Most Popular
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[KH Explains] Why Korea's so tough on short selling
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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[Weekender] Geeks have never been so chic in Korea
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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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Korean builders nervous about possible setbacks in Middle East
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Finance minister urges companies to increase hiring
South Korea's finance minister pressed leading business groups Friday to have companies increase investment and hiring to help government efforts to revitalize the economy amid rising concerns about deflation."We can see some improvements in the real estate and labor markets as we've made all-out efforts to boost the economy," Choi Kyung-hwan said in a luncheon meeting with the heads of the country's five business associations."But main economic indices have remained sluggish due to future uncer
March 13, 2015
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Hyundai Motor mulls measures to improve governance structure, shareholder value
Hyundai Motor Co., South Korea's largest automaker, will actively consider launching a committee tasked with improving the company's governance structure and increasing communication with shareholders, its head said Friday.The remarks by Hyundai Motor CEO Kim Choong-ho came in response to a foreign investor's proposal during an annual general meeting of shareholders to launch such a committee inside the board of directors."We are actively considering it," Kim told shareholders. "In particular, w
CompaniesMarch 13, 2015
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S. Korea aims to catch up with Hong Kong as renminbi hub: official
South Korea aims to catch up with Hong Kong as one of the leading renminbi financial hubs, a senior finance ministry official said Friday.Delivering a keynote speech at the Renminbi Internationalization seminar hosted by Deutsche Bank in Seoul, Vice Finance Minister Joo Hyung-hwan said the country has made considerable strides in the last year to build up the necessary infrastructure to service transaction demands.South Korea began Renminbi Clearing Bank operations on Nov. 6, and its won-yuan di
March 13, 2015
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S. Korea's import prices fall in Feb.
South Korea's import prices extended their fall in February from the previous year on tumbling oil prices, central bank data showed Friday.In local currency terms, import prices dropped 17.8 percent on-year last month, slightly slowing from a 19.4 percent on-year fall in January, according to preliminary data from the Bank of Korea. It marks the 30th straight month in which import prices posted a decline.From a month earlier, import prices rose 2.8 percent, shifting from a 7.5 percent monthly fa
March 13, 2015
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BOK cuts key rate to record low
The Bank of Korea cut its key interest rate to a record low of 1.75 percent on Thursday to prevent deflation, despite growing concerns over household debt.The Korean central bank’s unexpected 25-basis-point rate cut opened the era of 1 percent interest rates in Asia’s fourth-largest economy. Korea joins some 20 economies that are pursuing easy monetary policies to combat low growth and compete for weaker currencies.The record-low rate ― which a majority of analysts expected the BOK to freeze ― c
March 12, 2015
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[Newsmaker] LG chairman renews commitment to R&D
LG Group chairman Koo Bon-moo has renewed his commitment to elevating the group’s research and development prowess, pledging huge new investment and more support for researchers.“In an era of technological convergence across industries, the importance of R&D is getting bigger and bigger,” he told employees at the group’s R&D performance evaluation event in Seoul on Thursday. “Devote yourself to developing fundamental technologies that will change the world.”The annual event honors key R&D achiev
TechnologyMarch 12, 2015
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Stressed teens vulnerable to jaw disorder
Stressed teenagers in South Korea are vulnerable to temporomandibular disorders, a condition that affects the muscles and nerves surrounding the jaw, experts say.The condition is known for pain and restricted movement, and stress is thought to be a major contributing factor, along with poor posture and overuse of the joint muscles.According to the National Health Insurance Service, some 457,500 teenagers were treated for TMD in 2012, making up the highest proportion of all patients with the diso
TechnologyMarch 12, 2015
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Yellow dust
During the spring, there are increased changes in the daily temperature and biorhythms become unstable so that the body’s immune system becomes weaker, making you more susceptible to diseases. The spring season is particularly a concern for children who have weak immune systems but are highly active, or other people who have allergic conditions or respiratory diseases. Yellow dust can cause various diseases, or make preexisting conditions worse. The main conditions associated with it include res
TechnologyMarch 12, 2015
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Ailing CJ chairman relinquishes more board memberships
CJ Group chairman Lee Jae-hyun has decided to quit from the boards of two officiates after taking similar steps last year, sources said Thursday.Lee, who was convicted of embezzlement and tax evasion, will quit his posts at its delivery unit CJ Korea Express and retail arm CJ OliveNetworks this month, the sources said.The move is expected to weigh heavily on the entertainment and retail conglomerate, which has been struggling to deal with a leadership vacuum and failed investment plans. Lee Jae-
IndustryMarch 12, 2015
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Charmzone to sue airport over duty-free store failure
Cosmetics company Charmzone said Thursday it was considering suing Incheon International Airport Corp. for a refund on a 10.2 billion won ($9 million) deposit it paid to run a duty-free store there. The Maeil Business Newspaper quoted Charmzone chairman Kim Kwang-seok as saying, “We are seeking legal countermeasures rather than sit and watch our money disappearing.”Kim was referring to the removal of Charmzone’s operational rights on Feb. 23 after the cosmetics-maker failed to pay a 27.7 billion
