Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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KB Kookmin Card rolls out Ollim series
KB Kookmin Card’s most recent Ollim card series is attracting customers with its abundant services and benefits.The KB Kookmin Good Day Ollim Card provides discounts on everyday items such as gas, telecommunications and public transport. It also provides a discount on major supermarkets as well as foreign card affiliates. The card increases in benefits when the amount of usage in the past month increases.The KB Kookmin Wise Ollim Card provides more point accumulation benefits than its predecesso
April 29, 2015
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Kumho Industrial creditors reject sole bidder’s offer
The fate of Kumho Industrial, the de facto holding firm of Kumho Asiana Group, is up in the air as creditors rejected the sole bidder’s price offer to acquire a controlling stake.On Tuesday, Korea Development Bank, the lead manager of the stake sale, and creditors of Kumho Industrial decided not to accept the final bid of 600.7 billion won ($561 million) made by Hoban Construction for a 57.5 percent stake, saying it was much lower than expected.Industry watchers have estimated the cost of acquis
IndustryApril 29, 2015
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MLB stadiums deny Korean fried chicken deal
U.S. Major League Baseball stadiums and the food service operator Levy Restaurant dismissed as totally untrue claims by Korean firm Genesis BBQ that it had agreed to sell fried chicken with them, according to multiple sources.Fried chicken chain BBQ announced in a press conference in Seoul on Monday that it would enter the U.S. market with new openings at 92 sports stadiums, including the popular Dodgers Stadium in Los Angeles. The company added that it had inked a deal with Levy, which provides
IndustryApril 29, 2015
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LG claims G4 phone a masterpiece
Despite a series of product leaks online ahead of its official debut, LG Electronics’ new marquee handset G4 featuring advanced cameras and a classy leather back wowed the audience at its launch in Seoul on Wednesday, sending an alert to its rivals ― Samsung Electronics and California-based Apple. LG Electronics chief executive Koo Bon-joon expressed his satisfaction with the latest LG phone, saying he was “confident” that LG would do well against the competitors.As announced earlier, the G4 spo
TechnologyApril 29, 2015
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[Photo News] British supercar
A model poses next to McLaren’s 650S Spider supercar at the carmaker’s first South Korean showroom, which opened in Seoul on Wednesday. (McLaren Korea)
IndustryApril 29, 2015
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KOTRA to open food expo next month
Korea will kick off Seoul Food 2015, Asia’s third-largest food industry exhibition, next month at KINTEX, in Ilsan, northwest of Seoul, trade promotion officials said Wednesday. The Korea Trade-Investment Promotion Agency said the four-day convention, themed “Wave on the Table,” aims at sharing the latest innovations to the healthy, modern diet.“The exhibition itself is like a huge table, featuring the latest wave of changing consumer trends,” said an official at KOTRA, the event organizer.The e
April 29, 2015
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Olympus names new Korean chief
Olympus Korea said Wednesday it has named Naoki Okada, former senior vice president of Olympus China, as its new regional chief. The new Korean head joined Olympus in 1984 and served diverse positions in the company’s endoscope and new growth engine business divisions for 31 years. In 2004, he also led the company’s new medical business unit TmediX for three years before joining the Chinese operation. Naoki Okada“Korea is one of the fastest-growing medical markets,” he said in a statement. “Base
TechnologyApril 29, 2015
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Ikea Korea, Gangdong-gu sign MOU on store construction
Global home furnishing giant Ikea said it will sign an memorandum of understanding with the Gangdong-gu district office in southeastern Seoul on Thursday to cooperate in overseeing the construction of a new Ikea store inside the Godeok Commercial Multicomplex scheduled to open in 2017.Ikea Korea’s country retail manager Andre Schmidtgall and Gangdong-gu chief Lee Hae-sik will establish a mutual partnership to ensure the smooth establishment of the Ikea Gangdong store ― one of four new Ikea store
IndustryApril 29, 2015
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Daewoo Shipbuilding releases patents to small companies
Daewoo Shipbuilding and Marine Engineering will make more than 100 shipbuilding-related patents available to small and medium-sized enterprises, company officials said Wednesday.Under the plans, DSME will open up 105 patented technologies related to vessels powered with liquefied natural gas to SMEs. The shipbuilder invested about 50 billion won ($47 million) into developing the technologies. The shipbuilder will sign a business contract with the South Gyeongsang Province branches of the Creativ
IndustryApril 29, 2015
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3 models of Hyundai, Kia win Car of the Year awards in Russia
Hyundai Motor Co.'s Genesis and Solaris have received Car of the Year awards in the premium and subcompact segments, respectively, in Russia, industry sources said Wednesday. According to the sources, Kia Motors Corp.'s Cee'd also received the award for 2015 as a compact vehicle in Russia. In particular, the Solaris, known as the Accent in South Korea, got the recognition for the fourth straight year. The awards are granted based on surveys of about 1 million consumers. "The subcompact segme
MobilityApril 29, 2015
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LG Electronics Q1 net halves
