Most Popular
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Court refuses injunction on medical school expansion
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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[Robert J. Fouser] Social attitudes toward language proficiency
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[Graphic News] Seoul among most expensive cities
Seoul has some of the highest prices for goods such as Starbucks coffee, Chilean wine, carbonated water, beef and imported fruits, according to data released by Consumers Korea on Monday.The organization examined the prices of 42 agricultural, livestock and processed products in June and October across 13 major cities in the world.Out of 42 products, Seoul turned out to have the highest prices for 35 items, earning the title of one of the top five most expensive cities.
IndustryJan. 13, 2015
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[Newsmaker] Hyundai Motor family share sale plan fails
Hyundai Motor chairman Chung Mong-koo and his son’s bid to sell some of their stakes in their business empire has failed. But this will not hinder the Chung family’s attempt to accelerate a father-to-son management transfer inside the world’s fifth-largest automaker, observers said. On Monday, Chung and his son Eui-sun, who is also the vice chairman of the nation’s top automaker, reportedly sent a notice to institutional investors that they plan to sell a combined 13.4 percent of the logistics f
IndustryJan. 13, 2015
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Mahindra vows more investment
India’s Mahindra Group chairman Anand Mahindra made it clear that the motor group would continue to invest in Ssangyong Motor as a strategic investor to revive the Korean carmaker’s former glory. “It was not just a portfolio investment. It was not to acquire technology. Our investment was made with vision. ... (As a long-term investor), we want Ssangyong Motor to rise (again),” he said in Seoul on Tuesday. “We have two missions in Korea. First, we will ensure the well-being of the Ssangyong Moto
MobilityJan. 13, 2015
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AmorePacific mulls patent lawsuit against Lancome
Lancome’s “Miracle Cushion” (L’Oreal Paris)AmorePacific, South Korea’s top cosmetics firm, said Tuesday that it was considering legal action against French cosmetics house Lancome over a possible patent infringement of its signature air cushion compact. AmorePacific officials said it would decide whether to file a patent lawsuit against L’Oreal Korea, the Korean unit of L’Oreal Group, which is set to release the Miracle Cushion on Jan. 19.“We will analyze the product after the launch and then co
IndustryJan. 13, 2015
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Thick-noodle ramen from Nongshim
Nongshim’s new spicy thick-noodle ramen, Wooyooktangmyeon. (Nongshim)Nongshim, Korea’s leading ramen maker, unveiled Tuesday a spicy thick-noodle ramen targeting the young generation, company officials said. Nongshim said it aims for Wooyooktangmyeon’s annual sales to reach 50 billion ($46.3 million) won and enter the top 10 best-selling ramen list by the end of the year.The new noodle is 3 millimeters thick, about twice that of average noodles sold in South Korea. “Wooyooktangmyeon is the resul
IndustryJan. 13, 2015
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Google offers ad tools for small firms
Google Korea on Tuesday introduced its diverse ad tools for small businesses, including the popular Google AdWords, that it claimed will help Korean startups expand their presence in global markets.“For small businesses lacking resources, online marketing is the perfect and effective sales person,” said Google Korea CEO John Lee, who joined the Korean unit as of January. “Google will support Korean firms to enter overseas markets.” Google AdWords is an online advertising service that places adve
TechnologyJan. 13, 2015
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Korean builders eye $1.2b nuclear plant project in Ulsan
Fierce competition is expected among South Korean construction companies to win a 1.4 trillion won ($1.29 billion) mega project to build two units of a power plant.The order placed by the state-run Korea Hydro & Nuclear Power for Shin-Kori power plant units 5 and 6 in Ulsan is considered to be the single largest public construction project of the year. “It is the most important public construction project of this year, not only because of its huge scale but also because of the construction achie
IndustryJan. 13, 2015
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Samsung to release slimmest smartphone
Samsung Electronics Co. said Tuesday it plans to launch its slimmest smartphone later this month at home and in major emerging countries to bolster low-end sector amid the ise of Chinese rivals eating into its shares.The world’s No. 1 maker of smartphones said the Galaxy A7, only 6.3 mm thick, will be released in the South Korean, Chinese, and Indian markets at the end of January. The model is an upgrade from the Galaxy A3 and A5 launched earlier in the three emerging markets.With a 5.5-inch dis
TechnologyJan. 13, 2015
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Hyundai unveils its first plug-in hybrid
Hyundai Motor vice chairman Chung Eui-sun introduces its Sonata plug-in hybrid electric vehicle at a motor show in Detroit on Monday. (Hyundai Motor)South Korea’s top carmaker Hyundai Motor Co. took the wraps off of its Sonata plug-in hybrid electric vehicle at a motor show in the U.S. on Monday (local time), its first-ever car that can be recharged to run on both gasoline and electricity. “The Sonata Plug-in Hybrid is a first of its kind engineered and built by a South Korean company, and will
MobilityJan. 13, 2015
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FSS detects celebrities’ illicit overseas asset deals
The nation’s financial watchdog said Tuesday that dozens of high-profile people made illicit foreign exchange transactions amounting to a combined 130 billion won ($120 million) last year.The list of its findings included Hur Nam-kack, chairman of GS-affiliated trading group Samyang Tongsang; Shin Jung-hee, CEO of Donghwa Duty Free Shop; SM Entertainment chairman Lee Soo-man and actress Han Ye-seul.The Financial Supervisory Service revealed the illegal transactions after a six-month investigatio
