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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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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Hybe's multilabel system tested amid conflict with Ador
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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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KOTRA vows to act as global business platform
The Korea Trade-Investment Promotion Agency said on Tuesday that it will seek to become a “global business platform” for Korean companies wishing to operate in business overseas.Speaking to reporters at an event to mark the 50th anniversary of KOTRA, its president Oh Young-ho said KOTRA’s ultimate goal is to become a global business platform. “The globe is shifting toward globalization. Korean small and medium-sized firms need a ‘platform’ to get on the express train called globalization, and we
June 5, 2012
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Corporate regulator increases firms on watch list
South Korea's antitrust watchdog said Tuesday that it has increased the number of companies on its watch list by nine that limits mutual investments and loan guarantees.The Fair Trade Commission said the number of corporate affiliates on the list stood at 1,850 that belonged to 63 private business groups and large public companies as of Friday, compared with 1,841 in the previous month.Twelve comp
June 5, 2012
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KOSPI nosedives to below 1,800
Concerns are rising over Korea’s economy as last week’s dismal economic data from the U.S. and China heightened fears of a global slowdown.Korean stocks plunged and the won weakened on Monday, while officials said the deepening European fiscal crisis is also adding woes to the worsening economic conditions.The benchmark Korea Composite Stock Price Index opened low at 1,782.58 points on Monday, down 51.93 points from the previous close, tumbling below the 1,800 mark for the first time since May 2
June 4, 2012
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Euro crisis may have greatest impact since Depression: FSC chief
Kim Seok-dong, chairman of the Financial Services Commission, said Monday the European fiscal crisis is having the greatest economic impact since the Great Depression.“The fiscal crisis that started in Greece in October 2009 has spread from Europe’s marginal states to central nations, and to the banking sector. We are now seeing heightened concerns of a banking crisis in Spain,” Kim said in a meeting of senior FSC officials.Kim stressed that a banking crisis in Spain, an economy five times the s
June 4, 2012
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KOTRA holds biz forum for large Chinese delegation
The Korea Trade-Investment Promotion Agency hosted a business forum in Seoul on Monday for a Chinese delegation, including officials and businesspersons from Sichuan province.The agency held the meeting because the province located in southwest China is the core of the Chinese government’s agenda to develop its western territory, KOTRA said. Recently Hyundai Motor, Lotte Department Store, Woori Bank and Hyundai Merchant Marine Co. decided to invest in Sichuan. The largest ever business informati
June 4, 2012
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Mun In-ki named head of Curexo’s U.S. subsidiary
Curexo, a manufacturer of a surgical system using robots, announced Sunday that it has appointed Mun In-ki as the new president and CEO of its American subsidiary company, CTC. Mun previously served as vice president for research technology at the Hospital Corp. of America, or HCA. Mun holds a Ph.D. from Cornell University and worked at the Miami Heart Institute (now known as the Florida Heart Institute) and the Aventura Hospital and Medical Center in Aventura, Florida, among others. According t
June 4, 2012
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Austrian IT executive paints rosy future for Korea
CEO Slawinski describes swift customer service as distinguishing characteristic of Korean management systemIf Austrian IT firm executive Wolfgang Slawinski were to make an educated guess about the future state of the markets in Asia, he would put his money on South Korea. “In many ways, Korea is already a global leader. But (right now) it’s not so visible outside of (the country),” Slawinski, a vice president for the European Union Chamber of Commerce in Korea, said in a recent interview with Th
June 4, 2012
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KITA chairman wins Van Fleet Award
Korea International Trade Association said on Monday that its chairman and former Prime Minister Han Duck-soo has won the Van Fleet Award 2012 in New York. The Korea Society, an American non-profit organization to promote understanding and cooperation between Korea and the U.S., said that it chose Han for his contribution to strengthening economic ties and friendship between the two nations. The award is named after General James A. Van Fleet, commander of the U.S. Eighth Army during the 1950-1
June 4, 2012
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Government to use public funds to spur economy: finance minister
South Korea plans to use various state-run funds to help stimulate its economy that has been affected by the general global slowdown this year, a top economic policymaker has said.In a meeting with reporters over the weekend, Minister of Strategy and Finance Bahk Jae-wan said the country has made headway toward economic stability in the past year, but there is a need to fuel vitality and growth.He
June 4, 2012
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Korea's foreign reserves shrink in May
South Korea's foreign exchange reserves shrank in May from a record high reached in the previous month as a weaker euro and a softer British pound reduced the conversion value of non-dollar assets, the central bank said Monday.The country's foreign reserves reached US$310.87 billion at the end of last month, down $5.97 billion from April, according to the Bank of Korea (BOK). In April, the country
June 4, 2012
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Lock & Lock eyes 1,000 stores in China
HONG KONG (Yonhap News) ― South Korean plasticware maker Lock & Lock Co. aims to set up 1,000 franchise stores in China by 2015 as it continues to expand in the world’s No. 2 economy, company officials said Friday.Lock & Lock plans to boost the number of its Chinese franchise stores by 50-fold in three years from the current 20, the officials said. The number is expected to reach 100 by the end of this year.Sales in China have recently made up 45 percent of the South Korean firm’s total revenue.
