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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Seoul shares open lower on EU summit concern
South Korean stocks got off to a weak start Friday as investors avoided risky bets pending the outcome of a European summit aimed at addressing the region's fiscal crisis, analysts said.The Korea Composite Stock Price Index (KOSPI) lost 9.37 points, or 0.52 percent, to 1,809.81 in the first 15 minutes of trading.Tech blue-chips and chemical issues led the decline, with market bellwether Samsung El
June 29, 2012
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S. Korea's industrial output grows 2.6 pct on-year in May
South Korea's industrial output grew in May from a year earlier despite persistent eurozone debt problems and market uncertainties, a government report showed Friday.According to the report by Statistics Korea, production in the mining and manufacturing industries expanded 2.6 percent last month from a year earlier. In April, the output remained unchanged from the same month in 2011.Industrial pro
June 29, 2012
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Korea adds 8.5 trillion won to fiscal spending
The Finance Ministry said Thursday that it has revised its projection for the nation’s economic growth for this year down to 3.3 percent, from its earlier forecast of 3.7 percent.In its unveiling of the second-half economic policy direction, the Finance Ministry cited external factors including the eurozone fiscal crisis for the revision.Earlier, the International Monetary Fund and the Organization for Economic Development and Cooperation also lowered their respective forecasts for Korea’s GDP g
June 28, 2012
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Korea-EU FTA effect limited by eurozone crisis
Since it took effect one year ago, FTA helps attract foreign investment, but product price cuts imperceptibleThe effect of the free trade agreement between Korea and the European Union has been meager in its first year as the eurozone fiscal crisis dampened the region’s demand for imports. The FTA, however, appears to have helped attract foreign investment to Korea.Korea’s exports to the EU since the FTA took effect in July 1 last year through June 15 dropped 12.1 percent from the year before la
June 28, 2012
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EU FTA has silver lining for big firms
One year has passed since the much-lauded Korea-EU Free Trade Agreement went into effect on July 1 last year.However, high expectations that the tariff-cutting pact would give Korea’s exporters a boost into the European market have been lowered over the year as the sovereign debt crisis in the eurozone continues to weaken the region’s overall demand, said an economist.While 13.8 percent of Korea’s exports were sent to the EU in 2008, that share actually slid to 9.4 percent this year amid the eur
June 28, 2012
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Cheil Industries, YG Entertainmentb to ride Korean fashion wave together
Samsung affiliate Cheil Industries and YG Entertainment are set to target the global fashion market with the launch of a new, “total lifestyle” Korean brand.Cheil Industries said Thursday that it has entered into an agreement with YG Entertainment, one of Korea’s leading record labels and talent agencies, to develop a new brand for the global teens and 20s market. According to company officials, the new brand, whose name has yet to be decided, will be launched some time in the spring of 2013, an
IndustryJune 28, 2012
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Business leaders call for deregulation
Korean conglomerates brace for tough times in second half of yearChiefs of the nation’s major business groups called on the government to put more efforts into revitalizing the economy through deregulations at a meeting in Seoul on Thursday.Seoul members of the Korea Chamber of Commerce and Industry shared the view that “the corporate sentiment has been worsening since the second half of 2010 and exports are in a declining mode.”The participants including KCCI chairman Sohn Kyung-shik expressed
IndustryJune 28, 2012
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Chinese vice premier vows support for Hyundai Motor operations
Chinese Vice Premier Wang Qishan promised to provide support to Hyundai Motor when he met with group chairman Chung Mong-koo on Thursday, company officials said. The Chinese leader had a meeting with chairman Chung at the Hyundai Pavilion at the Expo 2012 Yeosu. The Chinese official visited the Expo site to celebrate the Chinese national day, 48 days after the exposition opened.“As this year marks the 20th anniversary of the diplomatic relations between China and Korea, we expect Hyundai Motor G
June 28, 2012
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Newly acquired LG unit to develop next-generation fuel cell technology
LG Group announced Thursday that it will jump into the fuel cell technology business, which it considers to be the next-generation energy source.The conglomerate said that it invested a total of $45 million to acquire a 51 percent stake in an affiliate of Rolls-Royce Fuel Cell Systems, a firm that has been key for fuel cell development.With its majority stake in the Ohio-based firm, it will be newly named LG Fuel Cell Systems and it will target commercializing its own fuel cell technology for po
TechnologyJune 28, 2012
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Korean technology firms to use Olympics to promote products
Korea’s representative technology firms such as Samsung and LG Electronics are eager to use the upcoming London Olympics opening on July 27 as a chance to showcase their tech prowess.LG Electronics said Thursday that it will provide a live broadcast as well as the highlights of the Summer Olympic Games throughout the event when consumers of its Cinema 3-D Smart televisions get connected through a TV app. The London Olympics ends on Aug. 12.“Not only will people be able to see the Games live in 3
IndustryJune 28, 2012
