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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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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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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Kim named CEO of Kumho Tire
Kumho Asiana Group on Tuesday named Kim Chang-kyu, president of Asiana IDT, the chief executive of Kumho Tire. Hwang Sun-bok, executive vice president of the conglomerate’s strategic management, was promoted to president of Asiana IDT, and Park Sang-bae, executive vice president of Asiana IDT, was assigned to the same post at Kumho Resort.Suh Jae-hwan, executive vice president of Korea Express, will head the group’s strategic management division, Kumho Asiana said in a press release.(sophie@hera
IndustryJan. 31, 2012
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Lotte scion withdraws bakery chain business
Bliss, French gourmet food company Fauchon’s Korean brand, said Tuesday it is withdrawing from the bakery business.“The decision came in order to comply with the government’s shared growth initiative and the public opinion to protect smaller vendors,” a Bliss official said. The move is the latest in a series of business withdrawals amid criticisms that bakery or coffeehouse chains run by chaebol offspring are fast overtaking the sales of smaller, individually-owned stores.Fauchon had been operat
IndustryJan. 31, 2012
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Korea sells Cheongju airport rights
The government has sold the operational rights of an international airport in the central part of Korea to a private consortium for 25.5 billion won ($22.6 million), officials said Tuesday.The consortium will take over operational control of Cheongju International Airport, 160 kilometers south of Seoul, late this year after completing the necessary administrative process, the finance and transportation ministries said. The consortium, named the Cheongju Airport Group, is made up of Korea Aviatio
Jan. 31, 2012
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LG Chem reaches sales record in 2011
LG Chem said Tuesday it posted 22.68 trillion won ($20.17 billion) in sales and 2.84 trillion won in operating profit last year, with its yearly sales figure recording more than 20 trillion won for the first time.The 2011 sales figure is a 16.5 percent jump from the previous year and the operating profit is also a slight increase of 0.7 percent from the same period.The company, however, said in a regulatory filing that its total sales and operating profit figures for the final quarter of last ye
IndustryJan. 31, 2012
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E-Land going global with Dodgers bid
E-Land chairman Park Sung-su has moved aggressively in recent years to expand the business portfolio of the nation’s leading fashion retailer. Following purchases of luxury resorts and foreign fashion brands, he now aims to buy the Los Angeles Dodgers, which declared bankruptcy last year.An E-Land official confirmed Tuesday that the company has joined a consortium to acquire the baseball club and made last Friday’s first cut. “The Dodgers are not just a baseball team, but a symbol of Los Angeles
IndustryJan. 31, 2012
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KEB highest paying bank in Korea
Employee salaries at Korea Exchange Bank, Korea’s fifth-largest lender, were the highest among the country’s six largest banks, industry data showed Tuesday. KEB paid an average of 51.7 million won ($45,858) to its employees during the first three quarters of 2011, the highest among South Korea’s six lenders, according to industry data. Hana Bank, the fourth-largest lender in Asia’s No. 4 economy, had the lowest average salary in the same period with 38 million won. Following a regulatory approv
Jan. 31, 2012
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Lone Star faces hefty corporate tax on capital gains
Korea’s tax agency said Tuesday it plans to impose a corporate tax on U.S.-based buyout fund Lone Star Funds’ investment gains from the purchase of a local skyscraper instead of the previously-imposed transfer income tax, which a Seoul court ruled illegal.Nearly 100 billion won ($89 million) in corporate taxes will be levied next month on the fund’s capital gains of nearly 245 billion won, stemming from its purchase and sale of a commercial high-rise in the posh southern part of Seoul. The decis
Jan. 31, 2012
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Hong vows support for small exporters to U.S.
Korea’s knowledge economy minister vowed Tuesday to provide policy support to small and medium businesses so that they can reap benefits from the ratified Korea-U.S. free trade agreement.“That’s why we will launch a trade comprehensive assistance center under the Korea International Trade Association (this month),” said Minister Hong Suk-woo during a luncheon hosted by the American Chamber of Commerce. The goal of the center, he said, is to provide assistance to Korean businesses that are intere
Jan. 31, 2012
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EU probes Samsung over wireless patents
(Yonhap News)BRUSSELS (AP) -- Samsung took a hit in its battle against arch-rival Apple on Tuesday, when the European Union announced it will investigate whether it is illegally trying to hinder competitors and Germany blocked sales of some of its tablets.Samsung Electronics and Apple Inc. are engag
TechnologyJan. 31, 2012
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Samsung fails to overturn Apple's German Galaxy Tab ban
Samsung Electronics Co. lost a bid to overturn a German sales ban on its Galaxy 10.1 tablet computers obtained by Apple Inc. in an intellectual property dispute.The Higher Regional Court in Dusseldorf backed the ban in a ruling today. While Apple can't rely on a European Union design it used to win
TechnologyJan. 31, 2012
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Number of venture firms tumbles during late 2011
The number of venture firms in South Korea plummeted in the May-December period of last year as economic uncertainties sapped entrepreneurship, industry data showed Tuesday.A total of 850 venture firms closed down in the eight-month period in 2011, compared with a gain of 2,351 startups during the earlier four months, according to the data by the Korea Exchange and the Korea Venture Business Association. The number of venture firms grew a mere 6.1 percent on-year in 2011, compared with a 30.4 pe
Jan. 31, 2012
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Avante Hyundai Motor’s best-seller in 2011
The Avante compact manufactured by Korea’s top automaker Hyundai Motor Co. was the company’s top-selling car in the global market last year, industry data showed Tuesday.A total of 787,067 units of the Avante, known as the Elantra in the United States, were sold in 2011 in the domestic and overseas markets, accounting for 19 percent of Hyundai Motor’s overall shipments of 4.14 million vehicles, according to the data.Its domestic sale reached 130,628 units last year, while 239,439 units were expo
MobilityJan. 31, 2012
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Korea’s industrial output slows to 2.8% in Dec.
