Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Globe's giant squids may be single species
A finding of exceptionally low genetic diversity suggests all giant squid worldwide are members of a single species, Danish researchers say.A study published in the Proceedings of the Royal Society B reported on DNA studies of the globe-trotting giant squid, which can grow as big as 43 feet long."These observations are consistent with the hypotheses that there is only one global species of giant squid, Architeuthis dux," researcher Inger Winkelmann and colleagues wrote, suggesting the squid coul
TechnologyMarch 20, 2013
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Seoul shares down 0.97 pct on Cyprus woes
South Korean stocks dropped 0.97 percent on Wednesday as investors stepped to the sidelines on an aborted bailout plan for Cyprus, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell19.15 points to 1,959.41. Trading volume was moderate at 322.4 million shares worth 3.7 trillion won (US$3.3 billion), with decliners outnumbering gainers 562 to 251."The Cyprus rejection raised concerns on the eurozone region and foreigners cont
March 20, 2013
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Seoul shares down 0.32 pct in late-morning trade
South Korean stocks traded 0.32 percent lower late Wednesday morning, led by losses in foodmakers and brokerage houses, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell6.39 points to 1,972.17 as of 11:20 a.m.Blue-chip confectionery maker Orion slumped 3 percent with major brokerage house Mirae Asset Securities tumbling 3.5 percent. In contrast, large-cap auto-related stocks gathered ground. No.1 player Hyundai Motor edged up 0.2 percent with its auto-parts making affil
March 20, 2013
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Seoul shares open lower on Cyprus woes
South Korean stocks got off to a weak start Wednesday, dented by renewed eurozone concerns after the Cypriot parliament rejected a tax proposal needed for its bailout, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.94 points, or 0.3 percent to 1,972.62 in the first 15 minutes of trading. Most shares trended downward across the board, with those of tech blue-chips and financial firms leading the decline. Market bellwether Samsung Electronics slipped 0.54 percent, wi
BusinessMarch 20, 2013
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Gov't seeks to set up 2nd operator of bullet trains
The government has decided to establish a second public firm to operate the country's KTX high-speed trains in an effort to inject greater competition into the railway system monopolized by the state-run Korea Railroad (KORAIL), officials said Wednesday.The move is expected to be finalized in a report to President Park Geun-hye slated for later this month, according to the officials from the Ministry of Land, Transport and Maritime Affairs.The new railroad company will likely handle the operatio
TechnologyMarch 20, 2013
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Creditors OK 170 bln won debt-to-equity swap for Ssangyong
Creditors of Ssangyong Engineering & Construction Co. agreed Tuesday to rescue the troubled builder through a debt-to-equity swap program worth 170 billion won ($152.9 million), creditor bank officials said. The builder's creditor banks, including Woori Bank and Shinhan Bank, held a meeting headed by the Financial Supervisory Service (FSS), the country's financial watchdog, later in the day to discuss the matter and agreed to the plan, they said.The swap will prevent the cash-strapped builder fr
IndustryMarch 19, 2013
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Consumption inequality grows between rich and poor
The consumption gap is further widening between the rich and poor as income inequality and consumer prices rise.Statistics Korea said Tuesday that the bottom 10 percent of households by income concentrate their spending on daily necessities such as food and settling monthly utility bills.Meanwhile, the top 10 percent spend their wealth on education for their children, travel, entertainment and other cultural activities.Groceries and nonalcoholic drinks accounted for more than 23 percent of total
March 19, 2013
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Korean websites saddled with search-blocking code
When foreign fans type in “Psy” on major search engines, the results rarely include the Korean singer’s official homepage. The reason lies in a technical problem with Korean websites. According to industry sources, many Korean websites, including Psy’s homepage, have taken steps that block tracking and indexing by foreign search engines and portals. In detail, such websites usually insert a code like “robots.txt” to keep outside parties from indexing the details of their pages. The trouble is th
TechnologyMarch 19, 2013
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FKI to tap civic groups for reform
The Federation of Korean Industries is seeking to mend its ways to regain public trust and become a more reliable business representative. The organization, which traditionally represents the nation’s richest and largest companies, is now even considering joining forces with People’s Solidarity for Participatory Democracy, one of the most liberal civic groups in Korea. The move comes following a statement from the federation last week, saying that it had decided to operate a separate committee t
IndustryMarch 19, 2013
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Samsung C&T takes over U.K. LNG specialist
Samsung C&T, the construction and trading subsidiary of Samsung Group, took over a leading liquefied gas handling firm to take the lead in the prosperous natural gas market.The company last month signed a stock purchase agreement to acquire Whessoe, a U.K.-based firm specializing in the storage and regasification of liquefied natural gas, officials said Tuesday. The estimated amount of the buy is around 20 billion won ($18 million).The acquisition was completed on Monday, after Samsung C&T clear
