Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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[Grace Kao] American racism against Stray Kids
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NewJeans' members' parents complained to Hybe, email shows
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Current account surplus hits record high of $89.4b
South Korea’s current account surplus extended its record for the 34th consecutive month in December, but the accumulated annual amount fell below the central bank’s initial forecast last year, according to preliminary data by the Bank of Korea on Monday.The current account surplus, the broadest measure of trade, hit a record high of $89.4 billion last year, up from $81.1 billion a year before ― but slightly short of the central bank’s forecast of $90 billion.In December, the current account sur
Feb. 2, 2015
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Korea faces oversupply of rice
South Korean workers stack bags of rice. (Yonhap)Korea is expected to see an oversupply of rice this year due to a five-year high in output and a continued fall in demand, officials said Monday.The Ministry of Agriculture, Food and Rural Affairs said the self-sufficiency rate for rice would likely reach 97 percent in 2015. The ministry data showed that the country’s overall output of rice jumped 0.3 percent from a year ago, to some 4.24 million tons in 2014. The nation also has to import at leas
Feb. 2, 2015
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Shares close higher on weak oil prices
South Korean stocks closed higher Monday as investors expected local exporters to get a boost from weak oil prices, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 3.42 points, or 0.18 percent, to close at 1,952.68. Trading volume was moderate at 357.89 million shares worth 4.3 trillion won ($3.9 billion), with gainers outpacing losers 444 to 365.Analysts said the weak oil prices upped the earnings outlook of exporters such
Feb. 2, 2015
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Korean carmakers’ sales down 3.4% in January
Sales by South Korean automakers shrank 3.4 percent on-year in January as the slowing economic recovery in emerging markets and competition from foreign rivals hurt overseas shipments, industry data showed Monday.The combined sales of the five local automakers in January came to 717,332 units last month, down from 742,655 in the same month a year earlier, according to data provided by the companies. The total excludes complete knockdown kits that are assembled abroad.The five are Hyundai Motor C
MobilityFeb. 2, 2015
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Hyundai Motor to cut price of fuel cell car in Europe
South Korea's top carmaker Hyundai Motor Co. said Monday it plans to lower the price of its hydrogen-powered Tucson ix in Europe, a move that could boost its sales against overseas rivals in the green car market."The timing and other details of the markdown are not yet decided and will depend on the business conditions in Europe, but some predict that an announcement might be made during the Geneva International Motor Show (next month)," a Hyundai Motor official said, adding that the price cut w
MobilityFeb. 2, 2015
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Samsung slumps to No. 3 in Chinese smartphone market
South Korea's top tech giant Samsung Electronics Co., was relegated to No. 3 in smartphone market share in China in the fourth quarter of 2014, outperformed by U.S. rival Apple Inc., and is being threatened by its Chinese peers who are catching up fast, market data showed Monday.Samsung accounted for 9.8 percent of the Chinese smartphone market in the October-December period, dropping a notch from three months earlier, the data by market tracker Strategy Analytics showed. Apple snatched the seco
TechnologyFeb. 2, 2015
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S. Korean carmakers' sales down 3.4 percent in Jan.
Sales by South Korean automakers shrank 3.4 percent on-year in January as the slowing economic recovery in emerging markets and competition from foreign rivals hurt overseas shipments, industry data showed Monday.The combined sales of the five local automakers in January came to 717,332 units last month, down from 742,655 in the same month a year earlier, according to data provided by the companies. The total excludes complete knockdown kits that are assembled abroad.The five are Hyundai Motor C
MobilityFeb. 2, 2015
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Seoul shares close higher on weak oil prices
South Korean stocks closed higher Monday as investors expected local exporters to get a boost from weak oil prices, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 3.42 points, or 0.18 percent, to close at 1,952.68. Trading volume was moderate at 357.89 million shares worth 4.3 trillion won ($3.9 billion), with gainers outpacing losers 444 to 365.Analysts said the weak oil prices upped the earnings outlook of exporters such
Feb. 2, 2015
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Ssanyong Motor sales drop 10.7 pct on-year in Jan.
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Monday its sales for January slumped 10.7 percent from the previous year, hit by the weakening Russian ruble that dented the company's overseas shipments.Combined sales at home and abroad came to 10,321 units, down from the 11,562 units sold a year earlier, the carmaker said in a press release. Compared to the previous month, sales plunged 19.1 percent.The sales figures exclude complete knock
MobilityFeb. 2, 2015
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Hyundai Motor's sales shrink 6.7 pct in Jan.
Hyundai Motor Co., South Korea's top automaker, said Monday that its January sales fell 6.7 percent from a year earlier, affected by weakened demand and stiffer competition at home and abroad.Hyundai Motor said in a statement that it sold 385,868 vehicles in January, down from 413,390 units tallied a year before.Its domestic sales came to 50,413 units, down 2.2 percent from a year earlier, while overseas shipments shrank 7.3 percent on-year to 335,455 units, the company said."Sales here declined
MobilityFeb. 2, 2015
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GM Korea's January sales drop 3.8 pct
GM Korea Co., the local unit of General Motors Co. of the United States, said Monday its January sales shrank 3.8 percent from a year earlier despite strong demand in the domestic market.South Korea's third-largest carmaker sold a total of 51,585 vehicles last month, down from 53,606 for the same month of 2014, the company said in a press release.Its domestic sales jumped 9 percent on-year to 11,849 units on the back of strong demand for steady selling models, such as the Spark, the Malibu midsi
MobilityFeb. 2, 2015
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Renault Samsung sales surge 2.5-fold on-year in Jan.
