Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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Hybe's multilabel system tested amid conflict with Ador
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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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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Asia driving force for Lufthansa Cargo
Lufthansa Cargo, a German global cargo airline, plans to expand its presence in Korea and China, forecasting that more than 50 percent of its business will be made in Asia soon. “Forty-seven percent of our business is in Asia and growing,” chairman and CEO of Lufthansa Cargo Karl Ulrich Garnadt told The Korea Herald on Saturday. “Very soon it will be 50 percent. China is the most important market at 20 percent out of the total 100 percent.“We will see air cargo traffic grow by 4.5 percent (world
IndustryJan. 29, 2012
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Hana’s forthcoming acquisition of KEB meets challenges
Lender is set to emerge as second-largest financial group by total assetsFriday’s decision by the financial regulator to allow Hana Financial Group take over Korea Exchange Bank is set to impact the financial market in general and the credit card sector in particular, with Hana still to resolve a thorny integration issue. The Financial Services Commission approved Hana’s bid to buy KEB from Lone Star Funds for 3.92 trillion won ($3.5 billion), allowing the U.S.-based fund to exit its eight-year
Jan. 29, 2012
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Traditional markets losing vitality amid slow sales
Customers turn to department stores, supermarket chainsSai Sachiko, a Tokyo-based school teacher, includes Namdaemun Market in her “must-see routes” whenever she visits Seoul. “In addition to their quality products, people there, especially middle-aged female merchants, are always energetic and stimulate me in a good way,” she said. “The atmosphere is totally different from Japanese markets. I can feel warmth and affection unique to Korean traditional markets.”Many foreign tourists pick the chea
IndustryJan. 29, 2012
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Trade minister stresses need for FTA with China
DAVOS, Switzerland (Yonhap News) ― Korea’s trade minister stressed the need to sign a free trade agreement with China, as the deal will help Seoul attain its goal of becoming a global free trade hub and lure more foreign investment.“As Korea has FTA deals with the U.S. and the European Union, it would be a right move to clinch additional FTAs with China and Japan,” Bark Tae-ho, the country’s new trade minister, said in an interview with Yonhap news agency here on Saturday.“There might be little
Jan. 29, 2012
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Shares likely to settle this week
Korean stocks are expected to lose momentum next week, weighed down by the pessimistic U.S. economic index and credit downgrades of eurozone countries, analysts said Saturday.The benchmark KOSPI inched up 0.8 percent to close at 1,964.83 on Friday on strong foreign buying buoyed by positive corporate earnings and the U.S. Fed’s low-rate pledge. The key index has spiked nearly 100 points over the previous two weeks.World’s largest memory chip maker Samsung Electronics posted 13.7 trillion won ($1
Jan. 29, 2012
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Hyundai Mobis net rises, Daewoo E&C turns positive
Hyundai Mobis Co., Korea’s largest auto parts maker, said Friday that its net earnings rose 11.5 percent in 2011 from a year earlier on brisk sales of auto parts amid record sales by local automakers.Net profits came to 3 trillion won ($2.7 billion) last year from 2.7 trillion won in 2010, the company said in a regulatory filing. Sales also rose 18.7 percent on-year to 26.3 trillion won from a year ago, and operating profit gained 6.7 percent to total 2.7 trillion won, the company said.In the me
Jan. 29, 2012
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Woori Bank aims for Asia’s top 10 by 2017
Woori Bank, the country’s largest lender by assets, aims to be in the top 10 in Asia, CEO Lee Soon-woo said at the bank’s annual meeting of executives Saturday.“This year will be a challenging one for us as the banking industry is facing major takeovers which would reshuffle the rankings of the top four. We need to be at our best to strengthen fundamentals to become a global bank,” the chief of the state-run bank told his workers. Lee’s comments follow regulator’s approval on Lone Star Fund’s sa
Jan. 29, 2012
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Korea to beef up FX liquidity conditions
Korea plans to set up a second line of defense for its foreign currency liquidity by prompting local state-run lenders to further secure such liquidity to brace for the eurozone debt crisis, an official said Sunday.The move came as the deepening eurozone debt crisis may squeeze local banks’ foreign currency liquidity situations.“Since late last year, the country’s four state-run lenders have scurried to secure FX liquidity,” said an official at the Financial Services Commission. The four banks m
Jan. 29, 2012
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Korea’s public debt nears W800tr
Analysts attribute fast rise to undertaking of numerous public infrastructure projectsKorea’s public sector debt stood at 789.4 trillion won ($702.3 billion) as of September as the government struggled to curb household borrowing, data showed on Sunday. The combined debt owed by the government and state-run enterprises marks a 9.2 percent increase from a year earlier, the Finance Ministry said. The total debt is 2.4 times the government’s 325.4 trillion won budget for this year. The figure place
Jan. 29, 2012
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U.S. firms bid to retake luxury car market
