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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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hyundai Group picked to buy Banyan Tree Seoul
Hyundai Group plans to enter the hotel business as it was named the preferred bidder for a controlling stake in Banyan Tree Club & Spa Seoul, a six-star luxury resort in central Seoul, on Monday. Hyundai proposed a bid of 160 billion won ($140 million) to acquire the shares on the condition that the group will pay in several installments. Starting with the potential acquisition, the group said, it would step up efforts to find the new growth engines that Hyundai Group chairwoman Hyun Jeong-eun s
IndustryJan. 17, 2012
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Six builders win orders topping W10tr in 2011
Six Korean construction companies are estimated to have secured orders exceeding 10 trillion won ($8.7 billion) in 2011 due mainly to increased overseas contracts, industry sources said Monday.POSCO Engineering & Construction Co., GS E&C and Daewoo Engineering & Construction Co. ranked in the top three in terms of orders won, with Samsung C&T Corp., Hyundai Engineering & Construction Co. and Daelim Industrial Co. also faring well, they said.“POSCO orders surged by 3 trillion won to around 14.4 t
IndustryJan. 17, 2012
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Chung lambastes large firms for boycotting forum on profit-sharing
The chief of a panel on shared growth on Tuesday lashed out at large conglomerates for boycotting discussions on sharing profits with their smaller partner companies.Former Prime Minister Chung Un-chan who heads the commission for shared growth said the business giants were “neglecting their social responsibility” as they refused to show up at the panel’s first meeting this year.Of the 25 members of the commission, nine representing the large companies did not attend the meeting Tuesday.“We have
IndustryJan. 17, 2012
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Samsung to invest record $41.7 billion
Conglomerate also announces plan to employ 26,000 people this yearSamsung Group announced Tuesday that it will invest a record 47.8 trillion won ($41.7 billion) and hire 26,000 new workers this year amid the sluggish global economy, especially in the European countries.The 2012 investment figure is up 12 percent from the 42.8 trillion won injected in 2011. Last year’s figure was also the largest amount invested by the country’s biggest conglomerate since its establishment.“The group decided to c
IndustryJan. 17, 2012
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Shares up on eased EU worries
South Korean stocks ended 1.8 percent higher Tuesday as investors shrugged off recent eurozone sovereign downgrades and snapped up shares of blue-chip banks and exporters, analysts said. The local currency gathered ground against the U.S. dollar.The benchmark KOSPI soared 33.47 points to 1,892.74. Trading volume was heavy at 426.6 million shares worth 5.91 trillion won ($5.16 billion), with gainers outnumbering losers 553 to 269.Foreigners scooped a net 393.3 billion won worth of shares, extendi
Jan. 17, 2012
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Samsung to start producing 46-inch transparent LCD
Samsung Electronics said Tuesday that it will begin producing 46-inch transparent liquid-crystal displays by the end of this month, becoming the world’s sole manufacturer of such displays.The new transparent display, the second attempt made by the global IT giant, is currently expected to be placed in refrigerator doors with the cooperation of some U.S. firms, according to Samsung officials.Locally, the 46-inch displays will also be installed as the screen doors for the subway stations on subway
IndustryJan. 17, 2012
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New bill to prevent ‘bill shock’ from July
Mobile network carriers will be obliged to warn consumers about a potential “bill shock” from July as part of a revision to telecommunication law that took effect on Tuesday. With the rapid adoption of data-heavy smartphones here, consumers have complained about damages from expensive data rates in excess of their fixed-bill plans. Even though local telecom operators have carried out safety measures voluntarily to prevent consumer damages, now such efforts have become legally binding from July 1
IndustryJan. 17, 2012
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POSCO to reelect Chung for second term
POSCO chief executive Chung Joon-yang is likely to remain at the helm of the Korean steel giant as its board of directors agreed Tuesday to reelect him for another three-year term. Chung, 64, has been orchestrating the company’s operations since February 2009. With the first term expiring at the end of next month, he will seek approval from stakeholders at a meeting in March, POSCO officials said.Chung’s second term was widely expected by industry observers who credit him with masterminding the
IndustryJan. 17, 2012
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Criticism escalates over delayed private KTX operation
The government’s decision to delay its controversial plan to adopt competition for train operations until the April parliamentary election is intensifying a backlash as critics slam the shift, calling it “a political move.”The Transport Ministry said Tuesday it will put off bidding to run new bullet-train routes departing Suseo in southern Seoul by two months, saying the “timing was inappropriate.”“After consulting with lawmakers, we offered to adjust the pace of the project as some questioned i
IndustryJan. 17, 2012
