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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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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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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Will China's self-sufficient dream in HBM come true?
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‘Korea saved European outdoor brands’
European outdoor wear and equipment brands such as Millet of France were hanging by a thread when demand in Korea began to jump over 30 percent each year as hiking became fashionable and hikers started to dress up.“Due to strong nationalism in terms of the brands and differences in tastes and sizing, the European market is very fragmented, meaning the French only buy Millet and the Germans only buy Jack Wolfskin,” Julien Provot-Ragueneau, senior executive officer at MilletEdelweissHoldings, said
IndustryApril 22, 2013
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POSCO dismisses exec over ramen rage
The nation’s leading steelmaker POSCO dismissed on Monday an executive of its power generation subsidiary POSCO Energy, who reportedly physically and verbally abused a female flight attendant.“The corresponding official has been dismissed from his current post and other follow-up measures will be implemented,” said a POSCO official.The disputed man, identified by his family name Wang, is known to be an executive director in the renewable energy sector of the POSCO subsidiary.The executive was re
IndustryApril 22, 2013
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Seoul shares gain 1.03 pct on bargain hunting
South Korean stocks closed 1.03 percent higher Monday as investors scooped up shares on bargain hunting, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 19.56 points to finish at 1,926.31. Trading volume was low at 254.9 million shares worth 3.6 trillion won (US$3.25 billion) with gainers outnumbering decliners 521 to 283. "The market gain came as investors scooped up undervalued shares despite the listed firms' w
April 22, 2013
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Seoul shares up 0.14 pct in late-morning trade
South Korean stocks traded 0.14 percent higher late Monday morning, led by gains in techs and mobile carriers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.64 points to 1,909.39 as of 11:20 a.m. Tech heavyweight Samsung Electronics edged up 0.07 percent, an top chipmaker SK hynix added 0.35 percent. Leading flat panel manufacturer LG Display advanced 1.17 percent. Mobile carriers also gathered ground, with No. 1 SK Telecom rising 1.33 percent and KT moving u
April 22, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Monday, tracking gains on Wall Street in the previous trading session on investors' bargain hunting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.37 points, or 0.39 percent, to 1914.12 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.81 percent and its smaller local rival LG Electronics rising 0.91 percent. Leading auto parts maker Hyundai Mobis ad
April 22, 2013
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Samsung, LG urged to cooperate on OLED
SARDINIA, Italy ― Samsung and LG were urged to reach an agreement on patent sharing to keep at bay the Chinese rivals that are fast on Korea’s heels in terms of OLED technology, an executive at leading research firm said in an interview Saturday. “It could be desirable for the companies to share their patents,” said Paul Gray, director of TV Electronics and Europe TV Research at DisplaySearch, on the sidelines of the IFA Global Conference on the Italian island of Sardinia. “I think that Samsung
TechnologyApril 21, 2013
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Savings bank victims file W900m lawsuit against KDIC
Bond owners who were victimized in the 2011-12 savings bank woes filed a group lawsuit against state-controlled Korea Deposit Insurance Corp. over the weekend, the Korea Finance Consumer Federation said Sunday. A total of 573 suitors submitted a class action suit against Korea Deposit Insurance Corp. to the Seoul Administrative Court, claiming severe loss on transaction-frozen deposits in the wake of the savings bank fiasco.Out of the lost 20 billion won, suitors claimed about 900 million won ($
April 21, 2013
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Minister urges big companies to help with economic democratization
Korea’s Finance Minister Hyun Oh-seok said that large Korean companies need to run their businesses in line with the incumbent administration’s economic democratization policy.Hyun, who is also the deputy prime minister, told reporters after the Group of 20 meeting of finance leaders in Washington, D.C., on Saturday that companies that devised their management and operation plans without considering economic democratization are headed in the wrong direction.He added that companies should accept
April 21, 2013
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KDB Daewoo Securities under regulatory probe
The Financial Supervisory Service will conduct a regulatory inquiry into KDB Daewoo Securities, a brokerage unit of the state-controlled KDB Financial Group, for the next three weeks.The financial regulator said it has dispatched about 20 inspectors to the Yeouido, Seoul, headquarters of KDB Daewoo Securities, which holds the No. 1 position in Korea’s securities market.This marks the first time in about three years for the brokerage house to be subject to a sector-wide probe by the FSS.A key reg
April 21, 2013
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Debts held by public firms grow to W400tr, threatens nation’s finances
The amount of debt owed by public companies as of last year approached almost 400 trillion won, leading to concerns that the nation’s fiscal soundness may be at risk.The combined debts to be paid by the 28 state-owned firms as of December last year were 393 billion won ($350 billion), up 8.7 percent from the previous year, an online news provider reported Sunday.The figure also took a large part of the government’s total debt, which was some 445 trillion won.The corresponding public firms includ
