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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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Seoul to deploy more military doctors to fill med prof void
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Korea seeks leadership in shale gas development
Korea plans to introduce measures to help establish a new industry dealing with so-called shale gas that will also help ensure the country’s leadership in the global market for the energy resource, the government said Wednesday.A market for the previously inaccessible fossil fuel is currently almost non-existent globally as shale gas, or natural gas deposited in shale, had been considered uneconomical due to the lack of technologies to extract it.“We must all be aware that the world stands at th
July 11, 2012
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Korea’s jobless rate rises to 3.2% in June
Korea’s jobless rate inched up in June from a month earlier amid worries that businesses are holding back hiring due to lingering market uncertainty caused by the eurozone debt problems, a report showed Wednesday.The jobless rate stood at 3.2 percent last month, up from 3.1 percent in May, according to the report by Statistics Korea. The seasonally adjusted unemployment rate held steady at 3.2 percent from a month earlier.Job creation decelerated, with employers adding 365,000 more jobs on-year
July 11, 2012
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Ministry to develop Pangyo into ‘Korean Silicon Valley’
The government unveiled a plan on Wednesday to develop the Pangyo area in Gyeonggi Province into a “Korean Silicon Valley.”The Ministry of Knowledge Economy said the Pangyo Semicon Cluster will be the nation’s base for the information technology and semiconductor industry.Government officials, businessmen and scholars, about 300 in total, gathered in Pangyo to celebrate the “Pangyo Semicon Cluster Vision Declaration Ceremony” that was hosted by the Knowledge Economy Ministry.Pangyo is a planned
July 11, 2012
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aT, InterContinental to globalize Korean food
Korea Agro-Fisheries Trade Corp. said Wednesday that it will sign a contract with the InterContinental Hotels Group in October to cooperate in globalizing Korean food.The corporation, or aT, plans to launch promotional events in InterContinental hotels in Vietnam, Malaysia, Thailand and Hong Kong following conclusion of the contract. The company said the event includes publicizing Korean foods through the local media and providing culinary lessons. aT will also financially support the cooks’ fli
July 11, 2012
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Seoul shares drop 0.17 percent on slowdown woes
South Korean stocks edged down 0.17 percent on Wednesday as investors remained jittery over a global economic slowdown, analysts said. The local currency gained against the U.S. dollar.The Korea Composite Stock Price Index (KOSPI) lost 3.06 points to finish at 1,826.39. Trading volume was light at 329.9 million shares worth 3.24 trillion won ($2.84 billion), with losers just outpacing gainers 393
July 11, 2012
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Seoul shares open lower on U.S. losses
South Korean stocks started lower on Wednesday following overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 11.03 points, or 0.6 percent, to 1,818.42 in the first 15 minutes of trading.Large-cap shares lost ground, with Samsung Electronics slipping 0.27 percent and Hyundai Motor falling 1.54 percent.U.S. stocks fell for a fourth session on T
July 11, 2012
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S. Korea's jobless rate rises to 3.2 percent in June
South Korea's jobless rate inched up in June from a month earlier amid worries that businesses are holding back hiring due to lingering market uncertainty caused by the eurozone debt problems, a report showed Wednesday.The jobless rate stood at 3.2 percent last month, up from 3.1 percent in May, according to the report by Statistics Korea. The seasonally adjusted unemployment rate held steady at 3
July 11, 2012
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Galaxy S3 picked as top smartphone by Consumer Reports
Samsung Electronics Co.’s Galaxy S3 smartphone has been chosen as the best smartphone by a well-known U.S. magazine in its latest handset survey, industry sources said Tuesday.Consumer Reports recommended the Galaxy sequel as the best smartphone pick for subscribers of three major mobile carriers in the United States. The smartphone received the top scores in the categories of voice calls, usability, messaging and others.The Galaxy S3 rolled out by AT&T Inc. received the highest score among smar
July 10, 2012
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KEPCO proposes 10.7% hike in electricity charges
The board of directors of Korea Electric Power Corp. agreed to propose a 10.7 percent increase in electricity charges to the government, the state-run energy supplier said on Tuesday. KEPCO insisted that the proposal is inevitable to stabilize living costs and meet rising production costs. “Electricity is a precious shared resource that is produced at only 40 percent efficiency from 100 percent imported carbon-emitting energy sources, such as oil, coal and liquefied natural gas,” said Lee Gi-pyo
July 10, 2012
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Genes offer business tips
What is life? By definition, life refers to organisms that reproduce, metabolize, grow and respond to stimulus. Richard Dawkins, an evolutionary biologist, made a different interpretation of life in his iconic book “The Selfish Gene.” He argued that life was a method by which genes reproduce and evolve while adapting to environments. Since the first life appeared on Earth 3.7 billion years ago, there have been five mass extinctions that wiped out 60-80 percent of living creatures on this planet.
