Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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[Music in drama] Rekindle a love that slipped through your fingers
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‘Discount for Korean cosmetic brands offers little value’
South Korea’s cosmetic brands are offering almost year-long “discount campaigns,” but consumers do not feel substantial benefits due to the continued increases of official prices, industry sources said. A host of cosmetic companies have raised the official prices for their major products by as much as 54 percent this year alone. Such steep increases in the official prices offset the benefit of discount programs, distorting the pricing mechanism of the industry.“Cosmetic brands are competitively
IndustryMay 29, 2013
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Seoul shares hit 2-month high on recovery hopes
South Korean stocks rose to the highest level in two months on Wednesday as solid U.S. economic data underpinned prospects for the global recovery, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.98 points or 0.75 percent to 2,001.20, the highest closing since March 29. Trading volume was moderate at 355.6 million shares worth 4.68 trillion won (US$4.14 billion) with gainers outpacing losers 460 to 350. "Foreig
May 29, 2013
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NTS probing 23 businesses, individuals for possible offshore tax evasion
South Korea's tax agency said Wednesday that it has launched an investigation into 23 businesses and individuals suspected of evading taxes through paper companies established in tax haven regions. The National Tax Service added that it has completed a probe into 83 offshore tax evasion cases, which led to collecting about 479.8 billion won ($424.6 million) in additional taxes.The move is part of pan-governmental efforts to push for fair tax justice and expand the overall revenue base for growin
IndustryMay 29, 2013
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Prosecution raids Shinhan Bank over CJ Group's slush fund probe
Prosecutors on Wednesday raided the headquarters of Shinhan Bank as part of an investigation into allegations that CJ Group, a food and entertainment conglomerate, managed a massive slush fund overseas and evaded taxes.The prosecution has been looking into the origin and use of 24 billion won (US$21 million) that the Tokyo branch of Shinhan Bank, South Korea's No. 3 lender, loaned to CJ Group's overseas corporate body.A team of investigators and prosecutors of the Seoul Central District Prosecut
May 29, 2013
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Seoul shares up 0.44 pct in late-morning trade
South Korean stocks traded 0.44 percent higher late Wednesday morning as investor sentiment was relieved by solid U.S. economic data and prospects for central banks' loose monetary policies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) rose 8.69 points to 1,994.91 as of 11:20 a.m. STX Pan Ocean, STX Group's troubled shipper, jumped by the daily limit of 15 percent on speculation that the state-run Korea Development Bank would take over the shipper. Market leader Sa
May 29, 2013
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Kakao to unveil PC messenger in June
Kakao Corp., the operator of namesake mobile messenger Kakao Talk, said Wednesday it will unveil the PC version of its popular messenger application in June, a move that could dramatically change the landscape of South Korea's instant messaging market. Kakao Talk is a free messenger application that runs on the Android and iOS operating systems. Launched in 2010, it now has more than 90 million users worldwide, rivaling similar apps such as NHN Corp.'s LINE and California-based messenger Whats
IndustryMay 29, 2013
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Prosecution raids Shinhan Bank over CJ Group's slush fund probe
Prosecutors on Wednesday raided the headquarters of Shinhan Bank as part of an investigation into allegations that CJ Group, a food and entertainment conglomerate, managed a massive slush fund overseas and evaded taxes.The prosecution has been looking into the origin and use of 24 billion won ($21 million) that the Tokyo branch of Shinhan Bank, South Korea's No. 3 lender, loaned to CJ Group's overseas corporate body.A team of investigators and prosecutors of the Seoul Central District Prosecutor
IndustryMay 29, 2013
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Samsung’s Galaxy Note 3 to adopt high-powered camera
Samsung Electronics Co. is expected to put out the Galaxy Note 3 with an upgraded camera later this year.The sequel to the company’s flagship “phablet” Galaxy Note will likely feature a 13-megapixel camera as well as some of the most versatile picture-taking capabilities found on a smartphone, local media reported citing Samsung sources. The camera will be powered by 3x optical zoom, better shutter speeds and optical image stabilization technology.Such technologies are speculated to put Samsung’
TechnologyMay 29, 2013
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Samsung investigating ‘Galaxy S3 explosion’ case
Samsung Electronics Co. announced Tuesday it is investigating a Galaxy S3 user’s claim that his phone had exploded.“We have picked up the device in question and launched an investigation. The details (of the investigation) will be revealed as soon as we have the results,” the South Korea-based tech firm said in an official statement. The company added that it is taking the issue “seriously.”An unidentified person on Monday wrote a post on social news website Reddit that his Galaxy S3 smartphone
TechnologyMay 29, 2013
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Samsung Electronics beats Nokia in Finland
Samsung Electronics Co., the world's largest smartphone maker, overtook Nokia Corp. in terms of handset shipments in its home country during the first quarter, data showed Wednesday.Samsung sold 211,000 handsets in Finland, where Nokia is headquartered, during the January-March period, accounting for 36.1 percent of the European country's handset market, according to the data by market researcher IDC Corp.Nokia came in second with shipments of 196,000 handsets or a 33.6 percent market share, the
