Most Popular
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Yoon sorry for shortcomings but insists policies were right
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1 in 3 Koreans live alone, family types becoming diverse
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S. Korea ‘strongly’ protests Japan’s claim over Dokdo in diplomatic bluebook
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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Korean won weakens amid heightened uncertainty
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Seoul says will cut power to porn festival planned on Han River
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Sewol victims commemorated on tragedy's 10th anniversary
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Chanel, Louis Vuitton see muted growth in Korea
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Cheap yen poses threat to exporters
The Korean won strengthening against major currencies is estimated to undermine exports from the information technology and automobile industries, a private research institute said Sunday.In particular, the Japanese yen’s weaker position against the won was identified as a serious threat to the price competitiveness of Korea’s IT and car producers by Hyundai Economic Research Institute.While the two sectors are the nation’s top growth engines, HERI estimated that Korea sees a drop in product exp
Jan. 20, 2013
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U.S. back-up camera rule to double auto LCD demand
Shipments of liquid crystal displays for use in cars will almost double by 2016 from 2012 levels, as an expected mandate in the U.S. for rear-view cameras in autos boosts demand, researcher IHS forecast. Deliveries of full-color LCDs used in autos will reach almost 117 million units by 2016, up 89 percent from 2012, El Segundo, California-based IHS said in a report dated Jan. 17. Each year sales will grow between 15 percent and 23 percent, with shipments crossing the hundred-million-unit mark in
MobilityJan. 20, 2013
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The beauty within the beast
The Korea Herald, in cooperation with carmakers, offers test-driving experiences to executive officials at Korean or multinational companies here. The opinion below is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed.If you perceive driving in big cities as negotiating an asphalt jungle, the BMW X5 is definitively the king of beasts.Snow, ice and subzero temperatures are weather conditions utterly foreign to my Caribbean background, where the elements
MobilityJan. 20, 2013
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Mercedes-Benz, BMW getting on front-wheel-drive path
For decades, Mercedes-Benz and BMW have made rear-wheel drive central to their definitions of performance and luxury, even as the rest of the industry embraced front-wheel drive long ago.But both German marques, among the last holdouts, are about to cave.Just before the Detroit auto show last week, Mercedes-Benz showed off the CLA 250, a compact, four-door coupe, the first front-wheel-drive car bearing the brand’s three-pointed star logo. BMW also said at the show that it plans to offer front-wh
MobilityJan. 20, 2013
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Korean recipe for smallest Chevy
General Motors, whose typical cash cows include trucks and sport utility vehicles, is profiting recently from a long-ignored segment ― the mini city car.With higher gasoline prices and growing appetite for smaller cars, the U.S. auto giant last year newly added the Spark mini car to its Chevrolet global lineup.The Spark, overcoming earlier skepticism among GM executives and dealers, sold 12,385 vehicles in the six months up to December. The researcher IHS Automotive forecasts the sales figure co
MobilityJan. 20, 2013
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Global companies sport localization strategies to win Korean hearts
It is a serene atmosphere with a Korean traditional teahouse-like interior where people sit down on top of flat cushions on a wooden floor. But the drinks served are Starbucks coffee.Korea’s first drive-through Starbucks opened in Gyeongju, capital of the ancient kingdom of Silla, in September, with Silla designs everywhere.The stair railing to the traditional tearoom on the upper floor is designed after the banisters around the historic Anapji pond where the royals and the upper class partied d
IndustryJan. 20, 2013
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NYC sorbet said effective flu treatment
A New York ice cream company unveiled a new treat it says is specially formulated for flu sufferers.The Influenza Sorbet is a combination of lemon, spicy cayenne pepper and a healthy dose of Maker's Mark bourbon whiskey that will clear the sinuses and soothe scratchy throats.Jeni Britton Bauer, owner of Jeni's Splendid Ice Creams, told the New York Post her sorbet, derived from an old family remedy, has been getting rave reviews."People tell me it's the only thing that makes them feel better,"
TechnologyJan. 20, 2013
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LG Optimus G sells over 1 million units
LG Electronics Inc. said Friday it has sold more than 1 million Optimus G smartphones worldwide since the flagship device’s launch last year.The milestone comes roughly four months after the South Korean handset manufacturer unveiled the 4.7-inch display phone that runs on Qualcomm Inc.’s Snapdragon S4 Pro processor.In September, LG introduced two premium smartphones ― the Optimus G and the Optimus Vu 2 ― as part of efforts to regain its presence in the mobile market.The company has released the
IndustryJan. 18, 2013
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Seoul should brace for end of global credit easing: BOK
South Korea’s top central banker said Friday that the country should brace for the possibility that major central banks may end their march toward credit easing.“It does not seem that the financial crisis will further worsen. There is a chance that major central banks may unwind their drives for quantitative easing,” Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with local bank heads.Major central banks including the U.S. and Japan have launched a massive bond-buying program
IndustryJan. 18, 2013
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Nongshim shows interest in Woongjin Foods: sources
