Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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[Hello India] Corporate Korea sees new growth drivers in India
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Seoul’s bus union prepares for strike
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Oil prices, eurozone crisis to affect Seoul shares
Korean shares’ direction next week will most likely be affected by rising oil prices and lingering worries over the eurozone debt problems, analysts said Saturday.The benchmark KOSPI ended this week at 2,019.89, down 0.17 percent or 3.58 points from a week earlier.The KOSPI got off to a strong start, driven by the news that China lowered the reserve ratio for its banks. During the week, Wall Street rallies also bolstered investor sentiment here as the Dow Jones industrial average cracked the 13,
Feb. 26, 2012
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Korea to tighten household loan rules for non-bank lenders
Korea will toughen rules on household lending by non-bank financial companies in an effort to put the brakes on its rapid growth, the financial regulator said Sunday.Non-bank financial firms, including cooperatives and insurers, will be required to lower their loan-to-deposit ratios to less than 80 percent in two years and to increase credit loss provisions for high-risk loans, the Financial Services Commission said in a statement. Even as the average loan-to-deposit ratio at non-bank financial
Feb. 26, 2012
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ICON Media Communications forges partnership with Seoul IR Consulting
ICON Media Communications, an investor relations firm with offices in New York and Los Angeles, announced that it has formed a strategic partnership with Seoul IR Consulting.The tie is aimed at promoting strategic communications counsel between the U.S. and Korean financial markets while enhancing the brand of the two firms in the investment community.“This partnership marks a milestone for ICON as we continue to expand our footprint into the global markets,” said Debra Chen, founder of ICON. “B
Feb. 26, 2012
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Standard Chartered sees deepening labor dispute
The labor dispute in Standard Chartered Bank Korea has entered a critical phase again as its management recently failed to reach a compromise with the union.The union of Standard Chartered has threatened to stage a general strike amid the standstill in their negotiations with the management.Though the unionized workers, who went on a walkout between June and August, returned to work, the dispute has not been resolved, according to bank spokespeople.“They are working at branches. But their protes
Feb. 26, 2012
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Hana Financial to pick new chief this week
Chairman could oversee Hana’s emergence as Korea’s No. 1 financial groupHana Financial Group plans to select the successor to incumbent chairman Kim Seung-yu, whose term expires in late March, in the coming days.The new chairman will be the second figure to head Hana Financial since Kim took on the top post in 2005.Further, Kim’s successor will take on the role of integrating different corporate culture of Hana Bank and Korea Exchange Bank, which was acquired by the group this month, over the ne
Feb. 26, 2012
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U.S. court tentatively denies Toyota arbitration for acceleration cases
A judge ruled tentatively that Toyota Motor Corp. can’t force named plaintiffs in a purported class-action lawsuit over alleged losses from unintended sudden acceleration to arbitrate their claims rather than proceed to trial. U.S. District Judge James Selna in Santa Ana, California, said in a tentative ruling on Friday that Toyota waived its right to compel arbitration for 15 of the 20 plaintiffs and that, for the remaining five, the carmaker wasn’t a party to the arbitration agreements between
MobilityFeb. 26, 2012
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Porsche recalls 100,000 cars worldwide to fix headlights
Porsche was recalling 100,000 of its Cayenne models worldwide to fix a headlight locking system that was at risk of becoming detached, the German car manufacturer said Friday.It will be biggest recall in the history of the company.Owners of the luxury sport utility vehicle, Porsche’s most popularmodel, were to receive letters asking them to take their cars to workshops for a free, 45-minute repair.“The headlight locking system on current 2011 and 2012 Cayenne models is being reworked. In-house q
MobilityFeb. 26, 2012
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GS Caltex gets top score for cooperation with partner firms
GS Caltex Corp. is continuing its support of smaller partner companies this year through payments in cash and flexibility in readjusting costs. The nation’s second-largest oil refiner received top marks for seeking mutual growth with suppliers in an evaluation by the Commission on Shared Growth for Large and Small Companies in December 2010. Last year, GS Caltex paid its suppliers entirely in cash, which amounted to 420.5 billion won ($374 million), as part of liquidity support.The average time
IndustryFeb. 26, 2012
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Car importers cut prices after probe announcement
BMW’s new 3-series 320d slashed by nearly 2.8 million wonEuropean carmakers, which enjoy the largest share of Korea’s import car market, have slashed their prices as the nation’s antitrust regulator launched an investigation into alleged overpricing and unfair business practices.BMW, the largest player here with 25 percent of the import market, rolled out the latest version of its flagship 3-series, the 320d diesel, on Thursday in the 45 million won to 56.5 million won range, down about 2.8 mil
MobilityFeb. 26, 2012
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Daewoo Shipbuilding taps new CEO
