Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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S. Korean households' debt service burden jumps in 2011
The debt service burden of South Korean households rose sharply last year, as their debt payments increased amid high inflation, the country's central bank said Monday.The so-called household debt service ratio (DSR), an estimate of the ratio of debt payments to disposable personal income, stood at 12.9 percent last year, compared with 11.4 percent a year earlier, according to the Bank of Korea (B
April 2, 2012
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Moody's raises S. Korea's rating outlook to 'positive'
Moody's Investors Service upgraded its outlook Monday on South Korea's sovereign credit rating to "positive" from "stable," citing the country's improving fiscal status and solid economic growth, the finance ministry said.The move came after the credit rating agency raised the government bond rating of South Korea, Asia's fourth-largest economy, from A2 "stable" to A1 "stable" in April 2010."The c
April 2, 2012
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Food exports to reach $30b by 2020: minister
This is the fifth of a series of interviews with top officials and trade-related association chiefs on FTAs in light of the Korea-U.S. FTA taking effect. ― Ed. Despite the expected blow to Korea’s agricultural industry in the wake of its free trade pacts with the United States and the European Union, the nation’s food exports will top $30 billion by 2020, the agriculture minister said.Listing the fresh wave of K-pop as a major potential boost to the industry, Agriculture Minister Seo Gyu-yong ex
April 1, 2012
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LG throws Cinema 3-D promotional event
LG Electronics Co. held a promotional event for its 3-D televisions and other gadgets at the Lotte World ice rink in Jamsil, southeastern Seoul, over the weekend.Tens of thousands of visitors experienced LG’s 3-D technology at the two-day “LG Cinema 3-D World Festival” on the carpeted ice rink. The company put about 300 Cinema 3-D televisions, laptops and home theaters on display and offered some 30,000 Cinema 3-D eyeglasses to allow visitors to view the 3-D content ranging from broadcasts, movi
IndustryApril 1, 2012
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March’s trade volume marks first fall since late 2009
South Korea’s exports and imports fell for the first time in two and a half years in March, due mainly to weak overseas demand for Korean ships and commodities, a government report showed Sunday.Despite the first negative trade growth since October 2009, the country’s trade balance remained in the black to the tune of $2.33 billion, according to the report by the Ministry of Knowledge Economy.The country’s exports reached $47.36 billion in March, down 1.4 percent on-year, with imports contractin
April 1, 2012
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STX OSV wins W240b order for specialized offshore vessels
STX OSV said Sunday it had won an order to build two high value-added offshore specialized vessels worth 240 billion won ($200 million) for Norway’s Farstad Shipping.The multifunctional vessels, which can transport oil field development platforms and fix them in deep waters, cost more than double the usual amount for offshore specialized vessels.STX OSV plans to build the hulls of the ships in a shipyard in Romania’s Tulcea and complete the rest of the work in Norway’s Langsten shipyard for deli
IndustryApril 1, 2012
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Peach may ignite airline price war
Budget carrier to run cheap flights between Incheon and OsakaKorea’s low-cost airlines are girding for fierce competition in the skies as Peach Aviation is racing to launch a new route to Seoul, seeking a slice of a budget travel boom in Asia’s fourth-largest economy. With the number of cost-conscious tourists surging, budget carriers are increasingly steering abroad in a bid to offset high jet oil prices and prop up their balance sheets. Osaka-based Peach is the latest in a string of no-frills
IndustryApril 1, 2012
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Lotte, Shilla to cut duty-free commission fees
The nation’s top two duty free chains Lotte and Shilla have agreed to lower their commission fees for vendors by 3-11 percentage points from April, the Fair Trade Commission said Sunday. Early this year the antitrust watchdog found that major travel retailers had charged some 30 percent of local vendors more than 55 percent of their profits as fees for using their floor space. Even considering the 15 percent brokerage commission for travel agencies and guides, the rate was higher than the averag
IndustryApril 1, 2012
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Samsung Electronics to issue first U.S. dollar-dominated bonds since 2004
Samsung Electronics Co., the world’s largest maker of computer memory chips, plans to issue its first U.S. dollar-denominated bonds since 2004 to expand production of processors used in mobile devices including Apple Inc.’s iPhone. The company has sent requests for proposals to banks to borrow as much as $1 billion to expand production capacity at its factory in Austin, Texas, James Chung, a Seoul-based spokesman for Samsung, said.Samsung Electronics sold $100 million of floating-rate three-year
April 1, 2012
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Gap between inward and outward FDI widens: report
South Korea’s outward foreign direct investment continues to rise while the inflow of such funds remains sluggish, data showed Sunday.The Ministry of Strategy and Finance said in a report that OFDI has climbed at an annual average of 24 percent since 2000 but inward foreign direct investment has grown at a mere 3 percent during the same period. The net outflow of foreign direct investment is expected to continue as Korean companies invest more in foreign markets. In contrast, the inflow of forei
