Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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[Weekender] Korean psyche untangled: Musok
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Woman dangling from power lines rescued by residents holding blanket
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Watchdog to adopt stricter standards for fines on illegal activities
South Korea's antitrust watchdog said Tuesday that it will adopt stricter methods and standards that could drive up fines and other punishment for business practices hurting fair market principles.The Fair Trade Commission said that it has revised a "notice on detailed guidelines with regard to imposing fines." The revised notice will go into effect next Monday.Under the new rules, the FTC is able to produce a point-based system with which it can measure the "extent of severity" of illegal activ
June 11, 2013
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Seoul shares open lower on weak yen
South Korean stocks opened lower Tuesday as investors' sentiment was dented by the weak Japanese currency, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.43 points, or 0.49 percent, to 1,923.27 in the first 15 minutes of trading. Tech blue chips traded lower, with market behemoth Samsung Electronics falling 1.47 percent and its smaller domestic rival LG Electronics losing 0.26 percent. Top chipmaker SK hynix declined 0.31 percent.Brokerage houses also traded b
June 11, 2013
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S. Korea sees currency swap with Japan as matter of financial cooperation: source
South Korea sees the currency swap contract with Japan as a matter of "financial cooperation" between the two countries, a high-ranking government official said Tuesday.The remarks come in response to a Japanese media report that Tokyo would not extend the soon-to-be-expired US$3 billion currency swap contract unless Seoul asks for its extension. It is to expire on July 3."The amount is not that significant given our current financial market situation. I think that it is a matter of bilateral fi
June 11, 2013
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[Graphic News] Korea’s credit card use ranks No. 1 in world
Credit card usage in South Korea topped a list of major countries in 2011, data showed Monday.With usage at 129.7 transactions annually per capita, Korea ranked first among the 15 major members of the Bank for International Settlements. Canada and the U.S. came in second and third, respectively, with 89.6 and 77.9 per capita usage of credit cards in the same year.In 2007, the average Korean made 68.3 credit card payments, less than the average American or Canadian who swiped 78.4 and 71.8 times,
June 10, 2013
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Ministry unveils plans to boost child care centers
The Ministry of Strategy and Finance said Monday that the government would ease rules governing the establishment of child care centers and increase its financial support to them.The Ministry of Gender Equality and Family will be overseeing the process of deregulation to encourage the private corporate sector to build centers for their employees, the Finance Ministry said.The ministries said that they were aiming for 70 percent of private businesses to build child care centers within their compl
June 10, 2013
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Foreign firms call for predictable policies
American companies doing business in Korea on Monday voiced their concerns over toughened government regulations under President Park Geun-hye, calling for more predictable and transparent policies. The American Chamber of Commerce in Korea held a luncheon meeting with Trade, Industry and Minister Yoon Sang-jick at a Seoul hotel, with some 100 company representatives and government authorities in attendance.AMCHAM members, citing recent business guidelines made by the National Commission for Cor
IndustryJune 10, 2013
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Finance Ministry seeks partial sale of IBK stake: officials
The Finance Ministry is considering selling some of its dominant stake in the Industrial Bank of Korea in an apparent bid to raise state funds for President Park Geun-hye’s policy agenda, government officials said Monday.While the ministry holds a 65.1 percent stake in IBK, it is seeking to dispose of about 15 percent and maintain its position as majority shareholder with a controlling stake of about 50.1 percent, according to officials.To attract investors, the state-funded IBK, in coordination
June 10, 2013
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Ford Korea sets record sales in May
Ford Sales and Service Korea said Monday that it sold 657 Ford and Lincoln brand vehicles here in May, setting a new monthly sales record. The sales figure, breaking the previous record of 614 set in April 2010, is the highest since the Korean unit of the U.S.-based carmaker was established back in 1995. Ford has been seeing strong sales momentum in recent months. Its cumulative sales in the first five months this year jumped 49.8 percent to 2,712 vehicles from the same period last year. “The st
IndustryJune 10, 2013
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Korean consortium named top bidder for Thai water projects
The state-run Korea Water Resources Corp., or K-water, has become a preferred bidder for water management projects in Thailand worth 6 trillion won ($5.3 billion).Thailand’s Water Resources and Flood Management Commission on Monday selected the Korean state-run company as the top bidder for the A-5 and A-3 project sectors, according to the Ministry of Land, Infrastructure and Transport.The corresponding projects, the former to build floodways and the latter to build reservoirs, are part of the S
June 10, 2013
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FTC slaps antitrust fines against KCC, Hankuk Glass
Korea’s Fair Trade Commission said Monday that it has imposed penalties against KCC and Hankuk Glass Industries after detecting that the two flat-glass manufacturing giants colluded to rig prices of their building materials.The antitrust agency will slap combined fines of 38.4 billion won ($34.1 million) on the two companies, and name one executive from each company involved in price collusion to be prosecuted.Its penalty measures also include forbidding the two manufacturers to share any inside
