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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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POSCO plans IPOs, downsizing to raise cash
POSCO, the world’s fifth-largest steelmaker, is expected to drive a bold downsizing of noncore affiliates and seek initial public offerings of key business arms to improve its financial health and reinforce its core business.Company chairman Kwon Oh-joon, who was inaugurated in March, outlined Monday his reform plans during an investor relations session in Yeouido, Seoul.One of the key parts of the reform is downsizing fringe business units by merging overlapping businesses and selling noncore a
IndustryMay 19, 2014
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[Graphic News] Actual unemployment surpasses 3 million
The number of South Koreans without a job, including the underemployed and potential job seekers, surpassed 3 million in April, more than three times higher than the government’s official figure, data showed on Monday.The actual number of unemployed stood at 3.15 million, including people under age 59 who were jobless for no particular reason and those who had part-time jobs but wanted to work longer hours, those who had given up on seeking work, and potential job applicants, according to Statis
May 19, 2014
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Finance Minister Hyun under fire for fiscal response
The government, hit by a mounting public backlash in the aftermath of the deadly sinking of the ferry Sewol last month, will mobilize budgets scattered among ministries and agencies to better cope with disasters, the finance minister said Monday. “The government will use not just the money but also other diverse budgets assigned for each ministry and agency, and if the amount is not enough, it could redirect other budget spending and tap into reserve funds in order (to provide) ... fiscal suppor
May 19, 2014
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KB Financial, Lotte, 3 others tender offers to buy LIG Insurance
Major banking group KB Financial Group Inc., retail giant Lotte Group, and three others offered their bids to buy LIG Insurance Co., a local non-life insurer which has been on the selling block since late last year, industry sources said Monday.LIG Group, a mid-sized conglomerate, has put up some 21 percent in the country's No. 5 non-life insurer to secure cash to compensate retail investors for losses incurred from its 2011 financial fraud scandal.The price tag for LIG Insurance ranges from 400
May 19, 2014
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[Herald Interview] Concentrix seeks to boost service for Korean clients
Concentrix, a global business process outsourcing company, plans to double its sales and staff in South Korea over the next three years as local companies’ demand for administrative processing will increase as they expand globally.“We are very excited to tap into the Korean market, where a number of global industry players are located,” said Christopher Caldwell, president of Concentrix, in a recent interview with The Korea Herald.“Most of our business in Korea will focus on (providing services
IndustryMay 19, 2014
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Airport leaders to gather in Seoul next week
Some 800 airport officials and aviation experts from 72 countries will be flocking to Seoul next week to participate in the general assembly of the Airports Council International, one of the industry’s largest gatherings. Incheon International Airport, which has been named the “best airport” in Asia this year, will host the three-day event that kicks off on May 26 at Coex in Samseong-dong, southern Seoul. The ACI, established in 1991, is a nonprofit association of some 1,800 global airport opera
IndustryMay 19, 2014
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[SUPER RICH] Making money with money
The finance industry has always been the favorite playground of the world’s superrich leaders.Although new promises of prosperity lurk in the much-thriving IT and mobile industries, one-fifth of the world’s wealthiest are financiers. In England, the top 5 percent of financiers monopolize about a quarter of the entire upper class’ wages.There are also many in South Korea who became rich via the financial industry, but under a slightly different system than in the West.This is because banks, which
IndustryMay 19, 2014
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Kia global sales to hit 30m milestone in May
Kia Motors’ global sales are expected to top the 30 million mark this month for the first time since it launched its first vehicle in 1962, the country’s second-largest carmaker said Monday. The carmaker, operating under the wing of Hyundai Motor Group since 2000, said accumulated sales stood at around 29.93 million units as of late April. Considering that Kia has sold an average of 260,000 vehicles per month this year, the company said it is most likely to reach the significant 30 million miles
MobilityMay 19, 2014
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[Photo News] Fifth-Gen C-Class
Mercedes-Benz Korea will unveil the fifth generation of its New C-Class at the Busan International Motor Show in June. Four models including two gasoline-powered vehicles ― the New C200 and the C200 Avantgarde ― and two diesel-based sedans will be introduced. (Mercedes-Benz Korea)
IndustryMay 19, 2014
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Seoul shares close flat on rising won
South Korean stocks closed almost flat Monday as investors showed concern over the won’s rise against the greenback that could inflict foreign-exchange losses on exporters, analysts said. The local currency closed higher against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 1.7 points, or 0.08 percent, to 2,015.14. Trading volume was low at 257.7 million shares worth 4.16 trillion won ($4.06 billion), with losers outpacing gainers 503 to 297.“Seoul shares closed lower
May 19, 2014
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BMW Korea donates 1 billion won for Sewol victims
