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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FSC to expand venture capital support
The nation’s top financial regulator plans to expand the exemption of guarantee requirements for start-ups to support fledgling firms.The Financial Services Commission is considering whether to ease regulations on investment limits to revitalize the KONEX market that opened in 2013 to facilitate financing for start-ups and small companies. The K-OTC, which deals with the trading of non-listed shares, will also open a second market in March for the trading of small venture firms’ stocks.The FSC r
Jan. 15, 2015
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Korea earmarks W180tr to build creative economy
The government plans to invest 180 trillion won ($166 billion) this year to foster a start-up ecosystem, new industries and markets with growth potential. Five economic ministries and agencies including the Science Ministry reported their new policies to President Park Geun-hye at the government complex in Sejong City.The Industry Ministry said it set this year’s exports target at over $600 billion and foreign direct investment at more than $20 billion. President Park urged the economic minister
Jan. 15, 2015
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Samsung, BlackBerry deny takeover talks
Samsung Electronics on Thursday denied media reports that it had offered to buy Canadian smartphone-maker BlackBerry for as much as $7.5 billion. “It is not true,” a Samsung spokesperson in Seoul said, adding that the company “does not respond to rumors.”BlackBerry, in a press release on its website, also denied the reports on the potential deal, saying it had “not engaged in discussions with Samsung with respect to any possible offer,” declining to comment further.News reports said earlier that
TechnologyJan. 15, 2015
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Korean Air to face fine for ticketing fault
Korean Air, South Korea’s top air carrier, will be fined for a ticketing error to a Korean singer that violated the country’s aviation law, a Transport Ministry official said Thursday. “The ministry plans to slap fines on Korean Air for violating the aviation security law,” said Lee Moon-ki, director general for aviation policy bureau at the Ministry of Land, Infrastructure and Transport.Bobby Kim, a 42-year-old veteran singer, had booked a business-class seat from Incheon to San Francisco for h
IndustryJan. 15, 2015
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Hyundai Motor to launch new Veloster coupe this week
Hyundai Motor Co., South Korea’s top automaker, said it would this week begin selling the new Veloster coupe that boasts more functions appealing to the tastes of younger consumers. The new Veloster, which goes on sale Friday, is equipped with an “engine sound equalizer” that allows the driver to tune the volume and tone of the “virtual” engine sound.The car also provides an improved driving experience with motor driven power steering and better safety by adopting a rollover sensor that automati
MobilityJan. 15, 2015
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Will Hyundai’s duty-free plan succeed?
Hyundai Development is planning to open a duty-free store, in an attempt to pick up the last slice of one of the very few flourishing industries in Korea. Company chairman Chung Mong-gyu announced Monday that the company would pour 100 billion won ($92.3 million) into building a shopping complex, including a duty-free store, in Yongsan, Seoul, next to the Yongsan I’Park Mall, which the company already runs. “We will reserve 40 percent of the space for products from Korean small to midisized comp
IndustryJan. 15, 2015
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Starbucks’ ‘lucky bag’ sells out within hours
Starbucks Korea’s 2015 lucky bag (Starbucks Korea)Starbucks Korea’s “lucky bags,” which offer a random selection of goodies for less than they usually retail for, sold out within a few hours of sales launching Thursday, company officials said. Large crowds of people were seen lining up in front of Seoul’s Starbucks stores in the early morning to claim the coffee chain’s lucky bag worth up to 100,000 won ($92) for 49,000 won.This year, the coffee chain sold 15,000 bags, containing tumblers, mugs,
IndustryJan. 15, 2015
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Samsung hires new design strategist for upscale push
Samsung Electronics recently hired Lee Don-tae, former Korean office chief of London-based design firm Tangerine as its new design strategist in its upscale push through stylish design. Jonathan Ive, Apple’s iPhone designer, was one of founding members at the London design firm. According to Samsung officials on Thursday, Lee started working as vice president and global design chief at its Design Management Center in January. “He will work to elevate Samsung’s design prowess overall rather than
TechnologyJan. 15, 2015
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Kookmin Bank to get tax refund worth over W400b
Kookmin Bank, South Korea’s second-largest lender by assets, has won a lawsuit against the country’s tax agency to get back 442 billion won ($408.7 million) in tax it has paid, industry sources said Thursday.In 2007, the bank was hit with heavy taxes by the National Tax Service as the lender set aside 932 billion won in loan-loss provision after a merger with its struggling credit card unit. The NTS argued that the lender intended to avoid corporate tax by setting aside huge loan-loss reserves.A
Jan. 15, 2015
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SUV, wagon and minivan sales spike on increased leisure activities
Annual sales of recreational vehicles in South Korea nearly doubled over the past six years, driven by the growing popularity of cars designed for outdoor and leisure activities, industry data showed Thursday.Last year, carmakers sold 407,880 RVs, including sport utility vehicles, wagons and minivans, compared with about 208,000 units tallied in 2008, according to the data. The spike is attributable to increasing demand for vehicles that provide more space for equipment and driving comfort for t
