Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SK hynix pledges W20tr to ramp up DRAM production at home
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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Domestic sales of steel products drops 4.7 percent
Domestic sales of steel products in South Korea declined 4.7 percent on-year in the first five months of the year due to prolonged economic uncertainties and weak demand, a trade association said Tuesday.According to the Korea Iron and Steel Association (KOSA), domestic shipments of steel products amounted to 23.13 million tons in the January-May period.Experts said a drop in demand from shipbuild
July 17, 2012
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Seoul shares open lower on growth concerns
South Korean stocks got off to a weak start on Tuesday as concerns over global growth and weak U.S. economic data strained investor sentiment, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 14.1 points, or 0.78 percent, to 1,803.69 in the first 15 minutes of trading.On Monday, the International Monetary Fund (IMF) revised down its 2013 forecast for global growth and
July 17, 2012
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IMF lowers 2013 world growth outlook by 0.2%
The International Monetary Fund lowered its revised 2013 world economy outlook by 0.2 percent to 3.9 percent, according to a report on Monday.The updated World Economic Outlook released by the Finance Ministry showed that the world economy growth projection for this year remains almost unchanged, compared with 3.5 percent forecast in April.Despite the recent economic slowdown, first quarter growth was better than expected so only a little change occurred in the yearly outlook, said the report. I
July 17, 2012
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Lotte Group products face massive boycott
Consumer and self-employed groups announced on Monday the start of their boycott against Lotte Group products. The Consumers’ Association to Save Small Businesses teamed up with 2 million members of about 80 self-employed business associations who run restaurants, bars, clubs, screen-golf clubs and lodging businesses to participate in the boycott for an indefinite period. More than 600,000 restaurants, clubs and karaoke bars therefore will no longer sell Lotte’s liquors such as Scotch Blue, Cheo
IndustryJuly 16, 2012
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Renault Group chairman to visit Seoul
Renault Group chairman and CEO Carlos Ghosn will visit Seoul this week to unveil the group’s business policies for its Korean unit, Renault Samsung Motors said Monday.With Ghosn scheduled to hold a press conference on Friday, the event is drawing attention in the auto industry as his visit to Seoul will mark his first since February 2008.Renault Samsung, the local unit of the France-based automaker, will begin mass production of electric vehicles early next year. This September, the company will
IndustryJuly 16, 2012
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Samsung, LG still in battle over theft of AMOLED technology
Tech giants Samsung and LG Display have again clashed over Samsung’s claim that its rival stole its key technologies used in manufacturing large AMOLED screens.While Samsung Display strongly requested that its competitor offer an official apology and warned it will proceed with all legal methods for counteraction, LG denied its allegations, stating that it is not responsible for any of the claims.Both parties held press conferences Monday, a day after it was reported that 11 people, including a
IndustryJuly 16, 2012
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U.S. election won’t change partnership with Korea: U.S. Chamber of Commerce
Thomas Donohue, president and CEO of the U.S. Chamber of Commerce, said Monday that the U.S. presidential election will not cause any changes in the Korea-U.S. economic partnership. Donohue made the remarks during his lecture on the Korea-U.S. business partnership in a joint general membership meeting co-hosted by American Chamber of Commerce in Korea and FTA Industry Alliance in central Seoul. About 250 people, including 100 AMCHAM officials and members, 100 Korean KITA officials, and FTA Indus
July 16, 2012
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LG, Samsung compete on premium refrigerators
LG Electronics is about to duke it out with Samsung Electronics over premium large refrigerators as Korea’s second-largest consumer electronics company is gearing up to launch its new, bigger and better product.LG Electronics said Monday that it will release an all-new four-door fridge brand Dios with a 910-liter storage capacity, the world’s biggest refrigerator, next month.The company added that it will further expand in the global premium fridge markets, signaling a direct challenge against i
TechnologyJuly 16, 2012
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Seoul likely to be 11th-most visited city
Seoul is expected to become the 11th most visited city in the world by foreign travelers this year, according to a report released last week. MasterCard’s Global Destination Cities Index indicates that this year’s number of foreign travelers visiting Seoul will be eight million, placing the city at 11th. Seoul is expected to follow Kuala Lumpur in Malaysia with an estimate of 8.1 million foreign visitors.In the Asia-Pacific region, Bangkok is forecast to be the third most visited place, expectin
