Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Medical profs at top hospitals suspend surgeries, clinics
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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Police to open alleged stalking probe over pastor over Dior bag scandal
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Hyundai, Kia’s share of European market hits record
Korea’s leading automakers Hyundai Motor Co. and Kia Motors Co. saw their combined share of the European market hit an all-time high last month despite the region’s sluggish demand, industry data showed Wednesday.Hyundai and Kia’s market share reached 6.3 percent of Europe’s passenger car market in June, up from the previous 6.1 percent record in April, according to the data released by the European Automobile Manufacturers’ Association.Hyundai sold 44,803 units in June for a market share of 3.6
July 18, 2012
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Korea to demand China open kimchi, makgeolli market
Korea plans to call on China to open its domestic market to fermented food and beverages that cannot be formally sold due to the lack of sanitation guidelines, a senior government trade official said Wednesday.The request to allow shipments of such traditional Korean products as kimchi and makgeolli will be made at the bilateral working-level trade talks scheduled for next Tuesday, Deputy Trade Minister Lee Si-hyung told reporters.Kimchi is a spicy side dish made from fermented cabbage, radishes
July 18, 2012
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Seoul launches national smart grid project
Korea announced on Wednesday the official start of a program to install a nationwide smart grid system that will help the country’s businesses and households save billions of dollars in coming years.A ceremony hosted by the Ministry of Knowledge Economy marked the official launch of the five-year project that will make the country one of the first in the world to have a nationwide smart grid system.A smart grid system largely consists of what is known as advanced metering infrastructure that aff
July 18, 2012
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Korea’s trade surplus with EU plunges after FTA takes effect
Korea’s trade surplus with the European Union fell sharply after the free trade pact went into effect a year ago due to eurozone woes that hurt exports and caused a rise in imports, government data showed Wednesday.According to data by the Korea Customs Service, imports from the EU shot up 13 percent on-year to $49 billion between July 2011 and June this year. Exports fell to $50.9 billion from $57.9 billion during the period, with the surplus dropping to just $1.9 billion from $14.5 billion rep
July 18, 2012
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Robotic industry exports counter domestic slump
As demand in Korea slowed, exports drove up production last yearThe nation’s robotics industry broke the 2 trillion won ($1.75 billion) mark in terms of production last year, largely driven by strong demand from the soaring Chinese market, the Ministry of Knowledge Economy said Wednesday. A recent ministry report said the overall production of the nation’s robotic industry went up 20 percent to about 2.15 trillion won last year. Amid slowing demand in Korea as well as in Europe and North America
July 18, 2012
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Hite-Jinro launches social contribution team
Hite-Jinro, Korea’s leading beer and soju maker said Wednesday that it has established a social contribution team, promising to more actively engage in charity works for the underprivileged in the society.“As the top domestic brewery and liquor company, Hite-Jinro set up a social contribution team to boost contribution activities,” the company said in a statement.“The team will also develop its own programs that reflect the company’s characteristics and match with its reputation,” said a company
July 18, 2012
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NPS launches volunteer group
The National Pension Service has launched a new volunteer group named “Pro Bono,” a company official said on Wednesday.The NPS held the launch ceremony at its headquarters in southeastern Seoul on Tuesday for the opening of “sharing bank accounts” for its staff in which funds will be raised for medical treatments for disabled children.The title “Pro Bono” comes from a Latin term meaning “for the good of the public.” It refers to distributing knowledge and public service to the citizens free of c
July 18, 2012
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S. Korea's trade surplus with EU plunges after FTA
South Korea's trade surplus with the European Union (EU) fell sharply after the free trade pact went into effect a year ago due to eurozone woes that hurt exports and caused a rise in imports, government data showed Wednesday.According to data by the Korea Customs Service (KCS), imports from the EU shot up 13 percent on-year to US$49 billion between July 2011 and June this year. Exports fell to $5
July 18, 2012
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IMF warns global uncertainty causes headwinds for Korea
Rising global uncertainty and weaker external demand are causing headwinds for export-dependent economies such as South Korea, the International Monetary Fund said Monday. In its updated Global Financial Stability Report, the IMF said that conditions in regional dollar funding markets have also tightened since mid-March, although Asia appears better shielded from the euro area crisis compared to Central and Eastern Europe. “Growth in China has also slowed, weighing on markets across Asia, as wel
July 17, 2012
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Korea rolls back decision to resume scientific whaling
Korea has decided to scrap its plan to resume whaling for scientific research, a senior government official said Tuesday, after the move sparked international criticism.Earlier this month, South Korea notified the International Whaling Commission that it planned to lift an all-out whaling ban and start catching the animal for scientific purposes only in immediate waters surrounding the Korean Peninsula. But the plan prompted an international outcry, with some countries urging Seoul to reconsider
