Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Listed companies suffer growth setbacks in 2013: report
South Korea's leading listed companies suffered bigger growth setbacks in 2013 compared to the post-global crisis year of 2009, a report compiled by conglomerates' lobbying group said Thursday.The report by the Federation of Korean Industries (FKI) said sales growth numbers for the 148 large listed companies were poorer than those for the 1,536 non-financial sector businesses traded on the country's main and secondary stock exchanges.Large companies refer to businesses with annual sales exceedin
Feb. 13, 2014
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Korea launches second Antarctic research base
South Korea has taken a big step forward in polar research with the opening of a new year-round Antarctic research base. On Wednesday, the country celebrated the official launch of the “Jang Bogo Research Station,” which is the second such facility in the region. The station was completed following a 21-month construction period. It is located in Victoria Land, the southeastern tip of Antarctica. The unveiling of the new research base, which came 26 years after Korea opened its first research ba
IndustryFeb. 12, 2014
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Fed stresses Korean currency’s resilience
South Korea’s currency has been “more resilient” than that of other emerging countries to global financial volatility prompted by U.S. tapering of its stimulus program, a U.S. Federal Reserve report showed Wednesday.In the Monetary Policy Report submitted to Congress on Tuesday (local time), the Fed analyzed the financial stress and vulnerabilities of 15 emerging market economies and provided the “vulnerability index” for each country.The index is based on such major data as current account, nat
Feb. 12, 2014
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[Graphic News] Employment surges at Korea’s top 100 firms
The average job growth rate at the country’s 100 largest companies over the past five years stood at 17.6 percent, according to CEO Score, a website dedicated to analyzing and assessing the management and company strategies of local conglomerates.The raw data was from Statistics Korea, which had conducted a survey on more than 270,000 local companies employing 10 people or more. Among the firms on the list, LG Innotek, an affiliate of LG Group, saw its jobs grow by the largest clip. Samsung, Hyu
Feb. 12, 2014
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Smartphone subsidies ‘out of hand’
Despite government efforts to prevent undercutting, local telecom operators have resumed their cutthroat battle to attract new smartphone subscribers with more subsides, even giving phones away practically for free. The latest subsidy war kicked off on Saturday when the companies announced subsidies of up to 1.2 million won ($1,100) for a Samsung Galaxy S4 smartphone. Since the phones cost 954,000 won each, those who bought the S4 made off with a profit of 246,000 won.The “bargain sale” went on
IndustryFeb. 12, 2014
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KT teams up with police to export security system
KT Corp. said on Wednesday that together with the National Police Agency it plans to export its IT security system to Angola. This marks the first inroads for the telecom company into Angola, where KT, based on the technology of Korea’s police command and control systems, hopes to offer assistance in establishing security infrastructure. For its part, the Korean police will support the Angolan police authority by providing it with administrative and operational know-how on smart security systems
TechnologyFeb. 12, 2014
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Hyun vows to make Korea more investor-friendly
Deputy Prime Minister and Finance Minister Hyun Oh-seok on Wednesday reiterated the incumbent administration’s vision for giving foreign investors the confidence to invest in Korea. “To echo President Park Geun-hye, the government will turn Korea into the world’s most investor-friendly market,” Hyun said in a meeting with major foreign companies and business lobby groups held at Lotte Hotel in downtown Seoul. In particular, he predicted that the Korean market can offer more opportunities for for
Feb. 12, 2014
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Seo Choong-il takes office as STX Corp. CEO
Seo Choong-il on Wednesday took office as the new chief executive of STX Corp., the holding company of the ailing shipbuilder STX Group, pledging to normalize the company and revive sales. “We will work together with our creditors to normalize management as soon as possible,” Seo, formerly a corporate advisor, said in a statement, adding that the company aims to achieve 2.2 trillion won ($2 billion) in revenue and 40 billion won in operating profit by 2017.Seo, 59, joined STX Pan Ocean Co., then
IndustryFeb. 12, 2014
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Regulator reports Tong Yang chief for stock price rigging
South Korea’s financial regulator reported the head of the major conglomerate Tong Yang Group to the prosecution Wednesday for a criminal investigation into alleged stock price manipulation.According to the Financial Services Commission, Tong Yang Group chairman Hyun Jae-hyun and 12 executives of its affiliates are suspected of having released unconfirmed information on Tong Yang Cement & Energy Co. between 2012 and September 2013, sending the company share prices higher.Through the stock price
Feb. 12, 2014
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Hyundai car sales in India dip 2.6% in January
Hyundai Motor Co., South Korea’s largest carmaker, said Wednesday its sales in India contracted 2.6 percent on-year in January, mainly due to sluggish overall demand on the subcontinent.The company, the flagship of Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said sales hit 33,405 units in the first month of the year, down from 34,302 units a year earlier.India is the world’s third-largest single car market, and an important production and export base for the carmaker
MobilityFeb. 12, 2014
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S. Korean companies secure multi-billion dollar building
South Korean companies on Wednesday said their consortium won a multi-billion dollar oil refinery and petrochemical plant project in Kuwait.The project, ordered by the Kuwait National Petroleum Co., is for an update of eco-friendly production systems at the existing Mina Al Ahmadhi and Mina Abdullah facilities so that sulfur content of petroleum products will fall under 5 percent whenwork is completed. The $12 billion Clean Fuels Project, moreover, calls for the expansion of combined oil refinin
IndustryFeb. 12, 2014
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S. Korea's top FTA negotiator says more talks required before joining TPP
South Korea may need more time to decide whether to take part in ongoing negotiations for a regional free trade pact, known as the Trans-Pacific Partnership, the country's deputy trade minister said Wednesday, noting it may also require additional bilateral talks with other countries."Holding preliminary talks with all participating countries does not mean we are ready (to make a decision). Different countries have different conditions, and thus some may require two or even three rounds of talks
Feb. 12, 2014
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Banks' household loans decline in Jan.