U.S. luxury cars manufacturers like Cadillac and Lincoln, respectively run by GM and Ford, are struggling to win back a share of the expanding luxury car market, largely controlled by Japanese and German automakers.These brands, which once embodied the very essence of luxury cars, saw quality decline in the years before the industry crisis, and drivers abandoned them in their droves.Now they must recover their former glory by improving entry-level models, which was not their strong suit, but whi
MobilityJan. 29, 2012
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Automakers compete with fuel efficient cars
Korean, foreign firms strive to attract customers with new diesel line-upsCompetition to launch vehicles with high fuel efficiency has been heated in the local automobile market.Among the contenders are Korean carmakers, such as Hyundai Motor and Kia Motors, and major import brands including BMW, Mini, Volkswagen, Nissan and Chrysler.Noticeably, fuel efficient diesel-powered sedans as well as diesel-powered sport utility vehicles are gaining popularity with Korean consumers.Drivers’ priorities
MobilityJan. 29, 2012
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Asan Nanum Foundation to send 100 volunteers overseas next month
The Asan Nanum Foundation said Sunday that it will dispatch 500 people as youth overseas volunteers every year to take part in projects aimed at remodeling children’s education facilities located in developing countries.The first team of 100, which held its kick-off ceremony on Saturday, will be heading to five different nations ― Kenya, Ethiopia, Cambodia, Nepal and China ― beginning Feb. 13.“I’m pleased that our young people are gifted with the opportunity to go overseas and share what they ha
IndustryJan. 29, 2012
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'We care about every worker': Apple CEO
WASHINGTON (AFP) -- Apple chief executive Tim Cook has responded to media reports alleging harsh working conditions in China for manufacturing employees of the popular gadget-maker.Cook, who took over as chief executive from Apple's late co-founder, Steve Jobs, addressed the reports of long hou
TechnologyJan. 29, 2012
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FSC says Hana Financial allowed to acquire KEB
Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.The FSC ultimately has not accepted the opinion among a group of lawmakers and the KEB union that Lone Star has been ineligible to own the bank and the merger deal is invalid.In a statement, the regulator reaffirmed its e
Jan. 27, 2012
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Under pressure, conglomerates pull out from bakeries, cafes
Samsung, LG, Hyundai bow to criticism over reckless expansionAmid criticism over their excessive expansion, Korea’s major corporations are relaying to withdraw from bakeries, cafes and other markets that have long been crowded with neighborhood stores. Hyundai Motor Group on Friday became the latest conglomerate to back down from its cafe business. Chung Sung-yi, the eldest daughter of chairman Chung Mong-koo, has been managing two branches of Ozen at the automaker’s headquarters in Seoul and it
IndustryJan. 27, 2012
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Chief of telecom regulator resigns
Choi Si-joong, chairman of the Korea Communications Commission, offered his resignation on Friday amid surging public criticism over a string of bribery and influence-peddling scandals.“It’s time to leave and take responsibility,” Choi said at a hastily arranged news conference, referring to his aide’s alleged implication in the bribery scandal. “I hope that my departure will help the watchdog stave off prejudice and misunderstanding held by the public.” Choi, one of the closest confidants of P
TechnologyJan. 27, 2012
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Top telecom regulator steps down amid bribery scandal involving ex-aide
South Korea's top communications regulator resigned on Friday amid allegations that his former aide took a bribe from a businessman in return for favors.Korea Communications Commission (KCC) Chairman Choi See-joong has been under pressure to step down since suspicions arose that his aide, Jeong Yong
Jan. 27, 2012
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Samsung Life sanctioned for irregular practices
Regulators took disciplinary action against Samsung Life Insurance for its irregular business practices.The Financial Supervisory Service said Friday that it has decided to impose on Samsung Life 335 million won ($293,000) in fines and issue a "caution" against the company.The life insurance firm was negligent in controlling the outsourcing business for the information technology sector, the FSS said in a statement."Samsung Life also opened several cash management accounts without the consent of
Jan. 27, 2012
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Travel retail market shows no sign of abating
Incheon Airport tops duty free sales globallyLouis Vuitton conducted an unprecedented experiment in Korea last year, opening its first airport store at Incheon International Airport. The French fashion house with 158 years of history had long refused to be situated at any airport, citing difficulties in offering the best shopping experience to its customers. The airport’s quality facilities and services aside, the luxury ambience of Korean duty free shops and the geographical proximity to the so
IndustryJan. 27, 2012
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Confidence for Feb. manufacturing up
South Korean manufacturers’ business confidence for February inched up on the back of easing eurozone fears but still remained close to a more than 2-year low amid lingering uncertainties, the central bank said Friday.The index of manufacturers’ outlook on business conditions reached 81 for February, up from 79 for January, according to a monthly survey by the Bank of Korea. The index measures manufacturers’ expectations for the coming month.The figure marks a recovery from January when it hit i
Jan. 27, 2012