Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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[Weekender] How DDP emerged as an icon of Seoul
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[Music in drama] An ode to childhood trauma
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Number of smartphone users tops 20m
The number of smartphone subscribers in South Korea surpassed the 20 million mark last week, with nearly 40 percent of South Korean residents carrying such mobile devices, according to data from the country’s telecom regulator released Sunday. South Korean smartphone subscribers numbered slightly more than 20 million as of Friday, including 10 million users with industry leader SK Telecom Co., 6.8 million at KT Corp. and 3.3 million at LG Uplus Corp., the data compiled by the Korea Communication
IndustryOct. 30, 2011
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Korea mulls hiking highway, train fares
South Korea will likely raise highway and train service fares by the end of this year following years of unchanged rates aimed at curbing inflation, a source said Friday.The finance ministry and the transportation ministry are currently in the last phase of talks to determine when and by how much they will increase fares for the two major means of transportation, he said.Highway fares will likely increase by less than 3 percent, while those for trains will go up about 3 percent. The hike is expe
Oct. 30, 2011
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Global finance forum to open in Busan
The seventh Busan International Finance Conference will be held on Monday, under the theme of “development strategies for Busan as a global center of cloud computing and outsourcing for financial services industries.”Co-hosts include the Korea Institute of Finance, the International Financial Forum of Pusan National University, the Asia-Pacific Financial Markets Research Center of the University of Hawaii and the Bank of Korea’s Busan branch.“The event will prepare Busan city to play a pivotal r
Oct. 30, 2011
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Hyundai’s car production helps economy in Czech Republic
OSTRAVA, Czech Republic ― It has been more than two years since Hyundai Motor established a large-scale manufacturing plant in the Czech Republic.Apart from the factory’s role as a logistics base for Hyundai’s automobile sales in Europe, an issue has emerged as to whether the Korean company has been gaining favorable image from Czech citizens and its government.Though the automaker’s factory is located in a small city of Nosovice, whose population stays only at about 1,000, it has been playing a
MobilityOct. 30, 2011
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Number of smartphone users tops 20m in S. Korea
The number of smartphone subscribers in South Korea surpassed the 20 million mark last week, with nearly 40 percent of South Korean residents carrying such mobile devices, according to data from the country's telecom regulator released Sunday. South Korean smartphone subscribers numbered sligh
TechnologyOct. 30, 2011
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Stocks likely to gain this week but eurozone jitters remain
The South Korean stock market is expected to continue to gain ground this week but uncertainties from the eurozone debt problems will limit investor sentiment, analysts said Saturday.The benchmark KOSPI closed at 1,929.48 on Friday, up 91.1 points or 4.96 percent from a week earlier. The index was boosted on reports that European leaders reached an agreement on plans to recapitalize banks.Foreigners led the rally by scooping up shares worth 1.7 trillion won ($1.54 billion), while retail investor
Oct. 30, 2011
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Ningbo Baoxin inks cooperation deal with LGE
HONG KONG (Yonhap News) -- Ningbo Baoxin Stainless Steel Co., a Chinese steelmaker, said Friday that it has signed a business cooperation agreement with South Korea’s LG Electronics Co., in a bid to boost their competitiveness in the global market.Under the deal, Ningbo Baoxin Stainless Steel and LG Electronics will strategically cooperate in developing new products and enhance their common vision and interests, the Chinese stainless steelmaker said. Also, the deal calls for Ningbo Baoxin to sup
IndustryOct. 30, 2011
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SK Group supports social enterprises
U.N. chief Ban praises conglomerate as spearhead of social contributionLike most Korean conglomerates, SK Group has been placing increasing emphasis on corporate social responsibility programs in recent years.While most have chosen to do their part through donations, SK Group has focused its efforts on social enterprises under the guidance of chairman Chey Tae-won.According to SK Group officials, Chey believes that simple donations have limited efficacy in solving social problems and that social
IndustryOct. 30, 2011
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SK Group seeks efficient mutual growth
Large and small companies need to break out of the traditional boundaries of the contractor-subcontractor relationship to bring about shared-growth, SK Group chairman Chey Tae-won said Friday.Chey and the heads of major SK Group firms including SKC and SK Networks met with the CEOs of 70 SK Group subcontractors to discuss means to bring about shared growth at a conference in Yongin, Gyeonggi Province.According to SK Group officials, chief executives of SK Group subsidiaries were included in the
IndustryOct. 30, 2011
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Daelim Industrial inks $1.22b power plant deal in Saudi Arabia
Daelim Industrial Co., a South Korean builder, said Sunday that it has signed a $1.22 billion deal to build a power plant in Saudi Arabia.Under the deal with state-controlled Saudi Electricity Co., Daelim Industrial will build the combined-cycle plant by September 2014, the company said.The power plant, with a capacity of 1,200 megawatts, will be built in Shoaiba, some 120 kilometers south of Jeddah.Daelim will design, build and operate the plant, it added.The SEC’s power plant project is aimed
