Most Popular
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Controversy rekindled over when to name criminals, suspects
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Seoul transit pass for travelers to be available starting July
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Hybe-Ador CEO conflict gets messier
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Battery makers ramp up efforts to diversify graphite supply chain
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Prosecutors to summon pastor who allegedly gave Dior bag to first lady
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‘Monk’ DJ spreading Buddhism goes global
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[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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Court's ruling set to shape path of medical school expansion
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Loans of self-employed swell 50% in four years
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Cigarette imports drop 14.4 pct amid surge in demand for e-cigarettes: report
Cigarette imports dropped on-year in 2014, but imports of electronic cigarettes leaped as South Koreans tried to kick the habit after the government raised prices, the customs office said Monday.The government raised the average price of a pack of cigarettes by 2,000 won (US$1.84) on Jan. 1, pushing smokers to quit with the help of e-cigarettes.A tally from the Korea Customs Service (KCS) showed cigarette imports dropped 14.4 percent last year from the year before, or $15.9 million in value, dow
IndustryJan. 19, 2015
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Shinsegae to invest record 3.4 tln won this year
South Korean retail conglomerate Shinsegae on Monday said it plans to spend a record 3.4 trillion won (US$3.1 billion) this year as it readies to launch mega malls and gear up against the local arrival of e-commerce giants Amazon and Alibaba.The planned amount is roughly 50 percent higher compared with its 2.24 trillion won spending last year. It is also bigger than its previous record investment of 2.3 trillion won in 2013.The retail conglomerate, which operates its namesake department store ch
CompaniesJan. 19, 2015
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Budget carriers fly over half of domestic travelers in 2014
South Korea's low-cost carriers (LCCs) transported more than half of domestic passengers for the first time last year as more consumers opted for their cheaper and improving flight services for short-distance travel, industry data showed Monday.According to the data compiled by Jeju Air Co., the country's largest budget carrier, the country's five LCCs provided flight service to a combined 12.49 million passengers on their domestic lines last year, up 16 percent from a year earlier. The figure a
IndustryJan. 19, 2015
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Perceived inflation differs widely from government statistics from rise in meat, utility prices
The sharp rise in meat, dairy and public utility prices pushed up inflation perceived by ordinary people last year to more than the marginal gains tallied by the government, statistics agency said Monday.Data by Statistics Korea showed that while inflation rose 1.3 percent last year compared to 2013, prices of certain key commodities that directly impact people's everyday lives rose at a faster clip, offsetting some of the advantages of lower costs for consumers.Last year's inflation gain is unc
Jan. 19, 2015
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Seoul shares open higher on ECB hope
South Korean stocks opened higher Monday amid the rising hopes for an additional stimulus by the European Central Bank (ECB), analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 21.03 points, or 1.11 percent, to 1,909.16 in the first 15 minutes of trading.Shares gathered ground across the board, with Samsung Electronics rising 1.6 percent, and top chipmaker SJ hynix advancing 0.53 percent. Samsung SDI added 1.83 percent, and LG Electronics climbed 1.32 percent.Builders a
Jan. 19, 2015
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Turnover ratio of Korean stocks down in 2014
The turnover ratio of Korean stocks decreased last year as the local equity market remained sluggish despite ample liquidity under low interest rates, the main bourse operator said Monday. The turnover ratio of stocks listed on the main KOSPI market was 198.38 percent in 2014, down 37.76 percent from a year ago, the Korea Exchange (KRX) said. Stocks changed hands twice on average last year. The corresponding ratio for shares on the tech-laden KOSDAQ market was tallied at 390.51 percent, 72.71 pe
Jan. 19, 2015
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S. Korea's economy to grow 3.6 percent this year: global investors
Global investment banks (IBs) see a mid-3 percent growth rate for South Korea's economy this year, which is higher than an estimate by the country's central bank, industry data showed Monday.Average projections from 10 major IBs, led by BNP Paribas and Citibank, show South Korea's gross domestic product (GDP), the broadest measure of economic performance, growing 3.6 percent this year, according to the data. The figure is 0.1 percentage point higher than a month ago.Last year, the Korean economy
Jan. 19, 2015
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S. Korea's mobile ad market to surpass 1 tln won this year: report
The local market for mobile advertisements is anticipated to top the 1-trillion won (US$928 million) mark in 2015, a report showed Monday, as people spend more time on smartphones compared to traditional PCs.South Korea's market for mobile advertisements is estimated to rise 27 ercent on-year to reach 1.06 trillion won this year, according to the report released by market researcher DMC Media.The market expanded 74.1 percent on-year to reach 832.9 billion won in 2014.The researcher said the grow
Jan. 19, 2015
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Samsung set to sell 30 mln Tizen TVs in 2015
South Korea's tech giant Samsung Electronics Co. plans to sell 30 million units of Tizen-powered quantum-dot TVs in 2015, an industry source said Monday, as it fights to keep its top spot in global TV sales that it has maintained since 2006.The outlook came as the source with knowledge of inside matters said the company has planned to have Tizen models take up 50 percent of its combined TV sales for 2015, which are estimated at 60 million units.Tizen is an open-source operating system for smart
