Most Popular
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Over 80,000 millionaires, 20 billionaires in Seoul: report
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Korean battery makers heave sigh of relief over 2-year IRA reprieve
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Yoon apologizes over first lady’s Dior bag scandal, but accuses special probe attempt as political maneuvering
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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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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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Arrest warrant issued for medical student for allegedly killing girlfriend after breakup
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HHI develops digital super radar for ships
Hyundai Heavy Industries, the world’s top shipbuilder, developed a high-resolution marine digital radar, which may detect small objects from extremely far distances, officials said Tuesday.The new radar, developed jointly by HHI and state-run research institutes, may detect objects as small as 70 centimeters from 10 kilometers or further, even under foul weather conditions, according to officials. Its electric amplifier is to last for up to 50,000 hours, which is about 16 times longer from the c
IndustryJuly 2, 2013
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Firms advised to brace for late payments from overseas
As the economic growth of India, Brazil and the EU is projected to be slower than expected in the latter part of this year, Korean exporters in these markets need to prepare for the risk of delayed payment, according to the state-run Korea Trade Insurance Corp., known as K-sure.The outlook for growth in these three markets was made based on a survey of officials from 14 overseas branches of K-sure on risk of nonpayment in the nation’s key export markets. The main business of K-sure is to guarant
July 2, 2013
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Management experts to take charge of CJ Group
CJ Group, South Korea’s leading food and entertainment conglomerate, said Tuesday that a group of management experts will lead the conglomerate as its chairman has been detained on charges of creating secret funds and evading taxes.CJ Group said, “The group will play the role of the group’s key decision maker,” in order to maintain the operations of the group. On late Monday, Lee Jay-hyun was taken to a detention center on the southern part of Seoul immediately after a warrant was issued for his
IndustryJuly 2, 2013
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Bosch names Tyroller to head Asia-Pacific operations
Bosch’s supervisory board appointed Peter Tyroller to head its Asia-Pacific operations, the company said on Monday.Headquartered in Shanghai, China, Bosch’s Asia-Pacific division has some 13,800 engineers working in various countries and is expected to grow more. “The Asia-Pacific will continue to be the main driver of growth for Bosch and I am honored to take over the responsibility for this important region,” said Tyroller.Since 2006, Tyroller has served as a board member, overseeing the compa
IndustryJuly 2, 2013
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Innovative steelmaker to vie with luxurious interior brands
The steel industry usually stays out of public interest as it is typically traded in the B2B or business-to-business sector. This, however, is soon to change, according to Union Steel, a runner-up steelmaker specializing in treating high-quality special purpose steel sheets.“We may be a steel company but our key rivals in the future will be luxury interior material makers such as Italian wallpaper or marble manufacturers,” said Chang Sae-wook, CEO of Union Steel.The medium-sized company, since 1
BusinessJuly 2, 2013
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‘No hope’ for Korea’s small-scale farmers in China trade pact
This is the first in a series on the impact of the potential Korea-China Free Trade Agreement on the local agriculture industry. ― Ed.On a plot of land up a narrow dirt road in Beopwon-ri, a quiet Gyeonggi Province area near the inter-Korean border, Hwang In-sik and a farmhand raise some of his 250 beef cattle.His operations are small and he says he gets enough business selling “hanwoo” in Gyeonggi Province and Seoul ― but that rising costs and competition are pressuring his business and industr
July 2, 2013
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Detained food mogul further questioned by prosecutors
The chairman of food and entertainment conglomerate CJ Group was further questioned Tuesday while in prosecution custody over alleged tax evasion and embezzlement, officials said.Lee Jay-Hyun was jailed at the Seoul Detention Center on the southern outskirts of Seoul Monday shortly after a district court approved the prosecution's request for an arrest warrant for the country's 10th richest man.The 53-year-old allegedly dodged some 70 billion won ($61.4 million) in taxes through stashing secret
IndustryJuly 2, 2013
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Seoul shares close flat on China, Q2 earnings woes
South Korean stocks closed almost flat Tuesday as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms' second-quarter earnings, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.71 points, or 0.04 percent to close at 1,855.02. Trading volume was high at 479.6 million shares worth 3.84 trillion won ($3.39 billion) with gainers outpacing losers 431 to 379."Seoul shares tr
July 2, 2013
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S. Korea mulling including central bank's debt in public debt
South Korea's government and the central bank are discussing whether to include the Bank of Korea (BOK)'s debt in data on public debt to be newly released next year, officials said Tuesday.The government plans to provide additional figures on public debt including public firms' debt holdings in a bid to offer a more accurate picture of financial conditions in the public sector.The BOK said that the government and the central bank are in talks over whether the central bank's issuance of monetary
July 2, 2013
