea's broken ladder of social mobility
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N. Korean military's construction activities spotted inside DMZ: source
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Top 4 conglomerates convene strategy meetings to navigate uncertainties
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[Weekender] IV drips: A quick energy shot for overworked Koreans
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[Drama Tour] Follow Suwon’s fortress to find traces of ‘Lovely Runner’
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Yoon returns amid tensions over Putin's Pyongyang visit
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Doctors to go on indefinite walkout as government rejects final demands
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Unlicensed driver rams day care center van into wall
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Popular TV series, movies cross borders in remakes
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LG targets 50% smartphone sales boost
BARCELONA, Spain ― LG Electronics said Monday it aimed to sell at least 40 million smartphones this year, up more than 50 percent from what it sold in 2012, as the firm strengthened its lineup.Park Jong-seok, chief of the mobile communications unit at LG, said that it planned to sell a quarterly average of 10 million smartphones in 2013 with the launch of its four representative handset series featured at the Mobile World Congress.The Seoul-based company sold a total of 26.3 million smartphones
IndustryFeb. 25, 2013
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Samsung aims to double tablet sales in 2013
BARCELONA, Spain ― Samsung Electronics plans to double its tablet PC sales for this year with the firm targeting up to 40 million units, said its mobile chief Shin Jong-kyun on Monday.Shin said the global economic slowdown would impact tablet sales in the first half of this year, but the world’s top handset maker would expand its tablet lineup in 2013.“We believe the first half will not be an easy one,” he said in a press conference held a day before the launch of the Mobile World Congress. “But
IndustryFeb. 25, 2013
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[Power Korea] Hankook boasts smart factories
Hankook Tire’s Daejeon plant is one of the world’s largest tire factories in terms of production capacity. The factory was established in 1979 in order to meet the growing demand for ultra-high-performance tires globally. The facility is able to produce 24 million tires every year, making up 27 percent of the company’s total production. Despite the large size, the roles for workers are limited only to management and quality control, while cutting-edge machines and smart systems are responsible f
IndustryFeb. 25, 2013
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[Power Korea] Hankook Tire: Pride of Korean tires
Hankook Tire has devoted its 72-year history solely to tire making. The nation’s first and largest tire maker, which produces some 90 million tires every year, has grown into the world’s seventh-biggest tire manufacturer today. Last year, when global tire makers were struggling slowing sales, Hankook Tire was the only one among the top 10 that posted robust growth. Between 2008 and 2012, the company saw its global sales increase by an annual average of 15 percent. Last year, it logged 7.291 tril
IndustryFeb. 25, 2013
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Acuvue continues growth in Korea, its 4th-largest market
When Johnson & Johnson Vision Care introduced its first daily disposable contact lenses in 1997, it didn’t know its next major product would be developed in Korea.“Circle lenses produced by local makers became popular from around 2000, and we saw growth potential in the Asian market, so we made a proposal for research and development to our headquarters based on our own market research,” Chung Byung-heon, chief of JJVC’s Korean arm, told The Korea Herald.“One-Day Acuvue Define circle lenses were
Feb. 25, 2013
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Imported cars, yet another target?
Korea has become a haven for imported cars, which make up approximately 20 percent of the local car industry in terms of sales.Once a rarity, it’s now easy to spot cars of a wide assortment of foreign brands, ranging from the more accessible BMW, Mercedes-Benz and Audi to the super-posh Porsches and Jaguars. But perhaps due to the extreme luxury they stand for, imported cars have also been a target for heavy criticism, mostly involving their prices ― most imported brands are pricier in Korea tha
IndustryFeb. 25, 2013
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Seoul shares down 0.46 pct on U.S. woes
South Korean stocks closed 0.46 percent lower on Monday due to rising uncertainties stemming from the Unites States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.37 points to 2,009.52. Trading volume was low at 333.3 million shares worth 3.1 trillion won ($2.85 billion) with losers outpacing gainers 477 to 317."Investor sentiment was dented by the economic uncertainties in the U.S., despite rising hopes for th
Feb. 25, 2013
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Relationship anxiety may lower immunity
Concerns and anxieties about close relationships act as a chronic stressor that can compromise immunity, U.S. researchers suggest. Lead author Lisa Jaremka, a post-doctoral fellow in Ohio State University‘s Institute for Behavioral Medicine Research, and colleagues asked married couples to complete questionnaires about their relationships. The researchers also collected saliva and blood samples to test participants’ levels of a key stress-related hormone and numbers of certain immune cells.Jarem
TechnologyFeb. 25, 2013
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Quitting smoking in 50s still improves health: study
A study suggested that people who quit smoking cigarettes in their 50s can still expect an improved health condition. Researchers at the cancer center in Germany conducted the 10-year study with 8,807 male and female participants aged between 50 and 74 years. The study was published in the latest issue of European Journal of Epidemiology.According to the research, the average risk of smokers dying of heart attack or stroke is twice as high as that of non-smokers. Former smokers also had a lower
TechnologyFeb. 25, 2013
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Woman sues Walmart over 2 cents, wins $100