IndustryApril 21, 2013
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Provincial SME duty-free shop plan fizzles out
The Korea Customs Service’s plan to allow duty-free shops to open in major cities reached a deadlock recently as some the participating companies have abandoned the project, citing low profitability.Even those which are sticking to the blueprint are faced with difficulties of finding a sufficient range of business partners, as prestigious global brands tend to avoid being involved in the provincial shops.Late last year, the KCS licensed several small and medium-sized companies to run duty-free s
April 21, 2013
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Customer service key for market competitiveness
Due to the high amount of choice customers now, delivering an ordinary customer experience is not enough to ensure customer loyalty. Companies that provide exceptional service have a strong competitive advantage. Customers are prepared to pay higher prices, make additional purchases, are more loyal and recommend the business to others. In Korea, expectations are particularly high as customers are exposed to good service in different fields. Landing in Incheon airport, for instance, has always be
MobilityApril 21, 2013
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Toyota to make Lexus in U.S. amid localization push
Toyota Motor Corp. plans to build Lexus ES 350 sedans at an existing Kentucky plant, the first U.S. production for its luxury brand, as Chief Executive Officer Akio Toyoda pushes to localize output in its biggest markets. Toyoda and Jim Lentz, Toyota’s North American chief, said on Saturday in New York that production of the ES, the top-selling Lexus car in the U.S., starts at its Georgetown, Kentucky, complex in 2015. The company said it’s investing $360 million to add a Lexus line, expanding G
MobilityApril 21, 2013
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Porsche rides high in China
SHANGHAI, China ― About 10,000 journalists and visitors packed the exhibition halls of the Shanghai motor show during the media preview on Saturday. And their final destination seemed to be the same building, the N1, which housed the world’s most prestigious car brands such as Porsche, Ferrari, Lamborghini and Rolls-Royce. China’s market for “premium” cars costing up to $190,000 was 1.25 million vehicles last year, second only to the United States, according to consultancy McKinsey. Even though
MobilityApril 21, 2013
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Chinese brands hope to emulate Hyundai’s success
SHANGHAI, China ― No carmaker can afford to ignore China, which became the world’s largest car market in 2009. Brushing off fears of an economic slowdown, its auto sales set an all-time high of 19.31 million vehicles last year. And that was more than evident during the media preview day Saturday at the Shanghai auto show, which features 1,300 vehicles in 17 exhibition halls spanning 280,000 square meters. Korean carmakers also plan to showcase their new models, with which they hope to expand the
MobilityApril 21, 2013
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Twitter rolls out app to link users with trending tunes
The micro-blogging social network site Twitter launched a service Thursday that recommends songs to users based on the artists they follow and tunes that are trending on the social network.The new service will change the way people find music,” Stephen Phillip, an official at Twitter, said in an official blog post.The application “Twitter #music” is the social media company’s first step into the music industry which provides the users with an easy-to-navigate design consisting of four different
TechnologyApril 21, 2013
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Seoul shares likely to move in tight range next week
South Korean stocks are expected to move in a narrow range in the coming week amid concerns on poor quarterly earnings and the global economic slowdown, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed on Friday at 1,906.75, down 0.88 percent, or 17.48 points, from one week ago. Analysts anticipate that the benchmark index may move around the 1,900 level next week. They said investor sentiment could be weighed down by concerns on quarterly earnings of So
April 21, 2013
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Kumho to make tires for electric SM3 compact
Kumho Tires said Wednesday that it will provide the nation’s first electric car-only tires for Renault Samsung Motors’ new all-electric compact SM3 Z.E. from October this year until 2018. The tire maker recently signed an agreement with the Korean unit of the France-based Renault Group to supply the SM3 Z.E. with its low-resistance tires exclusively developed for electric vehicles.Kumho also launched an electric-car tire brand, WATTRUN, pledging to ramp up efforts to take an early edge in the em
IndustryApril 20, 2013
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Seoul shares likely to move in tight range next week
South Korean stocks are expected to move in a narrow range in the coming week amid concerns on poor quarterly earnings and the global economic slowdown, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed on Friday at 1,906.75, down 0.88 percent, or 17.48 points, from one week ago. Analysts anticipate that the benchmark index may move around the 1,900 level next week. They said investor sentiment could be weighed down by concerns on quarterly earnings of
April 20, 2013
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It’s the journey that matters
To Koreans, Baekdu-daegan, nicknamed the “spine of the Korean Peninsula,” is not just a chain of mountains running across the country. It is also a symbol of the peninsula’s history, culture and scenery.In the early 20th century, the mountain range and the surrounding regions not only offered splendid landscapes but also supported the nation’s economic growth, with its rich volume of natural resources.However, with the decline of the timber and coal industries over the years, the area faded from
IndustryApril 19, 2013