Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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SK Telecom vows to offer differentiated 5G services
South Korea’s No. 1 mobile network operator SK Telecom discussed how to create an ecosystem for 5G technology with global firms and ventures at a forum in Seoul on Tuesday.“SKT is currently working on developing differentiated services with advanced technology to greatly improve user experience,” said Jang Dong-hyun, chief executive of the Korean mobile carrier, in an opening speech at the global ICT developer forum.“The company also plans to boost support for small-and medium-sized firms in res
TechnologyApril 28, 2015
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LG Group chairman urges executives to lead innovation
LG Group chairman Koo Bon-moo on Tuesday urged executives to lead innovative experiments across business divisions as part of the strategy to strengthen competitiveness during economic uncertainties.“Global companies are competing fiercely amid slowing sales and economic uncertainties,” Koo said during a meeting with some 300 executives at the group’s Seoul headquarters. “Customer value-oriented innovation is the key to survive the competition.”He also stressed that innovation should lead to con
TechnologyApril 28, 2015
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GS Caltex runs programs to help community
GS Caltex has been organizing art therapy for children, a center for the elderly, scholarship funds for low-income students and other social contribution programs in South Korea. Since 2013, the nation’s second-largest oil refiner has been running the Maeum Toktok program, which provides psychological therapy through art, acting and dancing to children who have suffered from domestic and school violence. So far, more than 4,300 children have received the treatment. Starting this year, GS Caltex
IndustryApril 28, 2015
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Fitbit releases new fitness band in Korea
U.S. wearable activity tracker-maker Fitbit released its new fitness wristband Fitbit Charge HR in Korea on Tuesday, aiming to increase its footing in the market where the smartphone penetration rate reaches around 80 percent.“(The exponential growth of the fitness wearable market in recent years) is driven by real consumer trends ― we all live increasingly busy and hectic lifestyles, and obesity, diabetes and chronic diseases are growing across most countries in the world,” Steve Morley, head o
TechnologyApril 28, 2015
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Malaysia to expand palm oil exports to Korea
A top Malaysian official expressed hope that South Korea would import more palm oil products from the Southeast Asian country.“Korea is a very strategic trade partner and an important market for Malaysian palm oil,” said Dato’ Ar. Wan Khair-il Anuar, Malaysian Palm Oil Board chairman in an interview with The Korea Herald in Seoul on Monday. Dato’ Ar. Wan Khair-il Anuar, chairman of Malaysian (Palm Oil Board)The high-level official, who is also a member of parliament representing Kuala Kangsar,
April 28, 2015
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Won hits 7-year high against yen
The South Korean won touched a new seven-year high against the Japanese yen Tuesday, prompting local currency authorities to vow to take appropriate measures if needed.The won-yen arbitrated exchange rate stood at 898.52 per 100 yen as of 3:02 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. The local currency closed at 1,070.00 per dollar, up 3 won from the previous session’s close, hitting a six-month high.“We are closely watching the currency market,” said an offi
April 28, 2015
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Oracle faces Korean fair trade probe
South Korea’s antitrust watchdog said Tuesday it is investigating multinational software giant Oracle Corp. about its possible unfair trading practices related to its database management system. The investigation into the local unit of California-based Oracle, which has been under way for months, is focused on two areas of business that may be market restrictive, the Fair Trade Commission said. DBMS is used in conjunction with a standard operating system and is a collection of programs that allo
TechnologyApril 28, 2015
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Hoban Construction sole bidder for Kumho Industrial
Hoban Construction, a mid-tier builder, has emerged as the sole bidder for a majority stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group. “Hoban Construction is the only company which submitted a bid by the deadline,” an official of the state-run Korea Development Bank responsible for the deal said Tuesday. Detailed conditions of the acquisition deal including the bidding price have not been announced yet, but industry watchers estimate that a 57.48 percent stake in Ku
IndustryApril 28, 2015
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[SUPER RICH] Superrich reap top dividends
At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung
IndustryApril 28, 2015
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[SUPER RICH] Chaebol battle it out in duty-free market
The battle for opening a single downtown duty-free shop is heating up under the watchful eyes of the chiefs of some of the nation’s largest conglomerates. The new duty-free store in central Seoul, whose license will be granted in July, is seen as a golden opportunity for local retail giants to open up a new revenue stream. While the domestic retail market is nearing saturation, the duty-free market has expanded rapidly in recent years, recording double-digit growth since 2010. Between 2010 and 2
IndustryApril 28, 2015
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Fighting home allergens
Fighting home allegensMatt Steel, Dyson’s chief engineer, collects dirt with the company’s new vacuum cleaner at a launching event in Seoul Tuesday. Dyson unveiled three v6 Motorhead vacuum cleaners and the Pure Cool fan. Photo credit: Yonhap
TechnologyApril 28, 2015
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New road for Saudi oil minister
New road for Saudi oil minister Saudi Aramco board members including president and CEO Khalid A. Al-Falih (far right) and S-Oil CEO Nasser Al-Mahasher (left) attend an unveiling ceremony for the new 1.3 km-long “A. I. Naimi Road” named after Saudi Oil Minister Ali Al-Naimi (second from left) at S-Oil’s Onsan Refinery in Ulsan, last week. Aramco, Saudi Arabia’s state-run oil firm, is the majority shareholder of S-Oil.
