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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[SUPER RICH] Top 5 billionaires losing money
Many 21st-century billionaires have made their piles from stock investments. On the reverse side, this means that they could also lose their billions on account of stock values.As a case in point, the prices of stocks in large Korean corporations in the fields of electronics, automobiles and shipbuilding have plummeted, leading to a decrease in local billionaires’ assets.As of last month, Chung Mong-joon, the largest shareholder of Hyundai Heavy Industries, suffered the biggest drop in his stock
IndustryOct. 6, 2014
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[SUPER RICH] MCM chief faces controversy over political ambitions
It seems that Kim Sung-joo, chief visionary officer of global fashion brand Modern Creation Munchen, has never been busier. On top of opening the MCM flagship store in Munich last month, she is now at the helm of the Korean Red Cross. However, following her recent appointment, Kim is now in hot water due to claims that she has never been passionate about the Red Cross. The proof, according to Rep. Kim Yong-ik of the main opposition New Politics Alliance for Democracy, is that the chairwoman fail
IndustryOct. 6, 2014
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(Photo News) Wider reach
Yu Kun-ha (right), head of the digital service center at Herald Corp., poses after signing a partnership agreement with Kim Kyu-tae, the senior managing director of the Association of High Potential Enterprises of Korea. The two sides will cooperate to globally promote Korean mid-sized firms. (Yoon Byung-chan/The Korea Herald)
IndustryOct. 6, 2014
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SK begins lubricant production in Spain
SK Innovation, the holding company of SK Group’s energy sector, announced on Monday the start of commercial operations of its lubricant production plant in Cartagena, Spain, as part of the company’s aim toward globalization. “With the production line in Spain, SK Lubricants has become the world’s third-largest lubricant oil producer behind Exxon Mobil and Shell, with an expanded daily output of 70,800 barrels,” SK Innovation said in a press release. “The joint investment in Spain is helping SK L
IndustryOct. 6, 2014
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CrucialTec hosts global tech meeting
CrucialTec, one of the world’s leading fingerprint sensor developers, held a promotional event for the Fast IDentification Online Alliance, an international consortium for the standardization of authentication technology, on Monday in Seoul.Monday’s meeting was part of the lead-up to the FIDO Alliance plenary conference, scheduled to be held at CrucialTec’s head office in Bundang, Gyeonggi Province, from Tuesday to Thursday. The meeting is aimed at introducing the FIDO Alliance and its authentic
TechnologyOct. 6, 2014
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International air cargo forum kicks off in Seoul
Some 3,000 delegates from the air cargo industry flocked to Seoul on Tuesday to attend a forum on international aviation logistics hosted by Incheon International Airport Corp.The 27th International Air Cargo Forum & Exposition, organized by the International Air Cargo Association starts Tuesday and will continue through Thursday at Coex Exhibition Center. “The event will offer a great chance for freight logistics officials to build up their networks with global industry leaders and discover new
IndustryOct. 6, 2014
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LG to open sales of round smart watch in Korea
LG Electronics, South Korea’s No. 2 tech giant, said Monday it would start sales of its first round smart watch at home next week.The LG G Watch R, which was showcased at the IFA trade show last month, comes with a 1.3-inch full circle polymer-organic light-emitting diode screen. Powered by Android Wear, it comes with a heart-rate sensor, like flagship wearable devices by Samsung Electronics Co.The 410 mAh-battery model weighs 62 grams and comes only in black. The domestic factory price is fixed
TechnologyOct. 6, 2014
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Foreign investors’ stock buying tops W8tr this year
Foreign investors’ buying of local stocks so far this year has topped the 8 trillion won mark, sharply rising from last year’s 3.4 trillion won, data showed Monday.Overseas investors bought local stocks worth a combined net 8.3 trillion won ($7.76 billion) on the Seoul bourse in the January-September period, according to the data by the Korea Exchange. They bought 5.2 trillion won worth of local stocks in the third quarter, following a net buying of 5.88 trillion won the previous quarter.Foreign
Oct. 6, 2014
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Korean card firms paid W200b in fees to Visa, MasterCard
South Korea’s credit card firms paid more than 200 billion won ($186.7 million) in fees to the world’s two largest payment-services providers Visa Inc. and MasterCard Inc. last year, financial data showed Monday. According to the data, local card firms gave a commission of 124.6 billion won to the two foreign card companies for the use of their card names in 2013. They also paid them 29.5 billion won in fees in return for using their global networks and 50.1 billion won in card issuance and main
Oct. 6, 2014
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Ssangyong Motor holds overseas dealership meeting ahead of X100 launch
Ssangyong Motor, the local unit of Indian SUV maker Mahindra & Mahindra, said Monday that it has convened the largest-ever overseas dealership meeting ahead of the launch of its new X100 small crossover.The four-day gathering that kicked off last Wednesday on the sidelines of the Paris Motor Show, involved 130 dealers from 65 countries, the carmaker said.The company said dealers had a chance to share Ssangyong’s corporate vision and mid- to long-term product strategies, as well as exchange views
IndustryOct. 6, 2014
