Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Graphic News] 77% of young Koreans still financially dependent
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Korean, Romanian leaders discuss defense tech, nuclear energy
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Jury set to decide how much Samsung owes Apple
A Silicon Valley began its second day of deliberations Wednesday in a trial to determine damages owed by Samsung Electronics for infringing on Apple's patents. The jury asked the judge for calculators Tuesday to help it determine how much Samsung owes for copying key features of the iPhone and iPad.The federal judge presiding over the patent trial granted the jury's request before the smartphone rivals' lawyers delivered their closing arguments. The one-week trial is being held to determine dama
TechnologyNov. 20, 2013
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S. Korea's short-term foreign debt hits 7-year low in Q3
South Korea's short-term foreign debt declined to its lowest level in seven years in the third quarter on a fall in banks' overseas borrowing, the central bank said Wednesday.The country's short-term external debt totaled US$111.5 billion as of end-September, down $8.1 billion from three months earlier, according to the Bank of Korea (BOK).It marked the lowest level since the third quarter of 2006 when short-term foreign debts hit $107.4 billion.The third-quarter data also marked the fifth strai
Nov. 20, 2013
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Samsung's Galaxy S4 finishes 2nd in Sept. smartphone sales: data
Samsung Electronics Co.'s Galaxy S4 was dethroned by Apple Inc.'s iPhone 5S, which became the best-selling smartphone in the world in September, data showed on Wednesday.According to the data compiled by Hong Kong-based Counterpoint Technology Market Research, Apple's iPhone 5S became the bestselling phone last month in just 10 days of its release, ending the Galaxy S4's several month reign.Samsung took the No. 1 position in the premium smartphone market of phones above the US$400 price point in
TechnologyNov. 20, 2013
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Seoul shares open lower on U.S. losses
South Korean stocks opened lower Wednesday tracking overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.66 points, or 0.38 percent to 2,023.98 in the first 15 minutes of trading.Shares lost ground across the board, with tech giant Samsung Electronics falling 1.01 percent and No. 1 carmaker Hyundai Motor decreasing 0.77 percent. Top steelmaker POSCO shed 0.92 percent.U.S. stocks closed lower Tuesday as investors took a breather after the m
Nov. 20, 2013
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Citi Bank scaling down operations in Korea
A South Korean unit of U.S.-based Citi Bank said Tuesday it has reduced nearly 10 percent of its branches here through November, due mainly to its falling profits in the local financial market.Citi Bank Korea said the number of branches in South Korea came to 196 as of this month, compared to 218 tallied at end-December last year.Citi Bank Korea’s net profit came to 27.9 billion won ($26.3 million) in the third quarter of fiscal 2013, down 53.3 percent from a year earlier.South Korea is the bank
Nov. 19, 2013
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OECD raises Korea’s 2013 growth outlook to 2.7%
The Organization for Economic Cooperation and Development said Tuesday that it revised downward Korea’s 2014 economic growth outlook from 4 percent to 3.8 percent, as Asia’s fourth-largest economy is highly exposed to external factors stemming from unorthodox policies implemented by advanced economies.The OECD, however, raised its initial 2013 growth projection for the Korean economy from 2.6 percent to 2.7 percent on the back of “modest” global recovery.The global economy is expected to grow 2.
Nov. 19, 2013
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[Newsmaker] More join efforts to create part-time jobs
More companies are jumping on the bandwagon to hire contract-based part-time workers, apparently in line with the government’s policy to boost the nation’s employment.Shinsegae, operator of the nation’s biggest department store, first stepped up to the plate as it announced earlier this year that it would hire around 2,000 part-time workers for its businesses including retail store Emart and its department stores across the nation. Other retail firms including CJ Group also followed suit by hiri
IndustryNov. 19, 2013
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[Graphic News] Global sales of tablet PCs
Samsung Electronics’ sales of tablet PCs in the third quarter reached 10.5 million units, accounting for 20.2 percent of the global market share, according to a report from Strategy Analytics. Samsung narrowed the gap with front-runner Apple, which shipped 14.1 million units in the same period.
Nov. 19, 2013
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Hyundai-Kia receives 3 residual value awards in U.S.
