Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Russian transport project led by RZD seeks Korean investors
The city of Moscow is seeking to attract Korean investors and corporate partners in constructing and managing transportation hubs in a large-scale project aimed at solving the city’s longstanding traffic problem.The Moscow city government is planning to build a network of 55 transportation hubs, dubbed the “Transportation Interchange Hub,” in partnership with the country’s largest transport carrier OJSC “RZD” (Open Joint Stock Co. “Russian Railways”).Each TIH will house transportation infrastruc
IndustryApril 2, 2013
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HR management in low-growth period
Concerns are rising that low global economic growth will persist for a long time. Even if a lengthy trough does not materialize, a robust rebound cannot be expected soon. Under these circumstances, corporate management is under heavy pressure to keep costs in check, raise productivity and secure new growth engines. For Korean companies, where labor productivity is just 49 percent of that of the U.S., these tasks are especially challenging. To succeed, they will need to reshape how they handle th
April 2, 2013
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Companies battle to be brides’ best buy this spring
No matter how sluggish the nation’s economy seems, sales of items sought by soon-to-wed couples such as home appliances and furniture are strong, particularly with spring around the corner.In Korea, it is tradition for the groom or his family to provide the first home, either through buying it or a rental process called “jeonse” where a large deposit is paid up front, then returned in full at the end of the lease. The building owners make money off the interest rather than monthly rent. The brid
April 2, 2013
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KOMIPO opens 2nd school in Indonesia
Korea Midland Power Co., the state-run power generator, opened the second elementary school in the Grobogan region of Java Island, Indonesia, last Thursday as part of its global citizenship efforts, the company said in a press release. Consisting of one wing each for elementary and kindergarten pupils, the new KOMIPO school is equipped with modern conveniences and facilities. The total budget for the project amounted to 320 million won ($287,511), which was financed equally by KOMIPO and KOICA’s
IndustryApril 2, 2013
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AmorePacific scales up social aid programs
AmorePacific, one of the nation’s leading cosmetics companies, has renewed its website, “Make up your life,” to bolster its efforts for social contribution. The newly launched website will combine all the contributory campaigns being carried out by up to 10 or more of the company’s different cosmetic brands, and also will be open to all who seek to participate in such activities. Customers who want to take part in the firm’s volunteering campaigns, for instance, can do so via the site, AmorePaci
IndustryApril 2, 2013
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Climate change increases ice around Antarctica: study
The melting of ice sheets caused by climate change may be the cause of Antarctic ice expansion, Dutch scientists claimed in a recent study.Climate scientists at the Royal Netherlands Meteorological Institute, led by Rechard Bintanja, conducted a study to figure out why ice sheets are expanding in the South Pole while the North Pole has seen its sea ice shrinking over the last three decades.Scientists had been aware of the fact that melted ice forms a cold, fresh layer that protects sea ice from
TechnologyApril 2, 2013
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Seoul shares trade almost flat in late-morning trade
South Korean stocks traded almost flat late Tuesday morning as investor sentiment was dented by lower-than-expected economic data from the United States and China,analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.69 points, or 0.03 percent to 1996.68 as of 11:20 a.m. Tech blue chips gathered ground, with market bellwether Samsung Electronics rising 1.06 percent and top flat panel manufacturer LG Display adding 0.63 percent. In contrast, logistics shares traded l
April 2, 2013
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Samsung grabs over 10 pct share of global chip market in 2012
Samsung Electronics Co., the world's top memory chip maker, extended its share of the global chip market to more than 10 percent last year on the back of a growth in system semiconductors, industry data showed Tuesday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.3 percent or US$31.26 billion of the global semiconductor market last year to rank second among the world's major chip makers. Last year, the global chip market shrank 2.2 percent on-yea
IndustryApril 2, 2013
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Samsung spends some 12 tln won on R&D in 2012
Samsung Electronics Co., the world's top maker of smartphones, memory chips and flat-panel TVs, spent around 12 trillion won (US$10.69 billion) on research and development activities last year to secure cutting-edge technologies, a report showed Tuesday.According to its 2012 business report, Samsung spent 11.9 trillion won on R&D activities last year, up 15.6 percent from 10.29 trillion won in 2011.The 2012 figure also represents 5.9 percent of last year's sales totaling 201 trillion won, the re
IndustryApril 2, 2013
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Seoul shares open higher on stimulus hopes
South Korean stocks opened higher Tuesday as investor sentiment got a boost from the government's envisioned stimulus measures to beef up the economy, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.87 points, or 0.04 percent, to 1,996.86 in the first 15 minutes of trading. Tech shares traded higher, with market behemoth Samsung Electronics rising 0.4 percent and its smaller rival LG Electronics adding 0.62 percent. Mobile carriers also gathered ground, w
