Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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Impact of strong won and weak yen on economy
The Korean won has been surging and the Japanese yen waning since October 2012. As of late February this year, the won was in the 1,080s range against the U.S. dollar, appreciating from the 1,110 level at the end of September 2012. Meanwhile, the yen depreciated to around 92 against the dollar from 77.6. As the currencies moved in opposite directions to the dollar, the won appreciated more than 20 percent against the yen during the five-month period to reach 1,173 to 100 yen as of Feb. 28 from 1
March 19, 2013
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KOGAS diversifies overseas business beyond LNG imports
This is the fourth in a series of case studies on the nation’s leading state-run companies which have made success stories overseas. ― Ed.KOGAS, which has imported LNG and supplied imported gas to local power companies since its foundation in 1983, last Thursday hosted a groundbreaking ceremony in Maputo, capital of Mozambique, in southeast Africa for its new overseas business project. Under the project, KOGAS will construct a 59-kilometer gas pipeline by October this year in Maputo and distribu
March 19, 2013
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BNP Paribas Cardif Life Insurance wins award
BNP Paribas Cardif Life Insurance came out on top in the environmental preservation sector at the state-sponsored 2013 Adding Happiness Social Contribution Award Ceremony, the company said on Tuesday. The corporate social sharing award is presented in recognition of BNP’s unique social sharing project, “Happy Forest for Sharing,” as well as other “different but professional” social sharing projects in partnership with NGOs and experts, the Korean subsidiary of European insurance firm BNP Paribas
March 19, 2013
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Heungkuk Life sanctioned for irregular practice
The Financial Supervisory Service on Tuesday issued an “institutional caution” against Heungkuk Life Insurance for glossing over irregular practices at a sales branch.“While the Heungkuk branch attracted policyholders via unauthorized practices, the headquarters did not take any disciplinary action despite internal detection,” an FSS official said.Ultimately, the headquarters suffered losses worth 1.22 billion won ($1.1 million) -- as extra costs for resolving unfair contracts between the branch
IndustryMarch 19, 2013
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S. Korea pushes for 10 tln won extra budget to boost economy
The Ministry of Strategy and Finance is looking to devise a supplementary budget worth 10 trillion won to boost jobs and support the middle class.At is confirmation hearing on Tuesday, deputy prime minister Hyun Oh-seok, the nominee for the minister of strategy and finance said the ministry would need to consider devising a supplementary budget in line with the government’s macroeconomic policy.It will further look into ways to raise the budget in terms of timeline by comprehensively viewing all
March 19, 2013
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Coca-Cola puts fizz, flavor in new Glaceau water
Coca-Cola is taking bottled water and doing what it does best _ giving it some bubbles and flavor.The Atlanta-based company confirmed Monday that it would introduce a line of zero-calorie, carbonated, fruit-flavored waters called ``Fruitwater‘’ starting April 1. The drink will be part of Coca-Cola‘s Glaceau unit, which makes other pricier bottled waters such as Vitaminwater and Smartwater.Unlike the zero-calorie version of Vitaminwater, which is made with the natural sweetener stevia, Fruitwater
IndustryMarch 19, 2013
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Stress linked to higher risk of Alzheimer’s: study
A study suggested that constant stress could increase the risk of Alzheimer’s disease, according to British media.A research team from Umea University in Sweden studied the relationship between stress hormones in the brain and memories using mice. Results showed that highly stressed mice had higher levels of beta amyloids, proteins linked to Alzheimer’s disease, and more allopregnanolone, specific stress hormones in the brain.Accumulated amyloids in mice brains impaired the brain synapses and co
TechnologyMarch 19, 2013
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Seoul shares rise 0.53 pct on exporter gains
South Korean stocks closed 0.53 percent higher Tuesday as local exporters rebounded from their recent losses sparked by concerns over the eurozone economy, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose10.38 points to 1978.56. Trading volume was low at 313.3 million shares worth 3.62 trillion won (US$3.26 billion), with gainers outnumbering decliners 471 to 318."The increase came as the market recouped excessive losse
BusinessMarch 19, 2013
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Prosecutors raid KEB in rate-rigging probe
Prosecutors raided the Korea Exchange Bank’s main office Tuesday as part of an investigation into allegations that the nation’s fifth-largest lender took profits by illegally raising interest rates on loans to small and medium-sized firms.The Financial Supervisory Service requested the investigation on March 5 claiming that the bank gained some 18.1 billion won ($16.2 million) through rate manipulations between 2006 and 2009. The prosecutors seized computer hard drives and data from CEO Yun Yong
March 19, 2013
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Kim Yu-na boosts lipstick’s sales overnight
A video clip of South Korean figure skater Kim Yu-na wearing lipstick at a press conference in 2013 World Figure Skating Championships in Canada went viral on the Internet, sparking keen interest about the brand from internet users.The lipstick is Dior’s Addict Lip Glow lip balm. Released in 2009, it is one of Dior’s top-selling items with its daily sales volume reaching 1,000.Thanks to the publicity generated by Kim, the product is now enjoying an unprecedented boom in the local cosmetics marke
