Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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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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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Local market for smartphones faces stagnation: report
The growth of the South Korean market for smartphones will begin slowing down this year and possibly post a negative growth in 2016 due to market saturation, a U.S. market research group said in a report released Sunday.According to the report from Strategy Analytics, the local market for smartphones is expected to grow 8 percent from a year earlier to around 33.1 million units this year.The growth rate will mark a significant slowdown from an explosive 717 percent on-year surge in 2010, as well
TechnologyMarch 31, 2013
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Korean exports to Japan tumble
Korea’s exports to Japan have tumbled since the second half of last year, according to data released Sunday, mainly because of a weak yen. Korean exports to the world’s third-largest economy plunged 17.4 percent to $2.89 billion in February from a year ago, the Korea International Trade Association said. Korean exports to Japan fell below the $3 billion mark again after nose-diving 23 percent to $2.75 billion last April compared to the same period in 2012. Sales of Korean goods to Japan saw a te
March 31, 2013
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Real hero
Porsche is likely to maintain a low profile at this year’s Seoul Motor Show, but the Korean debut of the new Cayman and Cayman S seem enough to captivate sports car fans here. The Porsche Cayman is a mid-engine layout rear-wheel-drive coupe derived from Porsche’s second- and third-generation Boxster roadster. The new, third-generation two-seat sports car has again undergone a complete redevelopment. It is lower and longer, lighter and faster, and more efficient and powerful then ever, the carmak
MobilityMarch 31, 2013
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Ssangyong Motor seeks new leap forward
Ssangyong Motor CEO Lee Yoo-il pledged to shake up the competition in the local luxury sedan market long dominated by Hyundai and foreign rivals at the unveiling of its newest Chairman at the Seoul Motor Show on Thursday.“In the large sedan segment where competition with imported carmakers is fierce, I believe the Chairman W Summit will become a game-changer,” he said, introducing the model. He set this year’s sales target for the new Chairman at about 500 vehicles. The Chairman W Summit, which
MobilityMarch 31, 2013
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Audi accelerates with R8 sports car
For Audi, the hottest-selling luxury car brand in Korea, the year 2012 was stunning, with its car sales almost doubling from a year ago. This year the carmaker aims higher, rolling out sportier, high-performance models. At the heart of the ambitious plan is the R8 sports car. At Seoul Motor Show that kicked off Thursday, Audi unveiled a total of 22 vehicles ― the most among foreign brands ― including two Korean debuts, the R8 V10 Coupe and Spyder.“Introducing more vehicles than other imported br
MobilityMarch 31, 2013
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Two debuts for Mercedes-Benz
Mercedes-Benz Korea made several debuts at Seoul Motor Show that kicked off Thursday. One was the long-anticipated A-Class, the smallest, cheapest Mercedes that will finally hit the Korean market in the latter half of this year. Even though the car debuted globally in 1997, the German luxury carmaker has delayed the launch of the 1,800 cc hatchback in Korea where its larger sedans are enjoying an unrivaled premium image. The other debut on the day was Britta Seeger, the Korean unit’s new and fir
MobilityMarch 31, 2013
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Jaguar Land Rover bets big on Korea
One of the highlights at this year’s Seoul Motor Show may be the presentation by Jaguar’s design director Ian Callum for the long-anticipated F-Type roadster. In his first visit to Korea, the legendary car designer, 59, personally unveiled the two-seat F-Type, the first sports car made by the British luxury brand since the 1970s. “It’s a true breakthrough product for Jaguar. It marks our return to the sports car market,” he said of the F-Type, which will go on sale globally this summer. In order
MobilityMarch 31, 2013
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Renault Samsung out to recapture Koreans’ hearts
Renault Samsung is out to recapture the hearts of Koreans, this time with a compact SUV crossover and the SM5 XE TCE that it rolled out at Seoul Motor Show this week. The cars were distinctively cool, and reflected the promise the carmaker, which has performed weakly over the past few years, is making anew to consumers all over the world and in Asia. The number of reporters who packed the Renault Samsung showroom was, if anything, testament that the company was ready for a comeback.“Featuring a
MobilityMarch 31, 2013
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KRX to step up cyber monitoring of stock rigging
SEOUL -- South Korea's bourse operator will keep closer tabs on stock price manipulation and other unfair trades conducted via the Internet and social networking services, officials said Sunday. To that end, the Korea Exchange (KRX) will establish a cyber supervision center to conduct a real-time check on rumors concerning stock price rigging and other unfair trading activities, the KRX officials said. "The KRX is preparing a system designed to filter rumors circulated online," a KRX offi
March 31, 2013
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US Patent Office denies ‘iPad Mini’ trademark
The US Patent and Trademark Office has denied Apple's application for a trademark to safeguard its widely popular iPad mini tablet, saying the case to own the phrase was too weak.Apple, however, has until July 24 to better explain how the iPad mini is different and unique from the larger-sized iPad to counter the rejection seen as largely a formality.The iPad mini mark "merely describes a feature or characteristic of applicant's good," said the rejection letter dated January 24 but that has only
