Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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Seoul to promote luxurious side of the city
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Hyosung capitalizes on carbon fiber
Hyosung Group, a leading textile and heavy machinery maker in Korea, is looking to its carbon fiber brand Tansome for growth.Tansome is a combination of two words: “tanning,” referring to the characteristic of the carbon fiber production process, and “something special.”Hyosung developed its own technology for producing carbon fiber and invested 250 billion won ($220 million) in early 2012 to build a plant with an annual production capacity of 2,000 tons in Jeonju, North Jeolla Province. The com
IndustryApril 15, 2013
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POSCO completes car steel plate plant in China
POSCO, the nation’s top steelmaker, said Monday that it has completed an auto steel plate production plant in China as part of an effort to meet growing demand for the product from global carmakers. The high-end steel sheet plant in the city of Foshan, Guangdong province, will produce 450,000 tons of galvanized steel sheets annually, according to the company. Guangdong province is a large economic area with a population of more than 100 million. Major automakers such as GM, Toyota and Honda make
April 15, 2013
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Think tanks forecast growth below 3% in 2013
The nation’s leading private and public think tanks projected that Korea’s GDP growth would fall below 3 percent this year, hovering between 2.5 and 2.9 percent, the Ministry of Trade, Industry and Energy said in a press release on Monday. The economic growth projection was presented by representatives from 11 private and public think tanks at a lunch meeting with Trade, Industry and Energy Minister Yoon Sang-jick. The GDP projection is similar to that issued by the Bank of Korea last week. The
April 15, 2013
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Top firms seek ‘super’ employees
“Super” heroes are wanted not only to fight crime, but to raise and maintain profits, according to the Korean Chamber of Commerce on Monday. Super in this case stands for specialty, unconventionality, pioneer, ethicality and responsibility ― some of the top qualities that companies demand from their employees.At the top of this wish list was pioneer, the survey conducted by the chamber on the nation’s top 100 companies showed, indicating that firms now wanted their workers to be dedicated to bre
IndustryApril 15, 2013
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BAT rolls out new edition of Dunhill LIGHTS
British American Tobacco Korea launched its newest edition of “Dunhill LIGHTS,” the tobacco maker said Monday. Targeting young adults, the upgraded version of Dunhill LIGHTS is 2,700 won ($2.40) a pack and contains 6 milligrams of tar.“Dunhill blend masters came up with a special and unique blend for the new Dunhill LIGHTS using top quality tobacco leaves,” BAT said in a statement, saying the company carried out some 300 quality tests to best reflect young consumers’ taste. Upon the launch, BAT
IndustryApril 15, 2013
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KB Financial chief to serve out his remaining term until July
The head of KB Financial Group said Monday that he will remain at his job until the end of his term, despite growing pressure from the government for him to step down as part of a policy push for a reshuffle in banking firm governance. Euh Yoon-dae, the chief of South Korea’s second-largest banking firm, reiterated his stern intent to retain the top post till July this year, when his official term at KB Financial comes due. Asked whether he will complete his term in office, he responded by sayi
April 15, 2013
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World Water Forum launches organizing panel for 2015
The organizing committee to prepare for the hosting of the 2015 World Water Forum in Daegu will launch Tuesday, the Ministry of Land, Infrastructure and Transport said Monday. During its kick-off event, the organizing committee will name Lee Jung-moo, former land minister, as chairman. Lee has led the Korea Water Forum since 2012. As the first task, the organizing committee has prepared a kick-off event to be held May 14-15 in Daegu. About 500 participants from all over the world, including gove
April 15, 2013
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NPS to increase clout on chaebol
The National Pension Service is set to tighten its control on chaebol as the revised bill on the “10 percent rules” will likely pass through the plenary session of the National Assembly soon.The revised bill on the capital market involves financial authorities’ policy to allow the nation’s three major public funds to hold a 10 percent stake or more in a company ― as an exception from other stock investors.The bill, which recently worked through the National Policy Committee of the National Assem
April 15, 2013
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Ministry to look into safety of Korean airlines
The government announced its plans Monday to launch a comprehensive evaluation of electricity and fire detection systems on all passenger jets operated by Korean flag airlines, following the emergency landing of a Korean Air flight on Sunday. Korean Air, the nation’s largest air carrier, Sunday grounded a Boeing 777 passenger jet from Seoul bound for Los Angeles after a burning smell was detected in the cabin. All 288 passengers and crew members safely disembarked at Japan’s Narita Airport. The
IndustryApril 15, 2013
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Hyundai Motor sells 2 million Elantras in U.S.
