Most Popular
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Debate on 'no-seniors zones' heats up
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Is NewJeans headed for a long 'break'?
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S. Korea, Cambodia forge strategic partnership
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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[Graphic News] UK tops global chart for child alcohol use
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Seoul shares up 0.46 pct on improved eurozone, China data
South Korean stocks closed 0.46 percent higher Tuesday as investors' sentiment was boosted by improved economic data from the eurozone and China, analysts said.The local currency closed higher against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 8.93 points to finish at 1,933.74. Trading volume was low at 294.2 million shares worth 3.98 trillion won ($3.62 billion) with gainers outpacing losers 542 to 265.Analysts said the gain of Seoul shares came as the Purch
Sept. 3, 2013
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MS to buy Nokia’s phone unit for $7.2b
Microsoft Corp. agreed to buy Nokia Oyj’s handset business and license its patents for 5.44 billion euros ($7.2 billion), casting together the lot of two companies trying to stay relevant against fleet-footed technology rivals. The deal changes the nature of both companies. Nokia is exiting from the mobile-phone business it once dominated, leaving it mainly as a network equipment maker. Microsoft, which became the world’s largest software maker on the back of its Windows operating system, is mov
IndustrySept. 3, 2013
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LG to roll out G2 smartphone in U.S., Germany
South Korean tech giant LG Electronics Inc. said Tuesday that it plans to release its latest flagship smartphone, the LG G2, in the U.S. and Germany this month, in a bid to further shore up its presence in the global high-end smartphone market.The 5.2-inch smartphone by the world's third-largest smartphone maker debuted in South Korea last month to take on rivals Samsung Electronics Co. and Apple Inc. in the domestic market. The LG G2, the first device rolled out by LG Electronics after it dropp
TechnologySept. 3, 2013
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Seoul shares open higher on improved data
South Korean stocks opened higher Tuesday as investor sentiment was boosted by improved economic data from China and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 5.93 points, or 0.31 percent, to 1,930.74 in the first 15 minutes of trading.Tech shares traded bullish, with market behemoth Samsung Electronics adding 0.52 percent and top chipmaker SK hynix rising 0.71 percent. Samsung SDI, a local plasma display panel maker, added 1.18 percent.Mobile c
Sept. 3, 2013
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Banks' foreign currency loans grow $1.3 bln in H1
Foreign currency-denominated loans extended by South Korean banks to residents grew by US$1.28 billion in the first half from six months earlier on increased dollar demand to cover import bills, the financial watchdog said Tuesday.Outstanding foreign currency loans amounted to $31.21 billion as of the end of June, compared with $29.93 billion at the end of last year, according to the Financial Supervisory Service (FSS).In the second quarter, such lending grew by $950 million, faster than the $33
Sept. 3, 2013
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Chaebol welfare foundations hold W4tr stocks in affiliates
Scholarship or welfare foundations of the nation’s 10 major business groups were found to hold shares worth more than 4 trillion won ($3.5 billion) in their commercial affiliates such as Samsung Electronics and Hyundai Motor.Data compiled by Chaebul.com, which tracks conglomerate-related information, showed Monday that 19 nonprofit foundations, controlled by the 10 conglomerates, collectively own stocks totaling 4.72 trillion won in their profit-making sister firms as of Aug. 29.While the organi
Sept. 2, 2013
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[Graphic News] Fall delayed by climate change
A study by the Korean Meteorological Agency has found that the average start of autumn was Sept. 26 for Seoul in the 2000s, seven days later than in the 1970s. The KMA attributed the change to global warming and urbanization.
