Most Popular
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Seoul transit pass for travelers to be available starting July
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Controversy rekindled over when to name criminals, suspects
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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N. Korea says to deploy new multiple rocket launcher starting this year
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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Buddha's birthday lantern parade to light up Seoul
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‘Monk’ DJ spreading Buddhism goes global
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Battery makers ramp up efforts to diversify graphite supply chain
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What's Seoul's No.1 landmark? Seoulites say Han River, foreigners pick Gwanghwamun Plaza
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World’s Best restaurant Central chef shres insights in Seoul
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Increased overseas visits push card spending to record high
The prolonged economic slump at home and abroad is prompting consumers, companies and government organizations to tighten their belts. But card spending overseas appears to be going against the trend.According to data from the Bank of Korea, the nation’s overseas credit card payments in the third quarter amounted to about $2.37 billion, setting a new record. BOK officials attributed the overseas card spending increase to the rise in the number of Korean visitors to foreign countries. In the peri
Dec. 2, 2012
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Like trees, lobsters show age in growth rings
For the first time, scientists have figured out how to determine the age of a lobster ― by counting its rings, like a tree.Nobody knows how old lobsters can live to be; some people estimate they live to more than 100.But knowing ― rather than simply guessing ― their age and that of other shellfish could help scientists better understand the population and assist regulators of the lucrative industry, said Raouf Kilada, a research associate at the University of New Brunswick who was the lead autho
TechnologyDec. 2, 2012
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KAIST team uses nanotech to solve vehicle battery problem
Korean scientists have discovered a way to improve the energy output and lifecycle of lithium-ion batteries by applying nanotechnology in the development of lithium manganese oxide for use in cathodes.The materials have been studied over the years as an alternative to lithium cobalt oxide to boost power and life expectancy of rechargeable batteries for electric vehicles.However, the dissolution of manganese during the chemical reaction process to create the compound has shortened the life cycle
TechnologyDec. 2, 2012
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Trade surplus widens to $4.48b in November
South Korea’s trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country’s trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country’s exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor
Dec. 2, 2012
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Financial market for retirees to triple until 2020: report
South Korea’s financial market for people preparing for life after retirement is expected to more than triple over the next decade amid rising demand from its fast-aging population, a report showed Sunday.The financial market for private pensions, retirement pensions and other private-sector financial products designed to support retirees will grow to 981 trillion won ($905.8 billion) in 2020 from the 302 trillion won estimated for this year, according to the report by Woori Investment and Secur
IndustryDec. 2, 2012
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Shares expected to be rangebound this week
South Korea’s stock market is expected to remain in a tight range this week as investors wait on the U.S. fiscal cliff issue, analysts said.The country’s key stock index, the KOSPI, gained 21.57 points, or 1.27 percent, last week to close at 1,932.90 on Friday, on hopes that U.S. lawmakers and President Barack Obama will find a compromise on the U.S. fiscal issue.“Until the issue is addressed, investors will remain cautious on betting, and be engaged in trading and just be on the lookout for und
Dec. 2, 2012
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Watchdog to probe cosmetics franchises
The Fair Trade Commission plans to launch a probe into the nation’s franchise business sector in the first quarter next year, starting with cosmetics shops in downtown areas that are sprouting recently due to soaring demand from Asian tourists. “We will look into the franchise sector as many retired people are seeking to start a new business and such trend is spreading to younger generations,” FTC chairman Kim Dong-soo told reporters on Friday. “As soon as we complete our investigation into conv
IndustryDec. 2, 2012
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Korea sweeps global ‘phablet’ market: data
The sales of “phablets,” or large-screen smartphones, manufactured by Korea’s two handset makers ― Samsung and LG ― took up more than 90 percent of the global market, according to a U.S. market research firm.Strategy Analytics said Sunday that Samsung Electronics secured about 78 percent market share in the third quarter. LG Electronics accounted for about 14 percent market share.A combination of “phone” and “tablets,” phablets are touch-screen devices that are larger than smartphones but smalle
TechnologyDec. 2, 2012
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Samsung, Hyundai strong in U.S. phone, car markets
The nation’s two largest companies ― Samsung Electronics and Hyundai Motor Group ― are thriving in the United States, a crucial market for their bigger global success. Samsung Electronics, which overtook Finland’s Nokia as the world’s largest handset-maker in April, held the No. 1 position in the U.S. mobile phone market. According to a survey by analytics firm comScore of some 30,000 mobile subscribers, 26.3 percent of the respondents said they owned a Samsung handset between August and October
IndustryDec. 2, 2012
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Sale of KAI may be delayed to next year
