Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Seoul shares down 0.2 pct in late-morning trade
South Korean stocks traded 0.2 percent lower late Thursday morning, led by losses in autos and builders, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.78 points to 1,931.80 as of 11:20 a.m. Carmakers traded lower, with No. 1 player Hyundai Motor falling 2.99 percent and its smaller affiliate Kia Motors losing 0.38 percent. Top auto parts maker Hyundai Mobis shed 3.04 percent. Construction firms also lost ground, with Hyundai Engineering & Construction decre
April 11, 2013
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BOK cuts 2013 growth outlook to 2.6 pct
South Korea's central bank on Thursday revised down its economic growth forecast for this year to 2.6 percent from its earlier estimate of 2.8 percent amid the global slowdown.The Bank of Korea (BOK)'s revised numbers are higher than the government's recent growth estimate of 2.3 percent for this year.The government of President Park Geun-hye sharply cut its 2013 growth projection from an earlier 3 percent in March, vowing to implement strong stimulus measures including creation of an extra budg
April 11, 2013
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BOK unexpectedly freezes key rate for 6th month in April
South Korea's central bank froze the key interest rate for the sixth straight month on Thursday in an apparent bid to preserve policy room for rainy days, rejecting the government's call to join the stimulus drive.Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers left the benchmark seven-day repo rate unchanged at 2.75 percent. The bank lowered the borrowing costs in July and October last year.The decision was not anticipated as only two out of 25 analysts predicted the rate fr
April 11, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Thursday, following an overnight Wall Street rally fueled by growing anticipation of an economic recovery, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 3.52 points, or 0.18 percent, to 1,939.10 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.2 percent and top chipmaker SK hynix rising 2.33 percent. No. 2 carmaker Kia Motors advanced 1.15 percent.U.S
April 11, 2013
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Research firm: PC sales plunge as Windows 8 flops
Two somber new reports show unprecedented declines in desktop and laptop sales during the first three months of the year _ signs that the personal computer market may never fully recover from a new generation of mobile devices.And it appears that a makeover of Microsoft's Windows operating system seems to have done more harm than good since the software was released in October.“This is horrific news for PCs,” said BGC Financial analyst Colin Gillis. “It's all about mobile computing now.”First-qu
TechnologyApril 11, 2013
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KBS website goes offline for unknown reason
The Website of South Korea's public broadcaster KBS suffered a series of malfunctions on Wednesday for an unidentified reason, officials said.The broadcaster's Website went off line from 8:00 p.m. to 8:18 p.m. for a third time on Wednesday, following two malfunctions reported earlier in the evening, according to company officials.The broadcaster said it is currently trying to find out the cause of the failures, adding that it is unlikely that hackers were behind it. KBS added that there have bee
IndustryApril 10, 2013
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Goodbye, MSN Messenger!
It is never easy to say goodbye.It is especially hard when it has been 14 years since people starting using Microsoft’s instant messaging service named Windows Live Messenger, better known as MSN Messenger.The U.S.-based software giant officially announced that it would be cutting the messenger service beginning April 8, merging it with Skype.Those still using the messenger see a message at the bottom of the program window that reads, “Move between instant messaging, voice and video. Upgrade to
TechnologyApril 10, 2013
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Viagra loses top spot in Korean market
Viagra gave up its top position in Korea to its competitor Cialis for the first time.According to industry data, sales of Cialis totaled 26.9 billion won ($23.6 million) last year, topping Viagra’s 25.6 billion won.This is the first time that Viagra did not take the No. 1 spot in the local pharmaceutical industry since its release here in October 1999.“With the massive release of generic products of Viagra, the product positioning has seen changes,” an official of a firm selling erectile dysfunc
IndustryApril 10, 2013
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[Graphic News] Koreans own 8.8 luxury items on average
Purchasing luxury goods was nothing unusual for more than 45 percent of Korean customers, a survey showed on Wednesday.According to the poll conducted by the Korea Consumer Agency, spending on premium designer brands ― such as Hermes, Cartier and Bvlgari ― accounted for 5 percent of household income on average, compared to 4 percent in Japan.Amid the recent surge in consumption of French and Italian premium brands, Korean adults have an average of 8.81 luxury items in their closet, said the poll
IndustryApril 10, 2013
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Online transactions of NongHyup Bank paralyzed
NongHyup Bank, the banking unit of South Korean financial holding company NongHyup Financial Group Inc., said Wednesday its online and smartphone banking system was paralyzed for an unknown reason.The bank said that an error occurred at 6:20 p.m. at its operating system located in Anseong, 77 kilometers from Seoul. The online transaction system remained malfunctioning as of 7:35 p.m."No hacking activities were identified behind the failure," an official from the bank said. "We are currently maki
April 10, 2013
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Samsung, LG clash over police raid
