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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[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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S. Korean envoys convene to navigate strategy amid Middle East tensions
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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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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Suspect in murder of girlfriend's mugshot, name made public
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Korea-U.S. FTA seen as half success
Following is the first in a series of articles on the Korea-U.S. Free Trade Agreement which marks the first year after its effectuation on March 15, 2012. ― Ed.A year has passed since the controversial Korea-U.S. Free Trade Agreement took effect. But disagreements still exist on whether the free trade deal had a positive influence on Korea’s economy, as the government had guaranteed.The majority response from experts is that the trade pact has so far been a “half success,” as it has displayed po
March 12, 2013
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Korea’s outside directors suffer credibility gap
Board directors have been a crucial part of the corporate management system, monitoring companies and executives to ensure they are operating fairly and transparently.Outside independent directors have been especially relied upon and placed alongside inside directors to help and guide the decision-making process in the interest of shareholders to avert stock price losses or any other value depreciation.Korea implemented the outside director system in the aftermath of the 1997-98 Asian financial
BusinessMarch 12, 2013
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Incheon named best airport for eighth time
Incheon International Airport said Tuesday it won the World’s Best Airport title again this year for the eighth consecutive time.The non-profit Airport Council International conducted a survey of 350,000 passengers over the past year and Incheon Airport earned the highest scores in service quality. The airport also topped two other categories ― best airport in Asia-Pacific and best among those with 25-40 million users annually.It is unprecedented for an airport to win the industry’s top honor ei
IndustryMarch 12, 2013
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Foreign fast fashion brands neglect after-sales service
Despite their explosive sales growth here, foreign “fast fashion” brands do not offer after-sales service.Sales of five major imported SPA brands Uniqlo, Gap, Zara, H&M and Mango jumped over 50 percent each year to nearly 2 trillion won ($1.8 billion) in 2011, but none of them had an official after-sales service center, Consumer Research said on Tuesday.The stores did not take any calls for after-sales service, and offered no alteration or repair services except for hemming pants. Customers were
IndustryMarch 12, 2013
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Shunning goes both ways
People who give others the cold shoulder or deliberately shun another are equally distressed by the experience, U.S. researchers say.Study co-author Richard Ryan, professor of clinical and social psychology at the University of Rochester in New York, and Nicole Legate, a doctoral candidate at the University of Rochester, found having study subjects comply with instructions to exclude another person led most people to feel shame and guilt, along with a diminished sense of autonomy.The study, publ
TechnologyMarch 12, 2013
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Bee stings might help destroy HIV cells
A study suggested that melittin, a toxin found in bee stings, could destroy HIV cells and lead to the development of related drugs. Scientists from Washington University School of Medicine in St. Louis argued that the potent toxin in bee stings could selectively kill HIV cells if attached to nanoparticles. The melittin attached to the nanoparticles could rip holes in the outer layer of the HIV cells and destroy them, leaving other body cells intact, the research paper claimed. While most anti-HI
TechnologyMarch 12, 2013
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Seoul shares down 0.15 pct in late-morning trade
South Korean stocks traded 0.15 percent lower late Tuesday morning as foreigners extended their selling mode, analysts said.Reversing earlier gains, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.99 points to 2,000.36. Large caps were mixed. Market bellwether Samsung Electronics fell 0.4 percent and steel giant POSCO lost 0.88 percent, but Hyundai Motor rose 0.96 percent. Hyundai Elevator surged 14.81 percent on talks over a potential management feud.The local currency was cha
March 12, 2013
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Spanish dentist pulls out patient’s teeth after dispute over bill
A dentist was detained by police on suspicions of pulling out a patient’s teeth after a quarrel over a medical bill, a Spanish daily reported Monday.According to ABC newspaper, a 39-year-old dentist from Zaragoza is accused of removing several implanted teeth from a middle-aged female patient in February. The victim -- who was being treated by the doctor for months -- asked the dentist why her bill had amounted to thousands of euros, which led to a heated argument. The dentist then sat her down
TechnologyMarch 12, 2013
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Seoul shares open higher on autos
South Korean stocks got off to a strong start on Tuesday fueled by gains in automakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added2.09 points, or 0.1 percent, to 2,005.44 in the first 15 minutes of trading.Hyundai Motor, the country's top automaker, gained 0.96 percent, and its smaller affiliate Kia Motors rose 1.15 percent.In contrast, market bellwether Samsung Electronics slipped 0.27 percent.The local currency was trading at 1,095.7 won to the U.S.dollar as o
March 12, 2013
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[Graphic News] Koreans hesitant to open wallets
