Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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State bond sales hit record high in first half
Sales of state bonds reached a record high in the first half of the year as the government, facing a revenue shortfall, is preparing to increase economic stimulus spending, data showed on Sunday.According to the data compiled by the Korea Financial Investment Association, state bond sales amounted to 71.85 trillion won ($62.9 billion) in the January-June period, up 18 percent from a year earlier.The first-half increase in state bond sales also marks the sharpest gain since the first half of 2009
July 7, 2013
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Samsung retains top slot in NAND flash memory market
Samsung Electronics Co., the world’s biggest computer memory chipmaker, held on to the top position in the NAND flash memory chip market in the first quarter of the year on the back of its cutting-edge technology, data showed on Sunday.According to the data compiled by market information provider iSupply, Samsung sold NAND flash memory chips worth $2.03 billion in January-March, accounting for 38.5 percent of the global market.NAND flash memory chips are used for smartphones and other mobile dev
July 7, 2013
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Great Wall aims to be next Hyundai Motor
Wang Jiangwei recalls spending last summer sweating through a month of military drills conducted by Chinese People’s Liberation Army instructors. Wang isn’t a soldier; he’s a researcher at Great Wall Motor Co. His Baoding, China-based employer is so profitable, it generates a fatter margin than any listed carmaker in the world. Behind the success is chairman Wei Jianjun, who has built China’s biggest SUV maker with a leadership style that stands out for its emphasis on discipline and frugality.
MobilityJuly 7, 2013
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Hyundai joins race to cut prices
Hyundai Motor on Sunday announced additional price cuts to its top-selling vehicles, including its Grandeur flagship sedan, as part of efforts to maintain its market dominance amid the increased presence of import brands here. In its latest round of price cuts, Hyundai plans to reduce the price tag of the Grandeur by 1 million won ($875) from Monday, with reductions for three others ― the i40, i40 Saloon and Veloster ― to be 300,000 won each, the carmaker said. The move comes after Hyundai’s mo
MobilityJuly 7, 2013
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Grand Cherokee gives new class to SUVs
I dislike SUVs. That’s something I’ve realized test-driving a string of cars these past few months. First of all, they are physically challenging. I have to literally clamber up behind the wheel. Another reason I don’t like them is because I feel I’m about to scrape off the hood whenever I drive into an underground car park. Third and not least, because they are usually diesels, the loud purr of their engines really gets to me.But I must say, the Grand Cherokee from Jeep was a gamechanger. They
MobilityJuly 7, 2013
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Asiana officials due in San Francisco to deal with jet crash
Asiana Airlines Inc., South Korea's No. 2 flag carrier, said Sunday that it will dispatch a group of personnel to handle the aftermath of a crash landing of itspassenger jet in the United States. An Asiana Airlines flight from Seoul crashed and caught fire while landing at San Francisco International Airport on Saturday, killing at least two people and injuring dozens of others. The Boeing 777 plane, which departed from Incheon International Airport west of Seoul, was carrying 291 passengers
IndustryJuly 7, 2013
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Fire breaks out at POSCO after explosion
A fire erupted at a POSCO plant Friday evening after what appears to be a series of explosions at a blast furnace, witnesses and authorities said. No casualties were reported.Firefighters said the flames were brought under control in an hour.Witnesses reported seeing a big flame rising over the plant with what sounded like four to five explosions at around 8:50 p.m.Some said they felt the ground shake. A number of homes nearby reported broken windows.Company officials said high-temperature slag,
IndustryJuly 6, 2013
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China says private banks possible
China's government has promised sweeping changes to its state-run banking industry, including allowing the creation of private lenders, to support struggling private companies and curb what regulators worry are growing financial risks.The changes announced Friday would tighten controls on some bank activities while also increasing lending to credit-starved private businesses.The new leadership that took power last year has pledged to support entrepreneurs who generate China's new jobs and wealth
July 5, 2013
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Samsung, Hyundai confirm luxury business jet acquisitions
Samsung Group and Hyundai Motor Group on Friday confirmed that they would each be acquiring a new business jet for their top management, including the founding families of the Lees and the Chungs. Samsung has already purchased Boeing’s 737-700, which is to enter the country in October, according to Samsung sources including Samsung Techwin which deals in digital surveillance equipment and weapons technology. Samsung currently already operates two jets.“The airports are impossible to get through
IndustryJuly 5, 2013
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KOMIPO to build world’s first underground power facility
