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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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 says it test-fired tactical ballistic missile with new guidance technology
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Weekender] Geeks have never been so chic in Korea
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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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Human rights commission urges Korea to raise awareness of LGBTQ rights
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Seoul shares open higher on Fed's stimulus bet
South Korean stocks got off to a strong start Tuesday, cheered by remarks from a U.S. Federal Reserve official supporting the bond-buying program amid speculations the Fed may put an end to it, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained12.22 points, or 0.61 percent to 2,025.37 in the first 15 minutes of trading. Most shares trended upward, with large-cap exporters fueling the main index. Market behemoth Samsung Electronics rose 1.2 percent, with No. 1 carmaker
March 5, 2013
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[Newsmaker] Kim Jeong-hoon, patriot or scapegoat?
The obstacles were too many and the pressure was building up, fast. In the end, Kim Jeong-hoon admitted his defeat.Kim, yet another embattled nominee for the Park Geun-hye Cabinet, stepped down on Monday after being pummeled over his dual citizenship status.As head of Alcatel-Lucent’s Bell Labs and Corporate Strategy, Kim excelled in his field and touted extensive global ― if somewhat U.S.-oriented ― expertise. He certainly seemed to fit the bill for the new ministry created under Park to spearh
March 4, 2013
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[Power Korea] CJ E&M helps spread Korean pop culture across globe
CJ E&M has been committed to the long-term goal of helping raise Korea’s national competitiveness through making business out of Korean cultural content.Rather than simply using hallyu to net short-term profits, CJ E&M has focused on becoming Asia’s top cultural content company that leads trends and creates culture through various media platform service and content ranging from broadcast and film to music, performance and games.“Considering that Korea’s manufacturing sector such as cars, electro
IndustryMarch 4, 2013
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[Power Korea] CJ rises as beacon of Korean food, shopping, pop culture
When CheilJedang spun off from Samsung Group in 1993, not many expected the food company would grow into a major conglomerate encompassing retail and entertainment businesses as well.With food and food service; biopharmaceuticals; entertainment and media; home shopping and logistics as its four core businesses, CJ Group has shown remarkable growth and change over the past 20 years.In addition to keeping the No. 1 spot in the food and bio businesses, CJ acquired Korea Express, the nation’s larges
IndustryMarch 4, 2013
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E-mart grants regular status to 10,000 staff
Shinsegae E-mart said Monday it will grant regular staff status to some 10,000 employees of its subcontractors who display products at its stores.The measure comes after the Labor Ministry ruled that these workers were illegally dispatched and instructed E-mart to directly employ them last week.Directly employed staff are guaranteed employment until the legal retirement age and receive bonuses and incentives just like regular staff, which means a 27 percent raise in income.They also receive welf
IndustryMarch 4, 2013
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Korea becomes world’s eighth-biggest trader
Korea became the eighth-largest trading country last year, but exports by small and medium-sized companies are on the decline, according to the Ministry of Knowledge Economy. The country’s imports and exports amounted to $1.07 trillion last year and were ranked eighth in the world, the ministry said Monday, citing a report by the World Trade Organization.Though the figure was a 1.1 percent fall from the previous year, it surpassed that of Italy for the first time, the report showed.Also, Korea’s
March 4, 2013
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Korean car sales slow in Feb.
Korean carmakers led by Hyundai Motor and Kia Motors saw their car sales slow in February as holidays, the removal of tax breaks and the prolonged economic slowdown sapped new car demand here. Hyundai, the nation’s largest carmaker, said Monday it sold 318,957 vehicles last month globally, up 1.5 percent from a year ago. In its home turf alone, however, the company said its car sales fell 11.5 percent to 47,489 in February. “Reduced working days during the New Year holidays led to a sales decrea
IndustryMarch 4, 2013
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NongHyup Financial seeks over W1tr in profits for 2013
NongHyup Financial Group Inc. aims to post more than 1 trillion won ($916.5 million) in profits this year, but a potential rise in loan-loss reserves and bad debt may squeeze the group’s bottom line, its chief said Monday.“The group plans to spend this year beefing up its competitiveness in a bid to prepare for a ‘take-off’ in 2014,” Shin Dong-kyu, the president of the group, told a press conference marking the one-year anniversary of the group’s establishment.NongHyup Financial Group was launch
March 4, 2013
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Creditors OK debt rescheduling for Ssangyong E&C
Creditors of Ssangyong Engineering & Construction Co. agreed Monday to initiate a debt-restructuring program for the troubled builder to rescue the company from a cash crunch, bank officials said. Creditor banks of Ssangyong E&C, including Woori Bank and Shinhan Bank, put the matter to a vote at a meeting, with those holding credit worth 95 percent of the total debt agreeing to the plan, according to the officials. According to local law, a corporate workout program must be approved by creditor
March 4, 2013
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Nongshim to expand U.S. instant noodle plant
Nongshim Co., South Korea’s leading instant noodle maker, said Monday that it will expand its instant noodle plant in Los Angeles to meet growing demand there. The expansion will increase the plant’s daily production capacity to 1.5 million units and its annual production capacity to 550 million units from the current 440 million, the company said. The expansion, to be completed at the end of this month, will likely raise sales of Nongshim America Inc., Nongshim’s U.S. subsidiary, to $200 millio
IndustryMarch 4, 2013
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Consumer prices grow 1.4% on-year in Feb.
