Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Innovation would help Korea combat low growth, Nobel laureate says
The Korean government should only intervene in the market to encourage competition and innovation in the private sector in an effort to overcome the country’s long period of low growth, said Thomas J. Sargent, the winner of the 2011 Nobel Prize in Economics.Once underdeveloped or developing countries catch up to advanced economies, they should turn their focus to innovation as there are fewer opportunities in copying what developed countries have done for growth, he said.Sargent, also an economi
June 3, 2013
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Samsung grabs over 10% share of global chip market
Samsung Electronics Co., the world’s top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of a growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or $7.77 billion of the global semiconductor market in the January-March period to rank second among the world’s major chip makers. Intel Corp. of the U.S. took the
IndustryJune 3, 2013
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LG taps Korea Employers Federation chief as adviser
LG International, the commercial trade arm of LG Group, on Monday said it tapped Lee Hee-beom, the head of the Korea Employers Federation, as an adviser to the company. LG International said Lee was chosen for his expertise, professionalism and global network. Lee also headed STX Heavy Industries and STX Engineering and Construction ― both affiliates of the financially distressed STX Group ― until last month when he stepped down citing personal reasons.Previously, Lee had been in key positions a
IndustryJune 3, 2013
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Mercedes-Benz to launch new E-Class this month
Mercedes-Benz Korea said Monday that it would launch the new face-lifted version of its best-selling midsize sedan E-Class later this month. The 2014 E-Class, the ninth generation coming four years after the 2009 model, gets a revamped styling, and is newly equipped with improved engines and high-tech features. The new car, which was first unveiled at the Detroit motor show in January, is to do away with the signature quad-headlight setup, opting for a dual-headlight design. A total of eight mod
IndustryJune 3, 2013
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Ewha graduates increase presence at foreign firms
Ewha Womans University graduates made up a significant share of graduate workers at foreign companies in Korea, a recent survey has indicated.Korea Foreign Company Employee’s Human Network, an online association of employees of foreign companies here founded in 1999, recently surveyed some 6,500 of its members.The online club said that 320 of its members, or about 5.6 percent of the survey participants, were Ewha alumni. Korea University won second place with 5.2 percent, followed by Yonsei Univ
BusinessJune 3, 2013
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Toni & Guy eyes 30 Korean salons this year
When Kim Dae-sik was tapping British brands to bring to Korea in the early 1990s, not many were interested.It wasn’t until about 10 years later when U.K. labels such as Lush started launching here.“Back in the early ’90s, a lot of British people didn’t even know where Korea was,” Kim, chief executive of Toni & Guy Korea, said in an interview with The Korea Herald.Kim, who had been working for Samsung C&T in London since 1989, then set his eyes on the popular hairdressing brand thanks to his wife
IndustryJune 3, 2013
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Korean coffee drinkers yet to warm to decaf
Coffee houses are ubiquitous here; it’s not difficult to find several different coffee houses in one building or even two of the same franchise on a single street. Figures from AC Neilson show that coffee houses have steadily increased their share of the coffee market, seeing a rise from 28 percent in 2007 to 37 percent last year, and over 30 percent growth in annual sales in the same period.Not surprisingly, a vast number of coffee products and flavors are introduced into the market every year,
IndustryJune 3, 2013
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Seoul shares fall 0.57 pct on policy risks
South Korean stocks closed 0.57 percent lower Monday, as policy uncertainties on monetary easing by the United States and Japan dented investor sentiment, analysts said. The local currency rose slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) retreated 11.48 points to finish at 1,989.57. Trading volume was light at 322.9 million shares worth 3.62 trillion won (US$3.20 billion) with decliners far outnumbering gainers 578 to 262. "A credible voice from p
June 3, 2013
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Samsung grabs over 10 pct share of global chip market in Q1
Samsung Electronics Co., the world's top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or US$7.77 billion of the global semiconductor market in the January-March period to rank second among the world's major chip makers. Samsung Electronics garnered a 1
IndustryJune 3, 2013
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CJ Group execs destroyed evidence ahead of raid: prosecution
Some executives of CJ Group attempted to destroy evidence ahead of a prosecution raid over the food and entertainment conglomerate's alleged creation of a slush fund, a prosecution official said Monday.Two weeks ago, a team of prosecutors and investigators raided the headquarters and offices of CJ and the houses of several executives to collect evidence of suspicions that it had created an overseas slush fund worth 7 billion won ($6.2 million) and brought the money into the country. The group ha
