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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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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FX forward net buying by Korean firms soars in 2014
South Korean companies saw their forward exchange net purchases increase in 2014 from a year earlier as the won strengthened against the dollar in the first half of the year, central bank data showed Tuesday.The net purchases reached $10 billion last year, sharply increasing from $1.6 billion in 2013, according to the data by the Bank of Korea. The amount is smaller than the $24.1 billion posted in 2012.The on-year rise was attributed to a fall in forward selling in the first half as shipbuilder
Jan. 20, 2015
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S. Korea to inject 81.8 bln won to develop domestic titanium industry
South Korea will inject 81.8 billion won ($75.5 million) into developing a domestic titanium parts and material industry that can make components for aircrafts, medical implant applications and industrial plants, the government said Tuesday.The seven-year plan includes the government providing 60.3 billion won in support with the rest of the money coming from private companies, the Ministry of Trade, Industry and Energy said.For this year, 9.5 billion won has been set aside in the state budget t
IndustryJan. 20, 2015
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Samsung Electronics says considering stock split
Samsung Electronics Co., South Korea's largest firm by market value, has been considering splitting its stock to lower the high price tag of its shares but will look more into the long-term effect before making any decision, a senior executive said Tuesday."(Samsung Electronics) has been looking into whether stock splits actually have a positive impact on the company's value," Lee Myung-jin, a senior investor relations official at Samsung Electronics, said in a meeting hosted by the Korea Exchan
CompaniesJan. 20, 2015
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Hyundai's Sonata PHEV cited as top 8 noteworthy eco cars
Hyundai Motor Co.'s Sonata plug-in hybrid electric vehicle (PHEV) ranked fifth among the top eight "noteworthy" eco-friendly vehicles unveiled during this year's Detroit motor show, a U.S. eco car review website said Tuesday.The website (www.hybridcars.com) selected eight noteworthy eco-friendly cars unveiled during the motor show. The C350 PHEV of Mercedes-Benz, Acura NSX of Honda and Chevrolet Volt were among the vehicles."Hyundai can now take its place alongside Ford, Toyota, GM and others in
CompaniesJan. 20, 2015
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SK Telecom seeks to apply ICT in bicycles
South Korea's top mobile carrier SK Telecom Co. said Tuesday it has signed a preliminary deal with local bicycle producer Alton Sports Co. to join forces in developing two-wheelers armed with the latest information and communications technologies.Under the deal, SK and Alton Sports will seek to develop bicycles that are connected to the mobile carriers' Bluetooth-powered beacon technology, allowing riders to locate their bikes with smartphone applications within a 50 meter distance.SK Telecom sa
IndustryJan. 20, 2015
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S. Korea's fiscal balance deficit tops 30.2 tln won in Nov.
South Korea's operational fiscal balance was in the red by 30.2 trillion won ($27.96 billion) for January-November period last year, mainly due to a drop in tax earnings while the government spent more, the finance ministry said Tuesday.The deficit is significantly larger than the 21.1 trillion won deficit for the whole of 2013, the ministry's Monthly Finance Report showed."The steep rise in the fiscal balance deficit was caused by the drop in tax revenue brought on by the sluggish economy and e
Jan. 20, 2015
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Korean Air sees int'l flight passengers decline in 2014
The number of passengers using international flights of South Korea's largest flag carrier, Korean Air Lines Co., dropped for the second straight year in 2014 in the face of intensifying competition from low-cost carriers, industry data showed Tuesday.According to the data provided by Incheon International Airport Corp. and Korea Airports Corp., about 16.6 million people used Korean Air's international flights last year, down 0.3 percent from a year earlier.This marked the second straight year t
CompaniesJan. 20, 2015
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Korea to revise income tax codes amid criticism
South Korea’s Ministry of Strategy and Finance said Monday it would readjust and revise some of the country’s income tax codes after closely evaluating the changes in the patterns of tax payments and individuals’ tax burdens stemming from settling the previous year’s taxes.This comes amid growing public criticism that many income earners will have to pay more taxes than receive tax refunds next month as they file their year-end taxes with the National Tax Service this month.The Finance Ministry
Jan. 19, 2015
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[Newsmaker] Is Lee coming to fore in Samsung empire?
