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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Korea to adopt new online payment system
The South Korean government said Monday that it will introduce alternative online payment systems to offer foreign shoppers easier, simpler access to local shopping malls as part of its deregulation drive to boost the economy. The financial authorities have removed the authentification system that limited foreign shoppers from making direct purchases and caused inconveniences in May, but many shops and stores are still using the process for payments of more than 300,000 won ($293), citing securi
July 28, 2014
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GM Korea recalls over 14,000 vehicles
GM Korea Co., the local unit of U.S. automaker General Motors Co., is recalling over 14,000 cars sold here for a defective front drive shaft that can separate from the front right wheel while on the road, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, the vehicles’ front right axle shaft may “separate while driving on a curved road, possibly creating a condition where the power is not properly delivered to the wheel.”The recall affects th
MobilityJuly 28, 2014
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BOK report warns of ‘Japan-like aged society’
South Korea’s aging population will become a significant financial burden to the country’s younger generation, a study showed on Monday.People in their 20s and 30s will pay an average 100 million won ($97,400) more than the actual public benefits they will receive as a result of the government’s growing fiscal deficit resulting from the rising costs of supporting the country’s growing elderly population. That is compared with those currently in their 60s, who in 2011 received an average 40 milli
July 28, 2014
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Government, central bank on same page on economy: Choi
The government and the Bank of Korea have “no difference” in their assessment of the latest economic situation, the finance minister said Monday, adding that he expects both to seek “expansionary” measures aimed at bolstering the economic recovery.The remarks by Choi Kyung-hwan came in response to a question over whether the BOK needs to lower its interest rate to help prop up the economic recovery. Choi was speaking at a TV event with journalists.“It’s up to the (BOK’s) monetary policy committe
July 28, 2014
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Lax supervision behind massive leak of data of cardholders
The financial watchdog's lax supervision led to a massive leak of customer information from the nation's three major financial institutions that came to light early this year, the state auditor said Monday. In January, an employee of the Korea Credit Bureau (KCB), a credit reference agency, was found to have stolen sensitive personal information, including resident registration numbers, bank account numbers and credit scores from Kookmin Card Co., Lotte Card Co. and Nonghyup Bank.The three compa
July 28, 2014
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Samsung most popular smartphone brand in emerging markets: survey
South Korea's tech giant Samsung Electronics Co. is the most popular smartphone brand in a handful of emerging markets, a survey showed Monday, outdoing rivals at home and abroad such as Apple Inc. of the United States and local competitor LG Electronics Inc.In the poll conducted by Credit Suisse Research Institute on 15,873 users from nine emerging countries -- Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey -- around 30 percent responded that given the ch
TechnologyJuly 28, 2014
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Smartphone users expected to hit 2.5 bln in 2015: research
The global number of smartphone users is expected to reach 2.5 billion by the end of 2015, research showed Monday, as more tech players are releasing low-end models to appeal to wider markets.Around 34.7 percent of the world's 7.2 billion population estimated for 2015 will use smartphones, an industry tracker Strategy Analytics's report showed, which had said the number surpassed the 1-billion mark in 2012.Industry watchers attributed the rising number to the expansion of low-end smartphones rel
TechnologyJuly 28, 2014
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[Graphic News] Korea seen as technology winner
A fast-rising technology pioneer and the home ground of Samsung ― these are what come to mind when citizens of 17 major countries think of South Korea, according to a recent survey by Korea’s Ministry of Foreign Affairs.Respondents in India, Vietnam and Turkey were the most favorable toward Asia’s fourth-largest economy, while those in Poland, Germany and Egypt had relatively negative impressions.The corresponding survey was conducted last October with an aim to devise customized regional diplom
TechnologyJuly 27, 2014
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[Herald Interview] ‘Uber can do more good than harm for Seoul’
Calvin Kang. (Park Hyun-koo/The Korea Herald)Uber, a fast-growing car-sharing app based out of Silicon Valley, said it can boost a wider range of transportation choices for consumers, and encourage the local cab industry to improve its services and abolish malpractices such as ride refusals and overcharging.Calvin Kang, general manager of Uber Korea, said that it hopes to convince the Seoul government via a dialogue to see these positive social effects from having Uber maintain operations in the
TechnologyJuly 27, 2014
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[Herald Interview] ‘Hana should gain KEB’s trust before merger’
Hana Financial Group executives should first gain the trust of Korea Exchange Bank employees before taking steps to merge KEB with Hana Bank, KEB union spokesman Kim Bo-heon said.“The 2012 agreement with Hana, which guaranteed KEB’s managerial independence for the following five years, basically embodies our hopes to secure KEB’s identity and competency. Breaking that promise means breaking the trust of the union and management,” Kim recently told The Korea Herald. Kim Bo-heon. ( Ahn Hoon/The Ko
July 27, 2014