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LG Display seeks shared growth with five suppliers
LG Display, Korea’s display manufacturing giant, said Thursday that it has expanded partnerships with its five suppliers to further share profit and technical know-how in line with the country’s move to promote shared growth.The five subcontractors LG Display has sought to boost benefit-sharing with are Exax, a chemical and electronics materials maker; Heesung Metal, a metal and materials company; Glonix, a display glass materials maker; Dong Yang Industrial, a plastic materials maker; and Oh Su
TechnologyJune 28, 2012
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Current account surplus hits 6-month high in May
South Korea’s current account surplus hit a six-month high in May due mainly to a fall in dividend payouts to foreign investors, the central bank said Thursday.The current account surplus reached $3.61 billion in May, up from a revised $1.73 billion the previous month, according to the Bank of Korea. The current account is the broadest measure of cross-border trade.The May data marked the largest surplus since the $4.56 billion in November 2011 and the current account remained in the black for t
June 28, 2012
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Seoul to offer incentives to banks to raise foreign currency savings
The government will provide incentives to banks that expand foreign currency deposits in a bid to reduce damage from possible capital flights in case of financial market instability, the Bank of Korea said Thursday.Korean banks and local branches of foreign banks held $37.3 billion in foreign currency savings, or about three percent of total deposits, as of April. The proportion is much lower compared to Taiwan (10 percent) which has a similar economic structure.For companies and individuals in
June 28, 2012
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SKT wins award for innovative femtocell
SK Telecom, Korea’s largest mobile carrier, won recognition at a ceremony held in London Wednesday for having and commercializing femtocell technology and services.At the Small Cell Industry Awards hosted by the Small Cell Forum, SK Telecom received an innovative award for its femtocell, which allows mobile phone users to remain connected in small and limited spaces via broadband networks.SK Telecom’s partners Contela, a Korean wireless solution firm, and Mindspeed Technologies, a U.S.-based sem
TechnologyJune 28, 2012
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Banks to run pre-debt workouts for potential credit delinquents
The nation’s financial watchdog plans to have banks run pre-workout programs to help out potential credit delinquents. The Financial Supervisory Service announced on Thursday it recently discussed with local bankers in charge of loans running a joint pre-workout program with local banks. The key is to lower loan rates depending on the debtor’s ability to repay and enable them to pay back the principal through divided payments during a long-term period, FSS officials said. The plan will focus on
June 28, 2012
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Shares end almost flat despite upbeat U.S. data
Korean stocks closed almost unchanged Thursday as nagging eurozone concerns offset improved U.S. economic data, analysts said. The local currency rose against the U.S. dollar.The Korea Composite Stock Price Index gained 1.53 points, or 0.08 percent, to finish at 1,819.18. Trading volume was light at 305 million shares worth 3.10 trillion won ($2.68 billion) with losers just outpacing gainers 398 to 383.“Investors sat on the sidelines amid a lack of upward momentum,” said Kim Joo-young, an analys
June 28, 2012
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The subtle art of brand management
When we examine the original meaning behind the term “brand,” it often refers to a company’s collective efforts in distinguishing a new product from its competitors, via methods such as naming, symbolism and design. But its use nowadays is not limited solely to the business world. Rather, it’s become a catchphrase, used in all walks of society. A local university in Seoul, for example, has adopted a motto which roughly translates to, “A factory where I can develop my brand.” The term is used dur
June 28, 2012
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Prudential Life Insurance cherishes trust
Prudential Life Insurance Co. of Korea’s vision is “to become the most trusted company.” The insurer values honesty and ethics above size or profit. Behind the ideal to become the most trusted life insurance company is Prudential’s philosophy “the man of brotherhood and love of family,” and the mission “to help customers achieve financial prosperity and peace of mind.” Since its establishment in Korea in 1989, Prudential Life Insurance has accomplished many firsts for the Korean life insurance i
June 28, 2012
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Singapore Airlines: Innovation trendsetter
Winning the most airline industry awards worldwide, Singapore Airlines’ reputation as the industry trendsetter and innovative market leader is built on firm ground. Besides global master chefs’ selection of gourmet in-flight meals, the company offers business applications, enabling passengers to do office work on board ― even without a laptop ― by accessing files from a USB flash drive and using a remote control equipped with a QWERTY keyboard.Singapore Airlines boasts high efficiency and safety
June 28, 2012
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KB’s GOLD&WISE remains leader in private banking
KB Kookmin Bank’s private banking brand GOLD&WISE has been a market leader ever since it was launched 10 years ago based on the principles of trust, professionalism and the clients’ interest.With the nation’s largest private banking sales network and client base, GOLD&WISE has shown exceptional private banking products, risk management systems, private banking expertise and advisory and marketing service. Using the vast network of KB Financial Group, it has strengthened product support, expanded
IndustryJune 28, 2012