When it was reported that Lee Jay-yong would host an annual meeting of top and new executives of Samsung affiliates, market analysts viewed it as a signal that he was coming to the fore on behalf of his sick father Lee Kun-hee.According to some news reports, the Samsung heir, currently vice chairman of the group’s flagship affiliate Samsung Electronics, has already received New Year management policies from top leaders of Samsung companies.Samsung heir Lee Jay-yong arrives at Hotel Shilla to att
IndustryJan. 19, 2015
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[SUPER RICH] ‘Black tears’ of oil tycoons
South Korea often proclaims to itself as “a country that does not produce oil” ― a sort of rallying cry to encourage itself to survive in a largely oil-based world order. Oil is necessity for improving one’s industries, and some people have become billionaires by taking over oil production, distribution and filtration.The total assets of the current 85 oil billionaires and eight royal families in the oil business amount to $550 billion, much higher than Korea’s yearly budget.But the oil industry
IndustryJan. 19, 2015
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Samsung mobile chief denies BlackBerry acquisition rumor
Samsung Electronics’ mobile business unit chief Shin Jong-kyun officially denied the rumors of Samsung’s takeover plan of Canadian smartphone-maker Blackberry.Shin Jong-kyun, the president of Samsung Electronics` mobile buisness unit. (Yonhap)“The recent reports of the BlackBerry takeover are false,” said Shin at the annual Samsung Group dinner gathering at Hotel Shilla in Seoul on Monday.Despite Samsung’s denial of the takeover rumors, some news outlets have continued to report that Samsung is
TechnologyJan. 19, 2015
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[SUPER RICH] Koo marks 20 years at LG helm
On the evening of Jan. 15, LG chairman Koo Bon-moo appeared as determined as ever. “Let the brand LG become the symbol of innovation, the true ‘first class’ that lives forever,” he told a group of company executives at a dinner party. “We have had hard times but managed to overcome them. Let that become our motive for a better future,” he said. Koo led 40 top executives of the group on a two-day training session before the dinner and stressed innovation. Koo Bon-moo. (Illustration By Park Gee-y
IndustryJan. 19, 2015
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Shinsegae to invest record W3.35tr
Shinsegae Group, South Korea’s largest retailer, plans to invest a record amount of 3.35 trillion won ($3.1 billion) in multishopping malls and online businesses, group officials said Monday.The figure is about a 50 percent jump from last year’s investment budget of 2.2 trillion won, and a 46 percent hike from 2.3 trillion won in 2013, the highest value on record. The company said it was considering increasing the investment even more, depending on market conditions. “Through the massive investm
IndustryJan. 19, 2015
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Samsung Techwin to supply airplane engine parts to GE
Samsung Techwin, a South Korean aeronautics and defense technology company, said Monday that it has struck a 470 billion won ($430 million) parts supply deal with U.S.-based General Electric. The contract will run from 2016 to 2025.Under the deal, Samsung Techwin will provide 18 types of parts to one of the world’s major airplane engine producers, in collaboration with Pratt & Whitney and Rolls-Royce. Those parts will be used in the next-generation leading-edge aviation propulsion engine, which
IndustryJan. 19, 2015
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Merck to display smart window technology at German trade fair
Merck, the world’s leading chemical and materials firm, said Monday that it would participate in the BAU 2015 exhibition, an international architecture, materials and systems trade show being held from Monday through Saturday (local time) in Munich. At the trade fair, the firm will showcase its state-of-the-art materials technology including Liquid Crystal Windows, smart windowpanes that can control the amount of sunlight penetrating the glass to reduce energy consumption.“We believe the liquid
TechnologyJan. 19, 2015
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LG Uplus, Nokia team up for 5G network tech
LG Uplus executive vice president Kim Sun-tae (right) and Andrew Cope, head of Nokia Networks’ Korean office, pose after signing an MOU for R&D collaboration for the fifth generation networks. (LG Uplus)South Korea’s smallest mobile carrier, LG Uplus Corp., said Monday it has agreed with Nokia to join hands in developing the fifth-generation network technologies, which is set to emerge as the new industrial standard in the near future.Under the memorandum of understanding, LG and Nokia will coop
TechnologyJan. 19, 2015
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Economic slump undermines Korean firms’ profitability
South Korean companies saw their profitability drop sharply over the last few years as a protracted economic downturn hit the country’s manufacturing sector and other segments hard, industry data showed Monday.The ratio of net income to sales at South Korean firms came to 5.5 percent on average last year, far lower than the world’s average of 7.9 percent and emerging countries’ 5.9 percent, according to the data.The country’s figure plunged below the world’s average level and that of emerging ec
IndustryJan. 19, 2015
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Korea posts first surplus in cosmetics trade last year
South Korea’s cosmetics exports last year jumped more than 50 percent to $1.92 billion, giving the country its first annual surplus in the sector, the customs office said Sunday.South Korea had been in the chronic red in the cosmetics trade because of customers’ preference for already established import brands from countries like the United States, France and Japan.Records from the Korea Customs Service showed the trade deficit in the segment had ranged between $400 million-$600 million since 20
TechnologyJan. 19, 2015
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Samsung aims to sell 30m Tizen TVs in 2015
South Korea’s tech giant Samsung Electronics Co. plans to sell 30 million units of Tizen-powered quantum-dot TVs in 2015, an industry source said Monday, as it fights to keep its top spot in global TV sales that it has maintained since 2006.The outlook came as the source with knowledge of inside matters said the company has planned to have Tizen models take up 50 percent of its combined TV sales for 2015, which are estimated at 60 million units.Tizen is an open-source operating system for smart
TechnologyJan. 19, 2015
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Korean beer ranks No. 3 in Iraq
Korean beer exports to Iraq are gaining traction, helping local breweries that are moving to diversify their target markets to bolster growth, data showed Sunday.Exports of Korean beer to the country reached 6,384 tons, or $4.48 million, last year, putting South Korea as the country’s third-largest beer supplier. The biggest exporter was Hong Kong with 55,484 tons, followed by China with 20,112 tons, according to the data by the Korea Customs Service.The latest data compared with four years ago,
TechnologyJan. 19, 2015