Most Popular
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[KH Explains] Why Korea's so tough on short selling
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[Weekender] Geeks have never been so chic in Korea
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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Seoul City to open 'hotel' on river bridge
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Korea, U.K. to enhance economic ties
South Korea and Britain discussed measures to boost business ties when their industry ministries held a joint economic committee in Seoul on Tuesday.During the one-day Joint Economic and Trade Committee session, the two sides agreed to establish a joint degree course on offshore plants at their designated universities, according to officials. The participants also sought measures to enforce the agreements between the two countries made during President Park Geun-hye’s visit to the U.K. in 2013,
March 17, 2015
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Korea’s growth grinding to halt
South Korea’s economic growth is expected to be virtually flat in the first quarter of this year, with its gross domestic product posting in the near zero percent range for six consecutive fiscal quarters, analysts said Tuesday.Concerns are mounting that Asia’s fourth-largest economy will be entering an indefinite period of low growth amid sluggish consumption, investment and production.Korea has been growing below 1 percent since the fourth quarter of 2013 when its growth stood at 0.9 percent a
March 17, 2015
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KT to connect every nook and corner of Korea
BAENGNYEONGDO ISLAND, Incheon ― During the first test call on broadband Long Term Evolution-A networks between the Antarctic Jang Bogo Station and South Korea’s remote northwestern Baengnyeongdo Island on Monday, chief of the Antarctic research center Kang Cheong-yun’s voice was crystal clear over the phone.The successful test was conducted a day prior to the launch of telecommunications firm KT’s broadband LTE-A services on the island which will connect around 5,000 residents and 5,000 naval of
TechnologyMarch 17, 2015
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Microsoft to roll out USB-shaped PC in S. Korea
The South Korean unit of software giant Microsoft Corp. said Tuesday it will launch a Windows-based subminiature PC a little larger than a USB drive in South Korea in late May, as part of its broader drive to boost the presence of its operating platform with a more diverse lineup of connected devices. The Stick PC, manufactured by Daewoo Lucoms Co., one of Microsoft's local device-making partners, comes in a black stick-type dongle that is 11cm-long and weighs 50 grams. Its internal storage,
TechnologyMarch 17, 2015
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Seoul shares close at year-high on central bank's rate
South Korean stocks soared Tuesday to a near six-month high as the central bank's rate cut last week whet investors' appetite for risky assets, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index jumped 42.58 points, or 2.14 percent, to close at 2,029.91. Trading volume was moderate at 350.12 million shares worth 5.31 trillion won ($4.71 billion), with gainers outpacing losers 522 to 277. Tuesday's closing is the highest since Sept.
March 17, 2015
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Jeju Air in talks to sell stake to Singapore Airlines
Jeju Air Co., South Korea's No. 1 budget airliner, said Tuesday its parent firm is in talks with Singapore Airlines Ltd. to sell part of its stake in the low-cost airline. "It is true that our holding firm AK Holdings Inc. is in talks with Singapore Airlines for a possible sale of its stake in Jeju Air," a spokesperson for the local carrier said. "Neither when the two are likely to reach an agreement nor the size and price of the stake sale has yet been decided," he added. The move comes am
CompaniesMarch 17, 2015
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New chief regulator vows to drastically reform financial industry
The new chief financial regulator said Tuesday he will revamp the country's bourse system so that different markets can play stronger individual roles, just one of a number of reforms he outlined in his first press conference since taking office. Yim Jong-yong, inaugurated Monday as the head of the Financial Services Commission, said he does not plan to relax property market regulations despite the high-paced household loan hikes, asking for more time to monitor the effects of prior deregulatio
March 17, 2015
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Biz community calls for easing tax audit burden
The South Korean business community on Tuesday called for easing the tax audit burden and more deductions for corporate entertainment outlays to better reflect the rise in overall expenses. In a meeting with National Tax Service Commissioner Lim Hwan-soo in Seoul, companies belonging to the Korea Chamber of Commerce and Industry said there is a pressing need for the government to buoy corporate investments and fine-tune the way it conducts audits to not interfere with legitimate business activi
March 17, 2015
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Hyundai Motor launches all-new Tucson in domestic market
Hyundai Motor Co., South Korea's leading automaker, unveiled its all-new Tucson SUV in the domestic market Tuesday, with a plan to sell 42,000 units this year. The latest Tucson is likely to stimulate the small SUV market by heating up competition at a time when demand is rising among younger consumers, including women. The Tucson is the outcome of a 44-month-long development project in which Hyundai Motor "injected all of its capacity." It is the third-generation model and comes out six year
MobilityMarch 17, 2015
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Galaxy Gear likely to be classified as mobile device, not watch: WCO
Samsung Electronics Co.'s Galaxy Gear smartwatch will be classified as a mobile device, not a watch, by the World Customs Organization, South Korea's customs authorities said Tuesday, a move that is anticipated to give the tech giant tax benefits in shipping the product overseas. The decision was made at the WCO's Harmonized System Committee meeting held in Belgium earlier this week, which was attended by South Korea's Ministry of Strategy and Finance and the Korea Customs Service. While South