SEJONG (Yonhap News) ― South Korea’s consumer prices increased at a slower pace in February, with the growth rate staying in the 1-percent range for the fourth straight month, a government report showed Monday.The country’s consumer prices index rose 1.4 percent on-year in February, compared with a 1.5 percent on-year advance in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.3 percent.The on-year figure marked the fourth straight month that the p
IndustryMarch 4, 2013
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BAT to slash Vogue price by 200 won
British American Tobacco Korea said Monday that it would apply a 200 won price cut to three types of its 2,500 won ($2.30) ultra-slim cigarette Vogue, starting March 14. The company said it decided to adjust the price of Vogue 1 mg, Vogue Blue and Vogue 0.3 mg to better compete against the 2,300 won rival products. Now 2,300 won a pack, “(Vogue) will be armed with stronger competitiveness in the (tobacco) market,” BAT Korea chief executive Guy Meldrum said in a statement. Previously, the tobacco
IndustryMarch 4, 2013
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Samsung Heavy eyes profit-focused business
Samsung Heavy Industries, the nation’s second-largest shipbuilder and 26th builder, is downsizing its construction-related organizations hit by the long slump in the domestic housing market to focus more on the lucrative shipbuilding business.Over the past few months, the company has relocated some 260 of its skilled construction-related employees to its parent group’s other subsidiaries, namely Samsung Everland and Samsung Engineering, company officials said recently.“The personnel measure was
IndustryMarch 4, 2013
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Domestic-focused companies’ profit growth outpaces exporters
Profit growth of domestic-oriented companies in South Korea has far outpaced that of exporters, as a strong local currency helped them reduce costs and gave them an advantage in price-setting, data showed Monday. The combined net profit of 25 major domestic-focused firms here is estimated at 1.81 trillion won ($1.67 billion) in the fourth quarter of 2012, up 104.3 percent from 888.5 billion a year earlier, according to the data by local financial information provider FnGuide Inc. The correspondi
March 4, 2013
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Samsung chief Lee’s dividends up 11.2%
Lee Kun-hee, chairman of South Korean tech giant Samsung Electronics Co., is expected to see his dividend jump 11.2 percent on-year in 2013 due mainly to the company’s strong earnings last year, data showed Monday.Lee will receive dividends worth 124.1 billion won ($114 million) for fiscal 2012, compared to 111.6 billion won a year earlier, according to the data compiled by Chaebul.com, which tracks the country’s conglomerates. Market watchers said the increase came as Samsung Electronics’ net p
March 4, 2013
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Park aims to curb Korea’s underground economy
Following is the fourth in a series of stories featuring economic issues facing the Park Geun-hye government that was inaugurated on Feb. 25. ― Ed.Two days after the launch of the Park Geun-hye administration on Feb. 25, the National Tax Service began an investigation into 66 fake oil manufacturers and distributors charged with tax evasion, as part of efforts to implement one of the new government’s top agenda items ― bringing the shadow economy to light. Tax evasion in the fake oil market, in w
March 4, 2013
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Seoul shares slip 0.66 pct on institutional profit-taking
South Korean stocks closed 0.66 percent lower Monday, led by institutional profit-taking, while investors remained relatively calm toward the U.S. spending cuts, analysts said. The local currency fell sharply against the U.S.dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 13.34 points to finish at 2,028.55. Trading volume was moderate at 352.4 million shares worth 4.28 trillion won (US$3.95 billion) with losers outstripping gainers 482 to 310. "Investors shrugged off th
March 4, 2013
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AIA Life faces sanction for overcharging consumers
Financial regulators have decided to slap fines of up to 260 million won ($240,000) on the Korean unit of American International Assurance for business irregularities, industry sources said Monday.The sources said the firm’s irregular business practices included the “overcharge of insurance premiums” worth about 2.8 billion won for more than 1 million cases.AIA Life, or AIA Group Limited Korea and formerly AIG Life, had stipulated that it would offer a 2 percent discount for payment of premiums
March 4, 2013
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Seoul shares down 0.24 pct in late-morning trade
South Korean stocks traded 0.24 percent lower late Monday morning, led by losses in steelmakers and chemical companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 4.92 points to 2,021.57 as of 11:20 a.m. Leading steelmaker POSCO sank nearly 3 percent, with smaller player Hyundai Steel also dropping 2.4 percent. Chemical issues trended downward, with LG Chem dipping more than 2 percent. In contrast, autos gathered ground. Hyundai Motor was up 1.2 percent and Ssang
March 4, 2013
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Scientists say baby born with HIV apparently cured
Scientists say a baby born with the AIDS virus appears to have been cured thanks to faster and stronger treatment than is usual for newborns.Scientists at a major AIDS meeting say the Mississippi child is now 2 years old and has been off HIV drugs for about a year with no signs of infection.If the child remains healthy, it would mark only the world’s second reported cure. Specialists say it offers promising clues for more research to fight pediatric HIV.Doctors don’t usually give high-dose treat
TechnologyMarch 4, 2013