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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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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SKC chairman named Brazil’s honorary consul
The SKC chairman has been appointed to offer official assistance to Brazilians in Incheon and the surrounding areas. Choi Shin-won was inaugurated as honorary consul of the Federative Republic of Brazil at the ambassador’s residence in Seoul on Monday. Choi’s appointment was announced by a Korean Ministry of Foreign Affairs and Trade official at the home of the Brazilian ambassador to Korea Edmundo Fujita. As honorary consul, he will be responsible for helping Brazilians in trouble in the Inche
IndustryJan. 9, 2012
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BOK mulls hike in bank reserve requirement
The Bank of Korea is considering a set of measures that include a hike in bank reserve requirements in order to rein in consumer prices. “Given that price stability is deemed the most important issue, the Bank of Korea is reviewing short-term policy measures to stabilize consumer prices in addition to the mid-term and long-term tool of adjusting the benchmark interest rate,” a high-ranking BOK official told the local press Monday. To that end, the central bank is likely to raise the bank reserve
Jan. 9, 2012
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Korea big player in global M&A market
Local firms’ cross-border takeover deals surge in value 51-fold in 5 yearsKorea has become the 10th-largest acquirer in the cross-border mergers and acquisitions markets, overtaking Germany and France.According to data of the Korea Capital Market Institute, Korean companies’ takeover of foreign players in the M&A markets was equivalent to $11.2 billion (12.7 trillion won) in combined asset value for the first 10 months of 2011.In 2010, Korean firms spent a net $9.9 billion on the overseas M&A de
Jan. 9, 2012
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Seoul shares down on unabating eurozone woes
South Korean stocks closed 0.9 percent lower on Monday as investors kept a wary eye on the debt-saddled eurozone while reacting cooly to improved U.S. data, analysts said. The local currency fell against the U.S. dollar.Moving in a tight range, the benchmark KOSPI fell 16.65 points to 1,826.49. Trading volume was moderate at 388.1 million shares worth 4.14 trillion won ($3.5 billion), with decliners outnumbering gainers 514 to 316.“Investors have nothing to anticipate from the U.S. data as they’
Jan. 9, 2012
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Samsung recruits diplomat
A diplomat who played a key role in negotiations for Korea-U.S. Free Trade Agreement will likely take the post of an executive director at Samsung Electronics.Kim Won-kyoung, a councilor of the Korean Embassy in the United States, tendered his resignation last weekend, according to diplomatic sources.The 45-year-old figure has reportedly been scouted by Samsung Electronics to hold the post of an executive director at the chipmaker’s U.S. sales corporation.Kim worked as the general director of th
Jan. 9, 2012
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Red wine may reduce breast cancer risk
Red wine may reduce one risk factor for breast cancer, challenging the widely-held belief that alcohol increases breast cancer, U.S. researchers say.Bottles of wine are displayed on a shelf at the Capercaillie Wine Co. cellar in Lovedale, in the Hunter Valley region of Australia, on Tuesday, O
TechnologyJan. 9, 2012
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Samsung Electronics sweeps Russian mobile handset market
SEOUL, Jan. 9 (Yonhap) -- Samsung Electronics Co., the world's second-largest handset maker, swept the Russian mobile phone market, ranking first in four categories in November last year, a research firm said Monday.Samsung Electronics took first place in the Russian mobile phone market in terms of
TechnologyJan. 9, 2012
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Luxury brands raise prices again
Some European luxury brands have again raised their product prices this year just a few months after they announced moderate price cuts following the free trade agreement between Korea and EU in July. French fashion house Hermes said Thursday that it has increased prices by 5 percent on average from Jan. 1, citing volatile foreign exchange rates and increases in material and labor costs. “The prices have been adjusted due to some changes in costs for production and distribution. When it comes to
IndustryJan. 8, 2012
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Kia Motors gears up to maintain its share in Korean market
Kia Motors Corp. said it will maintain its 33 percent share in the domestic car market this year in order to consolidate its position as the No. 2 player here.The company set its 2012 target on the back of releases of new vehicles and steady sales of popular models.Last year, Kia Motors sold 493,003 vehicles in the South Korean market for a 33.6 percent share, fueled by the popularity of new models such as the Morning and Pride, and growing demand for mid-size cars like the K5.“Despite fierce co
MobilityJan. 8, 2012
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Cadillac takes on BMW amid GM rebound
General Motors Co., with renewed verve as the world’s biggest automaker, will be in the spotlight at the Detroit auto show next week taking on BMW and its popular 3-Series line with a new compact Cadillac. The new model represents Chief Executive Officer Dan Akerson’s strategy for gaining ground in the compact-luxury segment. GM is trying to barge into the market for small, upscale cars, an important entryway for new customers that is dominated by German vehicles such as the 3-Series and the Mer
MobilityJan. 8, 2012
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Audi seeks to pass other German brands in U.S.
