Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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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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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Samsung to bolster biopharma business
Samsung Group is gearing up to make more investments and reinforce research and development in the biopharmaceutical sector, which the company sees as a future growth engine. According to the Incheon Free Economic Zone Authority, Samsung BioEpis, a biopharmaceutical affiliate of the country’s largest business conglomerate, recently purchased 42,999 square meters of land in Songdo, Incheon, for 27.7 billion won ($25.1 million). “The exact use of the place is unknown but since Samsung BioLogics R&
IndustryJan. 7, 2015
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Hyundai Heavy unionists reject tentative wage agreement
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, voted against a tentative wage agreement on Wednesday due to a complaint about the pay award agreed upon by the union and management, the company's union said. The union and management reached a tentative agreement on the pay raise on Dec. 31, which includes a basic pay increase of 37,000 won (US$33.56) per month and a special bonus of 2 million won. They also agreed to count regular bonuses, equal to 700 percent
IndustryJan. 7, 2015
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Seoul shares rebound on auto, tech gains
South Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won (US$3.36 billion), with losers beati
Jan. 7, 2015
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Incheon airport logs record passenger traffic in 2014
Incheon International Airport, the main gateway to South Korea, saw its busiest year ever in 2014 thanks mainly to a jump in Chinese passengers and growth of low-cost carriers, its operator said Wednesday.The Incheon International Airport Corp. said in a provisional tally that a total of 45.51 million people used the airport in 2014, up 9.7 percent from the previous year and the highest yearly number since its opening.International passenger traffic rose 10.1 percent on-year to 44.9 million in 2
IndustryJan. 7, 2015
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Samsung chief still undergoing rehabilitation: group spokesman
South Korea's top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition."The chairman's health has not seen any significant changes in the new year, and there is nothing to explain," said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf
IndustryJan. 7, 2015
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Drop in oil prices an opportunity for S. Korean economy: finance minister
The recent plunge in global oil prices will have a positive impact on the local economy and help boost South Korea's exports, the finance minister said Wednesday, dismissing concerns about deflation and further weakening of demand."There are various analyses about the impact of a cut in oil prices, but it is clearly a huge opportunity for our economy," Choi Kyung-hwan said at an economy-related ministers' meeting in Seoul. "Still, we must gather and utilize the wisdom of all government ministrie
Jan. 7, 2015
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Hyundai, Kia eye 'cutthroat competition' in China
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday they are bracing for "cutthroat competition" in China this year as the world's No. 2 economy slows and foreign rivals expand their production capacity. The Chinese market for passenger cars is expected to grow about 10 percent to 18.49 million units this year amid "cutthroat competition among rivals, hit by a range of negative economic factors, including a sluggish property market and debts of local governments," Hyundai
IndustryJan. 7, 2015
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Job loss in finance industry hits 5-year high
As low inflation and growth pummeled profit, South Korea's finance industry has shed the largest number of jobs in five years, a statistics agency said Wednesday.There were 840,000 jobs on a monthly average in the local finance and insurance sectors in the January-November period, down 2.8 percent from the same period a year earlier, according to Statistics Korea.The figure translates to a loss of 24,000 jobs over the one-year period, marking the steepest fall since 55,000 jobs were erased off t
Jan. 7, 2015
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S. Korea's corporate bill default rate hits 13-year high
The default rate of corporate bills in South Korea worsened to the highest level in 13 years last year due mainly to cash-squeezed conglomerates and sluggish economic conditions for local companies.The average annual corporate bill default rate reached 0.19 percent last year, hitting the highest level since 0.38 percent in 2001, according to the data by the Bank of Korea and the Korea Financial Telecommunications & Clearings Institute.The figure had soared to 0.52 percent in 1997 from 0.17 perce
Jan. 7, 2015
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Korean Air to sell over W500 billion worth of shares
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday it will sell more than 500 billion won ($455 million) worth of shares to raise money needed to repay debt.The company's board of directors decided to sell 14,164,306 shares at 35,300 won apiece, it said in a regulatory filing.The share offering will increase the number of the company's outstanding shares to 73,950,538.Korean Air said the raised money will be used to repay debts and improve its financial status."This will help
IndustryJan. 6, 2015
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ICT evolving for consumers in 2015
