Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Debate on 'no-seniors zones' heats up
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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Lotte Mart reignites pricing debate with W7,000 chicken
Lotte Mart has begun selling bargain chicken priced at 7,000 won ($6.42), reigniting controversy over fair competition between large retailers and smaller eateries.The black garlic flavored chicken has been on sale since Thursday at the retailer’s 88 stores across the country at a price 2,000 won cheaper than its earlier chicken release in December. As sales of its earlier product, dubbed ultra ch
May 17, 2011
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GS Caltex extends retirement, adopts peak salary system
The country’s second largest refiner GS Caltex Co. announced Tuesday that it will raise the retirement age by two years and apply peak salary system from next year.Under the agreement GS Caltex reached with its labor union last month, the retirement age will be raised from 58 to 60 years of age from Jan. 1, 2012. With the peak salary system taking effect on the same date, the base pay for workers
May 17, 2011
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The Macallan looks to revive chemistry with art
The Macallan premium single malt whisky from Speyside, Scotland, is returning to Korea with a new special edition, aiming to generate chemistry between whisky and the legendary photographer Albert Watson.For the biennial “Master of Photography” project, the Scottish distillery selects an artist to portray the craft of whisky-making through photography. Photographer Albert WatsonFollowing the firs
May 17, 2011
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What’s your favorite app?
Applications related to media, games, lifestyles most profitableChoi Hyun-young, a wedding planner by profession, says life has become so much easier since downloading Awesome Note on her smartphone. The application ― which is basically an online organizer and note-taker ― helps Choi keep her hectic schedule intact with customized folders for work and her personal life, under which she keeps and m
May 17, 2011
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EU clears Portugal bailout
Ministers sign off on $110b in rescue loans, continue to wrestle over GreeceBRUSSELS (AP) ― European governments insisted on handing out bailouts to fight the debt crisis on Monday, when they signed off on 78 billion euros ($110 billion) in loans to Portugal and debated giving Greece a second rescue package to avoid a disastrous default.Most of the terms for Portugal’s package had emerged over the
May 17, 2011
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Forbes ranks Lotte Shopping as world’s 6th largest retailer
Lotte Shopping, Korea’s leading retail group, said Monday that it has been ranked the sixth-largest retailer worldwide by Forbes Magazine, joining the ranks of global top sellers.The Korean company runs chains of Lotte Department Store, Lotte Mart and Lotte Super. Tied with Chile’s Falabella, it ranked higher than U.S. giants such as Sears and Nordstrom and Japan’s Isetan Mitsukoshi.Forbes has bee
May 16, 2011
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Regulator unveils support measures for new mobile service operators
The Korea Communications Commission unveiled support measures Monday for mobile virtual network operators so that they can release telecom services that are 20 percent cheaper than what is now available.The state telecom regulator said SK Telecom, the country’s top mobile carrier, will provide the MVNOs with mobile phones until June 2012.It also said SKT will also help the MVNOs, which plan to lau
May 16, 2011
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SMEs create more jobs than big firms
The number of people working at small- and medium-sized enterprises increased by 3.47 million between 1999 and 2009, industry data showed Sunday.Under local regulations, SMEs are defined as companies with less than 1,000 employees and total assets less than 500 billion won ($458 million), and companies that meet the requirements but are affiliated to large companies are excluded from the category.
