Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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OpenAI gives ChatGPT new powers to see, hear
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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Korean industries gauge impact of Biden's steep tariffs on China
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Costco may break ties with Samsung Card
U.S.-based Costco Wholesale Corp. may change its “one-credit card use” policy in Korea due to the revised law on credit card service fees.The large discount chain operates businesses in eight countries ― the U.S., Canada, Mexico, Australia, Japan, Taiwan, the U.K. and South Korea.Costco has signed contracts with “one credit card firm per country.” For example, consumers are allowed to pay for goods only with American Express in North America and only with Samsung Card in Korea.Under exclusive de
Feb. 18, 2013
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Huh re-elected as FKI chief
Huh Chang-soo, the chief of energy and construction giant GS Group, was re-elected as chairman of the Federation of Korean Industries (FKI), South Korea's largest business lobby, officials said Monday.The board of the FKI nominated Huh as the organization's next chief, and he accepted the renomination, according to the officials.Huh, 65, assumed the top post at the FKI in February 2011.The FKI chief earlier hinted at his possible reappointment, saying it depends on other members of the board.The
IndustryFeb. 18, 2013
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[Power Korea] Korean Air: Luxury in the sky
Korean Air hopes to offer more premium, exclusive in-flight services. At the forefront of its efforts is the A380 jumbo jet, the world’s largest jet airliner, nicknamed the “hotel in the sky.”Korean Air was the first Northeast Asian airline that adopted the A380 in 2011. It has six of the aircraft in service, plying the routes to New York, Los Angeles, Frankfurt and Hong Kong. The Korean flag carrier has also made the experience onboard the A380 even more luxurious by operating the upper deck ex
IndustryFeb. 18, 2013
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[Power Korea] Korean Air flying as world-class airline
In the late 1960s, when the Korean government started privatization talks for then-state-run Korean Air, no bidder was willing to take over the troubled air carrier that was facing combined losses of 2.7 billion won ($2.5 million). At the time, Cho Choong-hoon, founder of Hanjin Group, now the 10th-largest conglomerate in Korea, had earned a pile of cash after supporting cargo delivery for the U.S. troops during the Vietnam War. Cho bought the airline in 1969 and helped its dramatic turnaround.
IndustryFeb. 18, 2013
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KEPCO seeks to boost small companies’ exports
The Korea Electric Power Corp., South Korea’s state-run power company, announced a set of measures Monday to help the country’s small and medium enterprises boost their exports.Under its new 15-point support measure, KEPCO will purchase 5 trillion won ($4.63 billion) worth of parts and labor from SMEs this year, up from around 4 trillion won in 2012, it said.The company will also provide up to 1 billion won, compared with 500 million won last year, in research and development support funds to ea
Feb. 18, 2013
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KT&G rolls out new RAISON
The nation’s largest tobacco manufacturer KT&G has begun distributing the fourth generation of RAISON Black, RAISON Blue and RAISON Green, the three best-selling flavors of the decade-old brand. Its first version launched in 2002, and the fourth RAISON lineup revised its outer cover design of the package “to strengthen its soft, simple image through a single, white background color plus a curvy-font logo,” KT&G said in a statement. The renewed RAISON adopts a design that targets young smokers wh
IndustryFeb. 18, 2013
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Biz sentiment among self-employed worsens
SEJONG (Yonhap News) ― Business sentiment among the self-employed in South Korea worsened in January, data showed Monday, indicating that the prolonged sluggish domestic consumption is presenting tough market conditions for many small-sized business owners. According to data by the Small Enterprise Development Agency, the business survey index among self-employed people for the current market conditions stood at 65.5 last month, down 24.3 from a month earlier. It also dropped by 17.3 from a year
Feb. 18, 2013
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Shares end almost flat on weakening yen
South Korean stocks closed nearly flat on Monday as lingering concerns over a weakening Japanese yen weighed on major exporters, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index inched up 0.73 points, or 0.04 percent, to 1,981.91. Trading volume was moderate at 411.6 million shares worth 2.8 trillion won ($2.6 billion) with decliners outnumbering gainers 412 to 383.“The G-20 meeting kept mum on the weakening Japanese yen. There has be
Feb. 18, 2013
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LG to increase output of OLED TV panels
LG Display will invest 706.3 billion won ($655 million) to add a new production line for large-sized organic light-emitting diode, or OLED, panels for televisions, the company said on Monday in a corporate filing. The new line, called the M2 line, is located in Paju, Gyeonggi Province, and will have a monthly production capacity of 26,000 units. LG Display said it would aim for mass production during the first half of next year, as part of its plans to dominate the OLED TV market over the next s
TechnologyFeb. 18, 2013
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Hotels earn more from food, weddings
Hotels, especially five-star ones in Seoul, earned much more from restaurants, conventions and weddings than from room charges.At five-star, or superdeluxe, hotels with more than 300 guest rooms, income from food and other services amounted to more than twice the revenue of room charges in 2011, according to data from the Financial Supervisory Service and Statistics Korea.As for the 23 superdeluxe hotels with 300-plus guest rooms in Seoul, room charges accounted for 29.1 percent of their entire
IndustryFeb. 18, 2013
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Floating capital hits record high
Korea saw a record high level of capital invested in short-term financial instruments as dim outlooks on the economy made investors reluctant to invest in assets with long maturities.Short-term investments ― floating capital that can be immediately transferrable ― in financial products such as securities accounts, repurchase agreements and money market funds amounted to a record 666 trillion won ($617 billion) in December 2012, according to data from the Bank of Korea and Korea Financial Investm
Feb. 18, 2013
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Chey offers apology
Jailed ex-SK Group chairman Chey Tae-won delivered a message on Monday saying that he is sorry for the confusion he has caused through his arrest on the charges of embezzling corporate funds.In a statement delivered through his attorney, Chey said he feels it was lack of his virtue that such an incident occurred.“It was also much of a shock to me, but the encouragement of SK employees is a relief and an encouragement to me,” he said. “I will do my best to explain myself in the remaining process.