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Foreigners criticize Seoul’s Uber ban
Foreign residents in Korea who have been discontented with Korea’s conventional taxi services have increasingly opted to use Uber, the smartphone car-hailing application.And those foreigners are fuming at the latest move by the Seoul government to block Uber from operating in the city.“Uber has solved every problem that foreigners and tourists have with Seoul taxi services. There is no waiting, no negotiating, and no ‘I won’t go there’ with Uber services,” said Sam, a 45-year-old businessman, ca
TechnologyJuly 27, 2014
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Hyundai Mobis to build car lamp plant in Czech Republic
Hyundai Mobis, South Korea’s largest auto parts maker, said on Sunday that it would invest 95 million euros ($127 million) to build a car lamp factory in the Czech Republic.The factory near Ostrava will have an annual capacity to produce head and rear lamps for 750,000 vehicles of its parent Hyundai Motor and Kia Motors operating in the region.“The European factory is expected to reduce foreign exchange risks and save distribution time and costs,” an official at Hyundai Mobis said.This is Hyunda
IndustryJuly 27, 2014
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Hanjin boss named PyeongChang Olympics organizing chief
Cho Yang-hoHanjin Group chairman Cho Yang-ho was named the chief organizer of the PyeongChang 2018 Olympic Winter Games, the group said Saturday.Cho, who previously led the PyeongChang Olympic bidding committee in 2011, will replace Kim Jin-sun, and is expected to be appointed after the organizing committee’s general congress in early August. “I will devote myself to a successful Winter Olympics using my experience from the bidding committee,” Cho said in a press release. Cho has served as presi
IndustryJuly 27, 2014
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Hyundai Motor, Kia hit hard by unfavorable exchange rate in H1
South Korea’s two largest carmakers have fallen victim to unfavorable foreign exchange rates that caused an across-the-board drop in earnings in the first half of 2014 despite better sales than last year, industry data showed Sunday.Combined global sales of cars by Hyundai Motor and Kia Motors, flagships of Hyundai Motor Group, the world fifth-largest automotive conglomerate, reached 4,042,960 vehicles in the January-June period, up a solid 5.4 percent from 3,836,445 units tallied for the year b
IndustryJuly 27, 2014
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Innolux outpaces Samsung Display in large-LCD market share
Taiwanese display maker Innolux saw its share of the large-sized liquid crystal display market outpace that of Samsung Display for the first time in the second quarter, data showed Sunday, mainly as the South Korean player focused on panels for smartphones.Innolux’s global market share for 9.1-inch-and-wider LCD panels came to 20.2 percent in the April-June period, compared with the 18.7 percent posted by Samsung Display, the data compiled by industry researcher DisplaySearch showed.The second-q
TechnologyJuly 27, 2014
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Conglomerates increase cashable assets amid economic slump
South Korea’s top conglomerates have expanded their holdings of cashable assets over the past five years, data showed Sunday, due mainly to their reluctance to increase investment amid a prolonged economic slump.The combined amount of cashable assets held by 76 listed companies owned by the country’s top 10 conglomerates came to 148.52 trillion won ($144.61 billion) as of end-March, up 56.1 percent from the 95.1 trillion won five years earlier, the data compiled by conglomerate researcher CEO Sc
July 27, 2014
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[Herald Interview] Nissan Korea chief enjoys best year
Takehiko Kikuchi, president of Nissan Korea, said he had the most exciting and memorable moments of his career over the past year as its Korean business gained sales momentum. “It was the most exciting year of my life,” Kikuchi recalled during an interview with The Korea Herald. He joined the Korean unit of the Japanese auto giant last July.With the successful launches of several new models ranging from the Nissan Juke crossover to the Infiniti Q50 sports sedan, Nissan and its luxury sibling Inf
MobilityJuly 27, 2014
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Renault Samsung zeroes in on midsize SM5 sedans
Renault Samsung Motors said Sunday it would focus on the midsize sedan market for the rest of the year as part of its efforts to become the third-largest domestic carmaker by 2016. With the first diesel-powered version of its SM5 series going strong, the France-based automaker is hoping that its best-selling models could beef up the overall midsize sedan market and the entire auto industry. According to Renault Samsung, its SM5 D received more than 2,000 orders between June 23 and July 9. “The m
MobilityJuly 27, 2014
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BMW lures drivers with savvy SUVs
German luxury carmaker BMW is betting big on its savvy sport utility vehicles to lure customers in South Korea, where competition is heating up in the luxury SUV market. BMW plans to introduce several new X Series models, including the face-lifted X3 and all-new X4 and X6 in the latter half of this year. BMW opened a new era of sportier SUVs with the X3. Since its debut in 2003, more than 1 million units have been sold globally. The new X3, which will hit the Korean market in August, is a revamp
MobilityJuly 27, 2014
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[Weekender] End of privacy
Shortly after the Sewol ferry sank in April, South Korean authorities hurriedly combed the messages and photos stored in the victims’ Kakao Talk chats to learn more about the tragic sinking.One might wonder how such a probe was made possible, given that the victims were still missing. The fact was that Kakao Talk stores users’ private messages for about a week on its own server. Through a search warrant, the police could scrutinize private messages. The implication is, if anything, unnerving. Mo
TechnologyJuly 25, 2014