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BMW recalls 235,000 Minis worldwide due to 'fire risk'
A Mini Cooper automobile, by Bayerische Motoren Werke AG ( BMW), rolls of the production line at the company's Cowley plant in Oxford, U.K. (Bloomberg)German carmaker BMW has recalled around 235,000 Minis worldwide due to a fault in the electric water pump that cools the turbo charger, which could i
MobilityJan. 17, 2012
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Study: Babies try lip-reading in learning to talk
WASHINGTON (AP) — Babies don't learn to talk just from hearing sounds. New research suggests they're lip-readers too.It happens during that magical stage when a baby's babbling gradually changes from gibberish into syllables and eventually into that first "mama" or "dada."Florida scientists di
TechnologyJan. 17, 2012
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Samsung Group to invest 47.8 tln won this year
Samsung Group, South Korea's largest conglomerate, said Tuesday it plans to spend a record 47.8 trillion won ($41.6 billion) on investment this year despite growing economic uncertainty. A man walks behind a Samsung Electronics Co. logo at the company's flagship store in Seoul, South Korea, on Thurs
IndustryJan. 17, 2012
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Moody's maintains French AAA rating
PARIS (AP)- Ratings agency Moody's says it is maintaining France's top-tier AAA credit rating for now after the country was downgraded by rival Standard & Poor's.Moody's maintained France's outlook at stable. S&P rates France's outlook as negative.Moody's cited the economy's overall strength but sai
Jan. 16, 2012
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Fitch cuts Russia outlook on anti-Putin protests
MOSCOW (AFP) - Fitch on Monday cut the outlook on Russia's debt due to uncertainty over protests against Prime Minister Vladimir Putin's rule which has intensified the risk of a sustained capital flight."Political uncertainty in Russia has risen and the global economic outlook has worsened since Fit
Jan. 16, 2012
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KB Financial not to bid for Woori Financial
Euh stresses banks’ role change for upgrade of Korea’s financial marketKB Financial Group clarified its position that it will not bid to take over the state-run Woori Financial, at least for 2012.“This year, we have no plan to acquire any financial company including Woori Financial Group and the group’s subsidiaries,” KB Financial chairman Euh Yoon-dae told The Korea Herald on Monday.His stance comes as government officials and Woori Financial chairman Lee Pal-seung are striving to revitalize th
Jan. 16, 2012
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Trade deficit with Japan shrinks in 2011
Korea’s trade deficit with Japan sharply fell last year as the powerful earthquake and the appreciating yen pushed up the island country’s imports, a report showed Monday.Korea’s exports to Japan spiked more than 41 percent on-year to $360.3 billion between January and November last year, the report by the Korea International Trade Association showed. Imports rose 7 percent to $624.3 billion.Korea’s trade deficit with its second-largest partner came in at $264 billion over the 11-month period, d
Jan. 16, 2012
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Gasoline consumption hits 14-year high in 2011
Korea’s gasoline consumption hit a 14 year high in 2011 despite record high prices, data from a state-run oil company showed Monday.The country’s average gasoline sales hit 189,707 barrels per day in the first 11 months of last year, the highest consumption since the 195,501 barrels sold in 1997, and surpassing the daily 188,852 barrels consumed in 2010, the Korea National Oil Corp. said.The surge in sales was noteworthy because the price for a liter of gasoline stood at an all time high of 1,92
Jan. 16, 2012
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U.S. hedge fund may tap into local market
Millennium Partners, a fund managed by the U.S.-based Millennium Management LLC, is considering tapping the Korean hedge fund market, sources said Monday, in what would mark the first local entry of an overseas fund.Millennium Partners, which manages funds valued at around $13 billion, reportedly plans to set up a local affiliate and seek regulatory approval as early as this month in a bid to operate its hedge fund here.“The regulator has been in talks with the company, although an official docu
Jan. 16, 2012
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Samsung Heavy wins $2.3 billion offshore deal
Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday it has received a letter of agreement to build an offshore facility for around $2.26 billion.Under the agreement with Inpex Corp. of Japan, Samsung Heavy will construct the offshore gas processing facility by the end of 2015, the company said.Both sides will officially sign the deal this month, Samsung Heavy said.French supermajor Total and Inpex are working on a $34-billion liquefied natural gas project in Australia.Samsung H
IndustryJan. 16, 2012
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Samsung to issue $1 billion worth of foreign bonds
Samsung Electronics said on Monday that it will issue foreign bonds worth $1 billion to raise money for operating its semiconductor line in Austin, Texas.The technology giant confirmed that it plans to issue bonds in the global markets for the management of the firm’s System Large Scale Integrated Circuit line in the United States.“However, the time of bond issuance and its exact scale are yet to be unveiled,” said a Samsung official.It is the first time since the 1997 financial crisis that Sams
IndustryJan. 16, 2012