Sept. 2, 2013
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Nearly 20 million card users see benefits reduced
About 19 million credit card users saw their card benefits reduced because of policy changes by card firms, according to a report from the Financial Supervisory Service.The report, which was submitted to ruling party lawmaker Park Dae-dong, said the actual number of card users who underwent benefit cuts may be smaller, considering that one customer possesses four cards on average.Big name card companies involved in the benefit schemes include Shinhan Card, KB Kookmin Card, Samsung Card, Hana SK
Sept. 2, 2013
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Ministry to test service quality of Oriental medicine hospitals
The Ministry of Health and Welfare said Monday it would recommend Oriental medicine hospitals with more than 30 beds to go through a service quality assessment, starting next year.Hospitals, if approved by inspection authorities, would be awarded service quality certification by the ministry, officials said. The quality of medical service, sanitary control and staff management will be examined by commissioners from the Korea Institute for Healthcare Accreditation for hospitals that apply for the
TechnologySept. 2, 2013
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‘Clonentrepreneurship’ key to creating ecosystem
The Korea Herald is publishing a series of articles scrutinizing key aspects and sectors related to the creative economy the Park Geun-hye government is promoting as a national agenda. The series will feature interviews with top government officials and IT gurus, and strategies to embody the policy. The special articles were made in cooperation with the Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry and Energy. This is the fourth part of the creative economy ser
Sept. 2, 2013
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BMW, Tesla emerge as electric car rivals
BMW, the world’s top “premium” car brand in both sales and brand recognition, probably never thought it would be up against a newcomer like Tesla, but the situation today is that the German carmaker may indeed have something to fear.“We won’t say BMW perceives Tesla as a rival, but it is closely watching the company,” said one industry source close to the matter.Tesla, on the other hand, appeared to be nonchalant and fearless, with the CEO Elon Musk commenting that “there’s room to improve on th
MobilitySept. 2, 2013
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Doosan Heavy seen gearing up to acquire Italian firm
Rumors that Doosan Heavy Industries and Construction might soon take over Ansaldo Energia, a leading Italian power engineering company, are flaring up again after media reported on fundraising efforts for the deal. Ansaldo Energia, owned by Finmeccanica, a state-run Italian defense and aerospace group, was put up for auction last year due to mounting debt. Finmeccanica holds a controlling 55 percent stake in Ansaldo Energia, while U.S. private equity firm First Reserve holds the remaining 45 per
IndustrySept. 2, 2013
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Hankook Tire to supply tires to Mercedes-Benz
Hankook Tire said Monday that it had recently signed a deal with Germany’s Mercedes-Benz to supply tires for the carmaker’s flagship luxury sedan, the New S-Class. Following previous deals with Audi in 2006 and BMW in 2011, the company now provides tire products to all of the so-called German “big three” for the first time as a Korean tire maker. “We would cover about 10 to 15 percent of the total S-Class production,” said president Cho Hyun-sik at a press conference held at a Seoul hotel on Mon
IndustrySept. 2, 2013
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Consumer prices rise 1.3% on-year in August
South Korea’s consumer price growth stayed in the 1-percent range for the 10th straight month in August, a government report showed Monday.The country’s consumer price index rose 1.3 percent on-year in August, decelerating from a 1.4 percent gain tallied in the previous month, according to the report by Statistics Korea.The August figure represented the 10th straight month since November that the price growth has stayed in the 1-percent range.The core inflation, which excludes volatile oil and f
Sept. 2, 2013
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Volkswagen Korea names new chief
Audi Volkswagen Korea said Monday that it named Thomas Kuehl, formerly corporate strategy director at Volkswagen Group Sales India, as the new managing director of the Volkswagen brand in Korea. The new Korean chief started his official term on Monday, according to the Korean unit of the German automotive group. Kuehl, who joined Volkswagen in 1995, has experience in emerging markets and key markets in Europe, from parts and logistics business to sales and marketing. Kuehl majored in organizatio
IndustrySept. 2, 2013
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A third of builders suffer net loss in H1
Nearly one out of three South Korean listed construction companies posted net losses in the first half of this year, data showed Monday, due to the protracted property slump from home and abroad.According to the data by market researcher FnGuide, 18 out of South Korea’s 58 listed builders posted a net loss in the January-June period, with 13 of them moving inversely to shortfalls from six months earlier.GS Engineering & Construction Co. saw its net loss reach 554.6 billion won ($499.6 million) i
Sept. 2, 2013
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KT&G to unveil ‘This Africa’
KT&G Corp. said on Monday that it would put its new tobacco product “This Africa,” the latest in its “This” lineup, on sale, starting Wednesday. The country’s largest tobacco maker said, “This Africa” contains tobacco leaves that are roasted and dried in traditional African style. “This” has been one of KT&G’s steady-selling lineups.While most cigarettes with tobacco leaves use direct heat for dehydration, “This Africa” uses smoke-dried leaves that gives a unique scent with a slight tint of swee
IndustrySept. 2, 2013
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[Photo News] Employees' day care center
IndustrySept. 2, 2013
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Foreigners’ stock ownership edges down through August
Foreigners’ ownership of South Korean shares moved down through August this year, data showed Monday, apparently as they sought safer investment destinations amid the economic slump.Overseas investors held 33.8 percent of stocks traded on the main bourse as of Monday, down 0.96 percentage point from end-December 2012, according to the data compiled by the Korea Exchange.It marked a sharp drop from an all-time high of 44.12 percent tallied in April 2004, the KRX said. Foreigners sold more shares
Sept. 2, 2013
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Bancassurance market doubles
South Korean insurers collected 23.6 trillion won ($21.3 billion) in premium sales with their partners in the financial industry last year, double the size from the introduction of the so-called bancassurance model a decade ago, business sources said Monday.According to the sources in the financial and insurance industries, banks claimed the largest share of insurance sales made through financial channels ― known as bancassurance ― in fiscal 2012, with 16.6 trillion won or 70.5 percent of the to
Sept. 2, 2013