IndustryMarch 19, 2013
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Samsung-LG battle looms over Galaxy S4
Samsung Electronics and LG Electronics are arguing over the eye scrolling technology that was embedded in Samsung’s latest Galaxy S4, unveiled last week.LG claimed Tuesday that it had rights over the scrolling technology that recognizes eye movements, stating that it applied for a related patent in Korea in December 2005.The Seoul-based electronics maker said it also applied for its “Smart Video” patent in August 2009, which puts a video on hold when the user is not looking at the screen ― a fea
IndustryMarch 19, 2013
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Shares rise on exporter gains
South Korean stocks closed 0.53 percent higher Tuesday as local exporters rebounded from their recent losses sparked by concerns over the eurozone economy, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 10.38 points to 1978.56. Trading volume was low at 313.3 million shares worth 3.62 trillion won ($3.26 billion), with gainers outnumbering decliners 471 to 318.“The increase came as the market recouped excessive losses made in
March 19, 2013
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Supercars spice up secondhand market
Old Maybach or Lamborghini cars used to be rarely traded in the nation’s used car market. But largely driven by their recent strong sales, they are expanding presence in the secondhand market here. According to SK Encar, the nation’s largest used car dealer, on Tuesday, the most expensive car for sale was the 2008 Maybach 62S with a price tag of 450 million won ($405,000). The five priciest cars at SK Encar were all from the ultra-luxury German brand Maybach, whose vehicles were last manufacture
IndustryMarch 19, 2013
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Heungkuk Life sanctioned for irregular practice
The Financial Supervisory Service on Tuesday issued an “institutional caution” against Heungkuk Life Insurance for glossing over irregular practices at a sales branch.“While the Heungkuk branch attracted policyholders via unauthorized practices, the headquarters did not take any disciplinary action despite internal detection,” an FSS official said.Ultimately, the headquarters suffered losses worth 1.22 billion won ($1.1 million) ― as extra costs for resolving unfair contracts between the branch
March 19, 2013
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No. of female execs to rise in Korean firms: poll
More than four in 10 South Korean companies predict the number of female executives will increase in the future as young women with purchasing power are emerging as their core clients, a poll showed Tuesday. According to the survey of 304 local companies taken by the Korea Chamber of Commerce and Industry, 43.8 percent of the respondents said that they will likely have more women in the C-suites.While 53.9 percent of the companies polled said the number of female executives will remain at the cu
March 19, 2013
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Builders’ net borrowing up 69% in 3 years
South Korean construction companies’ net borrowing has jumped 69.2 percent over the past three years, data showed Tuesday, pointing to growing risks of a liquidity crisis amid the country’s protracted slump in the property market.The combined net borrowing of the 23 builders hit 18.1 trillion won ($16.3 billion) as of last September, compared with 10.7 trillion won by the end of 2009, according to the data compiled by the local financial industry and credit appraisers. Net borrowing refers to th
March 19, 2013
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Hanjin Group mulls Korean Air split-up
Hanjin Group said Tuesday that it is considering dividing its flagship subsidiary Korean Air into two firms as part of its recent move to finally adopt a holding company system. The group, however, made it clear that any specific plans have yet to be finalized, according to its regulatory filing on the day. Earlier news reports said that Korean Air will be divided into two entities, with one of them becoming a holding company to oversee the whole group. Last year, Hanjin, the nation’s 10th-large
IndustryMarch 19, 2013
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Impact of strong won and weak yen on economy
The Korean won has been surging and the Japanese yen waning since October 2012. As of late February this year, the won was in the 1,080s range against the U.S. dollar, appreciating from the 1,110 level at the end of September 2012. Meanwhile, the yen depreciated to around 92 against the dollar from 77.6. As the currencies moved in opposite directions to the dollar, the won appreciated more than 20 percent against the yen during the five-month period to reach 1,173 to 100 yen as of Feb. 28 from 1
March 19, 2013
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KOGAS diversifies overseas business beyond LNG imports
This is the fourth in a series of case studies on the nation’s leading state-run companies which have made success stories overseas. ― Ed.KOGAS, which has imported LNG and supplied imported gas to local power companies since its foundation in 1983, last Thursday hosted a groundbreaking ceremony in Maputo, capital of Mozambique, in southeast Africa for its new overseas business project. Under the project, KOGAS will construct a 59-kilometer gas pipeline by October this year in Maputo and distribu
March 19, 2013
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BNP Paribas Cardif Life Insurance wins award
BNP Paribas Cardif Life Insurance came out on top in the environmental preservation sector at the state-sponsored 2013 Adding Happiness Social Contribution Award Ceremony, the company said on Tuesday. The corporate social sharing award is presented in recognition of BNP’s unique social sharing project, “Happy Forest for Sharing,” as well as other “different but professional” social sharing projects in partnership with NGOs and experts, the Korean subsidiary of European insurance firm BNP Paribas
March 19, 2013