Most Popular
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Seoul vows strong action against NK trash balloons
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Controversy ignites over regulation of online entertainment shows
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N. Korea sends some 720 more trash-carrying balloons to S. Korea, continues GPS jamming for 5 days
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Yoon OKs exploratory drilling for 'massive' oil, gas reserve in East Sea
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Korea bets big on gas, oil prospects in East Sea
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China lands on moon's far side in historic sample retrieval mission
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[Graphic news] S. Korea's children get taller
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Korea, US, Japan to kick off 1st trilateral exercises this year
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S. Korea to fully suspend inter-Korean military pact after NK balloon barrage
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Jin of BTS to meet fans on group's debut anniversary post-military discharge
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Banks seek to go global via IB services
Korean commercial and state-controlled banks are seeking to strengthen their investment banking sectors in the belief they will be their new growth engines.Beyond the saturated loan issuance market, most local banks share the view that investment banking is one of many priorities for globalization in the coming years.Among them are KB Kookmin Bank, Woori Bank, Shinhan Bank and Industrial Bank of K
March 29, 2011
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Kyobo Life bets on pension plans as nation ages
Kyobo Life Insurance Co., Korea’s third-largest life insurer, is seeking to broaden its client base in the retirement pension market by providing custom-tailored products for multinational firms operating here.The company ranks second in the corporate pension segment, with 1.43 trillion won ($1.28 billion) in assets under management as of February. About 2,800 companies adopted Kyobo’s pension pla
March 29, 2011
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Hynix pins high hopes on specialty products
Memory chipmaker looks to growth in non-PC sector including mobile, graphic, server DRAMHynix Semiconductor Inc., the world’s second-largest maker of computer memory chips, looks to new growth opportunities in specialty products in the premium market.The company’s premium product line-up in the non-PC sector, which includes mobile, graphic and server dynamic random access memory (DRAM), is expecte
IndustryMarch 29, 2011
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Translation not between languages, but generations
Amid the flooded mobile application market, already awash with new creative programs, another app has been introduced -- to help parents better understand their children.The “Woteva” (slang for “whatever”) app, expected to be officially available by summer, will provide users with definitions of teenagers’ slang, reported the Daily Mail.Due to the Internet and the use of text messages, youngsters
TechnologyMarch 29, 2011
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S. Korea's current account surplus widens to $1.18 bln in Feb.
South Korea's current account surplus widened in February from the previous month mainly because spending on overseas travel decreased amid still brisk exports, the central bank said Tuesday. The current account surplus reached $1.18 billion in February, up sharply from a revised $154.7 million the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure
March 29, 2011
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Firms make preliminary bids for Korea Express
Creditors of Korea Express Co. have accepted preliminary bids from three local conglomerates, including steel giant POSCO, to buy Korea‘s largest logistics firm, sources said Monday. Co-sales managers Nomura Securities and the state-run Korea Development Bank (KDB) accepted letters of intent in early March from POSCO, retail giant Lotte Group and leading food conglomerate CJ Group to buy a 37.6 pe
IndustryMarch 28, 2011
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Korea set to be world’s most aged country in 2050
Seniors to make up 38% of populationResearch forecast Monday that Korea will become the world’s most aged society by 2050, raising an urgent need to prepare a safety net for the elderly and cope with a shrinking labor force.People aged 65 or older are predicted to make up 38.2 percent of Korea’s total population in 2050, according to the report by the Korea Institute of Finance, more than tripled
March 28, 2011
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POSCO completes new thick-plate plant in Gwangyang
POSCO completed a new thick-plate producing facility within its steelworks in Gwangyang, South Jeolla Province, on Monday.The new plant has an annual production capacity of 2 million metric tons, pushing up POSCO’s total thick-plate production capacity to 7 million tons. Thick-plates are hot-rolled products that are thicker than 6 millimeters used in a variety of products including ships and indus
IndustryMarch 28, 2011
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Incheon Airport marks decade of rapid growth
Incheon International Airport marks its 10th anniversary Tuesday after a span of rapid growth establishing it as a major Northeast Asian hub and the world’s best airport. The country’s main gateway opened in 2001 and has grown by an average 6 percent per year in terms of passenger numbers, according to the Ministry of Land, Transportation and Maritime Affairs.Though it encountered diverse oppositi
