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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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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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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Seoul shares up 0.21 pct in late-morning trade
South Korean stocks traded 0.21 percent higher late Tuesday morning, led by gains in techs and autos, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) added4.23 points to 1,981.90 as of 11:20 a.m.Tech blue chips drove up the shares, with market behemoth Samsung Electronics rising 0.8 percent and top chipmaker adding 1.2 percent. Leading flat panel manufacturer LG Display gained 1.11 percent.Carmakers also gathered ground, with No. 1 industry player Hyundai Motor adding 2.09
BusinessMarch 26, 2013
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Seoul shares turn higher after weak start
South Korean stocks turned higher following a weak start on Tuesday but continued to trade range-bound amid ongoing concerns over the fiscal crisis in Cyprus, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.6 points, or 0.18 percent, to 1,981.27 in the first 15 minutes of trading.Blue chips led the climb, with market bellwether Samsung Electronics adding 0.54 percent and the country's top automaker Hyundai Motor rising 0.46 percent.The local currency was trading at 1
BusinessMarch 26, 2013
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S. Korean economic growth slows to 3-year low in 2012
The South Korean economy grew at the slowest clip in three years in 2012 as exports, facility investment and private spending remained weak amid the global economic slowdown, the central bank said Tuesday.The country's gross domestic product, the broadest measure of economic performance, grew 2 percent in 2012, unchanged from its earlier projection made in January, according to the Bank of Korea (BOK).The 2012 growth marked the slowest increase in three years. But the 2011 growth was revised up
March 26, 2013
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Samsung counters LG with 50 bil. won advertising suit
Samsung Electronics Co. has launched a suit against rival LG Electronics Inc. demanding 50 billion won (US$45 million) in compensation for denting its brand value, sources said Monday.In the lawsuit filed with the Seoul Southern District Court on Friday, the world's top maker of smartphones, memory chips and flat-panel TVs demanded its home-turf competitor to pay the cited amount in damages, according to the legal sources.The move marks the latest development in the ongoing advertising row betwe
IndustryMarch 25, 2013
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Korea to launch rescue fund for heavy debtors this week
The South Korean government unveiled Monday detailed plans of a rescheduling fund for heavy debtors, one of President Park Geun-hye’s key presidential campaign pledges. The Financial Services Commission, the country’s top financial regulator, said the public fund aimed to ease the debt burdens of the heavily-indebted persons will be launched on Friday with an initial size of 1.5 trillion won ($1.34 billion), to be run for the next five years.The government had initially proposed a fund worth 18
March 25, 2013
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Caffe Bene blames first job cuts on new regulations
Caffe Bene, the nation’s largest coffee shop franchise, has started cutting jobs and executive salaries, blaming regulations against expansion of its bakery and restaurant chains.Industry watchers say, however, that there is more to the sudden “emergency management.”Caffe Bene took over bakery chain Mainz Dom in December despite the National Commission for Corporate Partnership’s advice to reconsider the acquisition as the panel was discussing restricting bakery franchises.The state-funded commi
IndustryMarch 25, 2013
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Park urges chaebol-SME coprosperity
President Park Geun-hye called for a change in the nation’s economic paradigm to foster coprosperity between conglomerates and small and medium-sized firms.She made the instruction during policy briefings from the Ministry of Trade, Industry and Energy and the Small and Medium Business Administration at Cheong Wa Dae on Monday.“Our economy reliant on big companies should be transformed into an economic structure where exports and domestic consumption are boosted simultaneously, and conglomerates
March 25, 2013
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[Power Korea] World is too small for GS Home Shopping
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 12th part of the Global Brand series. ― Ed.In every Korean industry, there seems to be a “Psy” possessing the star power
IndustryMarch 25, 2013
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Nonghyup faces ongoing ATM glitch
Nonghyup Bank has yet to fully normalize the operation of its automated teller machines as of Monday, after its network system was paralyzed by cyber attacks on March 20.According to its spokespeople, about 450 ATMs at Nonghyup Bank’s branches nationwide were still malfunctioning as of 2 p.m., March 25.In the restoration process, Nonghyup Financial Group lags behind Shinhan Financial Group, which fully repaired glitches in network systems at its two subsidiaries ― Shinhan Bank and Jeju Bank ― wi
March 25, 2013
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Japan’s high-tech resources helped weather Lost Decade: BOK
Japan has been going through a series downturns and recessions further weighed down by declining asset prices and a strong currency since the 1990s. This inevitably led the once second-largest economy in the world to face nearly two decades of hardship.Despite being in the doldrums, Japan was able to weather the storm quite well thanks to its diverse and sustainable pool of conglomerates, and small and medium enterprises, according to a Bank of Korea report obtained by a local newswire.The repor
March 25, 2013
