Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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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
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HSBC expects Korea to hike key rate in Q3
The Bank of Korea will likely raise interest rates in the third quarter of this year as Korea picks up momentum on economic growth and inflation, the Asia research head of HSBC said. HSBC Korea disclosed on Friday a global research report by Ronald Man, economist and HSBC global research head of Asia, claiming that inflation pressure and a boost in international trade would keep the current sustained growth rolling. Man wrote in his report that “we maintain our view that the monetary easing cycl
March 25, 2013
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Expert says boredom can aid imagination for children
Boredom can aid child’s imagination, says expertParents often expect their children to be constantly occupied and believe activities will spur their imagination. However, an expert says parents should “allow them to get bored” to let them develop creativity and innate ability. Dr. Teresa Belton, a senior researcher at the University of East Anglia’s School of Education and Lifelong Learning, interviewed figures in the creative industry including science and art to analyze the effect of their chi
TechnologyMarch 25, 2013
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Seoul shares up 1.49 pct 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 (KOSPI) advanced 28.96 points to 1977.67. Trading volume was low at 264.3 million shares worth 3.38 trillion won (US$3.02 billion), with gainers outnumbering decliners 540 to 266."The stock market gathered ground following the eased concerns over the fiscal crisis in
BusinessMarch 25, 2013
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Vial containing rare virus goes missing
A vial containing a rare Venezuelan virus has gone missing from a Texas biotech laboratory, the laboratory's president said.The vial was noted missing during a routine inventory, Dr. David L. Callender, University of Texas Medical Branch in Galveston, said. The virus, guanarito, is only found naturally in a small section of Venezuela and because it is not known to transmit between humans it poses "no appreciable public health risk," Callender said.It's believed the vial was mistakenly destroyed
TechnologyMarch 25, 2013
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‘Spiked dinosaurs copulated in unusual ways’
Dinosaurs with spikes may have copulated in unorthodox positions to avoid injuries, researchers suggested.Heinrich Mallison at the Museum of Natural History in Berlin used computer models of kentrosaurus to figure out how the spiked dinosaur would have mated, according to a report on Livescience.com.The model suggested that a male dinosaur would have risked serious injury to its reproductive organs if they tried to mount a female from behind, which is prevalent among most animals. Mallison sugge
TechnologyMarch 25, 2013
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EU finance ministers approve Cyprus bailout deal
Cyprus avoided bankruptcy, and potential turmoil across the eurozone, by securing a last-minute 10 billion euro ($13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill.Negotiations into early Monday ended with approval of the deal by the 17-nation eurozone's finance ministers. The European Central Bank had threatened to cut off crucial emergency assistance to the country's banks by Tuesday i
BusinessMarch 25, 2013
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Foreign ministry formally loses responsibility for trade negotiations
South Korea's foreign ministry was officially christened the Ministry of Foreign Affairs on Monday after shifting its responsibility for trade negotiations to the commerce ministry. The name change meant that the ministry, formerly called the Ministry of Foreign Affairs and Trade, got a shorter name and lost its 15-year-long jurisdiction over trade affairs as part of a government-wide reorganization plan by President Park Geun-hye. Still, trade experts express concerns that if the commerce minis
BusinessMarch 25, 2013