Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Korean firms target EV charging market in US
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Seoul sees further jump in cost of dining out
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Sales of Hyundai cars in U.S. up 2 pct in Feb.
South Korea's top automaker Hyundai Motor Co. sold 52,000 vehicles in the United States in February, up 2 percent from a year ago, industry data showed Monday. The data showed that Hyundai's market share in the U.S. remained unchanged at 4.4 percent.Hyundai's smaller sister company, Kia Motors Corp., sold 41,500 units in the U.S., down 8 percent from a year ago. Its market share stood at 3.5 percent last month, down 0.44 percentage points from a year earlier.Hyundai and Kia ranked seventh in ter
IndustryMarch 18, 2013
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Seoul shares open lower on U.S. losses
South Korean stocks got off to a weak start on Monday, tracking losses on Wall Street in the previous trading session, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell12.17 points, or 0.61 percent, to 1974.33 in the first 15 minutes of trading.Shares lost ground across the board, with market behemoth Samsung Electronics falling 2.3 percent and top auto parts maker Hyundai Mobis moving down 0.82 percent. Leading steelmaker POSCO decreased 0.15 percent.U.S. stocks ended l
BusinessMarch 18, 2013
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[Graphic News] Korea’s labor supply to peak in 2021
The nation’s working-age population is expected to fall after peaking in 2021, a state-run think tank said on Sunday.The nation’s labor force participation rate, an indicator for the size of the working-age population of an economy, is forecast to hit a record high of 61.6 percent before falling steadily, the Korea Development Institute said. It added the rate was likely to fall to the 50 percent range in 2030, which means Korea will face a shortage of labor. An aging population and low birth ra
March 17, 2013
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[Photo News] Ballantine’s limited edition
IndustryMarch 17, 2013
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Shares may trade in tight range this week
The South Korean stock market may trade in a narrow range this week, affected by a U.S. rate decision and overseas economic data, but it is not likely to face steep falls on global recovery hopes, analysts said.The benchmark Korea Composite Stock Price Index finished at 1,986.50 last week, down 0.97 percent from a week earlier.The KOSPI was weighed down this week by heightened geopolitical risks from North Korea’s nuclear threats and the yen’s weakness, decoupling from the bullish gain in the U.
March 17, 2013
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Nominee: M&A is alternative to Woori Finance privatization
The nominee to lead South Korea’s financial regulator has said that a merger and acquisition of state-owned Woori Finance Holdings Co. is an option to privatize the country’s top banking group by assets.Shin Je-yoon, President Park Geun-hye’s choice to lead the Financial Services Commission, said all investors should be allowed to place bids for Woori Finance and it would be better to quickly privatize financial firms that received public funds, according to a written answer to lawmakers as part
March 17, 2013
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Government to allocate W1tr to energy R&D
The government plans to invest 1.36 trillion won ($1.22 billion) in energy-related research and development this year, the Ministry of Knowledge Economy said Sunday. Targeted R&D projects for investments will include technology development, improving human resources, international cooperation, and standardization in the energy sector. Most of all, the ministry will allocate 700 billion won to technology R&D, while human resources and international cooperation projects will attract 40.3 billion w
March 17, 2013
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Rules may hurt local restaurants’ growth
Overseas business has been a dream for many Korean restaurant companies.They look up to global giants like McDonald’s or Yum! Brands, Inc., operator of Taco Bell, KFC and Pizza Hut, that rake in billions of dollars worldwide.Among Korean firms, CJ Foodville is a frontrunner with about 130 stores abroad including Bibigo and VIPS restaurants, Tous Les Jours bakeries and A Twosome Place cafes, mostly in China and Southeast Asia.But even CJ is just in the investment stage, and is still far from thri
IndustryMarch 17, 2013
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Hyundai ranks 4th in Brazil subcompact market
SAO PAULO (Yonhap News) ― Hyundai Motor Co., South Korea’s largest automaker, has maintained fourth place in subcompact passenger car sales in Brazil during the first two and half months of this year, the company said Sunday. Hyundai Motor, the world’s fifth largest automaker, has sold 6,124 units of the HB20 in the first half of March, a Hyundai spokesman said. The South Korean carmaker sold 10,179 units of the HB20 in Brazil in February alone, emerging as the fourth biggest seller in the subco
March 17, 2013
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Government to help farmers sell directly to consumers
The government will soon introduce an agricultural products distribution system that connects farmers directly to consumers to greatly reduce the prices of farm products, government officials said Sunday. The move comes as President Park Geun-hye early last week pledged to improve the agriculture distribution system to guarantee higher incomes for farmers and lower prices for consumers.Both producers and consumers have long been unhappy with the country’s complicated distribution system in which
March 17, 2013
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FSS to investigate ‘false’ leaks from KB Financial Group
