Most Popular
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Probe of first lady on Dior bag allegations set to begin
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Indonesia’s KF-21 fighter jet deal cut back -- what’s next?
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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[KH Explains] Can tech firms' AI alliances take on Nvidia?
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Police seek arrest warrant for med student who killed girlfriend
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South Korea willing to accept Indonesian proposal for cutting KF-21 payments
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Local filmmakers criticize ‘The Roundup: Punishment’ monopoly of screens
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Electric cars compete at Jeju expo
SEOGWIPO, Jejudo Island ― Electric automakers are vying to showcase their products at an international EV expo which kicked off for a two-week run here on Friday.Not only EV makers but also related-business players, including battery and charging station makers, joined the second International Electric Vehicle Expo at the International Convention Center of this resort island.Among international participants, China’s electric carmaker BYD and U.S.-based EV maker Detroit Electric joined the second
IndustryMarch 6, 2015
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Daewoo E&C to benefit from Saudi reactor deal
Daewoo Engineering and Construction, a leading South Korean builder, will likely benefit most from a landmark deal between the nation and Saudi Arabia to cooperate in building small nuclear reactors in the Middle East country, some analysts said Thursday. Early this week, the two countries signed a memorandum of understanding to forge a joint partnership on SMART and human resources development on the sidelines of their summit meeting in Riyadh on Tuesday. President Park Geun-hye and Saudi Arabi
IndustryMarch 6, 2015
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POSCO completes 2nd electric furnace to double capacity
POSCO SNNC, a leading manufacturer of ferronickel, has completed the construction of its second electric furnace, which will help nearly double the firm’s annual capacity of pure nickel to 54,000 tons from the current 30,000 tons.The POSCO affiliate said it invested about 480.6 billion won ($437.1 million) to build the second facility in Gwangyang, South Jeolla Province, to stabilize its nickel production.“With our increase in production capacity, POSCO SNNC has become a nickel smelter that is c
IndustryMarch 6, 2015
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Self-employed ratio reaches record low
The number of self-hired workers declined to all-time low last year, as the economic slowdown struck harder on start-ups than salaried workers, data showed Friday. The percentage of self-hired workers fell to 22.1 percent in 2014, down 0.4 percent from a year ago, according to data revealed by Statistics Korea and KB Financial Group’s management research institute.While the number of all workers grew 550,000 to 18.7 million on-year, the total number of self-hired workers rose only 1,000. The gro
March 6, 2015
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Seoul shares rise to 5-month high on ECB meeting
South Korean stocks rose to their highest in five months on Friday as investors, lifted by the European Central Bank's (ECB) upgrade in its outlook for the eurozone economy and its quantitative easing bond-buying, scooped up stocks, analysts said. The South Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose14.56 points, or 0.73 percent, to 2,012.94. Trading volume was moderate at 390 million shares worth 4.75 trillion won (US$3.58 billion), with
March 6, 2015
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Uber Korea shuts down service amid controversy
Uber Korea said that it shut down its low-cost ride-sharing service on Friday amid controversy over the legality of its business. “Uber Korea has decided to terminate the operations of UberX to negotiate with the Seoul city government,” the company said in an email to drivers Friday afternoon.(Uber Korea)The company said that it was “a very difficult decision” as they have been trying to expand UberX operations in South Korea since the service was launched in August 2014. The decision comes day
IndustryMarch 6, 2015
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2nd electric car expo launches on Jeju Island
The second International Electric Vehicle Expo (IEVE) kicked off Friday on Jeju Island for a 10-day run, attracting automakers and experts from around the world."We will see to it that this year will mark the start of the commercialization of electric cars on Jeju Island ... and by the end of the year, we will up the number of such vehicles here to nearly 3,000 units from the current 852," said Kim Dae-hwan, head of the IEVE organizing committee. Citing that the IEVE is "a unique event that only
MobilityMarch 6, 2015
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S. Korea to sell 5.5 tln won in Treasury bills in March
South Korea plans to sell 5.5 trillion won (US$4.99 billion) worth of Treasury bills in four separate auctions in March, the finance ministry said Friday."The extra funds generated will be used to cover temporary shortfalls in the money supply and make it possible to push forward various state- supported projects in the first half," the ministry said. The money generated can further help stabilize the management of state-controlled funds.The bills are usually sold to banks, brokerages and other
March 6, 2015
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Renault Samsung seeks to sell 1,000 electric cars in S. Korea
Renault Samsung Motor Co., the local unit of French automaker Renault S.A., said Friday it plans to sell 1,000 units of its electric vehicles (EVs) in South Korea this year in a bid to become an industry leader in the country's battery-powered car market. "The company's annual sales goal for the year of 1,000 units is about one-third of the amount that the government is looking to have people purchase this year," Park Dong-hoon, sales chief and vice president of Renault Samsung, said ahead of th
MobilityMarch 6, 2015
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S. Korea's KNOC to drill for oil in UAE in 2017
South Korea will start drilling for oil in the United Arab Emirates in 2017 from fields that were discovered to hold commercially available crude, the state-run oil firm said Friday. The Korea National Oil Corporation (KNOC) said the joint exploration team extracted 18,000 barrels of crude from appraisal wells in the Haliba field on the Omani border in May and October and confirmed that its chemical component is close to Abu Dhabi's flagship Murban crude. The KNOC had formed a Korean consortium
IndustryMarch 6, 2015
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Seoul shares up in late morning trade
South Korean stocks traded higher late Friday morning on expectations that the European Central Bank's bond-purchasing program will boost liquidity in the local bourse, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.37 points, or 0.42 percent, to 2,006.75 as of 11:20 a.m. Tech, auto, and brokerage stocks gathered ground, while telecom and banking stocks suffered a decline.Top market cap Samsung Electronics advanced 0.7 percent and chipmaker SK hynix went up 1.32 per
March 6, 2015
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Foreign stock funds receive net inflows in Feb.
