Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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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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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Aging population to drive down Korea's housing prices from 2040: experts
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Engel coefficient for low-income earners hits 8-yr high in 2012
The proportion of spending on food items by low-income earners in South Korea rose to the highest level in eight years in 2012, data showed Tuesday, suggesting that price hikes toughened the livelihoods of the economically weak people.According to the data by Statistics Korea, the so-called Engel's coefficient for households in the lowest 20 percent income bracket rose to 20.79 percent last year from 20.7 percent tallied a year earlier, marking the highest figure since 2004 when it was 20.8.The
Feb. 26, 2013
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Travelers hit record high amid strong won
The number of tourists traveling overseas hit a January record, thanks to a strong won, travel portal Tourgo said Tuesday.The state-run online database engine revealed that the number of tourists headed abroad totaled slightly more than 1.4 million, a 21.8 percent increase from the previous month. In particular, about 50 percent more prospective travelers are visiting travel agencies, searching for tour packages to Japan, hoping for more economical deals thanks to the strength of the won against
Feb. 26, 2013
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Samsung heir apparent to meet with 30 global mobile carriers
BARCELONA, Spain -- Samsung heir apparent Lee Jay-yong visited the world’s biggest mobile trade show for the first time in three years and met with top executives of Korean telecoms upon his arrival.Lee, vice chairman of Samsung Electronics and the only son of chairman Lee Kun-hee, said that he has meetings lined up with 30 global mobile carriers on Monday and Tuesday on the sidelines of the Mobile World Congress. “My schedule is fully booked,” he told reporters. “I don’t even have 30 minutes of
TechnologyFeb. 25, 2013
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Park reiterates push for fair market
The controversial policy direction toward achieving a fairer market has come under the spotlight again, as President Park Geun-hye referenced “economic democratization” during her inaugural speech Monday.The term of economic democratization, aimed at weeding out unfair practices of big enterprises, was not included in the list of five major policy goals unveiled by the Park government last week.While opposition parties and civic groups criticized Park for omitting her campaign pledge from the li
Feb. 25, 2013
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POSCO denies report on STX PanOcean takeover
POSCO on Monday denied news reports that it was considering taking over STX PanOcean, the country’s third-largest shipping and logistics company.“We have neither discussed the takeover, nor do we have any plan of the sort in the future,” said a POSCO official.“POSCO has no reason to take on the risk of taking over STX PanOcean.”This came in response to a report by a local economic daily that the leading steelmaker might purchase the shipping company, with the aim of expanding its subsidiaries.ST
IndustryFeb. 25, 2013
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Smartphones to beat PCs in shipment value
The value of worldwide shipments of smartphones are expected to dwarf that of PCs for the first time this year amid growing demand for mobile devices, data showed Monday.Global smartphone shipment value is forecast to reach $239.6 billion this year, surpassing PC shipment value estimated at $218.6 billion, according to the data by market researcher Gartner Inc. and finance industry sources.If the estimated figures are on track, it will mark the first time smartphone shipments topped PC shipments
IndustryFeb. 25, 2013
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President Park uses Hyundai’s bulletproof limo
President Park Geun-hye rode in a bulletproof limousine made by Hyundai Motor Co. during her inauguration on Monday, Hyundai officials said, in what could be a symbolic move that underscores Hyundai’s growing prowess.Park used the presidential limousine, a stretched version of Hyundai Motor’s flagship luxury sedan, the Equus, when she traveled to the National Assembly from the national cemetery in southern Seoul.She became the first ever South Korean president to use a locally-made bulletproof l
Feb. 25, 2013
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Households struggling to repay debt: BOK
Households spend up to 40 percent of monthly paychecks to pay interest plus principal on loans to local banks according to the Bank of Korea.Citing a survey of 2,119 Korean households, the Bank of Korea said about 8 percent responded that they use 40 percent of their salaries a month to repay their debt.More than 60 percent said that they are struggling to meet deadlines in repaying their loans, indicating that rising household debt needs to be urgently resolved.Household debt was the biggest sy
Feb. 25, 2013
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Builders wary after Ssangyong E&C trouble
Concerns about possible bankruptcies among small and medium-sized local builders are escalating after Ssangyong Engineering & Construction reportedly decided to seek a debt workout plan this week.News reports said the nation’s 13th-largest builder Ssangyong E&C, which has suffered from the market’s long slump and a resulting liquidity shortage, will request the measure to avoid a bankruptcy.The list of financially troubled companies includes mid-sized firms such as Hanil Engineering & Constructi
IndustryFeb. 25, 2013
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Carmakers to unveil new cars at Geneva motor show
South Korean automakers plan to unveil new cars and facelifted models at a motor show in Switzerland next month in a bid to strengthen their presence in Europe, a company official said Monday.Hyundai Motor Co., South Korea’s top automaker, will unveil the facelifted model of its Tucson ix35 sports utility vehicle at the International Motor Show Geneva that is set to open on March 5 and run through March 17.Hyundai also said it will premier a seven-seat sports utility vehicle under the project na
MobilityFeb. 25, 2013
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Banks to set up more branches abroad
Despite the global economic slowdown, Korean banks are increasingly determined to set up more branches overseas to boost trade financing and diversify sources of profit, a report showed.The report released by the Financial Supervisory Service on Monday said that securing more foreign currency assets was the key objective of the 2013 expansion plans of banks here.Banks here opened a total of 11 branches abroad in 2012, largely in Southeast Asian countries including Vietnam, Myanmar and Indonesia.
