Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Medical reform committee kicks off despite boycott from doctors
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STX Group may face another liquidity crisis
STX Offshore & Shipbuilding’s request for help to creditors indicates that STX Group may be facing another liquidity crisis, analysts said on Wednesday. They said the future of STX Group, the nation’s 13th-largest conglomerate in terms of revenue, is seemingly murky as it faces a series of credit downgrades, following the self-restructuring plan proposed by the shipbuilding unit, its core affiliate, to its creditors on Tuesday. STX Offshore, the world’s fourth-largest shipbuilder, asked creditor
IndustryApril 3, 2013
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Lotte-Shinsegae war takes new turn
Retail archrivals Lotte and Shinsegae are clashing head-on all across the country ― in Busan, Incheon and regions northwest and southeast of Seoul. Shinsegae’s premium outlet in Paju, Gyeonggi Province, is scheduled to open its expanded section to host some 52 new brands next Friday, adding to its existing 167 labels.The suburban outlet was enlarged by about 30 percent to 40,182 square meters.“We cannot confirm the names of the new brands until our press conference next Thursday,” said Shinsegae
IndustryApril 3, 2013
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Will Peter Schreyer magic work again?
GYEONGJU, North Gyeongsang Province ― Kia Motors’ new Carens, significantly the last Kia car to benefit directly from the toughness of Peter Schreyer’s design philosophy, has made its Korean debut. The All New Carens, the newest generation of Kia’s flagship seven-seat minivan, comes seven years since its previous model launched in 2006. The Hyundai affiliate poured 220 billion won ($196.7 million) and 51 months into its development. Minivans are gaining popularity here with the rise in popularit
IndustryApril 3, 2013
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Hyundai Oilbank completes 2nd BTX plant
Hyundai Oilbank, the nation’s fourth-largest oil refiner, started operations of its second BTX plant, in Daesan, a coastal city 137 kilometers southwest of Seoul, on Wednesday, the company said. BTX is a composite mix of benzene, toluene and xylene.The company completed the plant construction with its Japanese partner Cosmo Oil. Back in 2008, the two companies created a strategic alliance to cooperate in various areas, including the BTX business. The two companies completed the first BTX product
IndustryApril 3, 2013
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Testing and research agency steps up globalization drive
The state-funded Korea Testing & Research Institute, or KTR, is stepping up globalization efforts based on its 40 years of experience in Korea by entering overseas markets and seeking outbound merger and acquisition deals. KTR offers testing, product certification and technology consulting services to the entire industrial field.KTR has recently announced that it will set up a joint testing laboratory with Chemical Inspection and Regulation Services, a chemical registration consultancy in China,
April 3, 2013
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‘Last cyber attack bigger threat than thought’
Advanced persistent threat, or APT, may sound unfamiliar to many people. The term is used to describe the cyber attacks that were recently conducted on major broadcast stations and financial institutions including KBS and NongHyup.What many of us don’t know is that this cyber threat, which could occur in many different forms including sending document files with malicious codes attached, can target any one of us.“The APT cyber attack is one that can turn the targeted person’s personal computer i
TechnologyApril 3, 2013
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Is your information secure?
With a large part of the global population using the Internet for vital aspects of their lives, cyber security has become just as important as physical security.Online bank accounts’ authentication codes stored on a laptop or desktop computer are the norm, and it’s common for Internet users to hold multiple email accounts. Websites offer increasingly more information and services, lending to a need for more passwords and IDs. All of it leads up to an obvious need to protect private or significan
TechnologyApril 3, 2013
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‘Next two iPhones designed by Steve Jobs’
The next two generations of iPhone may have been already designed by the late Steve Jobs, U.S. media reported. The rumor surfaced from a conversation on the safeguarding mechanism for mobile handsets between Apple’s government liaison Michael Foulkes and San Francisco district attorney George Gascon. Foulkes reportedly said the tech giant has a few options for the next two generations of iPhone because they had been already planned under Jobs, according to Fox News.The talk came as Gascon was co
TechnologyApril 3, 2013
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Electronic health records not up to task
Doctors are changing paper records to electronic health records, but data systems are not sophisticated enough for new types of data, U.S. researchers say.The study, published in the Journal of the American Medical Association, said as data becomes cheaper and more available to healthcare providers the ability to store large-scale raw data -- “big data” -- for future reference with patients is critical, and current EHRs are not up to the task.For example, genome sequencing -- the complete DNA se
TechnologyApril 3, 2013
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Moody's says S. Korea's credit remains strong despite military tensions
North Korea's bellicose rhetoric has highlighted geopolitical risks but stopped short of undermining South Korea's credit fundamentals, Moody's Investors Service said Wednesday.It cited defense commitments by the U.S. and optimism over South Korea's new government in terms of economic policy."North Korea's rhetoric highlights long-standing geopolitical event risk which, however, has not had material, adverse affects on market sentiment in Seoul or on South Korea’s economic fundamentals -- this i