May 16, 2011
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Samsung phones stay on top of U.S. market
Global mobile phone market gets significant boost by burgeoning demand for smartphonesSamsung Electronics, the world’s second-largest phone maker, has held the biggest U.S. market share for 11 straight quarters anchoring its position as a top seller in the region, according to market research data.Strategy Analytics on Monday said Samsung’s market share stood at 27.4 percent after selling 12.6 mil
May 16, 2011
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Six out of 10 happy to work longer for less: KCCI survey
Six out of 10 salaried workers are willing to apply for the salary peak system to stay employed longer, the Korea Chamber of Commerce and Industry said on Monday. The salary peak system provides older workers with an opportunity to work past their retirement age, but for a smaller salary once their “peak” has passed. A survey taken by the chamber showed that out of 353 salaried workers, almost 60
May 16, 2011
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Hyundai Engineering to expand Iraqi power plant near Baghdad
South Korea's Hyundai Engineering & Construction Co. started work Sunday on a $219 million project to expand a gas-fired power station near Baghdad, an Iraqi Electricity Ministry spokesman said.The Al-Quds station located in a suburb northeast of the capital will increase production to 1,400 megawatts from 900 megawatts after 18 months, said Qais al-Waeli, spokesman for the ministry's gas projects
May 15, 2011
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Samsung narrows gap with Intel
Samsung Electronics Co., the world’s largest maker of computer memory chips and the second-biggest semiconductor company, reduced its gap with industry leader Intel Corp. in 2010, according to an industry report Sunday, fueled by its memory business.Samsung accounted for 9.2 percent of the global chip revenue in 2010, up from a 7.6 percent share in 2009, according to the latest report from IHS iSu
May 15, 2011
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SK Innovation airs ads on global warming
SK Innovation Co., one of the nation’s leading energy companies, has launched a TV commercial highlighting the risks global warming poses.Emphasizing the plight polar bears face due to global warming, the commercials tell viewers that the company is committed to fighting greenhouse emissions, SK Innovation said. Images from SK Innovation’s TV commercials on global warming. (SK Innovation Co.)In mo
May 15, 2011
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Hynix wins appeal against Rambus
Hynix Semiconductor, the world’s No.2 memory-chip maker, won a patent infringement appeal against Rambus Inc., a U.S.-based technology licensing firm, the South Korean company said Saturday. If the ruling stands, Hynix will not have to pay the hefty compensation it was slapped with in 2009.“We welcome this ruling as it has helped us establish the basis for pursuing future negotiations with Rambus,
May 15, 2011
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Groupon Korea’s marketing tactics called into question
The Korean branch of U.S.-based global social commerce powerhouse Groupon is facing growing criticism after it posted wrong information about displayed items and even sold products that it had not secured. Groupon Korea on May 2 canceled a “secret megadeal” two hours before the event launch, during which the company was expected to hand out 500,000 giftcons ― mobile gift coupons ― which would give
May 15, 2011
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Shinsegae finalizes deal to buy Kim‘s Club Mart
Shinsegae Co., South Korea’s second-largest retailer by sales, said Friday that it has finalized a deal to acquire Kim’s Club Mart Co., the supermarket chain operator of leading local fashion retailer E-Land Group.Kim’s Club Mart will be purchased by Shinsegae’s discount unit E-Mart Co., Shinsegae said. The purchase price is reported to be less than 200 billion won (US$184.5 million). On May 2, S
May 15, 2011
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Trade surplus continues for 15th month in April
South Korea logged a trade surplus in April for the 15th straight month, fueled by exports of petroleum products, ships and vehicles, the nation’s customs office said Sunday.The trade surplus reached $5.14 billion last month, according to data released by the Korea Customs Service. The figure marks the 15th consecutive month of surplus since February 2010.Exports stood at $49.15 billion in April,
May 15, 2011
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‘I’M YOU’ services a success for KIS
Korea Investment & Securities is successfully operating its one-stop asset management solution designed to help clients make investment choices that best reflects stock market trends, the company said. As of April, the portfolios operated by the company’s “I’M YOU” services showed an average return rate of 17 percent. Park Ji-yoon, a TV personality and former anchor, holds up a placard for KIS’ “
May 15, 2011
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Samsung unveils new tech to get Apple
Samsung Electronics, despite its current legal squabble with Apple Inc., will out roll out so-called “Retina Displays” to secure demand from the California-based company and win a bigger share in the rapidly-growing tablet PC market. Samsung is expected to start mass-producing the displays by the end of this year, industry sources said. The new displays, based on the PenTile RGBW technology, will
May 15, 2011
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Obama to ramp up U.S. oil production
U.S. plans steps to speed up oil production but moves won’t calm gas prices any time soonWASHINGTON (AP) ― Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska’s coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But
May 15, 2011