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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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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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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Banks reap returns from star marketing
For years, companies have turned to celebrities to brighten up their brands. Now, banks are stepping up the trend, choosing their stars as wise investments.Banks are seeking out the sports and TV celebrities with particularly inspiring personal histories, such as figure skater Kim Yu-na, rhythmic gymnast Son Yeon-jae and presenter Song Hae. “Trust and stability are the two things that a financial company wants to show, but rushing contracts with fancy stars without future potential can be a risk
June 12, 2013
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KPX delivers electricity management know-how to developing countries
The Korea Power Exchange held its ninth annual conference on the electricity market Wednesday in an effort to share its know-how on electricity management and countermeasures to electricity shortages.The ninth Seoul International Conference on the Electricity Market kicked off at InterContinental Seoul COEX, with the participation of developing countries such as Ethiopia, Mongolia, Myanmar and Vietnam.The corresponding states have recently been pressured by soaring demand for electricity, trigge
June 12, 2013
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S. Korea's automobile output, exports shrink in May
South Korea's output of automobiles inched down from a year earlier in May, also pulling down its overall exports, the government said Wednesday.The country's total output of vehicles came to 385,371 units last month, down 0.9 percent from the same period in 2012, according to the Ministry of Trade, Industry and Energy.Outbound shipments dropped 0.3 percent on-year to 268,956 units.The ministry said the output dropped as the unionized workers of industry leader Hyundai Motor Co. and its affiliat
IndustryJune 12, 2013
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Keangnam wins bid for W49.7b project in Sri Lanka
Korean construction company Keangnam Enterprises, Ltd. won a highway development project from Sri Lanka worth 49.7 billion won ($43.9 million).The builder announced Wednesday that it had received the order from the Road Development Authority to develop four highway routes in central Sri Lanka ― two highways connecting Katugastota, Alawathugoda and Palapathwela, and the other two routes bridging Maliban Junction and Cross Junction 15 kilometers south of Colombo.The construction is funded by the W
IndustryJune 12, 2013
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Small U.S. mobile carriers oppose Samsung sales ban
A group of small mobile phone carriers in the United States has sent a letter to the U.S. International Trade Commission expressing opposition to a possible sales ban of Samsung Electronics’ mobile devices in the country.The move by the association of 36 mobile carriers in the United States came ahead of the ITC’s August ruling on Apple’s claims that Samsung had infringed its patents.It is in contrast with a group of U.S. lawmakers who sent a letter to the trade agency last month calling for car
TechnologyJune 12, 2013
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RSM starts up solar power plant in Busan
Renault Samsung Motors said on Wednesday a new solar power station would start generating 25 million kilowatt-hours annually within the premises of its auto plant in Busan.The 20-megawatt solar power plant is the world’s biggest of its kind built at a factory site and can supply enough electricity for the 8,300 households in Myeongji, a new town near the Busan factory, the carmaker said.A special purpose company established by Korea East-West Power Co., KB Cottrell and KC Asset Management broke
IndustryJune 12, 2013
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SK Hynix removes patent uncertainties
SK Hynix, the world’s No. 2 chip supplier, on Wednesday said it has signed a cross-license deal with Rambus to put an end to a decade-long patent infringement lawsuit with the U.S.-based high-speed memory-chip designer.Under the deal, the local chipmaker will pay up to $240 million to Rambus over the course of the next five years for access its entire category of semiconductor technology, the Seoul-based company said. It stressed that the deal, which came ahead of an official court ruling in the
TechnologyJune 12, 2013
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Korean banks struggle to secure 50,000-won bills
South Korean banks are scrambling to secure more 50,000-won notes ($44), saying only a limited amount of the highest denomination paper money is available due to its low return rate. According to the Bank of Korea in April, total return for 50,000-won bills in the first quarter of this year was 3.37 trillion won. The rate of refund is 58.6 percent, about 30 percent lower than the previous quarter.Industry watchers speculate the recent plunge in the refund rate is largely due to the new governmen
June 12, 2013
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Creditors likely to OK debt workout program for Ssangyong E&C
South Korea's top lender Kookmin Bank approved a debt workout program for Ssangyong Engineering & Construction Co., a bank official said Wednesday, a move that could prompt other banks to join efforts to salvage the troubled builder."We reached a conclusion to consent to the program through a vote" after two days of intense debate," a Kookmin Bank official said, citing policy.The decision by Kookmin Bank, which has a 7.95 percent voting right among creditor banks, could push Shinhan Bank, South
IndustryJune 12, 2013
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Authorities closely monitoring transactions of Samsung Electronics shares
Financial authorities are closely monitoring the transactions of Samsung Electronics’ shares as they continued to decline, market sources said Wednesday.Shares of Korea’s most liquid blue chip continued its losing streak, spiraling down over the last five trading days despite efforts by its executives to alleviate concerns over the global sales of its flagship smartphones.Samsung Electronics closed at 1,358,000 won ($1,197), a drop of 0.29 percent, or 4,000 won, along with a further dip in the b
