Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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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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Medical reform committee kicks off despite boycott from doctors
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Samsung sees record monthly TV sales in U.S.
Samsung Electronics Co., the world’s top maker of smartphones, computer memory chips and flat-panel TVs, said Monday it sold a record 1.15 million TVs in the U.S. market in October.The monthly figure comes after Samsung broke the 1-million mark for the first time in October last year, the company said.Samsung attributed the rosy figure to enhanced marketing efforts for larger, premium TV models, such as the 75-inch ES9000 smart TV.Meanwhile, the sales data come as the global TV industry is under
Nov. 5, 2012
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Shares dip 0.55% on auto falls
South Korean stocks closed 0.55 percent lower on Monday as key automakers Hyundai Motor and Kia Motors tumbled after U.S. officials found they exaggerated the fuel efficiency of their latest models, analysts said. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 10.5 points to 1,908.22. Trading volume was light at 336 million shares worth 4.54 trillion won ($4.16 billion), with decliners outnumbering gainers 447 to 369.“Since Hyundai and Kia
Nov. 5, 2012
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Korea to allow launch of cooperatives from Dec.
South Korea will permit the launch of cooperatives starting next month, providing additional channels for people to start small businesses leaning toward democratic ownership and public interest, the Finance Ministry said Monday.A related law will go into effect on Dec. 1, and the central and municipal governments will immediately begin receiving applications and registrations for the launch of cooperatives, according to the ministry.Under the law, five people or more can start “general cooperat
Nov. 5, 2012
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Korea supports redevelopment of mines to secure minerals
JECHEON ― The Korean government is speeding up the reopening of closed mines that were shut due to lack of profitability, to re-build domestic supply channels for strategic minerals critical for manufacturing.The initiative to redevelop the mines was launched by the Ministry of Knowledge Economy in 2008. The drive is in line with the ministry’s strategy to increase mineral self-sufficiency. For this, the ministry also has increased investment in mineral development projects overseas. The ministr
Nov. 5, 2012
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FSC criticized for lax supervision of brokerages
Financial regulators were under criticism for their apparently negligent supervision of the brokerage industry as evidence of a group of securities firms’ interest rate-fixing was revealed by antitrust regulators.Last Sunday, 20 local securities firms were reprimanded by the Fair Trade Commission with fines amounting to a combined 19.2 billion won ($17.5 million) for colluding to fix rates on some “small-denomination bonds.”The antitrust regulator also filed a complaint with the prosecution agai
Nov. 5, 2012
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Hyundai rushes to respond to mileage errors
Hyundai Motor Group is moving to minimize the impact of the gas mileage overstatement after admitting last week to “errors” regarding some 900,000 vehicles it sold in the U.S. between 2010 and 2012. The American unit of the Korean auto giant issued a public apology in major U.S. newspapers, while the group chairman Chung Mong-koo summoned executives for an urgent meeting in Seoul on Monday. On Friday, the carmaker apologized to customers after the U.S. Environmental Protection Agency found error
IndustryNov. 5, 2012
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Foreign investors turn net sellers of Korean stocks
Foreign investors turned net sellers of local stocks last month, stemming a two-month straight buying binge due largely to persisting global uncertainties, the financial regulator said Monday. Overseas investors dumped a net 1.1 trillion won ($1.0 billion) worth of local equities in October, the largest net selling since the 3.38 trillion won tallied in May, according to the Financial Supervisory Service. Foreigners had remained net buyers for the two previous months, snapping up a net 9.6 trill
Nov. 5, 2012
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Ford recalls small SUV Escape for sticking gas pedal
Ford Sales and Service Korea, the local importer and distributor of U.S. automaker Ford Motor Co., will voluntarily recall certain models of its small sport utility vehicle the Escape to fix sticking gas pedals that could cause crashes, the Seoul government said Monday.Subject to the recall, starting from Tuesday, are 687 units manufactured between April 19, 2001 and Dec. 12, 2004, according to the Ministry of Land, Transport and Maritime Affairs.The cruise control cables in the vehicles can get
Nov. 5, 2012
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Merck introduces 2013 Korean art calendar
Merck Korea unveiled its 2013 calendar featuring South Korean art on Monday. The Korean affiliate of the German-based chemical and pharmaceutical company has been making calendars featuring artworks by a local artist every year since 2009. Next year’s calendar features paintings by artist Kim Ji-hye, who gained prominence through her reconstructive work combining today’s sensibility and aesthetic sense with the traditional way of painting that was commonly seen in the Joseon Dynasty. “Both inno
IndustryNov. 5, 2012
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Korea’s innovative role in electronics, chemicals is getting bigger: Dow Corning Korea CEO
Korea’s role is being expanded in the chemical and electronics industries, according to a top official at Dow Corning, a world leader in the silicon-making business. “Many innovations are happening in Korea. There are major R&D centers here, great technologies and manufacturers. Dow Corning identifies several megatrends of the world to focus on, and those are truly matching with the innovations happening in Korea,” Eriko Sakurai, president of Dow Corning Korea and Japan, said in an interview wit
