Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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SK Group’s exports reach all-time high
SK Group said Tuesday that it posted record exports of more than $60 billion (64.8 trillion won) last year.The group said the ratio of exports to its total earnings reached 74 percent. Main exporters of its business units included SK Innovation, SK Energy, SK Global Chemical, SK Hynix, SK Lubricants and SKC.The figure means SK supplied more than 10 percent of the nation’s total exports in 2012, according to estimates by the Ministry of Knowledge Economy.In particular, four petrochemical-related
IndustryJan. 1, 2013
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Income tax change may affect investment
The “comprehensive financial income” tax, which used to be imposed on interest and dividend incomes of more than 40 million won, will now be applied to such incomes of more than 20 million won under a revised income tax bill passed by the National Assembly on Tuesday.The revision is expected to raise the popularity of tax-saving financial products such as inflation-indexed sovereign bonds and Brazilian bonds.Fixed deposits and installment savings at banks which incur interest and general equity-
Jan. 1, 2013
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Consumers in the smart era: Turning ‘complaints’ into ‘trust’
Starting with 8,063 in 1987, the number of consumer complaints registered with the Korea Consumer Agency has surged by 96-fold in the past 25 years. In particular, the figure increased from 309,545 in 2006 to 778,000 in 2011, a 2.5-fold increase that coincided with the introduction and explosive use of smartphones, social networking services, online sales channels, etc. The arrival of the smart era has fundamentally altered the scale, scope, speed and potential impact of consumer complaints. Thi
Jan. 1, 2013
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CEO educator to launch model entrepreneurship academy
Family-controlled South Korean conglomerates, better known as chaebol, still dominate the nation’s corporate world, but the number of venture firms has continued to grow despite the burst of the dot-com bubble in 2001. Over the past decade, some star start-ups, including Mirae Asset, Naver and NCSoft, have become big business groups and these successes have expanded the base of entrepreneurs. “To see more Steve Jobs-type innovative CEOs in Korea, I believe that it is more important to support ne
Jan. 1, 2013
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Most sleep on their sides, forget dreams
Most U.S. adults sleep on their sides, forget their dreams in the morning and often sleep with someone who snores, a survey of 3,700 indicates. A survey for home furnishings retailer Anna's Linens to coincide with National Sleep Foundation found 74 percent of U.S. adults said they wear pajamas to bed, 8 percent said they slept naked, 74 percent said they failed to recall their dreams in the morning, 74 said they sleep on their sides and 47 percent said they shared a bed with someone who snored.
TechnologyJan. 1, 2013
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Comet heads our way for celestial show
A newly discovered comet could be the celestial spectacle of a century and light up the skies as bright as a full moon in 2013, its Russian discoverers say.Amateur Russian skywatchers Artyom Novichonok and Vitali Nevski observed the object dubbed Comet ISON in September, Discovery.com reported."The object was slow and had a unique movement," Novichonok wrote on a comet-hunting blog."But we could not be certain that it was a comet, because the scale of our images are quite small and the object wa
TechnologyJan. 1, 2013
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S. Korea's trade surplus narrows to $2 billion in Dec.
South Korea's trade surplus shrank from a year earlier as exports dropped at a faster rate than imports, the government said Tuesday.The country's trade surplus came to about US$2.03 billion last month, compared with a $4.48-billion surplus in November and $3.8-billion surplus in October.The drop comes mainly from a large reduction in exports, which dropped 5.5 percent from that of December 2011 to some $45.1 billion. Imports shrank 5.3 percent on-year to $43.07 billion, according to the Ministr
Jan. 1, 2013
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Yahoo exits S. Korea, halts service
U.S. Internet company Yahoo Inc. on Monday halted its South Korean service, pulling out of one of the world's most wired countries after 15 years.Yahoo will halt all products, services and content of Yahoo Korea starting Dec. 31 in addition to ending customer support in Korea on the same day, the company wrote on its Korean Web site.In October, Yahoo announced a plan to pull out of South Korea as chief executive officer Marissa Mayer focuses more on stronger markets."The decision is part of Yaho
TechnologyDec. 31, 2012
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Local stock market ranks 15th worldwide in market cap
The combined market capitalization of South Korean firms listed on the main and secondary bourse ranks 15th among global peers by claiming 2.15 percent of the total, data showed Monday.The combined market cap of the world's 20 major stock markets reached US$52.7 trillion as of the end of November, increasing 9.56 percent from end of 2011, according to data by the bourse operator Korea Exchange.The KRX, which operates the benchmark Korea Composite Stock Price Index and the tech-heavy KOSDAQ marke
Dec. 31, 2012
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S. Korea's consumer prices grow 1.4 pct on-year in Dec.
