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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South Korea open to Indonesian proposal to cut KF-21 payments
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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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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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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Korea mulls raising re-entry quota for foreign workers
SEJONG (Yonhap News) ― South Korea is considering raising its re-entry quota for foreign workers seeking to find jobs in labor-intensive fields as part of efforts to ease their chronic labor shortage problems, government officials said Wednesday.According to the officials from the finance ministry, labor ministry and other related agencies, the government is mulling hiking the quota in such labor-intensive areas as the agricultural, livestock and fishery industries as well as small-scale manufac
July 3, 2013
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LG Global Challengers set sail
LG Group on Wednesday held the 19th LG Global Challenger launch ceremony in Seoul with selected members of this year’s student expedition teams and company executives participating, the company said.LG Global Challenger is a fully-funded overseas study and exploration program for talented university students from various academic fields.Each year, the selected teams of students are given opportunities to experience and observe world-class research facilities, universities, corporations and both
IndustryJuly 3, 2013
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Ministry launches energy tech forum
The Ministry of Trade, Industry and Energy kicked off a public and private joint organization in an aim to integrate energy technology with various other sectors such as information communications technology and social sciences.The inaugural ceremony for the ministry-affiliated Energy Tech Innovation Forum was held on Wednesday at Chosun Hotel, officials said.Vice Minister Kim Jae-hong and some 200 corporate chief technology officers attended the event chaired by Lee Hee-beom, the head of the Ko
IndustryJuly 3, 2013
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Toyota Korea CEO named honorary chief of Seoul Zoo
Toyota Motor Korea said Wednesday that its CEO Tommy Nakabayashi has recently been named the first honorary chief of Seoul Grand Park Zoo in Gwacheon, Gyeonggi Province. According to company officials, the Korean chief of Toyota will carry out activities regarding the protection of wild animals and improving customer services at the zoo for the next year. In February last year, Toyota Korea officially pledged to support the zoo’s activities aimed at conserving wild animals in danger of extinctio
IndustryJuly 3, 2013
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JTI to hold senior writing competition
Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.
July 3, 2013
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Going green with dome houses
Eco-friendliness is becoming an important trend in the construction industry. World Dome House Co. CEO Shin Jong-ho has come into the limelight for his company’s dome-shaped “passive houses,” which help keep warmth in and maintain the temperature.“The dome-shaped structure blocks the outside air but makes the inside air flow well and circulate, therefore homeowners can save on air conditioning and heating costs,” said CEO Shin. Along with the structure, the materials the company uses help keep t
July 3, 2013
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Faster network draws ‘phablet war’
As the world’s top two smartphone makers, Samsung Electronics and Apple Inc., continue to vie for a larger share of the global mobile device market, the next battle is expected to focus on “phablets,” according to industry officials.With the commercialization of the LTE-Advanced network ― which can provide up to double the connection speed of the existing Long Term Evolution technology ― the two electronics giants are expected to release their latest handheld devices built for the faster network
TechnologyJuly 3, 2013
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Is TSMC’s tech good enough for Apple?
Taiwan Semiconductor Manufacturing Co. has now been on the block long enough for Apple Inc. to turn to the world’s largest chip foundry firm to diversify its supply lines for its most critical device component, the AP processor chip. But the real question now is whether TSMC ― which is still struggling to improve its yield and offer satisfactory chip characteristics ― will be able to deliver what Apple wants, industry watchers said.Yield, which measures the percentage of chips in a finished wafe
TechnologyJuly 3, 2013
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Seoul shares close 1.64 pct lower on weak yen
South Korean stocks closed 1.64 percent lower Wednesday as the Japanese currency resumed its downtrend against the greenback, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 30.36 points, or 1.64 percent, to close at 1,824.66. Trading volume was moderate at 399.8 million shares worth 3.65 trillion won (US$3.19 billion) with losers outpacing gainers 633 to 195. Analysts said the decline came as the yen-dollar exchang
July 3, 2013
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Samsung, SK Hynix signs cross-licensing deal
Samsung Electronics and SK Hynix, the world’s top two memory chip makers, on Wednesday said they have signed a cross-licensing deal, significantly reducing the possibility of intellectual property feuds between the two.The contract, which reportedly had been in progress for a couple of years, will allow them to share technology on semiconductors for an unspecified amount of time so they can spend more time and effort on technological advancement. The pair also will be able to form a united front
