Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Questions raised over fair promotion of RM, NewJeans
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Hana Financial to relocate its headquarters
Hana Financial Group Inc., South Korea’s fourth-largest banking group, said Tuesday that it plans to relocate its headquarters as early as 2014 to Incheon city, west of Seoul. The scheduled move to the city, located 40 kilometers west of the Korean capital, is part of Hana’s push to raise its profile in the global market, following its acquisition of Korea Exchange Bank. “For the first time in the Korean financial industry, Hana will establish a strategic hub in Incheon,” Kim Seung-yu, the chair
Feb. 21, 2012
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Private equity funds invest in Korean films, real estate
Private equity funds have increased their holdings in real estate assets and projects related to the boom of the Korean Wave data showed Tuesday. According to the Korea Financial Investment Association, the country’s entire fund market estimated at 311.1 trillion won ($276.9 billion), with the share of private equity funds rising fast. As of Feb. 17, general funds available for retail investors are valued at 201.3 trillion won, down 75 trillion won from April 2009. Private equity funds were wort
Feb. 21, 2012
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Short-term external debt falls to lowest in decade: BOK
Korea’s short term external debt in proportion to overall overseas borrowing fell to the lowest level in a decade, the Bank of Korea said Tuesday, in the latest sign that the country’s credit soundness is improving.External debt maturing in less than one year came in at $136.1 billion at the end of December last year, down $3.6 billion from data compiled for the July-September period. The figure in relation to total external debt is 34.2 percent, down 3.7 percentage points from three months earl
Feb. 21, 2012
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Mild dehydration can affect mood, thinking
Even mild dehydration can alter a person's mood, energy level and ability to think clearly, but the effect might be more acute in women, U.S. researchers said.Lawrence E. Armstrong, a professor of physiology at the University of Connecticut, said two studies affirm the importance of staying properly
TechnologyFeb. 21, 2012
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Insurers to cut auto insurance premiums
Korean non-life insurers will slash auto insurance premiums starting in April after weeks of discussions with the country’s financial regulator, sources said Tuesday. The insurers will decide on the exact rates for the cut and most likely announce them by the end of this month to take effect for new contracts starting in April. The rate cut will likely be between 2-4 percent, the sources said. Samsung Fire & Marine Insurance Co., the country’s top nonlife insurer and its rival Dongbu Insurance C
Feb. 21, 2012
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[Meet the CEO] Kangwon Land aims to be more than casino
CEO vows to tackle social bias and external pressure, while planting sound gaming culture at resort complexCorruption, bankruptcy and broken homes have been typical of the images of gambling in the minds of Koreans. The risks of addiction and ethical degradation have also put the gaming business under heavy government regulations and civic scrutiny.Kangwon Land, the sole domestic casino complex accessible to Koreans, is striving to head off these hurdles as it seeks to establish gambling as a lu
IndustryFeb. 21, 2012
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Scientists regenerate a plant -- 30,000 years later
Flowers from Silene stenophylla plant, which was regenerated after 31,800 years. (PNAS-Yonhap News)Fruit seeds stored away by squirrels more than 30,000 years ago and found in Siberian permafrost have been regenerated into full flowering plants by scientists in Russia, a new study has revealed.The s
TechnologyFeb. 21, 2012
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Most firms eye less than 3% growth
A majority of local businesses expect Korea’s economy to grow at a sluggish pace in 2012 mainly due to weak exports and a drop in consumer demand, a poll showed Monday.The survey of 500 companies by the Korea Chamber of Commerce and Industry showed 58.4 percent of respondents predicting growth of less than 3 percent for this year, a sharp drop from 20.8 percent that forecast such a low GDP number in December.The latest prediction is lower than the 3.8 percent growth tallied for last year and the
IndustryFeb. 21, 2012
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KRX plans to overhaul stock trading fees
Rate could be cut by more than 10 percent to benefit retail investorsKorea’s bourse operator and other securities-related agencies said Monday they plan to slash the trading fees they charge for brokerages, a move that will lead to lower commissions that retail investors pay.The Korea Exchange, the Korea Securities Depository and other organizations are considering a cut of more than 10 percent in fees applied to local securities houses and futures firms. The move is expected to help reduce the
Feb. 20, 2012
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[Herald Interview] LS Group taps into emerging markets
Chairman John Koo says companies’ social contribution is mandatory investmentLS Group, unrivaled in Korea for industrial cables and electrical systems, is aggressively expanding abroad with a focus on green businesses, such as smart grid, renewable energy, electric car parts and resource development. With LS Cable & System and LS Industrial Systems as its two main pillars, LS has grown into the nation’s 13th largest conglomerate in terms of asset value in the nine years since it spun off from LG
IndustryFeb. 20, 2012
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[Herald Interview] Koo champions LS Group’s expansion, shared growth
