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Business
Hanwha gives up buying ING unit
Construction project in Iraq will continue as planned Upon the arrest of its chairman, Hanwha Group has virtually abandoned any intention of acquiring ING Life’s Southeast Asian business. Previously, the group had been competing with multinational life insurer AIA Group to take over the Southeast Asian arm of the Dutch…
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Business
Cash-strapped
Kakao Talk, Line struggling to find revenue models Social networking services (SNS) have cropped up like mushroom in Korea, but many have soon perished or lost their ground for a lack of solid and sustainable revenue model. The country’s leading SNS providers such as Cyworld, Kakao Talk, Line, and, My…
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Business
V-Society
How fraternity impacts business, politics Not many people knew about V-Society. Since its foundation in 2000 the fraternity of domestic business leaders and entrepreneurs has formed an extensive network of power, prosperity and position. Recently it was suddenly mentioned in the media and the trigger was Ahn Cheol-soo, a Seoul…
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Business
China’s hot money ebb away due to business slowdown
As China’s economic growth is slowing down, large amounts of hot money (international short-term fund for speculative purpose) leave for overseas. According to the latest statistics announced by The People’s Bank of China on Aug. 14, 3.9 billion yuan (674.4 billion won) among foreign reserves financial institutions within China possessed escaped…
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Business
Gamers pack Korean developers’ booths
COLOGNE, Germany — At one of the biggest games trade shows in the World, the booths of Korean game developers and exhibitors Nexon and NCsoft bustled. On the opening day of the four-day Gamescom 2012, taking place at the Koelnmesse exhibition center for the fourth consecutive year, the two firms…
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Business
Luxury brands booming
Louis Vuitton, Gucci stingy in social contribution Sales of foreign luxury brands in Korea tripled in the last five years thanks to local consumers’ constant fever for Louis Vuitton, Gucci and Prada, an online information provider said Wednesday. According to Chaebul.com, combined sales of top 10 foreign luxury brands reached…
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Business
Foreigners rush to sell buildings
An increasing number of foreign landlords of office buildings in Seoul are selling their properties amid a prolonged slowdown in the market. According to market sources, during the first half of the year no foreign investors signed contracts to buy office buildings or mega-sized commercial buildings with total floor areas…
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Business
Casinos return to limelight
Gov’t mulls easing rules to bolster economy Speaking of the positive sides to casinos has been a taboo subject in presidential meetings over the past four years. Though it was obvious that gambling business will help lure foreign investors and travelers, President Lee Myung-bak, a devoted Christian, had been opposed…
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Business
Economics of hot weather
Scorching summer benefits some firms, burns others Koreans are experiencing one of the hottest summers in history with the mercury rising above 35 degrees Celsius. Workers have suffered through a hot and sticky purgatory in recent weeks, putting their work ethics and social tolerance to the ultimate test. It hasn’t…
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Business
Dokdo blow-up has Korean, Japanese firms lying low
President Lee Myung-bak’s surprise visit to Dokdo, a tiny Korean island which Japan argues it has historical claim to, has driven a wedge between the two regional neighbors both in diplomatic relations and public opinion. This has Korean and Japanese companies operating cross-borders trying hard to be invisible. Responding the…
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