Daewoo Shipbuilding and Marine Engineering has decided to promote senior executive vice president Ko Jae-ho to its new chief executive.The decision was made when the firm’s CEO candidate recommendation committee on Friday picked Ko out of five candidates.The committee consists of three outside directors of DSME, two people from DSME’s major shareholder Korea Development Bank and one from Korea Assset Management Corp. Ko’s nomination will be finalized at the shareholder meeting late next month af
Feb. 26, 2012
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Two new blood types identified
MCTScientists have discovered the two proteins in red blood cells that cause the rare Langereis and Junior blood types, Science Daily reported Thursday. “Only 30 proteins have previously been identified as responsible for a basic blood type,“ University of Vermont biologist Bryan Ballif says, “but t
TechnologyFeb. 26, 2012
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Playing World of Warcraft can boost cognitive functions for seniors
Online role-playing game World of Warcraft (MCT)Researchers from a U.S. university found that playing the popular online game World of Warcraft (WoW) can improve cognitive functioning in older adults, Science Daily reported Wednesday.According to a study by North Carolina State’s Gains Through Gamin
TechnologyFeb. 26, 2012
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Turkey carries out world's first quadruple limb transplant
Turkish surgeons have performed the world's first-ever quadruple limb transplant at a university hospital in Ankara, the Anatolia news agency reported on Saturday."In such a big organ transplant... more than 50 percent of the (patient's) body has changed," Professor Murat Tuncer, rector of Ankara's
TechnologyFeb. 26, 2012
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Shares edge up on foreign buying
Korean stocks finished 0.6 percent higher Friday as foreign investors scooped up Seoul shares on economic optimism, analysts said. The local currency rose against the U.S. dollar. Reversing its earlier fall, the benchmark Korea Composite Stock Price Index added 12.09 points to 2,019.89. Trading volume was heavy at 709 million shares worth 5.64 trillion won ($5.02 billion) with gainers leading losers 490 to 323. “In the morning, the KOSPI was dragged down by concerns over rising oil prices and wo
Feb. 24, 2012
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Concrete supply to resume Saturday
A federation of ready-mixed concrete companies said Friday they will resume plant operations the next day, three days after stopping production over disagreements with builders and cement suppliers on concrete pricing.Some 750 manufacturers of premixed concrete across the country halted their supply on Wednesday, prompting the government to intervene as the lack of concrete led to setbacks at construction sites.“The Ministry of Knowledge Economy requested that we resume supply to keep the situat
IndustryFeb. 24, 2012
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POSCO to pay W4b to founder’s family
POSCO said Friday it will pay 4 billion won in rewards to the bereaved family of the steelmaker’s founder Park Tae-joon, who passed away in December.POSCO’s board of directors agreed on the amount based on company standards for severance pay for longtime employees, the steelmaker said.“Honorary chairman Park devoted himself entirely to POSCO and the nation, and built the Pohang and Gwangyang steel mills with a distinguished leadership. We decided to offer special rewards in consideration of the
IndustryFeb. 24, 2012
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Samsung to build new R&D center for parts
Samsung Electronics said Friday that it plans to establish a research center for subparts in Hwaseong, Gyeonggi Province, by December next year.The new research center will bring together about 15 of its subpart research labs ― including semiconductor, memory and LSI research centers ― which are each located in different areas.The comprehensive complex, which broke ground earlier in November last year, is expected to be built on 50,000 square meters of lot area and 330,000 square meters of gross
IndustryFeb. 24, 2012
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Consumers’ inflation expectations dip in Feb.
Korean consumers’ inflation expectations eased slightly in February from the previous month, the Bank of Korea said Friday.South Korean consumers expect inflation in Asia’s fourth-largest economy to reach a yearly average of 4 percent over the next 12 months, according to a survey by the BOK. In January, the median expectation for the inflation rate stood at 4.1 percent.The February reading was slightly lower than the previous month’s data, but inflation expectations failed to fall below the 4 p
Feb. 24, 2012
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Ex-Nonghyup executive tapped to head NH Financial
The National Agricultural Cooperative Federation, or Nonghyup, tapped Shin Choong-shik, former senior vice president of the organization, to be chairman of the NH Financial Group that will launch on March 2.Nonghyup’s ad hoc committee on personnel management said on Friday that it had decided to recommend Shin to head the financial group and its affiliate Nonghyup Bank. The new financial group will be established as a result of separating Nonghyup’s business operations into two ― the financial a
Feb. 24, 2012
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Asan Nanum to launch venture capital fund for CEO hopefuls
More than 200 policymakers, industry specialists and startup founders gathered on Friday at a forum in Seoul to discuss ways to boost venture capital funding and foster healthy business environments for young entrepreneurs.The Asan Nanum Foundation, a charity run by Hyundai Heavy Industries and its affiliates, hosted the one-day event as the latest in a string of its programs to back startup hopefuls in Korea. Among the participants were the charity’s founder and ruling party lawmaker Chung Mon
IndustryFeb. 24, 2012