TechnologyJuly 3, 2013
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Seoul shares down 0.93 pct in late-morning trade
South Korean stocks traded 0.93 percent lower late Wednesday morning as the Japanese yen resumed its downtrend, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 17.22 points to 1,837.80 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics losing 1.72 percent and its rival LG Electronics moving down 2.73 percent.Builders also traded lower, with Hyundai Engineering & Construction falling 2.11 percent and Daewoo Engineering & Constructio
July 3, 2013
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Seoul shares open higher on shipbuilders, techs
South Korean stocks opened higher Wednesday on gains in shipbuilders and technology firms, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 2.79 points, or 0.15 percent, to 1,857.81 in the first 15 minutes of trading.Shipbuilders gathered ground, with Samsung Heavy Industries advancing 0.56 percent and Daewoo Shipbuilding & Marine Engineering moving up 0.39 percent. Leading carmaker Hyundai Motor added 0.7 percent.Tech shares mostly traded bullish, with SK hynix climb
July 3, 2013
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S. Korea's FX reserves fall by most in 13 months in June
South Korea's foreign exchange reserves fell by the largest amount in 13 months in June due to repayment of maturing currency stabilization bonds and a stronger U.S. dollar, the central bank said Wednesday.The country's foreign reserves reached US$326.44 billion as of end-June, down $1.66 billion from a month ago, according to the Bank of Korea (BOK).The FX reserves fell by the most since May last year when they declined by $5.97 billion. The June data also marked the lowest level since November
July 3, 2013
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S. Korean farmers hold massive rally against FTA with China
Thousands of South Korean farmers and fishermen rallied Tuesday to oppose a potential free trade deal with China as the two countries kicked off a new round of negotiations to tear down trade barriers between two of Asia's biggest economies.An estimated 3,200 protesters from across the country attended the rally in front of the BEXCO convention center, a few kilometers from the negotiation venue in this southeastern port city of Busan.The organizers put the number of participants at about 6,000.
July 2, 2013
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LG to discuss business cooperation with BMW
MUNICH, Germany ― LG Group executives including LG Electronics' chief Koo Bon-joon are planning to meet BMW officials on the carmaker’s home turf in Munich, sources said. Flanked by the heads of LG’s European offices, this group of top LG officials will reportedly sit down for a face-to-face with executives from BMW headquarters on Thursday in a bid to supply LG’s automobile-related parts to the premium German carmaker. The situation recalls when Samsung Group’s heir apparent Lee Jay-yong previo
IndustryJuly 2, 2013
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[Graphic News] Korea’s trade balance in H1
Korea’s exports dropped for the first time in four months in June, indicating that the nation still faces external economic uncertainty amid the global slowdown. (Source: The Trade Ministry)
July 2, 2013
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Korea softens chaebol regulations
The National Assembly on Tuesday passed revised antitrust bills that scaled back the scope of rules and regulations governing business transactions between family-run conglomerates and their subsidiaries.This move comes after the private sector raised concerns that the government’s toughened stance against chaebol may adversely affect business confidence.Deputy Prime Minister and Finance Minister Hyun Oh-seok previously said that the government would refine some of its policies and regulations t
IndustryJuly 2, 2013
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Hyundai Motor chief to donate W100 billion
Hyundai Motor Group said Tuesday that chairman Chung Mong-koo plans to donate roughly 100 billion won ($90 million) out of his own pocket to offer more benefits to young, talented students from underprivileged families.According to the Korean auto giant, Chung plans to sell off all his 20 percent shares in Hyundai Innocean, the carmaker’s advertising unit, to donate to the Chung Mong-koo Foundation, a charitable foundation that he funds. Industry watchers say that the unlisted stocks Chung owns
IndustryJuly 2, 2013
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BMW Korea to lay bridge between Korea, Germany: CEO
BMW Korea CEO Kim Hyo-joon is expected to lay another important bridge connecting Korea and Germany, this time with his policy proposal that could be reviewed by President Park Geun-hye and her German counterpart Angela Merkel. At a recent forum hosted by the Korean-German Academy of Economics and Management in Germany, Kim delivered a speech on how to create better infrastructure for small and medium enterprises to gain competitiveness. “I suggested learning from Germany’s experience, emphasizi
July 2, 2013
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Samsung disbands team for future strategy
A troupe of Samsung Group in charge of finding new business sectors, launched three years ago, has been dissolved for allegedly failing to produce tangible results. All executives and high-ranking officials mobilized to the task force team Tuesday were confirmed to have returned to the group’s affiliates where they previously worked.“The team was disbanded as of July 1 as it had fulfilled its duties in laying the groundwork for five new projects,” a Samsung official said. “The projects have been
IndustryJuly 2, 2013