Jan. 15, 2015
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Naver ups stake in online video streaming amid YouTube reign
Naver Corp., South Korea’s top Internet portal operator, saw a sharp growth in its online video streaming business last year, closing the gap with the world’s largest video-sharing website YouTube in the local market, data showed Thursday. The number of unique visitors at Naver’s TV Cast spiked 52.4 percent on-year to 47.3 million in 2014, according to data compiled by Seoul-based market tracker Nielson KoreanClick Co. That compares with a 13.3 percent on-year increase for the global video-strea
Jan. 15, 2015
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Korean refiners suffered record loss in 2014: report
Major South Korean refiners are expected to have suffered their worst ever performance in 2014 due to relentless slides in oil prices, with their combined operating loss reaching over 2 trillion won ($1.84 billion), according to guidance reports Thursday. The combined operating loss of the four refiners ― SK Innovation, GS Caltex, S-Oil and Hyundai Oil Bank ― reached 1.2 trillion won in the first three quarters of last year, and they are expected to post an additional loss of over 1 trillion won
Jan. 15, 2015
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BOK revises down growth outlook to 3.4%
The Bank of Korea on Thursday revised down its growth forecast to 3.4 percent from 3.9 percent for this year amid weakening consumption and private investment.The central bank also cut its inflation forecast to 1.9 percent from 2.4 percent, and kept its key base rate at 2 percent for the third consecutive month due to the continued global economic slowdown.The U.S. seemed to be the only major economy showing signs of a moderate recovery this year, the BOK noted. The BOK cut its growth forecast t
Jan. 15, 2015
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Shinhan Financial chairman declares ‘year of action’
Shinhan Financial Group chairman Han Dong-woo said Thursday that he wanted visible achievements in its overseas operations, declaring 2015 a year of “action.”The chairman vowed to continue pursuing last year’s six core goals: internalization of hearty finance, a profit jump through creative finance, differentiation of postretirement business, pioneering unchartered overseas markets, innovative management of business channels and strategic cost-cutting. Shinhan Financial Group chairman Han Dong-
Jan. 15, 2015
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Samsung begins mass production of 20-nano graphic DRAM
Samsung Electronics Co. said Thursday it has started mass production of 8-gigabit graphic memory chips that adopt 20-nanometer technology, completing the full 20-nano level lineup in mobiles, servers, PCs and graphics. The Graphics Double Data Rate 5 is the advanced version of the preceding 4-gigabit GDDR5 that enables faster data processing with better power efficiency, as well as a slimmer design for a device, the company said in a statement. The graphic DRAM is widely used in 3-D games or dev
TechnologyJan. 15, 2015
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Korea logs 35th straight month of trade surplus in December
South Korea posted a trade surplus for the 35th month in a row in December, helped by a rise in overseas shipments and a decline in imports, customs data showed Thursday.According to the data released by the Korea Customs Service, the country’s trade surplus came to $5.74 billion last month, up from $5.39 billion tallied for the previous month and $3.63 billion a year earlier.Exports moved up 3.6 percent on-year to $49.7 billion, while imports contracted 0.9 percent to $43.95 billion. Export, im
Jan. 15, 2015
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Uruguayan parliamentary leader vows to help S. Korean firms
The chief of Uruguay's lower house of parliament vowed Thursday to help South Korean businesses expand their presence in the South American nation, saying their investment will play a large role in the country's development.Anibal Pereyra, president of Uruguay's Chamber of Deputies, made the remarks in an interview with Yonhap News Agency at the National Assembly building in Seoul, stressing the Uruguayan parliament's efforts to boost bilateral trade."All international treaties are subject to ra
IndustryJan. 15, 2015
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S. Korea slashes 2015 economic growth forecast
South Korea's central bank on Thursday slashed its 2015 economic growth forecast and kept its benchmark interest rate unchanged at a record low amid growing concerns of deflation.Bank of Korea Governor Lee Ju-Yeol put the new estimate for Asia's fourth-largest economy at 3.4 percent growth this year, compared to an earlier forecast of 3.9 percent.The bank decision to leave its key rate unchanged at 2.0 percent was widely expected, although some analysts had predicted a cut of 25 basis points to
Jan. 15, 2015
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Seoul shares almost flat as BOK freezes rate
South Korean stocks finished almost flat on Thursday after choppy trading throughout the session, as investors are glued to a key policy meeting by the European Central Bank slated later in the day, analysts said. The local currency fell against the dollar.The benchmark Korea Composite Stock Price Index shed 0.41 point, or 0.02 percent to close at 1,920.82. Trading volume was moderate at 332.77 million shares worth 4.46 trillion won ($4.11 billion), with losers and gainers both standing at 391.A
Jan. 15, 2015
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Samsung begins mass production of 20-nano graphic DRAM
Samsung Electronics Co. said Thursday it has started mass production of 8-gigabit graphic memory chips that adopt 20-nanometer technology, completing the full 20-nano level lineup in mobiles, servers, PCs and graphics.The Graphics Double Data Rate 5 is the advanced version of the preceding 4-gigabit GDDR5 that enables faster data processing with better power efficiency, as well as a slimmer design for a device, the company said in a statement.The graphic DRAM is widely used in 3-D games or devic
TechnologyJan. 15, 2015