Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Seoul shares up 0.93 pct in late-morning trade
South Korean stocks traded 0.93 percent higher late Thursday morning on the central bank's decision to cut its key interest rate, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 18.13 points to 1,974.58 as of 11:20 a.m. Shares gathered ground across the board, with market behemoth Samsung Electronics rising 1.08 percent and top chipmaker SK hynix climbing 1.75 percent. Top steelmaker POSCO added 0.62 percent. South Korea's central bank delivered the first in
May 9, 2013
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A romp for the Heat, who top Bulls 115-78
The Miami Heat recorded its most lopsided playoff win in franchise history and inflicted the heaviest such defeat on Chicago by beating the Bulls 115-78 on Wednesday, squaring their NBA Eastern Conference semifinal series 1-1.Nine technical fouls, two ejections and a lot of pushing and shoving also injected some venom into the series, as the Heat turned what was a close game in the first half into a blowout.In Wednesday's other game, the Golden State Warriors withstood a big comeback from San An
TechnologyMay 9, 2013
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BOK cuts rate to 2.50%
The Bank of Korea made a surprising cut of its key interest rate to 2.50 percent from 2.75 percent, a move seen aimed at boosting the economy and exports hit by low growth and the weak yen.But critics said the central bank made the rate cut, the first in seven months, in the face of growing pressure from political circles and the administration.They said the decision could undermine the central bank’s credibility as an independent entity, which BOK Gov. Kim Choong-soo had emphasized was especial
May 9, 2013
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Foreign ownership of listed shares drops to 8-month low
The combined foreign ownership of shares listed on South Korea's main bourse fell to an eight-month low as of Tuesday, apparently due to the protracted economic slowdown, data has showed. Overseas investors held 34.02 percent of the total market value, marking the lowest number since 33.98 percent tallied in September last year, according to the Korea Financial Investment Association data that came out Thursday. Foreigners' presence on blue-chip exporters fell, with their stakes in Samsung Elec
May 9, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street on rising hopes for an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 8.05 points, or 0.41 percent, to 1,964.50 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 0.81 percent and top steelmaker POSCO moving up 0.16 percent. Leading builder Hyundai Engineering & Construction Co. advanced 0.6
May 9, 2013
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S. Korea to provide 26 tln won worth of support for start-ups: sources
South Korea plans to provide 26 trillion won ($23.9 billion) worth of support for small start-up companies this year as part of efforts to create a business friendly environment for such venture business activities, officials said Thursday.The support plan and other measures, including tax incentives, will be unveiled next week, which would represent the fourth large-scale policy package by President Park Geun-hye to boost the slowing economy since her inauguration in February."Details have yet
May 9, 2013
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NHN Q1 net rises on robust ad, messenger businesses
NHN Corp., South Korea's top Internet portal operator, said Thursday its first-quarter net profit jumped15.6 percent from a year earlier, buoyed by increased revenue from advertising and messenger services.Net profit reached 157 billion won ($145 million) in the January-March period, compared with a profit of 136 billion won the previous year, NHN said in a regulatory filing.Revenue rose 17.6 percent on-year to 673 billion won in the first quarter, and operating profit gained 10.5 percent to 191
IndustryMay 9, 2013
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Woongjin chief faces probe for unfair trading
The nation’s securities regulator said Wednesday that it had filed a complaint against Woongjin Group chairman Yoon Seok-keum with the prosecution on charges of attracting investment while concealing its poor financial status.Though Woongjin Group had lost its ability to pay back its debt in the aftermath of a credit rating downgrade, Yoon raised funds by issuing commercial paper worth 100 billion won ($91 million) from July to August 2012, said the Securities and Futures Commission.According to
May 8, 2013
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S. Korea closely monitoring financial markets for herd behavior
SEJONG (Yonhap News) -- South Korea is closely watching financial market conditions amid worries that market volatility could intensify down the road, the finance ministry said Wednesday.The ministry also worried that there is a possibility that the market could see a repeat of the so-called "herd behavior" similar to what was witnessed late last year."The level of alert has been rising recently against foreign capital flow in and out of bond markets and movements in foreign exchange rates," the
May 8, 2013
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[Graphic News] Local banks’ bad debt soars 13%
Some conglomerates’ financial woes and households’ growing difficulties in repaying debts are increasing local banks’ bad debt. The total sum of nonperforming loans from the country’s six largest banks has been snowballing, reaching 13.1 trillion won ($12 billion) as of the end of March, up 12.9 percent since December’s 11.6 trillion won. A nonperforming loan is one that appears unlikely or impossible to be repaid.The six banks ― Shinhan Bank, Hana Bank, Korea Exchange Bank, KB Kookmin Bank, Woo
May 8, 2013
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Shipbuilding orders likely to rebound