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Seoul shares down 0.11 pct in late-morning trade
South Korean stocks traded 0.11 percent lower late Monday morning on losses in techs and autos, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.08 points to 1,853.65 as of 11:20 a.m.Tech blue chips traded bearish, with top chipmaker SK hynix losing 7.29 percent and leading flat panel maker LG Display falling 1.63 percent. Samsung Electronics, however, edged up 0.68 percent.Carmakers also lost ground, with No. 1 player Hyundai Motor falling 3.59 percent and its smalle
July 2, 2013
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Seoul shares open higher on U.S. data
South Korean stocks opened higher Tuesday as investors' sentiment got a boost from improved economic data from the United States, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.16 points, or 0.17 percent, to 1,858.89 in the first 15 minutes of trading. Shares gathered ground across the board, with Samsung Electronics adding 0.68 percent and its smaller rival LG Electronics moving up 0.27 percent. Top auto parts maker Hyundai Mobis moved up 1.48 percent.U.S. stocks
July 2, 2013
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FSS to probe banks over alleged rate-rigging
A total of 205 borrowers will call for the nation’s financial regulator to conduct an investigation into the nation’s first-tier banking industry on allegations that commercial banks manipulated some interest rates, the Korea Consumer Agency said Monday.This will mark the first such case since the Financial Supervisory Service implemented the “consumer-initiated” inquiry system last May. KCA said it will file a petition with the regulator against banks on Tuesday.In a statement, the consumer adv
July 1, 2013
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Samsung chief tops list of Korea’s richest 400
Samsung Electronics chairman Lee Kun-hee once again topped the list of Korea’s 400 richest individuals of 2013 with total assets standing at 12.8 trillion won.Each of the 28 richest Koreans held assets worth more than 1 trillion won ($875 million) this year, conglomerate information website Chaebul.com reported on Monday.At nearly half of Lee’s total wealth, or 6.8 trillion won, Hyundai Motor Group chairman Chung Mong-koo came in second, while the son of Samsung chairman and vice chairman of Sam
July 1, 2013
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[Newsmaker] Seoul to lure companies back to Korea
In an aim to boost investment in the local economy, the government said it would offer benefits to companies that leave their overseas manufacturing sites to return to Korea.According to the Ministry of Strategy and Finance and the Ministry of Trade, Industry and Energy on Monday, such returning companies will be allowed access to special economic zones with various site rental and tax benefits.Under the current system, foreign-invested companies may lease industrial sites in six free economic z
July 1, 2013
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[Graphic News] Young people’s share of working population shrinks
Statistics Korea said Monday that the proportion of younger people in Korea’s total working population has dropped sharply over the past three decades, raising concerns that the decline could undermine the country’s overall growth potential. (Source: Statistics Korea)
July 1, 2013
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[Power Korea] Korea seeks to reform railway system for sustainable growth
The Korea Herald is publishing a series of articles on infrastructure as part of its second installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This series features the development and global competitiveness of Korea’s infrastructure. The special articles were made in cooperation with the Ministry of Land, Infrastructure and Transport. This is the 5th part of the i
July 1, 2013
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KT launches marketing offensive
KT, the second-largest mobile carrier in Korea, announced Monday that it would provide its customers twice as many services as usual from July through October. “In order to repay our customers for their support, we will provide double the amount of services,” said Pyo Hyun-myung, president of the mobile business unit at the mobile service provider, at the launching event of the promotion. More data, more membership benefits and easier access to customer service are among the five major services
IndustryJuly 1, 2013
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Hyundai Motor bets big on Middle East
Hyundai Motor’s years of pouring substantial resources into the Middle East are showing some results recently, especially in sales of its high-end models there, company officials said Monday. According to the Korean auto giant, sales of the Hyundai Grandeur, Genesis and Equus rose 5.5 percent to 7,930 vehicles in the first five months this year from the same period last year. The Grandeur sedan was the biggest seller at 5,676 vehicles, while sales of the Genesis and Equus were 1,949 and 214, res
IndustryJuly 1, 2013
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Domestic car sales drop in June
Hyundai Motor, Korea’s largest carmaker, said Monday that its sales advanced 8.2 percent in June from a year earlier on the back of solid sales in overseas markets.Hyundai Motor sold a total of 404,368 vehicles last month, compared with 373,675 units the previous year, the company said in a regulatory filing.Its domestic sales, however, declined 7 percent on-year to 55,548 units last month while overseas sales advanced 11.1 percent to 348,820 units, according to the carmaker.Its affiliate Kia Mo
IndustryJuly 1, 2013
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‘Anonymous’ cyber attacks resume
Hackers claiming to be from hacktivist group “Anonymous” once again wracked the nation by launching fresh cyber attacks against 10 government agencies, local dailies and private firms on Monday, less than a week after similar attacks on the websites of Cheong Wa Dae, the presidential residence, government offices and political parties.The websites of local newspapers Yeongnam Ilbo and Gyeongnam Ilbo; Cyber Dokdo, a government-run promotion website for the easternmost islets of Dokdo; and the con
TechnologyJuly 1, 2013