Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Tensions heighten ahead of first president-opposition chief meeting
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Seoul to provide housing subsidy to married couples with newborns
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Weekender] How DDP emerged as an icon of Seoul
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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Fitch appoints ex-Kookmin exec as managing director
Kim Ok-chanKim Ok-chan, a former executive at KB Kookmin Bank, has joined global ratings agency Fitch Ratings as an adviser to its head of Asia-Pacific on South Korean business matters, the firm said Tuesday.Prior to the post, Kim had been with KB Kookmin for 30 years, holding posts including acting president and chief executive, chief financial officer and head of the treasury department. Dual-headquartered in New York and London, Fitch Ratings has over 50 offices worldwide. Fitch Ratings is pa
July 9, 2014
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Daewoo Shipbuilding wins orders for 9 icebreaking LNG carriers
Daewoo Shipbuilding & Marine Engineering, the country’s second-largest shipbuilder, said Wednesday it has inked deals worth some $2.8 billion to build nine icebreaking LNG carriers for Canada and Japan.The company said the orders include six from Teekay & CLNG ― a joint venture between Canada’s Teekay and China’s CLNG ― and three from MOL & CSLNG, a joint venture between Japan’s MOL and China’s CSLNG.The carriers, costing about $300 million apiece, will be used in developing a gas field on the Y
IndustryJuly 9, 2014
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Korea to develop display technologies with Samsung, LG
The South Korean government on Wednesday signed an agreement with two leading local manufacturers of display panels to jointly develop advanced technologies with 30 billion won ($29.6 million) of investment over the next five years.Under the agreement signed with Samsung Display and LG Display, the three parties will concentrate on indigenous technologies for display panels for future markets, according to the Ministry of Trade, Industry and Energy, a shift from a focus on products for swift com
TechnologyJuly 9, 2014
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KEPCO hosts analysts’ meeting in N.Y.
The top management of state-run Korea Electric Power Corp., the nation’s largest utility firm, hosted an investor relations session with analysts at the New York Stock Exchange on Tuesday to present its corporate vision for transforming into a global energy giant, the company said in a press release. It marked the first time for KEPCO chief executive Cho Hwan-eik to host such an event in New York since 2011. “The event was designed to address the company’s recent improvements in performance to f
IndustryJuly 9, 2014
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Financial companies let off the hook on investigation delay
The nation’s financial authorities may be frustrated over the lack of progress on sanctions for KB Financial Group, but other financial firms appear to be relieved to stay away from the regulator’s probing eye. This was especially true for ING Life Insurance, which has been caught refusing to pay death benefits, along with NH NongHyup Card and Lotte Card, both of which face punishment for customer information leaks that occurred earlier this year.Wary of the growing sense of complacency, the Fin
July 9, 2014
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Telecom watchdog to allow carriers to offer higher incentives
South Korea’s telecom watchdog said Wednesday it will raise the ceiling for the incentives local mobile carriers offer to attract clients in a bid to reduce competition among carriers.The Korea Communications Commission said it will adjust the legal ceiling to between 250,000 won ($246.9) and 350,000 won, up from the current limit of 270,000 won that was put in place in 2010.The watchdog also said it will hold a meeting every six months to adjust the amount after considering market conditions, i
TechnologyJuly 9, 2014
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Seoul shares edge down 0.31% on foreign selling
South Korean stocks inched down 0.31 percent on Wednesday as foreign investors turned net sellers in nine sessions at the start of corporate earnings season, analysts said. The local currency declined against the U.S. greenback.The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.16 points to 2,000.50. Trading volume was moderate at 267 million shares worth 3.7 trillion won ($3.66 billion), with decliners outnumbering gainers 430 to 387.“Foreigners retreated from the Korean market as U
July 9, 2014
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Kolon Water & Energy plans IPO next year
Kolon Water & Energy, the energy unit of Kolon Industries, said on Wednesday that it would launch an initial public offering of its shares in the second half of 2015. The water supply and sewage management company initially planned to undergo screening in preparation for going public last year, but scrapped the plan due to the sluggish stock market conditions. “We have been preparing for the IPO for more than a year. We don’t expect to see any more setbacks,” an official of Kolon Water & Energy
IndustryJuly 9, 2014
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Market cap of country’s top 10 conglomerates slips
South Korea’s top 10 conglomerates saw their stock market capitalization edge down this year, as market heavyweights such as Samsung Electronics Co. and POSCO remained lackluster amid a bearish run on the local stock market, industry data showed on Wednesday.The combined market capitalization of affiliates under their wings stood at 726 trillion won ($717 billion) as of Thursday, down 0.63 percent from the start of this year, according to the data.The decline was largely attributed to a slump in
July 9, 2014
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Amazon entices authors as fight with Hachette drags on
Amazon wants to put money in authors’ pockets while the online retail titan battles with Hachette over terms of selling books handled by the publishing powerhouse.Hachette told AFP that it had received the proposal on Tuesday, and fired back with a call for Amazon to “withdraw the sanctions they have unilaterally imposed,” on the publisher’s titles.Amazon is offering to give Hachette authors all revenue brought in for digital copies of books ― rewarding writers instead of making them casualties
