Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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Police seek arrest warrant for med student who killed girlfriend
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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South Korea willing to accept Indonesian proposal for cutting KF-21 payments
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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
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Galaxy S4 ‘good, but not great’: tech guru
Samsung’s Galaxy S4 received an unexpected blow as renowned IT journalist Walter Mossberg of The Wall Street Journal gave the company’s latest gadget a less-than-flattering review.The South Korean tech giant boldly included much of its own software on its latest flagship phone, in addition to the basic Android system. The quality of the new features, however, fell woefully short of Mossberg’s standards.“I found Samsung’s software often gimmicky, duplicative of standard Android apps, or, in some
TechnologyApril 24, 2013
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LG Electronics Q1 net drops
South Korean consumer electronics giant LG Electronics Inc. said Wednesday its first-quarter earnings sank from a year earlier largely due to reduced prices and increased marketing costs. Net profit reached 22 billion won (US$19.6 million) in the January-March period on a consolidated basis, compared with a profit of 248 billion won a year earlier, LG Electronics said in a regulatory filing. Revenue slipped 6.8 percent on-year to 14.1 trillion won over the cited period, while operating profi
IndustryApril 24, 2013
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Seoul shares up 0.49 pct in late-morning trade
South Korean stocks traded 0.49 percent higher late Wednesday morning, led by gains in builders and logistics firms, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) moved up 9.38 points to 1,928.01 as of 11:20 a.m. Construction firms traded higher, with Hyundai Engineering & Construction rising 1.21 percent and Daewoo Engineering & Construction advancing 1.03 percent. GS Engineering & Construction added 2.39 percent. Logistics firms also gathered ground, with Hyundai
April 24, 2013
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Korea's household debt-to-income ratio hits 9-year high in 2012
The ratio of South Korea's household debt against disposable income rose to the highest level in nine years in 2012 as debt grew at a faster pace than income amid the economic slowdown, central bank data showed Wednesday.The ratio of households' debt against their disposable income came in at 136 percent in 2012, slightly up from 134 percent in the previous year, according to data by the Bank of Korea (BOK).The 2012 figure marked the highest level since 2003 when the central bank began to compil
April 24, 2013
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SK hynix swings to black in Q1
SK hynix Inc., the world's No. 2 memory chip maker, said Wednesday it returned to profit in the first quarter on the back of an improved product mix.Net profit reached 179 billion won ($159 million) in the January-March period, reversing from a loss of 271 billion won the previous year, SK hynix said in a regulatory filing.Revenue increased 16.4 percent on-year to 2.78 trillion won in the first quarter. SK hynix said it posted an operating income of 317 billion won in the first three months of t
IndustryApril 24, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Wednesday, tracking overnight gains on Wall Street following expectations that U.S. firms fared well in the first quarter, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.2 points, or 0.53 percent, to 1928.83 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics rising 0.27 percent and top chipmaker SK hynix adding 2.08 percent. No. 1 carmaker Hyundai Motor moved up
April 24, 2013
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[Graphic News] Cheaper yen benefits Japanese carmakers
The cheaper yen is improving the competitiveness of Japanese carmakers, while their Korean and German rivals are expected to struggle with falling profits. According to IBES earnings estimates on Tuesday, Toyota is estimated to log $4.79 billion in operating profit in the first quarter, a 60.5 percent increase from a year ago. Japan’s Nissan and Honda were also to see a 38 percent and 23.6 percent increase in profits, respectively. Despite their increased sales this year, however, Korea’s Hyunda
IndustryApril 23, 2013