The following is the fifth in a series of articles on the prospects for the world economy in 2015. ― Ed.Over the last few years, the impact of information and communication technologies on society has been enormous. ICT has deeply affected and reshaped most parts of our society, while radically influencing the global economy. No one can predict with certainty what role it will play in the future, but we do know that it will be significant. One aspect of the growth of ICT in 2014 has undoubtedly
TechnologyJan. 6, 2015
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(Photo News) Technology show
President and CEO of consumer electronics at Samsung Electronics Yoon Boo-keun delivers a keynote address at the 2015 International CES at The Venetian Las Vegas in Las Vegas, Nevada, Monday. (AFP-Yonhap)
MobilityJan. 6, 2015
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Hyundai Motor to invest W81tr by 2018
Hyundai Motor Group, the world’s fifth-largest automaker, said Tuesday it would invest about 81 trillion won ($73 billion) over the next four years to improve facilities, expand production lines, develop core technologies for smart and green cars, and construct its headquarters building. Under the investment road map, the automaker is expected to spend an annual average of 20.2 trillion won through 2018, which would surpass its previous high of 14.9 trillion won in 2014.Hyundai Motor’s new inves
MobilityJan. 6, 2015
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[Graphic News] Changes after handset subsidy law took effect
Nearly one hundred days have passed since the controversial handset subsidy law took effect.The law, which prohibits telecom firms and handset makers from providing subsidies higher than 300,000 won to attract customers, has affected the pattern of subscription of mobile phones.Due to the subsidy limit that started on Oct. 1, the number of new subscribers sharply decreased in the first month. But then it started to recover, which government officials said indicates that the mobile phone market d
TechnologyJan. 6, 2015
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[Newsmaker] Samsung bets big on IoT
LAS VEGAS ― Samsung Electronics, the world’s largest electronics firm, said that its entire range of products would be connected through the Internet of Things technology by 2020. “Samsung will have all TVs connected through the IoT by 2017, and all other products by 2020,” said Yoon Boo-keun, head of the company’s consumer electronics business unit, in his opening keynote speech for the International CES on Tuesday. “Samsung will unlock infinite possibilities of the IoT by developing technology
TechnologyJan. 6, 2015
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Asia faces growth challenges: Global Asia
Asia managed to escape the worst of the financial crisis in 2008, but with continuing weakness in other parts of the global economy, especially in Europe, policymakers in Asia need to redouble efforts to address problems in their own economies in order to ensure sustainable growth in the region, according to the latest issue of Global Asia.“Now isn’t the time to be complacent about the challenges facing Asia’s major economies, because strong economic fundamentals here will ultimately determine w
Jan. 6, 2015
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Hyundai Motor scion makes rare appearance at CES
Chung Eui-sun, vice chairman of Hyundai Motor Group, visited the 2015 International CES in Las Vegas to showcase the firm’s future auto technology, the company said Tuesday.It is the first time the heir apparent of Hyundai Motor Group chairman Chung Mong-koo has attended the world’s largest consumer electronics trade show since 2011. Hyundai Motor vice chairman Chung Eui-sun (Yonhap)His attendance demonstrates the automaker’s attention to the global trend of convergence between cars and informa
IndustryJan. 6, 2015
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LG Display pledges to focus on OLED
LAS VEGAS ― LG Display, the world’s largest display-maker by sales, said Tuesday that it was committed to developing the organic light-emitting diode business this year despite challenges posed by rival products with cost efficiency and high-definition displays.“If the year 2014 was a time when we prepared the ground for the growth of the OLED market, this year will be a time when the OLED TV business will take off,” said Han Sang-beom, the chief executive of LG Group’s display business unit, at
TechnologyJan. 6, 2015
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Three bidders vie for Pantech takeover
The search for a new owner of the troubled Pantech, Korea’s No. 3 handset-maker, is gaining momentum as three foreign business groups have submitted bids for a takeover.The three bidders include a U.S.-based consortium consisting of a Korean private equity fund and a Latin American telecom carrier, a Chinese handset-maker, and a China-based IT service firm. Their names were not revealed due to the sensitivity of the ongoing negotiations, sources said. After years of financial struggles, Pantech,
TechnologyJan. 6, 2015
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LG Electronics seeks tech to improve customers’ lives
LAS VEGAS ― South Korean electronics powerhouse LG Electronics vowed to exert its utmost efforts to make consumers’ lives easier and smarter with its open technologies.“The Internet of Things is what connects everything we value with the innovations that are centered around our lives,” said Skott Ahn, LG Electronics chief technology officer, at a news conference at the 2015 International CES on Tuesday. “At LG, we’re taking an open approach to maximize the value offered to our customers through
TechnologyJan. 6, 2015