Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Robert J. Fouser] Social attitudes toward language proficiency
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[Graphic News] How much do Korean adults read?
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Foreign car sales hit record high
In contrast to the stagnant growth of major domestic carmakers, sales of imported cars in the Korean market jumped 25.5 percent to a record high of 196,359 vehicles last year over the previous year, data showed Wednesday.The growth marks an upward trend for the fifth consecutive year, according to the Korea Automobile Importers and Distributors Association. “It is a matter of time before we see the number of registered foreign cars exceeded 200,000 early this year,’’ an industry insider said, ad
MobilityJan. 7, 2015
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Diageo, customs office strike deal on massive tax fine
The yearslong tax dispute between Diageo Korea and Korea Customs Service finally ended Wednesday after the Korean branch of the world’s largest distiller decided to accept a court’s mediation.Under the deal, the liquor company is expected to pay a fine of around 200 billion won ($184 million), a sharp reduction from the fine of about 400 billion won initially imposed by the agency on charges of tax evasion.The mediation court had suggested a partial exemption on the fine in return for Diagio Kor
Jan. 7, 2015
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Hana-KEB merger could face delay
Hana Financial Group’s ambitious plan to merge its two flagship banks ― Hana Bank and Korea Exchange Bank ― is likely to face another delay due to their discord on how to convert the banks’ contract workers into regular employees.A news report said the management-labor talks had gone astray and the plan to promote some 3,400 contract workers returned to square one. The number includes 2,000 KEB employees and 1,400 Hana employees.But the financial group denied the report, calling it groundless.“H
Jan. 7, 2015
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Samsung chief still undergoing rehabilitation: spokesman
South Korea’s top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition.“The chairman’s health has not seen any significant changes in the new year, and there is nothing to explain,” said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf
Jan. 7, 2015
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4 foreign carmakers fined for inflating gas efficiency
The Korean government has imposed fines on four foreign automakers, including German automaker Audi and Chrysler of the United States, for inflating the fuel efficiency of their vehicles sold here, an official said Wednesday.“The government imposed a fine of between 3 million won and 4 million won ($2,720-$3,630) late last year on the four automakers,” an official from the Ministry of Trade, Industry and Energy told Yonhap.The four automakers include Germany’s Volkswagen and BMW.The fines are ba
Jan. 7, 2015
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Samsung’s smart-home master plan: Leave the door open for others
The most important product at the 2015 Consumer Electronics Show may not actually be a product at all. It’s a policy. Samsung Electronics has pledged that 90 percent of all devices it creates, including televisions and mobile devices, will be Internet-enabled by 2017 ― just two short years away. The remaining 10 percent will come on board by 2020. Considering that in 2014 Samsung delivered more than 665 million products to consumers around the world, it’s hard to understate how important this is
TechnologyJan. 7, 2015
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Shares rebound on auto, tech gains
Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won ($3.36 billion), with losers beating gainers 482 to 326.
Jan. 7, 2015
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Sony’s Walkman makes comeback
A Sony Walkman NW-ZX2 digital media player. (Bloomberg)Sony Corp. is bringing back the Walkman, with a new model of the music player pioneer that comes with high-resolution playback and Bluetooth-connected headphones.The new Walkman, targeting audiophiles and set to cost about $1,200, is a high-end version of a model Sony released in 2013 after retiring the classic cassette player in 2010. The first-generation, clunky-looking Walkman went on sale in July 1979, redefining the way people listened
TechnologyJan. 7, 2015
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Korean tech start-ups seek global footing at International CES
Baek Won-in (third from left), the chief executive of ImageNEXT, inspects his company’s booth at 2015 International CES in Las Vegas on Tuesday. (Kim Young-won/The Korea Herald)LAS VEGAS ― A handful of small but tech-savvy Korean companies are ramping up efforts to gain a footing in the global technology industry during the 2015 International CES here.Among those start-ups debuting at the world’s largest consumer electronics show is ImageNEXT, the developer of the OmniPAD, consisting of 360 degr
TechnologyJan. 7, 2015
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Samsung to bolster biopharma business
Samsung Group is gearing up to make more investments and reinforce research and development in the biopharmaceutical sector, which the company sees as a future growth engine. According to the Incheon Free Economic Zone Authority, Samsung BioEpis, a biopharmaceutical affiliate of the country’s largest business conglomerate, recently purchased 42,999 square meters of land in Songdo, Incheon, for 27.7 billion won ($25.1 million). “The exact use of the place is unknown but since Samsung BioLogics R&
IndustryJan. 7, 2015
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Hyundai Heavy unionists reject tentative wage agreement
