Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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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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Coupang earnings hit hard by losses from ailing Farfetch
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Korea forecast to overtake Taiwan in chip production by 2032: report
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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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FTC imposes corrective measures against hotels
Korea’s Fair Trade Commission said on Monday that it imposed corrective measures against 20 deluxe hotels in Seoul for restricting their customers’ options for wedding floral decorations.The antitrust agency said that such premium luxury hotels forced their customers to buy and use either their in-house flowers or ones provided by their suppliers for wedding decoration.The measures included allowing consumers from now on to have wider choices such as purchasing other decorative products besides
July 1, 2013
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SK Innovation launches two subsidiaries
SK Innovation Co., the holding company of South Korea’s top refiner SK Energy Co., said Monday it launched two subsidiary units, SK Incheon Petrochem and SK Trading International, in order to combat the rapidly changing global business environment. Last May, SK Innovation decided to spin off its Incheon refinery complex and oil trading division into two respective entities. SK Incheon Petrochem will spend 1.6 trillion won ($1.4 billion) on the expansion of its plants for the production of higher
July 1, 2013
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KT&G to launch RAISON ice Presso
The nation’s largest tobacco maker KT&G will launch “RAISON ice Presso,” the newest in its decade-old RAISON series, on July 3. RAISON ice Presso comes with two different flavors, the company said. Its initial coffee taste turns apple mint-fresh as the smoker pops the “ice capsule” within the cigarette.KT&G noted that the new product is reflective of the success of its predecessor, “RAISON Presso,” that it launched in July 2012, after four years of research and development. RAISON ice Presso is
IndustryJuly 1, 2013
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Korean TV makers green-certified in Europe
South Korea’s electronics giants Samsung Electronics and LG Electronics both announced on Monday that their TV products sold in Europe have recently received green technology certifications. Samsung’s Smart TV F8000 series was certified by Nemko, a Norwegian safety standard and regulation authority, while LG’s 55-inch curved OLED TV received certification from the U.K.-based Intertek for its eco-friendly technology and use of materials, the company officials said. Samsung and LG are now able to
TechnologyJuly 1, 2013
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New stock exchange launched to boost ‘creative economy’
Financial Services Commission chairman Shin Je-yoon said Monday that the Korea New Exchange will lay the foundation for the development of a “creative economy” in Korea where start-ups and small and medium enterprises can grow without the fear of financial failure.In a speech to celebrate the opening of the KONEX, the FSC chief said the new stock exchange will help form a new market paradigm that can lead anyone to come up with creative ideas and secure investments for business.The KONEX will fu
July 1, 2013
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Engel Machinery Korea basks in growing demand
Following is the second in a series of articles on promising foreign-invested companies in Korea. ― Ed.PYEONGTAEK, Gyeonggi Province ― In 1862, Alexander Parkes presented the first man-made plastic at the Great International Exhibition in London. Since then, this revolutionary material has become an indispensible part of life.Every single plastic product we use ― soda bottles, plastic ware, plastic bags ― has to be heated and molded into shape. But even a small plastic injection mold for smartph
BusinessJuly 1, 2013
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M&As, alternative investment key to growth momentum of firms, finance
Global economic uncertainty is growing. Japan saw the dollar pass the 100-yen mark in early May but faces a dilemma with the slowdown of the real economy and rising interest rates. China is also experiencing difficulties with provincial debt of 172 trillion won ($150.6 billion). The United States is hinting at a departure from quantitative easing even though the prospects for economic recovery remain unclear, casting gloom over the global economy. In these uncertain times, the Korean government
July 1, 2013
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Foreigners’ net selling soars in H1: KRX data
Foreigners’ net selling of Seoul shares reached the highest first-half tally this year since the 2008 financial crisis, data showed Monday, as they offloaded local shares amid policy uncertainties.Overseas investors dumped more shares than they bought at 10.2 trillion won ($8.7 billion) over the six-month period on the main bourse, according to the data compiled by the Korea Exchange.The number marks the highest level since 17.6 trillion won tallied in the January-June period of 2008, when forei
July 1, 2013
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Mitsubishi Motors temporarily halts business in Korea
Mitsubishi Motors Corp., a Japanese automaker, has temporarily halted its operations in the South Korean market after suffering from sluggish sales here, an industry source said Monday.According to the source, CXC, the local dealer of the Japanese automaker, has temporarily shut down operations of three showrooms in Seoul and its adjacent city.The closure is sparking speculation that Mitsubishi Motors may consider pulling its business from the Korean market, industry watchers said.But an officia
IndustryJuly 1, 2013
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Mizuno launches Korean unit
