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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Samsung to roll out Galaxy S4 in S. Korea Friday
Samsung Electronics Co., the world‘s top smartphone maker, said Thursday that it will roll out the Galaxy S4, the latest version of its flagship smartphone line-up, in South Korea on Friday to take on Apple Inc.’s iPhone 5 and other rival smartphones.The Galaxy S4, one of the most highly anticipated smartphones of year, is the latest in Samsung‘s successful Galaxy S line-up that has sold more than 100 million units worldwide.Since last Friday, South Korea’s three mobile carriers -- SK Telecom Co
TechnologyApril 25, 2013
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Forbes: Samsung chief Lee Kun-hee is South Korea's richest man
Lee Kun-hee, chairman of Samsung Electronics Co., remains South Korea's richest man for the nine straight year while his only son Lee Jae-yong joined the top three spots, Forbes Korea said Thursday.The senior Lee's net worth jumped to US$12.6 billion from $10.8 billion in 2012, according to the Korean language edition of Forbes, as Samsung Electronics' smartphones overtook the iPhone as the world's most popular smartphones last year. He held on to the top post since 2005 when the list was first
IndustryApril 25, 2013
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Seoul shares open higher on techs, retailers
South Korean stocks opened higher on Thursday, on the back of gains in techs and retailers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.77 points, or 0.19 percent, to 1,939.08 in the first 15 minutes of trading.Tech shares gathered ground, with top chipmaker SK hynix rising 2.23 percent and a local handset maker LG Electronics adding 1.33 percent. Top flat panel manufacturer LG Display gained 0.5 percent.Retailers also traded higher, with discount store chain E
April 25, 2013
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S. Korea's economic growth hits 2-year high in Q1
The South Korean economy grew at its fastest quarterly pace in two years in the first quarter as exports gained ground weathering the yen's weakness to the local currency, the central bank said Thursday.Korea's gross domestic product (GDP), the broadest measure of economic performance, grew 0.9 percent in the first quarter from three months earlier, quickening from 0.3 percent on-quarter growth in the fourth quarter of 2012, according to an advance estimate by the Bank of Korea (BOK).The first-q
April 25, 2013
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Daehan Real Estate Trust sanctioned for accounting fraud
The Securities and Futures Commission said Wednesday that it reported Daehan Real Estate Trust Co. to the prosecution on charges of fabricating its financial statements.Daehan Real Estate Trust -- a financial company fully invested by a quasi-governmental agency under the wing of the Ministry of National Defense -- engaged in irregular accounting practice from 2008 to 2010, according to the SFC.As the main malfeasance, the company allegedly rigged its statements from transactions for a land proj
April 24, 2013
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LGE acquires auto engineering firm
LGE acquires auto engineering firm LG Electronics on Wednesday said it has purchased V-ENS, an affiliate of LG CNS, to pursue a merger on July 1.V-ENS is a company specializing in automotive engineering and consulting involving mostly the building process. LG Electronics said the 17 billion won deal was aimed at delving into the automotive parts industry and obtain the necessary knowledge and expertise for helping car infotainment — also known as in-car entertainment — programs take off. V-ENS w
IndustryApril 24, 2013
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Dozens of Korean names in leaked data on tax havens: ICIJ
An international network of journalists said Tuesday that “quite a number of Korean names” are included in leaked data from tax havens, especially the British Virgin Islands.“There are several dozen Korean names,” Gerard Ryle, director of the International Consortium of Investigative Journalists, or ICIJ, told Yonhap News Agency.He added there are only South Koreans, no one from the North.“I can confirm there are South Koreans only in the data. Nobody from North Korea. We know this because of th
April 24, 2013
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KOSDAQ hits near 5-year high
South Korea’s secondary stock market on Wednesday rallied to an almost five-year high, with its total market capitalization surging to an all-time high, fueled by expectations for upward momentum following the government’s policy pledge to support smaller companies. The tech-laden KOSDAQ soared 10 points, or 1.7 percent, to end at 563.81, the highest since July 1, 2008, according to the data by the Korea Exchange. The Wednesday rally pushed up its total market cap to a record 126.4 trillion won
April 24, 2013
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Fair Trade Commission to take class action suits against cartels
The Fair Trade Commission vowed to take stern disciplinary measures against conglomerates for irregular business practices during its report to President Park Geun-hye on Wednesday.The antitrust regulator, which has already pledged to crack down on unfair intragroup trading among conglomerate-based affiliates, said it would also introduce the system of class action lawsuits by pushing for a Competition Law revision in June.“Enterprises including financial firms engaging in cartel practices will
April 24, 2013
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E-book market to expand 80% in 2013: analysts
The South Korean market for electronic books (e-books) is expected to grow 80 percent this year on the back of rising demand for services on mobile devices, local analysts said Wednesday.According to Taurus Investment & Securities Co., the size of the local market for e-books is anticipated to reach 583 billion won ($519.8 million) in 2013, compared to 325 billion won tallied a year earlier.Market watchers said the increase is mainly attributable to the rising number of South Koreans holding sma