Jan. 13, 2015
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Hana Bank donates goods to Myanmar
Hana Bank donated 10,000 articles of clothing and materials to schools in need in Myanmar, the lender said Friday. Charity foundation Sarangbat chairman Choi Sung-kyun and Myanmar ambassador to Seoul Soe Lwin attended the donation ceremony held on Dec. 18 in Seoul.The materials were collected by Hana Bank employees, who have been sending clothing, stationery and recycled Hana Bank computers to Korea and nearby Asian countries since 2011.In addition, Hana Bank started a plan to carry out a 300 mi
Jan. 13, 2015
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Caffe Bene seeks success in East Asia
South Korean coffee chain Caffe Bene is betting big on the Southeast Asian market as it aims to operate 140 stores in the region by 2017.Southeast Asia is the fourth region in which the company has opened outlets, starting with the Philippines, Indonesia, Cambodia, Malaysia and Vietnam, according to company officials. With two more shops having opened in Malaysia last month, Caffe Bene now has 17 cafes in Southeast Asia. “We’re striving to become a representative South Korean coffee brand that l
IndustryJan. 13, 2015
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IMF rails at FSS over withheld data
The International Monetary Fund said it was unable to carry out an independent stress test to assess the country’s financial market stability due to the lack of available government data. While the IMF showed positive evaluation on Korea’s handling of the global financial crisis by “robust policy measures,” the international body also lashed at the Korean financial authorities for not turning in raw data that were requested to assess the country’s financial stability. “The (IMF’s) Financial Sect
Jan. 13, 2015
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Shares down 0.2% on crude oil woes
South Korean stocks ended 0.2 percent lower Tuesday as persistent worries over weakening global oil prices sapped investor sentiment, analysts said. The local currency lost ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index moved down 3.81 points to 1,917.14. Trading volume was moderate at 309.7 million shares worth 4.66 trillion won ($4.3 billion) with decliners outnumbering gainers 469 to 329. “Concern over industries, including chemical, refined oil and steel, is
Jan. 13, 2015
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Daum Kakao launches taxi app for drivers
South Korea’s leading free messenger service operator Daum Kakao Corp. on Tuesday showcased a taxi application for drivers in its first step to start a full-fledged taxi service, adding the passengers’ version will also be released by the end of the first quarter.The release came a month after Daum Kakao signed a preliminary deal with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app.Daum Kakao said all drivers
IndustryJan. 13, 2015
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Samsung’s patents in U.S. outnumber rivals
South Korea’s tech giant Samsung Electronics Co. had more U.S.-registered patents last year than its big name U.S. competitors, including Microsoft Corp. and Google Inc., according to the latest data Tuesday.Samsung had 4,952 items patented with the U.S. Patent and Trademark Office, ranking it second, the data compiled by U.S.-based IFI Claims Patent Services said. IBM topped the list with 7,534 patent registrations, keeping the No. 1 spot for the 22nd year. Japan’s Canon Inc. ranked third, trai
IndustryJan. 13, 2015
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Household loans increase by W7.5tr in November
Household loans extended by South Korean financial institutions rose by 7.5 trillion won ($6.9 billion) in November, slightly slowing from the previous month’s record gain but still marking a substantial increase, data showed Tuesday.Outstanding household lending by local lenders and non-banking institutions reached 738.2 trillion won in November, compared with 730.7 trillion won a month earlier, according to the data by the Bank of Korea.The on-month gain is slightly less than the record 7.8 tr
Jan. 13, 2015
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S. Korea needs to prevent won from soaring vs yen, euro
South Korea needs to prevent the local currency from excessively appreciating against other currencies like the Japanese yen and euro by encouraging the moderate outflow of U.S. dollars to back up its export-oriented economy, a researcher said Tuesday."If the won rose against the yen and euro at a time of a strong dollar, its negative impact would be increased," Park Sung-wook, a researcher at the Korea Institute of Finance, said."The government should consider taking measures to induce the grad
Jan. 13, 2015
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Taubman sees high growth potential in Korea
U.S. property developer Taubman seeks to expand its footing in South Korea where a growing number of people are starting to embrace shopping malls as a mainstream retail channel, its regional chief said Tuesday."The United States is a good market but with limited opportunities going forward to create new shopping centers because the market is mature. So we had to look where we wanted to be as a company to have some future growth," said Taubman Asia President Rene Tremblay. "We decided that Asia
IndustryJan. 13, 2015
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Seoul shares down 0.2 pct on crude oil woes
South Korean stocks ended 0.2 percent lower Tuesday as persistent worries over weakening global oil prices sapped investor sentiment, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved down 3.81 points to 1,917.14. Trading volume was moderate at 309.7 million shares worth 4.66 trillion won ($4.3 billion) with decliners outnumbering gainers 469 to 329."Concern over industries, including chemical, refined oil and steel, is gr
Jan. 13, 2015