Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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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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Yoon, Lee end first talks with differences, agree to meet more
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Woman gets suspended term for injuring boyfriend with knife
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung chief bolsters ties with Germany’s Zeiss
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Chaebol choose not to chase domains named after tycoons
Korea’s major conglomerates are reminiscing about their failures to secure Internet domains named after their founders and scions as eBay put the domain leebyungchull.com up for auction.The starting price for the domain named after the Samsung founder is $21 million, or about 23.9 billion won on the American auction and shopping site.The chaebol, however, has no plans to purchase domain names for high prices from the so-called domain hunters. “There is no reason to spend so much money to buy the
IndustryNov. 21, 2011
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Telecom carriers to block voice phishing calls
The government plans to oblige local telecommunication companies to block official-looking voice phishing calls from abroad starting as early as 2013, the Korea Communication Commission said Monday. Under a pending revision to the Telecommunications Business Act, the agency said, international phone calls would be cut off when they display the numbers of public organizations such as police stations and banks. When con artists use local, random numbers, telecom operators will offer calling identi
IndustryNov. 21, 2011
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Italy eyes greater trade with Korea: delegation
The head of an Italian business delegation said Monday that it aims to bring the knowledge that Koreans have of traditional Italian products into other sectors.“We have very good companies that might not have been good at promoting a brand but are equally good in making quality products, we need to expand that,” said Paolo Zegna, vice president of the confederation of Italian industries Confindustria. He heads the Italian Business Delegation that will stay in Korea until Thursday. The delegatio
Nov. 21, 2011
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Life span for Koreans to hit 89 by 2040: report
The average lifes pan of Koreans will hit 89.38 years by 2040 in an economy where per capita income will have doubled to $38,408, a state report said.The Ministry of Strategy and Finance Ministry said Asia’s fourth largest economy will continue to expand exports and that 2009’s per capita income of $17,175 will more than double in just under three decades. The average life expectancy in Korea is 80, making it the 20th longest living nation among 193 countries monitored by the World Health Organi
Nov. 21, 2011
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Rule-violating bankers to face imprisonment
FSC to work closely with prosecution to weed out irregular lendingRegulators have decided to call for the prosecution or police to investigate financial industry employees engaged in irregular sales practices.Bank employees, who urge customers to buy other financial products in exchange for issuing loans could be subject to imprisonment under regulators’ coordination with the investigative agencies, the Financial Services Commission said Monday. While the figures engaged in the practices have be
Nov. 21, 2011
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10 largest conglomerates’ net earnings tumble in Q3
Third-quarter net earnings of the nation’s 10 largest conglomerates plunged from three months ago thanks to the weak domestic currency and slowing demand in the U.S. and Europe, with LG Group posting an unprecedentedly large net loss of over 400 billion won.Apart from SK Group, Korea’s nine other top conglomerates saw their profits drop in the July-September period as the fiscal crises in advanced economies deepened global economic woes.Ten listed subsidiaries of LG Group, excluding the financia
IndustryNov. 21, 2011
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LG employees participate in winter charity activities
LG Group said Monday that 12,000 employees at its seven affiliates will participate in 30 different kinds of year-end social contribution activities.With a theme focusing on love and sharing, the LG Welfare Foundation will be taking part in making kimchi and delivering the group’s electronic products to the underprivileged throughout this week, according to LG officials.The group’s other affiliates, including employees of LG Electronics’ Pyeongtaek plant, will also participate in making kimchi a
IndustryNov. 21, 2011
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Korean brokerages’ China investment jumps
HONG KONG ― South Korean securities firms’ investment in China rose nearly six-fold on-year in the first half of this year due to China’s growing importance as the world’s No. 2 economy, Seoul’s financial regulators said Monday.Investments made in mainland China by South Korean brokerages totaled 197.8 billion won ($ 31.1 billion) as of the end of June, up 598.9 percent from the previous year, said Financial Supervisory Service officials in Hong Kong.The tally includes money spent on purchasing
Nov. 21, 2011
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Korean banks need more deleveraging under Basel III
