Most Popular
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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Yoon rebuffs opposition's call for special probe into wife
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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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Stray Kids hit with racism in Met Gala photo line
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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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
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Civil servants seek to avoid Sejong City move
Less than 10 months before 36 government agencies are to move to Sejong City in South Chungcheong Province, many civil servants are looking for ways to avoid relocation. Sitting by the construction site in full swing, next to nothing but a field of incomplete apartment blocks in Sejong City, a couple agreed not to make the second administrative town their new home.Lee, a deputy director at the Ministry of Knowledge Economy who declined to give her full name, found it difficult to imagine settlin
Nov. 20, 2011
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Telecom market for overseas Koreans to reach W1.5 trillion by 2015: report
The telecommunication market for overseas Koreans will see a boost in sales as more of them want to stay connected to their roots, an industry report concluded Sunday. According to DigiEco, a KT Corp.-affiliated think tank, the telecom market for overseas Koreans is expected to reach 1.5 trillion won ($1.3 billion) by 2015, a 36 percent increase from 1.1 trillion won this year. The report, which analyzed the influence of 90 million overseas Koreans in the IT sector, found the market for mobile p
IndustryNov. 20, 2011
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LG, Woongjin clash over water purifier commercial
A water purifier commercial has become the latest source of tension between LG and Woongjin over air purifiers and cosmetics.Woongjin Coway requested LG Electronics to stop airing its Healthcare water filter commercial, accusing it of slandering Woongjin products.The LG television commercial says: “Water put in a plastic tank is for washing, not drinking.”LG Electronics water purifiers use water tanks made of stainless steel, while Woongjin’s are fitted with plastic tanks.“The use of the express
IndustryNov. 20, 2011
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Hyundai Heavy launches transformer plant in U.S.
Hyundai Heavy Industries Co. said Sunday it had opened a transformer factory in Alabama to get a toehold in the North American electric equipment market. Located near Montgomery, the state’s capital, the $100 million facility is capable of producing some 200 power transformers of up to 500 kilovolt annually. The world’s largest shipyard broke ground in September last year. The new plant will save the Korean company costs and time on shipping and provide a starting point to branch out into Latin
IndustryNov. 20, 2011
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Tefal still hungry for growth
Company aims to boost Rowenta brand to the level of TefalIn the late 1990s, the French cookware and home appliance brand Tefal was preparing to show its first TV commercial for “non-stick” frying pans in Korea. The Korea Broadcast Advertising Corporation refused to approve it, saying the slogan “the pan that really doesn’t stick” was an exaggeration. Kay Paeng, then marketing manager for the brand, visited the advertising regulator’s office on a Saturday and cooked eggs without using oil in fron
IndustryNov. 20, 2011
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Seoul shares expected to move in tight range
South Korean stocks are forecast to move in a tight range next week as fiscal debt problems in Europe and the United States will weigh on investor sentiment, analysts here said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,839.17 on Friday, down 1.27 percent from a week earlier.The market suffered ups and downs throughout the week, affected by news coming from the debt-ridden eurozone economy.Foreign investors sold a net 595.9 billion won ($523.2 million) worth of stocks h
Nov. 20, 2011
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POSCO develops own steel welding equipment
POSCO has developed a steel welding machine as part of its efforts to cut costs and localize equipment, the company said Sunday.The latest welder, which will be used to sever and fuse steel plates together, is designed to offer clean sheared edges with precision and prevent corrosion during the process using lasers, officials said.The world’s fourth-largest steelmaker said it embarked on a project early last year to craft a substitute for pricey welding tools it has sourced from Germany for deca
IndustryNov. 20, 2011