IndustryMarch 19, 2013
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Insufficient sleep causes weight gain: study
A recent study suggests that people tend to gain weight when they are deprived of sleep for just a few days in a row, the New York Times reported on Tuesday. Sleep experts at the University of Colorado recruited 16 healthy grown-ups and adjusted their sleeping hours to see the changes in their sleep patterns, metabolism and eating habits. According to the research, participants who had their sleeping hours cut from nine to five gained two pounds (0.9 kg) on average at the end of the experiment a
TechnologyMarch 19, 2013
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Seoul shares up 0.89 pct in late-morning trade
South Korean stocks traded 0.89 percent higher late Tuesday morning on gains in techs and retailers, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose17.61 points to 1,985.79 as of 11:20 a.m.Tech blue chips continued to gather ground, with market behemoth Samsung Electronics rising 2.56 percent and top flat panel manufacturer LG Display adding 1.72 percent. Top chipmaker SK hynix advanced 0.7 percent.Retailers also traded higher, with Samsung C&T advancing 4.18 percent a
BusinessMarch 19, 2013
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Seoul shares open higher on techs, builders
South Korean stocks opened higher Tuesday on gains in technology firms and builders, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 10.38 points, or 0.53 percent, to 1,978.56 in the first15 minutes of trading.Tech blue chips led the gain, with market behemoth Samsung Electronics advancing 1.04 percent and its smaller rival LG Electronics moving up 1.99 percent. Leading chipmaker SK hynix added 1.41 percent.Construction firms also gathered ground, with Hyundai Eng
BusinessMarch 19, 2013
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Roosters ‘tell time’ in to begin crowing
NAGOYA, Japan -- Roosters crowing at dawn aren‘t just reacting to the external stimulus of light, Japanese researchers say; they actually know what time of day it is.In a study reported in the journal Current Biology, scientists at Nagoya University say there is indeed a clock in “cock-a-doodle-doo” -- a biological one.“’Cock-a-doodle-doo‘ symbolizes the break of dawn in many countries,” researcher Takashi Yoshimura said. “But it wasn’t clear whether crowing is under the control of a biological
TechnologyMarch 19, 2013
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Shin indicates replacement of financial executives
Top executives at state-owned financial institutions, organizations and companies are expected to be replaced soon as Shin Je-yoon, the Financial Services Commission chairman-nominee, heralded sweeping changes of top financial posts. At a confirmation hearing on Monday, the nominee for Korea’s financial regulatory body said that he would suggest and recommend the replacement of incumbent executives to President Park Geun-hye, despite their terms. He added that he would replace them, if necessary
March 18, 2013
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[Graphic News] Economic happiness fades with age
Dogged by job in security and retirement plans, Koreans in their 50s and 60s are less satisfied with their financial situation than younger people, a study showed Monday.The private Hyundai Research Institute said its economic happiness index for 2012 showed that all age groups tended to self-evaluate their economic happiness as very low in general ― an average 40.4 points out of a maximum 100.The index takes into account six factors: income level, economic distribution, expenditure level, job s
March 18, 2013
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1 in 3 new chaebol auditors is ex-government official
One in 3 outside auditors at major conglomerates and their subsidiaries are former government officials, thought to be used mainly as lobbyists for those companies rather than being independent monitors of management.Data by the Korea Exchange and the Financial Supervisory Service showed that more than 30 percent of 81 outside auditors selected or expected to be appointed as auditors this year at 66 listed subsidiaries and affiliates of Korea’s top 10 conglomerates were former high-ranking gover
March 18, 2013
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[Newsmaker] FSS chief will let consumers request probes
Consumers will likely be entitled to call for the Financial Supervisory Service to conduct probes into financial firms such as commercial banks and insurance firms.Choi Soo-hyun, who took office as governor of the FSS on Monday, pledged to introduce consumer-initiated investigations in the financial market.The new chief regulator’s policy reflects his strong commitment to bolstering the protection of consumers, as the number of irregular business practices has continued to grow in the financial
March 18, 2013
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AmorePacific’s major brands
Sulwhasoo Sulwhasoo is AmorePacific’s high-end, herbal-based cosmetics lineup. The priciest among the products released by the cosmetics maker, Sulwhasoo lines the boutiques at premium department stores around the world, including in the U.S., China, Hong Kong and Singapore. LANEIGE LANEIGE, which gets its name from the French for “snow,” is AmorePacific’s hit brand in the Asian region, particularly in China, Singapore, Taiwan and Thailand ― emerging nations where the demand for Korean cosmetics
IndustryMarch 18, 2013
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[Power Korea] AmorePacific: Where beauty comes to life
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the 11th part of the Global Brand series. ― Ed.Nearly five decades ago, AmorePacific became the first homegrown cosmetics br
IndustryMarch 18, 2013