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, voted against a tentative wage agreement on Wednesday due to a complaint about the pay award agreed upon by the union and management, the company's union said. The union and management reached a tentative agreement on the pay raise on Dec. 31, which includes a basic pay increase of 37,000 won (US$33.56) per month and a special bonus of 2 million won. They also agreed to count regular bonuses, equal to 700 percent
IndustryJan. 7, 2015
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Seoul shares rebound on auto, tech gains
South Korean stocks slightly rebounded from their 16-month low on Wednesday, aided by gains in autos, utility and tech shares as investors saw recent sell-offs on the local bourse as excessive, analysts said. The South Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.38 points, or 0.07 percent, to 1,883.83, snapping a seven day loss. Trading volume was moderate at 277 million shares worth 3.69 trillion won (US$3.36 billion), with losers beati
Jan. 7, 2015
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Incheon airport logs record passenger traffic in 2014
Incheon International Airport, the main gateway to South Korea, saw its busiest year ever in 2014 thanks mainly to a jump in Chinese passengers and growth of low-cost carriers, its operator said Wednesday.The Incheon International Airport Corp. said in a provisional tally that a total of 45.51 million people used the airport in 2014, up 9.7 percent from the previous year and the highest yearly number since its opening.International passenger traffic rose 10.1 percent on-year to 44.9 million in 2
IndustryJan. 7, 2015
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Samsung chief still undergoing rehabilitation: group spokesman
South Korea's top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition."The chairman's health has not seen any significant changes in the new year, and there is nothing to explain," said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf
IndustryJan. 7, 2015
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Drop in oil prices an opportunity for S. Korean economy: finance minister
The recent plunge in global oil prices will have a positive impact on the local economy and help boost South Korea's exports, the finance minister said Wednesday, dismissing concerns about deflation and further weakening of demand."There are various analyses about the impact of a cut in oil prices, but it is clearly a huge opportunity for our economy," Choi Kyung-hwan said at an economy-related ministers' meeting in Seoul. "Still, we must gather and utilize the wisdom of all government ministrie
Jan. 7, 2015
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Hyundai, Kia eye 'cutthroat competition' in China
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday they are bracing for "cutthroat competition" in China this year as the world's No. 2 economy slows and foreign rivals expand their production capacity. The Chinese market for passenger cars is expected to grow about 10 percent to 18.49 million units this year amid "cutthroat competition among rivals, hit by a range of negative economic factors, including a sluggish property market and debts of local governments," Hyundai
IndustryJan. 7, 2015
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Job loss in finance industry hits 5-year high
As low inflation and growth pummeled profit, South Korea's finance industry has shed the largest number of jobs in five years, a statistics agency said Wednesday.There were 840,000 jobs on a monthly average in the local finance and insurance sectors in the January-November period, down 2.8 percent from the same period a year earlier, according to Statistics Korea.The figure translates to a loss of 24,000 jobs over the one-year period, marking the steepest fall since 55,000 jobs were erased off t
Jan. 7, 2015
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S. Korea's corporate bill default rate hits 13-year high
The default rate of corporate bills in South Korea worsened to the highest level in 13 years last year due mainly to cash-squeezed conglomerates and sluggish economic conditions for local companies.The average annual corporate bill default rate reached 0.19 percent last year, hitting the highest level since 0.38 percent in 2001, according to the data by the Bank of Korea and the Korea Financial Telecommunications & Clearings Institute.The figure had soared to 0.52 percent in 1997 from 0.17 perce
Jan. 7, 2015
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Korean Air to sell over W500 billion worth of shares
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday it will sell more than 500 billion won ($455 million) worth of shares to raise money needed to repay debt.The company's board of directors decided to sell 14,164,306 shares at 35,300 won apiece, it said in a regulatory filing.The share offering will increase the number of the company's outstanding shares to 73,950,538.Korean Air said the raised money will be used to repay debts and improve its financial status."This will help
IndustryJan. 6, 2015
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ICT evolving for consumers in 2015
The following is the fifth in a series of articles on the prospects for the world economy in 2015. ― Ed.Over the last few years, the impact of information and communication technologies on society has been enormous. ICT has deeply affected and reshaped most parts of our society, while radically influencing the global economy. No one can predict with certainty what role it will play in the future, but we do know that it will be significant. One aspect of the growth of ICT in 2014 has undoubtedly
TechnologyJan. 6, 2015