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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Osong Beauty Expo kicks off
About 300 cosmetic firms will promote their products at the 2013 Osong Cosmetics and Beauty World Expo which kicked off Friday in the small North Chungcheong Province town.The 24-day international fair jointly organized by local governments and the Korea Food and Drug Administration, will run through May 26 under the theme “Healthy Life, Beautiful Life.” Visitors flocked to the exhibition halls Friday morning to take a glimpse of the makeup styles of historical beauties including Cleopatra and e
IndustryMay 3, 2013
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BOK warns against expansion of yen carry trade
South Korea’s central bank warned on Friday that the so-called yen carry trade might expand, citing prospects for the yen’s weakness and investors’ reduced bets on safer assets.The yen-funded carry trade refers to the borrowing of yen at low interest rates to invest in higher-yielding and riskier assets.Usually, the yen carry trade tends to increase when the yen goes through a period of prolonged weakness and the interest-rate gap among countries rises or global market jitters ease.The Bank of K
May 3, 2013
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Financial firms set W700b in Gaeseong relief fund
Financial companies will offer bailout funds worth 700 billion won ($636 million) to the 123 financially troubled South Korean companies operating in the suspended Gaeseong industrial complex in North Korea, financial regulators said Friday.Their emergency relief loans, aimed at preventing the firms from experiencing a liquidity crisis, were fostered after the North suspended operations of the complex by pulling out most of its 53,000 workers about a month ago in protest against a joint military
May 3, 2013
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Largest-ever business delegation to accompany Park to U.S.
A delegation of 52 business leaders, including chiefs of the nation’s five major business organizations, will accompany President Park Geun-hye on her U.S. visit next week.The largest-ever delegation will focus on quelling concerns sparked by the North Korean risks over the South Korean economy during the visit, the Federation of Korean Industries said.The delegation is scheduled to join Park in a dinner to commemorate the 60th anniversary of the Korea-U.S. alliance in Washington and discuss bil
IndustryMay 3, 2013
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Hyundai Motor’s 110-story landmark project in jeopardy
Hyundai Motor Group’s ambitious plan to build a 110-story global business hub in eastern Seoul is in jeopardy as it has failed to gain support from the city government and residents. The project, tentatively named the “Global Business Center,” was launched in 2007 with the aim of completion by 2015.Hyundai created a task force for the project and completed due diligence on the 27,830-square-meter site in Seongsu-dong. But its talks with the city government have been stalled for years due to plan
IndustryMay 3, 2013
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4 STX units apply for creditors’ management
STX Group has applied for joint management of its four financially distressed subsidiaries by creditor banks, the state-run Korea Development Bank said Friday.The main creditor KDB also said STX Group is considering selling two units of STX Europe ― STX France and STX Finland ― as part of efforts to improve the group’s overall financial soundness.The shipbuilding conglomerate’s application for creditors’ comanagement is seen as a desperate effort to overcome the financial crisis facing STX Heavy
May 3, 2013
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Korean Air Q1 net loss sharply widens due to foreign exchange loss
Korean Air Lines Co., South Korea's top air carrier, said Friday its net loss sharply widened in the first quarter of 2013 from a year earlier due to foreign exchange loss. Consolidated net loss reached 300.6 billion won ($285 million) in the January-March period, up from a 64.2 billion won loss a year earlier, the carrier said in a regulatory filing. The figures also represent a sharp decline from a profit of 140.1 billion won in the fourth quarter of last year. The carrier said its for
IndustryMay 3, 2013
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Seoul shares gain 0.44 pct on U.S. jobs data
South Korean stocks closed 0.44 percent higher Friday, as five-year low jobless data in the United States cheered investor sentiment over an improving economy, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 8.57 points to 1,965.78. Trading volume was light at 306.8 million shares worth 4.13 trillion won (US$3.75 billion) with gainers outnumbering decliners 499 to 299. "U.S. labor data give us a sense of where we ar
May 3, 2013
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Companies slow to tackle U.S. mobile phone thefts
U.S. authorities said mobile carriers and phone manufacturers should do more to resolve the rapidly growing smartphone thefts. In 2012, Washington D.C. alone witnessed a record 1,829 smartphone robberies and nearly half of all thefts in San Francisco involved mobile devices, according to the U.S. police. The underlying issue is that wireless carriers and smartphone producers are slow to tackle the problem.A national database tracking stolen devices and iPhone’s location-tracking function for mis
TechnologyMay 3, 2013
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[Photo News] Jessica Alba talks at Seoul Digital Forum
Jessica Alba, a Hollywood actress and CEO of an eco-friendly product label Honest Company, is having a talk with the topic “Widening Access to Healthy Living with ‘Honest’ Products and a Dream” at the Seoul Digital Forum.A mother of two girls, Alba created the company to distribute ethical, clean baby products. She was listed as one of Fortune’s 10 Most Powerful Entrepreneurs and Entrepreneur of the Year at the U.K. Glamour Women of the Year 2012 Awards.The Seoul Digital Forum is held from May
TechnologyMay 3, 2013
