Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Korea enters full election mode
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Immigrant woman stabbed to death by Korean husband
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul’s bus union prepares for strike
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Demand for gold, W50,000 notes soaring
Demand for gold and 50,000 won banknotes is soaring after the Park Geun-hye government’s vow to tax the underground economy, data showed on Thursday.According to Yonhap News, which compiled data from the Bank of Korea and some financial institutions, the amount of 50,000 won banknotes in circulation as of April reached 35.52 trillion won ($31.83 billion). During the first four months of this year alone, the amount increased by 3.76 trillion won. It is almost double the increase from the same per
June 6, 2013
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[Graphic News] U.S. marks record trade gap with Korea
The United States’ monthly trade deficit with Korea widened to a record high in April, raising the possibility that Washington may face calls for measures to supplement the year-old free trade agreement between the two countries.According to a report from the U.S. Department of Commerce, Washington imported Korean products worth $5.58 billion and exported goods worth $3.27 billion to Seoul in that month.The United States’ combined trade deficit with Korea from January to April amounted to $6.98
June 6, 2013
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Samsung seeks supremacy in new businesses
One of the hottest topics in the global auto industry this year is BMW’s first electric car, the i3 hatchback that goes on sale in the second half of the year. For the ambitious i project, the German premium carmaker has picked Samsung SDI as the sole provider of lithium-ion batteries ― the crucial part of electric vehicles.In 2010, Samsung pinpointed the electric car battery sector, together with the medical, biologics, solar energy and OLED display panel businesses, as areas to push for future
IndustryJune 6, 2013
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Samsung celebrates anniversary with shared growth and resolution
Samsung on Friday celebrated the 20th anniversary of the New Management Initiative issued by Samsung Electronics chairman Lee Kun-hee to spur the company into a world-class corporation.But the way it chose to do so was in a quiet manner, choosing to hold a forum, the “Samsung Innovation Forum,” to take a look back in history, to the time of the initiative, and to give Samsung employees a chance to gather together and bond.This is why in addition to the forum, Samsung employees held a three-day w
IndustryJune 6, 2013
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Samsung looks to another successful 20 years
For those who are not familiar with Lee Kun-hee’s powerful leadership, they may think Samsung Group’s transformation into a global powerhouse in most of the world’s key industries has been completed.Flagship Samsung Electronics has surpassed its strongest rival Apple to grab the title as the world’s largest smartphone maker, it boasts the world’s largest market share for memory chips, and operates IT systems throughout Asia and the U.S., while Samsung-made batteries power up hybrid cars all over
IndustryJune 6, 2013
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STX Pan Ocean at crossroads for survival
The financially distressed STX Pan Ocean will hold an extraordinary board meeting on Friday to select an alternative to a stake auction to normalize the company’s management.The scheduled board meeting is to convene as the nation’s largest bulk carrier operator ― as a shipping unit of the ailing STX Group ― has reportedly failed to find an acquirer for the past six months.STX Pan Ocean has been in M&A talks with the state-run Korea Development Bank, which holds a 14.99 percent stake in the compa
June 6, 2013
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Competition for KB Kookmin Bank presidency heats up
As KB Financial Group picked Lim Young-rok as its new chairman on Wednesday, attention is being paid to who will head the nation’s No. 2 bank under the financial group.KB Kookmin Bank president and CEO Min Byong-deok offered to resign from the post after running unsuccessfully for the chairmanship.Currently, KB Kookmin Card CEO Choi Gi-eui, KB Financial Group vice president Yoon Jong-kyu and KB Kookmin Bank vice president Kim Ok-chan are the strongest candidates for the top post, bank sources sa
June 6, 2013
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Ex-vice finance minister tapped as NH Financial chairman
Nonghyup Financial Group said Thursday that the group has named former senior government official Lim Jong-ryong as its chairman.Lim’s chairmanship will go through final verification the following day at the board of directors’ meeting, the group said. Lim, 54, served as the vice minister of the Ministry of Strategy and Finance in April 2010, before leading the Prime Minister’s Office from September 2011. Despite concerns about the group’s general exclusiveness for outsiders, NongHyup Financial
June 6, 2013
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Middle East market still attractive to Korean firms
Despite the rise of Southeast Asia, the Middle East market is still big, important and rich enough to attract Korean firms, especially medium-sized ones seeking to expand their business overseas, according to a senior partner of a top Arabic law firm.“The business potential in the United Arab Emirates is very much ongoing,” Stephen Forster, a partner at Al Tamimi, the largest and the most influential law firm in the Middle Eastern region, told The Korea Herald.The senior lawyer, who is also the
June 6, 2013
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‘No unapproved GMO wheat, flour from U.S.’