IndustryFeb. 18, 2013
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SK to invest over $15b in R&D, staff
SK Group, the country’s third-largest conglomerate, said Monday it would increase its investments to 16.6 trillion won ($15.33 billion) this year, up 10 percent from 15.1 trillion won in 2012, in research and development as well as human resources management.Kim Chang-geun, chairman of SK’s top decision-making body SUPEX Council, also said the firm would also hire about 7,500 new employees, including experienced and high school graduates, in 2013.The comments were made during his first meeting w
IndustryFeb. 18, 2013
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Korea’s biggest firms likely to pay less in taxes this year
South Korea’s major conglomerates, excluding top two Samsung and Hyundai Motor groups, are likely to pay far less in income taxes this year due to a prolonged economic slump, data showed Monday, sparking fears over a drop in government tax revenue.According to the data by Chaebul.com, a tracker of local business groups, 82 affiliates of the country’s top 10 conglomerates are estimated to pay 11.72 trillion won ($10.8 billion) in taxes this year, up 10.04 trillion won from a year earlier. The inc
IndustryFeb. 18, 2013
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Korea remains world’s 5th-largest car producer
South Korea retained its position as the world’s fifth largest automobile producer last year for the eighth year in a row behind China, the United States, Japan and Germany, a local industry group said Monday.Top automaker Hyundai Motor Co. and four other local automakers produced a combined 4.56 million units in 2012, compared with 4.66 million vehicles produced a year earlier, according to the Korea Automobile Manufacturers Association.South Korea’s output accounted for 5.4 percent of a total
MobilityFeb. 18, 2013
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Hyundai Card opens world’s largest design library
Hyundai Card has established the Hyundai Card DESIGN LIBRARY, the world’s largest library for design-related books and reference material, in Gahoe-dong, central Seoul, the company said on Monday. Founded in the vicinity of Gyeongbok Palace and Bukchon hanok village, the design library will display some 11,500 design-related books that have been published at home and abroad.The design reference materials in the library highlight the tides of design that surfaced after the foundation of “Bauhaus,
Feb. 18, 2013
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POSCO unit to enter modular housing market
The local construction industry, hit by a long slump in the housing market, is striving to break off from traditional business fields and target a niche market in an effort to create new and sustainable benefits.POSCO A&C, the construction subsidiary of the nation’s top steelmaker POSCO, has set its eye on the modular housing market as one of its future business strategies.Modular architecture refers to the method of using standardized architecture modules from the plant development process in o
IndustryFeb. 18, 2013
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Booyoung to aid Asian, African students
The Woojung Education and Culture Foundation, founded by construction-based conglomerate Booyoung Group, conferred its biannual scholarship totaling 400 million won ($370,000) to students from Asian and African nations.In the conferment ceremony on Monday at the Korea Chamber of Commerce and Industry, 100 students each received 4 million won to cover their spring semester tuition fees, according to company officials.The event was attended by Booyoung chairman Lee Joong-keun, former Prime Ministe
IndustryFeb. 18, 2013
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Comet dust seeding life to Jupiter moons?
Comet dust may have seeded Jupiter's moons, including Europa and its liquid ocean beneath an icy crust, with the raw ingredients for life, U.S. researchers say.Asteroids and comets rich in the carbon-containing compounds that are key to life on Earth have been captured by Jupiter's gravity, becoming orbiting moons that frequently collided as they settled into new orbits billions of years ago and created a fine dust of those compounds, they say.The question is, where has all that dust gone?Comput
TechnologyFeb. 18, 2013
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Seoul shares end almost flat on weakening yen
South Korean stocks closed nearly flat on Monday as lingering concerns over a weakening Japanese yen weighed on major exporters, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.73 points, or 0.04 percent, to 1,981.91. Trading volume was moderate at 411.6 million shares worth 2.8 trillion won (US$2.6 billion) with decliners outnumbering gainers 412 to 383."The G-20 meeting kept mum on the weakening Japanese yen. Th
Feb. 18, 2013