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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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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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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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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Korean cosmetics use Canadian clay
A business relationship that started two decades ago is moving to the next stage as Ironwood Clay Company hooked up with three major local firms to create all-natural skin care products.Company president Rodger Upton first hooked up with Ilyang Pharmaceutical in 1992, but due to poor marketing, the stars did not shine on both parties and Upton’s Nena skincare product exited the country only to be replaced by Nu Skin’s own clay masks.“We are the only certified organic skin care company in Canada,
Feb. 6, 2012
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Former tax official indicted on charges of helping SK Group evade
A convicted former senior tax official has been additionally indicted on charges of receiving a massive amount of money in return for helping South Korea's third-largest industrial conglomerate SK Group evade tax audits, prosecutors said Monday. Lee Hee-wan, a former director at the Seoul Regional T
Feb. 6, 2012
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Sony, Panasonic expect larger losses as Samsung dominates
Japan’s biggest makers of TVs, phones and chips say they will lose about $17 billion this year, about three-quarters of what Samsung Electronics Co. will spend on research to lengthen the lead over its competitors.Sony Corp. more than doubled its annual loss forecast for the year ending March 31 as it announced a new chief executive officer, while Panasonic Corp. and Sharp Corp. predicted the worst losses in their histories. Their combined losses compare with the $22 billion that Samsung, Asia’s
IndustryFeb. 6, 2012
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Scientists decode how the brain hears words
U.S. scientists said Wednesday they have found a way to decode how the brain hears words, in what researchers described as a major step toward one day helping people communicate after paralysis or stroke.MCT By placing electrodes on the brains of research subjects and then having them li
TechnologyFeb. 6, 2012
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Korea, Turkey to sign MOU on $2b power plant
ISTANBUL (Yonhap News) -- South Korean firms will sign a preliminary agreement to build a thermal power plant in southern Turkey on the sidelines of President Lee Myung-bak's trip to the Eurasian nation, officials said Sunday.A consortium of SK E&C and the state-run Korea South-East Power Co. will s
IndustryFeb. 6, 2012
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KRX decides not to suspend trading of Hanwha shares
Korea Exchange, the country’s bourse operator, announced on Sunday it has normalized the trading of Hanwha Corp. shares after deciding not to subject the company to a delisting review in connection with the ongoing probe into alleged embezzlement. The move will allow the stock to be traded without any restriction on Monday, but investors are likely to see a turbulent ride due to the nature of the problem plaguing the holding firm of Hanwha Group, one of the country’s major conglomerates. Hanwha
Feb. 6, 2012
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Four companies fined for cartel in submarine project
Korea’s four major defense manufacturers have been fined for allegedly forming a cartel in a 2.7 trillion won ($2.41 billion) project to build next generation submarines, the country’s antitrust watchdog said Sunday.The four defense contractors ― LIG Nex1, Samsung Thales, Hanwha Corp. and STX Engine Co.― were imposed with a combined fine of 5.99 billion won, according to the Fair Trade Commission.Samsung Thales was fined 2.68 billion won with LIG Nex1 ordered to pay 2.47 billion won in penalties
Feb. 5, 2012
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Local fashion brands breathe fresh air into luxury trend
When Seok Jeong-hye launched her accessory brand Couronne back in 2009, the Los Angeles-based designer said she once considered hiding its Korean origin. In Korea, where people are very conscious about brand names, especially those of European fashion houses, many were doubtful about the likelihood of success of a home-grown handbag brand.“There were some people who called to ask about the brand and just hung up after realizing it’s a Korean brand. But I had confidence in product quality,” Seok
IndustryFeb. 5, 2012
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LGE tops U.S. drum washer market
LG Electronics Inc., South Korea’s leading consumer electronics maker, remained the top seller of drum washing machines in the U.S. market for the fifth straight year in 2011, a market researcher said Sunday.LG Electronics dominated the U.S. drum washer market last year in terms of sales, number of products sold and market share, according to Stevenson Company.By sales, LG Electronics claimed a 20.7 percent share of the U.S. drum washer market, outstripping Samsung Electronics Co.’s 17.4 percent
TechnologyFeb. 5, 2012
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’Drug makers offered W100b in rebates over 5 years’
FTC last year slapped fines on Korean units of Sanofi-Aventis and JanssenDrug makers in Korea have offered nearly 100 billion won ($89.4 million) in rebates between 2006 and 2010, a report showed Sunday, pointing to a rampant illicit practice that has long dragged on one of Asia’s fastest growing pharmaceutical markets. Last year, 17 local and multinational firms were fined 14.3 billion for having offered cash, gift cards, lavish entertainment and other kickbacks to nearly 8,700 hospitals, docto
IndustryFeb. 5, 2012
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KNOC sells part of stake in U.S. oil field
