Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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Hankook Tire takes over control of Hanon Systems
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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S. Korea, Japan, China agree to create new financing facility against regional crises
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40 flights canceled on Jeju Island due to bad weather
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Banks told to roll over Gaeseong firms’ loans
South Korea’s financial regulator said Tuesday that it has instructed commercial banks to roll over their loans issued to companies operating at the inter-Korean Gaeseong Industrial Complex.The Financial Supervisory Service’s regulatory policy came after North Korea suspended operations of the complex by withdrawing most of its workers in the North’s border city between Monday and Tuesday.“In a bid to minimize losses to South Korean companies operating in Gaeseong, banks will abstain from retrie
April 9, 2013
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Encouraging international business of SMEs
There has been considerable discussion time devoted throughout the economic downturn to the importance of small and medium enterprises to the global economy. They account for more than 30 percent of U.S. merchandise exports, and generate over 50 percent of the added value created by EU businesses. In parallel, a World Economic Forum report released at Davos revealed that if countries went halfway toward the best global practices in reducing their supply chain barriers, global GDP could increase
BusinessApril 9, 2013
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[Photo News] Italian premium brand launch
IndustryApril 9, 2013
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Central government debt reaches W425.1tr
The Korean central government’s debt amounted to 425.1 trillion won ($373.3 billion) in 2012, up 22.3 trillion won from a year earlier, the Ministry of Strategy and Finance said Tuesday.The central government’s debt accounted for 33.4 percent of the country’s gross domestic product.The total state debt which includes regional governments’ preliminary debt estimation of 18.7 trillion won reached 443.8 trillion won, up 23.3 trillion won in the same period. This accounts for 35 percent of the GDP,
April 9, 2013
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Top 5 conglomerates’ stock holdings hit all-time high
The top five conglomerates’ presence in the local stock market reached an all-time high last month, data showed Tuesday, as exporters gathered ground on the global economic recovery.The combined market capitalization of the top five business groups’ listed affiliates reached 636.2 trillion won ($555.1 billion) as of end-March, according to the data compiled by the bourse operator Korea Exchange.The number accounts for 54.8 percent of the combined market cap of the companies listed on the main bo
April 9, 2013
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Korea urged to delay carbon-trading scheme
South Korean experts on carbon emission trading on Tuesday called on the government to delay the start of its system slated for 2015, saying it may hurt local industry. The system requires companies to take action to reduce greenhouse gas emission levels or buy rights to release gases if they are unable to do so. Companies can also sell emission rights and receive cash payments.“It is necessary to rearrange the schedule to enforce the carbon emission trading system as it may have a negative impa
April 9, 2013
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Kakao eyes beyond messenger with new service
Kakao, the operator of its namesake mobile messenger Kakao Talk, on Tuesday unveiled a new mobile content platform as it seeks to bolster its revenue with new business models.The move comes roughly eight months after the homegrown start-up introduced a game platform in addition to the free-of-charge mobile messenger service that had garnered 84 million subscriptions as of the end of March.“Kakao Page” features around 8,000 features, including texts, videos and applications that can be downloaded
TechnologyApril 9, 2013
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LG chairman calls for law-abiding efforts
LG chairman Koo Bon-moo on Tuesday asked its affiliates’ chief executives to pay closer attention to abiding by the law and to toughen environment safety management following a number of toxic gas leak accidents.In a meeting attended by about 30 of the group’s CEOs and key executives, Koo stressed that the only meaningful performance was one achieved as a result of law-abiding efforts, which also secured environmental safety.“The problem itself cannot be solved when the CEO looks over it himself
IndustryApril 9, 2013
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China runs task force to study Samsung: Lee
Samsung heir apparent Lee Jay-yong said Tuesday that China had a task force within its research institute that focused studies on Samsung.“The most surprising factor was how much Chinese leader Xi Jinping knows about Korea and Samsung,” he told reporters upon his arrival at Gimpo Airport in Seoul early in the morning. “We must perform better.”He also said that he felt a lot of responsibility following his two meetings with the new Chinese leader.Lee met with Xi twice during his trip to China for
IndustryApril 9, 2013
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German chamber names new president
The Korean-German Chamber of Commerce and Industry said Tuesday that it recently named Thomas Geyer, president of Vector Korea IT Inc., as its new chief. Geyer, born in Germany 1969, is the local head of Vector, a German company that supplies tools, software components and engineering products related to the automotive industry. He has stayed in Korea since September 2007 and received permanent residency from the Korean government in 2011. In his speech at the members’ meeting, Geyer pointed out
