Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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[Herald Interview] Korean adoptees embark on journeys to find roots
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[Bridge to Africa] Africa-Korea partnership: Why it matters for future
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South Korea unveils W26tr support program for chip industry
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S. Korea to hold rotating presidency of UN Security Council next month
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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Student nabbed for biking naked 'due to stress'
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Foreign banks cut Korea’s growth outlook to 2.6%
Global investment banks recently revised down their outlook on South Korea’s economic growth, despite the favorable financial indexes for exporters compared to earlier this year.According to the Korea Center for International Finance, the projection of 10 major IBs since June on the nation’s 2015 gross domestic product growth is set at 2.6 percent on average.Though the IBs shared the view that Korea would see a recovery from the third quarter after bottoming out in the second quarter, they cut t
July 30, 2015
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Hanskin launches new men’s anti-aging skincare products
South Korea’s cosmetic brand Hanskin has launched two new men’s anti-aging skincare products infused with the company’s latest biotechnology developments.The Bio Origin For Men toner and lotion was developed by applying biopharmaceuticals developer Celltrion’s Skin 3R System, and includes Omega-3, 6 and 9, which help strengthen skin cells and improve skin tension. The products also include extracts of blackberries, blackcurrants, black olives and black beans -- known to contain high levels of an
IndustryJuly 30, 2015
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Caffe Bene receives halal certification
South Korea’s Caffe Bene has become the first coffee franchise in the country to receive halal food certification, the company said Tuesday. Caffe Bene’s six types of coffee beans — Brazil, Colombia, Ethiopia, Kenya, blending and espresso — and nine powder types — coffee, green tea, milk tea, red velvet, sweet potato, vanilla and yogurt — have been certified halal by the Department of Islamic Development Malaysia, or JAKIM.The newly acquired halal certification is set to pave the way for the cof
IndustryJuly 30, 2015
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KEPCO wins platinum on Vision Awards
The state-run Korea Electric Power Corp. won the Platinum Award at the “2014 Vision Awards Annual Report Competition,” the company said Thursday.Vision Awards is a global award hosted by American communications organization League of American Communications Professionals, which assesses annual reports of corporations, public sector and nonprofit organizations around the world,Over 1,000 organizations from 25 countries participated in this year’s competition, and KEPCO’s annual report was recogni
IndustryJuly 30, 2015
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Reebok looks to nurture Korean LesMills trainers
Global fitness brand Reebok is hosting a program to nurture Korean trainers to lead the company’s popular group fitness program until Aug. 16 in Seoul.Since the program kicked off on July 24, LesMills expert trainers Judy King and Ben Tang have been educating Korean trainers on how to properly carry out Reebok’s flagship workout program every Friday at Club Mute.The ongoing training program in Korea seeks to focus on teaching local trainers three core LesMill workout routines -- the muscle-tonin
IndustryJuly 30, 2015
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Eco-friendly car sales set to reach all-time high
Fueled by growing demand for eco-friendly cars with improved fuel efficiency, sales of hybrid and electric vehicles in South Korea are set to reach an all-time high in 2015, according to industry data Thursday.A total of 15,953 hybrid and electric vehicles were sold in the country during the first half of this year, up by roughly 1,000 vehicles compared to the same period last year, according to data compiled by the Korea Automobile Manufacturers Association. Hyundai Motor`s Sonata Plug-in Hybri
IndustryJuly 30, 2015
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POSCO overhauls overlapping teams
POSCO has streamlined the company’s organizations to cope with continued unfavorable market conditions and a management crisis, company officials said Thursday. The country’s largest steelmaker has removed 88 teams from its steel mills in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province. The restructured teams include organizations developing raw material strategy and stainless materials. POSCO explained these departments have grown over the years to overlap with already e
IndustryJuly 30, 2015
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Kellogg’s introduces new chocolate-strawberry cereal
Kellogg’s has newly launched Chocolate Chex Magic Strawberry -- a cereal fusing chocolate flavors with the taste of strawberries. Chocolate Chex Magic Strawberry comes as the follow-up to the popular Choco Chex Snow Chocoball, launched in 2013, according to the company. Kellogg’s new cereal mixes its original chocolate Chex pieces with strawberry-chocolate balls sprinkled with strawberry powder, combining two flavors popular among children into one product. The cereal is priced at 7,980 won ($6.