Sporting goods maker Mizuno Corp. kicked off its Korean operation in Seoul last week, the Tokyo-based company announced Monday.Mizuno Korea Ltd. noted that the launch Friday was reflective of Korea’s mounting achievements in sports, golf, baseball and soccer in particular. “We are willing to unfold an aggressive marketing strategy, with high expectancy of Korea’s growth in the sporting goods market,” Mizuno Korea wrote in a statement. Kim Chang-byeom, the chief executive of local sporting goods
IndustryJuly 1, 2013
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Nongshim Kellogg names new chief
Nongshim Kellogg said Monday that Kim Jin-hong, Kellogg’s regional head of Southeast Asia, was named its chief executive. Kim, 46, is an excellent brand maker who earned his position through his rich experience in supply chain, marketing and project management since he joined Kellogg in 1999, the company said. The new CEO formerly served as marketing head of Kellogg’s Japanese and Korean units. Founded in 1906, Kellogg has grown into a food manufacturer that holds about 42 percent global market
IndustryJuly 1, 2013
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Seoul shares down 0.41 pct on profit-taking
South Korean stocks shed 0.41 percent Monday as investors took a breather after the sharp gain tallied last week, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 7.59 points to close at 1,855.73. Trading volume was low at 217 million shares worth 2.93 trillion won ($2.57 billion) with gainers outpacing losers 465 to 355.Analysts said the decline came as investors turned cautious after the KOSPI jumped 4.64 percent over
July 1, 2013
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Seoul shares down 0.29 pct in late-morning trade
South Korean stocks traded 0.29 percent lower late Monday morning as investors took a wait-and-see approach on U.S. economic data slated to be announced this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 5.44 points to 1,857.88 as of 11:20 a.m.Tech blue chips led the market decline, with leading Samsung Electronics falling 0.97 percent and top flat panel maker LG Display losing 1.64 percent.Mobile carriers also traded bearish, with SK Telecom falling 2.86 perce
July 1, 2013
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Samsung chairman tops list of Korea’s richest 400
Samsung Electronics chairman Lee Kun-hee once again topped the list of Korea’s 400 richest individuals of 2013 with total assets standing at 12.8 trillion won.Each of the 28 richest Koreans held assets worth more than 1 trillion won ($875 million) this year, financial information provider Chaebul.com reported on Monday.At nearly half of Lee’s total wealth, or 6.8 trillion won, Hyundai Motor Group chairman Chung Mong-koo came in second, while the son of Samsung chairman and the vice chairman of S
July 1, 2013
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Younger people's ratio in working population falls sharply: data
The ratio of younger people in South Korea's total working population has dropped sharply over the past three decades, data showed Monday, raising concerns the decline could undermine the country's overall growth potential.According to the data by Statistics Korea, the number of people aged 15-29 stood at 3.82 million in May, accounting for 15.1 percent of the total 25.39 million working population.The ratio is about half the corresponding figure recorded in May 1983 when related data started to
July 1, 2013
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Samsung's Q2 operating profit seen to top record 10t won
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, is projected to reap a record 10 trillion won ($8.76 billion) in operating profit in the second quarter thanks to steady sales of its latest Galaxy smartphone line-up and improved display and chip businesses, data showed Monday.Samsung Electronics' operating profit in the April-June period is expected to reach some 10.22 trillion won, according to the data compiled by financial information provider Fn
IndustryJuly 1, 2013
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S. Korea's consumer prices grow 1 pct on-year in June
South Korea's consumer price growth stayed in the 1-percent range for the eighth straight month in June, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in June, unchanged from the figure tallied in the previous month, which was the slowest growth since September 1999, according to the report by Statistics Korea. The June figure represented the eighth straight month since November that the pric
July 1, 2013
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Seoul shares open lower on large-cap losses
South Korean stocks got off to a weak start Monday, dented by losses in top-listed firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.98 points, or 0.43 percent to 1,855.34 in the first 15 minutes of trading. Leading carmaker Hyundai Motor fell more than 1 percent, with steelmaker POSCO dropping 1.2 percent. Tech giant Samsung Electronics traded flat. The local currency was trading at 1,143.20 won against the U.S. dollar as of 9:15 a.m., down 1.05 won from Frida
July 1, 2013
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KONEX makes debut for start-ups
Start-up investors and entrepreneurs are expected to breathe a sigh of relief once the new stock market exclusively for venture tech firms and small and medium enterprises opens for trading on July 1, 2013.The so-called Korea New Exchange, or KONEX, offers a whole new opportunity for both institutional investors and innovators to raise and redeem capital needed for venture business in a shorter time period.This will also make venture entrepreneurs less dependent on bank loans, which significantl
June 30, 2013
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[Graphic News] Brand value in Korea
According to Brandstock, a brand consultancy in Korea, Samsung Electronics’ Galaxy smartphone series topped the list for brand power for the second half of this year. Also noteworthy was mobile messenger Kakao Talk jumping to 15th, from 28th in the first half of the year.
IndustryJune 30, 2013