Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Weekender] How DDP emerged as an icon of Seoul
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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Park promises to give more support to SMEs
Following is the first in a series of stories featuring economic issues facing the Park Geun-hye government which was inaugurated on Feb. 25. ― Ed.When President Park Geun-hye visited the Korea Federation of Small and Medium Business last month, the fact that she went there before paying a call on the group representing the nation’s largest conglomerates seemed to highlight her commitment to supporting small firms.“Shared growth” between large and small companies has been a key policy goal of th
IndustryFeb. 27, 2013
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[Graphic News] Foreign stock ownership hits record high
The total value of foreigner-owned Korean stocks hit a record high last week, riding on the optimism of a global economic recovery, the Korea Exchange said on Wednesday. Breaking the 420 trillion won ($387 billion) mark for the first time, the total sum of foreigner-owned Korean stocks ― including those listed on the tech-heavy KOSDAQ market ― surpassed 420.4 trillion won on Feb. 20. Analysts said the increase stemmed from the country’s strong economic fundamentals despite the global economic sl
Feb. 27, 2013
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Insurers push for lower repair costs for imported cars
The nonlife insurance industry said Wednesday that it has launched a project to induce a cut in repair costs for import cars.Dealers of import cars have long been under criticism for not publicizing prices of auto components. As a result, consumers and insurance firms had to bear quite high expenses for car repair.Since early January, the General Insurance Association of Korea ― in coordination with automobile (or nonlife) insurance firms ― has been looking into the optimum level of auto parts a
Feb. 27, 2013
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Paul Hastings ‘bullish’ on M&As this year
This year is expected to see a jump in outbound mergers and acquisitions as more Korean companies look overseas, a prominent U.S.-based law firm said on Wednesday.“We’re bullish on the prospects of M&As for this year, and we don’t expect the trend to be temporary,” said Kim Sae-chin, a partner at Paul Hastings.Europe, the U.S. and China are expected to be the top destinations, along with Southeast Asia, he said. Local firms have been increasingly seeking overseas M&As to enhance their global rea
IndustryFeb. 27, 2013
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Hotel Lotte under tax probe
Hotel Lotte Co., the holding company of retail giant Lotte Group, is undergoing a tax investigation, industry sources said Wednesday. Company officials confirmed that inspectors from the National Tax Service are proceeding to examine the company’s financial documents at the hotel in downtown Seoul. They claimed the probe is part of a regular audit by the NTS. Industry sources, however, said the tax inspection of the affiliate of a chaebol, or family-controlled Korean conglomerates, could be link
IndustryFeb. 27, 2013
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Missha keeps sector lead with record sales
Able C&C, which owns low-priced cosmetic brand Missha, said Wednesday its sales last year hit a record 452.3 billion won ($416.3 million), keeping its No. 1 spot among cosmetic brand shops.The company said its sales and net profit jumped 61 percent and 51 percent, respectively, from 2011, on booming sales of its high-end skin care products.Missha’s “The First Treatment Essence” sold over 1.5 million bottles within just 15 months of its launch, and “New Science Activator Ample” sold 1 million bot
IndustryFeb. 27, 2013
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Korea maintains current account surplus for a year
Korea maintained a current account surplus for the 12th consecutive month thanks to increased exports, despite foreign exchange volatility due to currency wars ignited by Japan’s weak yen policy.The Bank of Korea said Wednesday that the current account, the broadest measure of the country’s foreign trade, recorded a surplus of $2.25 billion in January, with exports reaching $47.1 billion.This is mostly in part due to increased outbound shipments of telecommunication products, petrochemicals and
Feb. 27, 2013
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Foreign banks raise fees despite regulators’ efforts
Citibank Korea and Standard Chartered Bank Korea have raised commission fees for loan services despite state regulators’ efforts to lower them, according to reports.Since the third quarter of 2012, state financial regulators have publicized a list of banks’ service fees, in an attempt to cut lending fees that are closely related to loan interest. However, the two foreign banks raised lending fees, largely surpassing those of their domestic counterparts. For mortgage loan services, fees were 0.41
Feb. 27, 2013
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K-sure to finance Russian LNG project
The state-run Korea Trade Insurance Corporation, known as K-sure, said Wednesday it would join the Yamal liquefied natural gas project in Russia as a financial investor. The decision was made after Russia’s second-largest gas producer Novatek, which owns an 80 percent stake in the $25 billion project, visited the export credit agency to ask for financing for the project. K-sure said the amount of financing would be decided later after the project operator announced global engineering, production
IndustryFeb. 27, 2013
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New mobile platforms conquer scene at MWC 2013
BARCELONA, Spain ― Another war is stirring over new mobile operating systems, and this time, it is being staged by handset makers and chipmakers as well as mobile carriers around the world.The newest incoming mobile platforms introduced at this year’s Mobile World Congress were Tizen and Firefox, both strongly supported by global and local firms like Samsung and LG Electronics, Intel, Mozilla and Qualcomm.Telecoms including KT, NTT DoCoMo, Orange, Telefonica, China Unicom and Sprint are also bac