Nongshim Co., South Korea’s top instant noodle maker, has expressed keen interest in buying Woongjin Foods Co., a beverage unit of cash-strapped Woongjin Group, industry sources said Friday.The move comes as Woongjin Holdings Co. and its creditors have reached an agreement on sales of the food unit to ramp upWoongjin’s debt rescheduling program. The mid-sized group has been placed under court receivership last year due to financial difficulties.Nongshim has vowed to strengthen beverage business
IndustryJan. 18, 2013
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IBM outlines strategies for mutual growth
IBM Korea on Friday announced strategies to more efficiently work with its business partners in a ceremony attended by more than 500 company executives, including the new IBM president Shirley Yu-Tsui. IBM is currently working together with more than 1,000 business partners and vendors, while on a global level, its partners now number more than 130,000. IBM’s main priorities for working with partners involve jointly developing new markets and offering key solutions based on advanced technology,
IndustryJan. 18, 2013
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SK affiliates undergo major reshuffling
SK Group affiliates on Friday announced a reshuffle that affected six companies including SK Innovation, the group’s holding company. Among the affiliates, SK Innovation promoted 29 executives including its president and CEO Koo Jay-young, who was appointed vice chairman and CEO.The company also elected its first-ever female executive in the vice president level: Kang Sun-hee, who was named secretary-general of the board of directors and sustainable growth director. Five other affiliates includi
IndustryJan. 18, 2013
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Korean IT sector clicks onto Africa
Africa, one of the least tapped markets in the world, has become the target of local IT companies that are eagerly eyeing the continent for business opportunities. In particular, electronics firms such as Samsung and LG Electronics, along with telecom KT, are actively moving to grab a larger share in Africa where the customer base for electronic products is growing at a fast pace. Until now, electronics makers have prioritized mostly the U.S. and European markets, but market saturation, not to m
IndustryJan. 18, 2013
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GSK chief tapped to head pharmaceutical association
Kim Jin-ho, the chief executive of GlaxoSmithKline Korea, was elected this week as chairman of the Korea Research-based Pharmaceutical Industry Association, one of the largest organizations for pharmaceutical companies here with over 30 members. Kim was the second Korean following Lee Dong-soo, CEO of Pfizer Korea, to take up the post, according to industry sources. Kim will start his duties as the new chairman beginning Feb. 1, the association said. “The status of Korean companies in the global
IndustryJan. 18, 2013
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Sony selling Madison Avenue HQ building for $1.1 bn
Sony shares rocketed 12.20 percent Friday after the embattled Japanese consumer electronics giant said it was selling its US headquarters in Manhattan for $1.1 billion as part of a huge restructuring.The Tokyo-listed shares finished at 1,149 yen, boosted by a weak yen and after the announcement that New York-based commercial property firm Chetrit Group was leading a consortium that agreed to buy the Madison Avenue skyscraper.The sale, expected to close in March, comes as the firm undergoes a cor
IndustryJan. 18, 2013
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Seoul shares gain 0.69 pct on China's growth data
South Korean stocks closed 0.69 percent higher Friday as the fourth-quarter growth in China raised anticipations that the slowdown in Asia's largest economy has bottomed out, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 13.59 points to finish at 1,987.86. Trading volume was heavy at 575.9 million shares worth 3.83 trillion won (US$3.63 billion) with gainers outpacing decliners 544 to 242. "It can be interpreted a
Jan. 18, 2013
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Seniors become main users of e-readers in U.K.
One-third of middle-aged British people own a tablet computer or e-book reader, a higher rate than for younger people, according to research.According to research conducted by Mintel, a U.K.-based marketing research company, 29 percent of those over 55 in the U.K. own digital book readers or tablet PCs including Apple’s iPad and Amazon’s Kindle series, while only 22 percent of youngsters said that they used the devices.Among those aged 55 and above, women emerged as the biggest fans of e-book re
TechnologyJan. 18, 2013
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Mars image suggests ancient water flow
A European spacecraft has captured a striking image of a river-like structure on Mars believe formed when running water flowed in the distant martian past.A high-resolution stereo camera on the European Space Agency's Mars Express orbiter photographed the 1,000-mile steep-sided channel running through the Promethei Terra Highlands, an ESA release said Thursday.Dubbed the Reull Vallis, it is believed to have been created in Mar's Hesperian period that ended between 3.5 and 1.89 billion years ago,
TechnologyJan. 18, 2013
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Facebook rolls out free call feature for US iPhone users
Social media company Facebook added a new calling feature for iPhone users in the United States, BBC reported Friday. iPhone users in the U.S. are now able to call free-of-charge via Facebook Messenger app with Wi-Fi or a cellular-data connection. In the Facebook Messenger app, users can tap the ‘i’ icon in the upper right hand corner to make free calls. Users, however, can only make free calls to friends that have installed Messenger on their iPhones. Calls to landline numbers or friends who lo
TechnologyJan. 18, 2013
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Seoul shares up 0.37 pct in late-morning trade
South Korean stocks traded 0.37 percent higher late Friday morning, led by gains in share of financial firms and insurance companies, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 7.28 points to 1,981.55 as of 11:20 a.m.No. 1 life insurer Samsung Life Insurance surged nearly 5 percent, with major financial firm Woori Finance Holdings jumping more than 4 percent. In contrast, tech and auto blue-chips lost ground. Top-cap Samsung Electronics edged down 0.3 percent an
Jan. 18, 2013