IndustryMay 29, 2013
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Seoul shares open higher on Wall Street gains
South Korean stocks opened higher Wednesday as investor sentiment got a boost from overnight gains in U.S. markets, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 11.69 points, or 0.59 percent to 1,997.91 in the first 15 minutes of trading.STX Pan Ocean, STX Group's troubled shipper, jumped by the daily limit of 15 percent on speculation that the state-run Korea Development Bank would take over the shipper.But power monopoly Korea Electric Power Corp. declined 4.19
May 29, 2013
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S. Korea logs smaller current account surplus in April
South Korea's current account surplus narrowed in April from the previous month on smaller trade gains and an increase in foreign investors' dividend repatriation, the central bank said Wednesday.The current account surplus reached US$3.97 billion in April, compared with a revised surplus of $4.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.The April reading marked the 15th straight month of a surplus run and
May 29, 2013
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Halted reactors threaten summer shortages
The Nuclear Safety and Security Commission on Tuesday suspended the operation of two nuclear reactors and delayed the scheduled operation of two other reactors for their use of substandard components.The government’s decision prompted public concerns over electricity shortages this upcoming summer.The suspended reactors were the Shin-Kori Reactor 2 in Busan and Shin-Wolsong Reactor 1 in North Gyeongsang Province, in which substandard parts were supplied under faulty quality warranties during the
May 28, 2013
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[Graphic News] Korea on alert over widening income gap
Korea saw its income inequality surpass the average of OECD members, raising concerns over the widening economic disparity between the rich and poor.Korea’s top 10 percent group earned 10.5 times the income of the poorest 10 percent, over the OECD average of 9.5 times in 2010, the Paris-based international organization said.The increased inequality led Asia’s fourth-largest economy to rank ninth among OECD members.Mexico showed the biggest gap with the richest 10 percent earning 28.5 times more
May 28, 2013
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FSS to boost contact with foreign CEOs
The nation’s chief financial regulator has promised to meet with chief executives from Korean branches of foreign financial service firms twice a year.“Under the authorities’ policy to expand communication channels, I will hold the biannual meetings with CEOs of foreign financial firms (operating here),” said Financial Supervisory Service Gov. Choi Soo-hyun during FSS Speaks 2013, a forum held in downtown Seoul on Tuesday.Choi’s predecessors had held them once a year. According to financial indu
May 28, 2013
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SK C&C data center receives high mark
SK C&C, the nation’s leading IT service provider, on Tuesday said its Daedeok Data Center received an A+, the second-highest mark for being an energy-efficient and eco-friendly facility for housing computer systems and related components.The recognition was granted by the Korea Technology Service Industry Association, which held the first Green Data Center ceremony at Palace Hotel. “It’s been 12 years since we built this facility, and now our Daedeok Data Cater has become a role model for other
TechnologyMay 28, 2013
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Ssangyong E&C creditors reluctant to agree rescue
Following the financially distressed STX Group woes, commercial banks are suffering from critical liquidity problems at Ssangyong Engineering & Construction.While creditors of Ssangyong E&C have been pressured to bail out the ailing builder by financial authorities, some of them say that it would be better for the authorities to scrap the state effort to rescue the company, highlighting extremely insolvent assets.Research analysts as well as bank officials estimated that some 1.1 trillion won ($
May 28, 2013
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Korea starts construction of nuclear power plants in UAE
Korean builders started full-scale construction on nuclear power plant unit 2 in Barakah, United Arab Emirates, on Tuesday, the Ministry of Trade, Industry and Energy said. The construction is part of the nation’s first nuclear power plant export deal, which was sealed in 2009. Under the deal worth 21 trillion won ($19 billion), Korea will build four reactors in Barakah by 2020. Trade, Industry and Energy Minister Yoon Sang-jick and other VIPs from the UAE side, including Minister for Presidenti
May 28, 2013
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Hyundai Mobis completes 1m Jeep chassis modules
Hyundai Mobis, the nation’s largest auto parts maker, said Tuesday that its provision of complete chassis modules to Chrysler’s Jeep Wrangler has exceeded 1 million units as of May 17. The complete chassis module is a key assembled frame module located on the lower part of the car body. About 50 percent of auto parts are mounted on it.Mobis, an affiliate of Hyundai Motor, has provided its chassis modules to the Jeep off-roader since 2006. “The figure 1 million is a milestone for Mobis, which has
IndustryMay 28, 2013
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Insurance funds score low on sovereign trust evaluation
Korea’s state-run funds that manage employment insurance, workers’ safety insurance, agriculture assets, and arts and culture businesses scored “low” in the government’s evaluation of sovereign management trusts, the Ministry of Strategy and Finance said Tuesday.In a report of over 140 funds to Cabinet members, the Finance Ministry said they performed below average in part due to a lack of professional human resources that can manage those funds worth some 14 trillion won ($12.4 billion).Meanwhi
May 28, 2013