IndustryApril 28, 2015
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KB Financial‘s net rises by 68.4% in Q1
KB Financial Group, the nation’s second-largest banking group in terms of assets, said its first quarter net profit increased 68.4 percent on-year, reflecting improved commissions. KB Financial chairman Yoon Jong-kyooThe net earnings amounted to 605 billion won ($565 million) in January-March this year, up from 359 billion won in the same period last year, the group said in its performance announcement on Tuesday.The uptrend was largely attributable to the commission fees that rose to 382.1 bill
April 28, 2015
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Local builder makes solo bid for Kumho Industrial
Hoban Construction Co., a mid-sized local builder, made a solo final bid for a controlling stake in Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group that controls Asiana Airlines Inc., the country's No. 2 air carrier. According to Korea Development Bank, the lead manager of the stake sale, only Hoban Construction offered its final bid for the 57.5 percent stake estimated at 500 billion won ($468 million). Other details, including its bid price, were not disclosed. In Febr
IndustryApril 28, 2015
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Software giant Oracle under probe for unfair trading: FTC
South Korea's antitrust watchdog said Tuesday it is investigating multinational software giant Oracle Corp. about its possible unfair trading practices related to its database management system. The investigation into the local unit of California-based Oracle, which has been under way for months, is focused on two areas of business that may be market restrictive, the Fair Trade Commission said. DBMS is used in conjunction with a standard operating system and is a collection of programs tha
IndustryApril 28, 2015
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Shinhan's creative financial plaza
Shinhan's creative financial plaza Han Dong-woo (fourth from left), chairman of Shinhan Financial Group, cuts the tape at the opening ceremony of Shinhan Creative Finance Plaza on Tuesday. The nation’s largest banking group opened a corporate investment banking center at Pangyo Techno Valley, Gyeonggi Province, to help small and medium-sized firms find an optimized financial solution.Photo credit: Shinhan Financial
April 28, 2015
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S. Korea's cheese import hits record high in 2014
South Korea imported a record amount of cheese last year on rising demand for a westernized diet among local consumers, industry data showed Tuesday. Imports of cheese and curds reached an all-time high of 97,215 tons in 2014, up 14.3 percent from the previous year, according to the data compiled by the Korea Customs Service. Cheese imports have been on a rise with an on-year growth of more than 10 percent since 2010, except 2012, the data added. For the first three months of this year, impor
IndustryApril 28, 2015
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Sales at discount outlets, department stores drop in March
Sales at South Korea's major discount outlets and department stores dropped in March, the government said Tuesday, possibly indicating that people are cutting back on their spending amid concerns that the economy may lose its growth momentum. The combined sales of the country's three major discount outlet chains dropped 6.5 percent from the same month last year in March, according to the Ministry of Trade, Industry and Energy. The drop marked a sharp turnaround from a 23.5 percent on-year spike
IndustryApril 28, 2015
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S. Korean won hits 7-year high vs. yen
The South Korean won touched a new seven-year high against the Japanese yen Tuesday, prompting local currency authorities to vow to take appropriate measures if needed. The won-yen arbitrated exchange rate stood at 898.52 per 100 yen as of 3:02 p.m., the highest since Feb. 28, 2008, when the comparable figure was 889.23. The local currency closed at 1,070.00 per dollar, up 3 won from the previous session's close, hitting a six-month high. "We are closely watching the currency market," said an
April 28, 2015
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BOK chief says economy gaining traction
South Korea's top central bank said Tuesday the country's economic recovery is gaining momentum despite external risks but stressed that structural reform is necessary for long-term growth. Bank of Korea data released last week showed that the country's gross domestic product grew 0.8 percent on-quarter in the first three months of the year, up from a 0.3 percent on-quarter gain tallied for the fourth quarter of 2014. BOK Gov. Lee Ju-yeol said while the quarterly result is "not satisfactory,"
April 28, 2015