Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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[Herald Interview] Guggenheim Museum makes a push for technology-based art with LG
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New chief named to anti-corruption body
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[Music in drama] An ode to childhood trauma
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Chaebol target of ‘economic democratization’
This is the first in a two-part series about economic democratization touted by political parties ahead of the December presidential election. ― Ed.About 70 percent of 1,200 global investors and traders told a survey that the present capitalist structure should be revamped during their participation in the last Davos Forum.The poll result seemingly reflected growing criticism of corporate greed in many countries, according to local research analysts.While international economists are suggesting
IndustryJuly 18, 2012
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Hyundai, Kia’s share of European market hits record
Korea’s leading automakers Hyundai Motor Co. and Kia Motors Co. saw their combined share of the European market hit an all-time high last month despite the region’s sluggish demand, industry data showed Wednesday.Hyundai and Kia’s market share reached 6.3 percent of Europe’s passenger car market in June, up from the previous 6.1 percent record in April, according to the data released by the European Automobile Manufacturers’ Association.Hyundai sold 44,803 units in June for a market share of 3.6
July 18, 2012
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Korea to demand China open kimchi, makgeolli market
Korea plans to call on China to open its domestic market to fermented food and beverages that cannot be formally sold due to the lack of sanitation guidelines, a senior government trade official said Wednesday.The request to allow shipments of such traditional Korean products as kimchi and makgeolli will be made at the bilateral working-level trade talks scheduled for next Tuesday, Deputy Trade Minister Lee Si-hyung told reporters.Kimchi is a spicy side dish made from fermented cabbage, radishes
July 18, 2012
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LG Uplus’ cloud platform for games
LG Uplus, the smallest of Korea’s telecom companies, has launched a cloud platform where users can access games that can be played on personal computers and smartphones.In a media presentation on Wednesday, LG Uplus vice president Chun Byung-wook unveiled the “C-Games” cloud platform with its strategic partners ― Korea Game Developers Association, Ubitus, a Taiwan-based software developer for cloud platforms, and Nvidia, a U.S. graphic processors developer. This marks the first time for a Korean
TechnologyJuly 18, 2012
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Prevention better than cure: GS chief
GS Group chairman Huh Chang-soo on Wednesday requested executive officials to boost their readiness against risk factors in this time of economic turmoil. “We have to build up diverse strategies and scenarios to respond promptly to the ever-changing business environment. And we should carry out the plans aggressively,” he said at a third-quarter meeting with some 150 ranking officials. The 63-year-old chief of the nation’s seventh-largest business group said the current global crisis is “unprece
IndustryJuly 18, 2012
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Korea facing deflationary risks: experts
Sluggish demand at home and abroad, slowing money flow add to deflation fears amid euro crisisKorea is facing rising deflationary concerns, experts said, as worsening external economic conditions weigh on the export-dependent economy and the property market slump draws out. Deflation, a decrease in the general price level of goods and services, is caused by many factors including a deflationary gap, in which total spending in an economy is insufficient to buy all the output that can be produced
July 18, 2012
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LG Chem sees boost in Q2 profit
LG Chem said Wednesday it posted about 5.99 trillion won ($5.24 billion) in sales and 503 billion won in operating profit in the second quarter, both boosted by increased sales in its information and electronic material and battery units.In its quarterly regulatory filing, the company said that its sales and operating profit from April to June went up 4.2 percent and 9.5 percent compared to the previous quarter. Its net profit, however, decreased 1.8 percent to 373.9 billion won.The information
IndustryJuly 18, 2012
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Eximbank to increase financial support for exporters in H2
The Export-Import Bank of Korea said Wednesday it plans to provide an additional 5 trillion won ($4.4 billion) to exporters and small firms in the second half of the year in an effort to ease liquidity problems.The state-run trade bank said it plans to expand trade financing by 3 trillion won for exporters, which are having trouble securing liquidity amid the slowing global economy.Eximbank also said it will inject the remaining funds to ailing shipyards, builders and other small companies.South
July 18, 2012
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Shares down 1.48% on Fed disappointment
Korean stocks closed 1.48 percent lower on Wednesday as investor sentiment took a blow from U.S. Fed Chairman Ben Bernanke’s bleak economic outlook, analysts said. The local currency climbed against the U.S. dollar.The benchmark Korea Composite Stock Price Index slumped 27.05 points to 1,794.91. Trading volume was moderate at 448.5 million shares worth 4.4 trillion won ($3.9 billion), with decliners outnumbering gainers 658 to 169.“Bernanke’s gloomy economic outlook as well as weakening hopes ov
July 18, 2012
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Seoul launches national smart grid project
Korea announced on Wednesday the official start of a program to install a nationwide smart grid system that will help the country’s businesses and households save billions of dollars in coming years.A ceremony hosted by the Ministry of Knowledge Economy marked the official launch of the five-year project that will make the country one of the first in the world to have a nationwide smart grid system.A smart grid system largely consists of what is known as advanced metering infrastructure that aff
