Most Popular
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[Weekender] Geeks have never been so chic in Korea
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[KH Explains] Why Korea's so tough on short selling
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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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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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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Korea set to finalize medical school expansion plans
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Seoul City to open 'hotel' on river bridge
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Yoon, first lady celebrate return of Buddhist relics after century
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India hopes to broaden business ties with Korea
A top Indian government official expressed hope that Korea and India would expand business cooperation, stressing that the two countries are the growth engines of the Asian economy.“The 21st century is the Asian century. I am very happy that we are part of it and India and Korea will play an important role,” said Jitin Prasada, minister of state for human resources development in India, in an interview with The Korea Herald this week.“I expect more cooperation between the two countries not only
IndustryJune 20, 2013
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Egypt eyes Korean aid for infrastructure
Egypt seeks Korean aid in the form of loans to help fund infrastructure projects, a senior Egyptian government official said. “Financing (the Egyptian) government’s economic development projects calls for many concessional loans,” Mona Sayed Ahmed Ibrahim, the undersecretary of state for East Asian countries of the Egyptian International Cooperation Ministry, told The Korea Herald during an economic development workshop in Seoul. A total of 17 high-profile government officials from 15 emerging c
June 20, 2013
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Seoul shares tumble 2 pct on Fed shock
South Korean stocks dropped 2 percent Thursday as investors' sentiment was dented by the U.S. Federal Reserve chief's remark on a possible reduction of its stimulus moves, analysts said. The local currency plunged againstthe U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 37.82 points to close at 1,850.49. Trading volume was moderate at 350.6 million shares worth 4.3 trillion won (US$3.76 billion) with losers far outpacing gainers 692 to 130. It marked the lowest leve
June 20, 2013
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Korean won hits 11-month low vs dollar on Bernanke's remarks
The South Korean currency fell to the lowest level in almost 11 months against the U.S. dollar Thursday as the Federal Reserve's head said it would begin to taper its stimulus bond purchases later this year, dealers said.The local currency closed at 1,145.70 won to the greenback, down 14.9 won or 1.3 percent from Wednesday's close. It marked the lowest level since July 27, 2012 and the local currency hit an intra-day low of 1,146.60 won at one point during the afternoon trading."Emerging countri
June 20, 2013
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KakaoTalk launches PC version
Korea’s most-used mobile messenger Kakao Talk on Thursday launched an open beta service for its PC version.Kakao announced the availability of the PC version to the applicants who had not been selected for the closed beta test earlier this year by sending an email.Users who received the email can access the PC version by downloading the program from the Kakao website and going through a verification process. The user interface of the desktop version resembles the mobile version, allowing users t
TechnologyJune 20, 2013
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S. Korea's rating won't be affected by QE tapering: Moody's
South Korea's credit rating won't be affected by the impact from the unwinding of the U.S. monetary easing, as Washington's indication of an exit strategy means the world's No. 1 economy is improving, which will serve as a positive factor for Korea, a global credit appraiser said Thursday. "Withdrawing the quantitative easing (QE) can mean the United States is shifting to growth, which can lead to more fresh orders for some ailing industries like shipbuilding and shipping in Korea.It won't likel
June 20, 2013
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Sales at department stores rise, but drop at discount outlets in May
Sales at the country's major department stores grew slightly from a year earlier but sales of three major discount outlet chains here continued to drop last month, the government said Thursday.According to the Ministry of Trade, Industry and Energy, combined sales of three department store chains rose 1 percent from the same month last year in May.The ministry did not reveal the actual amount, but said May sales marked a 7.1 percent gain from the previous month, when the department store chains
IndustryJune 20, 2013
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Korea's mobile phone replacement rate highest among major OECD countries
South Korea's cell phone replacement rate is the highest among major OECD countries as local mobile carriers' fat subsidies and aggressive marketing lure customers to change their gadgets frequently, a report said Thursday.About 15 million South Koreans, or 28 percent of mobile phone users in the country, replace their handsets every year, according to the report compiled by DigiEco, a research unit of KT Corp.The mobile replacement rate is the highest among major OECD countries, the report said
TechnologyJune 20, 2013
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Seoul shares open lower on Bernanke's remarks
South Korean stocks got off to a weak start Thursday as the U.S Federal Reserve Chairman Ben Bernanke hinted at a possible tapering of its monetary easing, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) nosedived 24.68 points, or 1.31 percent to 1,863.63 in the first 15 minutes of trading. Shares lost ground across the board, with tech giant Samsung Electronics falling 1.97 percent and No. 1 carmaker Hyundai Motor declining 0.24 percent. Top steelmaker POSCO moved down 1.4