April 1, 2012
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Trade rules with ASEAN to be simplified: Finance Ministry
The Ministry of Strategy and Finance said Sunday the certificate of origin documentation for trade between Korea and the Association of Southeast Asian Nations would be simplified. “Despite the increase in trade volume with ASEAN, Korean firms have been underutilizing the FTA due to the complicated procedures concerning the certificate of origin,” the ministry said in a statement. “The government has agreed to revise the related rules in a recent negotiation with ASEAN partners.”Current rules st
April 1, 2012
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‘Fisheries should be excluded from China FTA’
The chief of the National Federation of Fisheries Cooperatives said fisheries should be excluded from the free trade agreement negotiations to cut tariffs between Korea and China.The duties on fish must be retained to protect the troubled local fishing industry, Lee Jong-koo said in an interview with Yonhap news agency.Whereas Korea imports frozen fish from the United States and Chile, large amounts of fresh fish can be brought in from China due to its proximity, possibly dealing a blow to the d
IndustryApril 1, 2012
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Honda prices Acura ILX to attract buyers from BMW
Honda Motor Co., seeking a 46 percent jump in U.S. Acura brand sales this year, priced a new “near premium” compact sedan to attract car buyers in their 30s and keep them out of competing BMW and Audi models. The 2013 ILX, which goes on sale in May, starts at about $27,000. It’s aimed at older “Generation-Y” customers who aspire to own a luxury vehicle and have limited income, Jeff Conrad, vice president of Honda’s Acura unit, said this month. Honda’s U.S. sales target is 40,000 annually of the
MobilityApril 1, 2012
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Automakers battle weak demand for hybrids
Hyundai, Kia struggle to catch up with Toyota’s PriusHybrid cars of Hyundai Motor and its affiliate Kia Motors have yet to gain popularity among domestic consumers.The affiliated automakers saw lethargic sales of the fuel-efficient vehicles, such as the Sonata hybrid and K5 hybrid, last year. Yearly sales of Hyundai’s Sonata hybrid and Kia’s K5 hybrid stood at 7,193 and 5,279 units, respectively.The figures indicate that the companies’ daily sales of the two eco-friendly sedans in Korea average
MobilityApril 1, 2012
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Heo Min-heoi named new CEO of CJ Foodville
CJ Foodville has named the current chief operating officer Heo Min-heoi as a new chief executive officer of the franchise unit of CJ Group. The former vice president at CJ Group has served as acting president for CJ Foodville since December. “We have named him for his experience and expertise in the food industry and related services as well as his business mentality and leadership,” the company said. “I’ll help CJ Foodville realize CJ’s dream and vision of globalization of Korean dining based o
IndustryApril 1, 2012
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Kissing on the ear can cause hearing loss
A New York professor of audiology identified more than 30 people who lost hearing after being kissed on the ear and he's searching for more.Dr. Levi Reiter of Hofstra University in Hempstead, N.Y., said a woman came to him five years ago because she had lost hearing immediately after her 5-year-old child kissed her on the ear, MSNBC.com reported.Reiter said he thought at the time the woman's case
TechnologyApril 1, 2012
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Korean exports fall 1.4% on weakness in global demand
South Korea’s exports were less than analysts forecast in March, sliding 1.4 percent from a year earlier on weakness in global demand.Imports fell 1.2 percent, leaving a trade surplus of $2.3 billion, the Ministry of Knowledge Economy said in an e-mailed statement today. The median estimate in a Bloomberg News survey of 13 economists was for a 1.3 percent gain in exports.Signs that Europe’s debt c
April 1, 2012
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Google plans low-price tablet computer: reports
Google is teaming with Asia-based hardware makers on a low-priced, 7-inch tablet computer to challenge offerings by Amazon.com and Apple, reports said Thursday. The Sony’sTablet P, which runs on Google Inc.`s Android operating system. (Bloomberg-Yonhap News)Android software backed by the California Internet giant will power hardware built by partners including Samsung and Asustek to compete with i
IndustryApril 1, 2012
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LG’s plastic e-paper could boost e-books
LG Display’s mass produced plastic e-paper could boost the global e-book market.On Thursday, LG Display said it began mass production of a plastic e-paper that is half the weight and one-third the thickness of existing glass-based displays.This makes it possible for more portable e-books, as it can be bent up to 40 degrees. The displays also do not break easily, and can be safely dropped from 1.5 meters, according to LG Display officials.Maintaining a thickness of 0.7 millimeters and a weight of
IndustryMarch 30, 2012
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Park Yong-maan to head Doosan Group
Doosan Corp. chairman Park Yong-maan was elected as chairman of Doosan Group at a shareholders’ meeting Friday.The 57-year-old businessman is the fourth son of first group chairman Park Too-pyung. He will replace Park Yong-hyun, the current group chief and the founder’s third son. “Chairman Park Yong-maan will preside over the overall group strategy as the new chief, taking over the responsibilities of Park Yong-hyun,” the group said in a statement. The decision came as chairman Park Yong-hyun r
IndustryMarch 30, 2012