July 18, 2012
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Korea’s trade surplus with EU plunges after FTA takes effect
Korea’s trade surplus with the European Union fell sharply after the free trade pact went into effect a year ago due to eurozone woes that hurt exports and caused a rise in imports, government data showed Wednesday.According to data by the Korea Customs Service, imports from the EU shot up 13 percent on-year to $49 billion between July 2011 and June this year. Exports fell to $50.9 billion from $57.9 billion during the period, with the surplus dropping to just $1.9 billion from $14.5 billion rep
July 18, 2012
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Inter-bank FX turnover hits over 4-year high in Q2
Korean banks’ daily foreign exchange trading volume rose to the highest level in more than four years in the second quarter amid a continued current account surplus, the central bank said Wednesday.The daily foreign exchange trading volume among banks averaged $22.72 billion in the April-June period, up 1.2 percent from three months earlier, according to the Bank of Korea. The reading marked the highest level since $23.37 billion in the first quarter of 2008.Daily transactions of foreign exchang
July 18, 2012
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Financial holding firms’ overseas expansion slows
Korean financial holdings companies were lukewarm about expanding their overseas operations in the first half of the year due to jitters over the eurozone debt crisis and a slowing world economy, the financial regulator said Wednesday. The country’s 10 financial holding companies had 150 overseas branches, representative offices and wholly-owned subsidiaries as of June, compared with 151 six months earlier, according to the Financial Supervisory Service.The FSS said worsening global market condi
July 18, 2012
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Robotic industry exports counter domestic slump
As demand in Korea slowed, exports drove up production last yearThe nation’s robotics industry broke the 2 trillion won ($1.75 billion) mark in terms of production last year, largely driven by strong demand from the soaring Chinese market, the Ministry of Knowledge Economy said Wednesday. A recent ministry report said the overall production of the nation’s robotic industry went up 20 percent to about 2.15 trillion won last year. Amid slowing demand in Korea as well as in Europe and North America
July 18, 2012
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Super-efficient toilets propel high technology down the drain
SAN JOSE, California ― It’s one of the most critical pieces of technology in your home. And though most consumers don’t think of their humble toilet as a tech product, researchers and engineers at global companies like Caroma and Toto are racing to improve designs so toilets consume far less water.Recent droughts, a growing global population and concerns about the impact of climate change on the world’s water resources have led to a surge of interest in water conservation as well as efforts to “
TechnologyJuly 18, 2012
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SKT introduces billing app for smartphones
SK Telecom, Korea’s biggest mobile carrier, said Wednesday that it has launched an application where users can receive their bills and pay them through smartphones.The application named “Smartphone Billing & Payment Platform” can be downloaded by any smartphone users at SK Telecom’s T Store, Google’s Android or Apple’s App Store.With the app, users can not only pay their telephone bills, but also property and other taxes to regional government offices.The development of the app was part of effor
TechnologyJuly 18, 2012
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New Yahoo CEO Marissa Mayer has huge task ahead
SAN JOSE, California ― She was accepted to all 10 colleges she applied to. With 14 job offers in hand upon graduation, she had a data-crunching economist help her with the winnowing. And when she went house hunting, Marissa Mayer settled on a Palo Alto, California, Craftsman ― after first looking at more than 100 properties.Then there’s her thing with cupcakes. The former Google Inc. superstar and now Yahoo Inc. CEO once deconstructed them right down to the paper linings: “You’ve got to go with
TechnologyJuly 18, 2012
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KCC plan does little to calm net neutrality debate
State telecom regulator releases plan that would allow operators to limit accessNetwork neutrality has become the center of debate in Korea as the state telecom regulator last Friday released its draft plan on how to use and control communication networks.While the plan itself did not satisfy any of those involved in the debate, many say the Korea Communications Commission has given the upper hand to the country’s three telecom operators.Network neutrality refers to the principle that the Intern
TechnologyJuly 18, 2012
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Hite-Jinro launches social contribution team
Hite-Jinro, Korea’s leading beer and soju maker said Wednesday that it has established a social contribution team, promising to more actively engage in charity works for the underprivileged in the society.“As the top domestic brewery and liquor company, Hite-Jinro set up a social contribution team to boost contribution activities,” the company said in a statement.“The team will also develop its own programs that reflect the company’s characteristics and match with its reputation,” said a company
July 18, 2012
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NPS launches volunteer group
The National Pension Service has launched a new volunteer group named “Pro Bono,” a company official said on Wednesday.The NPS held the launch ceremony at its headquarters in southeastern Seoul on Tuesday for the opening of “sharing bank accounts” for its staff in which funds will be raised for medical treatments for disabled children.The title “Pro Bono” comes from a Latin term meaning “for the good of the public.” It refers to distributing knowledge and public service to the citizens free of c
July 18, 2012