Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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[Robert J. Fouser] Social attitudes toward language proficiency
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Samsung expected to record all-time high operating profit: analysts
Median consensus of analysts forecast 2012 operating profit to near 20 trillion wonSamsung Electronics, the world’s top smartphone maker, is expected to record an all-time high operating profit figure next year, amounting to nearly 20 trillion won ($17.27 billion), analysts said Thursday.The firm’s
Dec. 22, 2011
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GS Caltex, Hyundai Oilbank picked for discount stations
GS Caltex and Hyundai Oilbank have been selected as the suppliers of petroleum to discount gas stations fostered by the government, the Ministry of Knowledge Economy said Wednesday.Nonghyup and the Korea National Oil Corp. chose the two refiners as suppliers for a year without disclosing their bidding prices, and plan to open the discount gas stations within this year. GS Caltex, which runs refineries in Yeosu, South Jeolla Province, will supply petroleum to discount gas stations in the southeas
Dec. 21, 2011
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KT chairman to serve second term
KT chairman Lee Suk-chae will serve his second term after a special review committee on Wednesday recommended him as the only candidate for the top position at the nation’s largest fixed-line carrier.Even though the final decision is made during a shareholder’s meeting early next year, his reappointment has actually been confirmed, industry sources said. Lee’s official term of three years expires in March and he will serve another three years until 2015, KT said in a statement released late Wedn
Dec. 21, 2011
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KT launches new digital music service
KT Corp., the nation’s second-largest telecom carrier, launched Wednesday the new digital music market “Genie” that targets the nation’s growing number of smartphone and tablet PC users. KT will start the service on Thursday through the Android app store and its own Olleh Market. The mobile app also will be equipped within Android smartphones that KT plans to launch. For the new music service, KT has joined hands with seven major record and entertainment companies including SM, YG and JYP Entert
Dec. 21, 2011
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Samsung Electronics, LED merger likely next week
Samsung Electronics is expected to merge with Samsung LED by next Monday, according to industry sources on Wednesday.Samsung Electronics and Samsung Electro-Mechanics will hold a board meeting on Dec. 26 to decide on whether the flagship electronics arm will acquire the 50 percent stake of Samsung LED, currently owned by Samsung Electro-Mechanics, sources said.The merger is projected to be completed by the first half of next year with the board’s approval.Samsung LED is a joint venture made betw
Dec. 21, 2011
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Two electric car models get tax breaks
Renault Samsung Motors’ SM3 ZE and Kia Motors’ Ray were chosen as the first two electric cars to receive tax breaks starting next month in a bid to promote sales of the eco-friendly vehicles.The Ministry of Knowledge Economy said Wednesday that tax breaks of up to 4.2 million won will be provided for the SM3 ZE and the Ray, which are priced at around 60 million won and 45 million won, respectively, as the two met all the requirements for energy efficiency and technological details. The SM3 ZE c
Dec. 21, 2011
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Firms spooked more by Europe than N.K.
Businesses more concerned about effects from eurozone debt crisisMajor listed companies in South Korea saw North Korea as less of a risk than the European debt crisis for their business next year, despite concerns of instability in Pyongyang following Kim Jong-il’s death.South Korea’s top 20 listed businesses in terms of aggregate market value said they were much more perturbed by the fiscal predicaments in Europe than they were by North Korea. They were, however, worried about currency exchange
Dec. 21, 2011
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Homeplus to start convenient store business
Homeplus, the nation’s No. 2 supermarket chain owned by the U.K.’s Tesco, said Wednesday that it is ready to expand its business to convenient store franchises early next year. The retail giant said it has already received clearance from local antitrust authorities to go ahead with its plan to enter the industry here. “A growing number of babyboomers are expected to retire in the coming years. They could profit from the franchise business with less investment, leading to more jobs here,” a Homep
Dec. 21, 2011
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SK Telecom, Chery Automobile set up joint lab in China
HONG KONG (Yonhap News) ― Chery Automobile Co., China’s seventh-largest automaker, said Wednesday it has jointly built a laboratory with South Korea’s leading mobile carrier SK Telecom Co., in a bid to boost their competitiveness in the vehicle networking technology. A trend has been growing recently in the automobile industry toward developing in-vehicle data transmission and communications between vehicles and the outside world.After three years of coordination, the two companies recently laun
Dec. 21, 2011
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Korea’s IT gurus to gather at Las Vegas tech show
Hynix CEO Kwon to make appearance in the U.S. event early next monthHynix chief executive Kwon Oh-chul is expected to attend the Consumer Electronics Show in Las Vegas next month to meet with top officials of its U.S. business partners, industry sources said.Kwon, top executive of the world’s No. 2 memory chipmaker, is most likely to go to the U.S. as demand for its two key products -- NAND Flash memory and mobile application processors -- is increasing with the sharp rise in smart devices such
Dec. 20, 2011
