Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Shares forecast to rise
South Korean stocks likely will move upward in the first full week of 2015 on the back of not-so-bad fourth-quarter earnings of Samsung Electronics, analysts said Saturday.The benchmark Korea Composite Stock Price Index ended at 1,926.44 on Friday, down 21.72 points, or 1.11 percent, from the previous week.The KOSPI plunged 20.20 points on Monday as stocks traded ex-dividends, coupled with political instability in Greece, and lost another 12 points on Tuesday before the two-day New Year’s holida
Jan. 4, 2015
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Doosan Heavy bags W340b order from Kazakhstan
Doosan Heavy Industries & Construction Co., South Korea’s leading power equipment maker, said Sunday that it has clinched a 340 billion won ($308 million) deal to build a power plant in Kazakhstan.Under the deal with Karabatan Utility Solutions, Doosan Heavy will build the coal-fired power plant with a 310-megawatt capacity in Atyrau on the northern banks of the Caspian Sea.The construction of the power plant will be completed by February 2018, according to Doosan Heavy.South Korean companies ar
IndustryJan. 4, 2015
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Korean cosmetics brand Missha closes outlets in H.K.
BEIJING (Yonhap) ― South Korean budget cosmetics brand Missha has closed all of its 20 outlets in Hong Kong, a Hong Kong newspaper reported Saturday, citing notices posted by two of the Missha outlets.One of the notices posted by a Missha store at Queensway Plaza in Admiralty district was quoted by the South China Morning Post as saying, “Missha is not available to serve you and we apologize for any inconvenience caused.” Public relations officials at Seoul-based Able C&C, which owns the Missha
Jan. 4, 2015
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High-speed Internet subscribers to top 20m
The number of high-speed Internet service users in South Korea is expected to surpass the 20 million mark this year, industry data showed Sunday. The number of broadband Internet service subscribers in the country was estimated to be slightly over 19.21 million as of end-November, according to the data compiled by the Korea Association of Information and Telecommunication.Top fixed line operator KT Corp. had some 8.15 million high-speed internet subscribers, followed by SK Broadband Co. and LG U
Jan. 4, 2015
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Korea forecast to cut key rate twice: Nomura
South Korea’s central bank is likely to slash the key interest rate twice this year to help boost the tepid domestic consumption and ease deflation concerns stemming from low oil prices, Nomura Financial Investment Co. said Friday. The Bank of Korea lowered the base rate two times in the second half of last year to a record low of 2 percent to help avert the economic slowdown, but the move had little impact while further stoking the country’s already-sizable household debt.“It is almost certain
Jan. 4, 2015
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Mercedes-Benz: How about a little luxury?
Mercedes-Benz, which has nurtured royalists based on E- and S-Class large sedans here, is more recently whipping up small-size artful models into the Korean market. A less-is-more mentality is taking root in everything from food to fashion. The luxury car is no exception. Of the nation’s soaring import car market, vehicles with an engine capacity of 2,000cc or less now make up more than 50 percent of total sales. Compared to its German rivals BMW and Audi, Mercedes-Benz had shown less vigor in p
MobilityJan. 4, 2015
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[Herald Interview] ‘Eco-friendly cars key despite cheap oil’
Despite the decline in oil prices and its effect on consumer confidence, the global green car market will continue to prosper, an analyst said.“The need for better environmentally friendly cars transcends economic costs. The words of Chinese President Xi and U.S. President Obama reflect the fact that regardless of the energy cost, there is a drive for regulation,” said James Chao, director of Asia-Pacific at IHS Automotive Advisory Services. “The falling oil price may have affected consumers. Bu
MobilityJan. 4, 2015
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AAA: motorists may save $75b on gasoline this year
The rout in crude oil prices may mean as much as $75 billion in gasoline savings for U.S. drivers in 2015, according to AAA.Americans saved $14 billion on the motor fuel last year compared with 2013, Heathrow, Florida-based AAA, the country’s largest motoring group, said by email. Pump prices dropped a record 97 consecutive days to a national average of $2.26 a gallon yesterday, the lowest since May 12, 2009.A global glut of crude oil and a standoff between U.S. producers and the Organization of
MobilityJan. 4, 2015
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Hyundai-Kia forecasts slowest sales gain in 9 years
Hyundai Motor and Kia Motors, South Korea’s largest automakers, forecast their weakest sales growth in nine years as they run out of capacity to increase output and competition intensifies in major markets.The companies’ combined deliveries will rise 2.5 percent to 8.2 million vehicles in 2015, Chung Mong-koo, chairman of both automakers, said during a New Year address to employees in Seoul on Friday. That would be the slowest growth since 2006. The forecast was in line with the median estimate
MobilityJan. 4, 2015
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Xiaomi Doubles Revenue to $12 Billion as Phone Sales Surge
Xiaomi Corp., whose investors include billionaire Yuri Milner, more than doubled its sales revenue last year, according to a blog posting by Chief Executive Officer Lei Jun. The Beijing-based company’s revenue before tax rose to 74.3 billion yuan ($12 billion) in 2014, Lei said on his microblog today. It sold 61.1 million mobile phones, 227 percent more than in the previous year. Xiaomi plans to release a Redmi smartphone and will hold a press conference on Jan. 15 to issue an “important flagshi
IndustryJan. 4, 2015
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Ssangyong to roll out new SUV lineup