June 20, 2013
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Public sector debt skyrockets
The country’s state sector saw its outstanding debt snowball to 915.6 trillion won ($808.8 billion) in first quarter of this year.That figure was about 91 percent higher than the 480.4 trillion won recorded in the first quarter of 2008 when former President Lee Myung-bak took office, according to data by the Bank of Korea on Wednesday.The general government sector consisting of the central government, regional governments and the national and social pension services saw its debt increase by almo
June 19, 2013
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ITC to probe Samsung, LG over patent infringement
The U.S. International Trade Commission on Tuesday announced that it would investigate a complaint submitted by Black Hills Media last month regarding alleged patent infringement linked to major Korean and Japanese electronics companies. If the ITC rules in favor of the Delaware-based electronics firm, Korea’s Samsung Electronics and LG Electronics will face a ban of exports of their digital products including televisions, mobile phones and tablet PCs to the United States. The U.S. company filed
IndustryJune 19, 2013
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Seoul court rejects petition by Qualcomm, Intel on antitrust fines
The Seoul High Court on Wednesday denied petitions by Qualcomm and Intel to annul fines levied by South Korea's antitrust watchdog for unfair business practices.The Fair Trade Commission (FTC) in July 2009 had slapped 273.2 billion won ($241.7 million) in fines, the record amount the commission issued on a single company, against Qualcomm.The commission said the U.S.-based wireless chipmaker abused its dominant position in the Korean market by demanding discriminatory royalties and giving condit
IndustryJune 19, 2013
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Dell Korea pledges to better communicate
“We feel that Dell Korea has not been able to communicate its product in the best way we could, and we want to start doing that,” said Kim Sung-jun, director of Dell Korea’s Enterprise Solutions Group.On Tuesday, Kim was introducing the company’s new network solutions, an area that despite taking up a large part of the portfolio ― over 50 percent ― of a firm that was once built around PCs. In fact, it was a start-up built on PCs, but today, Dell wants to be known as a top-notch solution provider
TechnologyJune 19, 2013
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Why mobile should be a top priority for execs
Today everyone is talking about mobile ― and the mobile revolution has created a new energy and excitement across industries and markets around the globe. In my travels, I meet with customers who are either moving to a mobile business strategy, are wondering if they are moving fast enough, or are overwhelmed by the challenges and the opportunities this sea change represents for their organization. These clients recognize that they have to embrace mobile to succeed as industries are being transfo
TechnologyJune 19, 2013
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McDonald’s to honor pledge of 500 outlets
McDonald’s Korea was confident about achieving its plans to reach 500 nationwide outlets and create 10,000 new jobs by 2015, despite a tougher regulatory environment for large franchises. “We are focused on the strategy of going from we are today to 500 (restaurants). Consumers are responding very well so we are confident in achieving the mission to get 500 restaurants,” Joe Erlinger, managing director of McDonald’s Korea, told The Korea Herald on Wednesday following a press conference. He adde
IndustryJune 19, 2013
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Frequency spat escalates after KT requests bandwidth
The ongoing battle between the nation’s three mobile carriers ― KT Corp., SK Telecom and LG Uplus ― reached fever pitch this week following a request from KT to the government to put a desirable LTE frequency on sale so KT may purchase it.“It would be an undeserving privilege for KT,” said its rival SKT in a statement on Wednesday. The frequency that KT hopes to own is directly adjacent to its current frequency of 1.8 GHz, which would free KT from having to spend time and money building a broadb
TechnologyJune 19, 2013
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June 19, 2013
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Low profitability prompts banks to downsize
Commercial banks are scaling back their operating networks and hiring amid a retreat in earnings.First-tier lenders’ lower profitability is mainly attributable to soured loans from growing corporate insolvency and the reduced margin between their deposits and loans, according to research analysts.As an emergency remedy, major banks have slashed the number of branches through mergers or closures. Manpower restructuring due to branch integration is also expected in the industry.Shinhan Bank saw it
June 19, 2013
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KCCI calls for tax cuts on R&D, patents
The Korea Chamber of Commerce and Industry on Wednesday called for reform of government regulations to stimulate industry and help develop the “creative economy” being pushed by the Park Geun-hye government. The KCCI submitted a report to the government after selecting 100 grievances proposed by about 1,400 industrial organizations and the chamber’s 14,000 member companies nationwide between March and May this year. At the center of the proposals is the “Patent Box” ― a tax relief policy to sign
IndustryJune 19, 2013
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Korea to help Myanmar adopt development model
Deputy Prime Minister and Finance Minister Hyun Oh-seok said Korea would help Myanmar to adopt the Saemaul Movement, a development model, Korea used during the 1970s to grow the economy under the direction of late President Park Chung-hee, the father of President Park Geun-hye.A group of government officials led by Hyun visited Naypyidaw on Wednesday to hold a series of meetings with Myanmar officials, including Kan Zaw, minister for National Planning and Economic Development of Myanmar.Korea pl
June 19, 2013