A Pennsylvania woman was awarded $100 in damages from Walmart over a 2-cent disparity between an item’s tagged price and its scanned price.Murrysville District Judge Charles Conway sided with consumer activist Mary Bach of Murrysville, whose civil suit against Walmart claimed the company intentionally charged 2 cents more for Banquet “Brown ’N Serve” sausage than the price on the tag at the location near Delmont, the Pittsburgh Tribune-Review reported Monday.Conway awarded Bach, whose suit alleg
IndustryFeb. 25, 2013
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Smartphones to beat PCs in shipment value for 1st time: data
The value of worldwide shipments of smartphones are expected to dwarf that of PCs for the first time this year amid growing demand for mobile devices, data showed Monday.Global smartphone shipment value is forecast to reach US$239.6 billion this year, surpassing PC shipment value estimated at $218.6 billion, according to the data by market researcher Gartner Inc. and finance industry sources.If the estimated figures are on track, it will mark the first time smartphone shipments topped PC shipmen
IndustryFeb. 25, 2013
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Seoul shares open lower on U.S. concerns
South Korean stocks started lower Monday as investor sentiment was dented by rising concerns over the United States' sequestration, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.54 points, or 0.13 percent, to 2,016.35 in the first 15 minutes of trading.Shares lost ground across the board, with top chipmaker SK hynix moving down 1.14 percent and top flat panel manufacturer LG Display falling 0.49 percent. Top steelmaker POSCO lost 1.1 percent.Carmakers also traded l
Feb. 25, 2013
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Group urges boycott of Japanese products
A major civic group dedicated to protecting mom-and-pop stores with some 6 million members and dozens of other civic groups here vowed on Monday to boycott all Japanese-made products in protest of Tokyo’s latest territorial claims to Dokdo.The groups said they would boycott Japanese goods such as Mild Seven cigarettes, Asahi beer, Nikon cameras, Uniqlo clothes, Sony electronics, Toyota, Lexus and Honda cars, starting March 1.There have been anti-Japan boycotts led by civic groups in the past, bu
Feb. 25, 2013
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Regulator eases listing rules for foreign companies
South Korea’s financial regulator said Sunday it will ease rules for foreign companies wishing to be listed on the local bourse as part of a broader move to boost the stock market.The Financial Services Commission (FSC) will exempt overseas firms from listing evaluation if they meet certain criteria that qualifies them to be considered as blue-chip companies.Under the envisioned measures, candidates that have been listed for more than five years in offshore markets under an exchange agreement wi
Feb. 24, 2013
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New government to focus on financial consumer protection
South Korea ranked 52nd out of 55 countries on an assessment of the financial regulatory sector by the International Monetary Fund.Financial regulatory reform has been a constantly recurring issue since the 1997 Asian financial crisis. Pundits say Korea’s regulators have been relatively negligent in protecting financial consumers’ rights.The Park Geun-hye administration, which takes office on Monday, is considering spinning off the financial consumer protection division from the Financial Superv
Feb. 24, 2013
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Economic democratization overshadows inauguration
The corporate sector appeared to be wary of the inauguration of the Park Geun-hye government, which has pledged to crack down on irregularities by large companies.The sector’s apprehension was starkly illustrated in the low attendance for today’s inauguration ceremony.Lee Kun-hee, chairman of Samsung Electronics and unarguably the most prominent figure in corporate Korea, had said he would be absent from the occasion, as he would be away in Hawaii, where some of his family members reside. In his
Feb. 24, 2013
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4G phablets, China focus of mobile show
BARCELONA, Spain ― The annual Mobile World Congress kicked off here on Monday for a four-day run with about 1,500 handset makers and mobile carriers showcasing their latest smartphones and advanced mobile technologies.A number of Korean tech firms including LG Electronics, Samsung Electronics, SK Telecom and KT are taking part in the mobile trade show as they strive to expand their presence overseas.The theme of this year’s event is “New mobile horizon,” and it will be staged at the Fira Gran Vi
TechnologyFeb. 24, 2013
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SC Bank reels from penalties
Standard Chartered Bank Korea, the Korean operation of London-based Standard Chartered that spans more than 70 countries worldwide, has been struck by not one, but a series of blows by the nation’s financial authorities.The three state regulators ― the Financial Supervisory Service, the National Tax Service and the Financial Services Commission ― took turns squeezing the British Bank. On Friday, the FSC finalized its decision to impose a 17 million won ($16,000) fine on the bank for offering and
Feb. 24, 2013
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Shares to rise on hopes for new gov’t
South Korean stocks are expected to trade higher this week on the back of rising hopes for the country’s economy following the upcoming inauguration of President-elect Park Geun-hye, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 37.71 points, or 1.9 percent, to 2,018.89 on Friday from the previous week.Earlier last week, the KOSPI moved up as the investor sentiment was heightened by a G20 meeting of finance ministers and central bankers, where officials
Feb. 24, 2013
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Ssangyong E&C to seek debt workout
Ssangyong Engineering & Construction, beset by the housing market slump and a feud between its shareholder and creditor, is scheduled to file for a corporate workout process this week.The process refers to a company requesting its creditor banks for a payment delay or partial debt relief, in exchange for amending its financial structure.The nation’s No. 13 builder has a series of promissory notes and bonds amounting to 60 billion won ($55 million) whose maturity ends this Thursday, while facing
IndustryFeb. 24, 2013