June 3, 2012
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Visitors to Yeosu Expo top 1 million
YEOSU (Yonhap News) ― More than 1 million people have so far flocked to the World Expo in South Korea’s southern coastal city of Yeosu, organizers said Sunday.The Yeosu Expo has attracted 1.03 million people as of Saturday since the 93-day fair opened on May 12, the organizers said.If the current trend continues, the visitor turnout is expected to reach about 5 million, only about half of what South Korea had hoped to attract.The organizers hope that vacationers and school students will visit th
June 3, 2012
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Skyscrapers to replace U.S. base as office glut looms for Seoul
Seoul’s Yongsan area, for a century the site of Japanese and U.S. military bases, is set to be remade in a $26 billion project that will add office towers to a city where the vacancy rate is almost 10 percent. Construction of the development, the biggest in South Korea’s history, is slated to start in the first half of next year and be completed by the end of 2016. With a master design by Daniel Libeskind, the U.S. architect best known for the Jewish Museum in Berlin and New York’s One World Tra
June 3, 2012
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Korea’s GDP by purchasing power tops $30,000, think tank says
South Korea is about to join the ranks of advanced countries in terms of gross domestic product based on purchasing power parity, a local think tank said Sunday in a report on Koreans’ actual living standards.The Hyundai Research Institute said that South Korea’s per capita GDP reached $22,778, the 34th largest in the world, in 2011, but its GDP by PPP per capita is estimated at $31,714, the world’s 25th highest.The wide gap between nominal and PPP-based GDP data apparently stems from below-aver
June 3, 2012
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South Korean firms tapped for compensation over Japan’s rule
The world’s third-largest steelmaker POSCO will donate millions of dollars to support South Koreans forced to work in Japan during colonial rule, decades after it was set up through Japanese reparations.Other South Korean firms that also benefited from the reparations are being encouraged to follow suit, as victims of imperial Japan’s forced labor schemes or their descendants keep pressing for compensation.Japan’s brutal rule over Korea from 1910 to 1945 is still a source of resentment among old
June 3, 2012
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KESI seeks to enhance children’s safety
Officials from the Korea Elevator Safety Technology Institute and nine civil social organizations discussed children’s safety at a meeting in southern Seoul last week.In the event titled “Children’s Safety Network Construction Meeting,” on Friday, the participants focused on ways to work together to prevent children’s accidents while using elevators. A number of safety issues, including school bullying, child sexual abuse and prevention of traffic accidents, were also discussed. KESI officials
June 3, 2012
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Visitors to Yeosu Expo top 1 million
More than 1 million people have so far flocked to the World Expo in South Korea's southern coastal city of Yeosu, organizers said Sunday.The Yeosu Expo has attracted 1.03 million people as of Saturday since the 93-day fair opened on May 12, the organizers said.If the current trend continues, the visitor turnout is expected to reach about 5 million, only about half of what South Korea had hoped to
June 3, 2012
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Trade surplus widens to $2.4b in May
South Korea’s trade surplus widened slightly in May from the previous month as exports shrank at a slower pace than imports, a government report showed Friday.The country’s trade balance was $2.4 billion in the black last month, up from the $2.1 billion surplus tallied in April, according to the report by the Ministry of Knowledge Economy. Last month marked the fourth month in a row that the country posted a trade surplus, although trade volume contracted for the third straight month compared to
June 1, 2012
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Eastar Air to have new chairman
Lee Kyong-il, former deputy head of Korea Insulation Co., took the reins of Eastar Jet Group as new chairman, the low-cost air carrier said on Friday. The group is one of KIC’s affiliates.Having built his career as the No. 2 man in KIC and CEO of Samyang Reduction Gear Co., Lee has extensive knowledge of the group, the company said. “Having become the company chairman is to face a series of new challenges, I will do my best,” Lee said. A Jeonju University graduate, Lee holds a bachelor’s degree
June 1, 2012
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Kumho Asiana chief a Weihai honorary citizen
Kumho Asiana Group announced on Friday that its chairman Park Sam-koo was named honorary citizen of Weihai, China. Weihai presented Park a certificate of honorary citizenship in recognition of his contribution to enhancing the city’s economy and strengthening ties between Korea and Weihai as the head of Korea-China Friendship Association. Kumho Asiana Group runs a hotel and a golf resort in Weihai, helping attract tourists to the Chinese harbor city, the company said. Currently, Asiana Airlines
June 1, 2012