Household loans extended by South Korean banks declined in January as households' balance sheets improved on the back of year-end bonuses, and mortgage lending also fell, the central bank said Wednesday.Outstanding household loans by local banks, including home-backed and credit loans, reached 477.8 trillion won ($448 billion) as of end-January, down 2.6 trillion won from the previous month, according to the Bank of Korea.The January figure also compares with the 2.9-trillion-won growth in Decem
Feb. 12, 2014
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Korea's money supply growth hits 10-month high in December
South Korea's money supply grew at the fastest pace in 10 months in December due to an increase in bank lending, the central bank said Wednesday.South Korea's M2, a narrow measure of the money supply, rose 5.3 percent to 1,932 trillion won ($1.812 trillion) in December from a year earlier, accelerating from a 5.1 percent on-year gain in November, according to the Bank of Korea.It marked the fastest on-year gain since February of last year when the money supply grew an identical 5.3 percent.On a
Feb. 12, 2014
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S. Korea calls on foreign biz to expand investment, employment
South Korea on Wednesday called on foreign companies to expand investment and employment, promising that it will work hard to create the world's most investment-friendly environment.In a meeting with foreign business leaders in central Seoul, Finance Minister Hyun Oh-seok also promised to improve transparency of laws and implement its policies in a "stable" manner, eliminating any inconveniences foreigners could encounter in doing business here.The meeting was attended by heads of major business
Feb. 12, 2014
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LG to install solar power at facilities nationwide
LG Group said Wednesday it plans to install roof-mounted solar power technology at facilities of its key affiliates to cut costs and expand its energy solution business.The conglomerate will establish 19 solar facilities with capacity of 19MW by the end of this year, starting with LG Display Co.'s plant located in the northern city of Paju.When the project is completed, LG Group will operate South Korea's largest roof-mounted solar power facilities, with a capacity of 27.4MW when combining four
IndustryFeb. 12, 2014
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S. Korea, New Zealand to resume FTA negotiations next week
South Korea and New Zealand will resume their negotiations for a bilateral free trade agreement next week after a near four-year pause, the South Korean government said Wednesday.The fifth round of FTA negotiations between the two countries will be held in Wellington from Monday through Friday, according to the Ministry of Trade, Industry and Energy.The fresh round will mark the first of its kind since May 2010. The countries agreed to resume their negotiations late last year in a bilateral trad
Feb. 12, 2014
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S. Korea's auto output, exports shrink in Jan.
South Korea's exports of automobiles dropped significantly from a year earlier in January while its domestic sales grew, the government said Wednesday.Outbound shipments of vehicles plunged 9.9 percent on-year to 256,052 units last month while domestic sales gained 4 percent, according to the Ministry of Trade, Industry and Energy.The country's total output dropped 10.3 percent to 368,243 units.The ministry attributed the drop in exports partly to worsening global consumer sentiment due to the U
IndustryFeb. 12, 2014
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S. Korea's farm exports dip 1.5% in Jan.
South Korea's exports of food and agriculture products shrank slightly from a year earlier last month amid large drops in shipments to China and European countries, the government said Wednesday.In January, outbound shipments of farm products amounted to $445.9 million, down 1.5 percent from the same month last year, according to the Ministry of Agriculture, Food and Rural Affairs."The drop in exports last month appears to have been caused by shrinking shipments of ginseng, sugar and processed c
Feb. 12, 2014
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Jeju Air introduces new plane, strives to expand market presence
Jeju Air Co., South Korea's largest budget carrier, said Wednesday that it introduced a new plane to its fleet as part of its ongoing efforts to expand its market presence.The company, which is owned by Aekyung Industrial Co. and uses Jeju Island as its main hub, said the new B737-800 will augment its fleet of 13 planes already in service.It said another passenger jet will be introduced in March for a total of five planes to be incorporated this year and one to be sold off. The expansion will gi
IndustryFeb. 12, 2014