July 10, 2012
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Seoul shares down 0.36 percent on eurozone woes
South Korean stocks closed 0.36 percent lower on Tuesday as investors' sentiment was undermined by fruitless European meetings and pessimistic Chinese economic data, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 6.68 points to 1,829.45. Trading volume was light at 363.9 million shares worth 3.3 trillion won ($2.89 billio
July 10, 2012
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13 South Korean companies on Fortune’s Global 500
Thirteen South Korean companies made the ranks of Fortune Magazine’s Global 500 list on Monday. According to the magazine’s online edition, Samsung Electronics Co. was ranked 20th in terms of sales in 2011. SK Holdings, which was 82nd in 2011, climbed to 65th this year. However, Hyundai Motor Co. slid from 55th to 117th.Samsung Electronics Co. was also 32nd on the Most Profitable list, which was first place among South Korean corporations.Royal Dutch Shell, the Netherlands-based energy company,
July 10, 2012
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Seoul shares open higher on foreign buying
South Korean stocks started higher on Tuesday as foreign investors scooped up shares of local heavyweights, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.02 points, or 0.22 percent, to 1,840.15 in the first 15 minutes of trading.Market bellwether Samsung Electronics climbed 0.36 percent and its smaller rival LG Electronics rose 0.33 percent.Shipbuilders also lent sup
July 10, 2012
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EUCCK members concerned about imposition of W4.5b fine
Some key members of the European Union Chamber of Commerce in Korea expressed concerns on Monday about Korea’s tax authorities’ decision to levy a 4.5 billion won fine ($3.95 million) on the EUCCK for failing to report and pay income generated from its in-house magazine ad sales.A senior member of the 26-year-old organization said the EUCCK may have to close its doors due to the heavy fine.“Most likely, (the EUCCK) will not be able to pay, (as) it is close to bankrupt,” he told The Korea Herald,
July 9, 2012
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Smoothie King Korea buys parent company
Smoothie King Korea announced Monday that it has completed an M&A takeover of its U.S.-based parent company, making it the first Korean beverage chain to stage a takeover of its overseas head office. According to the company, the takeover was finalized on July 7.The Korean franchise of the beverage and health food chain was able to complete the process thanks to a 58 billion won ($50.9 million) investment from Standard Charted Private Equity, the National Pension Service, and other investors. Co
July 9, 2012
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87% of inter-conglomerate deals are private contracts
Private contracts accounted for the bulk of all business deals involving transactions among affiliates of South Korea’s top conglomerates in 2011, fueling criticism of unfair business practices, a report showed Monday.The report by Chaebol.com, a local conglomerate research firm, said that in 2011, 87.1 percent or 132.9 trillion won ($116.4 billion) worth of all contracts signed between companies owned by the country’s 10 largest conglomerates, were through closed negotiations. Total inter-congl
July 9, 2012
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Producer price growth hits 31-month low in June
South Korea’s producer prices grew at their slowest pace in 31 months in June mainly because oil and raw material prices declined, the central bank said Monday, indicating easing price pressure.The producer price index, a barometer of future consumer inflation, grew 0.8 percent in June from a year earlier, slowing from a 1.9 percent on-year gain in May, according to the Bank of Korea.It marked the slowest growth since a 0.4 percent on-year contraction in November 2009.Compared with the previous
July 9, 2012
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Minister vows support for multinationals
The government will offer full support for multinational companies in Korea to attract more foreign investment, Knowledge Economy Minister Hong Seok-woo said Monday.The minister made the remarks during a government-multinational companies conference in Seoul, attended by about 20 members of the Korean CEO’s Association of Multinational Corporation Organization.The participants in the forum discussed foreign investment policies, labor-management issues, tax-cuts and other incentives.The minister
July 9, 2012
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ADT Korea builds on strength of global brand
Local unit head speaks about sophistication of Korean security system marketADT Korea’s chief Bradley K. Buckwalter runs a tight and efficient ship. As the Korean head of the global electronic security system company ADT, the 47-year-old businessman is responsible for overseeing the operations of a complex 24-hour surveillance and monitoring system that spans across many cities and regional areas outside of Seoul.“It’s quite visual ... how we’re doing, because for every customer we put (up) our
July 9, 2012
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Seoul shares down 1.19 percent on growth concern
South Korean stocks closed 1.19 percent lower Monday as investors moved to the sidelines on jitters over slowing growth in major economies such as China and the United States, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) lost 22.07 points to 1,836.13. Trading volume was light at 277.6 million shares worth 3.3 trillion won ($
July 9, 2012