Most Popular
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[KH Explains] Why Korea's so tough on short selling
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Iran’s president found dead at helicopter crash site
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‘Kim desperately wanted to denuclearize,’ Moon writes in memoirs
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Actors involved in past controversies return first via streaming service originals
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Korea set to finalize medical school expansion plans
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Korean builders nervous about possible setbacks in Middle East
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[AtoZ into Korean mind] World of the in-laws, where gender stereotypes persist
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BOK freezes key rate for 4th month in Sept.
South Korea's central bank stood pat on the key interest rate for the fourth straight month on Thursday amid speculation that the U.S. Federal Reserve may taper its monetary stimulus starting this month.Bank of Korea (BOK) Gov. Kim Choong-soo and his six fellow policymakers froze the benchmark seven-day repo rate, dubbed the base rate, at 2.5 percent, as widely expected.The decision came as all eyes are on whether the Fed will decide to begin cutting the US$85 billion monthly bond purchases at i
Sept. 12, 2013
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Seoul shares open higher on large-cap gains
South Korean stocks opened slightly higher Thursday on large-cap gains following the previous rally to a three-month high, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.09 point with no percentage change to 2,003.94 in the first 15 minutes of trading, after starting 0.04 percent higher at the opening bell. No. 2 lender KB Financial gained 0.4 percent, with top mobile carrier SK Telecom rising 1.4 percent. The local currency was trading at 1,083.85 won against the
Sept. 12, 2013
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Kia Motors reaches tentative wage deal with union
Kia Motors Corp., South Korea's second-biggest automaker, said Thursday that it has reached a tentative wage deal with its union after days of partial strikes.The agreement reached early Thursday calls for a hike of 97,000 won ($89) in basic salaries and 8.5 million won in incentive payments and performance-related bonuses as well as other benefits.The two sides also agreed to double the amount of social contribution to 2 billion won to support the underprivileged in society, according to the co
IndustrySept. 12, 2013
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[Graphic News] Emerging markets’ currency fluctuation after ‘Bernanke shock’
After U.S. Fed Chairman Ben Bernanke hinted at a possible tapering of its quantitative easing in May, the currency values of major emerging economies have sharply lost ground against the greenback. Unlike them, however, Korea’s won rose the most among major Asian currencies against the U.S. dollar as investors have relocated their investment to safer destinations.
Sept. 11, 2013
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Signs of recovery in shipbuilding industry
Expectations are elevating that the long-stagnant shipbuilding industry may enjoy an upturn amid an increasing amount of commercial vessel orders and the rise of freight charges.Industry observers, however, remained discreet and refrained from fully embracing the optimistic view.According to the Korea Maritime Institute, the Baltic Dry Index, which indicates the freight fee level of bulk carriers, recorded 1,215 last month ― 72.8 percent up from the same period last year.The freight fee index is
Sept. 11, 2013
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Reactor export drive shifts from Finland to Vietnam
With the dim outlook of Korea’s bid to win a nuclear power project in Finland, the government is shifting gear on its nuclear export drive to Vietnam from the northern European country. The change in target nations comes following a summit in Hanoi between President Park Geun-hye and Vietnamese President Truong Tan Sang on Sunday and little progress in a bid for an ongoing Finnish reactor construction project. “Reflected in a joint statement issued on Monday after the summit, the two heads of st
IndustrySept. 11, 2013
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KOSPI breaks 2,000 for 1st time in three months
The Korea Composite Stock Price Index exceeded the 2,000 mark on Wednesday, marking the first time since May 30, bouyed by foreigners’ continuous net buying. The benchmark KOSPI closed at 2,003.85 on the Korea Exchange, up 9.79 points or 0.49 percent from the previous session.Foreigners net purchased the local equities worth 676.6 billion won ($616 million), maintaining their net buying spree for the 14th consecutive trading session since Aug. 23. Samsung Electronics rose 0.43 percent to surpass
Sept. 11, 2013
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Korea to redirect spending to finance job creation: Hyun
Deputy Prime Minister and Finance Minister Hyun Oh-seok said that the government would reallocate some of its public funds gained from state spending cuts for regional businesses to invest in job creation.In a meeting with economic-related ministers on Wednesday, Hyun said that such “belt-tightening” budgets for regional attractions such as hosting international sporting events are inevitable as the country faces a shortfall in tax revenue.Such international events as the World Cup, the Olympics
Sept. 11, 2013
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POSCO unit launches power plant fueled by waste gases
POSCO Energy began operating a highly efficient and environmentally friendly “off-gas combined cycle power plant” in Pohang on Wednesday, company officials said.The station in North Gyeongsang Province has a capacity of 145 megawatts and is the first to produce power through mixed combustion of off-gases such as blast-furnace gas, FINEX off gas and coke-oven gas.Unlike steam power plants, the gas turbine and steam turbine in this station are connected together, helping to reduce costs. They are
Sept. 11, 2013
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Diageo Korea launches Windsor Black
Diageo Korea announced on Wednesday the launch of “Windsor Black,” the latest edition of its Windsor lineup. Windsor Black, which will be put on sale from Sept. 16, has an extra-enriched fruity fragrance compared to previous Windsor products, said the local operation of the world’s largest whiskey maker. The 17-year-old blended scotch was created by Windsor master blender Douglas Murray, distilled in Royal Lochnagar Distillery in Lochnagar, Scotland, and matured in brand-new sherry oak barrels,
IndustrySept. 11, 2013
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Porsche to open Korea branch next year
Porsche will launch the operation of its Korea branch on Jan. 1 next year, the German sports-car maker announced at the Frankfurt motor show Tuesday. Porsche Korea, based in Seoul, will be the company’s 17th subsidiary globally and fourth in Asia. Kim Geun-tak, former GM Korea CEO, was named the first managing director of the new unit.“Korea is a strong market in Asia with enthusiastic sports car fans and solid sales along all Porsche models,” said Bernhard Maier, sales and marketing chief of Po
IndustrySept. 11, 2013
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IT exports jump 11.4% in Aug.
