Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Controversy brews over shakeup of prosecutors amid probe of first lady
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OpenAI gives ChatGPT new powers to see, hear
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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Korean industries gauge impact of Biden's steep tariffs on China
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Shinsegae heir’s management skills put to the test
This year will be pivotal for several chaebol, including Shinsegae Group, Korea’s 13th-largest conglomerate by assets, and its de facto leader Chung Yong-jin. Chung Yong-jinHaving experienced bitter failure in China, the son of Shinsegae chairwoman Lee Myeong-hee and nephew of Samsung Group chairman Lee Kun-hee is set to enter what may be the next gold mine ― Southeast Asia. “After having actually done business there, I have to admit that the Chinese market wasn’t easy,” Chung told reporters on
IndustryFeb. 3, 2015
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Hotel Shilla mulls buying U.S. duty-free firm DFASS
Hotel Shilla, South Korea’s second-largest operator of duty-free stores, is considering to acquire in-flight duty-free retailer DFASS Group, the company said on Tuesday,“Along with Hotel Shilla, several other global duty-free operators are also eyeing DFASS,” a spokesperson of the duty-free retailer said. The move comes as part of efforts to expand its foothold overseas and in the in-flight duty-free market, the official said. The world’s No.7 duty-free retailer by revenue has been expanding ove
IndustryFeb. 3, 2015
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Samsung to unveil Galaxy S6 with digital payment system
Samsung Electronics said Tuesday it would unveil its Galaxy S6 in Spain on March 1, hoping the latest model of the smartphone will boost sales in the face of intense competition from Xiaomi’s budget phones and Apple’s iPhone 6. Samsung Electronics’ invitation to the press, analysts and developers for the Samsung Galaxy Unpacked 2014 event in Barcelona on March 1. (Samsung Electronics)The unveiling will come one day before the Mobile World Congress, the world’s largest festival of telecommunicati
TechnologyFeb. 3, 2015
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AmorePacific sees 40% rise in 2014 operating profit
AmorePacific Group on Tuesday posted 4.7 trillion won ($4.3 billion) in sales in 2014, with the operating profit reaching 659 billion won. Its sales went up 21 percent from the previous year, while operating profit soared by 40.3 percent, the company said. The lion’s share, or 3.87 trillion won, was generated from Amore Pacific Corp, which runs brands including Amore Pacific, Sulwhasoo, Hera, Laneige, IOPE, Mamonde and Aritaum. The increase in both domestic and global sales through outlets, duty
IndustryFeb. 3, 2015
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Samsung renews push for home appliances
Samsung Electronics, the world’s largest home appliance maker, on Tuesday renewed its upscale push in a bid to widen its lead over soaring Chinese rivals. Samsung Electronics co-CEO Yoon Boo-keun (left) and figure skater Kim Yu-na, the brand’s commercial model, pose with amsung’s new washer and air conditioner at a media event at the company’s headquarters in Seoul on Tuesday. (Ahn Hoon/The Korea Herald)“We will offer higher levels of products amid fiercer competition with Chinese producers,” s
TechnologyFeb. 3, 2015
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Chrysler 200 adds competition in midsize sedan market
Fiat-Chrysler Automobiles debuted the 2015 all-new Chrysler 200 in Korea on Tuesday, targeting the midsize sedan market, one of the most competitive segments here. Models pose in front of the all-new Chrysler 200, which debuted in Korea on Tuesday. (FCA Korea)With an affordable price in the 30 million won ($27,000) range and new design, the gasoline-powered family sedan will compete against best-selling models in the category, including the BMW 3, Toyota Camry and Hyundai Sonata, FCA Korea presi
MobilityFeb. 3, 2015
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Banks cutting interest rates to 1 percent range
Commercial banks are pulling down their loan interest rates to the 1 percent range, after the government announced its low-rate mortgage plans. The banking industry had been reluctant to break the 2 percent line for fear that the move might drive away deposit clients. But more banks are cutting their rates to attract more borrowers.Last week, the nation’s No. 1 player Shinhan Bank adjusted the interest rate for Shinhan S-Dream, its most popular fixed deposit product, by 0.1 percentage point to 1
Feb. 3, 2015
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Kumho Asiana to host Korea-Japan friendship event
Some 1,400 Japanese political figures and tourism industry officials will flock to Korea next week to participate in the “Korea-Japan Friendship Event” to promote cultural exchange and tourism between the two nations. Kumho Asiana Group chairman Park Sam-koo (second from right) poses for photographs with Toshihiro Nikai (second from left), a senior member of Japan’s ruling Liberal Democratic Party and Korean pianist Son Yeol-eum (left) after an NHK Symphony Orchestra concert at Seoul Arts Cente
IndustryFeb. 3, 2015
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Consumer prices edge up 0.8% on-year in January
South Korea’s consumer prices grew at less than 1 percent for the second month in a row in January, a government report showed Tuesday, deepening worries of deflation.The country’s consumer price index edged up 0.8 percent last month from a year earlier, unchanged from a yearly gain reached in December, according to the report by Statistics Korea. Last month’s numbers, like those reached in December, are the lowest since October 2013 when consumer prices rose 0.9 percent on-year.The country’s an
Feb. 3, 2015
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Civic groups urge probe into KEB-Lone Star damages deal
Local civic groups said Tuesday they have asked the financial regulator to look into allegations that Korea Exchange Bank, South Korea's fifth-largest bank, paid the majority of damages its American stakeholder was ordered to pay for manipulating stocks in 2003. In 2012, the Supreme Court convicted Lone Star Funds of artificially reducing the share prices of KEB's credit card unit by spreading false rumors of its plans for a capital reduction. The Texas-based equity firm did this so it could bu