July 17, 2012
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DTS introduces audio solution to optimize ‘smart sound’ experience
DTS, the U.S.-based audio technology company, has introduced a new solution that can enhance viewing and help consumers become more emotionally affected by the content they see on smart electronic products.In a press conference on Tuesday, the company’s senior vice president Geir Skaaden unveiled the “Neo2:5,” an audio solution embedded in Samsung Electronics’ premium smart TVs that can convert any two-channel audio to 5.1 surround sound, equivalent to what movie theaters offer.This system is in
July 17, 2012
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Foreign ownership of Samsung Electronics hits 2-year low: data
Foreign stock ownership of Samsung Electronics Co., Korea’s biggest market cap, dropped to the lowest level in two years, data showed Tuesday, raising views the market bellwether is losing its charm with overseas investors.The portion of Samsung Electronics shares held by foreigner investors came to 49 percent on Monday, dropping to the lowest level since 48.96 percent in July 2010, according to the data by the Korea Exchange, the local bourse operator.The latest ownership by foreign investors m
July 17, 2012
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Korean builders hard pressed to meet interest payments
Nearly four in 10 South Korean construction companies were unable to meet interest payments with operating profit last year as a sluggish domestic market hurt their earnings, a report showed Tuesday.According to the report by the Construction Association of Korea, 36 percent of local builders could not cover interest payments with their operating profit in 2011. The report was based on an analysis of financial statements of 10,275 construction companies in the country.Of the companies checked, 1
July 17, 2012
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Lawmakers seek to require import ban following mad cow disease
A group of lawmakers are moving to force the government to immediately ban any beef imports from countries with a confirmed mad cow disease case, which the government said Tuesday might contradict with international regulations and the country's trade agreements.The move was proposed on May 30 by Rep. Kim Yung-rok of the main opposition Democratic United Party in a revision to the law on animal di
July 17, 2012
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Domestic sales of steel products drops 4.7 percent
Domestic sales of steel products in South Korea declined 4.7 percent on-year in the first five months of the year due to prolonged economic uncertainties and weak demand, a trade association said Tuesday.According to the Korea Iron and Steel Association (KOSA), domestic shipments of steel products amounted to 23.13 million tons in the January-May period.Experts said a drop in demand from shipbuild
July 17, 2012
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Seoul shares open lower on growth concerns
South Korean stocks got off to a weak start on Tuesday as concerns over global growth and weak U.S. economic data strained investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 14.1 points, or 0.78 percent, to 1,803.69 in the first 15 minutes of trading.On Monday, the International Monetary Fund (IMF) revised down its 2013 forecast for global growth and
July 17, 2012
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IMF lowers 2013 world growth outlook by 0.2%
The International Monetary Fund lowered its revised 2013 world economy outlook by 0.2 percent to 3.9 percent, according to a report on Monday.The updated World Economic Outlook released by the Finance Ministry showed that the world economy growth projection for this year remains almost unchanged, compared with 3.5 percent forecast in April.Despite the recent economic slowdown, first quarter growth was better than expected so only a little change occurred in the yearly outlook, said the report. I
July 17, 2012
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U.S. election won’t change partnership with Korea: U.S. Chamber of Commerce
Thomas Donohue, president and CEO of the U.S. Chamber of Commerce, said Monday that the U.S. presidential election will not cause any changes in the Korea-U.S. economic partnership. Donohue made the remarks during his lecture on the Korea-U.S. business partnership in a joint general membership meeting co-hosted by American Chamber of Commerce in Korea and FTA Industry Alliance in central Seoul. About 250 people, including 100 AMCHAM officials and members, 100 Korean KITA officials, and FTA Indus
July 16, 2012
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Seoul likely to be 11th-most visited city
Seoul is expected to become the 11th most visited city in the world by foreign travelers this year, according to a report released last week. MasterCard’s Global Destination Cities Index indicates that this year’s number of foreign travelers visiting Seoul will be eight million, placing the city at 11th. Seoul is expected to follow Kuala Lumpur in Malaysia with an estimate of 8.1 million foreign visitors.In the Asia-Pacific region, Bangkok is forecast to be the third most visited place, expectin
July 16, 2012
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KT&G, BAT Korea release new cigarettes
KT&G and British American Tobacco Korea have released new products on Monday.KT&G said it has produced an apple-scented menthol cigarette named “Esse Sense Apple Mint,” which will be on sale starting Wednesday.It consists of 1.0 mg of tar and 0.1mg of nicotine per pack. The price is 2,800 won ($2.43).“Due to consumer demands for a different type of menthol cigarettes, we have come up with an apple-scented product that is high in menthol but low in tar,” a company official said.Meanwhile, BAT Kor
July 16, 2012