Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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Prosecutors summon pastor involved in Dior bag scandal
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Suspect behind murder of Korean tourist in Pattaya arrested
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NewJeans' members' parents complained to Hybe, email shows
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[Grace Kao] American racism against Stray Kids
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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Google to keep Android free
Google chairman Eric Schmidt said Tuesday that the Internet giant’s purchase of Motorola Mobility would not affect partnerships with other handset makers, including Samsung Electronics.“We will run (Motorola) sufficiently and independently in a way that will not violate Android’s openness. We are not going to change in any material way the way we operate,” Schmidt said at a press conference on a visit to Seoul.The comment came when he was asked about the closed conversations with Samsung executi
Nov. 8, 2011
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Department stores agree to lower commission fees
The Fair Trade Commission said Tuesday it reached an agreement with the nation’s top three department stores to lower their commission fees by 3-7 percent immediately for almost half of their small- and medium-sized vendors. The antitrust regulator expected that 1,054 companies would benefit from the cuts. Lotte Department Store, the nation’s No. 1 retail chain, will benefit the largest number of companies, 403, or 50.4 percent of its smaller contractors, while Shinsegae and Hyundai will cut com
Nov. 8, 2011
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Prosecutors raid SK affiliates over embezzlement allegations
SEOUL, Nov. 8 (Yonhap) -- Prosecutors raided the offices of two affiliates of the South Korean conglomerate SK Group early Tuesday as part of an investigation into allegations that the founding family misappropriated company funds. Scores of prosecutors searched the offices of SK Holdings Co.,
Nov. 8, 2011
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LG Chem secures grip on Europe’s smartgrid market
LG Chem signed a long-term contract with the Switzerland-based electric engineering firm ABB Group to supply parts for an energy storage system on Monday.Energy storage system or ESS is used in smart grid networks to store electricity before transmitting power to specific locations when required.Under the contract, LG Chem will supply lithium ion batteries and a battery management system to ABB. The Korean firm said that for the first collaborative project it will produce batteries for use in a
Nov. 7, 2011
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Hyundai Group to join consortium to offer new telecom services
Hyundai Group said Monday the company would bid to become the country’s fourth telecom along with a consortium led by the Korea Federation of Small and Medium Business.Hyundai Group’s affiliates such as Hyundai Securities and Hyundai U&I notified the consortium, called Internet Space Time, of their participation in the process, saying it would invest about 180 billion won, according to Hyundai officials. The total investment sum, however, may change, officials added.“It’s true that we’ve decide
Nov. 7, 2011
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Google to support Korean software globalization
Schmidt meets President Lee, chiefs of SK Telecom, KT and LG Uplus to discuss possible cooperationGoogle chairman Eric Schmidt pledged to support the globalization process of local software and content beginning next year in a meeting with President Lee Myung-bak on Monday.As part of a project called “Korea Go Global,” Google will offer a local software developer support program for it to gain global competitiveness, according to Google officials.As an exemplary case, the U.S.-based software gia
Nov. 7, 2011
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Orion expects overseas sales to be boosted by Chinese arm
HONG KONG (Yonhap News) ― Orion Corp., South Korea’s second-largest confectionery company, expects that its overseas sales will grow next year, largely driven by robust sales in China, company officials said Monday.The company, best-known for its hallmark “Choco Pie,” projected that its overseas sales will grow 28.4 percent to 1.31 trillion won ($1.17 billion), likely to surpass its domestic sales for the first time. Orion officials said China accounts for more than 80 percent of its overseas sa
Nov. 7, 2011
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Google chief vows support for Internet start-ups in Korea
Schmidt meets with President Lee, IT firms’ chiefs on cooperation in ’smart era’Google chairman Eric Schmidt pledged to support Internet startups in Korea and create a K-pop-only channel on YouTube in the world’s most popular search engine.Schmidt, who currently serves as the board executive chairman of Google, disclosed the pledges during his meeting with President Lee Myung-bak at Cheong Wa Dae on Monday, presidential officials said.The two leaders also shared the view that Google and Korea’s
Nov. 7, 2011
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FTC probes shoemakers for exaggerated ads
Korea’s Fair Trade Commission launched a probe into major footwear makers including Reebok, Ellesse and New Balance over ads allegedly exaggerating the shoes’ therapeutic benefits.According to the local press on Monday, the FTC has embarked on a comprehensive investigation of 11 shoemakers in Korea to check whether they put out exaggerated ads. “The FTC is currently collecting marketing, sales and product data from local shoemakers,” an industry source was quoted as saying. The crackdown comes a
Nov. 7, 2011
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Cyworld starts global services in 7 languages