IndustryMarch 28, 2011
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Homeplus under probe over product description
The Fair Trade Commission said Monday it is looking into whether Homeplus broke the law with an allegedly misleading advertisement for discount LED monitors sold at its stores last week.Homeplus, the country’s No. 2 retail chain, was offering the LED monitors for as low as 199,000 won ($178.56) at its 122 stores nationwide. Some buyers, however, were angry to discover that the monitors were not eq
IndustryMarch 28, 2011
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KOTRA to support firms’ online marketing
The state-run Korea Trade-Investment Promotion Agency said Monday that it will start assisting local firm’ overseas marketing through online social media. The trade body’s latest move comes as the world’s e-commerce market has been growing rapidly in recent years to reach a size of $9 trillion as of last year, KOTRA said.KOTRA will promote local information technology companies through social netw
IndustryMarch 28, 2011
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Shinhan looks to Asia for growth
New chairman pledges to regain market confidence after management feudShinhan Financial Group Co. is seeking acquisitions of Asian lenders to increase its presence in the region as domestic growth opportunities stall, its new chairman said Monday.“We’re looking at various ways to enter Asian markets, including M&A,” Han Dong-woo, chairman and chief executive officer, told reporters. The company ai
March 28, 2011
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Venture aims at billion-seller apps
Podotree, a recently-launched local mobile application venture firm, announced Monday that it aims at 1 billion downloads and 1 trillion won in sales within the next five years.In a press conference held in downtown Seoul, it unveiled its lineup of four applications in three different genres ― story of mankind, inspiring toy and study 101.“The role of podotree is meaningful in that it is not fight
IndustryMarch 28, 2011
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Samsung, Sumitomo Chemical to align on key LED component
Samsung LED Co. on Monday said that it has agreed with Japan’s Sumitomo Chemical Co. to form a joint venture to produce sapphire wafers that are necessary components of light-emitting diode, a semiconductor light source.The LED manufacturer said the 50-50 venture will be capitalized at 80 billion won ($72 million), with production of sapphire ingots and wafers scheduled to begin early next year.Th
IndustryMarch 28, 2011
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Sony Ericsson smartphone to debut in Korea in April
Sony Ericsson on Monday said it will be releasing its new smartphone, “Xperia Arc” in South Korea next month through SK Telecom. South Korea will be the second nation to see the launch of Xperia Arc, following the firm’s home turf of Japan.“We want Xperia Arc to be known not only for its design, but as a phone defining new smartphone standards,” said Han Youn-hee, head of the firm’s South Korean m
IndustryMarch 28, 2011
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Renault Samsung exports top 400,000
Carmaker bounces back from 2009 slump with bumper year for overseas shipmentsRenault Samsung Motors Co. announced Monday that its exports since 2000 broke the 400,000 mark on March 25.According to the company, with a Kuwait-bound ship carrying 1,023 cars leaving Busan port, its cumulative exports since September 2000 rose to 400,250 units. Renault Samsung Motors Co. vehicles wait to be loaded on
IndustryMarch 28, 2011
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Japan Airlines focuses on tie-ups as it exits court protection
Japan Airlines Corp., once the world’s largest international carrier, is set to emerge from bankruptcy administration this week as a smaller company more reliant on Asian routes and global partners. JAL has scaled back its global network, chopping 49 routes, including Sao Paulo, Amsterdam and Milan, and grounding the last remnants of what was the world’s largest Boeing Co. 747 fleet as it cuts 103
IndustryMarch 28, 2011
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Porsche to start $7b share sale to cut debt burden
Porsche SE, the sports-car maker that plans to merge with Volkswagen AG, will start 5 billion euros ($7 billion) share sale March 30 to reduce debt. The carmaker’s supervisory and executive boards signed off on the plan to sell shares at 38 euros apiece to current owners, Stuttgart, Germany-based Porsche said in a statement late Sunday. One existing share carries the right to subscribe to 0.75 new
IndustryMarch 28, 2011
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Tepco chief pressured to quit on reactor crisis
Tokyo Electric Power Co. President Masataka Shimizu is facing calls to quit after the crisis at the utility’s Fukushima Dai-Ichi nuclear plant capped a tenure that has seen $26 billion wiped off the company’s market value. The share price decline since Shimizu took charge in June 2008 at Tepco, as the company is known, has deepened to 67 percent in the aftermath of the nuclear disaster, as of the
IndustryMarch 28, 2011
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Sinopec to cut costs, expand overseas
China Petroleum & Chemical Corp., Asia’s biggest refiner, will cut costs and accelerate its expansion overseas as government controls prevent the company from passing on higher crude-oil prices to customers.Profit rose 14 percent to a record 71.8 billion yuan ($11 billion) last year, the company known as Sinopec said Sunday. Net income missed analysts’ estimates and trailed Cnooc Ltd.’s 85 percent
IndustryMarch 28, 2011