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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[Grace Kao] American racism against Stray Kids
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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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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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[Graphic News] In-house reserves surge
The in-house reserves accumulated at South Korea’s top 10 business groups reached 515.9 trillion won ($499.66 billion) as of the end of the first quarter this year, according to a report released by corporate tracker CEO Score on Wednesday. The figure reflected a 90.3 percent increase from the 271 trillion won recorded five years ago, CEO Score said. In-house reserves refer to a company’s capital surplus excluding tax payments and dividends, which are reserved for future investment. Samsung Grou
IndustryJuly 17, 2014
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Traditional Korean medicine industry struggles to expand
For many years in the past, Koreans would seek doctors of traditional Korean medicine for herbal medicine to boost their energy levels, or to get acupuncture treatment for chronic muscle pain.The industry, however, has been struggling to expand its business into the field of dermatology and fertility medicine. Many clinics have been offering cosmetic treatments for conditions such as wrinkles and acne.“We hope to overcome this perception that traditional Korean medicine is old and not scientific
TechnologyJuly 17, 2014
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Deep sleep
Sleep is not just rest, but a very important process for performing mental and physical activities. Getting enough good-quality sleep is also necessary for maintaining mental and physical health. Chronic sleep deficiency or poor quality of sleep significantly increases the risk of depression, diabetes mellitus and coronary heart disease.Human sleep consists of 20-25 percent REM (rapid eye movement) and 75-80 percent Non-REM sleep. During REM sleep, the eyes move rapidly and most people experienc
TechnologyJuly 17, 2014
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300 vials labeled flu, dengue found at U.S. lab
WASHINGTON (AP) ― The same U.S. government scientist who recently found forgotten samples of smallpox at a federal lab also uncovered over 300 additional vials, many bearing the names of highly contagious viruses and bacteria. The new revelations raise serious concerns about the government’s ability to secure its collections of potentially deadly pathogens.Food and Drug Administration officials said Wednesday the undocumented collection contained 327 carefully packaged vials, listing pathogens l
TechnologyJuly 17, 2014
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Korea, Spain join hands for maritime business
LAS PALMAS, Spain ― Las Palmas, often dubbed a paradise for its mild climate, beautiful beaches and romantic atmosphere, has long been the base of South Korea’s distant-water fishing in the Atlantic since 1966.The Spanish island situated near Morocco is now expected to transform into the frontline of Korea’s cutting-edge oceans and fisheries industries as the Korean government has announced a set of plans to cooperate with the local authorities and academia in joint research, development and pot
July 17, 2014
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Caffe Bene strives for stronger foothold in U.S
Caffe Bene is striving to gain a firm foothold in the U.S. market, hoping to become a bigger presence there within the next three years, Kim Sun-kwon, the chief executive of the South Korean coffee franchise, said on Thursday.“Increasing our exposure to U.S. consumers is the foremost task lying ahead of us,” Kim told the press at Caffe Bene’s new roasting plant in Yangju, Gyeonggi Province.Kim also said Caffe Bene signed a contract with a U.S. production firm three months ago for its U.S. outlet
IndustryJuly 17, 2014
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Shinsegae Group jumps into convenience store business
Shinsegae Group, the nation’s largest retailer, is planning to expand in Korea’s crowded convenience store sector, aiming to open 1,000 With Me outlets by the end of this year. Shinsegae, which owns Emart and Shinsegae Department Store, acquired With Me, a mid-size convenience store operator, in December. The industry’s top three players ― BGF Retail’s CU, GS Retail’s GS25 and Lotte Shopping’s 7-Eleven ― currently dominate more than 90 percent of the market, which consists of some 25,000 stores
IndustryJuly 17, 2014
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iPhone may adopt sapphire glass for premium models
Apple may adopt sapphire glass for the highest-end models of its new smartphone, the iPhone 6, according to a display research company. “Apple’s sapphire material supplier, GT Advanced Technologies, appears capable of producing the glass for around 45 million smartphones. Still, only the iPhone 6’s most premium models may adopt it due to its high cost and a possible supply (set aside) for the iWatch,” said Brian Huh, a senior analyst at NPD DisplaySearch Korea, at its touch conference in Seoul.