Feb. 25, 2013
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LG targets 50% smartphone sales boost
BARCELONA, Spain ― LG Electronics said Monday it aimed to sell at least 40 million smartphones this year, up more than 50 percent from what it sold in 2012, as the firm strengthened its lineup.Park Jong-seok, chief of the mobile communications unit at LG, said that it planned to sell a quarterly average of 10 million smartphones in 2013 with the launch of its four representative handset series featured at the Mobile World Congress.The Seoul-based company sold a total of 26.3 million smartphones
IndustryFeb. 25, 2013
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Samsung aims to double tablet sales in 2013
BARCELONA, Spain ― Samsung Electronics plans to double its tablet PC sales for this year with the firm targeting up to 40 million units, said its mobile chief Shin Jong-kyun on Monday.Shin said the global economic slowdown would impact tablet sales in the first half of this year, but the world’s top handset maker would expand its tablet lineup in 2013.“We believe the first half will not be an easy one,” he said in a press conference held a day before the launch of the Mobile World Congress. “But
IndustryFeb. 25, 2013
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[Power Korea] Hankook boasts smart factories
Hankook Tire’s Daejeon plant is one of the world’s largest tire factories in terms of production capacity. The factory was established in 1979 in order to meet the growing demand for ultra-high-performance tires globally. The facility is able to produce 24 million tires every year, making up 27 percent of the company’s total production. Despite the large size, the roles for workers are limited only to management and quality control, while cutting-edge machines and smart systems are responsible f
IndustryFeb. 25, 2013
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[Power Korea] Hankook Tire: Pride of Korean tires
Hankook Tire has devoted its 72-year history solely to tire making. The nation’s first and largest tire maker, which produces some 90 million tires every year, has grown into the world’s seventh-biggest tire manufacturer today. Last year, when global tire makers were struggling slowing sales, Hankook Tire was the only one among the top 10 that posted robust growth. Between 2008 and 2012, the company saw its global sales increase by an annual average of 15 percent. Last year, it logged 7.291 tril
IndustryFeb. 25, 2013
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Acuvue continues growth in Korea, its 4th-largest market
When Johnson & Johnson Vision Care introduced its first daily disposable contact lenses in 1997, it didn’t know its next major product would be developed in Korea.“Circle lenses produced by local makers became popular from around 2000, and we saw growth potential in the Asian market, so we made a proposal for research and development to our headquarters based on our own market research,” Chung Byung-heon, chief of JJVC’s Korean arm, told The Korea Herald.“One-Day Acuvue Define circle lenses were
Feb. 25, 2013
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Imported cars, yet another target?
Korea has become a haven for imported cars, which make up approximately 20 percent of the local car industry in terms of sales.Once a rarity, it’s now easy to spot cars of a wide assortment of foreign brands, ranging from the more accessible BMW, Mercedes-Benz and Audi to the super-posh Porsches and Jaguars. But perhaps due to the extreme luxury they stand for, imported cars have also been a target for heavy criticism, mostly involving their prices ― most imported brands are pricier in Korea tha
IndustryFeb. 25, 2013
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Seoul shares down 0.46 pct on U.S. woes
South Korean stocks closed 0.46 percent lower on Monday due to rising uncertainties stemming from the Unites States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 9.37 points to 2,009.52. Trading volume was low at 333.3 million shares worth 3.1 trillion won ($2.85 billion) with losers outpacing gainers 477 to 317."Investor sentiment was dented by the economic uncertainties in the U.S., despite rising hopes for th
Feb. 25, 2013
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Relationship anxiety may lower immunity
Concerns and anxieties about close relationships act as a chronic stressor that can compromise immunity, U.S. researchers suggest. Lead author Lisa Jaremka, a post-doctoral fellow in Ohio State University‘s Institute for Behavioral Medicine Research, and colleagues asked married couples to complete questionnaires about their relationships. The researchers also collected saliva and blood samples to test participants’ levels of a key stress-related hormone and numbers of certain immune cells.Jarem
TechnologyFeb. 25, 2013
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Quitting smoking in 50s still improves health: study
A study suggested that people who quit smoking cigarettes in their 50s can still expect an improved health condition. Researchers at the cancer center in Germany conducted the 10-year study with 8,807 male and female participants aged between 50 and 74 years. The study was published in the latest issue of European Journal of Epidemiology.According to the research, the average risk of smokers dying of heart attack or stroke is twice as high as that of non-smokers. Former smokers also had a lower
TechnologyFeb. 25, 2013