Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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BOK freezes key rate at 3 percent
Benchmark interest rate unchanged as central bank assesses impact of last month’s cutThe Bank of Korea on Thursday kept the key interest rate unchanged at 3 percent, as widely predicted, in a bid to size up the after-effects of its surprise rate cut in July.The central bank cut the benchmark seven-day repo rate by 0.25 percentage point a month ago after freezing it at 3.25 percent for 13 months since June last year. It was the first time the BOK lowered the key interest rate since February 2009.
Aug. 9, 2012
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Seoul shares jump 1.96 percent on foreign buying
South Korean stocks closed 1.96 percent higher Thursday on strong foreign buying fed by optimism over a global economic recovery, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shot up 37.33 points to 1,907.13. Trading volume was moderate at 483.1 million shares worth 6.32 trillion won ($5.60 billion) with advancers outstrippi
Aug. 9, 2012
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BOK freezes key rate following July's rate cut
South Korea's central bank froze the key interest rate on Thursday in a bid to gauge the impact of its surprise rate cut in July on the local economy amid the protracted eurozone debt crisis.As widely expected, Bank of Korea (BOK) Gov. Kim Choong-soo and his fellow policymakers held the benchmark 7-day repo rate steady at 3 percent for August. The move followed the BOK's quarter-percentage point r
Aug. 9, 2012
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Seoul shares open higher on Wall Street gains
South Korean stocks opened higher Thursday, tracking overnight gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.75 points, or 0.56 percent to 1,913.98 in the first 15 minutes of trading.Blue chips pushed up shares, with market behemoth Samsung Electronics rising 0.23 percent and No. 4 lender Shinhan Financial climbing more than 2 percent.U.S. mark
Aug. 9, 2012
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S-Oil invites children to ecology camp
S-Oil has invited 100 children from low-income families to Togomi Village in the Demilitarized Zone in Hwacheon, Gangwon Province, for a tour that started Tuesday. The children will learn about local ecology and explore habitats of natural treasures such as the otter and “orumachi,” or cyprinid fish, until Aug. 9, company officials said.S-Oil also provides activities such as picking corn, pounding boiled rice for rice cakes and making handkerchiefs with grass leaves. The children will experience
Aug. 8, 2012
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Heat waves push up vegetable prices
More than 830,000 farm animals die since July 20 amid scorching heatPrices of green-leaf vegetables shot up as unusually high temperatures continued for the third week, killing acres of crops and hundreds of thousands of livestock.The supply of vegetables normally rises during summer, but harvests are slow this year as green-leaf veggies increasingly shrivel up with temperatures hovering over 35 degrees Celsius. “Prices of leafy vegetables are rising sharply as many of them withered to death in
Aug. 8, 2012
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Korea’s auto exports forecast to lose steam in H2
South Korea’s exports of automobiles are expected to lose steam in the second half of the year on contracted demand in Europe and increased competition from foreign carmakers, a report said Wednesday.According to the report compiled by the Korea Automotive Research Institute, South Korea is forecast to export 1.68 million units of cars in the July-December period, up 4.3 percent from a year earlier. In the first six months of the year, car exports increased 10.4 percent on-year to 1.7 million un
Aug. 8, 2012
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Seoul calls France’s stance on Korean autos groundless
Korea on Wednesday dismissed as groundless France’s claim that its domestic auto market has been hit by a surge in imports of Korean vehicles.Last month, France made a request to the European Commission, the executive body of the European Union, that Korean autos be on a prior surveillance list, which could trigger a safeguard measure against imports from Korea in the worst case scenario. The commission is set to announce early next month whether to accept France’s claim. “We analyzed auto trade
Aug. 8, 2012
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Seoul shares rise 0.87 percent on stimulus hopes
South Korean stocks closed up 0.87 percent Wednesday as investor sentiment got a boost from heightened optimism over stimulus efforts in the United States and Europe, analysts said. The local currency inched up against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 16.43 points to finish at 1,903.23, extending its winning streak to a third consecutive session and rest
Aug. 8, 2012
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Lee instructs more aggressive action to cope with economic crisis
President Lee Myung-bak instructed the Cabinet Tuesday to be more aggressive with a sense of emergency in taking steps to cope with the global economic crisis, saying he sees little action despite many discussions on how to handle the situation.“As we have feared from the beginning of the year, this crisis could last for a long time,” Lee said during a Cabinet meeting, according to spokesman Park Jeong-ha. “Though we have held emergency meetings ... government measures are not seen in action."We
Aug. 7, 2012
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Korean, Japanese biz groups call for greater economic ties
