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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[Grace Kao] American racism against Stray Kids
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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NewJeans' members' parents complained to Hybe, email shows
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[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
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POSCO inks supply deal with European home appliance maker
POSCO, South Korea’s leading steelmaker, said Thursday that it has signed a steel supply contract with a European home appliance maker, a deal that will help the steelmaker expand its presence there.Under the deal with Gorenje, the largest Slovenian manufacturer of home appliances, POSCO will supply steels, including cold-rolled steel plates used for the production of refrigerators and washing machines, over the next three years.POSCO did not give specifics on how many steel plates it will suppl
Nov. 3, 2011
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Korea rushes for resources, infrastructure in Africa
Miners, builders, electronic giants seek business in world’s fastest-growing marketAfter a decade of ceaseless pushing for growth, the BRICs appear to have begun slowing down. Now Asia, which steered a global shift in economic gravity, faces spillover threats from teetering rich countries. Regardless, the success story continues ― in Africa, the last frontier.Powered by surging foreign investment and exports of natural resources, six of the world’s 10 fastest-expanding economies over the last de
Nov. 3, 2011
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B20 Summit business leaders call for multi-currency system to replace dollar
Business leaders attending the B20 Summit called for political leaders to push for the establishment of a multi-currency key currency system.At the meeting of business leaders in Cannes, France held ahead of the G20 Summit, attendees said that the dollar-based currency system amplified economic risks and that a multi-currency system would reduce costs for corporations and uncertainties in the global economic environment.In the statement, the attendants also said that the yuan and other emerging
Nov. 3, 2011
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Hyundai, Kia vehicles win Canadian awards
Five vehicles made by Hyundai Motor Co. and its affiliate Kia Motors Corp. have won 2012 Canadian Car of the Year awards, industry sources said Thursday.The cars that ranked first in their sections were Hyundai’s Accent subcompact, Elantra compact and Veloster compact sports car and Kia’s Optima and Optima hybrid mid-size sedans.Sources said the five awards mark the highest number of honors given to a carmaker in the North American country and reflects sharp improvements in both design and perfo
Nov. 3, 2011
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LGE targets built-in home appliance market
Electronics giant to join hands with Viking Range to dominate market within 3 yearsLG Electronics announced Thursday it will join hands with Viking Range Corp. to break into the ultra premium built-in home appliance market in Korea, possibly garnering over half of the market within three years.Lee Young-ha, president of LG’s home appliance business, said the companies will be featuring two different sets of built-in home appliances ― the signature and professional series ― for the high-end premi
Nov. 3, 2011
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Korea eyes ‘alternative’ gas stations in fight to reduce inflation
The government on Thursday outlined plans to transform about 10 percent of the country’s gas stations into “alternative” vendors to supply petroleum products as part of its fight against runaway fuel prices.Seeking to lessen the dominance of the country’s four refiners and stimulate competition, the government has devised measures that includ multiplying non-franchise and self-service stations.Through the plan, ministry officials expect to cut gas prices by around 100 won (9 cents) per liter by
Nov. 3, 2011
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Shoplifting, employee theft cost retail industry W2 trillion: report
Shoplifting, employee and supplier fraud, organized retail crime and administrative errors cost the nation’s retail industry 2.41 trillion won ($2.13 billion) over the past year, an international report found Thursday. The amount was equivalent to 1.3 percent of the industry’s total sales in 2011, according to the Global Retail Theft Barometer Report, which monitors the cost of “shrink” in the global retail industry. Korea was first included this year on the list of 43 countries to be surveyed o
Nov. 3, 2011
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Incheon Airport honored for service excellence
Incheon International Airport Corp. said Thursday it has been honored as one of the world’s best airports for its superior services by the Airports Council International, a global association of airports.In the new “Roll of Excellence” program, the council listed airports that have made if into the top five in terms of service quality for five consecutive years and lauded Incheon, the sole Asian airport operator that has reigned as the best airport for six years in a row to 2010.Hong Kong’s Chek
Nov. 3, 2011
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LGE to raise W1tr via share issue
LG Electronics said Thursday it will issue new shares worth about 1.062 trillion won ($939 million), for the first time in six years in a sign that the company is in need of financing facility investments and other capital expenditures for next year.The company announced that it will issue 19 million new shares priced at 55,900 won per share and list them on Jan. 9.“The purpose of issuing new shares is to increase the competitiveness of our core businesses, such as smartphones, and secure our in
Nov. 3, 2011
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Wealth inheritance via offshore tax evasion uncovered