June 12, 2013
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Seoul shares down 0.13 pct in late-morning trade
South Korean stocks traded 0.13 percent lower late Wednesday morning on losses in techs and autos, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.43 points to 1,918.25 as of 11:20 a.m. Tech shares traded lower, with LG Electronics falling 1.04 percent and flat panel maker LG Display decreasing 1.9 percent. Top chipmaker SK hynix declined 0.46 percent. Top market cap Samsung Electronics, however, inched up 0.36 percent. Carmakers also traded lower, with No. 1
June 12, 2013
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Seoul shares open lower on MSCI's decision
South Korean stocks opened lower Wednesday as investor sentiment was dented following MSCI's decision to retain the country's emerging market status, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 6.81 points, or 0.35 percent, to 1,913.87 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 1.44 percent and leading steelmaker POSCO losing 0.47 percent. Top chipmaker SK hynix shed 0.46 percent.Stock
June 12, 2013
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Authorities to monitor price swings in Samsung's shares
South Korea's financial authorities will monitor shares of Samsung Electronics Co. to detect possible price-rigging activity amid the recent price swings, market sources said Wednesday.The move came as the top smartphone maker suffered a 6.18 percent drop in its share price on Friday to 1,427,000 won, the lowest since Feb. 6. It fell for the fourth consecutive trading session on Tuesday to 1,389,000 won."We have intensified our oversight on the trading activities related to Samsung Electronics,"
June 12, 2013
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SK hynix to pay Rambus $240 mln for new license deal
SK hynix Inc., the world's No. 2 memory chip maker, said Wednesday that it has reached an agreement with Rambus Inc. on a new license deal that would cost the South Korean company a total of US$240 million over the next five years, ending a decade-long legal battle over memory chip technology. Under the new agreement, SK hynix will pay $12 million in royalties each quarter over the next five years to the U.S.-based technology licensing company for using its semiconductor technology, the South Ko
IndustryJune 12, 2013
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S. Korea's jobless rate falls to 3 pct in May
South Korea's jobless rate fell in May from a month earlier but job creation slowed amid concerns labor market conditions might remain tough for many job seekers, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3 percent last month, down from the previous month's 3.2 percent. The rate also fell from a year earlier when it was 3.1 percent.The jobless rate adjusted for inflation, however, edged up to 3.2 percent from April's 3.1 percent.J
June 12, 2013
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MSCI keeps S. Korea's emerging market status
Global investment index provider MSCI Inc. retained South Korea's emerging market status on its global equities index Wednesday, citing the country's high barrier in the financial sector."Many international institutional investors consider that the accessibility of the Korean equity market is not at Developed Market standards," MSCI said in a statement.MSCI, the research arm of U.S. banking group Morgan Stanley, announced the decision on its Web site early Wednesday morning (Seoul time). "The li
June 12, 2013
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Korea to redraft business regulations from scratch
The government is set to review and rewrite all of its business regulations from square one as a means to deregulate or remove burdensome rules to boost private investment in Korea, sources said Tuesday. The Office for Government Policy Coordination, part of the Prime Minister’s Office, will lead all related state agencies in the so-called “zero-based” process of evaluating more than 1,800 regulations and guidelines governing business investments.It will then draw up comprehensive measures aimed
June 11, 2013
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20% of big firms’ workers are women
About 1 out of 5 workers at the nation’s biggest companies is female, and the rate has slightly increased over the past five years, data showed.The number of workers at the nation’s 100 top-selling companies reached 747,190 as of the end of last year, according to figures released by the Financial Supervisory Service. Among them, 149,568 employees, or about 20 percent, were female. Lotte Shopping, the nation’s No. 2 retailer, had the highest ratio of female employees, employing 16,438 women, abo
June 11, 2013
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[Newsmaker] Cook strives to keep Apple innovative
U.S.-based tech giant Apple on Monday revealed its much-anticipated new mobile operating system, hinting that its innovative prowess had not died with its cofounder Steve Jobs.“IOS 7 is the biggest change to iOS since the introduction of iPhone,” the company’s CEO Tim Cook said at the Apple Worldwide Developers Conference in San Francisco.Throughout the presentation, Cook repeatedly stressed the word “innovation,” as if to state that his company is still capable of producing groundbreaking produ
TechnologyJune 11, 2013
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KT commits W3tr for creative economy
KT Corp., the nation’s leading mobile carrier, on Tuesday pledged to spend 3 trillion won ($2.6 billion) on the nation’s information, communication and technology industry for network advancement and to create up to 25,000 new jobs. “Our goal is to become a first-rate ICT firm recognized by our global peers and be known as a firm capable of leading both the industry and our rivals,” said KT chairman Lee Suk-chae on Tuesday at a press conference.He declined to elaborate, but signaled that there w
TechnologyJune 11, 2013