LG Electronics Inc., South Korea's No. 2 tech giant, said Wednesday its first-quarter net profit fell 58.5 percent on-year as its home entertainment business offset relatively robust smartphone sales. Net profit came to 38.4 billion won ($35.9 million) in the January-March period, plunging from a profit of 92.5 billion won posted a year earlier, LG Electronics said in a regulatory filing. Operating profit came to 305.2 billion won, also down 36.2 percent from the 478.7 billion won posted a ye
TechnologyApril 29, 2015
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Samsung regains top spot in Q1 smartphone sales
South Korean tech giant Samsung Electronics Co. regained its title as the top seller in the global smartphone market in the first quarter of this year, beating its archrival Apple Inc., data showed Wednesday. Samsung sold 83.2 million smartphones worldwide in the January-March period, accounting for 24 percent of total global shipments, according to the data by industry tracker Strategy Analytics. Apple posted 61.2 million units in global sales in the three-month period, or 18 percent of the w
TechnologyApril 29, 2015
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Regulatory costs in S. Korea exceed 10 pct of GDP: report
The costs caused by regulations in South Korea topped 10 percent of gross domestic product, a business lobby said Wednesday, arguing that eased regulations could help result in stimulating job creation and economic growth. The regulatory cost is calculated by taking into consideration expenses related to market regulations, bureaucracy and tax policies. In particular, the cost from market regulations is based on a gap between national income under a regulation-free economy and the income under
IndustryApril 29, 2015
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S. Korean banks to test bio authentication in second half
South Korean lenders plan to test bio authentication technology for banking services as early as the second half of this year, a central bank official said Wednesday, reflecting a growing demand for tougher security measures following a series of data leaks and phishing cases in the local financial sector. "Some of the country's 17 banks are expected to take part in a pilot run for bio authentication technology in the second half. If successful, consumers may be able to use such services as ear
April 29, 2015
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S. Korea to announce start of FTA talks with Ecuador, Central America
South Korea will soon announce the start of negotiations for free trade agreements with Ecuador and other Central American countries as part of a plan to expand its presence in the region, the government said Wednesday. "The government has completed all domestic procedures for the start of FTA negotiations with Ecuador and a group of six Central American countries, and will seek to launch such negotiations at an appropriate time," the Ministry of Trade, Industry and Energy said in a press relea
April 29, 2015
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LG unveils new flagship smartphone G4
LG Electronics Inc., South Korea's No. 2 tech giant, on Wednesday showcased its new flagship G4 smartphone that aims to take on Samsung's Galaxy S6 series and Apple's iPhone lineup amid increased competition in the high-end smartphone segment. The slightly curved G4 comes with the same 5.5-inch in-plane switching QHD display as that of its older sister, the G3, and a Qualcomm Snapdragon 808 Processor with X10 LTE, and runs on Google Inc.'s Android 5.1 Lollipop. LG held the showcase event in s
TechnologyApril 29, 2015
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SK chief's daughter to fight piracy in Arabian Sea
A daughter of the chairman of SK Group, South Korea's No. 3 conglomerate, will be dispatched to the Gulf of Aden for an anti-piracy mission, the Navy said Wednesday. Chey Min-jung, the second daughter of convicted SK Group Chairman Chey Tae-won, has drawn media attention after being commissioned as a naval officer last November. "The ensign is to be sent to the Gulf of Aden as the 19th batch of troops for a six-month mission at the end of June," a naval officer said. She has been assigned to
CompaniesApril 29, 2015
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Samsung posts 39 pct drop in Q1 earnings
South Korean tech giant Samsung Electronics Co. said Wednesday its net profit plunged 39 percent in the first quarter from a year earlier due to weak earnings from its mobile business. Net income reached 4.63 trillion won ($4.32 billion) in the January-March period, compared with 7.6 trillion won a year earlier, the company said in a regulatory filing. Operating profit came to 5.98 trillion won, down 29.6 percent from a year ago, with sales falling 12.2 percent to 47.1 trillion won. The fin
CompaniesApril 29, 2015
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Kumho Industrial bid ends fruitless
The latest bid for controlling shares of Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group, ended in vain, industry sources said Tuesday, as the sole bidder's offered price did not meet expectations.The decision came after Hoban Construction Co., a mid-sized local builder, made a solo final bid for the 57.5 percent stake in Kumho Industrial at 600.7 billion won (US$561 million). Kumho Asiana Group controls Asiana Airlines Inc., the country's No. 2 air carrier.According to sou
IndustryApril 28, 2015
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SK Telecom's share continues to hover below 50 pct in March
South Korea's top mobile carrier SK Telecom saw its market share hover below 50 percent for the second consecutive month in March, data showed Tuesday, as smaller rivals continued to expand grounds through budget smartphones.According to data compiled by the Ministry of Science, ICT and Future Planning, SK Telecom had 49.5 percent of the market in March with 28.3 million users, including those from mobile virtual network operators (MVNOs) that rent SK's networks.The figure marks a 0.1 percentage
April 28, 2015