Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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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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Coupang earnings hit hard by losses from ailing Farfetch
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Korea forecast to overtake Taiwan in chip production by 2032: report
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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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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
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Traveling down memory lane
To lure tourists to the hidden spots of the central inland regions, KORAIL launched exclusive sightseeing trains ― the “O-train,” which loops around major cities, and the “V-train” which cuts through the mountainous area of the Baekdu-daegan valleys.The O-train, which runs from Seoul through Jecheon, Yeongju and Taebaeksan Mountain, has been designed to show Korea’s seasonal landscape. The “O” refers to the train’s circular route. It allows passengers to view the landscape through a camera mount
IndustryApril 19, 2013
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Finance chief says yen bigger issue than N.K.
South Korean Finance Minister Hyun Oh-seok said Japan’s weakening yen is hurting his country’s economy more than North Korean threats, an example of a “spillover” that merits discussion. “Japan’s economic policies are doing their part to help the world economy recover,” Hyun said Wednesday in an interview in Washington before a meeting of Group of 20 finance chiefs. “But if this causes problems, and then the problems cause new responses from partnering nations, for example a currency war, the wo
April 19, 2013
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Korean Air chosen as Boeing’s best supplier
Boeing named Korean Air as its best supplier in the “pathfinder” category for its notable progress in manufacturing aircraft components.The world’s largest aircraft manufacturer gave the top award to Korean Air at the annual “Supplier of the Year” award ceremony held in San Diego on Thursday.Starting with wing parts for Boeing 747 in 1986, Korean Air has been producing components for Boeing’s 717, 737, 767, 777, 787 and 747-8 aircraft.Korean Air also received the award in 2001 and 2007.Boeing aw
IndustryApril 19, 2013
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FSC vows early privatization of Woori Financial Group
Financial Services Commission chief Shin Je-yoon said the FSC will consider disclosing data on short selling positions after a case involving the largest KOSDAQ-listed firm stirred controversy over short selling.Shin also said he will “put (his) neck on the line” for the privatization of Woori Financial Group to take place early during the Park Geun-hye administration.Celltrion CEO Seo Jung-jin said Tuesday he will sell off his entire controlling stake in the nation’s largest biotech company on
April 19, 2013
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Balanced budget unlikely till 2016
The extra budget that the government recently drew up will likely delay achieving a fiscal balance until 2016 due to increased spending coupled with less-than-expected tax revenues, a government report showed Friday.The government earlier unveiled a 17.3 trillion won ($15.4 billion) extra budget aimed at boosting the country’s slowing economic growth. This was the second largest since 2009 when it announced 28.4 trillion won in extra spending in response to the fallout from the global financial
April 19, 2013