Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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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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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Debate on 'no-seniors zones' heats up
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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S. Korea, Cambodia forge strategic partnership
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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
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Woori warned for not reporting money withdrawal
The nation’s top financial regulator decided to issue an institutional warning against Woori Bank for its failure to properly monitor a withdrawal of a large amount of money from the bank, sources said on Sunday.The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.Former Mirae Savings Bank chairman Kim Chan-kyung,
June 2, 2013
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Trade surplus hits nearly 3-year high in May
South Korea’s trade surplus surged to a nearly three-year high in May, as an economic recovery of its two largest exporting partners fueled brisk outbound shipments, the government said Saturday. South Korea chalked up a trade surplus of $6.03 billion last month, compared with a surplus of $2.39 billion a year earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 3.2 percent on-year to $48.37 billion, while imports fell 4.8 percent to $42.34 billion over the cited peri
June 2, 2013
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Shares likely to move in tight range this week
South Korean stocks are expected to continue rangebound trading this week, as investors will likely keep a close watch over global markets amid a possible tapering of U.S. monetary easing, analysts said. The benchmark Korea Composite Stock Price Index closed at 2,001.05 on Friday, up 1.3 percent from 1,973.45 the previous week. The main bourse got off to a strong start in the beginning of the week, breaching the psychologically important 2,000 mark on Wednesday, as the yen’s weakness stabilized
June 2, 2013