The sale of Korea Aerospace Industries is expected to be delayed to next year as the two leading presidential candidates both came out against the “hasty” privatization of the nation’s sole aircraft maker, industry sources said on Sunday. The likelihood of a delay increased after the state-run Korea Finance Corp., which has led the sale of a 41.75 percent stake in KAI, announced last week that it would extend the due diligence period to Dec. 7 from the original deadline of Nov. 29. The decision
Dec. 2, 2012
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Female CEOs still tiny minority
Despite the continued rise in the number of female executives in recent years, it is still hard to find a female chief executive officer in male-dominant South Korean big companies, data showed on Sunday. CEO Score, an online corporate management evaluator, said its recent survey of the top 1,000 Korean companies by revenue found that only eight companies are led by a woman CEO. Furthermore, most of the female CEOs were found to be a family member of the company’s owner. The Shilla Seoul, one of
Dec. 2, 2012
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Rolls-Royce cars plans expansion as wealth spreads
Rolls-Royce, the ultra-luxury car brand owned by Bayerische Motoren Werke AG, plans to increase outlets by 14 percent within five years as it chases growing numbers of wealthy customers. Rolls-Royce targets expanding the number of dealers to 120 from 105 to reach millionaires in markets like Chile, Thailand and Vietnam. Unfazed by Europe’s debt crisis, the Goodwood, England-based carmaker expects the updated version of its $380,000 Phantom sedan will help it reach a second consecutive sales rec
MobilityDec. 2, 2012
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Taking the big cat for a stroll
The Korea Herald, in cooperation with carmakers, offers a test-driving experience to executive officials at Korean or multinational companies here. The opinion above is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed.There’s nothing like a cat. Graceful, intuitive, powerful and proud ― the cat I am describing is the new Jaguar XJ, a 5.0-liter V8 luxury car that I had the pleasure of experiencing both as a passenger and as a driver for three days.My f
MobilityDec. 2, 2012
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Hyundai Motor grapples to satisfy BRIC tastes
Hyundai Motor is considering diversifying its localized model lineup in a bid to secure its position in the fast growing BRIC market, company officials said.Over the past several years, the company has prioritized expanding the production capacity of its assembly lines in China, Russia and India.Along with the completion of its Brazilian factory this year, Hyundai Motor plans to more profoundly reflect locals’ design tastes and customer needs in the four countries.The company is reportedly consi
MobilityDec. 2, 2012
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Toyota leads Japanese auto firms in cutting China output
Toyota Motor Corp. production in China fell the most in at least a decade, leading a slump for Japanese automakers, after a sovereignty dispute over uninhabited islets triggered demonstrations and deterred buyers. Japan’s biggest carmaker said today China output in October tumbled 61 percent to 30,591 units in October. Nissan Motor Co. reported production fell 44 percent last month, the biggest decline based on company data stretching back to 2009, and Honda Motor Co. said output tumbled 54 perc
MobilityDec. 2, 2012
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Default-prone household debts reach 25.6 tln won: data
The amount of mortgages in South Korea at risk of turning sour reached 25.6 trillion won ($236.3million) in September, with the majority being owed to non-banking firms that charge higher interest rates, the financial regulator said Sunday.The figure represents 230,000 out of a total of 5.35 million mortgage borrowers here, accounting for 4.8 percent of the total home-backed loans extended by local financial institutions, according to the Financial Supervisory Service (FSS). "The percentage itse
Dec. 2, 2012
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S. Korea's trade surplus widens to $4.48 bln in Nov.
South Korea's trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country's trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country's exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor
Dec. 1, 2012
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Grand Canyon as old as the dinosaurs: study
People can be startled at the depth of the Grand Canyon. Now, scientists say dinosaurs may have been, too -- the mighty gouge in the earth is that old.Scientists have long argued over the age of the multicolored canyon, which is over a mile deep (nearly two kilometers) as many as 18 miles wide (29 kilometers) and 280 miles long (450 kilometers.)Most believe it was carved out about five or six million years ago, based on the age of gravel washed downstream by the ancestral Colorado River. But new
TechnologyDec. 1, 2012
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Samsung, Apple gain in U.S. mobile market
Samsung extended its lead as the top mobile phone maker in the U.S. market and Apple moved into second place, an industry tracker said Friday.A survey by comScore showed that in the three-month period ending in October, South Korea's Samsung was the top manufacturer with 26.3 percent market share, up from 25.6 percent in the prior period.Apple, which sells only smartphones, moved into second place in the U.S. market for the first time, with a 17.8 percent market share, up 1.5 percentage points.
IndustryDec. 1, 2012
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Korea eases visa issuance for foreign buyers
The South Korean government has eased visa regulations on foreign buyers in order to help local small and mid-size firms do business and boost foreign trade, a trade association said Friday.According to the Korea International Trade Association, the Justice Ministry will review a list of local firms made by KITA and grant visas within three days to foreign businesspeople who get invitations from the firms after proper identification checks.The fast-track visa issuance system started last month a
Nov. 30, 2012