April 3, 2013
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S. Korea's foreign reserves stay almost flat in March
South Korea's foreign exchange reserves stayed almost flat in March from the previous month as higher investment profits overshadowed the lower dollar conversion value of non-dollar assets, the central bank said Wednesday.The country's foreign reserves reached US$327.41 billion in March, up $10 million from the previous month, according to the Bank of Korea (BOK).The FX reserves reached $327.4 billion last month, the first fall in nine months after hitting a record high of $328.91 billion in Jan
April 3, 2013
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Korea’s big-business reliance grows
Korea’s economic dependency on top conglomerates has continued to rise, posing a challenge to the incumbent President Park Geun-hye administration seeking to restructure the country’s economic landscape.A report by Korea’s Fair Trade Commission showed that sales generated by the top four private conglomerates, or chaebol, accounted for more than 53 percent of the total in the first quarter of this year, up from 52 percent a year ago.The top four industrial groups sanctioned by the antitrust watc
IndustryApril 2, 2013
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[Graphic News] Music digitalization bodes well for K-pop
The music industry reported global sales growth last year for the first time since 1999 on rising online sales, prompting analysts to paint a rosy picture for the K-pop industry.The increase, 0.3 percent, was minimal, and the total revenue of $16.5 billion was nothing comparable to its peak of $38 billion over a decade ago, figures reported by the International Federation of the Phonographic Industry showed.But the digital revolution, which appeared to be killing the music industry with rampant
IndustryApril 2, 2013
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Korea’s heavy reliance on trade persists
Trade continued to surpass 100 percent of Korea’s gross national income for the third straight year, making the country vulnerable to external macroeconomic factors.Trade in proportion to GNI, the total value of income generated by Korean nationals domestically and abroad, stood at 112.7 percent in 2012, similar to 112.9 percent in 2011, according to data by the Bank of Korea and the Ministry of Trade, Industry and Energy.In 2010, the ratio reached over 105 percent.This led to Korea becoming the
April 2, 2013
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Banks slash deposit rates below 3%
Commercial banks are cutting interest rates on deposit products, reportedly betting that the Bank of Korea will cut the monthly benchmark rate by 25 basis points to 2.5 percent next week.Amid their recent rush to lower the rates, there are few savings products that offer rates of 3 percent or more to depositors.The nation’s two largest banks ― KB Kookmin and Woori ― decided to conduct the policy starting April 1.Woori Bank has lowered the rates on 16 deposit products by 0.1 percentage point. As
April 2, 2013
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Hyundai Rotem wins 1 trillion won deal in India
Hyundai Rotem, a local train maker affiliated with Hyundai Motor Group, said Tuesday that it recently won India’s largest-ever train project worth about 1 trillion won ($900 million). The company is to deliver a total of 636 trains by 2017 to the state-run Delhi Metro Rail Corporation for the city’s two new subway lines, Nos. 7 and 8. The competition to win the lucrative deal was fierce, with global big names such as Canada’s Bombardier, France’s Alstom and Germany’s Siemens heating up the race.
IndustryApril 2, 2013
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Ssangyong escapes capital impairment
Ssangyong Engineering & Construction narrowly escaped total capital impairment status but should improve its financial condition by the end of the second quarter to avoid shutdown by the local stock market, company officials said Tuesday.The troubled builder said through a public announcement on Monday that it submitted a report to the nation’s stock trader Korea Exchange, proving that it was bailed out of its capital impairment.Boosted by the creditors’ debt-to-equity swap program, the company’
IndustryApril 2, 2013
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ICT Ministry opens first global forum
The Ministry of Science, ICT and Future Planning said Tuesday that it held its first international meeting in preparation for the plenipotentiary conference of the International Telecommunication Union in Busan in 2014.The meeting, attended by 100 representatives from 38 member countries in the Asia-Pacific region, was the initial step to gain global ICT leadership, according to ministry officials. It was also recorded to be the first global gathering organized since the launching of the new min
TechnologyApril 2, 2013
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Hyundai Oilbank tops in operating profit
Hyundai Oilbank, the nation’s fourth-largest oil refinery, was the best performer among its competitors in the first quarter of this year, data from the Financial Supervisory Service said Tuesday. According to the data, operating profit of Hyundai Oilbank, an affiliate of Hyundai Heavy Industries, fell 43.3 percent to 307 billion won ($269 million) from the same period a year ago. At a glance, the company seems to be seeing an earnings shock, but three other top oil refineries ― SK Innovation, G
IndustryApril 2, 2013
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Foreign residents eligible for debt relief program
Foreigners and multicultural families residing in South Korea are likely to become eligible to receive the same benefits as South Korean citizens under the government’s new debt restructuring program, an official at the nation’s financial regulator said Tuesday.“The National Happiness Fund wouldn’t reject applicants based on nationality,” said an official at the Financial Services Commission, adding that, “our program will not discriminate against foreign debtors simply because of their country
April 2, 2013