Cyworld has launched global services in seven languages on Monday amid the soaring popularity of Facebook in Korea. This is the second try for the homegrown social networking service with 23 million registered local members to go global following its failed attempt in 2005. “We failed because we tried to localize our services. But this time we aim to introduce a unique Cyworld platform for foreign users,” said Joo Hyung-chul, president and CEO of SK Communications, the operator. The CEO stressed
Nov. 7, 2011
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SK to build lubricant factory in Spain
SK Lubricant will build a lubricant base oil plant in Spain in collaboration with the Spanish oil firm Repsol YPF, SK Group announced Monday.According to the conglomerate, an SK Group delegation led by chairman Chey Tae-won met with Repsol chairman Antonio Brufau Niubo in Madrid on Friday and signed a letter of intent to build a base oil plant and to collaborate in other areas.Aside from the plant, the SK Group and Repsol officials also agreed to seek opportunities for collaboration in other rel
Nov. 7, 2011
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KT third-quarter net dips 41 percent
South Korea's telecom titan KT Corp. said Monday that its third-quarter earnings dropped 41 percent from one year ago due mainly to currency loss and a decreased number of subscribers for mobile handsets and Internet services. Net profit reached 256 billion won (US$229 million) in the July-September
Nov. 7, 2011
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Samsung, Google gain in Apple patent fight
Motorola’s win against Apple in Germany means rosy outlook for AndroidA German court’s recent decision to ban the sale of Apple products in Germany dealt a blow to the U.S. tech giant, while offering a positive outlook for Google’s Android alliance.Munich-based patent expert Florian Mueller said that the Mannheim Regional Court in Germany on Friday barred Apple from selling any mobile devices infringing on two Motorola Mobility patents in the country ― the single largest market in Europe.The cou
Nov. 6, 2011
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Asiana set to raise its fleet to 88 by 2015
Asiana Airlines Inc., South Korea’s No. 2 carrier, plans to raise its fleet to 88 by 2015 to meet growing demand for long-range routes and become a major global player, a company executive said.“Our long-term goal is to become the 10th biggest air carrier in the world in terms of operating margin,” said Kim Ebae, Asiana’s senior vice president for strategic planning, said in a session at the Association of Asia Pacific Airlines conference held in Seoul.“To achieve the goal, we will expand our si
Nov. 6, 2011
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Outside directors toothlessas corporate watchdogs
Antitrust authorities on Sunday raised questions about the role of outside board directors as corporate watchdogs, despite a slight increase in their number at large firms here. According to a report from the Fair Trade Commission, the portion of outside directors at the nation’s top 35 owner companies was 47.5 percent as of June 30, up from 46.3 percent a year earlier.The average at the nation’s total 735 listed firms was 39.7 percent. The antitrust regulator, however, pointed out that their in
Nov. 6, 2011
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Korea’s IT exports shrink in Oct.
South Korea’s exports of information technology products reached the third largest monthly volume in the country’s history last month, though they dropped slightly from a year earlier when the country posted record shipments, the government said Sunday.The country shipped $13.79 billion worth of IT products in October, down 2.2 percent from the same month last year, according to the Ministry of Knowledge Economy.The ministry attributed the drop largely to the fewer number of working days from a
Nov. 6, 2011
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Google to strengthen ties with Korea tech giants
Schmidt in Seoul to meet Samsung executives, CEOs of telecom carriersAttention is being paid to the visit by Google chairman Eric Schmidt to Seoul on Monday, which experts said is aimed at forging a stronger partnership with local electronics and telecommunication giants.Government officials and tech industry analysts are speculating that the Google founder may bring “gifts” for the nation’s IT scene.As if to reflect the special attention, Korea Communication Commission chief Choi See-joong expr
Nov. 6, 2011
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Samsung sets new TV sales record in U.S.
Samsung Electronics said Sunday that its television sales in the North American market topped 1 million units last month, setting a new monthly sales record among all TV makers.The world’s biggest flat-screen TV maker said the October sales figure indicates that it sold one of its TVs ― including li
Nov. 6, 2011
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Big firms banned from tofu, 24 other businesses
A presidential panel to promote shared growth on Friday released an updated list of 25 industry sectors where conglomerates will be advised to withdraw or have their business expansion restricted. The Commission on Shared Growth for Large and Small Companies said large companies will be banned from expanding into over-competitive sectors or those traditionally occupied by small businesses, including tofu, plate glass and ready-mixed concrete.The decision is the latest instruction after a series
Nov. 4, 2011
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Lotteries booming in Korea
Emergence of pension lottery jumpstarts the boomKorea is in the grip of lottery fever. The nation is on course to sell 3 trillion won ($2.69 billion) worth of tickets this year, up 25 percent from 2010. The Finance Ministry, in charge of lotteries, has stopped its TV promotions with celebrities in an effort to slow the industry’s growth. The explosive popularity of lotteries this year isn’t just about the thrill of winning. Years of branding the state-run project has attracted more prudent, leve
Nov. 4, 2011