South Korean banks need to strengthen their balance sheets through more deleveraging in order to survive a set of new global capital requirements, a former Basel committee official said Monday. “Complex securities and derivatives are proven less profitable for banks ... they need to turn to another direction and deleverage their balance sheets and comply with the Basel requirements,” Nout Wellink, the former chairman of the Basel Committee on Banking Supervision (BCBS), said an interview with Yo
Nov. 21, 2011
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Tax dodgers named online
Former JU Group CEO owes most in unpaid taxesThe National Tax Service on Monday revealed a list of 1,313 tax dodgers, with their names made public via the Internet for the first time here.Names on the list, including 686 individuals and 627 corporate bodies, failed to pay taxes of 700 million won ($615,000) or more over the past two years. The taxation agency said the number of tax dodgers decreased by more than half compared to last year’s 2,797, while the amount of unpaid taxes declined from 5
IndustryNov. 21, 2011
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BOK names own man for ‘public post’
The Bank of Korea chose one of its own officials to manage the nation’s $311 billion in foreign- exchange reserves after its first public recruitment campaign for the job.Choo Heung-sik, currently director at the bank’s Reserve Management Group, will replace Hong Taeg-ki as the group’s director-general, the central bank said on Monday. The decision followed the central bank’s announcement in September the three-year position will be open to both central bank officials and outsiders, with work ex
Nov. 21, 2011
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S. Korea’s household credit nears 900tr won
South Korea’s household credit rose to near 900 trillion won ($789.5 billion) in the third quarter, but quarterly growth slowed on the regulator’s move to curb home debt, the central bank said Monday.Household credit totaled a record 892.5 trillion won as of the end of September, up 16.2 trillion won from three months earlier, according to the Bank of Korea (BOK).Third-quarter growth slowed from the 18.9 trillion won on-quarter expansion tallied in the second quarter, but the aggregate household
Nov. 21, 2011
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Ssangyong Motor launches flagship sedan in China
Ssangyong Motor Co., South Korea‘s smallest carmaker, announced Monday the launch of its flagship luxury sedan for the first time in China, as the company moves to expand into the world’s largest auto market.The Chairman W, which is on display at the ninth annual Guangzhou International Motor Show, will officially go on sale Tuesday, the carmaker said.The CW700 limousine features a 3.6-liter XGi3600 engine and carries a price tag of around 120 million won ($105,200), Ssangyong said, adding it is
MobilityNov. 21, 2011
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KDIC eyes bond issue worth 14 trillion won
Korea Deposit Insurance Corp., South Korea’s state-run deposit insurer, is pushing to float up to 14 trillion won ($12 billion) worth of unsecured bonds in a bid to brace for an overhaul of savings banks, financial sources said Monday.KDIC plans to issue 300 billion won worth of unsecured bonds every week starting next month in a bid to prepare funds totaling 14 trillion won, according to the sources.The move is expected to help government efforts to salvage the fragile sector.In March, a specia
Nov. 21, 2011
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Entertainment stocks stage rally amid K-pop boom
As South Korean pop idol groups make a splash on stages across Asia and Europe, shares of local talent agencies are on a roll, luring both investors and companies wishing to seize a golden opportunity to jump on the “Korean pop” (K-pop) bandwagon.The power of “hallyu”, or the Korean wave, in the music industry has done wonders for the local entertainment industry. The combined net income of the country’s three major music entertainment agencies ― SM Entertainment Co., JYP Entertainment Corp. and
Nov. 21, 2011
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Philip Morris files claim against Australia on packaging law
Nov. 21 (Bloomberg) -- Philip Morris International Inc. served an arbitration notice against the Australian government to claim 'millions of dollars' in damages after the nation passed the world's first plain-packaging law for cigarettes.The passage of the law today violates Australia's Bilateral In
IndustryNov. 21, 2011
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Finance minister calls for curbing excessive capital flows
SEOUL, Nov. 21 (Yonhap) -- South Korea's finance minister said Monday that there is a need to take measures to lessen the fallout from excessive cross-border capital flows in order to help the global economy move forward.Speaking at a forum arranged by the Asian Development Bank and the Institute fo
Nov. 21, 2011
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Scientists create light from vacuum
TechnologyNov. 21, 2011
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Forgetting why you entered a room studied
TechnologyNov. 21, 2011
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Banks, card firms face antitrust probe
The antitrust watchdog launched a probe into banks and credit card companies for possible manipulation in their service charges, industry sources confirmed Sunday, intensifying its push to slash fees further. The Fair Trade Commission is said to have launched their investigation into 17 local banks and more than 13 credit card firms to see if they conspired to fix prices to ease competition. Charged guilty, the case be a major blow to their balance sheet where the fines could add up to several h
Nov. 20, 2011