The state-run power supplier Korea Midland Power Corporation will build a new thermal power generation plant in northern Seoul, which is to become the world’s first-ever urban underground power facility, officials said.On Friday, KOMIPO and Doosan Heavy Industries & Construction signed a contract for the latter to supply key parts for two new complex fuel generators to be built in the subterranean space of the Seoul Thermal Power Plant in Mapo.The generators, worth 1.18 trillion won ($1 billion)
July 5, 2013
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Nuclear reactor at Hanwool plant halts operation
A nuclear reactor at South Korea’s Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million
July 5, 2013
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Hyundai HCD-14 Genesis named concept car of 2013
Hyundai Motor’s HCD-14 Genesis has earned the 2013 “Concept Car of the Year” award and the “Most Significant Concept Vehicle of the Year” title in North America, according to the carmaker’s U.S. sales arm.The concept car beat out the Honda EV-STER and the Toyota Corolla Furia, among others, in the 12th annual North American Concept Vehicle of the Year Awards that recognize vehicles most likely to shape the future of the automobile industry, Hyundai Motor America said.“Hyundai’s HCD-14 introduces
IndustryJuly 5, 2013
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HSBC to withdraw retail banking from Korean market
HSBC Holdings Plc said Friday it has decided to pull its retail banking out of South Korea and focus on the corporate banking service here.The British banking group said that it plans to close down its retail and wealth management services in South Korea next week and instead focus on the corporate banking business.The British banking giant said that it will seek regulatory approval to close down 10 of its 11 branches in Korea.“HSBC remains committed to South Korea where it is uniquely positione
July 5, 2013
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Citizens puzzled by anti-barbecue law
To the disappointment of many, and not to mention contrary to previous media reports, barbecuing at Hangang River parks will still be banned, according to the Ministry of Land, Infrastructure and Transport.“According to the Urban Park Act, Hangang River parks are classified as river districts, not as urban parks,” the ministry said Friday through a statement. “Grilling and barbecuing by the river will thus continue to be forbidden, regardless of the revision of the park law.”The ministry issued
July 5, 2013
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Korea vows bigger foreign investment boost
Deputy Prime Minister and Finance Minister Hyun Oh-seok said Friday that the government vowed to make the investment environment “business-friendly” through a second set of deregulatory measures for foreign-invested companies in Korea.In a luncheon meeting with the American Chamber of Commerce in Korea, the finance minister said that improving Korea’s business environment was “critical” to ending its low growth and further attracting foreign investment.Korea would make efforts to do this by intr
July 5, 2013
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Nuclear reactor at S. Korea's Hanwool plant halts operation
A nuclear reactor at South Korea's Hanwool Nuclear Power Plant stopped operating Friday due to what appears to be a technical problem, plant operators said.An investigation was underway to find the exact cause of the problem, but the state-run Korea Hydro and Nuclear Power Co. said there were no immediate safety threats.The reactor at the power plant, previously called the Uljin Nuclear Power Plant, halted operations at 3:36 p.m.The shutdown of the reactor with a generation capacity of 1 million
IndustryJuly 5, 2013
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Seoul shares close 0.32 pct lower on Samsung's weak earnings
South Korean stocks closed 0.32 percent lower Friday due to Samsung Electronics' lower-than-expected earnings estimate for the second quarter, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 5.83 points to close at 1,833.31. Trading volume was low at 280 million shares worth 3.72 trillion won ($3.27 billion) with gainers outpacing losers 434 to 351.Analysts said the decline came as Samsung Electronics, the world's
July 5, 2013
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Seoul shares almost flat in late-morning trade
South Korean stocks traded almost flat late Friday morning amid abated woes over the eurozone's economic stimulus moves and Samsung Electronics' lower-than-expected earnings report, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.72 points, or 0.04 percent, to 1,839.86 as of 11:20 a.m.Carmakers traded bullish, with No. 1 player Hyundai Motor moving up 0.23 percent and its smaller affiliate Kia Motors adding 2.04 percent.Retailers also traded higher, with Hyundai Me
July 5, 2013
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Seoul shares open higher on eased eurozone woes
South Korean stocks opened higher Friday as the overnight European Central Bank meeting implied that the eurozone plans to maintain its economic stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.08 points, or 0.49 percent, to 1,848.22 in the first 15 minutes of trading.Shares gathered ground across the board, with top chipmaker SK hynix adding 0.52 percent and No. 1 carmaker Hyundai Motor rising 1.87 percent. Leading steelmaker POSCO gai
July 5, 2013
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Foreigners' net sell-off hits nearly 2-year high
Foreigners' net selling of local stocks hit a nearly two-year high last month, as the U.S. Federal Reserve's signal to gradually end its easy-money policy prompted them to leave the Seoul market, the financial regulator said Friday.Overseas investors sold off a net 5.14 trillion won (US$4.51 billion) worth of local equities in June, a turnaround from the 300 billion won net purchase the previous month, according to the Financial Supervisory Service (FSS).The June figure is the largest net sellin
July 5, 2013