The National Tax Service said Thursday that it has collected an additional 278.3 billion won ($246.3 million) from 11 entrepreneurs who have transferred property to their children via overseas tax evasion. It is the first time for the taxation agency to find such illegal cases of property succession using overseas tax havens. Found were cases in which people were engaged in international businesses such as manufacturing, trade and developing natural resources abroad. A company owner, the largest
Nov. 3, 2011
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Yahoo hopes to reach readers with iPad magazine
SUNNYVALE, Calif. (AP) — Yahoo has begun to distribute an iPad magazine that illuminates the Internet company's ambitions and the chronic hiccups that have thrown its fate into doubt.The free magazine, called Livestand, has intriguing potential because its software can be customized to pull a
Nov. 3, 2011
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Asiana short film festival kicks off
The Asiana International Short Film Festival kicked off at the Cine Cube cinema in central Seoul on Wednesday. The annual event, held for the ninth time, is the largest of its kind in Korea.According to Asiana Airlines, the film festival’s main sponsor, this year’s event will be held on the largest scale yet with 2,173 films produced in 90 countries being shown during its six-day run.The festival will include a special program offering a chance to view the early works and the latest offerings fr
Nov. 2, 2011
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Scientists detect new toxic plankton off Jeju
A group of scientists in a government-led project have found four new types of toxic microorganism in the waters off Jeju Island. They say their appearance could be evidence of the long-term rise in ocean temperatures here.Two of them produce palytoxin, one of the deadliest toxins known to humans, the Ministry of Maritime Affairs said Wednesday. One gram of palytoxin can kill about 170 million mice.The team led by Lee Won-ho of Kunsan National University and Jeong Hae Jin of Seoul National Unive
Nov. 2, 2011
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Hite Jinro’s soju, beer exports to hit record high
Hite Jinro Co., South Korea’s No. 1 beer and soju producer, said Wednesday that its exports will reach a new record high in 2011 thanks to strong overseas demand.In the first nine months of this year, exports surged 30.3 percent to reach $107.15 million, surpassing the previous record of $107.08 million shipped out for the whole of last year, the company said.Sales of soju, a Korean distilled beverage made from rice and other starches, hit $41.78 million with beer sales topping $54.89 million at
Nov. 2, 2011
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Apple’s mobile game category reopens
Mobile game firms set to engage in fierce battle in local game applications marketMobile game companies are pumping up to garner a larger share in the local industry as the game category reopened after a 19-month gap for Apple’s App Store for those with Korean accounts on Wednesday.Apple Inc. added the game category for its App Store designed for Korean users, indicating people who wish to play mobile games on their iPhones and iPads do not have to create a separate account to download them onto
Nov. 2, 2011
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Recall orders mulled for humidifier sterlizers
Health authorities said Wednesday that they are considering issuing recall orders for some humidifier sterilizers on the market after the harmful effects have been proven in the ongoing animal results. The Centers for Disease Control and Prevention plans to release the final test results as early as in the middle of this month. In its interim results on Oct. 26, the disease control center had found that a substance in humidifier disinfectant, when inhaled, is 47.3 times more likely to have cause
Nov. 2, 2011
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SK Telecom uses ‘smart’ ideas to make social contributions
Telecom giant’s IT-based projects offer more opportunities for the disabled, underprivilegedSK Telecom, the nation’s top mobile carrier, has continued efforts of corporate social responsibility for many years. The company has recently been focusing more on what they can do best ― IT-based social contribution projects. Apps for the visually-disabledSK Telecom, together with Korea Blind Union, launched the nation’s first mobile app for visually-disabled people called “Library that Reads Happiness”
Nov. 1, 2011
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Biz groups defend ISD settlement system
Local business lobbies again called for the quick ratification of the Korea-U.S. Free Trade Agreement on Tuesday, saying that the investor-state dispute settlement system is one that has become a global standard.In opposing ratification of the accord with the U.S., opposition parties have focused on the ISD clause, which allows disputes between investors and the state to be settled under the mediation of a third party. According to the coalition of opposition parties that seek to prevent the Gra
Nov. 1, 2011
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New smartphones flood the market this month
Apple’s iPhone 4S, Samsung’s Galaxy Nexus, LG’s Prada Phone among the selling smartphone bunchA number of new smartphones, including the iPhone 4S, will hit the market this month, setting the stage for another round in the smartphone battle in Korea.Mobile carriers ― SK Telecom and KT Corp. ― are now getting ready to release Apple Inc.’s newest iPhone 4S in the local market as it received radio approval in Korea last week.According to industry sources, both SKT and KT are developing promotion me
Nov. 1, 2011
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Samsung bucks the trend by achieving market cap growth
Samsung Group bucked the trend of the past four months by increasing its market capitalization while its rivals saw their combined stock value shrink amid the financial turmoil sparked by the global recession fears, data showed on Tuesday. According to the data compiled by the Korea Exchange, FnGuide and Chaebul.com, Samsung’s market cap reached 238.08 trillion won ($213.91 billion) as of end-October, growing 6.05 trillion won from the end of June. The country’s biggest conglomerate benefited fr
Nov. 1, 2011