BMW Korea, along with its eight dealerships, donated 1 billion won ($980,000) Monday to help the victims of the deadly sinking of the Sewol ferry on April 16.BMW, the top-selling foreign car brand in Korea, is the first import car brand to donate money to help the ferry victims. “We have collected 1 billion won in cooperation with our eight dealerships to offer our condolences to the victims of the Sewol sinking and their bereaved families,” said BMW Korea CEO Kim Hyo-joon in a statement. The Ko
IndustryMay 19, 2014
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Korean life insurers suffer 20% drop in new contracts
The number of new contracts dropped an average 20 percent in April from the previous month for South Korea’s 24 life insurance companies, industry records showed Monday, a sign that contraction in domestic consumption from a ferry disaster may be even more severe than feared.Hana HSBC Life Insurance Co. logged 472 million won ($460,000) in first-month premium in April, sharply down 75.9 percent from 1.95 billion won tallied in March.Woori Aviva Life Insurance Co.’s first-month premium plunged 48
May 19, 2014
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Korea to ease regulations on entering FEZs
South Korea will lower entry barriers to its free economic zones and remove regulations on profit reinvestment, the trade ministry said Monday.Following a special meeting over the weekend, the Ministry of Trade, Industry and Energy said firms will be allowed to set up business in South Korea’s FEZs by entering into a contract with the zone operators. Under the current regulation, the firms must have prior approval from the ministry.In all, the government will eliminate 17 of the existing 58 regu
May 19, 2014
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Daewoo E&C wins $545.8m degassing plant project in Iraq
Daewoo Engineering and Construction, one of South Korea’s largest builders, said Monday it won a $545.8 million degassing station project in Iraq.The contract is part of the larger Zubair DGS project underway some 20 kilometers from Basra. A degassing plant is a facility that extracts crude oil from natural gas, sand and other sediments. The crude oil extracted is then refined to make gasoline and diesel fuel.The project, broken up into North, Center and South projects, was commissioned by ENI I
IndustryMay 19, 2014
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[SUPER RICH] Hankook Tire’s Cho clan shines on superrich list
Hankook Tire, the country’s largest tire manufacturer, posted 7 trillion won ($6.9 billion) in sales and 1.3 trillion won in operating profit last year, with most of its sales coming from abroad. The company, whose products range from ultrahigh-performance to radial and bias-ply tires, is over the moon with its performance, the latest turnover being the highest in its 73-year history. The masterminds behind these achievements are Cho Yang-rai, chairman of the company, and his second son Cho Hyun
IndustryMay 19, 2014
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Studies say wildfires worse due to global warming
WASHINGTON (AP) ― The devastating wildfires scorching Southern California offer a glimpse of a warmer and more fiery future, according to scientists and federal and international reports.In the past three months, at least three different studies and reports have warned that wildfires are getting bigger, that man-made climate change is to blame, and it’s only going to get worse with more fires starting earlier in the year. While scientists are reluctant to blame global warming for any specific fi
TechnologyMay 19, 2014
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SpaceX Dragon splashes down to Earth from ISS
CAPE CANAVERAL, Florida (AP) ― The commercial cargo ship Dragon returned to Earth from the International Space Station on Sunday, bringing back nearly 2 tons of science experiments and old equipment for NASA.“Welcome home, Dragon!” the California-based company said via Twitter.After a one-month visit, the SpaceX cargo ship was set loose Sunday morning. Astronaut Steven Swanson, the station commander, released it using the big robot arm as the craft zoomed more than 400 km above the South Pacific
TechnologyMay 19, 2014
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Hyundai Motor recalls over 120,000 Tucson SUVs over airbag problem
South Korea's top automaker, Hyundai Motor Co., is recalling over 120,000 vehicles here for a problem possibly related to airbags, the transportation ministry said Monday.The problem involves bolts that attach the cover of the vehicle's horn to the steering wheel, which can affect the operation of driver's airbag, according to the Ministry of Land, Infrastructure and Transport.The recall affects 122,561 Tucson compact sport utility vehicles (SUVs) produced between Jan. 1, 2011 and Dec. 26, 2013.
IndustryMay 19, 2014
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LG Chem inks patent deal with Japanese battery film maker
LG Chem researchers examine safety reinforced separators at their lab in Daejeon on Sunday. LG Chem LG Chem said Monday that it has inked a patent license deal with Japanese battery film maker UBE MAXELL. Under the agreement, UBE MAXELL, a joint venture between Ube Industries and Hitachi Maxell, can use LG Chem’s separator film technology, called “safety reinforced separator technology,” using a ceramic coating on battery separators. The battery separators play a critical role in separating t
TechnologyMay 19, 2014
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Samsung garners 71 percent of world smartwatch market in Q1
South Korea's tech giant, Samsung Electronics Co., took 71 percent of the global market for smartwatches in the first quarter of 2014, data showed Monday. Samsung shipped 500,000 units of smartwatches over the first three months of this year, according to tech industry watcher Strategy Analytics. It was an increase from Samsung's market share of 52.4 percent in 2013, when it sold 1 million units around the globe.Japan's Sony Corp. and Pebble of the United States held 11.4 percent of the market e
IndustryMay 19, 2014