IndustryNov. 5, 2012
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Price war in the skies
Boasting super cheap tickets to woo thrifty Korean customers, foreign airlines are rushing into the local market to compete with their Korean counterparts. Japanese low-cost carrier Peach Aviation launched here in May with a promotion offering one-way tickets from Incheon to Osaka at 30,000 won ($28), all taxes included. The tickets sold out within 48 hours. AirAsia Japan, a joint venture of Malaysia-based LCC AirAsia and Japanese LCC ANA Japan, also launched here last month with the same strat
IndustryNov. 5, 2012
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Certain aroma makes people kinder: study
French researchers found that the scent of fresh baked bread makes people act kinder. The study, conducted by researchers at the University of Southern Brittany, suggest that certain smells can trigger a more positive mood, which leads to a greater degree of altruism in strangers. Eight young men and women volunteered to stand outside either a bakery or a clothing boutique, and then stepped in front of a passing shopper and dropped their belongings. The experiment -- which was repeated about 400
TechnologyNov. 5, 2012
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Sitting next to the bed helps baby fall asleep
From around six months infants sleep better if one of the parents sits next to the side of its cot, according to the association of German pediatricians.This "camping out" by one of the parents helps to calm the infant and should continue until the baby falls asleep. Then the parent may quietly leave the room.Another method is referred to as "controlled comforting," according to Monika Niehaus, a German pediatrician. In this case, parents react to a crying baby, but at increasing time intervals.
TechnologyNov. 5, 2012
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Mysterious grid patterns in China’s deserts explained
A mysterious pattern in Western China’s sand dunes was recently found in the satellite images. It seems to be produced by the pinpointing of geographical research for nickel mines. A physicist at Italy’s Polytechnic University of Turin, Amelia Carolina Sparavigna discovered a mysterious grid of dots spanning 8 kilometers. In 2010, Sparavigna started investigating Google Earth satellite images of China’s Taklamakan desert to study the textures carved into the sand dunes by the wind. In the proces
TechnologyNov. 5, 2012
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S. Korean firms’ hiring to plunge in 2013
South Korea’s job market is expected to report sluggish growth next year due to the prolonged economic slowdown, market watchers said Monday.According to the LG Economic Research Institute (LGERI), a total of 280,000 jobs are expected to be added to the local employment market next year, decreasing 34 percent from this year’s estimated 430,000 jobs.The weaker outlook comes as the central bank slashed its 2013 economic growth estimate by 0.6 percentage points to 3.2 percent following the protract
IndustryNov. 5, 2012
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Hyundai, Kia apologize for mileage overstatement
Hyundai Motor Co. and its sister carmaker Kia offered a formal apology Sunday following reports that they have overstated gas mileage on roughly 900,000 vehicles sold over the past two years in the United States.The leading South Korean automakers, however, stressed that the overstatement was unintentional."We sincerely apologize for these errors, and our top priority is to make things right for you," Hyundai and Kia said in a full-page statement carried by the Washington Post.The troubled firms
IndustryNov. 5, 2012
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Brokerages fined for bond rate fixing
A total of 20 local brokerages were slapped with a combined fine of 19.2 billion won for fixing the bond yield rates they submitted to the Korea Exchange for repurchasing the bonds put up for sale by the public. Six of the brokerages were referred to the prosecution for further investigation and penalties as they traded the largest volume and were in on the rate fixing scheme from the very beginning, the Fair Trade Commission said on Sunday. The companies also were subject to corrective action a
IndustryNov. 4, 2012
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Korea ranks 2nd in ICT business R&D investment
South Korea ranked second among Organization of Economic Cooperation and Development economies in terms of research and development investment in the information, communication and technology businesses, a recent report showed. The Organization for Economic Cooperation and Development’s Internet Economy Outlook 2012 released on Sunday showed that Korean companies in the ICT sectors invested 1.48 percent of the nation’s GDP in R&D. Asia’s fourth-largest economy came in third after Finland, which
IndustryNov. 4, 2012
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Apitherapy could cure Parkinson’s
Bee materials such as honey, royal jelly and bee venom have been useful in oriental medicine.Bee venom, especially, is widely known for being used the most in apitherapy, treating patients with arthritis and multiple sclerosis.Local scientists discovered that such bee material could also effectively treat Parkinson’s disease.A team headed by professor Bae Hyun-su of Kyung Hee University’s College of Oriental Medicine said that bee venom could help boost the immune system against the neurodegener
TechnologyNov. 4, 2012
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Corporate mergers jump amid economic slump
Mergers among South Korea’s listed companies have surged this year as a growing number of firms tighten their belts to weather a protracted economic slump, the bourse operator said Sunday.A total of 83 mergers were announced on the country’s main and secondary stock markets in the first 10 months of the year, up 51 percent from the same period a year earlier, according to the Korea Exchange.The figure has already topped the 71 merger filings recorded in all of last year.Reasons for mergers inclu
Nov. 4, 2012