Ssangyong Motor Co. said Sunday it will launch new and improved versions of its sport utility vehicles (SUVs) in the South Korean market, upgrading features but limiting gains in price. The local unit of Indian SUV maker Mahindra & Mahindra said its Korando C, to be launched here this week, is equipped with Japanese transmission maker Aisin Seiki Co.'s 6-speed automatic gearbox, along with a Dynamic Eco engine with strong low-end torque to provide drivers with better fuel efficiency. The five-se
MobilityJan. 4, 2015
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Doosan Heavy bags 340 bln won order from Kazakhstan
Doosan Heavy Industries & Construction Co., South Korea's leading power equipment maker, said Sunday that it has clinched a 340 billion won (US$308 million) deal to build a power plant in Kazakhstan.Under the deal with Karabatan Utility Solutions, Doosan Heavy will build the coal-fired power plant with a 310-megawatt capacity in Atyrau on the northern banks of the Caspian Sea.The construction of the power plant will be completed by February 2018, according to Doosan Heavy.South Korean companies
CompaniesJan. 4, 2015
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S. Korean credit card spending to top 700 tln won this year
Credit card spending in South Korea is expected to top 700 trillion won (US$634 billion) this year, but credit issuers' profitability may not improve largely due to a fall in spending by individual cardholders, data showed on Sunday.Credit card spending in the country last year was estimated at 690 trillion won, and the comparable figure for this year is 701 trillion won, according to the data compiled by KB Financial Group, the country's top banking group.In 2013, credit card spending reached 6
Jan. 4, 2015
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Hyundai Motor launches improved 2015 Equus in home market
Hyundai Motor Co. said Sunday it will launch the 2015 Equus full-size upscale sedan this week in its home market, placing greater emphasis on luxury with the addition of various driver-focused technologies. South Korea's No. 1 automaker said the vertical radiator grille and 17-speaker Lexicon sound system were added to the new Equus as standard, while the interior has been fitted with premium Napa leather for the Exclusive trim levels and above."The 2015 Equus places focus on adding more of the
MobilityJan. 4, 2015
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Korean cosmetics brand Missha closes outlets in Hong Kong: report
South Korean budget cosmetics brand Missha has closed all of its 20 outlets in Hong Kong, a Hong Kong newspaper reported Saturday, citing notices posted by two of the Missha outlets.One of the notices posted by a Missha store at Queensway Plaza in Admiralty district was quoted by the South China Morning Post as saying, "Missha is not available to serve you and we apologize for any inconvenience caused." Public relations officials at Seoul-based Able C&C, which owns the Missha brand, were not imm
IndustryJan. 3, 2015
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S. Korean satellite at risk of collision with space debris
A South Korean satellite could come close to space debris, officials said Saturday, prompting officials and space experts to come up with measures to avoid a possible collision.The move came a day after the U.S. authorities warned of a possible collision between South Korea's Science and Technology Satellite 3 and a piece of debris measuring 20 centimeters in size.The debris is one of thousands of pieces of debris produced by the 2009 collision between an inactive Russian communications satellit
TechnologyJan. 3, 2015
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[Weekender] Fintech: Boon or bane?
For Korea’s financial industry, which has largely been stagnant since the global economic crisis, the fast rise of financial technology is both a challenge and an opportunity to regain momentum.Fintech ― the use of information technology in financial services ― is a key word in the industry as well as a touchstone for determining financial companies’ potential for market survival.The term no longer pertains only to online banking services operated by banks and securities firms but also refers to
Jan. 2, 2015
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[Weekender] Daum Kakao finds new growth engine in digital wallet business
Digital wallets such as Apple Pay and Alipay are gradually replacing cash and credit cards with more and more people browsing and purchasing goods by tapping and swiping on their smartphones.Kakao Pay, codeveloped by Internet giant Daum Kakao and ICT solutions developer LG CNS, is one of the services spearheading the mobile payment industry in South Korea.After launching its mobile payment service Kakao Pay in October, Daum Kakao was able to attract 2 million subscribers in less than three month
TechnologyJan. 2, 2015
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[Weekender] ‘Fintech in payment industry is all about convenience’
Archaic systems, inconvenient processes and a great deal of patience. These were the conditions that brought the founder of fintech startup Viva Republica to the exciting and growing arena of financial technology.Viva Republica is one of only a handful of fintech startups in South Korea, where strict regulations and excessive security measures remain major hurdles for market development. Lee Seung-gun, a dentist-turned-CEO, founded the company in 2011 to free users from complex security and veri
Jan. 2, 2015
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[Weekender] Global tech firms tap into Korea’s fintech market
Global tech companies’ entry into the nation’s mobile payment market may hinder the growth of early-stage fintech startups, industry watchers say. Fintech, a convergence of finance and technology, is a range of new financial services offered through information technology platforms. Amid slow growth in the local fintech industry, global tech giants including America’s PayPal and China’s Alipay have already expanded their financial services from simple mobile transactions to loans, investment and
Jan. 2, 2015