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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Seoul to more than double military drones by 2026 to counter NK threats
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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 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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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Samsung Electronics starts NFC payment service in China
Samsung Electronics Co., the world's largest mobile phone manufacturer, said Thursday that it has started near field communication payment service for its device users in China. The company said it formed a partnership with UnionPay, China's sole bank credit card organization, for the service that is the first by a smartphone company in the world's second-largest economy. The tieup with UnionPay, which controls 80 percent of China's offline payment market, is expected to give Samsung a head
TechnologyOct. 2, 2014
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Seoul gears up to tackle weakening yen
The Korean government plans to unveil a set of measures, including tax and financial support to help exporters cope with the weakening yen, government sources said Wednesday.The dollar broke the 110 yen barrier for the first time in more than six years on Wednesday. The greenback soared to 110.09 yen in late morning Tokyo trade, its highest level since August 2008 and up from 109.64 yen in New York.Japanese 10,000 yen banknotes are arranged for a photograph. (Bloomberg)Seoul also plans to provid
Oct. 1, 2014
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Seoul shares dip to 2-month low
Korean stocks dipped to their lowest level in more than two months on Wednesday on concerns over the pace of economic recovery and pro-democracy protests in Hong Kong. The local currency fell sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index shed 28.55 points, or 1.41 percent, to 1,991.54, the lowest level since July 14, when it closed at 1,993.88 points. Trading volume was moderate at 347 million shares worth 3.35 trillion won ($3.16 billion), with decliners far ou
Oct. 1, 2014
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[Newsmaker] Daum Kakao eyes growth as platform provider
Daum Communications and Kakao Corp. have joined forces and are looking ahead to an era in which everything is connected to the Internet.After five months of consolidating the two entities and their corporate cultures, the newly merged 12 trillion won ($11 billion) company will henceforth be called Daum Kakao.With a new black-and-white logo and the new slogan “Connect Everything,” Daum Kakao chief executives Choi Sae-hoon and Lee Sir-goo say the company aims to grow as a platform service provider
TechnologyOct. 1, 2014
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Medical disputes over plastic surgery on rise
More patients in South Korea are filing medical disputes after receiving cosmetic surgery or other aesthetic treatments at local clinics, raising concerns about the industry’s safety standards and false advertising. Last week, a woman in her 50s died of dyspnea while receiving liposuction at a clinic in Seoul’s affluent district of Gangnam. While the woman’s case is extreme, an increasing number of Koreans are seeking help for disappointing results and side effects of cosmetic procedures, accord
TechnologyOct. 1, 2014
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[Herald Interview] Montblanc inspires future generations of patrons
Offering patrons a stage to show how supporting arts and culture can make a better world is a significant factor in convincing them to make contributions, according to the chairman of the Montblanc Cultural Foundation.“So it’s important for us to step up to act and support cultural development,” Lutz Bethge told The Korea Herald in a recent interview in Seoul. The chairman was in the country last week to announce this year’s South Korean recipient of the annual Montblanc de la Culture Arts Patro
IndustryOct. 1, 2014
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Starbucks opens first Community Store here
Starbucks Korea on Wednesday opened its first Community Store in the bustling university district of Daehangno, Seoul, in a bid to follow its global vision of “giving back to the community.” The store ― the eighth in the world following six in the U.S. and one in Thailand ― will donate 300 won ($0.2) for every item it sells to ChildFund Korea to support the country’s underprivileged youth by offering leadership programs, according to the company. “We expect to donate between 80-100 million won t
IndustryOct. 1, 2014
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HSBC named top domestic cash manager for 5th year
Martin Tricaud, president and CEO of HSBC Korea. (HSBC Korea)HSBC Korea was named the best domestic cash management bank in South Korea for a fifth consecutive year, according to monthly finance magazine Euromoney.The global banking group also won the highest prize for global cash management in the categories of corporate and financial institutions for a third year in a row, HSBC officials added. “The awards reflect the strength of our products, quality of our services and dedication of our team
Oct. 1, 2014
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Investors’ appetite growing for corporate bonds
Demand for South Korean corporate bonds is on a sharp rise as cash-rich investors, searching for alternatives in a low-rate environment and dull stock market, snatch up such debts ahead of another expected rate cut by the country’s central bank, industry data showed Wednesday.According to the data, investors proposed buying 1.06 trillion won ($1.01 billion) worth of corporate debt in the past week, up from 590 billion won a week earlier.Analysts said a growing appetite for corporate debt came as
Oct. 1, 2014
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Wolfgang’s Steakhouse to open in December
The New York-based Wolfgang’s Steakhouse will open a titular restaurant in Cheongdam-dong of southern Seoul in December, the restaurant’s Korean team said Wednesday. Founded by seasoned waiter and restaurant owner Wolfgang Zweiner, the restaurant has been celebrated by Hollywood starlets and pop stars as well as politicians and business people in the United States. Its signature steak is made with prime-grade Black Angus dry aged for 28 days. (baejisook@heraldcorp.com)