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Financial watchdog on lookout for yuan market problems
Investors are increasingly converting their deposits to Chinese renmibi, seeking yields in a cheap money market. This is good news for global banks here, but for financial authorities, it is a budding concern.The Financial Supervisory Service recently started an overall assessment on the renmibi deposit market, expressing concerns on the overvaluation of the Chinese currency.“So far, we have detected no apparent problems in the soundness of renmibi deposits or trade,” said an FSS official.“But t
Oct. 6, 2014
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Concerns rise over capital inflow from China
A growing reliance on capital from China may soon become a major concern for South Korea’s financial market, according to industry watchers on Monday. China’s foreign direct investment into the nation reached $1 billion in the January-September period, a 230 percent rise from the same period last year, according to the Ministry of Trade. The nation’s investment in Korea’s stock and bond markets was 23 trillion won ($21 billion) in August ― more than 50 times the 470 billion won recorded in Decem
IndustryOct. 6, 2014
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Seoul shares close lower on currency woes
South Korean stocks extended their loss to the seventh consecutive day on Monday as the won’s sharp decline to the U.S. dollar stoked concerns of an outflow of foreign capital from the local stock market, analysts said. The local currency dropped against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 7.86 points, or 0.4 percent, to 1,968.30. Trading volume was moderate at 315 million shares worth 4.2 trillion won ($3.93 billion), with losers outnumbering gainers, 483 to 357
Oct. 6, 2014
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Daeymyung Academy helps students grow
Students at Daemyung AcademyBusan-based Daemyung Academy is not a run-of-the-mill hagwon. It is a place that was designed to help students learn to teach themselves and to think out of the box, said Jeong Dong-sun, head of the academy.At the same time, Daemyung teaches critical life lessons on values such as integrity, responsibility and teamwork, she said. “For a long time, I have believed that education is not about cramming knowledge into students’ heads, but based on cultivating a proactive
IndustryOct. 6, 2014
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Financial regulator to ease regulation of e-commerce
South Korea's chief financial regulator said Monday he will give more autonomy to financial companies in choosing security programs for their online payment systems in an effort to simplify Internet purchases."I will let financial firms choose their security programs for online payment systems," Financial Services Commission (FSC) Chairman Shin Je-yoon said in a meeting with officials from IT ventures and electronics firms including Daum Kakao, LG Uplus Corp., Samsung Electronics Co. and eBay Ko
Oct. 6, 2014
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S. Korea's biz community sets up consultative group on China FTA
South Korea's business community has set up a consultative group aimed at reflecting their interests in ongoing free trade agreement (FTA) talks with China, the country's international traders' organization said Monday.According to Korea International Trade Association (KITA), the group will hold regular talks with government policymakers to not only push for more openness in China's manufacturing and service sectors, but to get timely feedback on what headway is being made.The first working lev
Oct. 6, 2014
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Samsung to pump 15.6 tln won into new chip line
South Korea's tech giant Samsung Electronics Co. said Monday it plans to invest some 15.6 trillion won (US$14.7 billion) to set up a new chipmaking facility in the northwestern part of the country to better meet the soaring global demands for chips.Samsung said it will break the ground on the new plant in Pyeongtaek, some 70 kilometers south of Seoul, in the first half of next year, with the aim of starting its commercial production in 2017. "The semiconductor industrial zone set to be establish
TechnologyOct. 6, 2014
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[Graphic News] Kakao founder tops IT rich list
Kim Beom-su, the founder of mobile messenger service Kakao Inc., has become Korea’s wealthiest IT entrepreneur by stock value, financial market researcher’s data showed. After Kakao merged with the country’s No. 2 portal Daum Communications Co., Daum shares have rallied on the tech-focused secondary bourse KOSDAQ, according to recent data provided by corporate financial information provider FnGuide.Lee Hae-jin, the founder and CEO of the country’s biggest portal Naver and who had long held the t
TechnologyOct. 5, 2014
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[Herald Interview] ‘Korea should no longer expect trickle-down effect’
South Korea should no longer expect a “trickle-down” of benefits from conglomerates and the rich to small companies and low-income earners, a local economics professor said, urging the government to seek a paradigm shift in its growth strategy. Korea has been considered a model country of “condensed” economic success from the ashes of the Korean War within a half century, heavily leaning on the spillover effect from the growth of conglomerates. “Big-businesses-friendly economic policies with an
Oct. 5, 2014
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Samsung Electronics likely to continue earnings decline
Samsung Electronics, the nation’s top electronics company, is expected to rattle the market on Tuesday by announcing a second consecutive earnings decline for the third quarter due to weak sales in its core smartphone business amid rising competition, stock analysts said Sunday. According to financial research firm FnGuide, Samsung Electronics’ operating profit in the July-September period is forecast to record 4.98 trillion won ($4.65 billion), which is less than half of 10.16 trillion in the s
IndustryOct. 5, 2014