TechnologyJuly 9, 2014
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[Herald Interview] RNA research will open new horizon in fighting cancer: expert
Decoding human DNA and targeting mutant proteins used to be seen as the key to curing cancer and other chronic diseases.But the drugs that have come out of years of DNA research are still unable to prevent recalcitrant cancer cells from terminally spreading.A Korean biologist said ribonucleic acid, or RNA, one of three classes of biological macromolecules essential for life, will likely play an important role in treating cancer in the near future.“Almost 98 percent of RNA remains unknown. But as
TechnologyJuly 9, 2014
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ICT exports surge to record high in H1
South Korea’s exports of information-communication technology products climbed to a new high in the first six months of the year on growing shipments to China and Southeast Asian countries, the government said Wednesday.In the six months ending on June 30, outbound shipments of ICT products came to $83.83 billion, up 3.2 percent from the same period last year, according to the Ministry of Trade, Industry and Energy.The country’s trade surplus in the ICT sector shrank slightly to $41.68 billion a
TechnologyJuly 9, 2014
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N.Y. reaches price limit deal with Uber
The car service Uber has agreed to limit prices during emergencies, natural disasters or other unusual market disruptions consistent with New York’s law against price gouging, the company and state attorney general said Tuesday.Uber, which uses a mobile application to connect riders with vehicles for hire, has its rates rise and fall with demand, but it has been criticized for “surge pricing” that’s sometimes exponentially higher than base fares. Prices usually increase on weekdays during rush h
TechnologyJuly 9, 2014
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Top 10 conglomerates' market capitalization slips on slump in Samsung, POSCO
South Korea's top 10 conglomerates saw their stock market capitalization edge down this year, as market heavyweights such as Samsung Electronics Co. and POSCO remained lackluster amid a bearish run on the local stock market, industry data showed on Wednesday.The combined market capitalization of affiliates under their wings stood at 726 trillion won (US$717 billion) as of Thursday, down 0.63 percent from the start of this year, according to the data.The decline was largely attributed to a slump
July 9, 2014
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17 S. Korean firms make Fortune 500 list
Samsung Electronics Co. and 16 other South Korean companies were included in the 2014 Fortune 500 list, three more than last year, the online edition of the U.S. business magazine Fortune said Tuesday.Samsung Electronics, the world's leading maker of mobile phones and computer memory chips, rose one notch from the previous year to 13 on the list.Three local companies -- Hanwha Corp., Samsung C&T Corp. and Lotte Shopping Co. -- newly joined the list this year.SK Holdings, the holding company of S
IndustryJuly 8, 2014
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Finance nominee calls for bold stimulus steps
Deputy Prime Minister and Finance Minister nominee Choi Kyung-hwan on Tuesday called for bold measures to sustain the country’s economic growth. Describing the country’s economic recovery as “slow,” Choi said more “drastic measures” are required to continuing strengthening Asia fourth-largest economy. “Many of the advanced countries in the world are already mobilizing their forces, boosting their economies through quantitative easing and other nontraditional methods. ... We can no longer rely on
July 8, 2014
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Samsung Electronics expects 24% drop in operating profit in Q2
Samsung Electronics’ quarterly operating profits are expected to fall below 8 trillion won ($7.9 billion) for the first time in two years. The company said in its earnings guidance Tuesday that it posted 7.2 trillion won of profit in the second quarter, a 24 percent drop from the 9.5 trillion won recorded a year ago. Its sales were at 52 trillion won, representing a 9.5 percent fall compared to the same period in 2013. Samsung Electronics tried to explain the profit decline, saying that a strong
IndustryJuly 8, 2014
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[Newsmaker] Pantech’s fate hangs in balance
The fate of mobile phone maker Pantech hangs in the balance as its creditor-led debt restructuring program shows no signs of improvement and the country’s three telecom giants resist joining in the recovery efforts.SK Telecom, KT and LG Uplus were given extra time to consider a proposal by Pantech’s creditors led by the state-run Korea Development Bank. But judging by their comments to the press, they continue to appear uninterested in turning the 180 billion won ($178 million) that Pantech owes
TechnologyJuly 8, 2014
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[Graphic News] Incomes catching up with house prices
Korea’s ratio of house prices to income last year was 23.4 percent of the ratio in 1986, indicating that it has become easier for people to buy homes.But the figure for Seoul’s affluent Gangnam area did not fall by as much, reflecting the polarization in the city’s real estate market. According to the Bank of Korea and KB Kookmin Bank on Tuesday, the general price-to-income ratio last year was 23.4, with the baseline figure of 100 based on the equivalent ratio in 1986. Also, Korea’s long-term PI
July 8, 2014
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Gunmen rob Samsung plant in Brazil
Armed thieves raided one of Samsung Electronics’ plants in Brazil on Monday, stealing millions of dollars of computers and smartphones, according to recent news reports.The value of the stolen goods was initially said to be around $36 million, but Samsung denied this, claiming that it is closer to $6.4 million. It also stated that the losses would be covered by insurance. Around 20 bandits armed with submachine guns carjacked a shuttle headed to the factory in Campinas, near Sao Paulo, with eigh
TechnologyJuly 8, 2014