Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Samsung’s Galaxy S4 sales top 10 million
Samsung Electronics Co., the world’s top smartphone maker, said Thursday that global sales of its Galaxy S4 smartphones have surpassed the 10 million mark since its release in late April.The milestone comes 20 days faster than its predecessor, the Galaxy S3. It took seven months and five months respectively for the Galaxy S and Galaxy S2 to reach the milestone, Samsung said.Samsung said it has released the device in 60 countries, and plans to expand sales of the latest of its Galaxy smartphone l
TechnologyMay 23, 2013
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LG Display keeps lead in large LCD panel market
South Korean display giant LG Display Co. kept its dominant position in the market for liquid crystal display panels that are 9.1 inches or larger in the first quarter, data showed Thursday.Shipments by LG Display reached 44.6 million units in the January-March period, accounting for 27.2 percent of a total 164 million units shipped globally, according to the data by market researcher DisplaySearch. The large LCD panels are usually used for computer monitors, laptop computer screens and TVs.LG D
IndustryMay 23, 2013
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SK Telecom opens mobile library for the blind
SK Telecom said Thursday it would open its mobile voice content service to all visually impaired users of smartphones irrespective of their mobile carriers.The mobile library application, jointly developed by SK Telecom and the Korea Blind Union, offers an audio service that reads books, news, magazines and useful information for the blind.The app has been available for only SK Telecom users so far, but will be open to users of other carriers as well.Any smartphone user can download the app from
IndustryMay 23, 2013
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All-new Lincoln MKZ launches in style
The all-new Lincoln MKZ made its Asian debut in Korea on Thursday with Ford Sales and Service Korea saying at the vehicle’s launch in trendy Cheongdam-dong that it would set new standards for premium sedans.“A robust market response is anticipated for the all-new Lincoln MKZ, which will set the new standard for premium sedans for our era,” said Jung Jae-hee, president and CEO of Ford Korea. Fitted with a standard 2.0-liter, four-cylinder EcoBoost engine delivering the performance of a 3.5-liter
IndustryMay 23, 2013
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Daewoo International to start sales of gas to China
Daewoo International, a trading arm of POSCO, said Thursday it would start sales of natural gas, which will be produced from June in its two offshore gas blocks in Myanmar, to China. The company has explored natural gas in the A1 and A3 offshore blocks, Kyauk Phyu, Myanmar, since 2000 with a 51 percent stake. The produced gas will be sold to the China National Petroleum Corporation and the gas will be transferred to inland China from Myanmar through a 800km-long pipeline, which will be completed
May 23, 2013
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LS to supply equipment, parts for HVDC project
LS Industrial Systems Co., a leading South Korean manufacturer of electric components, said Thursday that it will provide equipment and parts for the country’s ambitious high-voltage direct current project.Last year, state-run Korea Electric Power Corp. set up a joint venture with Alstom to secure the French power equipment maker’s HVDC technology, a top-tier power transmission technology.The joint venture will carry out the HVDC project aimed at stabilizing power supply and demand in the countr
IndustryMay 23, 2013
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Volkswagen’s Polo hatchback sells briskly in Korea
Volkswagen Korea, the local importer of Germany’s Volkswagen Group, said Thursday it has sold more than 300 units of the Polo hatchback in less than a month after its debut in South Korea.Volkswagen Korea introduced its latest model in South Korea on April 25 to broaden its hatchback portfolio.The brisk sales are expected to help the importer achieve its goal of selling 2,000 units of the 1.6-liter Polo hatchback by the end of this year.A Volkswagen Korea official attributed the popularity to th
IndustryMay 23, 2013
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Hyundai Mipo bags $300m in orders for ships
Hyundai Mipo Dockyard Co., a South Korean shipbuilder, said Thursday that it has recently clinched a combined $300 million worth of orders to build 10 vessels, including seven chemical carriers.Hyundai Mipo, a unit of the country’s leading shipbuilder Hyundai Heavy Industries Co., did not give specifics on the terms of the deals and reveal the names of the buyers.In March, the shipbuilder also secured a massive shipbuilding deal valued at 315 billion won to construct four vessels as well.Hyundai
IndustryMay 23, 2013
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Korea seeks to host more regional offices
Korea will implement packages in a new incentive program to encourage multinational companies to establish their Asian headquarters in the nation during the second half of this year, officials said Thursday.The Ministry of Trade, Industry and Energy revealed the plan after holding a meeting to discuss boosting foreign direct investment among officials from 17 state-run FDI-related organizations and 17 local governments. “Previously, the government simply offered a cash reward to multinationals t
IndustryMay 23, 2013
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Won falls 1.3% against dollar on Fed exit woes
The South Korean currency fell 1.3 percent against the U.S. dollar on Thursday as remarks by the head of the Federal Reserve on possible reductions in bond purchases spurred demand for the greenback, dealers said.The local currency closed at 1,128.70 won per the greenback, down 14.70 won from Wednesday’s close.It marked the weakest level since April 12 when the Korean won hit 1,129.10 against the dollar. It also was the sharpest daily fall since May 10.Market watchers said that the dollar gained
