Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Seoul shares close flat on profit-taking
South Korean stocks closed almost flat Friday as profit-taking institutional investors offset foreign buying, analysts said. The South Korean won closed lower against the greenback.The benchmark Korea Composite Stock Price Index edged up 1.58 points, or 0.08 percent, to 2,017.17, the highest this year. Trading volume was low at 237.6 million shares worth 3.13 trillion won ($3.06 billion), with gainers outpacing losers 457 to 324.“While foreign investors are purchasing Seoul shares amid flat grow
May 23, 2014
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Kyobo Life Insurance carries out restructuring
Kyobo Life Insurance, the nation’s third-largest life insurance provider in terms of assets, is set to start downsizing its organization amid persistent lagging performance to follow in the footsteps of the other two market leaders, Samsung Life Insurance and Hanwha Life.The company announced on Thursday that it would receive voluntary redundancy from employees who have worked there for 15 years or more, starting Friday until June 9.Applicants will be paid a lump-sum retirement allowance equival
May 23, 2014
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Commerce minister urges public firms to normalize
South Korea’s commerce minister on Friday urged continued efforts by public firms, especially energy companies, to reduce their debts and enhance their productivity as the government pushes speedy normalization of their debt-laden business and lax management.The renewed call came at a special meeting with the heads of 16 public firms under the wings of the Ministry of Trade, Industry and Energy to review their promised efforts.“While urging the company heads to implement their earlier normalizat
IndustryMay 23, 2014
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Korea’s trade terms improve in April
South Korea’s terms of trade improved in April from a year earlier as prices for imports fell at a faster pace than those for exports, the central bank said Friday.The country’s net terms-of-trade index for goods came in to 89.3 in April, up 0.7 percent from a year earlier, according to the Bank of Korea.In January, the trade terms posted the first on-year decline since November 2012. The figure is calculated by dividing the index for export prices by that for import prices. The base year is 201
May 23, 2014
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Monthly household income grows 5% in Q1
Monthly household income in South Korea grew 5 percent on-year during the first quarter, thanks to improving labor market conditions that led to more employment, a government report said Friday.The income of households consisting of two members or more averaged 4.4 million won ($4,300) per month during the January-March period, up from 4.2 million won a year earlier, according to the report by Statistics Korea. When adjusted for inflation, income grew 3.9 percent.The growth rate is faster than t
May 23, 2014
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National pension fund to increase stock investment
South Korea’s national pension fund plans to boost its stock investment in the coming years while cutting exposure to safer assets in order to raise its investment returns, welfare ministry said Friday.The National Pension Service, one of the world’s major pension operators, would raise the portion of stocks to its overall investment portfolio to over 35 percent by 2019 from the 30.1 percent at the end of last year, according to the ministry which has a final say on the management of the country
May 23, 2014
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[Newsmaker] Integrated emergency response system in need
Korea prides itself for being superfast at adopting and building new things like none other.It can make planes, trains and automobiles, and even ships, robots and telecommunication networks faster than most. This culture of “ppalli ppalli,” in which everything has to be taken care of in a matter of seconds, has paved the way for it to become one of Asia’s leading economies.But none of those fancy and fast things Korea likes to show off seem noteworthy when it comes to saving lives in the face of
TechnologyMay 22, 2014
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Will Samsung join Qualcomm’s AllJoyn open source platform?
Samsung Electronics is considering joining Qualcomm’s AllJoyn project, but there is some debate over the possibility as Samsung is currently developing its own Internet of Things platform, industry watchers said Wednesday. AllJoyn is an open-source platform that allows all smart devices ― regardless of brand ― to recognize each other and share information. Simply put, Samsung and LG’s smart home appliances and electronics can become compatible through this communication protocol. The platform, w
IndustryMay 22, 2014
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Korea expands global transport partnership
South Korea is seeking to expand its ties with other nations in finding transport solutions to global challenges such as urbanization and climate change. A Korean delegation, led by Vice Transport Minister Yeo Hyung-koo, participated in the International Transport Forum, which kicked off its three-day program Wednesday in Leipzig, Germany. The annual summit, which used to only convene European countries, now invites policymakers and industry leaders from 54 countries around the world. Vice Trans
IndustryMay 22, 2014
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Integrated resorts seen as cash cows for gaming biz
MACAU ― In a struggle to challenge Macau in the casino business, up-and-coming players such as Singapore have introduced the concept of integrated resorts, incorporating a wide range of nongaming tourist content alongside gaming facilities.This business spread throughout the gaming industry, where there is a general acknowledgement that the industry’s growth may be limited if it relies solely on the conventional gaming business.“Game operators may seek to expand their casinos, their range of gam