Hyundai Motor Group said Tuesday that it received three Residual Value Awards from Automotive Lease Guide, the industry benchmark for residual values and depreciation data, in the United States. The annual ALG Residual Value Awards recognize carmakers’ outstanding achievements in producing new vehicles that are predicted to retain the highest percentage of their original price after three years.Hyundai Motor’s Santa Fe topped the mid-size SUV segment for two consecutive years, while its Accent o
IndustryNov. 19, 2013
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Samsung Life probed for aiding tax evasion
The Financial Supervisory Service said Tuesday that it has launched a full-fledged investigation into Samsung Life Insurance after police revealed that two insurance salespeople at the company helped a client to evade tax.While the Samsung Group-affiliated financial firm has about 35,500 salespeople, dozens of them reportedly manage insurance policies worth more than 5 billion won ($4.5 million).According to police and financial regulators, the employers abetted the dodging of income taxes throu
Nov. 19, 2013
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Saskatoon berries make debut in Korea
Canada’s saskatoon berries made their debut here on Tuesday to make Korea the first market in Asia to get a taste of the so-called superfruit. “We are pleased to have this opportunity to have Korea learn about this wonderful fruit. I think Korean people, with their focus on a healthy lifestyle and a keen interest in quality products, will make Korea a great test bed for introducing saskatoon berries to the region,” said Sandra Purdy, president of Prairie Berries, the operator of the world’s larg
IndustryNov. 19, 2013
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Samsung expected to release 64-bit smartphone
Samsung Electronics and ARM, a mobile application processor designer, fine-tuned their plan to equip the upcoming Galaxy S5 smartphone with a 64-bit processor, sources said on Tuesday. “Executives from Samsung and ARM had a meeting today. They discussed the ARM 64-bit chip, which is expected to be used in Samsung’s smartphone next year,” said a senior manager from the U.K.-based firm.He added that “Cortex-M processors, which are used for products in the smart home system, might have been on the
TechnologyNov. 19, 2013
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Duty-free cap in Jeju raised to $800
The government will raise the transaction limit at two duty-free shops for domestic travelers in Jeju to $800, the Ministry of Land, Infrastructure and Transport said Tuesday. The two duty-free shops catering to domestic travelers, where they can shop up to six times a year, are located at Jeju International Airport and International Convention Center Jeju. However, the new policy only increases the transaction limit, while the tax-free benefit itself remains capped at $400. Transactions past $4
IndustryNov. 19, 2013
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Kumho Tires supplies Mercedes-Benz B-Class
Kumho Tires said Tuesday that it has started supplying original equipment tires to Mercedes-Benz for its B-Class compacts from November, following another deal with the German luxury carmaker for the G-Class sport utility vehicle. Equipped with the Korean tire maker’s high-performance thread compound technology, the tire product ECSTA HM effectively supports steering and driving stability, the company said in a press release. With the new supply deal, Kumho Tires said, the company is seeking to
IndustryNov. 19, 2013
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Dongbu Group in push to save steel arm
In a major effort to overcome its prolonged financial crisis, the nation’s 17th-largest conglomerate Dongbu Group bit the bullet and decided to sell off several of its core assets.But its self-rescue plan, though considered the only plan to save its symbolic steel business, is also a double-edged sword as it involves the disposal of the group’s key growth engines, including some of its steel manufacturing facilities.On Sunday, Dongbu Group announced it would sell off Dongbu HiTek, a highly profi
BusinessNov. 19, 2013
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New Pride hopes to lead U.S. intermodal industry
RANCHO DOMINGUEZ, California ― New Pride Corp., an intermodal company, is one of two U.S.-based companies, along with Access Bio, that is listed on Korea’s tech-heavy KOSDAQ market. Behind the company’s success in the industry might have been efforts by its Korean-born chairman to earn credibility from clients. “Perseverance and keeping up a good reputation were the key factors that made me the chairperson of New Pride Corp,” Edward Kim said. After obtaining a degree in management at Seoul Natio
BusinessNov. 19, 2013
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Rural development agency to tap agricultural projects overseas
The Korea Rural Community Corp., a public firm that has carried out rural infrastructure and community development projects for decades, is shifting its focus to overseas projects under its new leadership. “The demand for learning from Korea’s agricultural infrastructure construction and rural and fishing village development know-how is increasing in developing countries,” KRC CEO Lee Sang-mu told The Korea Herald. “The KRC will focus on tapping overseas business opportunities in such areas und
IndustryNov. 19, 2013
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Seoul shares gain 1.04 pct amid global recovery hopes
South Korean stocks closed 1.04 percent higher Tuesday, as indications that global economies are on the path for recovery boosted investor confidence, analysts said.The local currency inched up against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shot up 20.83 points to finish at 2,031.64. Trading volume was moderate at 397.3 million shares worth 4.24 trillion won ($4.01 billion) with gainers outnumbering decliners 426 to 391. Analysts said global economies showing si
Nov. 19, 2013
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Commissioner aims to grow GFEZ into logistics hub of Northeast Asia
Looking at a map of the Korean Peninsula, it can be clearly seen that Gwangyang Port, in South Jeolla Province, is located halfway between China and Japan.Covering four different cities and counties (Yeosu, Suncheon and Gwangyang in South Jeolla Province, and Hadong in South Gyeongsang Province), the Gwangyang Bay Area Free Economic Zone, or GFEZ, is a key strategic location for both Western and Asian businesses that want to be involved in the Asian market.With this year marking the 10th anniver
IndustryNov. 19, 2013
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LIG group to sell nonlife unit
South Korea's LIG Group said Tuesday it plans to sell all shares in its nonlife insurance arm in a bid to secure cash to compensate investors for losses incurred from its 2011 financial fraud scandal.The conglomerate said it will sell its 20.96 percent stake, or 12.5 million shares, in LIG Insurance Co., while the acquirer has yet to be decided. Market watchers said the deal is estimated at 400 billion won ($378 million).LIG Group said that the sale of LIG Insurance shares was inevitable, due to
IndustryNov. 19, 2013