IndustryMarch 12, 2015
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LG to roll out new phablet ‘G Note’
Korean tech giant LG Electronics plans to give tough competition in the high-end large screen smartphone market dominated by Samsung and Apple, with its ace in the hole ― G4 Note, according to sources.The sources said Thursday that G4 may not be the only flagship handset of LG Electronics this year as it has a new phablet, called the G4 Note, in the works. The smartphone-maker has already applied for a trademark of the phablet at the Korean patent office last month.Some market watchers speculate
TechnologyMarch 12, 2015
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Shareholders keep eye on qualification of board members
Shareholders of Korean conglomerates, in particular institutional investors, are becoming vocal about their voting rights in an effort to raise the bar on the qualification of board members at firms they have invested in. “They are the most interested in getting advice on whether to vote for or against appointment of board members in the 2015 annual shareholders’ meetings,’’ said Kim Sang-yoon, an analyst of Sustinvest, an advisory firm for shareholder votes.The trend is finally gathering steam
IndustryMarch 12, 2015
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Refiners diversify sources of crude, seek new markets
South Korean refiners, who suffered their worst ever performance last year, are diversifying from their traditional crude suppliers in the Middle East while seeking new export markets for their oil products. GS Caltex, the country’s No. 2 refiner, started importing crude oil from Mexico for the first time in 24 years this month as part of efforts to reduce its dependence on Middle East oil and inventory loss. “Finding sources for cheaper crude oil is the urgent priority amid a high level of unce
IndustryMarch 12, 2015
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Will-Be Solution expands IT business in Vietnam
South Korean IT company Will-Be Solution Inc. is expanding its business in Vietnam with its high technology and market specialization, company officials said this week.The company already won a database management project with the State Bank of Vietnam last year, beating out key competitors including international IT giants such as IBM, Oracle and SAP among others, the company said.The project includes developing the bank’s central data infrastructure as well as managing and building the financi
TechnologyMarch 12, 2015
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Insurance companies play tricks to dodge customer complaints
Insurance companies and customers are doomed to everlasting strife ― as the former are bound to shun payments as much as possible and the latter are determined to get them at all costs.Although financial consumers have increasingly been voicing their rights over the past years, it seems that the insurers still have an upper hand.According to recent data compiled by the Korea Finance Consumer Federation, a leading civic group, 24 out of 37 life or indemnity insurance companies offered limited acc
March 12, 2015
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Naver to launch mobile payment platform in June
Naver Corp., the operator of South Korea's top namesake Internet portal, said Thursday it will introduce its new instant mobile payment platform in June to tap into the emerging fintech business. Naver Pay will offer users a simpler way of paying via mobile by enabling transactions with the user's Naver ID, a password and the cellphone number of the recipient, the company said in a press release. The payment can be made either by a credit card or a direct debit through bank accounts, without hav
TechnologyMarch 12, 2015
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LG to jack up R&D spending for 2015
LG Group, South Korea's fourth-largest conglomerate, said Thursday it will spend 6.3 trillion won ($5.59 billion) on research and development (R&D) activities this year, up by 400 billion won, or some 7 percent from a year ago, focusing on enhancing its two core areas - the handset-making and chemical businesses. It is the first time for LG, whose key business portfolio covers making electronic devices and chemical materials to offering telecommunication service, to invest more than 6 trillion w
CompaniesMarch 12, 2015
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Seoul shares end down on big-cap losses
After a choppy session, South Korean stocks finished lower on Thursday due to massive blue-chip selling by foreign and institutional investors despite the central bank's unexpected rate cut, analysts said. The South Korean won rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.24 points, or 0.52 percent, to 1,970.59. Trading volume was moderate at 379.5 million shares worth 6.27 trillion won ($5.57 billion), with gainers beating decliners 480 t
March 12, 2015
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Samsung pushes low-end smartphones to keep global reign
Samsung Electronics Co., the world's top smartphone maker, is bolstering the global sales of low-end handsets to maintain its leading market presence, with the latest release of its high-end Galaxy S6 series, industry sources said Thursday. The South Korean tech giant has recently decided to roll out the new budget smartphone model Galaxy J1 in the Netherlands and Germany, expanding its target countries to Europe from emerging markets including India and Malaysia, according to industry sources.
TechnologyMarch 12, 2015
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Currency, bond markets suffer choppy trading on surprise
The South Korean won closed nearly flat against the U.S. dollar Thursday after a choppy session and state bonds erased much of their earlier gains after the country's central bank unexpectedly slashed its policy rate to an all-time low.The local currency closed at 1,126.40 per dollar, down 0.1 won from the previous session, snapping a three-day losing streak. The won dipped to as low as 1,136.40 won at one point immediately after the rate cut, but pared earlier losses as recent declines were exc
March 12, 2015