IndustryJuly 30, 2015
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Louis Quatorze launches Metallic Balloon Bag
Popular handbag and fashion accessories brand Louis Quatorze released its limited-edition Metallic Balloon Bag in select stores in South Korea and China on Wednesday.Designed under a futuristic concept, the bag seeks to recreate a star shining on behalf of King Louis XIV of France under a pop art style, according to the company.The purse is mainly made with polycarbonate -- a lightweight and sturdy material known to withstand shock and scratches well -- and comes in three colors: pink, gold and
IndustryJuly 30, 2015
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[Graphic News] Banks to discontinue new account books
Bank account books, which have been used in Korea since 1897, will stop being issued starting September, financial officials said Thursday.The suspension is mainly due to financial systems being computerized and bank account books costing money to print and maintain.The Financial Supervisory Service said that starting this September, financial incentives will be offered to customers who do not want bank books and will stop providing them from September 2017.Incentives will include favorable inte
IndustryJuly 30, 2015
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S. Korea to begin 2nd stage of space rocket development
South Korea will soon enter the second stage of its program to develop the country's own space vehicle by 2021, the government said Thursday.The second, three-year stage of the rocket development plan will begin at the start of next month, in which the country will develop a 75-ton thrust engine, according to the Ministry of Science, ICT and Technology.Following a successful development of a 75-ton thruster, the country will build a 300-ton booster, using four 75-ton thrust engines, which will b
IndustryJuly 30, 2015
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Samsung among most respected firms in China
The Chinese unit of South Korea's Samsung Group said Thursday that it was ranked one of the most respected companies in China, citing an annual survey of a Chinese business newspaper. Samsung and eight other foreign companies, including Volkswagen, IBM and BMW, were included on the list released by the Economic Observer newspaper. The survey attributed innovation edge, corporate social responsibility, environment protection and global strategy to the companies that gain respect, according to a s
IndustryJuly 30, 2015
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BOK hints at lowering inflation target band
South Korea's central bank said Thursday that downside pressure on consumer prices will persist on the demand side, hinting that it may possibly lower its three-year inflation target range."On the demand side, downside pressure will persist, with the output gap remaining in negative territory on slowing growth. On the supply side, the impact of low oil prices will continue," the Bank of Korea said in its semiannual report on consumer inflation.The forecast comes as Asia's fourth-largest economy
July 30, 2015
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S. Korea aims to sell food with K-pop in northern China
A South Korean government trade agency held an investor fair in northern China on Thursday to sell Korean food utilizing the country's pop culture. The two-day fair, held in the northeastern city of Shenyang, drew about 10 South Korean food firms and 85 Chinese firms, said the Shenyang office of the Korea Trade and Investment Promotion Agency.Riding the growing popularity of Korean pop culture in China, the demand for Korean food is also growing here, said Kim Doo-hee, head of KOTRA's Shenyang o
IndustryJuly 30, 2015
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LG Uplus Q2 net more than triples on robust mobile sales
LG Uplus Inc., South Korea's smallest mobile carrier, said Thursday its net profit more than tripled in the second quarter, driven by strong sales in wireless business and reduced marketing costs. Net income came to 115.9 billion won ($99.8 million) in the April-June period, up 245.3 percent from 33.6 billion won the previous year, the company said in a regulatory filing. The bottom line beat the median estimate of 89.5 billion won in a poll by Yonhap Infomax, the financial news arm of Yonhap Ne
IndustryJuly 30, 2015
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Offshore investors cut S. Korea's growth estimate: report
Global investment banks have lowered their growth forecasts for South Korea as it faces a double whammy of lethargic consumption and sluggish exports despite a series of rate cuts and plans to jack up fiscal spending, a report showed Thursday.The average growth estimate by 10 major investment banks for this year reached 2.6 percent, lower than earlier forecasts, according to the report by the Korea Center for International Finance. The figure is lower than the government's 3.1 percent projection
July 30, 2015
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Naver's Q2 net more than triples on upbeat mobile ad sales
Naver Corp., South Korea's top Internet portal operator, said Thursday its second-quarter net profit more than tripled from a year earlier, buoyed by robust revenues from mobile advertising. Net income reached 124.1 billion won ($107 million) in the April-June period, compared with 39.4 billion won the previous year, the company said in a regulatory filing. The figure, however, falls far short of the median estimate of 150.2 billion won in a poll by Yonhap Infomax, the financial news arm of Yonh
IndustryJuly 30, 2015
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Samsung Q2 net drops 8 pct on weak smartphone sales
Samsung Electronics Co. posted a near 8 percent drop in second-quarter net profit Thursday as its smartphone business remained sluggish on lackluster Galaxy S6 sales and harsh competition from Chinese rivals.Net income came to 5.75 trillion won ($4.95 billion) in the April-June period, 7.97 percent down from 6.25 trillion won a year earlier, the world's top smartphone maker said in a regulatory filing.Sales fell 7.29 percent on-year to 48.53 trillion won in the second quarter, and operating prof
July 30, 2015
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Hybrid car sales on track to hit all-time high: data
Sales of hybrid electric cars in South Korea are on track to reach an all-time high in 2015 amid growing demand for vehicles with better fuel efficiency, industry data showed Thursday.According to the data, 15,953 units of locally produced hybrid electric cars were sold here during the first half of the year, about 1,000 units more than a year earlier. If the current sales pace continues, they are expected to easily renew the current record set in 2012, when 31,236 hybrid vehicles were sold, obs
IndustryJuly 30, 2015
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Visitors to 1,600 Pandas+ World Tour event surpass 3 million
The number of visitors to see the “1,600 Pandas+ World Tour” event in southeastern Seoul surpassed 3 million people Tuesday, according to organizers.Launched May 23 in Korea, the 1,600 Pandas+ Flash Mobs toured 15 scenic spots in seven cities: Seoul, Incheon, Busan, Suwon, Daejeon, Daegu and Gwangju. The event organized by the Korean chapter of World Wide Fund for Nature is currently taking place around Seokchon Lake and in the gardens of Lotte World Mall in southeastern Seoul, in cooperation wi
IndustryJuly 29, 2015