IndustryJuly 17, 2014
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Fuji Xerox Korea promises more efficiency at the workplace
Fuji Xerox Korea, a leading document management firm, said Thursday it would make efforts to solidify its leadership in the document management services market. “Fuji Xerox Korea will continuously provide a better work environment for our customers and also make contributions to society,” said Ueno Yasuaki, chief executive of the company, at a press meeting marking the 40th anniversary of its entry into the Korean market.In line with the efforts, the company, which introduced the first color cop
TechnologyJuly 17, 2014
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KT&G net profit falls 4.3% in second quarter on stronger won
KT&G Corp., South Korea’s largest tobacco manufacturer, said Thursday its second-quarter net profit decreased 4.3 percent from a year earlier due to stronger local currency.Net income stood at 184.3 billion won ($179.2 million) in the April-June period, compared with 192.7 billion won a year earlier, the company said in a regulatory filing. Sales, however, rose 8.5 percent to 992.3 billion won in the cited period, and operating profit surged 15.1 percent to 286.3 billion won. The numbers reflect
IndustryJuly 17, 2014
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Seoul rejects Lotte’s plan to open lower floors of mega high-rise
The Seoul city government on Thursday rejected a request from Lotte Group to open the lower floors of a mega skyscraper in the Jamsil area, citing safety concerns and traffic congestion. Lotte has been seeking Seoul’s approval since June to use the completed lower floors of the 123-story highrise that is being built as a part of a complex called the Second Lotte World Tower. It will be the tallest building in South Korea when completed in late 2016. The city government, however, turned down the
IndustryJuly 17, 2014
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Korean won’s volatility eases in second quarter
The intraday volatility of the South Korean currency declined in the second quarter compared with three months earlier as the won’s appreciation stoked caution among investors, central bank data showed Thursday.The average intraday change in the Korean won came in at 3.7 won in the April-June period, compared with 4.9 won in the previous quarter, according to the Bank of KoreaThe day-on-day change also fell to 2.5 won in the second quarter from 3.8 won three months earlier, with the average day-
July 17, 2014
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Business community opposes move to tax cash reserves
South Korea’s business community on Thursday protested proposals by the government to tax corporate cash reserves, stressing that such actions will only hurt investment and not benefit the economy.The Federation of Korean Industries, which represents the interests of the country’s large family-run conglomerates known as chaebol, said companies need cash reserves to deal with potential uncertainties in the future and that most of the money set aside has already been earmarked for use to buy land
IndustryJuly 17, 2014
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Controversy mounts over opening of customer data
The nation’s top-ranking private lenders have lately been determined to grow out of their conventional loan business and expand into the savings bank sector, but entry comes with a price ― submitting their customer database to an organization overseeing local banks. The government insists that it is necessary for the lenders to offer such information to the Korea Federation of Banks, or KFB, if they hope to step into the second-tier banking industry, but lenders raised concerns about the side-ef
July 17, 2014
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Will easier mortgage lending help revive housing market?
South Korea appears to be set to introduce revised regulations on mortgage loans to allow prospective homebuyers to borrow more in a move to revive the slumping housing market, but questions linger on the validity of the solution. The Ministry of Strategy and Finance, under the new finance chief Choi Kyung-hwan, is preparing to raise the loan-to-value ratio to 70 percent from the current 50 percent for most home trade in the country. Choi has repeatedly said the revised loan rules would help man
July 17, 2014
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Seoul shares hit yearly high, won pares gains
South Korean stocks advanced to their highest level this year on Thursday, fueled by growing speculation over a rate cut in Asia’s fourth-largest economy and sound economic data from the U.S., analysts said Thursday. The Korean won also rose against the U.S. dollar, snapping its two-day loss.The benchmark Korea Composite Stock Price Index rose 7.42 points, or 0.37 percent, to 2,020.90, the highest closing of the year. The index rose to as high as 2,025.41 points at one point, but pared gains in
July 17, 2014
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Foreign IBs split on next rate direction: report
Foreign investment banks showed mixed views on the future direction of South Korea’s key interest rate, a report said Thursday, with the country’s central bank facing growing pressure on a rate cut. Earlier this month, the monetary policy committee of the Bank of Korea decided to keep the base rate unchanged at 2.5 percent for a 14th straight month. The report released by the Korea Center for International Finance showed that BNP Paribas projected the BOK is unlikely to cut the rate as Asia’s fo
July 17, 2014
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KEPCO to sell Seoul office plot via open bidding
South Korea’s state-run power company announced Thursday it will sell the land of its Seoul headquarters, expected to fetch up to 4 trillion won ($3.8 billion), through open bidding within this year.The plot is one of the most expensive and coveted real estate properties, measures 79,342 square meters, and sits in a spot in the southern part of the capital that can be turned into a composite business center. Hyundai Motor has officially expressed its intent to buy the land to build a new corpora
IndustryJuly 17, 2014
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POSCO to sell off three affiliates to improve finances
POSCO, the country’s No. 1 steelmaker, said on Thursday that it will be selling off its stakes in three affiliates in a bid to improve its financial circumstances. The company will be selling parts of its holdings in the liquefied natural gas terminal in Gwangyang, and also spin off POSFINE, a company that sells ground blast-furnace slag to cement companies, and POSCO Uruguay S.A.“If the sales take place without complications, it will mark the first step in POSCO’s new strategy to focus on key b
IndustryJuly 17, 2014
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Finance minister voices veiled support for rate cut
Finance Minister Choi Kyung-hwan made remarks Thursday at the parliament that could be interpreted as signs of support for a rate cut by the country’s central bank.“I can’t say exactly what should be done about interest rates, but I believe that my message about the current economy has been sufficiently communicated,” Choi said at a Strategy and Finance Committee of the National Assembly. “Nothing could be more explicitly mentioned (about interest rates) than this.”The remarks were in response t
July 17, 2014