Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Young Korean doctors seek plan B: cosmetic dermatology or overseas
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South Korea open to Indonesian proposal to cut KF-21 payments
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Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
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Korea forecast to overtake Taiwan in chip production by 2032: report
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Coupang earnings hit hard by losses from ailing Farfetch
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[K-pop’s dilemma] Time, profit pressures work against originality
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Why femicide and dating violence are growing issues in S. Korea
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Samsung ready to release mid-range Galaxy phones
Now that the fiercely competitive high-end smartphone market is well saturated, Samsung Electronics is pushing into the mid-range mobile phone market with plans to roll out stripped-down smartphone models.According to the IT Testing and Certification Laboratory, the state-run testing and certification agency for electronic devices, Samsung’s Galaxy S4 Mini (SHV-370D) has acquired certification for it to be sold unlocked, meaning that the phone will not be tied to a certain mobile network so that
IndustryJuly 10, 2013
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Seoul shares down 0.34 pct on U.S. policy woes
South Korean stocks closed 0.34 percent lower Wednesday as market uncertainties grew before the release of the minutes of the U.S. Federal Open Market Committee's (FOMC) June meeting, analysts said. The local currency gained against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.19 points to finish at 1,824.16. Trading volume was low at 264.3 million shares worth 3.2 trillion won (US$2.8 billion) with losers outpacing gainers 521 to 276. "Global investors are t
July 10, 2013
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Seoul shares tad down in late-morning trade
South Korean stocks traded slightly lower late Wednesday morning, dented by losses in telecom companies and foodmakers, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) slid 1.53 points, or 0.08 percent to 1,828.82 as of 11:20 a.m.Leading confectionery maker Orion fell more than 2 percent, with No. 2 mobile carrier KT Corp. dropping 1.4 percent. Top-cap Samsung Electronics continued to move in positive terrain, rising 0.7 percent. The local currency was changing hands at 1,
July 10, 2013
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Growth in demand for high-end smartphones slows: report
Shipments of high-end smartphones are likely to suffer a slowdown in the coming years, denting the world's two biggest smartphone makers -- Samsung Electronics Co. and Apple Inc., a report showed on Wednesday.According to the report by Hi Investment & Securities, shipments of high-end smartphones are expected to reach 380 million this year, growing 12 percent from a year earlier.But this year's growth marked a sharp slowdown from last year's 26-percent on-year expansion, the 59-percent rise in 2
IndustryJuly 10, 2013
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Seoul shares open almost flat ahead of China's data release
South Korean stocks opened almost unchanged Wednesday as investors took to the sidelines ahead of the release of Chinese export data scheduled later in the day, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.28 points, or 0.02 percent to 1,830.63 in the first 15 minutes of trading. Large-cap exporters led the climb, with Samsung Electronics gaining 0.5 percent and Hyundai Motor rising nearly 1 percent. Blue-chip state-run electricity provider Korea Electric Power
July 10, 2013
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Chrysler recalls over 2,000 Jeeps in S. Korea for faulty airbag
Chrysler Korea, the local importer and distributor of U.S. automaker Chrysler Group LLC., is voluntarily recalling Jeep Compass vehicles for problems with the vehicle's seat belts and airbags, Seoul's transportation ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the car's seat belt pretensioner may not work properly in the case the vehicle is overturned.Also, the vehicle's side airbags may not deploy properly under the same condition, it added.The recall
IndustryJuly 10, 2013
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S. Korea's jobless rate stands at 3.1 pct in June
South Korea's jobless rate inched up in June from a month earlier but job creation quickened sharply, raising hopes that labor market conditions might be improving, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.1 percent last month, up from the previous month's 3 percent. The jobless rate adjusted for inflation remained unchanged at 3.2 percent over the cited period.The pace of job creation, however, accelerated. The number of emplo
July 10, 2013
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IMF cuts global economic forecast to 3.1 percent
The International Monetary Fund said Tuesday that it has revised down its global economic forecast to 3.1 percent this year and 3.8 percent next year.Both of these projections are a 0.2 percentage point cut from its initial estimations, the IMF said.The eurozone’s prolonged debt crisis, a slowdown in emerging economies and spending cuts in the U.S. were the reasons for the growth forecast revision, the IMF explained.The U.S., the world’s largest economy, is projected to grow 1.7 percent this yea
July 10, 2013
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Korea seeks to split financial regulatory body
The Financial Services Commission is facing a backlash from civic groups as its project to revamp the nation’s regulatory system appears to be focused on expanding its own authority rather than on strengthening consumer protection.In its recent report to the presidential office, the state regulator said it was considering spinning off the consumer protection board from the Financial Supervisory Service, an executive arm of the FSC.Though the spinoff plan nominally features policymakers’ willingn
July 9, 2013
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Investigators focus on pilot role
