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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Korea set to finalize medical school expansion plans
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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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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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
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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.
CompaniesMarch 12, 2015
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Rate cut can prop up growth or trigger liquidity trap: observers
The move by the central bank to slash the key rate to a record-low level could buoy economic growth by getting people and companies to spend more or trigger a liquidity trap if money flows to the property market, observers said Thursday.The conflicting predictions come after the Bank of Korea (BOK) unexpectedly lowered its base rate to 1.75 percent after recent economic indicators showed Asia's fourth-largest economy struggling with sluggish domestic consumption and weak exports.Industrial outpu
March 12, 2015
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Korea-U.S. FTA boosts bilateral trade in 2014
Bilateral trade between South Korea and the United States jumped nearly 12 percent from a year earlier last year, partly demonstrating the intended effect of a free trade agreement (FTA) enacted three years ago, the Seoul government said Thursday.In 2014, total trade volume between the two countries came to $115.6 billion, up 11.6 percent from $103.6 billion in 2013, according to the Ministry of Trade, Industry and Energy.South Korea's exports to the United States spiked 13.3 percent on-year to
March 12, 2015
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Full text of BOK's statement on monetary policy decision for March
Following is a translation of the full text of the Bank of Korea's statement Thursday on its monetary policy decision for March. The central bank's monetary policy committee voted to slash the base rate to a record low of 1.75 percent. The Monetary Policy Committee of the Bank of Korea decided today to lower the Base Rate by 25 basis points, from 2.00% to 1.75%.Based on currently available information the Committee considers that, although the trend of a solid economic recovery in the US has bee
March 12, 2015
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Gov't to aggressively support corporate investment: finance minister
The government will aggressively support both inbound and outbound investments by local companies to help vitalize the economy, which has not regained its growth momentum, South Korea's finance minister said Thursday.In a meeting of economy-related ministers in Seoul, Choi Kyung-hwan stressed that the recent visit by President Park Geun-hye to four Middle Eastern countries will open new opportunities in the construction, industrial plants, energy, health care, information technology and food sec
March 12, 2015
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Daesung Group CEO named World Water Forum co-chair
The 2015 World Water Forum National Committee selected Daesung Group CEO Kim Young-hoon as its new co-chair, the committee said Tuesday.Kim was selected due to his experience of hosting the 22nd World Energy Congress 2013 in Daegu as well as his leadership skills as cochair of the World Energy Council, committee officials said. Daesung Group CEO Kim Young-hoonKim will be in charge of inviting senior-level officials and managing the external business of the forum.The World Water Forum, a triennia
IndustryMarch 12, 2015
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BOK cuts base rate to 1.75 pct in surprise move
South Korea's central bank unexpectedly slashed the base rate to a record low of 1.75 percent Thursday, putting aside concerns over surging household debt and joining a global easing wave to bolster growth.The rate cut is the first since October, when the Bank of Korea(BOK) brought down the key rate to a then-record-matching low of 2 percent. The monetary policy committee had since then unanimously voted to keep the base rate on hold."A quarter percentage point rate cut was deemed desirable as g
March 12, 2015
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Lotte buys car rental firm for 1.02 tln won
South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won ($906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio.Lotte said it will fund the purchase of KT Rental Co. by May. Lotte was selected in mid-February as the best fit to buy the country's largest car rental firm, an affiliate of KT Corp., the nation's No. 2 mobile operator.The group, whose businesses stretch from retail and finance to tourism and hospitality, has
IndustryMarch 12, 2015
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S. Korean card firms' net edges up 5 pct in 2014
Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday.The combined net earnings of eight credit card firms stood at 1.8 trillion won ($1.6 billion) last year, up 5 percent from the previous year, according to the Financial Supervisory Service (FSS).The net increase comes to 2.2 trillion won, up 27.6 percent on-year, when including gains from asset sales.Samsung Card Co., for instance, earned 488.5 billion won fro
March 12, 2015
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‘Hyundai to build second U.S. plant’
Hyundai Motor, the nation’s top automaker, plans to start building its second factory in the U.S. within this year to ramp-up the supply of sport utility vehicles to the world’s second-largest car market, industry sources said. The new plant with an annual production capacity of 300,000 SUVs will be completed by 2017, but the company has yet to decide the plant location, the sources added.It is the first time that Hyundai Motor has disclosed a concrete plan for the second factory.Although a Hyun
MobilityMarch 11, 2015
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‘Nut rage’ victim files civil suit in U.S.
A Korean Air flight attendant involved in the “nut rage” incident has filed a civil lawsuit against Heather Cho, the former vice president of the airliner, with a court in the United States on Monday, saying she was subjected to verbal and physical abuse and humiliation. The suit was filed on Monday in the Supreme Court of the State of New York, Queens County, according to U.S.-based law firms representing Kim Do-hee on Wednesday. (Yonhap)Kim, a female cabin crew member who served macadamia nut
IndustryMarch 11, 2015
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POSCO to supply metal for Porsche 911
POSCO, South Korea’s leading steelmaker, said Wednesday it will be supplying lightweight magnesium sheets to Porsche for the German sports carmaker’s highest-performance model, the 911 GT3 RS. POSCO said the material will be used for the roof of the new GT3 RS, the first body adoption of the material that has been used for a limited number of smaller car parts. “We expect the demand for auto parts using magnesium will continue to grow at a fast pace,” POSCO said in a statement. Body work for Por
IndustryMarch 11, 2015
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Korean builders expected to win $11b refinery plant project in Kuwait
Global consortiums consisting of three Korean leading builders are expected to win an $11 billion order to build a refinery plant in Kuwait. According to sources, the consortiums, formed by Hanwha Engineering and Construction, Daewoo Engineering and Construction, and Hyundai Heavy Industries, offered the lowest bids for three projects at the Al-Zour refinery tendered by state-owned Kuwaiti National Petroleum Co. “We have a good chance of securing the project as we offered the lowest price,” a Hy
IndustryMarch 11, 2015
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UNITY FOR GROWTH
Chiefs of overseas branches of Daewoo International, one of the nation’s biggest trading companies, get together on Wednesday after attending a three-day meeting for marketing strategy for this year at Songdo, Incheon. (Daewoo International)
March 11, 2015
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Korea to support SMEs on overseas construction
South Korea’s Ministry of Strategy and Finance said Wednesday that it would provide further financial support for small and medium enterprises to win overseas infrastructure deals.In a meeting with industry officials in Seoul on Wednesday, Vice Finance Minister Joo Hyung-hwan said the government would establish a system allowing public financial institutions to extend financing and guarantees for SMEs to carry out infrastructure projects abroad.“It will seek to expand policy financing by encoura
March 11, 2015
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KTX Seoul-Honam route to launch next month
Korea will launch a new high-speed KTX service linking Seoul and the nation’s southwestern region including Gwangju amid hopes that it will greatly contribute to boosting the local economy, officials said Wednesday.Transport Ministry officials said the Honam KTX trains would link Seoul and Gwangju in 93 minutes, cutting more than an hour and a half from trips by express buses or slower trains. For the faster railroad service, the government has built new tracks in the Jeolla provinces. So far, K
IndustryMarch 11, 2015