TechnologyApril 24, 2013
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LGE pulls off solid quarterly performance
LG Electronics, one of the world’s biggest mobile phone makers, proved it was fully back in the game after recording a 7 percent rise in sales in the first quarter on account of robust handset sales. The company said it shipped 10.3 million smartphones between January and March, its highest number yet since entering the smartphone race in 2009. The turnaround was dramatic, as sluggish handset sales ― under the mobile communications unit ― had previously been criticized for being responsible for
IndustryApril 24, 2013
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SK Hynix beats forecasts by wide margin
SK Hynix beat market forecasts to post a net profit of 178.7 billion won ($160 million) in the first quarter of this year on the back of rising demand for mobile DRAM chips, the company said Wednesday. Operating profit also rose to 317 billion won, up from a 264 billion won deficit in the same period last year. Sales rose 16.4 percent to 2.78 trillion won. SK Hynix shares rose 0.87 percent to close at 29,100 won on the day.The market consensus for the company’s quarterly earnings had been at an
IndustryApril 24, 2013
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UNESCO water institute to open in Korea
A UNESCO-affiliated international water research institute is to open new headquarters in Korea next year.The Ministry of Land, Infrastructure and Transport said Wednesday that the operational committee of UNESCO resolved earlier in the day to establish the International Hydrological Program research center in Korea.The institute, to be located within the K-Water research complex in Daejeon, will be the fifth IHP center to open in Asia, following those in China, Malaysia, Japan and Indonesia.The
IndustryApril 24, 2013
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Seoul to take class-action suits against cartels
The Fair Trade Commission unveiled its policy to take stern disciplinary measures against conglomerates for their irregular business practices during its report to President Park Geun-hye on Wednesday.The antitrust regulator, which has already pledged to crack down on unfair intragroup trading among conglomerate-based affiliates, said it would also introduce the system of class action lawsuits by pushing for a law revision in June.“Enterprises including financial firms engaging in cartel practic
April 24, 2013
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Overseas construction tech school to open in 2015
A meister high school specializing in overseas engineering and construction education will open in 2015, officials said Wednesday.The Ministry of Land, Infrastructure and Transport is to sign a memorandum of understanding on Thursday with the International Contractors’ Association of Korea and the Seoul Urban Science Technical High School, officials said Wednesday.The students will be provided with technical education, as well as language courses, and upon graduation will be given the opportunit
April 24, 2013
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Seoul working out measures to aid SMEs in Gaeseong
The government announced on Wednesday a set of measures to buffer losses to small and medium enterprises incurred from operation suspension in the inter-Korean industrial complex in Gaeseong.The Ministry of Unification said that state agencies will further provide liquidity, credit guarantees and tax breaks for SMEs whose Gaeseong plant operations had been ceased for more than two weeks amid escalating tensions with North Korea.It is considering further extending loans to those companies from it
April 24, 2013
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GE picks Korea as global HQ for marine business
General Electric said Wednesday it has chosen Korea as its global headquarters for offshore and marine business in light of the country’s burgeoning offshore plant industry.GE, which supplies key parts such as propulsion systems, engines and distribution transformers for drillships, FPSOs (floating production, storage and offloading units) and LNG carriers, considers technological development near Korea’s major shipyards along the southern coast, acquisition of local firms or setting up joint ve
IndustryApril 24, 2013
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Shinsegae vice president fined for boycotting parliamentary audits
A Seoul court on Wednesday imposed a 10 million won ($8,870) fine on a Shinsegae Group executive for not attending parliamentary audits over the company‘s alleged infringement on the business rights of small retailers. Chung Yu-kyuang, the 41-year-old vice president of the country’s second-largest retail conglomerate, was found guilty of not responding to the government‘s call three times to appear at the hearings and audits of the National Assembly between October and November of last year, cit
IndustryApril 24, 2013
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Seoul shares up 0.87 pct on global recovery hope
South Korean stocks closed 0.87 percent higher Wednesday due to the improved economic outlook for the United States and the eurozone, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 16.68 points to finish at 1,935.31. Trading volume was moderate at 334.7 million shares worth 4.3 trillion won (US$3.9 billion) with gainers outnumbering decliners 626 to 195. "The local stock market gathered ground due to the overnigh
April 24, 2013
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Apple’s profit drops for first time in nearly a decade
Tech titan Apple suffered its first fall in profit in the second quarter in nearly a decade despite an increase in revenue.According to Apple’s financial report, the company’s net profit dropped to $9.5 billion in the second quarter of 2013 ending on March 30, an 18 percent decline from $11.6 billion in the same quarter last year. The company’s revenue recorded $43.6 billion, an 11 percent rise from $39.19 billion in the quarter in 2012.The sales for iPhone grew from 35.1 million units to 37.4
April 24, 2013