April 2, 2013
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Deregulation, tax cuts aim to revive real estate market
The government announced a set of real estate measures on Monday in a widescale effort to revive the country’s sluggish housing market through deregulation and tax cuts.“Through these comprehensive measures, we have sent out a signal to the (real estate) market, urging it to normalize,” Land Minister Suh Seoung-hwan said in a news conference. “What matters now is implementing the details as soon as possible.”Finance Minister Hyun Oh-seok said the long-slumping housing market “could weigh on our
April 1, 2013
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[Power Korea] KT leaps beyond telecommunications
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 13th part of the Global Brand series. ― Ed.It is nothing new that the telecommunications industry is already a much satu
IndustryApril 1, 2013
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Daewoo International to invest in shale gas
Daewoo International, the nation’s biggest trading company, will make equity investments in shale gas fields overseas from this year, the company said Monday. “The company has secured 200 billion won ($180 million) in funds to buy a stake in unconventional gas fields in the U.S. and Canada,” the company said. The company, an affiliate of POSCO, specializes in exploring and developing resources overseas. The company, however, dismissed as groundless rumors that the company’s lucrative gas project
April 1, 2013
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KOMIPO signs MOU with Indonesia for hydropower
Korea Midland Power Co. said it inked a memorandum of understanding with the Indonesian government to construct and operate a large-scale hydroelectric power plant with the capacity of 284 megawatts in the Murung Raya region of Kalimantan Island, Indonesia. The Muara Juloi hydropower plant will require a four-year construction period and $400 million project investment. KOMIPO will have operating rights for 30 years after construction of the plant. KOMIPO, one of six power generation subsidiarie
April 1, 2013
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Shinsegae acquires Seoul Express Bus Terminal
Shinsegae Co., South Korea’s second-largest retailer, said Monday that it has acquired Seoul Express Bus Terminal Co., an express bus terminal operator in southern Seoul, to boost its business in the region. Shinsegae said its express bus terminal operating unit Central City Co. has bought a 38.74 percent stake, or 1.48 million shares, in Seoul Express Bus Terminal for 220 billion won ($197.1 million).“If the two terminal sites are developed, it will create synergy in the long term as they are c
IndustryApril 1, 2013
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Hyundai-Kia shows little sign of recovery in domestic sales
Korea’s two biggest automakers Hyundai and Kia suffered slowing car sales on its home turf last month as their smaller rivals ― GM Korea, Renault Samsung Motors and Ssangyong Motor ― continued their recent sales momentum, data from companies showed Monday. The largest company Hyundai Motor said it sold 388,539 vehicles globally last month, 0.9 percent growth from the year before. In Korea alone, its car sales increased only 0.1 percent to 56,056 vehicles during the same period largely due to the
IndustryApril 1, 2013
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Samsung to lead earnings spree
Samsung Electronics is expected to post the record-high earnings of about 10 trillion won ($9.17 billion) during the second quarter this year, according to a financial information provider.The Korean tech giant is projected to see its operating profit come to 9.8 trillion won in the April-June period of 2013, up 53.4 percent from the same period last year, according to FnGuide.It cited the currency market stabilization and the government’s package of measures to boost the economy for its rosy ou
IndustryApril 1, 2013
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Ex-minister named chairman of S&T Dynamics
Former Information and Communication Minister Bae Soon-hoon, 69, has been appointed the new chairman of S&T Dynamics, the company said Monday. S&T Dynamics, founded in 1959, is a local manufacturer of automotive parts, defense products and machine tools. Bae, who also served Daewoo Electronics as chairman in the mid-1990s, will oversee the new product and technology department tasked with leading the future growth of the company. (jyseo@heraldcorp.com)
IndustryApril 1, 2013
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Korea’s trade surplus widens to $3.35b in March
South Korea’s trade surplus widened sharply in March from a year earlier as exports inched up while imports dwindled, the government said Monday.The country chalked up a trade surplus of $3.35 billion last month, compared with $2.28 billion a year earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 0.4 percent on-year to $47.49 billion, while imports dropped 2 percent to $44.14 billion. March marked the 14th consecutive month the country’s trade balance stayed in the
April 1, 2013
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Dongbu Daewoo Electronics sails under new name
South Korean electronics maker Daewoo Electronics Corp. said Monday it has changed its company name to Dongbu Daewoo Electronics Corp. following a takeover by local conglomerate Dongbu Group.The country’s No. 3 home appliance maker was acquired by Dongbu Group for 272.6 billion won ($244.3 million) deal in February, ending its decade-long quest to find a new owner after five rounds of botched talks with potential buyers such as Iran’s Entekhab Industrial and Morgan Stanley Private Equity.Dongbu
IndustryApril 1, 2013