A global survey has found that falling global shipbuilding orders have hit bottom after a five-year depression. According to Clarkson, a global shipping and shipbuilding market information provider, 277 new shipbuilding orders were reported in the first quarter of this year, which is a 93 percent increase from the same period in 2011 and a 39 percent increase from 2012. The new shipbuilding price index, another indicator to gauge the market direction, stopped falling from November last year, hov
IndustryMay 8, 2013
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KB hosts forum of Asian financial leaders
A two-day annual conference of financial leaders in Asia will be held in Seoul on Thursday on the auspices of KB Financial Group.KB Financial said Wednesday that it invited 116 chief executives and senior regulatory officials for the 2013 Institute of International Finance Asia CEO Summit, slated for May 9-10 at the Westin Chosun Hotel in downtown Seoul.Following the Bangkok meeting a year before, the annual gathering in Seoul will cover three major agenda ― Asia & the World, Asian Financial Sys
May 8, 2013
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19 Korean vendors named GM’s best suppliers
GM Korea on Tuesday held a special event recognizing 19 Korean suppliers that have recently been named “Supplier of the Year” by General Motors. The Detroit-based carmaker has picked less than 1 percent of its suppliers globally every year to award the honor since 1992. This March, 83 out of the total 18,500 suppliers were named.The Korean unit said that Korea had the second-largest number of winners, following the No. 1 United States. More than 100 people gathered at a Seoul hotel on Tuesday to
IndustryMay 8, 2013
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Loss-making public firms pay chiefs W3b in bonuses
Chiefs of the nation’s loss-generating public agencies raked in performance-based benefits worth about 3 billion won ($2.7 million) in total last year.According to financial info provider Alio, CEOs of 104 state-funded agencies that failed to log a net profit in 2012 received a combined 2.98 billion won in bonuses.The state-run companies that posted net losses or reaped zero net profit included Korea Finance Corp., Korea Deposit Insurance Corp., Korea Credit Guarantee Fund, Korea Electric Power
May 8, 2013
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Banks’ household loans rise for 2nd month
South Korean banks’ household loans rose for the second straight month in April on the back of the government’s measures to revitalize the sluggish property market, the central bank said Wednesday.Local banks’ household loans, including home-backed and credit loans, reached 462.5 trillion won ($425.6 billion) as of the end of April, up 924.9 billion won from the previous month, according to the Bank of Korea.Banks’ home loans grew by less than 1 trillion won for the second straight month in Apri
May 8, 2013
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Only 1 in 10 SMEs say they are globally competitive
Only about 1 out of every 10 small and medium-sized enterprises in the country said they are or have the potential to become globally competitive, the outcome of a survey released Wednesday showed, calling for a dramatic change in government support for small firms.According to the survey conducted by the Korea Institute for Industrial Economics and Trade, only 12 percent or 47 out of 393 companies surveyed said they were globally competitive in terms of both market share and their ability to ad
IndustryMay 8, 2013
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UPS Korea names new managing director
UPS Korea said Wednesday that it has named J.K. Rha, former air export and package operations manager at the company, as its new managing director. Rha joined the Korean unit of the Atlanta-based global logistics company UPS in 1990 and has served diverse positions in Korea, Hong Kong and Singapore. He holds a bachelor’s degree in mathematics and master’s in business administration, both from Chung-Ang University in Seoul.His predecessor, Steven Chang, has been appointed as vice president for gl
IndustryMay 8, 2013
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FSS to impose stricter rule on dormant cards
The financial watchdog said Wednesday it will beef up its surveillance of credit card firms to reduce the hefty number of dormant plastics in the market, which has resulted from heated competition in the industry.The move came as the number of dormant cards in South Korea totaled 23.4 million at end-April, remaining almost flat from 23.5 million tallied at end-January, according to the Financial Supervisory Service.Dormant credit cards refer to accounts without transaction records during a 12-mo
IndustryMay 8, 2013
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Number of mobile subscribers switching carriers nears record
Mobile Number Portability in South Korea still ran high over the past weekend as local mobile carriers lured subscribers with new pay plans and lower prices, industry sources said Tuesday.According to the sources, the country’s three mobile carriers ― SK Telecom Co., KT Corp. and LG Uplus Corp. ― received a total of 105,035 MNP applications during the May 4-6 period, nearing an all-time high of 116,055 MNP applications seen late last month.The figure translates into around 35,000 mobile telephon
TechnologyMay 8, 2013
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LS Group inks e-car MOU with China’s Dongfeng Motor
LS Group, a South Korean conglomerate specializing mostly in electricity materials, said Wednesday that it has signed a memorandum of understanding with China’s Dongfeng Motor Group to cooperate in developing parts for electric cars and hybrid automotives.Under the deal, the South Korean business group will work with the Chinese automaker for the development of power trains, energy storage components and other parts used for automotives, according to the group.Also, the two groups will cooperate
TechnologyMay 8, 2013