IndustryJune 3, 2013
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Females in 20s more economically active than male counterparts
The economic participation rate for South Korean females in their 20s exceeded that of their male counterparts for the fourth consecutive quarter in 2013, data showed Monday, as more women received college education.According to the data by Statistics Korea, the economic participation rate among women in their 20s stood at 61 percent in the January-March period, compared to 60.7 percent for men in the same age group.The economic participation rate refers to the portion of the population that is
June 3, 2013
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Seoul shares open tad lower on downbeat U.S. data
South Korean stocks opened slightly lower Monday, dented by poor U.S. consumer spending data reflecting a slow economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.15 points, or 0.06 percent, to 1,999.90 in the first 15 minutes of trading. Shipping lines and financial firms drove down the shares.Leading player Hanjin Shipping fell more than 2 percent, with No. 1 brokerage house Samsung Securities slipping 1.2 percent. U.S. consumer spending posted the
June 3, 2013
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S. Korea issues preliminary warning for power shortage
South Korea issued a preliminary warning for a possible power shortage Monday, signaling the start of what is expected to be a long streak of difficulties created by a recent shutdown of nuclear reactors.The warning was issued after the country's power reserve level temporarily dipped to under 4.5 million kilowatts, according to the Korea Power Exchange, the state-run distributor of electricity. A level 2 warning is issued when the power reserve falls below 4 million kilowatts.The Korea Electric
June 3, 2013
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S. Korea's consumer prices grow 1 pct on-year in May
South Korea's consumer prices grew at the slowest pace in nearly 14 years in May, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in May, slowing from a 1.2 percent on-year gain in the previous month, according to the report by Statistics Korea. The figure was the slowest growth since September 1999 when it increased 0.8 percent on-year. It also represented the seventh straight month since Nove
June 3, 2013
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Nation faces warning on electricity supply this week
With another nuclear reactor to stop for maintenance and an expected power demand increase because of high temperatures, the nation’s electric power reserves are expected to drop to a warning level this week, officials said Sunday.The projected shortage will greatly concern industrial circles, especially the sectors heavily reliant on electricity for production.According to the Korea Power Exchange, the country’s total electricity inventory will come close to 3 million kilowatts this week and fa
June 2, 2013
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Woori Bank to unload collateral shares in STX
Woori Bank has reportedly notified and gained approval from financial regulators and other creditors of STX Corp. to unload and sell-off its equities of STX and ForceTec Woori received as collateral for loans extended to ForceTec.The conglomerate’s chairman Kang Duk-soo, whose key subsidiaries such as shipping and shipbuilding are teetering on the edge of bankruptcy due to the debt overhang, had put up his equity ownerships of about 11 percent in STX and its de facto IT and logistics parent Forc
June 2, 2013
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[Graphic News] Korean carmakers’ slice of pie continues to shrink
Domestic carmakers’ local market share continued to contract in the face of foreign brands’ aggressive marketing, according to data released on Saturday by the Korea Automobile Manufacturers Association.Since their combined market share fell below 90 percent for the first time in the third quarter of last year, the nation’s five automakers ― Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong ― have seen a continued drop in sales.Industry observers said the trend was expected to continue as im
IndustryJune 2, 2013
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Is Abenomics losing steam?
Japanese stocks, bonds and exchange rate have lost momentum over the past weeks, a sign that the effect of its monetary and fiscal stimulus, or part of the so-called “Abenomics,” may be letting up.Japan’s Nikkei225 falling more than 7 percent on May 23 was a wake up call to investors and financial policymakers as the benchmark continued its decline toward 13,700 from 15,000 over the last six trading days.Yields on Japan’s state bonds touched 1 percent, while their value has dropped, increasing t
June 2, 2013
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[Photo News] Campaign for cutting food waste
June 2, 2013
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Tick-borne virus hits outdoor business
Fewer people are buying equipment for outdoor activities over fears of a deadly tick-borne virus.According to multiple retailers, sales of outdoor products such as hiking boots and climbing equipment have shrunk since the national disease control agency issued a public alert last month after the death of the country’s second infected patient.“It’s quite uncommon to see camping equipment and outdoor gear’s sales drop before the summer vacation season,” an official from a local retail store was qu
June 2, 2013