Samsung Display on Wednesday denied that it had been investigated for technology espionage against its rival LG Display following reports that the police had raided its offices the day before.“Samsung is the only company in the world possessing OLED (organic light-emitting diode) technology. Our concern is that our technology may be leaked, not vice versa,” Samsung Display chief executive Kim Ki-nam told reporters after a weekly Samsung executive meeting.On Tuesday, the cyber crime unit of Seoul
TechnologyApril 10, 2013
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Hyundai suppliers call for resumption of overtime work
Representatives of Hyundai Motor’s auto parts suppliers on Wednesday called for the resumption of weekend overtime work at the carmaker’s Ulsan factory which has been suspended since March due to labor-management disputes on overtime pay.“Following the suspension of overtime work at the carmaker, suppliers are facing escalating damage to their profits. We are also not paying our employees properly as normal,” the group said in a statement on Wednesday.The Hyundai Motor union has refused to work
IndustryApril 10, 2013
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Shares gain on Chinese data
South Korean stocks closed 0.77 percent higher Wednesday, buoyed by easing Chinese inflation data that offset heightening fears over North Korea’s repeated war threats, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 14.84 points to finish at 1,935.58. Trading volume was light at 312.4 million shares worth 4.08 trillion won ($3.57 billion) with advancers far outpacing decliners 640 to 187. “A country’s economic policy s
April 10, 2013
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Lotte probed for bullying suppliers
The Fair Trade Commission began looking into whether Lotte Group pushed suppliers of Lotte Confectionery to cut costs, laying a possible touchstone for the Park Geun-hye administration’s much-played-up initiative to help out small and medium-sized firms.Lotte Group recently sent its auditing staff to suppliers of Lotte Confectionery and demanded they submit materials on management. After reviewing the submitted data, Lotte concluded that the suppliers collected about 1 billion won ($880,000) in
IndustryApril 10, 2013
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Koreans’ alcohol consumption falling
Per capita alcohol consumption in South Korea has declined in recent years due to improved drinking culture, a trade association said Wednesday.According to data by the Korea Alcohol & Liquor Industry Association, the alcohol consumption per South Korean aged 15 or older came to 9.18 liters in 2011, down 3.2 percent from 2007 when the association started compiling related data.The fall stemmed from local drinking culture improved by increased interest in health since the late 2000s, the associat
April 10, 2013
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KDB Financial backs off from privatization
The state-controlled KDB Financial Group has shifted its policy direction under the Park Geun-hye administration away from privatization.The future business policies of KDB Financial can be seen via the inaugural speech of its new chairman Hong Ky-ttack, who took office this week.Hong said the financial group would bolster its long-standing role as the nation’s leading provider of policy loans for state projects.His remarks could mean that the Park government has scrapped the earlier project of
April 10, 2013
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Extra budget bill due next week
Finance Minister Hyun Oh-seok said Wednesday that the government plans to submit its bill proposing additional funds to the National Assembly next week.“We will submit the supplementary budget bill for National Assembly approval by the end of April after a Cabinet meeting next week,” said Hyun, also the country’s deputy prime minister, in a meeting with economic-related officials.The ministry said it will finalize the size of the budget with political parties and try to speed up its efforts to u
April 10, 2013
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LG CNS launches electric car sharing service in Seoul
LG CNS, the IT arm of South Korean conglomerate LG, said Tuesday its affiliate has launched an electric vehicle sharing service for Seoul residents.Under the service operated by EverOn, an affiliate of LG CNS, drivers can rent the electric vehicles at posts in Seoul Station, Suseo Station and Sangam DMC Station around the clock, the company said in a press release.“EverOn plans to introduce more electric car models and expand renting posts in residential areas and near key landmarks,” said compa
TechnologyApril 10, 2013
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IT trade surplus widens on brisk exports in March
South Korea’s trade surplus in the information-technology sector widened from a year earlier in March as the growth of exports greatly outpaced that of imports, the government said Tuesday.The country chalked up a trade surplus of $7.02 billion last month as its outbound shipments of IT products surged 10.1 percent from a year earlier to $13.76 billion, according to the Ministry of Trade, Industry and Energy.Imports, on the other hand, gained only 2 percent on-year to $6.74 billion. The trade su
April 10, 2013
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Mobile takes business leaders into a new age
The era of the mobile enterprise has arrived. The use of those devices is now at a critical mass and it is just the beginning.Yet Gartner, a leading information technology research and advisory company, says few organizations plan and manage mobility with a truly strategic or proactive approach. They are mostly reactive and tactical.For enterprises, mobility should not be about the device. Instead, it needs to be about figuring out what an organization can do differently and better now that its
TechnologyApril 10, 2013