IndustryOct. 1, 2014
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Exports grow 6.8% in Sept., trade surplus for 32nd month
South Korea’s exports increased from a year earlier in September, with imports growing at a slightly faster pace, the government said Wednesday.The country’s outbound shipments came to $47.69 billion last month, up 6.8 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports rose 8 percent on-year to $44.33 billion. The country posted a trade surplus of $3.36 billion. September marked the 32nd straight month the country has posted a trade surplus.The
Oct. 1, 2014
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Korean carmakers post strong gains in sales
Hyundai Motor, South Korea’s No. 1 automaker, said Wednesday its September sales moved up 6.7 percent from a year earlier, fueled by demand for new models and more overseas production.Company data showed 389,748 cars being sold overall last month, with domestic sales gaining 3.3 percent to 47,789. Overseas sales also did well by moving up 7.2 percent to 341,959 cars.It said cars like the new Sonata midsize and Genesis premium sedans fueled growth.Sales of the Genesis hit 27,596 units this year,
MobilityOct. 1, 2014
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[Herald Interview] Houston mayor seeks bigger economic ties with Seoul
The resumption of U.S. energy exports after nearly four decades and the rise of shale gas as a next-generation energy source will reinforce South Korea-Houston ties in the future, Houston Mayor Annise Parker said. “About 50 percent of our major economy is fueled by the oil and gas sector. The unconventional extraction of shale gas in the country has invigorated the atmosphere and has become a game changer. We are learning about Korean companies’ interest in the sector,” said the leader of the la
Oct. 1, 2014
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POSCO supplies lightweight steel to Renault
POSCO, the world’s fifth-largest steelmaker, said Wednesday that its high-strength, lightweight steel products were being used in Renault’s new concept car EOLAB for the first time.The materials, POSCO executives said, would help minimize the vehicle’s weight while enhancing the fuel economy.Renault’s first-ever plug-in hybrid concept car was designed to travel up to 100 kilometers on just 1 liter of gas. “POSCO’s fuel-saving technology has gained recognition throughout the European automobile m
IndustryOct. 1, 2014
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Universities wrong to resist new assessments
Kim Byoung-jooI simply could not believe my eyes when once again I saw in the news that university students were boycotting the college rankings issued by the local press. This is nothing new, and this time, I wanted to point out why they are making a big mistake. Contrary to what we would like to believe, Korea’s business community has no patience for the so-called SKY (Seoul National University, Korea University, Yonsei University) graduates. Perhaps it is because the students lack the incenti
IndustryOct. 1, 2014
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Buying from foreign sites continues to rise
Whenever Kim Mi-sun, 36, who works at a local credit card company, wants to shop, she makes a beeline for foreign websites before she visits the offline stores. “I purchase almost all commodities, from beauty products to shoes, appliances and even blankets, through these online brand shops,” Kim said. She is a so-called “jikgu” customer, a Korean term coined from two words meaning “direct purchases.” These shoppers tend to shop directly from the websites operated by the brands they are looking f
IndustryOct. 1, 2014
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Samsung chairman now able to sit in wheelchair: sources
Lee Kun-hee, the de facto head of Samsung Group who has been hospitalized since May after suffering a heart attack, has reportedly recovered enough to be able to sit in a wheelchair, business sources said Wednesday.Lee is now able to move a short distance seated in a wheelchair, according to the sources. The last official comment from Samsung on Lee’s condition had been in June when the company said he was awake for seven to eight hours a day.“All we can say is that the chairman is recovering,”
IndustryOct. 1, 2014
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Fire at Hankook Tire not expected to disrupt normal production
The fire that broke out at Hankook Tire Co.'s Daejeon plant is not expected to disrupt production since the damage is mostly to its warehouse, the company said Wednesday. South Korea's largest tiremaker said a fifth of the warehouse, located some 160 kilometers south of Seoul, was lost in the inferno along with some 180,000 tires. The warehouse held products destined for both domestic and overseas markets. "The production line has not been damaged in any way and workers have reported to work tod
IndustryOct. 1, 2014
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Kakao, Daum 'connected' for synergy
Kakao Corp. and Daum Communications Corp., South Korea's two most-tracked IT firms since the announcement of their merger in May, made their union official Wednesday to become a new industry giant valued at close to 10 trillion won (US$9.45 billion).The merger is in the form of Daum, the country's second-largest search engine, taking over Kakao, the provider of the popular messenger service Kakao Talk, but Kakao's market value is nearly fourfold that of Daum's estimated 2 trillion won. Kakao, in
TechnologyOct. 1, 2014
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Industrial output shrinks sharpest in nearly 6 years
Korea’s industrial output shrank at the sharpest pace in nearly six years in August, raising worries that the economic recovery might be losing its momentum, a government report showed Tuesday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 3.8 percent last month compared to July. This marked the largest on-month drop since December 2008 when it contracted 10.5 percent.Production in the service sector inched up 0.3 percen
Sept. 30, 2014