Audi will add models to feed U.S. passion for sedans and sport-utility vehicles and gain ground on market leaders Daimler AG and BMW.Audi will use the Detroit motor show next week to unveil a concept “Vail” version of the compact Q3 SUV for the U.S. market and plans to build a sedan version of the A3 hatchback after the newest model comes to market this year, CEO Rupert Stadler said in an interview. U.S. growth is critical to efforts by Audi, the top seller in western Europe and China, to replac
MobilityJan. 8, 2012
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Korea considers reducing oil import dependence on Iran
Korea is considering bringing down its dependence on Iran for oil imports to the 2010 level in response to new U.S. sanctions on the Islamic country over its alleged nuclear weapons program, a government source here said Sunday.The proportion of South Korea‘s aggregate petroleum imports from Iran rose to 9.7 percent in 2011 from 8.3 percent in 2010.“Unlike other countries, our country’s oil imports from Iran increased over the past year. It won‘t be difficult to return the volume back to the lev
Jan. 8, 2012
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Kyobo-KTB SPAC fails to fully disclose information on target firm
A special purpose acquisition company (SPAC) jointly built by South Korea’s major securities firm and leading venture capital firm failed to fully disclose information on its target company, resulting in its overvaluation, documents showed Sunday. Kyobo-KTB SPAC, a paper company established by Kyobo Securities Co. and KTB Securities Co., released inaccurate information about target company Korea Fueltech Corp., which then allowed the SPAC to overvalue Korea Fueltech.In a December regulatory fili
Jan. 8, 2012
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Bird flu not cause of duck deaths at farm
South Korea’s farm ministry said Saturday that bird flu did not cause the spike in dead ducks at a local poultry farm earlier in the week.“Detailed tests using hemagglutinin showed no traces of the virulent H5N1 avian influenza virus,” it said.The farm in Icheon some 80 kilometers east of Seoul reported 110 dead birds from Sunday through Tuesday, causing local quarantine authorities to seal off the immediate area and prevent movement of all birds.Vehicle and human traffic were also subject to de
Jan. 8, 2012
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Mahindra considers XUV500 for Korea
Ssangyong back in expansion mode, plans 5 new cars by 2016DELHI, India ― India’s largest SUV manufacturer Mahindra & Mahindra Ltd. says it will bring its flagship model XUV500 to the Korean market.“We’re studying the business feasibility of launching XUV500 in Korea. Various components needs to be adjusted to meet local demands before we can make the decision to bring the vehicle to the Korean market, and we’re trying to see if the investment would be worth the potential revenue,” Pawan Goenka,
MobilityJan. 8, 2012
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FSS seeks tie-ups with G20 nations in 2012
Korea’s financial regulator plans to bolster collaboration with international organizations to develop advanced supervision skills and help Korean financial firms to actively tap overseas markets.On Sunday, the Financial Supervisory Service unveiled its 2012 policy directions, which include enhancing cooperation with overseas supervisors and hosting planned gatherings.Its global policy features pushing for signing memoranda of understanding with several members of the Group of 20.“We will seek M
Jan. 8, 2012
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High-tech TVs likely to dominate trade show
Thousands of global names to visit Las Vegas for 2012 International CESThe world’s biggest technology trade show will kick off in Las Vegas on Tuesday for four days, featuring thousands of global names in the industry, including Korean IT powerhouses Samsung and LG Electronics.The 2012 International Consumer Electronics Show, will begin its journey with keynote speeches made by Microsoft’s chief executive Steve Ballmer, Qualcomm’s chairman Paul Jacobs and Paul Otellini, president and chief exec
IndustryJan. 8, 2012
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SK Group hits record exports last year
SK Group hit record exports of some 45.5 trillion won last year, taking up more than 60 percent of its sales for the first time after a decade of efforts to turn into an export-driven conglomerate. The combined estimated sales of SK companies last year amounted to 72.3 trillion won, up 48.5 percent from the year before.The nation’s third largest conglomerate by asset value saw its annual exports jump 57.6 percent last year. The share of exports in sales gained 3.6 percentage points to 62.9 perce
IndustryJan. 8, 2012
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Economic growth showing signs of ‘moderating’: KDI
Korea’s economic growth is showing signs of “moderating” due to weakening exports and domestic demand, a state-run think tank said Sunday.“The Korean economy showed signs of moderating growth as export growth slowed gradually and domestic demand weakened slightly,” the Korea Development Institute said in its monthly report analyzing current economic trends.The report is based on the latest major economic indicators including industrial output, exports, employment, investment and consumer spendin
Jan. 8, 2012
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Shares to feel the effects of eurozone woes
Korea’s bourse is expected to feel the effects of eurozone woes with stocks prices likely to remain locked this week despite modest gains made coming into the new year, local analysts said Saturday.The benchmark KOSPI gained 0.95 percent from the previous week’s closing to end the first week of trading in 2012 at 1,843.14 points.The 17.40 point gain comes despite unfounded rumors about a nuclear accident in North Korea that caused the KOSPI to temporarily fall sharply for a time on Friday.Analys
Jan. 8, 2012