South Korea’s exports of information technology products rose from a year earlier in August, continuing their on-year growth for the 12th consecutive month, the government said Monday.Outbound shipments of IT products reached $14.5 billion last month, up 11.4 percent from the same period last year, according to the Ministry of Science, ICT and Future Planning.The country‘s trade surplus in the IT sector widened to $8.13 billion, the second highest in the country’s history, as its imports only ga
TechnologySept. 11, 2013
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Display expert calls for bigger Samsung, LG roles in TV market
BERLIN ― A leading display market researcher has predicted difficult times are in store for the TV market, emphasizing the importance of the roles Korean TV makers play in overcoming the obstacles that lie ahead.“The TV industry has hit a barrier for growth, the rules of the game are changing,” said Paul Gray, a director of European TV search at Display Search, in an interview with The Korea Herald last week. “TV makers have chosen a better resolution as a solution to the challenges ahead. Howev
IndustrySept. 11, 2013
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Korean-American town to be built in Songdo
KOAM International and KTB Investment & Securities Co., have launched a project to build a Korean-American town in Songdo, part of the Free Economic Zone in Incheon, by 2017, according to company officials.KOAM, a real estate consulting firm, plans to build a total of 3,006 homes ― 849 apartments, 1,893 studio apartments and 264 rooms in residence hotels ― on 53,724 square meters of land bought for 178 billion won ($163.8 million).In the town, there will be various facilities for residents, incl
Sept. 11, 2013
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LG CNS boosts ICT-enabled energy efficiency
LG CNS, an information technology service provider, is pushing to expand the use of smart energy management systems in line with growing interest in power saving and renewable energy around the world. Last month, LG CNS launched its energy management system for small and medium-sized shops, which is designed to reduce energy consumption and simplify energy management. The system automatically cuts off standby power ― power consumed by electronics while they are switched off or in standby mode ―
TechnologySept. 11, 2013
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Logging threatens Monarch butterflies
MEXICO CITY (AP) ― A new study of the Monarch butterflies’ winter nesting grounds in central Mexico says small-scale logging is worse than previously thought and may be contributing to threats facing the Monarch’s singular migration pattern.The reserve’s 13,550-hectare core zone lost 16.6 hectares of pine and fir trees so far in 2013, about half of that because of illegal logging, said the study by Omar Vidal, head of Mexico’s chapter of the World Wildlife Fund, the WWF, and other authors. The r
TechnologySept. 11, 2013
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Astronauts back from space station
MOSCOW (AFP) ― Three astronauts returned to Earth Wednesday on board a Russian Soyuz capsule after a half-year mission on the International Space Station, landing in Kazakhstan, mission control in Moscow announced.Russians Pavel Vinogradov and Alexander Misurkin landed on schedule at 8:58 a.m. Kazakh time (0258 GMT) in the Kazakh steppe, along with American Chris Cassidy.A live feed on Russian mission control’s website showed rescuers extracting the three astronauts who were helped into chairs i
TechnologySept. 11, 2013
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Solar boat reaches Paris after crossing Atlantic
PARIS (AP) ― The world’s largest solar-powered boat has docked on the banks of the Seine River, its final port of call after a three-month voyage across the Atlantic Ocean to study how the Gulf Stream and climate change could influence each other.The 31-meter-long Turanor PlanetSolar catamaran looks like one of Darth Vader’s TIE Fighters turned on its side.Starting from Miami in June, University of Geneva scientists sailed up the eastern seaboard of the United States, then across the Atlantic, t
TechnologySept. 11, 2013
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Fireball lights up sky over southern states
ATLANTA (AP) ― NASA officials say brilliant lights seen at an outdoor rock concert in Alabama and by eyewitnesses as far away as Georgia and Tennessee came from a meteor that streaked across the night sky.Officials at the Marshall Space Flight Center in Huntsville said a baseball-size fragment of a comet entered Earth’s atmosphere above Alabama at 8:18 p.m. Central Time on Monday.NASA officials say the meteor traveled at a speed of 122,310 kph. They say that just three seconds after hitting the
TechnologySept. 11, 2013
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1 in every 5 credit cards not in use: data
About one in every five credit cards issued in South Korea are not in use, data showed Wednesday, amid card firms' unwillingness to clear them off citing market share. The number of dormant credit cards stood at 23.5 million at the end of June, accounting for 20.4 percent of the total issuance, according to the Financial Supervisory Service (FSS). The proportion has stayed around the 20 percent range since the first quarter of last year, but it is a sharp decline compared with 28.6 percent talli
Sept. 11, 2013