Korea National Oil Corp. the state-run oil developer, said Sunday it has sold 29 percent of its 80 percent stake in a Gulf of Mexico oil field to a domestic consortium for $308 million.The sale came six months after KNOC selected the consortium of Korea Investment Management Co., Samsung Securities Co. and Daewoo Securities Co. as the preferred bidder for the stake in the Ankor field.KNOC purchased the 80 percent interest in 2008. The state oil developer was entitled to receive 4.47 million barr
IndustryFeb. 5, 2012
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Chaebol subsidiaries dwindle amid criticism
Samsung and some major conglomerates in Korea have seen the number of their subsidiaries decline over the past seven months amid escalating criticism over their excessive expansion, data showed Sunday.Samsung Group, the country’s largest family-controlled conglomerate, known as chaebol, had 79 affiliates under its wing as of Sunday, down four from July last year, according to the data by industry sources and the Fair Trade Commission, the corporate watchdog.Samsung, whose flagship is tech giant
IndustryFeb. 5, 2012
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Samsung signs printer deal with California
Samsung Electronics Co., Korea’s leading tech firm, said Sunday it has won a three-year contract to supply printers to the state government of California.The company did not specify the amount of the deal, but said it will supply laser-jet printers to 150 government offices of California for the next three years. Samsung also said the deal marked the company’s largest contract with a government.Samsung currently has the second-largest share of about 20 percent in the global market for laser-jet
Feb. 5, 2012
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Foreign bank branches’ 2011 net slips 16.2%
Foreign bank branches in South Korea saw their net fall 16.2 percent in 2011 from a year earlier due mainly to a decline in profit from stock investment and interest earnings, the financial regulator said Sunday.The combined net income of 38 foreign lenders’ local branches reached 1.23 trillion won ($1.1 billion) in 2011, compared with 1.47 trillion won in the previous year, according to preliminary data by the Financial Supervisory Service.Of the total, 33 foreign bank branches reaped profits,
Feb. 5, 2012
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Hana Financial seeking to buy Korean American bank in U.S.
Los Angeles (Yonhap News) ― Hana Financial Group Inc., Korea’s No. 4 banking group, said that it is pushing to acquire a Korean American commercial bank in the United States as part of its bid to accelerate expansion abroad. The move comes as Hana Financial Group seeks to boost overseas revenue by taking over the Korea Exchange Bank, Korea’s No. 5 lender, in one of the biggest banking deals in South Korean history. “We are eying (targets) on the East and West coasts where a large number of overs
Feb. 5, 2012
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Shares likely to move in narrow range
Korean stocks are expected to move in a narrow range in this week, as foreign buying may turn lackluster and pressure from the latest gains is likely to slow down a further gain by the key index, analysts said Saturday. The benchmark KOSPI closed on Friday at 1,972.34, up 0.38 percent, or 7.51 points, from one week ago. Although foreign investors propped up the KOSPI earlier this week, the key index failed to surpass the 2,000 level likely to have cheered investors. The last time the KOSPI trade
Feb. 5, 2012
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SMEs see their cash reserves shrinking
A growing number of small and medium-sized companies in Korea are facing a shortage of operating cash in the midst of the economic slowdown and more stringent loan conditions, data showed Sunday. Cash and cash equivalents at 612 listed companies reached 52.2 trillion won (46.8 billion) as of the end of September down 3.39 percent from December of 2010, according to the Korea Exchange.Due to the eurozone fiscal crisis and deepening concerns about a global economic slowdown, local lenders are relu
Feb. 5, 2012
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KDB Financial privatization dispute grows
Ministry’s exclusion of the lender from list of public agencies sparks debateThe government’s recent decision to exclude KDB Financial Group from the list of public corporations has paved the way for the lender to speed up its privatization project, financial sources said.In late January, the Finance Ministry took the state-run financial group off the yearly list of public agencies. But the government’s policy, which has essentially allowed KDB Financial to push for a stake sale, is drawing mixe
Feb. 5, 2012
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Korea faces 18% Iranian oil cut guideline: sources
WASHINGTON (Yonhap News) ― Korea will be forced to slash its oil imports from Iran by at least 18 percent if the U.S. Treasury Department accepts lawmakers’ guidelines on implementing a new Iran sanctions law mainly aimed at curbing its oil sales, sources here said Thursday.The U.S. has been calling for international cooperation in implementing the 2012 National Defense Authorized Act.“Some senators requested a 18-percent cut for a foreign country to be eligible for the waiver of sanctions on it
Feb. 5, 2012
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Honda runs Super Bowl ads in U.S.
Honda Motor Co., coming off its worst year in the U.S., has produced two offbeat Super Bowl ads with stars Matthew Broderick and Jerry Seinfeld to revive interest in its brands.Honda will air the two 60-second spots during Feb. 5’s Super Bowl after sitting out last year’s game. A commercial promoting its CR-V crossover has actor Broderick behaving like his character in 1986’s “Ferris Bueller’s Day Off.” An Acura ad has car collectors Seinfeld and “Tonight Show” host Jay Leno competing for the fi
MobilityFeb. 5, 2012