CompaniesJan. 19, 2015
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Producer prices fall for 5th straight month
South Korea's producer prices posted a fifth month of decline in December as global oil prices continued to slide, falling to the lowest level in four years, central bank data showed Monday.The producer price index, a barometer of future consumer inflation, reached 103.23 in December, slumping 2 percent from the previous year, according to the preliminary data from the Bank of Korea (BOK).It marks the lowest level since 102.71 in December 2010. It also marks the fastest on-year decline since May
Jan. 19, 2015
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(Photo News) Butane blaze
Social AffairsJan. 18, 2015
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Korea to build casino resorts, more hotels, duty-free shops
In an effort to attract foreign visitors, the government will give the green light to building two large-scale resort complexes with casinos and more duty-free shops this year, and will expand financial support for builders of tourist hotels.Additionally, the development of land to be vacated by the U.S. military base in Yongsan and the former site of the state-run Korea Power Electric Corp. in Gangnam will be pushed in earnest.The government announced Sunday its plan to foster a business enviro
Jan. 18, 2015
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Kumho chief seeks to retake holding firm
A tough bidding war for Kumho Industrial, the de facto holding company of Kumho Asiana Group, is set to begin this month.The state-run Korea Development Bank and other creditors of Kumho Industrial sent an information memorandum to major conglomerates and financial investors on Jan. 15 on the selloff of their 57.5 percent stake in the company, after a debt workout program was completed last month. “The memo on the takeover was sent to the top 100 domestic companies and major private equity funds
IndustryJan. 18, 2015
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[Herald Interview] Well-being and ‘eat local’ trends key: pizzeria chief
Pizzerias are serving more non-pizza food items or adding local ingredients to save costs, gain a competitive marketing edge and strengthen consumer relations, said the CEO of a global pizzeria. “More people are becoming aware of what they eat. They crave healthier food and prefer something fresh, less fatty, and familiar. We have an obligation to meet such demand,” said G.J. Hart, executive chairman, CEO and president of California Pizza Kitchen, in a recent interview with The Korea Herald. Har
IndustryJan. 18, 2015
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Hana Financial Group seeks reinvigoration
Hana Financial Group pledged change and innovation this year in the face of an interbank merger and fundamental group-wide reform.The nation’s second-largest banking group held a national rally on Saturday at Jamsil Gymnasium, bringing together over 10,000 executives and employees from its key affiliates ― Hana Bank, Korea Exchange Bank, Hana Daetoo Securities and Hana Card.“2014 was about communication and cooperation, and this year, we will focus on change and innovation,” said chairman Kim Ju
Jan. 18, 2015
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Samsung’s budget smartphones poised for Korean market debut
Samsung Electronics, the world’s largest smartphone-maker by sales volume, is scheduled to release a series of mid- to low-end Android-based smartphones, including the Galaxy A5 and A7, in Korea this week in an effort to maintain its grip on the global smartphone market.Boasting Samsung’s first fully metal smartphone body, the A5 features a 5-megapixel front-facing camera, along with a 5-inch high-definition super AMOLED display, 1.2 GHz quad-core processor and 2,300 mAh battery, industry source
TechnologyJan. 18, 2015
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Banks to raise dividend payout ratios this year
The nation’s top-ranking financial companies are signaling an increase in their dividend payout ratios, reflecting their optimistic business prospects for this year.Their move has been influenced by the economic policies of Finance Minister Choi Kyung-hwan, who has pushed companies to release their capital into the market and revitalize the economy.The market champion Shinhan Financial Group will be the first to take action.“Korea tends to pay out a relatively low dividend compared to other Asia
Jan. 18, 2015
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Shares likely to bounce back on ECB policy hopes
The South Korean stock market is likely to rebound this week on the back of rising hopes for an additional stimulus by the European Central Bank, analysts said Saturday. The country’s key stock market index, the KOSPI, closed 1.9 percent lower on Friday than a week ago, on a continued slide in global oil prices that fell to their lowest levels in more than four years, and renewed concerns over Greece’s potential exit from the eurozone economy. Analysts said South Korean shares are expected to cr
Jan. 18, 2015
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Hyundai Motor to cut price of hydrogen fuel cell vehicle
Hyundai Motor Co., the nation’s largest carmaker, has decided to lower the price of its Tucson fuel cell sport utility vehicle to compete with rising Japanese rival Toyota Motor in the segment, industry sources said. “Hyundai Motor recently informed Gwangju City, a major local buyer of the Tucson FCV, of its internal decision to cut the car price,” an industry insider close to the matter said on condition of anonymity last week.Gwangju City, which purchased five Hyundai FCVs last year, has a pla
MobilityJan. 18, 2015
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European auto sales rise for first time since 2007
European car sales in 2014 rose the first time in seven years, approaching the top end of industry executives’ forecasts as buyers seeking to replace vehicles chose new low-cost models from Renault and Volkswagen.Registrations increased 5.4 percent to 13 million cars, the Brussels-based European Automobile Manufacturers’ Association said. That compares with growth estimates late last year ranging from 2 percent predicted by PSA Peugeot Citroen chief executive Carlos Tavares to 6 percent foreseen
MobilityJan. 18, 2015