IndustryJune 10, 2013
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Kakao Talk set to exceed 100m users
The number of Kakao Talk users is expected to break the 100 million mark this month, three years and three months after its launch in 2010.There were some 95 million Kakao Talk users as of June 4. The number of Kakao Talk users exceeded 1 million just six months after the service was introduced and hit 10 million in April 2011. The number increased by 10 million every two to four months ever since.The growth appeared to slow down for a while, but recently regained momentum after the service was
IndustryJune 10, 2013
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KT&G launches world’s first ultra-slim capsule cigarette
KT&G has launched the world’s first ultra-slim, capsule-type cigarette, the country’s largest tobacco maker said Monday. Dubbed “Esse Change,” the product is the follow-up to the company’s best-selling ultra-slim cigarette “Esse,” which has been popular among young smokers in particular, KT&G said. One Esse Change comes with two different flavors, the company said. Its initial mild taste turns apple mint-fresh as the smoker pops the “capsule” inserted within the cigarette. “Esse Change is distin
IndustryJune 10, 2013
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SK Hynix develops new DRAM
SK Hynix, the world’s No. 2 chipmaker, on Monday said it planned to mass produce 8-gigabit LPDDR3 mobile DRAM chips as early as the end of this year.Developed as the world’s first 8-gigabit product in its class, the LPDDR3 was created by applying 20-nanometer-class technology, and is more advanced than the 4-gigabit LPDDR3 being produced by Samsung Electronics.SK Hynix’s newest product features high density, high speed and low power consumption, which together make for an ideal memory product, c
TechnologyJune 10, 2013
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KDB cuts down on liquidity support for STX shipbuilding unit
Creditors of STX Offshore & Shipbuilding have decided to reduce their emergency liquidity support for the ailing shipbuilder from 300 billion won ($266 million) to 250 billion won, displaying skepticism over the firm’s recovery.The company’s main creditor Korea Development Bank recently sent out a notice to eight other creditors, demanding that they agree to the altered liquidity plan, according to officials on Monday.STX Offshore & Shipbuilding had originally requested a total of 400 billion wo
IndustryJune 10, 2013
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Samsung’s R5 research lab rolls into action
SUWON, Gyeonggi Province ― “For continued growth, we must aspire to become a creative company capable of leading change. Erecting our R5 institute was one such chance for precipitating the change and advancement required for becoming a truly creative company,” said Shin Jong-kyun, Samsung Electronics mobile unit chief.His speech was on the day Samsung held a ceremony for marking the move into Samsung’s newest mobile research institute, the R5, in Suwon, home to the world’s largest consumer elect
TechnologyJune 10, 2013
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Namyang Dairy sales plunge after scandal
Namyang Dairy Products’ sales plummeted upon consumer boycotts and strong sales promotions by rivals after the company came under fire for forcing its sales agents to buy more products than needed.An audio clip revealing a Namyang employee’s verbal abuse against a distributor last month ignited nationwide controversy over abusive business practices between companies.In some large discount store chains, Namyang’s sales were halved in May, causing the dairy giant’s market share to tumble.One of th
IndustryJune 10, 2013
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Korea pressures telecom CEOs to support economic aims
The chief executives of the nation’s three mobile carriers ― KT Corp., SK Telecom and LG Uplus ― on Monday met with Choi Mun-kee, the minister of Minister of Science, ICT and Future Planning, where they reiterated their earlier pledges to slash subscription fees and to act as key players in the creative economy drive. The subscription fee cut is not new, and is a part of a bigger blueprint for phasing in a complete exemption of the fees by 2015. More notable was Choi’s subtle but direct request
TechnologyJune 10, 2013
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AmorePacific launches umbrella campaign
AmorePacific on Monday said it kicked off its “Share your Umbrella” campaign through which consumers may exchange their service points for umbrellas in advance of the upcoming rainy season.With 9,900 points or more accumulated by purchasing products from nationwide AmorePacific stores, consumers can take home a trendy umbrella designed by stylist Jung Yoon-ki.The umbrella is decorated with stars, dark browns and bright mint for colorful protection against the summer rain, the company said.Actor
IndustryJune 10, 2013
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Seoul shares up 0.46 pct on U.S. hopes
South Korean stocks rose 0.46 percent Monday on the market outlook that the U.S. Federal Reserve may maintain its economic stimulus measures down the road, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.85 points, or 0.46 percent, to close at 1,932.70. Trading volume was low at 268.1 million shares worth 3.67 trillion won (US$3.27 billion) with gainers outpacing losers 533 to 296. "Seoul shares gathered ground o
June 10, 2013
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Seoul shares up 0.25 pct in late-morning trade
South Korean stocks traded higher late Monday morning on gains in techs and retailers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.89 points to 1,928.74 as of 11:20 a.m. Tech shares traded bullish, with Samsung Electronics adding 0.28 percent, recouping losses made in the previous tradingsession. The market behemoth plunged 6.18 percent to 1,427,000 won, the lowest since Feb. 6 on Friday. Retailers also traded higher, with Lotte Shopping rising 0.98 perc
June 10, 2013