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Business
Property-rich celebrities saddled with huge debt
Celebrities are envied for owning expensive buildings in rich neighborhoods. Some may live in the lap of luxury but behind the gaudy exteriors a closer look at the books shows not all is necessarily well and good. Bad luck seems to have some stars sinking in debt with sky-high mortgages…
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Business
Samsung, Apple shares ‘decoupling’
The stock prices of Samsung Electronics and Apple, which used to move in similar patterns, have started to decouple. The world’s two leading smartphone manufacturers have moved in an opposite direction since early June with Apple shares jumping about 5 percent with Samsung’s plunging about 9 percent. The results can…
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Business
Smartphones reshape retail landscape
The growing use of smartphones has entirely changed lifestyles in the 21st century, expanding to online shopping and changing the landscape of the retail industry. According to data from the Korea Online Shopping Association (KOLSA), monetary transactions via mobile online shopping totaled 3 billion won in 2009 when there were…
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Business
2,000 Samsung workers apply to eat with Lee
More than 2,000 Samsung employees have bid for a private lunch with Samsung Electronics Chairman Lee Kun-hee, who will only see 10 of them sometime in September, Samsung Group said. The winners will be selected in consideration of age, sex, type of duty and office ranks, according to company officials.…
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Some big firms to face cash flow problems
Several big firms are tightening their cash flow as a result of the eurozone crisis, coupled with the lack of a strong recovery in the U.S. market and a lackluster performance by the Chinese economy. Adding to the strain are weak domestic demand and a property market slump, online stock…
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Business
Central bank preempts markets with rate cut
Quarter point slashed to 3% after no change in 13 months The Bank of Korea (BOK) surprised markets by cutting interest rates Thursday as the country battles subduing economic activity and worsening global conditions. The decision to shave the benchmark 7-day repo rate by 0.25 points to 3 percent, ended…
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Business
Pension crisis looms larger
National pension funds expected to be depleted by 2053 The retirement plans of future workers have been put in doubt by Korea’s growing pension crisis with a workforce aging in dog years suggesting the national pension pot could be depleted quicker than the previously-anticipated 2060. This is an alarming prediction…
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Business
Mobile banking makes big jump
It was in the winter of 2009 when struggling wireless carrier KT brought Apple’s iPhone to these shores. And just like that the Korean finance industry entered a new era of portable banking, a significant transition that is irrevocably reshaping the personal finance experience. While the explosion of mobile Internet…
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Samsung, POSCO boost cooperation
Two firms to jointly develop new materials POSCO, the world’s third largest steelmaker, has decided to develop next-generation materials for smartphones and other electronic gadgets in cooperation with Samsung Electronics. This is the latest in a series of moves designed to boost business collaboration between Korea’s two leading enterprises. Since…
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IBM Korea ignores outcry of sales agents
A good corporate citizen has two important objectives – first making profits through business activities and second, creating economic value and contributing to society through sharing the fruits of their enterprise. In this regard, IBM Korea cannot be considered a good corporate citizen. The Korean arm of the U.S.-headquartered software…
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