Korean and U.S. investigators on Monday began interviewing the four pilots aboard the Asiana Airlines jetliner that crash-landed at San Francisco International Airport over the weekend. “I’m looking forward to having the crew interviews done,” said U.S. National Transportation Safety Board chairman Debbie Hersman. “It’s going very slowly. We want to make sure the crew members aren’t confused, that the information that’s being exchanged is clear, that we’re getting out of it all the information t
IndustryJuly 9, 2013
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Credit card firms scrap insurance after Asiana crash
Credit card companies have decided to cease offering insurance payments for death as a result of an aviation accident, according to the Financial Supervisory Service on Tuesday.Regulatory officials at the FSS said major issuers would scrap the insurance, which has been sold in coordination with insurance firms, from September. Among the firms are Shinhan Card, Hyundai Card, Samsung Card, KB Kookmin Card, Lotte Card and Hana SK Card. About 10 million consumers currently signed up for credit cards
July 9, 2013
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CJ says Lee suffers from rare neurological disease
CJ Group chairman Lee Jay-hyun ― who is currently being detained by the prosecution over allegations of evading taxes and creating slush funds ― has been suffering from renal disease and a rare genetic condition called Charcot-Marie-Tooth disease, the company said Monday. CJ’s announcement came just one week after the prosecution took custody of Lee, who is the eldest grandson of Samsung Group’s founder Lee Byung-chull and the nephew of Samsung Electronics chairman Lee Kun-hee. The timing raised
July 9, 2013
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Korea launches new East Sea FEZ
The East Sea (or Donghae) Free Economic Zone Authority, which will be responsible for the development of a newly designated FEZ, opened in Donghae City, Gangwon Province, on Wednesday.The FEZ Authority set a bold vision to build four globally competitive districts, including an industrial cluster for material businesses, on the east coast by 2024. Trade, Industry and Energy Vice Minister Kim Jae-hong, who joined the opening ceremony with officials from Gangwon Province, said, “I expect the East
IndustryJuly 9, 2013
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Photographer calls Korean Air ‘disturbing, disappointing’
A celebrated photographer has expressed his shock and disappointment toward Korean Air for using a derivative image of one of his most famed works for commercial purposes without his knowledge.“It is most disturbing to me and profoundly disappointing,” Michael Kenna told The Korea Herald. “A company of the stature of Korean Airlines should set a standard for others and support originality.” He also said “it greatly surprises me that instead of using my original art work, somebody from Korean Air
IndustryJuly 9, 2013
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KLM to introduce night flight to Western Europe
KLM Royal Dutch Airlines announced on Monday it would introduce an overnight flight from Incheon International Airport to Amsterdam, the Netherlands, starting Oct. 28. The decision was made after considering its customers’ needs, especially those who frequently travel on business, they said. The new redeye flight schedule will ensure even better flights via Amsterdam to many destinations within Europe and South America and Africa, said company officials. It said it was also in line with the comp
July 9, 2013
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14 Korean firms make Fortune 500 list
Samsung Electronics Co. and 13 other South Korean companies landed on the 2013 Fortune 500 list based on sales for fiscal 2012, up one local business from a year earlier, the online edition of the U.S. business magazine Fortune showed Monday.Samsung Electronics, the world’s leading maker of mobile phones and computer memory chips, ranked 14th on the list, up six notches from the previous year. SK Holdings, the holding company of SK Group that has the country’s top mobile carrier SK Telecom Co. u
July 9, 2013
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KCC permits multilingual programs for English FM
The Korea Communications Commission decided to allow the use of multiple languages on English FM radio channels, the commission said Tuesday.Major English FM broadcasters currently in operation in Seoul metropolitan area, Busan and Gwangju are now allowed to schedule non-English programs based on each region’s ratio of foreign residents.English FM was established to provide various information to the increasing number of foreigners visiting and residing in Korea.However, as the number of foreign
IndustryJuly 9, 2013
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Public offices seek to spend W364.7tr in 2014
The Ministry of Strategy and Finance said Tuesday that government agencies requested a total of 364.7 trillion won for spending next year, up about 23 trillion won, or 6.6 percent, from this year.Higher budget demands come as government agencies seek to increase spending on welfare, social security and research and development, the Finance Ministry explained in a press statement.Government agencies allocated expenditures of 342 trillion won, including 98.4 trillion won from public funds, this ye
July 9, 2013
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Indonesia to enhance exchange, cooperation
Indonesian Forestry Minister Zulkifli Hasan attended the 21st Korea-Indonesia Forest Cooperative Committee and the Forest Forum held in Jakarta last week. He showed much interest in cooperation with Korea in boosting forestry resources development. Following is an interview with the minister. Q: Korea and Indonesia are celebrating the 40th anniversary of diplomatic ties. How do you evaluate cooperation between the two countries in the forestry field?A: It was 1968 when a Korean company first ca
July 9, 2013
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Korea boosts cooperation with Indonesia in forestry
Korea Forest Service Minister Shin Won-sop visited Indonesia to discuss cooperation with Indonesian government officials in the forestry field and to participate in a forum last week. He discussed a wide range of issues related to the opening of an eco-education program on forestry near Jakarta, overseas plantation investment and Korean companies’ participation in Indonesia’s development of forestry resources. He also toured Korean companies’ plantations in the Southeast Asian country.Following
July 9, 2013