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Top 10 chaebol’s property investment up 6.6%
South Korea’s top 10 conglomerates saw their investment in real estate climb 6.6 percent in 2012 from the previous year, data showed Monday, apparently as they sought to make profits from leasing their property amid an economic slowdown. A total of 92 listed companies affiliated with the country’s family-controlled conglomerates, known as chaebol in Korean, owned real estate worth 13.61 trillion won ($12.2 billion) for investment purposes at the end of last year, compared with 12.77 trillion won
March 25, 2013
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Korea’s small car sales drop on prolonged slump
Sales of small cars in South Korea sank in the first two months of the year due to weak demand stemming from the country’s protracted economic slump, industry data showed Monday.According to the data, a total of 28,711 small cars with engine capacities of 1.0 liter were sold in the country in the January-February period, down 8.2 percent from a year earlier.The overall domestic passenger car market, however, shrank at a lower rate of 2.8 percent during the cited period, the data showed, indicati
March 25, 2013
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Firms’ overseas investments soar over decade
South Korean companies’ overseas direct investment has expanded at a clip four times faster than the growth rate of their capital spending here over the past decade, a report showed Monday.According to the report by the Korea Chamber of Commerce and Industry, the on-year growth rate of overseas direct investment by local firms averaged 17.2 percent between 2003 and 2012, with their local investments increasing at an annual average of 4 percent.Between 1993 and 2002, the growth rate of local firm
March 25, 2013
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Shares up 1.49% on eased eurozone woe
South Korean stocks closed 1.49 percent higher Monday on rising hope of the settlement of the fiscal crisis in Cyprus, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index advanced 28.96 points to 1977.67. Trading volume was low at 264.3 million shares worth 3.38 trillion won ($3.02 billion), with gainers outnumbering decliners 540 to 266.“The stock market gathered ground following the eased concerns over the fiscal crisis in Cyprus,” s
March 25, 2013
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French minister seeks ‘amitie’ with Korea
Fleur Pellerin, the Korean-born French minister overlooking small and mid-sized enterprises and the digital economy, on Monday stressed that Korea and France have much to benefit from a mutual relationship.“In R&D and innovation, especially in areas such as biotechnology and the digital economy, there are many sectors we can cooperate in,” Pellerin said at a meeting with the French-Korean community here at Novotel Ambassadors Hotel. She noted a growing interest in France about Korean language an
IndustryMarch 25, 2013
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Weak yen concerns escalate in Korea
Korea’s newly appointed finance minister, Hyun Oh-seok, revived his nation’s concerns over weakness in the yen and said that the Group of 20 nations should revisit the issue. “Japan’s expansionary policies are having various ripple effects on many countries,” Hyun, 62, told reporters on Saturday in Bundang, Gyeonggi Province on his second day as finance chief. “The yen is depreciating while the won is gaining and this is flashing a red light for Korea’s exports.” Japan central bank Governor Haru
March 25, 2013
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Time for insurers to rethink their investments
As we move into the new year and closer to full implementation of a post-crisis regulatory regime, global de-leveraging of the financial sector is taking firm hold. Regulatory reforms, including the Dodd-Frank Act, the Volcker Rule and Basel III, are putting pressure on banks to be smaller and more risk-averse. As a result, banks around the world are adjusting their business models to meet higher capital requirements while streamlining or closing their proprietary hedge funds and other alternati
BusinessMarch 25, 2013
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Search firm CEO advises staying with same employer for at least 3 years
The head of a search firm that has found more than 1,300 executives for its client companies since 2000 advises experienced workers to stay at one employer for at least three years.“My advice is to do your job as well as you can with sincere effort and to maintain good relations with your superiors, peers, subordinates and customers,” George Whitfield, president of Halcyon Search International in Seoul, said in an interview with The Korea Herald.“It is also best to stay at one employer for at le
BusinessMarch 25, 2013
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Louis Vuitton sales fall by double digits 2012
Louis Vuitton, the French maker of luxury handbags, saw its sales in the local market fall at a double-digit rate last year due to the prolonged economic downturn, industry sources said Monday. According to the sources, Louis Vuitton, which was named the world’s most valuable luxury brand last year, faced a double-digit sales drop for the first time since 1991 when it entered the South Korean luxury goods market. “Sales of Louis Vuitton started falling in April last year,” an industry source sai
IndustryMarch 25, 2013
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Lee Haeng-hee reelected as KCMC president
Lee Haeng-hee, CEO of Corning Korea, was reelected as president of the Korean CEO’s Association of Multinational Corporations, the group said Friday.The KCMC is a group of Korean CEOs of multinational companies in Korea. Lee became a member of the KCMC in 2004 and has served as president since July 2010. “So far, the KCMC has put much effort into contributing to the advancement and globalization of Korean companies’ management with its international business know-how, and will follow global stan
March 25, 2013