Renault Samsung Motor Co., the local unit of French automaker Renault S.A., said Monday its January sales jumped by more than 150 percent from a year earlier, bolstered by strong overseas sales.A total of 16,784 vehicles were sold by Renault Samsung last month, up 150.6 percent from the 6,698 units from the year before, the company said in a statement.Outgoing shipments, in particular, jumped by more than fivefold to 11,045 units in the same period, with sales of the Rogue crossover sport utilit
MobilityFeb. 2, 2015
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Terrestrial broadcasters suffer big drop in ad revenue
Terrestrial broadcasters in Korea reported a sharp decline in advertising revenues in 2014, with KBS and MBC showing the biggest drops.According to a report by the Korea Broadcast Advertising Corp. on Sunday, KBS’ advertising revenue in 2014 fell 10.9 percent to 522.9 billion won ($475.3 million) from 580 billion won in the previous year.In the same period, MBC saw an 8.2 percent decrease to 664.8 billion won from 719.2 billion won.The drop in advertising revenue of the two broadcasters is large
Feb. 2, 2015
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Kia Motors January sales dip 1.8 pct
Kia Motors Corp., South Korea's second-largest automaker, said Monday its sales dropped 1.8 percent in January from a year ago, affected in part by fewer working days at some of its overseas factories. The carmaker sold 252,774 units overall last month, down from 257,399 vehicles a year earlier, Kia Motors said in a statement.Of the total, domestic sales grew 8.2 percent on-year to 36,802 units. Overseas sales came to 215,972 units, down 3.3 percent from the same month a year earlier."Overseas s
MobilityFeb. 2, 2015
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S. Korean banks' loan delinquency rate slips in Dec.
The delinquency rate on loans extended by South Korean banks dropped in December from the previous month, the financial watchdog said Monday.The average delinquency rate of bank loans stood at 0.64 percent at the end of December, down 0.25 percentage point from a month earlier, according to the Financial Supervisory Service.Over the cited period, 4.5 trillion won ($4.09 billion) of debt was paid off, while 1.3 trillion won of fresh bad loans were added, the FSS added.The overdue rates of corpora
Feb. 2, 2015
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S. Korea logs first auto parts trade surplus with Japan
South Korea posted a trade surplus with Japan in the auto parts sector for the first time last year as Japanese carmakers widened sources of imports to lessen risks, industry data showed Monday.According to the data provided by the Korea Trade-Investment Promotion Agency and the Korea International Trade Association, South Korea recorded an auto parts trade surplus of $23.75 million with Japan last year, a turnaround from the previous year's loss of $84.33 million.This represented the first surp
MobilityFeb. 2, 2015
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Seoul shares trade flat in late morning
South Korean stocks traded almost flat late Monday morning as top blue-chip shares remained mixed following 2014 earnings announcements, analysts said.The Korea Composite Stock Price Index edged up 0.58 point, or 0.03 percent, to 1,949.84 as of 11:20 a.m.Tech shares traded bearish, with Samsung Electronics remaining unchanged while SK hynix shed 2.2 percent. LG Display and LG Electronics plunged 2.22 percent and 0.66 percent, respectively.Shipbuilders, in contrast, gained ground, with Hyundai He
Feb. 2, 2015
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S. Korea's M&A market hits record in 2014
The value of mergers and acquisitions in South Korea hit a record high last year from big deals struck as part of broader industry restructuring and ample liquidity available in the market, data showed Monday.The local M&A market nearly doubled to $79.7 billion in 2014 from the previous year. It increased more than four times from the $20.4 billion in 2011, according to Bloomberg's Global M&A Market Review.Although the total number of M&As actually fell to 468 in 2014 from 482 a year ago, large
IndustryFeb. 2, 2015
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E-Land Group to build logistics complex, training institute in Shanghai
South Korean retail giant E-Land Group said Sunday it has started construction of an integrated logistics center and training institute in Shanghai to expand its regional presence in Asia.The conglomerate, whose business ranges from fashion apparel and restaurants to hotels, said a ceremony marking the start of construction was held late last week.It said the 200 billion won ($182.5 million) project is the largest ever logistics center approved by local authorities to a foreign company in the me
IndustryFeb. 2, 2015
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S. Korea faces possible oversupply of rice on record output, imports
South Korea may face an oversupply of rice this year as its output reached a five-year high while rice consumption continues to shrink, government officials said Monday.According to the officials from the Ministry of Agriculture, Food and Rural Affairs, the country's self-sufficiency rate for rice is expected to reach 97 percent in 2015.The country's overall output of rice inched up 0.3 percent on-year to some 4.24 million tons in 2014.South Korea is also required to import at least 408,700 tons
Feb. 2, 2015