Korea’s industrial output grew at a much slower pace in December in the face of persistent global economic uncertainties, a government report showed Tuesday.According to the report by Statistics Korea, production in the mining and manufacturing industries moved up 2.8 percent last month from a year earlier, slowing from a 5.8 percent gain in November.Industrial production, however, fell 0.9 percent on-month in December, marking the third month in a row that numbers declined.In November, it shran
Jan. 31, 2012
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Hyundai Motor donates training school in Ghana
Hyundai Motor Co. said Tuesday it will build a vocational school to train mechanics in Ghana, widening its corporate social responsibility program in underdeveloped countries.Named Hyundai-KOICA Dream Center, the school will be the first of a number of learning centers the company plans to build in African countries, Southeast Asia and developing nations in other regions. The school, to open this September, will adopt a three-year curriculum for some 300 students. “Hyundai workers from all over
IndustryJan. 31, 2012
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Banks’ earnings surge on record service fees
Lenders see combined profit reach 12 trillion won, up 29.2% from a year beforeKorean banks posted a robust combined profit last year on the back of their record-high earnings from service charges.According to the Financial Supervisory Service, banks’ 2011 earnings came to about 12 trillion won ($10.5 billion), up 29.2 percent from 9.3 trillion won a year earlier.Noticeably, their earnings from service fees, including those on transactions via automated teller machines, marked an all-time high of
Jan. 31, 2012
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Chung honored for role in Yeosu Expo
Hyundai Motor Group chairman Chung Mong-koo will receive the National Order of Merit Mugunghwa from the government for his contribution to the 2012 Expo in Yeosu, Hyundai Motor said Tuesday.Mugunghwa is the first class of order of Civil Merit. Chung has worked as the honorary chief of the organizing committee to host the world class exhibition event since 2007. His contributions were noted after he visited 11 member states of the Bureau of International Expositions in 2007 to promote Yeosu to of
IndustryJan. 31, 2012
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Medical tourism income hits record high in 2011
Korea’s medical tourism income reached a record $116 million in 2011 on the strength of the surging popularity of the country’s health care and medical services among inbound travelers, the Bank of Data showed Tuesday. The income from the thriving medical tourism doubled in five years as more foreign travelers came here to get medical services and plastic surgery.“Foreign tourists are flocking to the country because of its advanced medical technologies, and Chinese and Japanese customers, in par
Jan. 31, 2012
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POSCO builds children’s center in Zimbabwe
POSCO said Tuesday it built a development center for children near the Zimbabwean capital of Harare as part of efforts to expand its social contribution in Africa.About 80 children suffering from poverty or AIDS will take part in programs to improve their health at the POSCO Children Development Center, the steelmaker said in a press release. Parents and local leaders will undergo educational programs on childraising at the center.Next to the new center, POSCO broke ground for an Agricultural Tr
IndustryJan. 31, 2012
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Conglomerates swayed by politics in election year
Politicians bent on winning votes indulge in bashing big business ahead of general elections and presidential pollKorea’s family-owned conglomerates are coming under growing pressure as political parties from all sides are trying to exploit popular anger toward corporate greed and inequality for better chances in this year’s key elections. Globally Samsung, LG, Hyundai Motor and other chaebol are basking in praise for their record earnings, increasing market share and technological innovation. T
IndustryJan. 31, 2012
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Magnetic strip card to be banned in September
Financial consumers will be banned from using credit cards that rely solely on magnetic strips starting from September.The Financial Supervisory Service said Tuesday that consumers are required to replace their magnetic cards with integrated circuit cards by September.In its unveiling of the 2012 regulatory policies, the FSS said its move is aimed at preventing fraudulent financial transactions amid a series of crimes with stolen credit cards.“Some transactions via the magnetic strip cards will
Jan. 31, 2012