TechnologyFeb. 27, 2013
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Samsung, LG set for display feud talks next month
Samsung Display Co. and LG Display Co., the world’s two biggest display makers, may begin working-level talks to resolve their longstanding legal squabble as early as next month, company heads said Tuesday.“Following a discussion on the scope of working-level talks, (we will) try to meet in early March,” LG Display chief executive Han Sang-beom told reporters.Samsung Display chief executive Kim Ki-nam also reaffirmed his stance toward resolving the issue in a “constructive direction.”The two com
TechnologyFeb. 27, 2013
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LG, China Mobile join hands for TD-LTE
BARCELONA, Spain ― LG Electronics and China Mobile, the world’s largest mobile carrier, tested the Time Division-Long Term Evolution technology on its Optimus G at the Mobile World Congress on Tuesday.The local electronics manufacturer said that it has joined the effort pushed by China Mobile, which had about 703 million subscribers as of November of last year. “Time Division” refers to receiving and transmitting channels on the same frequency band.“The smartphone business in China will be based
TechnologyFeb. 27, 2013
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Mobile show floods Barcelona with new smartphones
BARCELONA, Spain ― A fresh and diversified lineup of smartphones caught the eye of many at the world’s biggest mobile trade show.If it was a smartphone, it was there ― from high-tier premium models such as LG Electronics’ Optimus G Pro to Nokia’s Lumia 520, a budget smartphone that costs about $180. Ahead of the game was the 4.7-inch display HTC One, which was shown before a bigger audience than at its launch just ahead of the Mobile World Congress.Other to-be-watched smartphones included Huawei
TechnologyFeb. 27, 2013
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Seoul shares up 0.2 pct on U.S. stimulus
South Korean stocks closed 0.2 percent higher on Wednesday on the back of the U.S. Federal Reserve's reassurance that it would maintain its stimulus measures, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 4.03 points to 2,004.04. Trading volume was moderate at 409.1 million shares worth 3.46 trillion won (US$3.18 billion) with gainers outpacing losers 460 to 344."Local shares traded almost flat due to the rising
Feb. 27, 2013
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Hyundai says no agreement on U.S. fuel economy suit
Hyundai Motor Co., South Korea's top automaker, on Wednesday dismissed a media report that it has agreed to settle a class-action lawsuit by U.S. consumers who say they were misled by the carmaker's inflated fuel economy ratings.Hyundai said it has produced no specific progress in resolving the legal trouble stemming from its incorrect fuel economy rating for about 900,000 cars sold in the United States between 2010 and 2012."No agreement has been made," a Hyundai official said. He said it remai
IndustryFeb. 27, 2013
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Seoul shares up 0.08 pct in late-morning trade
South Korean stocks traded 0.08 percent higher late Wednesday morning on the back of gains in techs and carmakers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.65 points to 2,001.66 as of 11:20 a.m.Big-cap tech firms led the increase, with market behemoth Samsung Electronics moving up 0.33 percent and its electronic components affiliate Samsung Electro-Mechanics advancing 0.11 percent.Carmakers also gathered ground, with No. 1 player Hyundai Motor increasing 0
Feb. 27, 2013
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Lack of sleep leads to groggy genes: study
Lack of sleep has a potentially harmful effect on gene expression, according to a study out Tuesday that sheds light on the link between sleep deficits and a wide range of health conditions.A sleep deficit -- even just a week‘s worth -- can have damaging effects on our genes, researchers said in a new study out Tuesday.Lack of adequate shut-eye had already been linked to conditions from heart disease and cognitive impairment to obesity.But sleep researcher Derk-Jan Dijk and his fellow researcher
TechnologyFeb. 27, 2013
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Korea maintains current account surplus for a year
Korea maintained a current account surplus for the 12th consecutive month thanks to increased exports, despite foreign exchange volatility due to currency wars ignited by Japan’s weak yen policy.The Bank of Korea said Wednesday that the current account, the broadest measure of the country’s foreign trade, recorded a surplus of $2.25 billion in January, with exports reaching $47.1 billion.This is mostly in part due to increased outbound shipments of telecommunication products, petrochemicals and
Feb. 27, 2013
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French rights groups file suit on Samsung labour practices
A trio of French rights and consumer protection organizations said Tuesday they had filed a legal complaint against South Korea's Samsung Electronics over working conditions at its plants in China.The groups, Peuples Solidaires, Sherpa and Indecosa-CGT, accused Samsung of deceiving consumers by violating its own promises on ethical working conditions and using child labor.“While Samsung claims to respect the rights of the workers making its products by imposing codes of conduct including strict
IndustryFeb. 27, 2013
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.21 points, or 0.26 percent, to 2,005.22 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 0.75 percent and top chipmaker SK hynix gaining 0.75 percent. No. 1 carmaker Hyundai Motor moved up 0.47 percent.U.S. stocks ended higher Tuesday on reports that the Fe
Feb. 27, 2013