Funds that invest in foreign stocks received net inflows in February for the first time in nearly six years as investors turned to lucrative offshore markets, data showed Friday. Foreign equity funds drew a net 22.4 billion won (US$20.3 million) last month, the first monthly net positive since June 2009, according to the Korea Financial Investment Association (KFIA). Foreign stocks peaked in popularity in 2007, when Korean investors poured money into BRIC countries (Brazil, Russia, India and Chi
March 6, 2015
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Korean investments in foreign securities grows most in 7 years in 2014
South Korean institutions' investments in foreign securities grew at the fastest pace since 2007 last year on a rise in massive buying of foreign bonds and so-called Korean paper, central bank data showed Friday.The outstanding value of foreign securities held by institutional investors jumped by US$20.9 billion in 2014 to $95.4 billion, marking the largest on-year gain since the $61.1 billion spike in 2007, according to the Bank of Korea. The annual reading also represents a twofold increase fr
March 6, 2015
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Adobe CEO calls Korea crucial for cloud strategy
Adobe chief Shantanu Narayen called South Korea one of the key markets for the company’s strategic shift to its marketing cloud business.“Korea is in the forefront on a number of technology innovations,” he told reporters in Seoul on Thursday, citing the influence of big companies like Samsung globally and the advanced network connectivity. “We see a unique opportunity to grow our presence in Korea.”The CEO visited Korea to meet local employees and clients. He declined to elaborate on his visit.
TechnologyMarch 5, 2015
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Facebook praises Samsung’s contributions to free Internet project
BARCELONA, Spain ― Aside from running a social networking and mobile messaging service, Facebook is also a crusader of the Internet, encouraging Web firms, mobile carriers and device-makers to join an initiative to help bring the world, especially less-connected nations, online.A top official from Facebook said that handset-makers including Samsung Electronics deserve credit for the accomplishments so far in boosting the use of Internet around the world.“Handset manufacturers like Samsung play a
TechnologyMarch 5, 2015
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Top banks focus on profits
The nation’s top banking groups share the goal of boosting profitability by any means this year. But they have different ways of reaching that goal.Each has a different picture in mind for implementing a path to profitability, with some focusing more on leadership and others on mergers.Last year, Shinhan Financial Group, KB Financial Group, Hana Financial Group and NH Financial Group recorded 2.08 trillion won ($1.89 billion), 1.4 trillion won, 938 billion won and 768.5 billion won in net profit
March 5, 2015
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‘Seoul’s debt portfolio still sound’
The Bank of Korea said Thursday that South Korea’s foreign currency liquidity remained fundamentally sound with a slight increase in short-term foreign debt last year.However, the rise in external debt with a maturity of less than a year was not severe enough to trigger concerns over the soundness of the country’s foreign portfolio.The short-term foreign debt increased by $3.5 billion to $115.3 billion at the end of last year, accounting for 27 percent of the total external liability of $425.4 b
March 5, 2015
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Ecochem wins Singapore’s ‘Green Label’ certification
The Singapore Environment Council has certified Herald Ecochem with its “Green Label” seal of approval for its development of environmentally friendly plastic that biodegrades in just a few years, company officials said Thursday.Herald Ecochem’s “Eco Bio Plastic Films” have earned the SEC’s certification for “Oxo-Biodegradable Plastic Products,” according to the officials. The company, a Herald Corp. affiliate that manufactures polyethylene-based sheet films -- the first producer of such eco-fr
IndustryMarch 5, 2015
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Demographic, lifestyle changes expand part-time job market
The nation’s job market has been in a slump for the past few years, affected by the prolonged economic slowdown. In contrast to this trend, demand for part-time or “arbeit”’ jobs has been growing across age groups at a steady pace. “Arbeit,” which means “worker” in German, has long been used to mean part-time job in Korea. “First of all, demographic and lifestyle changes in Korea have increased demand for part-time jobs,’’ said Choe In-young, CEO of Arbeit-Chunkook, the nation’s biggest open-mar
IndustryMarch 5, 2015
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Ruling party backs Choi’s proposal for wage hike
The government and the ruling Saenuri Party have agreed to raise the minimum wage and begun preparations to discuss the legislation with opposition parties.“We will put in our utmost effort to find common ground between the ruling and opposing parties over the minimum wage increase,” Saenuri Party floor leader Rep. Yoo Seong-min said in the party’s supreme council meeting Thursday.Yoo’s remarks came after Finance Minister Choi Kyung-hwan, who also serves as deputy prime minister, stressed the ne
March 5, 2015