Feb. 3, 2015
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Samsung to expand range of smart appliances
Samsung is to launch a range of smart refrigerators, air conditioners and washing machines as its seeks to expand its business in Internet-connected homes, a top executive said Tuesday. The South Korean tech giant is seeking to plough more resources into the so-called Internet of Things as the market for smartphones -- one of its core product categories -- becomes increasingly saturated. The new appliances will work on Samsung's Tizen operating system, which the company has touted as a platfor
TechnologyFeb. 3, 2015
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Seoul shares inch down on foreign selloff
South Korean stocks closed marginally lower Tuesday as a selling mode by foreigners offset a rally by oil refiners, analysts said. The local currency gained against the U.S. dollar. The Korea Composite Stock Price Index fell 0.72 points, or 0.04 percent, to finish at 1,951.96. Trading volume was moderate at 357.4 million shares worth 4.56 trillion won ($4.15 billion) with decliners outpacing advancers 399 to 394. "We need more signs of a recovery in order for foreigners to opt for local asse
Feb. 3, 2015
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Hana chief to proceed with merger with KEB without union consent
The head of Hana Financial Group Inc., South Korea's second-largest banking group by assets, has said he will proceed with a merger between the group's flagship Hana Bank and Korea Exchange Bank, regardless of whether KEB's union consents. Speaking during a press conference in Beijing on Tuesday, Kim Jung-tai, chairman of Hana Financial, also expressed hope that Hana Bank could get preliminary approval for the planned merger as early as this month. In February 2012, Hana Financial acquired a
IndustryFeb. 3, 2015
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Hyundai, Kia win iF Design Award in Europe
Hyundai Motor Co.'s i20 supermini and Kia Motors Corp.'s Sorento sport utility vehicle each were named winners for an international design award, the two companies said Tuesday. The latest edition of the i20 hatchback from Hyundai won the 2015 International Forum Design Award in the product design segment, while Kia's midsize crossover SUV clinched the same prize under the transportation design segment, the carmakers said in a press release. The award is a first for South Korea's top carmake
MobilityFeb. 3, 2015
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Coupang's mobile transaction value tops 1.4 tln won in 2014
Coupang, South Korea's leading e-commerce company, said Tuesday its value of mobile payment transactions reached 1.4 trillion won ($1.27 billion) in 2014, lending weight to a market bet that the firm is close to going pubic. The value of payment transactions made via mobile devices means more than a twofold on-year surge for the IT startup, wholly-owned by Forward Ventures Co. headquartered in Delaware, United States. Forward Ventures was set up in 2010 by Coupang founder Kim Beom-suk, a Har
TechnologyFeb. 3, 2015
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S. Korea's socially responsible investment estimated at $8 bln
The value of South Korea's socially responsible investment is estimated at $8 billion in 2013, lagging behind those of other advanced countries, data showed on Tuesday. SRI refers to investment in companies that address environmental issues and practice sustainable and responsible management. The global SRI market was estimated as $26.9 trillion, with Europe having the largest share of 43 percent, according to the Corporate Governance Service, a private researcher on corporate governance. B
Feb. 3, 2015
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S. Korea tops China's import market last year
South Korea topped China's import market last year thanks to strong demand for its semiconductors, auto parts and computer-related equipment, industry data showed Tuesday. According to the data provided by the Korea International Trade Association, China imported $1.96 trillion worth of products last year, of which South Korean goods came to $190.3 billion. That represented a 9.7 percent of China's total imports last year, up from the previous year's 9.2 percent. South Korea kept its top stat
Feb. 3, 2015
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Samsung to showcase next Galaxy flagship on March 1
Samsung Electronics Co. sent out invitations Tuesday for what is expected to be an unveiling event of its next flagship smartphone, presumably the Galaxy S6, on March 1 in Spain.The invitation from the South Korea-based top smartphone maker is for the "Samsung Galaxy Unpacked 2015" in Barcelona and shows the silhouette of a curved line and the phrase, "What's Next." Samsung had showcased the previous Galaxy S5 in the Spanish city, the host of the annual Mobile World Congress, last year.This year
TechnologyFeb. 3, 2015
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Stock lending on S. Korean markets hits record high
Securities lending on the South Korean stock market has reached a record high, data showed Tuesday, in a sign that investors are not expecting any significant gains soon in the local bourse.The combined amount of borrowed stocks listed on the main KOSPI and the tech-laden KOSDAQ markets came to 50.15 trillion won ($45.5 billion) as of Jan. 31, according to the data compiled by the Korea Financial Investment Association.Securities lending is a transaction in which an investor borrows a stock for
Feb. 3, 2015
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S. Korea's consumer prices edge up 0.8 pct on-year in Jan.
South Korea's consumer prices grew at less than 1 percent for the second month in a row in January, a government report showed Tuesday, deepening worries of deflation. The country's consumer price index edged up 0.8 percent last month from a year earlier, unchanged from a yearly gain reached in December, according to the report by Statistics Korea. (Yonhap)Last month's numbers, like those reached in December, are the lowest since October 2013 when consumer prices rose 0.9 percent on-year. The
Feb. 3, 2015