Financial regulators pledged Sunday that they would take stern punitive measures against unidentified whistle-blowers at KB Financial Group, who leaked reportedly “skewed” insider information.One or more ranking figures of KB Financial have been suspected of spreading groundless allegations involving the financial group’s M&A strategies, said an official of the Financial Supervisory Service.A key unverified allegation is that “the financial group had to scrap its takeover bid for the Korean insu
March 17, 2013
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Financial firms brace for customer protection report
The Financial Supervisory Service plans to publicize its yearly assessment of about 70 financial firms’ consumer protection, involving cases of customers’ complaints and dispute arbitration, next month.Attention is being paid to whether Kiwoom Securities in the brokerage industry and Chartis in the nonlife insurance industry will be given the lowest grade of “class 5 (or poor)” for the 10th consecutive year.Between 2004 (for the 2003 assessment) and 2012 (for the 2011 assessment), the two financ
March 17, 2013
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EU hydrogen car project to use Hyundai Tucson ix
Hyundai Motor said Sunday that its hydrogen fuel cell sport utility vehicle Tucson ix, whose export name is ix35, will be used in the next round of the European Union’s pilot program promoting environment-friendly cars. Hyundai last month announced it started the mass production of the hydrogen fuel cell vehicle, becoming the first carmaker to do so in the world. The company expects sales to begin in Europe in 2015. Following its first participation in 2011, the Tucson ix will also join the seco
MobilityMarch 17, 2013
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Volkswagen, Apple flaws identified in China
Owners of Volkswagen AG’s cars in China have reported instances of abnormal vibrations, loss of power and sudden acceleration, state-owned China Central Television said in its annual consumer rights program. The problems are related to the direct-shift gearbox system, the state broadcaster said Saturday in its program marking World Consumer Rights Day. Volkswagen “will contact the involved customers to fix the issue as quickly as we can,” Christoph Ludewig, a VW spokesman, said in an emailed sta
MobilityMarch 17, 2013
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Renault Samsung invests in services
When we compare our Korean customers’ expectations with other markets, we note very high expectations of having showrooms and service centers nearby, the availability of appointments and the quality of service.In many European countries, specific service chains have thrived by differentiating themselves with a no-appointment-needed policy, but in Korea this is the basic service offered by service shops, thanks to the “ppali ppali” Korean culture.The reception areas are much bigger than in other
MobilityMarch 17, 2013
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Ford cuts pay for CEO after falling short of targets
Ford Motor Co. cut Chief Executive Officer Alan Mulally’s compensation by 29 percent last year after the second-largest U.S. automaker fell short of its targets for profit, cash flow and market share. Mulally received $2 million in salary, $3.95 million in bonus and $15 million in stock, options and other compensation, Dearborn, Michigan-based Ford said Thursday in a regulatory filing. That compares with $2 million in salary, $5.46 million in bonus and $22 million in other compensation for 2011.
MobilityMarch 17, 2013
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Peter Schreyer fatigue?
Without a doubt, Peter Schreyer, the top design executive for both Hyundai Motor and Kia Motors, was the central architect behind Kia’s rare success with the “K series.” Among the series, the K5, launched in 2010 and known as the updated Optima in overseas markets, became the series’ flagship model.On the back of this success, Kia turned around its sales revenue, recording an increase of 43 trillion won in 2011, with operating profit reaching 3.5 trillion won. The famous Tiger Nose grill which
MobilityMarch 17, 2013
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Nominee to lead financial regulator says M&A is alternative to Woori Finance privatization
SEOUL -- The nominee to lead South Korea's financial regulator has said that a merger and acquisition of state-owned Woori Finance Holdings Co. is an option to privatize the country's top banking group by assets.Shin Je-yoon, President Park Geun-hye's choice to lead the Financial Services Commission, said all investors should be allowed to place bids for Woori Finance and it would be better to quickly privatize financial firms that received public funds, according to a written answer to lawmaker
March 17, 2013
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Hyundai holds 4th place in Brazil‘s subcompact car market
Hyundai holds 4th place in Brazil‘s subcompact car market SAO PAULO, March 17 -- Hyundai Motor Co., South Korea‘s largest automaker, has maintained fourth place in subcompact passenger car sales in Brazil during the first two and half months of this year, the company said Sunday. Hyundai Motor, the world’s fifth largest automaker, has sold 6,124 units of the HB20 in the first half of March, a Hyundai spokesman said. The South Korean carmaker sold 10,179 units of the HB20 in Brazil in February
IndustryMarch 17, 2013
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THX, founded by George Lucas, sues Apple in patent case
Apple Inc. (AAPL) was accused by THX Ltd., a company founded by “Star Wars” producer George Lucas, of stealing speaker technology used in iPhones, iPads and iMac products. THX holds a 2008 patent for a speaker unit that can boost sound output and attach to computers or flat-screen televisions, according to a complaint filed yesterday in federal court in San Jose, California. Apple products that incorporate the speaker units infringe the THX patent, causing the company “monetary damage and irrepa
TechnologyMarch 16, 2013