BUSAN (Yonhap News) ― The chambers of commerce from Korea and Japan on Tuesday called for closer economic cooperation and investment in the face of growing global uncertainties.At the sixth bilateral chamber of commerce meeting in Busan, 450 kilometers southeast of Seoul, Sohn Kyung-shik, the head of the Korea Chamber of Commerce and Industry, said despite unfavorable economic conditions, two-way trade surpassed the $100 billion mark for the first time in 2011.He said the growth was made possibl
Aug. 7, 2012
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Samsung, Verizon form new smart TV content partnership
Samsung Electronics has formed an alliance with Verizon, the biggest telecom company in the U.S., to boost content for smart TVs.The two companies will offer Internet Protocol television content, including video on demand, through the Verizon FiOS App on Samsung’s smart TV.Some 120 million consumers subscribing to Verizon telecom services will be able to view such content without using set-top boxes, which are normally required to watch IPTV shows and movies.Lee Kyung-shik, vice president of vis
Aug. 7, 2012
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EU reviews French call for watch of Korean cars
Chances are unlikely that the bloc will impose higher tariffs: expertsThe European Commission, the European Union’s executive body, has begun reviewing France’s request to require Korea to give advanced warning of planned car exports to the EU.“The European Commission confirms it has received a note from the French authorities requesting ... prior surveillance measures for South Korean car imports,” EU’s trade spokesman John Clancy said in a statement. “The Commission is reviewing carefully the
Aug. 7, 2012
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German Merck Group offers family business template
‘Choose management wisely,’ advises senior exec of world’s oldest pharmaceutical and chemical companyFor the German Merck Group, South Korea remains a worthwhile investment. “We have invested a lot of money in Korea … (and it’s) an important market and always has been,” said Frank Stangenberg-Haverkamp in an interview with The Korea Herald in Seoul on Monday.Stangenberg-Haverkamp serves as chairman of the Board of Partners as well as vice chairman of the Executive Board and Family Board for E. M
Aug. 7, 2012
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S. Korea issues power shortage alert
South Korea's state-run electricity distributor issued a power shortage alert Tuesday due to a surge in electricity consumption caused by high temperatures, the second such move in as many days.The Korea Power Exchange issued an initial warning at 11:20 a.m. after the country's electricity reserve dropped to below 4 million kilowatts.The company later upgraded the warning to its third-highest leve
Aug. 7, 2012
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Seoul shares turn higher after weak start
SEOUL -- South Korean stocks turned a tad higher Tuesday after opening lower, helped by positive signs from the eurozone overnight, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.30 points, or 0.07 percent to 1,887.18 in the first 15 minutes of trading.Oil refiners and machineries led the climb, with top player SK Innovation jumping 2.14 percent and equipment maker Do
Aug. 7, 2012
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Daily passengers at Incheon Airport reach record high
The number of passengers using Incheon International Airport reached an all-time daily high over the weekend, as South Korea’s tourism season is in full swing, its operator said Monday. The nation’s main gateway, located west of Seoul, recorded 143,330 passengers on Sunday, with 64,967 outbound and 75,363 inbound, the airport said in a release. It was the first time the number of passengers surpassed 140,000 since the international airport opened in 2001, it noted.The airport has designated a pe
Aug. 6, 2012
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Oil prices feared to hit Korean economy
International crude prices could jump in the second half due to mounting Middle East geopolitical risks, spelling trouble for South Korea’s struggling economy, think tanks said Monday.The Korea Center for International Finance and the Paris-based International Energy Agency said concerns are rising that a standoff over Iran’s nuclear program and the crude embargo imposed by the United States and Europe can cause oil prices to rise above the $100 per barrel mark in the coming months. Fossil fuel
Aug. 6, 2012
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Korea, Vietnam announce start of FTA talks
Korea and Vietnam declared the launch of talks on a bilateral free trade agreement Monday as part of efforts to strengthen economic ties, Seoul’s Trade Ministry said.In a meeting held in Hanoi earlier in the day, South Korean Trade Minister Bark Tae-ho and his Vietnamese counterpart Vu Huy Hoang agreed to launch their free trade talks, the ministry said.Korea already has a free trade pact on merchandise with the 10-member Association of Southeast Asian Nations that took effect in 2010. Similar d
Aug. 6, 2012
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Ten big ideas about marketing to Koreans: Part Two
Idea 6 ― Korean society is role- and hierarchy-based Koreans dress and behave for the role they are in at the time. Hill climbers always wear the same style of outfit and carry the same gear. Dress code in the office is predictably formal. Even the weather ladies on TV (they’re all women!) dress in a raincoat for the camera if it’s raining outside. Furthermore, society is infused with a complex awareness of hierarchy, and this is reinforced by the Korean language which requires a speaker to subt
Aug. 6, 2012