IndustryApril 9, 2013
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Celltrion Holdings fined W270m for heavy debt
The Fair Trade Commission said Tuesday that it has levied Celltrion Holdings fines of 270 million won ($236,000) for breaching the law on holding firms that own subsidiaries.Celltrion Holdings ― whose flagship unit is biopharmaceutical firm Celltrion Inc. ― violated the law which bans a holding company from reaching a debt-to-equity ratio above 200 percent, said the FTC.According to the antitrust regulator, Celltrion Holdings posted a 217.7 percent ratio of debt to equity at the end of 2011.The
IndustryApril 9, 2013
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Shares close almost flat on geopolitical tension
South Korean stocks closed almost flat Tuesday as investors’ sentiment was dented by the heightened tension with North Korea, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 2.06 points, or 0.11 percent, to close at 1,920.74. Trading volume was moderate at 347.2 million shares worth 3.79 trillion won ($3.31 billion), with decliners outnumbering gainers 508 to 293.“The tension on the Korean Peninsula is expected to continue
April 9, 2013
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What to make of Apple’s apology
To a certain extent, it was gratifying for Koreans to watch Tim Cook, the head of Apple Inc., one of the world’s most valuable and quintessentially American companies, beg China’s pardon last week. It was a rare spectacle, and also something Koreans had sought years ago when they pounded Apple for its warranty policies. The terms had not gone down well since consumers have been used to getting their way with such services. Apple eventually relented to allow partial repairs and reduce the repair
TechnologyApril 9, 2013
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Korean-made beer dominates in Hong Kong
HONG KONG ― Hong Kong, with its gourmandise culture and international population, is a fierce battlefield where most of the world’s leading premium beer brands compete for market dominance. To the surprise of many, the undisputable champion there is a Korean-manufactured brand.Blue Girl, a premium pilsner lager manufactured by Korea’s Oriental Brewery and marketed by Hong Kong’s Jebsen Group, has kept its lead in the local market for six consecutive years since 2007.As of September 2012, its mar
IndustryApril 9, 2013
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Smart choice of snacks for slimmer and healthier body
The warm breeze and blossoming flowers signal that the spring has finally arrived in South Korea. It is certainly time to peel off those excess layers of heavy clothing. But what about that extra weight you gained over the winter? A healthy way to slim down is to swap the fat-packed snacks with those containing whole-grain carbohydrates, powerful protein and healthy fat to keep you from feeling hungry and at the same time fuel your energy.1. Throw away a 100-calorie snack pack of cookies and rep
TechnologyApril 9, 2013
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Bad habits that are actually good for you
Researchers in the United Kingdom have claimed that several habits deemed to be bad can be beneficial for us.Dr. Hilary Longhurst, consultant immunologist from the Bart’s NHS Trust, said that biting one’s nails could help improve the immune system. It introduces bug’s to the body, which then remembers them and how to counteract.According to Dr. Nick Read, a consultant gastroenterologist for the charity the IBS Network, belching helps our stomach not to splash up acid into the gullet, preventing
TechnologyApril 9, 2013
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SK Group head admits to involvement in fund creation
The convicted chairman of SK Group, a major South Korean conglomerate, admitted Monday to having been involved in the establishment of an investment fund created with embezzled company money.Chey Tae-won, 53, received a four-year prison term in January for embezzling 49.7 billion won (US$44.5 million) in company funds and funneling it into a firm headed by a former executive at SK's telecommunications unit. The funds were used for personal investments in stock futures and options in 2008.Appeari
IndustryApril 8, 2013
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Korea sees cosmetics trade surplus for first time as firms grow
Overseas sales of Korean cosmetic companies thread surged over 30 percent on average annually over the past three years, allowing the country to post its first cosmetic trade surplus last year.Korea’s cosmetic exports amounted to nearly $1.07 billion in 2012, surpassing imports of $978 million, according to the Korea Pharmaceutical Traders Association.“Cosmetics used to be perceived as an industry relying mostly on domestic demand in the past, but now many companies’ overseas sales take up two-d
IndustryApril 8, 2013
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Japan’s monetary easing to further weaken yen
The Bank of Japan’s decision last week for aggressive monetary easing shook the global markets, further paving the way for a weaker Japanese yen, as intended.The plan by the Japanese central bank aimed at tackling deflation and spurring growth included a surprisingly large amount of government bond purchases equivalent to 10 percent of its gross domestic product.The new BOJ Governor Haruhiko Kuroda did not waste time by hinting its course of action, but instead sent a direct and clear message th
April 8, 2013
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[Power Korea] Asiana Airlines unrivaled in service quality
The Korea Herald is publishing a series of articles titled Global Brand as part of the first 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 Global Brand series is designed to honor those who made this Korean Dream come true. This is the 14th part of the Global Brand series. ― Ed.Asiana Airlines has a relatively short history of 25 years compared to its ar
IndustryApril 8, 2013