Most Popular
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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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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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Is NewJeans headed for a long 'break'?
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[KH Explains] Hyundai-backed Motional’s struggles deepen as Tesla eyes August robotaxi debut
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Police raid popera singer Kim Ho-joong's house over hit-and-run suspicions
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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New Seoul High Prosecutors’ Office chief vows full-fledged probe into first lady
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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
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Companies increase cashable assets amid economic woes: data
The nation’s largest conglomerates are choosing to hold more of their earnings in cashable assets as they find it harder to invest amid growing economic uncertainties.Cashable assets include cash, cash equivalents and other short-term financial products with a maturity of less than three months that can be immediately cashed with little cost.“Companies are increasing their cashable assets due to high economic uncertainties,” said Jeong Sun-sup, head of Chaebul.com, which tracks the business mamm
IndustryApril 1, 2013
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‘Time is now’ for investment in Myanmar: chamber chief
Amid global competition for natural resources, Myanmar remains one of the world’s few remaining frontiers whose potential is yet to be realized, said a Myanmar business leader in Seoul.“In addition to its exquisite geographical location and untapped natural resources, Myanmar is also a young and dynamic country,” U Win Aung, president of Myanmar’s Federation of Chambers of Commerce and Industry, said in an interview with The Korea Herald last week. Some 54 percent of its 60 million people are in
April 1, 2013
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Korea-Turkey FTA to take effect May 1
The Korea-Turkey Free Trade Agreement will enter into force officially on May 1, the Ministry of Trade, Industry and Energy announced on Monday. “Once the FTA takes effect in May, Korea and Turkey will eliminate tariffs on all industrial goods within seven years,” a ministry official said. The trade deal was officially signed on Aug. 1, 2012, but its implementation had been delayed until its approval by Turkey’s parliament. South Korea’s National Assembly ratified the bilateral FTA late last yea
IndustryApril 1, 2013
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Toyota drives toward harmony
Toyota, the Japanese carmaker that has become a favorite among Korean car lovers for its practical yet sleek Camry, is out to pursue “harmony” with its newest lineup of cars unveiled at the Seoul Motor Show last week. “We’re all about harmony ― harmony between different generations and harmony between all types of roads, including on and off,” said Toyota Motor Korea chief executive Tommy Nakabayashi, in Korean no less, during the presentation last week to showcase Toyota’s newest toys.Among the
MobilityApril 1, 2013
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BMW up to the challenge: CEO
BMW, undeniably one of the hottest-selling imported cars in the Korean market today, was on fire this week at the Seoul Motor Show where it unveiled a record number of cars and motorbikes ― 26, to be exact. Among the plethora of models, the BMW New 3 Series Gran Turismo, the New M6 Gran Coupe and the New Z4 were showcased for the first time in Asia. As some of the most heart-stopping models at the show, the cars were an indication of the challenges BMW is eager to meet, according to BMW Korea’s
MobilityApril 1, 2013
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Kumho chairman offers cash to 12 cancer-suffering employees
Kumho Asiana Group chairman Park Sam-koo delivered cash support last weekend to 12 employees diagnosed with cancer, group officials said Monday.The decision came after a Kumho Tire employee was recently confirmed to have contracted tracheal cancer. After receiving the latest news, the chairman gave the order to find if there were other cancer patients or those with severe diseases at any of the group’s affiliates. The group found a total of 12 employees had been on sick leave. Park then deliver
IndustryApril 1, 2013
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Female students just as capable in math: study
Contrary to popular belief that men outperform women in math and science, a new study claims that both genders tend to show similar achievement, while Asian-Americans are the highest achievers among ethnic groups in the U.S.The study, to be released in the Psychology of Women Quarterly, was conducted on 367 male and female 10th graders, consisting of African-Americans, Hispanic-Americans and Asian-Americans. The results revealed that male and female students showed similar performances in math a
TechnologyApril 1, 2013
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Korea-Turkey FTA to take effect May 1
The Korea-Turkey Free Trade Agreement will enter into force officially on May 1, the Ministry of Trade, Industry and Energy announced on Monday. “Once the FTA takes effect in May, Korea and Turkey will eliminate tariffs on all industrial goods within seven years,” a ministry official said. The trade deal was officially signed on Aug. 1, 2012, but its implementation had been delayed until its approval by Turkey‘s parliament. South Korea’s National Assembly ratified the bilateral FTA late last yea
April 1, 2013
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Morning smokers have higher cancer risk
The sooner a smoker lights up upon waking in the morning, the more likely he or she is to acquire lung or oral cancer, U.S. researchers say.Steven Branstetter, assistant professor of biobehavioral health at Pennsylvania State University, said NNK (4-(methylnitrosamino)-1-[3-pyridyl]-1-butanone) induces lung tumors in several rodent species. Levels of NNAL (4-(methylnitrosamnino)-1-(3-pyridyl)-1-butanol) in the blood can therefore predict lung cancer risk in rodents as well as in humans."We found
TechnologyApril 1, 2013
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Arctic ‘greening’ seen through global warming
Land within the Arctic circle is likely to experience explosive "greening" in the next few decades as grass, shrubs and trees thrive in soil stripped of ice and permafrost by global warming, a study said on Sunday.Wooded areas in the Arctic could increase by as much as 52 percent by the 2050s as the so-called tree line -- the maximum latitude at which trees can grow -- shifts hundreds of kilometers north, according to computer simulations published in the journal Nature Climate Change."Such wide
TechnologyApril 1, 2013
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S. Korea's consumer prices grow 1.3 pct on-year in March
South Korea's consumer prices increased at a slower pace in March, keeping its on-year growth in the 1-percent range for the fifth straight month, a government report showed Monday.The country's consumer prices index rose 1.3 percent on-year in March, slowing from a 1.4 percent gain in the previous month, according to the report by Statistics Korea. From a month earlier, it dropped 0.2 percent.The on-year figure represents the fifth straight month since November that the price growth has stayed
April 1, 2013