South Korea's consumer prices grew at the slowest pace in four months in December, indicating that the country is keeping inflationary pressure under control, a government report showed Monday.The country's consumer prices index rose 1.4 percent in December from a year earlier, slowing from a 1.6 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.2 percent.The on-year figure marked the slowest growth since August when the inde
IndustryDec. 31, 2012
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Overseas construction orders up 10% in 2012
Overseas orders clinched by South Korean builders rose almost 10 percent this year from the previous year, but they missed the government’s target of $70 billion, a report showed Sunday.Local builders won overseas orders worth $64.9 billion in 2012, up 9.8 percent from a year earlier, according to the Ministry of Land, Transport and Maritime Affairs. But the volume was lower than the government-set target of $70 billion, it added.The government said that the eurozone debt crisis led local builde
Dec. 30, 2012
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2012 per-capita GDP estimated to stay almost flat
South Korea’s per-capita gross domestic product is estimated to only marginally inch up in 2012 compared with the previous year due to the slowing economy, a report showed Sunday.Korea’s per-capita GDP is estimated to reach $22,705 in 2012, up 1.3 percent from a year earlier, according to a report by Korea Investment & Securities Co.In calculating the figures, the full-year economic growth rate was estimated at 2.3 percent and the local currency was set at an average of 1,127.1 against the dolla
Dec. 30, 2012
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Shares to waver in choppy trading this week
South Korea’s stock market will likely remain choppy with no clear direction this week amid mounting concerns over corporate earnings in the fourth quarter of this year, analysts said.Earnings estimates are expected to come down for the fourth-quarter, Park Jung-sup, an analyst at Daishin Securities.FnGuide Inc., a financial information provider, has said 114 major listed companies are forecast to report a combined operating profit of 30.4 trillion won ($28 billion) for the October-December peri
Dec. 30, 2012
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Hyundai-Kia expand presence in Mideast, Africa
Hyundai and Kia brand vehicles are accelerating expansion in emerging markets such as the Middle East and Africa. According to Hyundai Motor Group on Sunday, Hyundai Motor and its affiliate Kia Motors saw record sales in the Middle East last year, selling 278,515 and 186,504 vehicles, respectively, in the first 11 months.Hyundai’s car sales are expected to surpass the 300,000 mark there for the first time, while Kia seeks to achieve a record sale of some 200,000 units.Hyundai has already become
IndustryDec. 30, 2012
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AmorePacific promotes CEO to chairman
AmorePacific on Sunday said it promoted president and chief executive Suh Kyung-bae to chairman during a regular personnel reshuffling.The promotion, the company said, was a bid to add more drive to its overseas business push. Suh is not only the CEO, but the owner of AmorePacific Corp., a company devoted to cosmetics. Many of the company’s core functions that were distributed to the sister companies of AmorePacific were integrated under AmorePacific Group, while marketing and sales were merged
IndustryDec. 30, 2012
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Nation enters new digital TV era
The era of digital television has opened following the government’s shutting down of analog broadcasts at 4 a.m. on Monday.The Korea Communications Commission said that all programs have been converted into digital format for better picture and sound quality.Digital TV also provides multiple programming choices, also known as multicasting, along with interactive capabilities.All-digital broadcasts also free up parts of the broadcast spectrum for enhanced efficiency and relocation of channels by
IndustryDec. 30, 2012
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Watchdog fines steelmakers for price fixing
The nation’s state-run antitrust watchdog said Sunday it has imposed a combined fine of almost 300 billion won ($281 million) on seven steelmakers for fixing prices of their steel products. Companies subject to the fine worth 291.8 billion won include POSCO, POSCO C&C, Union Steel, Dongbu Steel, Hyundai Hysco, Seah Steel and Seil Steel, according to the Fair Trade Commission.Seven companies are said to have been involved in separate price-collusion cases between 2004 and 2010 through shady meeti
IndustryDec. 30, 2012
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Park to keep conglomerates in check
Following is the 10th in a series of articles on President-elect Park Geun-hye’s key policies. ― Ed. President-elect Park Geun-hye rubbed shoulders with the nation’s corporate sector last week, in a crucial meeting which many said was held in a tense atmosphere due to her economic democratization pledges.For the corporate world, especially the big-scale conglomerates, it is good news that Park will be the next president rather than her liberal rival Moon Jae-in, who pledged tighter reins on chae
Dec. 30, 2012
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Apple will drop Galaxy S3 mini from Samsung patent suit
Apple Inc. agreed to drop Samsung Electronics Co.’s Galaxy S III mini from a patent-infringement lawsuit against the South Korea-based company, according to court records.Apple said it agreed to withdraw the smartphone from its case because Samsung assured the court the phone won’t be sold in the U.S., according to a filing Friday in federal court in San Jose, California. The filing, which follows an August verdict in the same court in Apple’s favor on other infringement claims, comes in a secon
TechnologyDec. 30, 2012
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Foreign firms spend less on charity, but more on environment, study says
Foreign-invested firms in Korea spend less money on the social contributions to the local community but spare more money on environment-friendly management, a study showed last week.According to joint research conducted by the Korea University Institute for Business Research & Education and the Korea Economic Daily, foreign-invested firms in Korea spent only one-quarter the amount Korean firms did for corporate social responsibility operations in 2011. The research is the first of its kind to ev
Dec. 30, 2012