Most Popular
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South Korea confirms North Korea’s latest spy satellite launch failed
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Financially active women bear fewer children, report finds
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Leaders agree to revive 3-way cooperation, reaffirm security efforts
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N. Korea notifies Japan of plan to launch satellite before June 4: Kyodo
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S. Korea's exports set to maintain growth in May: trade minister
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Aespa breaks silence on Hybe chairman’s remark to ‘crush’ them
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[Feature] Ignorance about Africa still rampant in Korea
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Korea ushers in new space era with KASA launch
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South Korea flies fighters near border over North Korean spy satellite alarm
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Yoon, Kishida agree on close communication over Naver's Line app row
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Mother’s corn looks to global market with corn-based tableware
Mother’s Corn (www.motherscornworld.com) is an eco-friendly baby tableware brand whose products are made of corn instead of plastic, serving parents’ needs of looking after their children’s health.Kim Mi-jin, CEO of Mother’s Corn, started the company in 2011, and has now set up a multilingual website with help from Korea’s e-commerce solution provider cafe24 (www.cafe24.com). Screenshot of Mother‘s Corn international website (cafe24)The brand has raised its awareness in over 10 countries such as
IndustryJuly 9, 2015
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Gov't unveils steps to spur investment
The government announced a package of measures Thursday to boost investment amid concerns domestic demand could slip into the doldrums due to slumping exports and the Middle East Respiratory Syndrome outbreak.The measures, which aim to spur more than 5 trillion won ($4.4 billion) of investments in tourism, venture and construction sectors, come after the government recently cut this year's growth target to 3.1 percent from 3.8 percent in the face of tough domestic and external challenges. "The g
July 9, 2015
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BOK holds key interest rate steady at record low
South Korea's central bank left the key interest rate unchanged at a record low of 1.5 percent Thursday in an apparent bid to prevent the fallout from the Middle East Respiratory Syndrome outbreak from hurting the economy.The July decision is in line with a poll by Yonhap Infomax, the financial news arm of Yonhap News Agency, in which all 17 analysts and economists projected the BOK would freeze the key rate to monitor the impact of previous rate cuts and ease household debt risks.Last month, th
July 9, 2015
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Four major banks' Q2 net likely plunge 33 pct: report
South Korea's four major banking groups are likely to see their second-quarter net profit plunge more than 33 percent due mainly to a drop in interest income stemming from a low rate trend, a report showed Thursday.The combined net profit of Shinhan Financial Group Co., KB Financial Group Inc., Hana Financial Group Inc. and Woori Bank is expected to reach 1.2 trillion won ($1.06 billion) for the April-July period, compared to 1.9 trillion won the previous quarter, according to the report release
July 9, 2015
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FSC to slash private loan interest rates
The regulator plans to slash the maximum interest rate that nonbanking lenders can charge. The Financial Services Commission recently investigated several private lenders, to find that their borrowing rate policies were all high, and did not reflect the central bank’s recent rate cuts. On June 11, the Bank of Korea lowered the base interest rate to a record low of 1.5 percent, following the economic losses due to the outbreak of the Middle East respiratory syndrome and weak yen. This was the fou
July 8, 2015
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[Start-up Seoul] Start-up aims to disrupt blood testing market
Start-up Seoul is a series featuring players in Korea’s emerging tech start-up scene. This is the second installment. ― Ed.Disease diagnosis markets around the world are broken, claims one new local start-up that aims to equalize health care globally, starting with a drop of blood.On top of high costs and several days’ lag to get results from a hospital for a blood test, the markets to diagnose different diseases like diabetes and high cholesterol are monopolized and segmented, causing a massive
TechnologyJuly 8, 2015
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[Herald Interview] Science chiefs to discuss inclusive growth in Korea
South Korea achieved fast economic growth from the rubble of the Korean War in just around half a century to become one of the world’s economic and IT powerhouses.Behind such achievement were government-led projects and support measures for science and technology.The nation that has made such economic advancement through science and technology will be able to play a key role in promoting sustainable economic growth among developing and developed nations during the upcoming OECD Ministerial Meeti
TechnologyJuly 8, 2015
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SK hynix to beef up workplace safety
South Korea’s leading chip maker SK hynix vowed to make all-out efforts to improve safety measures at its workplaces Wednesday, after a series of gas leak incidents that took workers’ lives. In line with the initiative, the world’s second largest DRAM maker after Samsung Electronics said it would increase spending for safety by 10 percent each year. SK hynix's chip plant in Cheongju, North Chungcheong Province (Yonhap)The company will invest 123 billion won ($108 million) to ensure safety at its
TechnologyJuly 8, 2015
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Samsung C&T CEO positive on NPS support for merger
Samsung C&T co-CEO Kim Shin said Wednesday that the proposed merger with Cheil Industries is certain to happen if the National Pension Service supports the move. The NPS, the nation‘s largest investor, holds 11.61 percent of Samsung C&T. Of that, 11.2 percent count for its voting rights. Samsung C&T co-CEO Kim Shin Samsung “If the NPS agrees, then I am certain the merger will happen,” he told reporters, adding that he anticipates the state-run fund to make a “positive conclusion.” Kim also said
IndustryJuly 8, 2015
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GE advises Korea to speed up innovation
U.S. tech giant General Electric on Wednesday called for Korea to speed up its innovation to keep up with rapidly changing global trends that could make the country “easily left out.” The company suggested that Korean society and businesses adopt “industrial Internet,” “advanced manufacturing” and a “global brain” to achieve stronger homegrown innovation, wider collaboration and education to become leaders in high-value industries. “In terms of putting a stronger emphasis on the speed of innova
IndustryJuly 8, 2015
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LG unveils measures to shore up economy
LG Group on Wednesday unveiled a set of new measures to boost the sluggish economy amid unfavorable conditions such as the Middle East respiratory syndrome outbreak, a prolonged drought and the latest Greek financial crisis. The measures come as the nation’s fourth-largest conglomerate joins other big business groups, including Samsung and Hyundai Motor, in spurring the dull domestic consumption. As part of the efforts, LG said it plans to purchase gift cards worth 7 billion won ($6.2 million) f
IndustryJuly 8, 2015
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Be fitter and better
“Three more to go!” “Fighting!” The cheers echo in the gym studio at Reebok CrossFit Sentinel Downtown in the bustling downtown of Seoul. As one member finishes 500 meters of rowing, another takes over to complete the 1,000-meter goal. Then, the first partner picks up the weights and starts a set of 25 dumbbell thrusters, an exercise that combines a front squat and a push press. The second partner, on the rowing machine should catch up with her and finish the rest of the 25 dumbbell thrusters.