Chairman says LS is fattening investment in Silicon Valley to find business modelThe following is a transcript of The Korea Herald’s interview with LS Group chairman John Koo. ― Ed.KH: How do you forecast the domestic and international management environment this year or for the next few years?Koo: I expect a time of extreme volatility as the global economic cycle accelerates. Increased uncertainties due to the eurozone debt crisis and instability in the Middle East will raise the volatility of
IndustryFeb. 20, 2012
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Companies step up efforts for ecosystemic development
Ecosystemic development, or shared growth with smaller partner companies and social contributions, has been the latest buzzword for the nation’s major enterprises and financial companies.Woori Financial Group has been at the forefront of social contribution in the financial sector.Last month, Woori Financial became the first financial company to sign a preliminary deal with the Education Ministry to run financial education programs for children, teenagers and job seekers.The nation’s largest fin
IndustryFeb. 20, 2012
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Department stores mull hagwon business
Local department stores are considering listing their education centers as private institutions, following a revision to the law on hagwon management last year. Shinsegae Group said Monday that it will revise the corporate purposes of Shinsegae Department Store and E-Mart to include its hagwon business during a shareholders’ meeting scheduled on March 2. Other major companies, such as Lotte and Hyundai department stores, also plan to continue similar discussions in the two-year grace period allo
IndustryFeb. 20, 2012
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Private sector R&D to surpass record W41tr
Korea’s private sector research and development spending is expected to surpass the 41 trillion won ($36.4 billion) mark for the first time ever, a report by a local industrial association said Monday.The Korea Industrial Technology Association report based on a poll conducted on 607 companies engaged in R&D work showed spending likely to go up 8.4 percent on-year to 41.05 trillion won.Of the total to be spent, money earmarked by large conglomerates is expected to rise 8.9 percent compared to th
Feb. 20, 2012
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Gap on education spending widens
The gap between the wealthy and the poor in Korea is widening further in education, a report showed Monday. According to the report entitled “Social Indicator Trends in Korea” issued by the Bank of Korea, those at the upper level in terms of annual income tend to spend more on their children’s education, which better ensures their success in society. Low-income earners, in contrast, do not have any extra money to invest in their children’s education, with their education-related budget stuck at
Feb. 20, 2012
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Samsung Electronics confirms spin-off of display unit
Industry sources say merger of the company’s display unit, Samsung Mobile Display soon to take placeSamsung Electronics on Monday announced the establishment of a new firm tentatively called Samsung Display Co. by April 1 through the spin-off of its liquid-crystal display unit.The world’s biggest TV maker said initial funding of 750 billion won ($668.5 million) and 150 million new shares will be issued for the launching of Samsung’s new display company following a board meeting earlier on Monday
IndustryFeb. 20, 2012
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‘Samsung Electronics most admired firm’
Korea’s tech giant Samsung Electronics Co. topped the list of the most admired companies in the country, marking the ninth consecutive year it has clinched the top spot, a survey showed Monday.The company ranked first, followed by leading steelmaker POSCO and Yuhan Kimberly Co., the country’s largest maker of diapers and feminine hygiene products, according to a poll by the Korean Management Association Consulting. Samsung Electronics has kept its top spot since 2004, when the consulting, certif
IndustryFeb. 20, 2012
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Task force to look into welfare plans touted by political parties
The government has launched a task force to study the feasibility of a recent spate of welfare proposals floated by politicians amid worries that many of them are just intended to woo voters ahead of major elections.Korea is to hold parliamentary and presidential elections in April and December. Political parties are rushing to unveil welfare programs and campaign pledges, many of which policymakers see as “populist” and fiscally “unsustainable.”“From the perspective of fiscal authorities, it is
Feb. 20, 2012
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Park Won-shik reserved for BOK senior deputy governor
The Bank of Korea said on Monday Park Won-shik would be appointed as senior deputy governor, the No. 2 position after Gov. Kim Choong-soo, in April as part of regular personnel reshuffles. Park, 56, will replace Lee Ju-yeol, whose term will expire on April 7. The central bank also announced that four new deputy governors ― Kim Jun-il, Kang Juno, Kang Tae-soo and Kim Jong-hwa ― will take office on April 25 when their predecessors’ terms are set to end. Park graduated from Korea University and wo
Feb. 20, 2012
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Seoul shares end marginally higher on China’s reserve easing
South Korean stocks finished slightly higher on Monday as China’s reserve ratio cut boosted investor sentiment, analysts said, but financial firms’ losses trimmed overall gains. The local currency rose against the greenback.After rising as much as 1.18 percent, the benchmark KOSPI added 0.07 percent, or 1.43 points, to end at 2,024.9. Trading volume was heavy at 723 million shares worth 5.96 trillion won ($5.29 billion) with gainers leading losers 464 to 372.In the early morning, the KOSPI got a
Feb. 20, 2012