May 23, 2013
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Korea seeks to balance books by 2017
South Korea will try to balance its books in 2017, the country’s top economic policymaker said Thursday, as Asia’s fourth-largest economy runs a budget deficit for an economic recovery.The National Assembly passed a 17.3 trillion won ($15.8 billion) extra budget earlier this month to revitalize the economy amid lackluster exports and weak domestic demand.In March, the government slashed its growth outlook for this year to 2.3 percent from the 3 percent predicted in December.“We plan to balance t
IndustryMay 23, 2013
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Banks’ foreign exchange turnover hits 4-year high
Foreign exchange turnover by banks in South Korea grew by the most since the 2008 global financial crisis in the first quarter on foreigners’ bond investment and exporters’ sale of FX forward deals, the central bank said Thursday.The daily foreign exchange turnover averaged $49.2 billion in the January-March period, up 14.7 percent from three months earlier, according to the Bank of Korea.The first-quarter data marked the largest volume since $50.6 billion in the third quarter of 2008.The BOK sa
IndustryMay 23, 2013
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Household credit dips most in 4 years in Q1
South Korea’s household credit declined by the largest amount in four years in the first quarter as card spending remained sluggish amid the economic slowdown, the central bank said Thursday.Household credit totaled 961.6 trillion won ($856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea.In the fourth quarter, household credit rose 23.1 trillion won on-quarter to a record high 963.8 trillion won. The on-year growth of household c
IndustryMay 23, 2013
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4 plant suppliers fined $1m for cartel
Korea’s antitrust regulator announced Thursday that it imposed $1 million (1.15 billion won) in fines on foreign plant engineering firms and their bid brokers over price-fixing to win bids.According to the Fair Trade Commission, two foreign plant engineering firms and two bidding brokers breached competition laws to win overseas deals from a large Korean construction company.The four players are Pall Korea Ltd of U.S.-based Pall Corporation, Germany-based Dahlman Industrial Group, IPEG ENG Ltd.
May 23, 2013
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Korea’s economy to grow 2.6% this year: KDI
SEJONG (Yonhap News) ― South Korea’s economy is expected to grow 2.6 percent this year, a state-run think tank forecast Thursday, revising down its growth outlook amid increasing uncertainty facing the country at home and abroad.The growth estimate by the Korea Development Institute is lower than the 3 percent it predicted in November. The think tank also expected the country’s economy will grow 3.6 percent next year.“The economy will make a steady improvement in 2013 and log a relatively low 2.
May 23, 2013
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Samsung C&T makes strides in new areas
Samsung C&T, a global construction and trading arm of Samsung Group, said Wednesday its growth engines, including power plants, health care and mining, have been making progress.For the past three years, the company has invested in securing high-caliber human resources and technologies as well as innovating management and pushing aggressive global marketing strategies. As of May 2013, the company has already won $7 billion worth of contracts, which is 65 percent of this year’s sales target. In M
May 23, 2013
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BMW Korea chief promoted to group’s senior vice president
BMW Korea chief Kim Hyo-joon, who is also concurrently senior executive of the German carmaker group, will be promoted to senior vice president, company officials said on Wednesday.BMW is currently led by 350 senior executives in the world and only 50 of them are appointed as senior vice president. According to the company, a senior vice president is the highest position after the executive board members in BMW. Company officials said BMW has highly regarded Kim’s contribution to sales boost in
IndustryMay 23, 2013
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Woori names its banking unit head as new group chief
Woori Finance Holdings Co. said Thursday it has named Lee Soon-woo, the incumbent head of its banking unit, as the new chief to spearhead South Korea's top banking group.Woori Finance said that it has nominated the 63-year-old Lee, president of Woori Bank, as the group's new chief to replace Chairman Lee Pal-seung who offered to step down on April 12.Lee's nomination needs to receive approval from the group's board members and shareholders. Lee will also continue to serve as the head of the bank
May 23, 2013
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Seoul shares dip 1.24 pct on Bernanke remarks, weak Chinese data
South Korean stocks plunged 1.24 percent Thursday as hawkish remarks by the U.S. Federal Reserve Chairman Ben Bernanke and weaker-than-expected data from China sapped investor sentiment here, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 24.64 points to finish at 1,969.19. Trading volume was low at 337.4 million shares worth 4.54 trillion won ($4.05 billion) with losers far outstripping gainers 599 to 235."Invest
May 23, 2013
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Seoul shares down 0.67 pct in late-morning trade
South Korean stocks traded 0.67 percent lower late Thursday morning due to losses in techs and logistics, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 13.39 points to 1,980.44 as of 11:20 a.m.Tech shares traded bearish, with market behemoth Samsung Electronics losing 0.93 percent and its smaller rival LG Electronics falling 0.84 percent. Samsung SDI, the leading maker of plasma display panels, shed 0.39 percent.Logistics firms also lost ground, with Hyundai Gl
May 23, 2013