South Korea’s food watchdog said Wednesday that it has found no unapproved genetically modified wheat and flour in shipments from the U.S. state of Oregon.The Ministry of Food and Drug Safety made the announcement after inspecting a 1-kilogram sample from each shipment of U.S. wheat and flour being stored by South Korean importers and milling companies.The move comes days after the U.S. Animal and Plant Health Inspection Service confirmed unapproved genetically modified wheat had been found in a
June 6, 2013
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Revised capital rule dents installment purchases in Q1
Credit card installment purchases fell to a 10-quarter low in the first quarter as a revised financial rule and the economic slump dampened consumers’ sentiment, data showed Wednesday.According to the data compiled by the Bank of Korea, the country’s credit card installment buying came to 20.2 trillion won ($18.1 billion) in the January-March period, down 17.1 percent from three months earlier.In contrast, the amount of single payment purchases edged down 1.9 percent over the cited period to rea
June 6, 2013
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U.S. auto magazine picks Kia Cadenza as best sedan
LOS ANGELES (Yonhap News) ― A leading U.S. auto magazine has picked the Kia Cadenza as the best sedan among its American and Japanese rivals, a move that South Korea’s second-largest automaker Kia Motors Corp. will boost its sales in the United States.“A huge value proposition, solid fuel efficiency, near-luxury ride, and pretty sheetmetal make the Kia our near-unanimous choice for first place,” Motor Trend, an automobile magazine, said in its July edition posted on its website.The magazine comp
June 6, 2013
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Bank holding firms’ capital slips in Q1
The capital adequacy ratio of South Korean bank holding companies fell in the first quarter of this year from three months earlier, largely due to a decrease in the amount of capital set aside to counter risk, the financial regulator said Thursday. The average capital adequacy ratio of 10 local bank holding companies, including top player Woori Finance Holdings Co., stood at 13.11 percent as of the end of March, down 0.12 percentage point from three months earlier, according to the Financial Sup
June 6, 2013
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What are colonic polyps?
Polyps are lumps (tumors) that protrude from the lining of the colon. They can be categorized into adenomas or hyperplastic polyps. Hyperplastic polyps are generally not associated with colon cancer, and are not causes of concern. The concerning type of polyps are adenomas, which are benign tumors that can become malignant with time and hence become colon cancer.The risk of adenomas depends on the microscopic histology and the size of the polyp. Polyps that are smaller than 1 centimeter have a 1
TechnologyJune 6, 2013
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Job stress blamed for rise in young bipolar patients
Bipolar disorder is increasingly affecting Korean youths struggling with job-related stress, with patients among workers in their 20s surging 10 percent annually in recent years, study showed. The number of people treated for the mood disorder grew 26.1 percent from 46,000 in 2007 to 58,000 in 2011, according to a report released by the National Health Insurance Service. Over the same period, medical expenses related to psychosomatic illness increased from 55 billion won ($48.6 million) to 77 bi
TechnologyJune 6, 2013
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Meet distant cousin: Tiny hyperactive primate
New fossil evidence of the earliest complete skeleton of an ancient primate suggests it was a hyperactive, wide-eyed creature so small you could hold a couple of them in your hand _ if only they would stay still long enough.The 55 million-year-old fossil dug up in central China is one of our first primate relatives and it gives scientists a better understanding of the complex evolution that eventually led to humans. This tiny monkey-like creature weighed an ounce (28 grams) or less and was not a
TechnologyJune 6, 2013
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BS Financial chief pressured to resign
Financial authorities recently urged Busan-based BS Financial Group chief executive Lee Jang-ho to step down from his post voluntarily before his term expires in March 2014, according to market insiders on Wednesday.The alleged pressure on the provincial financial firm from regulators has come under spotlight after most chairmen of the nation’s major financial groups were replaced over the past few months.The Financial Supervisory Service, in a statement earlier in the day, said that BS Financia
June 6, 2013
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U.S. extends Iran sanctions exception for S. Korea
U.S. Secretary of State John Kerry on Wednesday announced the renewal of Iran sanctions exceptions for South Korea and eight other nations.The nine nations will be able to continue purchasing reduced amount of Iranian crude oil for the coming 180 days without any penalties under the National Defense Authorization Act."The United States and the international community stand shoulder to shoulder in maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear progr
June 6, 2013
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Agencies team up to probe offshore investors
The nation’s three investigative agencies on financial transactions and the central bank will collaborate on inquiries into alleged corporate tax evaders via investment in overseas tax havens.Officials at the Financial Supervisory Service said the regulator plans to actively exchange a variety of information on offshore investors with the National Tax Service, the Korea Customs Service and the Bank of Korea.This is the first time in about eight years since 2005 for the agencies to seek joint inv
June 5, 2013
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Korea to improve venture ecosystem
The Ministry of Science, ICT and Future Planning said Wednesday that it would lay the foundations for a sound venture ecosystem that can give every Korean the opportunity to turn innovative and creative ideas into lucrative businesses.Science and ICT Minister Choi Mun-kee said that the government’s incentives and deregulations to promote start-ups would boost job creation and national competitiveness.The Science and ICT ministry said it hoped to create about 650,000 jobs through these measures s
June 5, 2013