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Jeju, Nongshim in dispute over bottled water sales
Major foods company Nongshim on Tuesday hinted at legal action against Jeju Island for canceling their contract over the sales of Samdasoo, the nation’s No. 1 bottled water produced in the southernmost island. Jeju Special Self-governing Province Development Corp. said Monday that as its contract with Nongshim expires on March 14, it would find a new partner to continue the business. The province-run corporation considers, among other things, distributing the water products directly at major sal
Dec. 20, 2011
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Hyundai Group head to visit North Korea for tribute
Hyundai Group chairwoman Hyun Jeong-eun plans to visit North Korea to pay a tribute to the late North Korean leader Kim Jong-il, company officials said on Tuesday.The plan was revealed as the South Korean government decided to allow her family members to visit the North for the tribute to Kim.The officials said the group will finalize the chairwoman’s visit schedule after having consultations with the Ministry of Unification. Earlier in the day, Hyun expressed her condolences over the death of t
Dec. 20, 2011
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Korea seeks river restoration tech exports
The government’s multi-billion-dollar efforts to revamp the country’s major river basins are about to bear some fruit as it nears a deal with foreign partners to transfer related technology.The Lee Myung-bak administration has been ratcheting up its ambitions to export its much-touted recipe for refurbishing waterways and wetlands as a means to offset simmering criticism over the feasibility of the costly project and its potential side effects on wildlife conservation.The government is expecting
Dec. 20, 2011
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Hyundai E&C devoted to co-prosperity with suppliers
Korea’s biggest builder expands low-interest loans and technology development for subcontractorsHyundai Engineering & Construction, Korea’s largest builder, is expanding its campaigns to prop up smaller partners and suppliers as it strives to build a level playing field in Asia’s fourth-largest economy.Co-prosperity has been a keyword for corporate management over the past year as the government pushes for fair trade and healthy competition between conglomerates and small and medium businesses.
Dec. 20, 2011
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KOGAS receives top award for development of human resources
Korea Gas Corporation received a presidential honor for human resource development at the annual Korea National Quality Award ceremony last week. Companies and persons who have greatly contributed toward improving quality, reducing costs and raising productivity in industry have been awarded at the ceremony hosted by the Ministry of Knowledge Economy and the Korean Standards Association each year since 1975. About 1,700 people including Prime Minister Kim Hwang-sik, chief of the parliamentary co
Dec. 20, 2011
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KT leads 14-member consortium to build undersea optical cable
KT Corp., the country’s biggest fixed-line service operator, signed a contract with 13 telecoms on Tuesday to form an international consortium that will build a high-speed underwater optical fiber cable that connects nine Asian countries.KT, together with overseas telecom firms including NTT Communications in Japan and Chunghwa Telecom in Taiwan, will construct 10,000 kilometer-long optical cable called the “Asia Pacific Gateway,” according to KT officials.The underwater communications cable, wh
Dec. 20, 2011
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Foreign firms unfazed by N.K. leader’s death
Business as usual seems to be the consensus from foreign businesses and chambers of commerce in South Korea over the announcement of North Korean leader Kim Jong-il’s death on Monday.North Korea’s secretive leader died of a heart attack on Saturday sparking concerns both at home and abroad.“At the moment, the events and the way things are going to roll out will not affect business,” said Rob Edwards, chairman of the British Chamber of Commerce in Korea.The American Chamber of Commerce expressed
Dec. 20, 2011
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Port security tightened in wake of Kim’s death
Airlines concerned about passenger cuts from China, JapanThe government tightened security in airports and seaports Tuesday, a day after the announcement of the death of North Korean leader Kim Jong-il, while the airline industry fears a possible drop in passengers. The Korea Customs Service ordered affiliate agencies to “thoroughly examine goods coming in from countries with a large terrorist presence including socialist nations and countries whose nationals have been caught for attempting to b
Dec. 20, 2011
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Hyundai Heavy wins $900m Africa order
South Korean shipbuilding giant Hyundai Heavy Industries Co. said Monday it has clinched a $900 million order to provide offshore platforms and other facilities off the coast of Africa.Under the deal with an oil major, Hyundai Heavy will build two offshore gas platforms and other facilities by the end of 2014, the company said.Hyundai Heavy gave no further specifics on the buyer or other details, but added the platforms will be built in the seas off Nigeria.With the contract, Hyundai Heavy has w
Dec. 19, 2011
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Exports of petrochemicals to hit all-time high this year
Exports of Korea’s four major refiners have already reached an all-time high this year on the back of soaring global demand for their lighter, cleaner petrol products, industry figures showed Monday.Combined exports of SK Innovation, GS Caltex, S-Oil and Hyundai Oilbank topped 76.1 trillion won ($64.5 billion) during the first ten months of the year, up more than 20 percent from 63.1 trillion won for the whole of 2010. That also reflects a sharp increase compared with the previous high of 68.1 t
Dec. 19, 2011