TechnologyMarch 17, 2015
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S. Korean companies moving to create won-yuan swap market
South Korean companies are moving to set up their own Chinese yuan swap market that can boost bilateral transactions by reducing currency exchange risks, business sources said Tuesday. Sources said the move by such big names as Samsung Electronics Co. and POSCO is all part of the growing need to rely less on the U.S. dollar as a medium of transaction. China is South Korea's No. 1 export market, far surpassing the United States. Tech giant Samsung started a direct monthly settlement worth $1-2
March 17, 2015
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Kia Motors' cumulative sales of passenger cars surpass 5 mln mark
Kia Motors Corp., South Korea's second-largest carmaker, said Tuesday that its cumulative domestic sales of passenger cars have exceeded 5 million units, a milestone achieved in more than four decades since its first passenger car hit showrooms here. Kia Motors, a smaller affiliate of market leader Hyundai Motor Co., said the cumulative domestic sales of its passenger cars came to 5,012,236 units as of February this year, after launching its first passenger car model in 1970. The carmaker saw
MobilityMarch 17, 2015
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Without Samsung, refiners, corporate earnings up in 2014
South Korean companies' earnings for 2014 dropped sharply on weak domestic demand and the strong local currency, but their bottom lines were found to have actually improved when tech giant Samsung Electronics Co. and oil refiners were excluded from calculations, data showed on Tuesday. According to the data compiled by Woori Finance Research Institute, a local research firm, the combined sales of 1,235 manufacturers traded on the main bourse and the secondary stock market slipped 1.6 percent on
March 17, 2015
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Busan sets sights on role as retail hub
Busan is planning to transform into a bustling business hub for retail, film and the Internet of Things as it hosts the nation’s seventh center for creative economy.The Busan Center for Creative Economy and Innovation, which opened on Monday, is the latest in a series of government-driven regional offices helping to nurture start-ups and venture companies across the nation. The Ministry of Science, ICT and Future Planning has teamed up with Lotte Group, a local retail and entertainment giant, as
TechnologyMarch 16, 2015
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Conglomerates to invest more, hire less this year
South Korea’s top 30 business conglomerates will invest a total of 136.4 trillion won ($135 billion) into their business this year, up 16.5 percent from 2014, the nation’s largest business lobby group said Monday.The employment by such businesses will slide but the total number of employees will still rise, the Federation of Korean Industries said in a report on its annual survey on forecasting the year’s economic climate.According to the report, a total of 136.4 trillion won will be allocated t
IndustryMarch 16, 2015
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[Graphic News] Korea’s growth lags behind G20 average
South Korea’s economic growth rate has fallen behind the G20 average for the fourth straight year, according to data released Sunday.Korea’s gross domestic product grew by 3.3 percent in 2014, lower than the G20 average of 3.4 percent, according to the Organization for Economic Cooperation and Development. Korea’s economic growth surpassed the G20 average from 1999 to 2010 ― even during the global financial crisis of 2006-2010 ― with the exception of 2003 and 2005.The nation’s unprecedented four
IndustryMarch 16, 2015
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Hankook Tire to enter car parts business
Hankook Tire, the nation’s largest tiremaker, will soon participate in the management of Halla Visteon Climate Control Corp., having acquired a 19.49 stake for 1.08 trillion won ($983.84 million) in December, to diversify its business domain into the car parts sector. HVCC is a global supplier of automotive thermal management solutions and partners with car manufacturers worldwide, most of which are clients of Hakook Tire. Hankook Tire recorded solid growth last year, posting about $6.3 billion
IndustryMarch 16, 2015
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LG’s cosmetics unit bets big on Chinese market
LG Household & Health Care, a cosmetics-maker, is targeting China this year by preparing to release new products in the market soon. The company’s move is in line with the reinforcement of marketing by South Korean cosmetics-makers including AmorePacific, which are enjoying a sales upsurge owing to high demand from Chinese visitors.Last week, LG Household & Health Care vice chairman Cha Suk-yong said China was their No. 1 target market this year for growth. LG Household & Health Care vice chairm
IndustryMarch 16, 2015
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Home buyers remain cautious over record-low interest rate
Property market experts say South Korean homeowners are holding off from selling their homes after the Bank of Korea’s surprise interest rate cut to 1.75 percent last week, while potential buyers are also cautious. “The rate cut is definitely a favorable factor to the market but property owners are hesitating to sell their homes, concerned that prices might rise further. Home buyers, on the other hand, hover in indecision as prices have increased recently,” said Kim Kyung-sook, CEO of a real est
March 16, 2015
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Hyundai Motor conducts most internal trade: report
Hyundai Motor Group was found to have conducted the most internal trades among major business groups this year, according to data released on Monday. CEO Score Daily’s analysis of 49 conglomerates’ agendas for shareholders’ meetings in March showed that Hyundai raised a total of 26 issues related to internal trade. This accounts for 29.9 percent of the total 87 cases raised by conglomerates. Hyundai’s business empire spans from cars, parts and steel manufacturing to finance, tourism, marketing,
IndustryMarch 16, 2015