IndustryOct. 30, 2011
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Central bank warns of foreign capital outflows
South Korea’s central bank warned Sunday that foreign capital could flee the country if eurozone debt woes spread into a banking crisis and the U.S. economy sharply slows.“As uncertainty in global financial markets rises, there is a possibility that foreign capital flows will become unstable,” the Bank of Korea said in its semi-annual financial stability report.“In particular, if the eurozone debt crisis hit the region’s banks, thereby accelerating their deleveraging, and the U.S. economy fast c
Oct. 30, 2011
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Shinsegae Group chief’s Twitter account hacked
Shinsegae Group vice chairman Chung Yong-jin’s Twitter account appears to have been hacked by an unknown entity. The hacker sent commercial tweets and spam messages to more than 119,000 of Chung’s followers and even changed the account ID to “@Acaiberry56” from “@yjchung68.”The vice chairman was not aware of the incident until he checked his account the next day on Oct. 29, according to news reports.About an hour after Chung’s explanation, an anonymous Twitter user joined the website again with
IndustryOct. 30, 2011
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Business sentiment falls for November
South Korea’s business sentiment for November fell from a month earlier due to growing global double-dip recession concerns, a poll showed Sunday.The monthly business survey index for the upcoming month came in at 96.4, down five points from the 101.4 forecast for October, according to the survey by the Federation of Korean Industries, the lobbying group of the country’s large businesses.The figure marks the second lowest BSI number this year after the 96.3 reading tallied for September, and the
Oct. 30, 2011
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Hanwha to operate leisure resort in China
Hanwha China is to go into the hot-spring resort business in China in collaboration with a local company, Hanwha Group announced Sunday.Hanwha China is the Korean conglomerate’s subsidiary in charge of its operations in China.According to the conglomerate, Hanwha China signed a memorandum of understanding with China’s Yida Group to establish a joint venture for building and operating a leisure resort compound within the Longmen complex in Dalian, Liaoning Province. The Longmen complex is a 265-s
IndustryOct. 30, 2011
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Hyundai Motor in Czech Republic helps economy
Jobs popular among female workers from border countriesOSTRAVA, Czech Republic -- It has been more than two years since Hyundai Motor established a large-scale manufacturing plant in the Czech Republic.Apart from the factory’s role as a logistics base for Hyundai’s automobile sales in Europe, an issue has emerged as to whether the Korean company has been gaining favorable image from Czech citizens and its government.Though the automaker’s factory is located in a small city of Nosovice, whose pop
MobilityOct. 30, 2011
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Hyundai, Kia to see sales top 7m next year
Hyundai Motor Co. and its affiliate Kia Motors Corp. are likely to see their combined sales exceed 7 million units next year on the back of improved brand images, production quality and increased capacity, analysts said Sunday.For this year, South Korea’s top duo of carmakers expect to sell a combined 6.5 million units with Hyundai Motor posting sales of 4 million units. But they warned last week that they may face increased competition with foreign rivals and unfavorable business conditions dow
Oct. 30, 2011
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Seoul to lay out long-term fiscal plan
Finance Ministry torn between restoring fiscal balance and welfare for aging KoreaWill the government continue deleveraging or spend more for better welfare? Cornered into juggling the two contradictory urges, the Finance Ministry spoke of its plans and challenges ahead in setting a long-term fiscal policy. Koo Bon-jin, chief of the ministry’s public finances, said his team will soon lay out a fresh fiscal plan looking to 2020 and beyond, seeking ways to sustain budget balance on the back of eve
Oct. 30, 2011
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Lone Star loses KEB’s shareholder status
FSC fails to gain public consent on its rulingLone Star Funds lost the status of biggest shareholder of Korea Exchange Bank on Saturday as the U.S.-based equity fund failed to meet the eligibility requirements set by financial regulators.The fund’s position of losing, or being banned from exercising voting rights for its stake exceeding 10 percent, comes after a recent court ruling in Seoul that Lone Star engaged in manipulation of stocks of KEB’s credit card affiliate in 2003.On Monday, the Fi
Oct. 30, 2011
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Watchdog fines LCD makers for price fixing
The Fair Trade Commission on Sunday levied a fine of 194 billion won ($175.9 million) on 10 flat panel makers including Samsung Electronics, for price-fixing their flat TV and notebook computers.The fine is the largest ever slapped on an international cartel, of which Korea’s LG Display and Taiwan’s liquid crystal display makers AU Optronics, Chimei Innolux Corp., Chunghwa Picture Tubes and HannStar Display Corp. are members, the watchdog said. The watchdog said the collusion included adjusting
IndustryOct. 30, 2011
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Korea mulls hiking highway, train fares
South Korea will likely raise highway and train service fares by the end of this year following years of unchanged rates aimed at curbing inflation, a source said Friday.The finance ministry and the transportation ministry are currently in the last phase of talks to determine when and by how much th
Oct. 30, 2011