TechnologyJuly 8, 2015
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Ferrari importer names new CEO
FMK Corp., the official exclusive importer for Ferrari and Maserati, said Wednesday that it had appointed Kim Gwang-cheol as its new CEO.Kim, 59, has worked in sales for Volvo and as a board member of sales and marketing at BMW Korea. He also served as CEO for The Class Hyosung, Hyosung Toyota and The Premiun Hyosung. FMK Corp CEO Kim Gwang-cheol.Kim has successfully established import cars such as Mercedes-Benz and Toyota in the Korean market, and is also credited for using his experience in ma
IndustryJuly 8, 2015
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Seoul shares hit near 4-month low on Greek, Chinese woes
South Korean stocks plunged 1.18 percent to a near four-month low Wednesday as uncertainties about the future of the eurozone and the slowing Chinese economy sapped investor sentiment here, analysts said. The Korean won declined sharply against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 24.08 points to close at 2,016.21, marking the lowest since March 16. Trading volume was heavy at 444.1 million shares worth 7.44 trillion won ($6.55 billion), with decliners beating gai
July 8, 2015
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Park renews calls for reform in labor and public sector
President Park Geun-hye vowed Wednesday to press ahead with efforts to reform South Korea's rigid labor market and other sectors.She has been struggling to overhaul such issues as labor market duality -- the difference in pay and job security between regular and non-regular workers.Some companies shun recruitment and instead rely on non-regular workers that they can fire more easily as the economy remains sluggish, a development that pushed up the jobless rate for young people.The unemployment r
July 8, 2015
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Hyundai, Kia cars win U.S. satisfaction awards
South Korea's top carmaker Hyundai Motor Co. and its sister affiliate Kia Motors Corp. said Wednesday that their models have won satisfaction awards from a U.S. automotive research company. Hyundai's Sonata ranked No. 1 among different midsize sedan brands to win the AutoPacific Vehicle Satisfaction Award, and Kia's Soul city car and the Sportage crossover SUV also claimed the top in their segments, the carmakers said in a press release. The satisfaction award, given by U.S.-based AutoPacific
IndustryJuly 8, 2015
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Household loan growth picks up in June
Household loans extended by South Korean lenders increased at a faster pace in June compared with the previous month amid low lending rates, central bank data showed Wednesday.Outstanding household loans extended by local banks totaled 594.5 trillion won ($524.5 billion) as of the end of last month, adding 8.1 trillion won from May, according to the Bank of Korea.The monthly gain was smaller than the record 8.5 trillion-won gain in April but still bigger than the 7.3 trillion-won increase posted
July 8, 2015
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Samsung C&T CEO says NPS likely to back planned merger
The head of Samsung C&T Co., a construction and trading arm of Samsung Group, said Wednesday he believes the National Pension Service, the firm's single largest shareholder, will vote for the merger with a group affiliate at next week's shareholder meeting.Samsung C&T shareholders are scheduled to meet on July 17 to cast ballots on Cheil Industries Inc.'s proposal to take over the builder in an all-stock deal worth 8.9 trillion won ($7.93 billion). Cheil Industries is the de facto holding firm o
July 8, 2015
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S. Korea's M2 money supply grows most in nearly 5 years
South Korea's M2 money supply expanded at the fastest clip in almost five years in May, due mainly to increased liquidity of households, central bank data showed Wednesday.The M2 surged 9.3 percent on-year to 2,170.5 trillion won ($1.9 trillion) in May, quickening from a 9 percent increase in the previous month, according to the Bank of Korea.The on-year growth marks the fastest increase since July 2010 when the M2 expanded 9.3 percent.From a month earlier, the country's M2 rose 1 percent on a s
July 8, 2015
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MERS fallout bodes ill for Q2 corporate earnings
South Korean companies are forecast to have posted worse-than-expected earnings in the second quarter as they grappled with the Middle East Respiratory Syndrome fallout and an economic slowdown in China, data showed Wednesday. The combined operating profit for 209 companies listed on the main KOSPI market was estimated at 33.11 trillion won ($29.21 billion) for the April-June period, according to the data compiled by market researcher WiseFn. The latest figure was 1.5 percent down from the previ
July 8, 2015