Koreans have become more cautious in opening their wallets due to concerns over a prolonged economic slowdown, government data showed Monday. According to Statistics Korea and Shinyoung Securities, the average monthly household spending increased 1.38 percent to 2.4 million won ($2,200) in the fourth quarter of last year from a year ago. Following a mere 0.96 percent increase in the third quarter, it was the first time that year-on-year growth stuck below 2 percent for two consecutive quarters s
March 11, 2013
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GE Lighting taps LED market through local partnerships
The light-emitting diode is like the hydrogen-powered car of the lighting industry. One day, energy-efficient LED lighting will replace all fluorescent lamps. Inefficient incandescent bulbs will soon be nonexistent in Korea as the government banned their production and sale from next year, as in many other parts of the world. But for now, the LED lighting industry is just blossoming, with government offices taking up most of the local demand. The Korean government is replacing old lighting equip
BusinessMarch 11, 2013
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A global heavyweight in infrastructure
In April last year, Doosan Corp. chairman Park Yong-maan was invited to the 21st Asia Business Conference hosted by the prestigious Harvard Business School in Boston, U.S. The conference gave Park a chance to present the story of the group’s dramatic transformation from a domestic consumer goods and liquor producer into a global infrastructure builder in 20 years. Behind the drastic change of Doosan in a short time were, above all, successful merger and acquisition deals at home and abroad.Durin
IndustryMarch 11, 2013
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[Power Korea] Doosan Group, a living witness to Korea’s modern biz history
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 10th part of the Global Brand series. — Ed.In 1896, amid the social and political upheaval of the late 19th century, the
IndustryMarch 11, 2013
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Banks’ foreign-currency deposits gain in Feb.
Foreign currency deposits at South Korean banks rose in February from the previous month as the country’s trade surplus remained in the black and corporate sales of overseas bonds gained, the central bank said Monday. Outstanding foreign currency-denominated deposits held by local residents reached $34.65 billion as of the end of February, up $2.14 billion from a month earlier, according to the Bank of Korea. Residents include individual citizens and firms but does not cover foreign nationals wi
March 11, 2013
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Most Koreans say tax hikes needed for welfare: poll
More than six out of 10 South Koreans believe that President Park Geun-hye cannot implement the welfare programs she promised during her election campaign without raising taxes, a survey showed Monday.The telephone survey released by the Economic Reform Research, an independent economic institute, found that 65.6 percent of 800 respondents said that President Park Geun-hye could not implement her welfare programs without raising taxes. The survey taken on March 2 has a margin of error of 3.5 per
March 11, 2013
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Japan’s default risk drops below that of Korea
Japan’s credit default risk fell below that of South Korea in March following the improved economic outlook over Tokyo’s strong monetary easing, data showed Monday.The credit default swap premium for Japan’s benchmark Treasuries came in at 62 basis points on Wednesday, compared to 64 basis points tallied for South Korea, according to data by the Korea Center for International Finance.The spread on CDS reflects the cost of hedging credit risks on corporate or sovereign debt. A higher number indic
IndustryMarch 11, 2013
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Ministry mulls reducing tax benefits
The Ministry of Strategy and Finance said Monday that it was considering reducing tax-exemptions and benefits “comprehensively” and across the board, in line with President Park Geun-hye’s pledge to boost welfare spending for the middle class.The downsize of tax benefits could apply to foreign investors, but an official at the Finance Ministry said that nothing had been decided yet regarding tax revision for foreigners.A local newspaper reported that the Finance Ministry had begun looking into w
March 11, 2013
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Economic activity rate to fall below 60%
The proportion of people currently working or seeking work in Korea’s labor market is expected to fall below the 60 percent threshold for the first time in 24 years.Korea’s economic activity rate is predicted to sink to 59.3 percent this year, according to data by Statistics Korea and the National Assembly Budget Office. Korea has generally kept its economic activity rate above 60 percent since 1990. The economically active population also is expected to fall 2.3 percent to 25.4 million. This wo
March 11, 2013
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LG becomes No. 3 in global smartphone sales
LG Electronics finally hit the mark by becoming the third-largest smartphone vendor in terms of wholesale revenue, according to recent statistics released by Strategy Analytics.The market research firm said that LG’s global smartphone volume for the final quarter of last year had gone up 77 percent year-on-year due to increased volume and improved average price tag from handsets running on Long Term Evolution networks. Its smartphone wholesale revenue share marked 3.2 percent in the fourth quart
IndustryMarch 11, 2013
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Korea’s auto exports plunge in February
Exports by South Korean automakers plunged in February from a year earlier due to a drop in output that resulted partly from reduced working days, the government said Monday.The country’s five automakers shipped a total of 234,161 vehicles last month, down 21.9 percent from the same month last year, according to the Ministry of Knowledge Economy.Their combined value dropped by a smaller margin of 15.1 percent on-year to $3.74 billion, reflecting a continued increase in the price of domestically
IndustryMarch 11, 2013