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FTC in final stage of deliberation on Google in antitrust case: sources
South Korea's corporate watchdog is expected to soon announce the results of its deliberation into an antitrust case against Google Inc. for its alleged involvement in activities that hurt fair market competition, industry sources said Friday.Some sources also speculate that the Fair Trade Commission (FTC) might be considering dropping the charges against the U.S. Internet search engine giant as it is in the final stage of its deliberation into the case.In 2011, NHN Corp. and Daum Communications
IndustryMay 3, 2013
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Samsung Galaxy S4 wins security approval from Pentagon
Samsung Electronics Co., the world's top maker of smartphones, said Friday it has received security approval for its new Galaxy S4 smartphone from the U.S. Department of Defense, making it the first Korean smart device to earn such approval.The winning of security approval indicates that Samsung is allowed to make a foray into the market for security-concerned U.S. defense agencies, which has been largely dominated by BlackBerry."The Galaxy S4 has won security approval from the U.S. Department o
IndustryMay 3, 2013
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Seoul shares down 0.04 pct in late-morning trade
South Korean stocks traded 0.04 percent lower late Friday morning after opening higher, dented by losses in blue-chip tech firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.8 points to 1,956.41 as of 11:20 a.m. Top-cap tech giant Samsung Electronics lost 0.13 percent, with chipmaker SK hynix falling 1.36 percent. In contrast, autos gained ground, with Hyundai Motor rising 1.8 percent and its smaller affiliate Kia Motors soaring 2.5 percent. The local currency w
May 3, 2013
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Seoul shares open higher on U.S. data, ECB rate cut
South Korean stocks got off to a strong start Friday, buoyed by upbeat economic data in the United States and the policy rate cut by the European Central Bank (ECB), analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.77 points, or 0.24 percent, to 1,961.98 in the first 15 minutes of trading. Telecom companies and metal manufacturers drove up shares, with No. 1 mobile carrier SK Telecom jumping 2.5 percent and zinc smelter Korea Zinc hiking nearly 5 percent. The U.S.
May 3, 2013
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Intel names Krzanich as chipmaker's next CEO
Intel's chief operating officer, Brian Krzanich, will become its next CEO in two weeks, tasked with steering the world's largest chipmaker through an industry shake-up that is seeing tablets and smartphones overshadow Intel's base in personal computers.Intel, one of the pillars of Silicon Valley, announced Thursday that Krzanich, who is 52, will replace Paul Otellini on May 16. Otellini, 62, announced his decision to resign six months ago and will end a nearly 40-year career with Intel, includin
TechnologyMay 3, 2013
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KT Q1 net profit down 47.6 pct
KT Corp., South Korea's top fixed-line and No. 2 mobile operator, said Friday its first-quarter net profit fell 47.6 percent from a year earlier due to increased marketing costs on long-term evolution (LTE) service and one-off costs.The company's consolidated net profit reached 212.6 billion won ($193 million) in the January-March period, down from 405.6 billion won a year earlier, the Seoul-based company said in a regulatory filing.KT attributed the weaker bottom line to an increase in marketin
IndustryMay 3, 2013
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ECB cuts benchmark interest rate to 0.5 percent
FRANKFURT, Germany (AP)- The European Central Bank has cut its benchmark interest rate to a new record low to stimulate the lagging economy in the 17 countries that use the euro. The bank's rate-setting council lowered the refinancing rate a quarter-point to 0.5 percent at a meeting in Bratislava, Slovakia. The move comes amid fears the eurozone economy may not recover later in the year from its recession. In theory, a cut helps companies by lowering borrowing costs for banks that have borrow
May 2, 2013
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[Graphic News] Incheon Airport best-paying public firm for new staff
Incheon International Airport Corp. has been revealed to pay the highest starting salary among public corporations.The average yearly salary for new employees at the 30 top public corporations last year was 39.18 million won ($27,825), up 10.2 percent from the previous year, according to local employment portal Saramin on Thursday.The data was based on Alio (All Public Information In One), a public management information system run by the Ministry of Strategy and Finance.IIAC was followed by Uls
May 2, 2013
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Korea eyes expansion of commercial space industry
The government will soon set up measures to help commercialize its space technology while also working to further develop its commercial space sector that will include the early development of a shuttle to the moon, the science ministry said Thursday.The move comes as there are only 61 private companies or research institutes developing space technologies in the country while 44.2 percent of them have annual sales of less than 1 billion won ($909,000), according to the Ministry of Science, ICT a
TechnologyMay 2, 2013
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Houses of former NIS agents, informant raided over scandal
Prosecutors on Thursday raided the houses of two former agents of the nation’s main intelligence agency and one informant as part of a widening investigation into allegations that the organization attempted to influence public opinion ahead of last year’s presidential election. The scandal centers around allegations that the National Intelligence Service extensively and systemically meddled in the presidential election by using its agents to post a slew of politically sensitive comments against
TechnologyMay 2, 2013