TechnologyMarch 31, 2013
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Local market for smartphones faces stagnation: report
SEOUL -- The growth of the South Korean market for smartphones will begin slowing down this year and possibly post a negative growth in 2016 due to market saturation, a U.S. market research group said in a report released Sunday. According to the report from Strategy Analytics, the local market for smartphones is expected to grow 8 percent from a year earlier to around 33.1 million units this year. The growth rate will mark a significant slowdown from an explosive 717 percent on-year surge
IndustryMarch 31, 2013
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Samsung's Galaxy keeps No.1 spot as most valuable brand
SEOUL -- Samsung Electronics Co.'s smartphone brand "Galaxy" was again rated as South Korea's most valuable brand in the first quarter of the year, a survey said Sunday.Samsung's Galaxy earned 938 points in the survey by local research firm, Brandstock, retaining the top spot for the second consecutive year. Discount store chain Emart followed with 924 points, according to the survey, which didn't provide other details, including how much those brands were worth. Last year, Samsung sold more
TechnologyMarch 31, 2013
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Park nominates new chief of Fair Trade Commission
President Park Geun-hye nominated a former state arms procurement agency chief to be the new head of South Korea's antitrust watchdog, the presidential office said Saturday.The nomination of Noh Dae-lae as Fair Trade Commission chief came days after Park's earlier choice for the job resigned amid allegations that he has been holding secret overseas bank accounts to evade taxes.Noh, 57, is an economic technocrat who had worked in various posts at the finance ministry since 1979 before serving as
IndustryMarch 30, 2013
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Ex-STX vice chairman named City Airport CEO
Lee Jong-cheol, 60, the former vice chairman of STX Group, the nation’s fourth-largest shipbuilder, was named as CEO of City Airport, Logis & Travel, the Korea International Trade Association said Friday.Lee joined Pumyang Ocean Shipping, the former body of STX PanOcean, in 1979 and rose to the vice chairman post of the group in 2004. He also served as chairman of the Korean Rowing Association and the Korea Shipowners’ Association.“CALT has been seeking to cut down on the logistics costs for sma
March 29, 2013
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Shares gain on stimulus plan
South Korean stocks rose 0.57 percent Friday as investors were buoyed by the government’s economic stimulus plan, including a possible extra budget, analysts said. The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index climbed 11.37 points to close at 2,004.89. Trading volume was moderate at 333.5 million shares worth 3.43 trillion won ($3.08 billion) with gainers outnumbering decliners 528 to 280. “The fact that the government has also decided to p
March 29, 2013
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Renault Samsung inks MOU for electric cars
Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Friday that it has signed a memorandum of understanding with the country’s Environment Ministry and six other companies to promote the use of electric cars.Under the deal, Renault Samsung will develop an electric car and sell it below 45 million won. The Environment Ministry, in return, will provide subsidies to companies and public offices that buy electric cars.Renault Samsung and the government will work
CompaniesMarch 29, 2013
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Sale of STX’s shipping unit ruptures
The sale of STX Pan Ocean Co. fell through on Friday as no potential bidders expressed their interest in South Korea’s leading bulk carrier, raising the possibility that the shipping line may be taken over by a state-run policy lender.According to industry sources, no potential bidders have submitted letters of intent for STX Pan Ocean as of Friday.South Korean shipbuilding and shipping conglomerate STX has been seeking to sell its key affiliate STX Pan Ocean as part of efforts to improve its fi
IndustryMarch 29, 2013
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Shinhan backs compassionate finance
When Han Dong-woo took office as chairman of Shinhan Financial Group two years ago, his main concern was how to turn the company into one with sustainable growth in the global financial industry characterized by firms’ fast rises and falls.He found the answer by setting humanitarian finance as its core business philosophy and “planting the DNA of compassionate finance” into Shinhan employees.He created the slogan “compassionate finance,” meaning warm, customer-based professionalism in finance, t
BusinessMarch 29, 2013
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Korea launches debt relief fund
The Park Geun-hye government launched Friday a state fund aimed at rescheduling heavy borrowers’ debt programs to help them out of debt.Prime Minister Chung Hong-won and financial leaders including Financial Services Commission chairman Shin Je-yoon and Financial Supervisory Service Gov. Choi Soo-hyun attended the launch held at the state-run debt monitoring agency Korea Asset Management Co. in Seoul.The establishment of the “National Happiness Fund” was one of Park’s core election pledges made
March 29, 2013
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ITC’s initial ruling in favor of Apple
The International Trade Commission in Washington recently ruled in its initial determination that Samsung Electronics infringed four of its rival Apple Inc.’s patents, sources said Friday.Although the document filed earlier this week was labeled confidential, it is widely believed that Thomas Pender, administrative law judge at the ITC, was most likely to have ruled that Samsung had violated four Apple patents, including one for the design of the iPhone.The same administrative judge had said on
IndustryMarch 29, 2013