Hyundai Motor Co., South Korea’s top automaker, said Monday that cumulative sales of its compact Elantra in the United States surpassed the 2 million mark since its debut in 1991.The milestone is the latest sign of popularity of the Elantra, called the Avante in South Korea, in the world’s second-largest automotive market.Hyundai Motor has expanded the Elantra lineup in the U.S. in recent years by introducing the i30 and the Avante Coupe, called the Elantra GT and the Elantra Coupe, respectively
IndustryApril 15, 2013
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Jobseekers flock to KB Financial fair
Tens of thousands of job hunters, ranging from high school graduates to retirees, flocked to a job fair cohosted by two KB Financial Group affiliates in COEX, southeastern Seoul on Monday. Organized by KB Financial Group and its two affiliates KB Kookmin Bank and KB Financial Foundation, “KB Goodjob” is the lender’s fifth-largest job convention and the largest one-day job fair, group officials said. The group noted that this year’s KB Goodjob was designed to help job applicants ― regardless of f
April 15, 2013
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Korea posts trade surplus for 14 straight months in March
SEJONG (Yonhap news) ― South Korea logged a trade surplus for 14 straight months in March despite the prolonged economic slump, customs data showed Monday.According to the customs-clearance trade figures provided by the Korea Customs Service, South Korea’s exports advanced 0.2 percent on-year to $47.4 billion last month. In contrast, imports shed 2 percent to $44.1 billion.The country’s March trade surplus came to $3.3 billion, expanding from $2 billion tallied a month earlier.The export growth
April 15, 2013
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Korean company to market microalgae as energy solution
Microalgae Farm CEO Park Shin-ho expects that the world will pay more attention to microalgae as a source of renewable energy due to rising oil prices and concern about the safety of nuclear power plants.The company, based in North Chungcheong Province, is the only Korean agricultural firm that grows freshwater microalgae. The company said it had passed tests conducted by the Korea Institute of Science and Technology on both lipid content and lipid productivity at the same time in February last
April 15, 2013
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Weak won means good time to invest
Since the beginning of this year, the won has lost more than 4 percent of its value against the U.S. dollar. Among Asian currencies ― some of which have strengthened ― only the yen has weakened more.Is there something serious going on?The short answer is no. What economists call the fundamentals ― inflows and outflows for trade and investment, equity values, interest rates and so on ― are all sound enough. It’s more to do with general investor unease about what Japan is doing to reboot its econo
April 15, 2013
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FTC imposes antitrust measures on Lotte unit
Korea’s antitrust regulator has imposed corrective measures against a real estate subsidiary of Lotte Group over the retail giant’s recent acquisition of a transportation terminal asset in Incheon.The Fair Trade Commission said Monday that it set preconditions on Lotte Incheon Development’s acquisition of Incheon Terminal and its land that houses a department store of Shinsegae, Lotte’s competitor, in the retail space.The regulator said it would approve the deal only if Lotte sells two of its de
IndustryApril 15, 2013
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Seoul shares edge down on Chinese growth data
South Korean stocks closed a tad lower Monday, as worse-than-expected Chinese growth data weighed down investor sentiment, analysts said. The local currency sharply gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.78 points to finish at 1,920.45. Trading volume was moderate at 323.1 million shares worth 4.14 trillion won (US$3.69 billion) with gainers outnumbering losers 457 to 343. "China's lower-than-expected growth weighed down on the KOSPI,
April 15, 2013
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‘Giant rats’ plague Gimhae: TV station
A variety of deformed animals, including one-meter-long giant rats, are emerging in Korea, a local broadcaster claimed.SBS said it will take a look at how abnormal animals have appeared recently due to climate change in its current affairs show Hyeonjang 21 (At the Scene 21). A recent report by Korea Meteorological Administration indicated that climate in Korea is rapidly changing. According to the report, by 2100 summers will be six months long, and winters will be merely two months, a change w
TechnologyApril 15, 2013
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Seoul shares down 0.82 pct in late-morning trade
South Korean stocks traded 0.82 percent lower late Monday morning, dented by losses in large-cap exporters, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 15.81 points to 1,908.42 as of 11:20 a.m. Shares of top-cap Samsung Electronics lost 0.53 percent, with flat panel giant LG Display dipping more than 2 percent. Local blue-chip zinc smelter Korea Zinc plunged 13 percent on a market forecast of gloomy quarterly results. In contrast, telecom shares gained groun
April 15, 2013
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Seoul shares open lower on N. Korea, earnings woes
South Korean stocks opened lower Monday, as worries over heightening North Korean threats and poor corporate earnings dampened investor sentiment, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.46 points, or 0.7 percent to 1,910.77 in the first 15 minutes of trading. Most blue-chip firms lost ground, with tech giant Samsung Electronics falling 0.5 percent and No. 1 carmaker Hyundai Motor slipping more than 1 percent. Tensions on the Korean Peninsula have inte
April 15, 2013
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Number of per capita credit cards marks first fall in five years
The number of credit cards held by South Koreans moved down in 2012 from a year earlier, data showed Monday, apparently as the protracted economic slump undermined consumer sentiment.The country’s economically active population held 4.6 credit cards per person in 2012, industry data showed. The number compares to 4.9 tallied a year earlier, marking the first drop since 3.7 tallied five years ago.Local credit firms have issued a total of 117.1 million cards as of end-2012. South Korea’s economica
April 15, 2013