IndustryMay 22, 2014
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[Photo News] All new Carnival
Kia Motors unveils the refashioned version of its Carnival minivan at a launch event on Thursday at a Seoul hotel. The car’s fourth row of seats can be folded completely to sink below the floor ― a world first, according to the carmaker. (Park Hyun-koo/The Korea Herald)
MobilityMay 22, 2014
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SPC opens Paris Baguette outlets in Boston, California
Paris Baguette on Massachusetts Avenue in Boston. (SPC)SPC Group opened two Paris Baguette outlets in the U.S., the food maker said Thursday. The 246.3-square-meter store on Massachusetts Avenue in Boston is expected to draw MIT and Harvard University students as well as commuters using Central Square Station nearby.The Milpitas store in California is situated near the South Bay and Nimitz freeway junction. “We are hoping the stores will promote Paris Baguette’s brand image in the U.S. because y
IndustryMay 22, 2014
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Hyundai Mobis to invest W1.8tr in R&D by 2015
Hyundai Mobis, South Korea’s largest car parts manufacturer, said Thursday it will invest 1.8 trillion won ($1.75 billion) into research and development by next year to improve its global competitiveness.The company, an affiliate of the world’s fifth-largest automotive group Hyundai Motor Group, said in its latest sustainable growth report that the injection is part of a greater goal of becoming one of the global top five in the industry by 2020. At present, the company ranks eighth overall.The
IndustryMay 22, 2014
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Korea recoups 63.5% of bailout funds
The government has recouped 63.5 percent of the public funds it spent to bail out troubled financial firms during the 1997-98 Asian financial crisis, the financial regulator said Thursday.The government has retrieved 107 trillion won ($104 billion) of 168.7 trillion won used from the public funds as of the end of March, according to the Financial Services Commission.The recovery rate was slightly up from 63.4 percent at the end of 2013, it added.The massive amounts of public funds were poured in
May 22, 2014
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Seoul and Beijing to hold new round of FTA negotiations
South Korea and China will hold a fresh round of negotiations for a bilateral free trade agreement next week, the government said Thursday.The 11th round of South Korea-China FTA talks will be held from Monday through Friday in China’s Sichuan, according to the Ministry of Trade, Industry and Energy.“The two sides are set to hold comprehensive, in-depth discussions on all areas of FTA from products, service and investment to regulations and cooperation,” it said in a press release.The negotiatio
May 22, 2014
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[Herald Interview] What Korea can learn from Japan’s lost decade
South Korea can avoid possible economic risks by seeking to gradually transform its economy through structural reforms, rather than depending solely on monetary policies, according to a senior Japanese economist.Such is the lesson that Korea can learn from Japan, despite their complicated historical ties, said Naoyuki Yoshino, professor of economics at Keio University, in a recent telephone interview with The Korea Herald. “Korea can learn from Japan’s mistakes in the past,” he said from Tokyo,
May 22, 2014
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KB Financial stead fast in face of crises
KB Financial Group chairman Lim Young-rok (center) initiates the company’s organization culture reform committee in January, pledging to boost corporate integrity and reinforce the group’s nonbanking sectors. (KB Financial Group)The persisting slump of the finance industry, the massive leak of customer data and the rise of new competitors amounted to an unprecedented set of crises for KB Financial Group this year.In the face of such adversity, the group decided to take the bull by the horns.In A
May 22, 2014
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FSC approves Yuanta’s buy of Tong Yang Securities
The Financial Services Commission on Wednesday authorized Taiwan-based Yuanta Securities’ stock acquisition of Tong Yang Group’s troubled brokerage house.Yuanta’s shares will represent about 53.6 percent of Tong Yang Security’s outstanding shares, replacing Tong Yang International and Tong Yang Leisure as the largest stakeholder. “We’re hoping that the merger can help (Tong Yang Securities) introduce investment products that target both the domestic and overseas market,” an official from the Sou
May 22, 2014
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Stock turnover rising on bullish run
Stock turnover on the Seoul bourse is showing signs of improvement as the local bourse continues its upward march, boosted by a series of positive expectations such as Samsung Group’s business overhaul, data showed Thursday.The daily trading volume on the main bourse stayed at 213 million shares in April, the lowest since January 2007 when the comparable figure was 192 million. Also, the daily turnover fell to 3.57 trillion won ($3.48 billion) last month, the lowest since December 2013, accordin
May 22, 2014
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Seoul shares close higher on optimism
South Korean stocks rebounded on Thursday as upbeat economic reports from the United States and China encouraged investors to bet on riskier assets, analysts said.The local currency gained ground against the greenback.The benchmark Korea Composite Stock Price Index rose 0.36 percent, or 7.26 points, to 2015.59, coming back from a 3 point fall in the previous session. Trading volume was thin at 225 million shares worth 3.57 trillion won ($3.49 billion), with gainers outnumbering losers 457 to 337
May 22, 2014