July 16, 2012
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KT&G, BAT Korea release new cigarettes
KT&G and British American Tobacco Korea have released new products on Monday.KT&G said it has produced an apple-scented menthol cigarette named “Esse Sense Apple Mint,” which will be on sale starting Wednesday.It consists of 1.0 mg of tar and 0.1mg of nicotine per pack. The price is 2,800 won ($2.43).“Due to consumer demands for a different type of menthol cigarettes, we have come up with an apple-scented product that is high in menthol but low in tar,” a company official said.Meanwhile, BAT Kor
July 16, 2012
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Hyundai unveils repair cost guarantee
Carmaker promises 300% compensation for overcharged maintenance costsHyundai Motor, Korea’s largest carmaker, announced its new after-sales policy on Monday, upping the ante amid fierce competition with imported car brands that are expanding presence recently in the domestic car market. As part of its efforts, Hyundai unveiled a new after-sales program called the “Overcharge Assurance Program,” which allows car owners to discuss with company engineers whether they have paid reasonable prices for
IndustryJuly 16, 2012
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KB makes bids for ING Life’s local unit
KB Financial Group Inc. submitted a bid Monday to acquire the local unit of global insurance giant ING Group, as the group scrambles to expand its presence in the fast-growing insurance market, industry sources said. Korea’s No. 2 banking group made its bid to buy ING Life Korea, the fourth-largest in the country by market share, in a deal worth of around 3.5 trillion won ($3.04 billion), according to sources.AIA Group, the multinational life insurer, is also believed to have submitted a bid for
July 16, 2012
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U.S. beef exports to Korea decline 24%
WASHINGTON (Yonhap News) ― U.S. beef exports to South Korea dropped 24 percent in the first five months of 2012 from a year earlier, but the reduction is not associated with mad cow concerns, the U.S. Meat Export Federation said Sunday.The U.S. exported 51,128 tons of beef to South Korea from January till May, down 24 percent from 67,638 tons in the same period last year, it said.South Korea was the third-largest importer, following Canada and Mexico during the five months.The USMEF stressed tha
July 16, 2012
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Shares up on eased concerns
South Korean stocks rose 0.27 percent on Monday as investor sentiment was boosted by growing expectations over a global recovery and corporate earnings forecasts, analysts said. The local currency gained ground against the U.S. dollar.The Korea Composite Stock Price Index climbed 4.9 points to finish at 1,817.79. Trading volume was light at 263.5 million shares worth 3.2 trillion won ($2.8 billion), with losers slightly outpacing gainers 408 to 407.“Investors are relieved by China’s not-so-bad e
July 16, 2012
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Travelers face tougher customs checks
Crackdown targets people bringing in high-value goodsThe Korea Customs Service will strengthen its surveillance of inbound travelers in terms of customs clearance until the end of next month.In a statement, the customs agency said it will strictly apply the customs clearance rule as the number of overseas travelers is expected to surge during the summer holiday season between late July and August.“Despite the new tax exemption, travelers are still required to report their overseas purchases in e
IndustryJuly 16, 2012
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Household, public debts pose risks: S&P
Korea’s rising household and public debts could pose downside risks for its sovereign credit rating, a global credit appraiser forecast on Monday. Standard & Poor’s said the rate of Korea’s indebtedness to its disposable income has been rising, with the debt of non-banking public institutions growing rapidly since 2008.“Household debts continue to grow and it could complicate monetary policy for the central bank ... (and place it) in a difficult position to have to allow inflationary pressure, w
July 16, 2012
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Hana Financial net down 54%
Hana Financial Group Inc., South Korea’s No. 4 banking group, said Monday its second-quarter earnings fell 54 percent from a year earlier due mainly to the absence of a one-off stake gain.Net income came to 225.1 billion won ($196.2 million) in the April-June period, compared with 489.8 billion won the previous year, said the group, which competed to buy the Korea Exchange Bank in February.Hana Financial’s net profits include KEB’s earnings results.In the second quarter of 2011, the group posted
July 16, 2012
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Foreign financial firms using dividends to transfer wealth overseas
Foreign investment banks and asset management companies are paying huge dividends that surpass their net profits or remitting a large amount of profit to their headquarters overseas. Standard Chartered Bank Korea paid a dividend of 100 billion won ($87.1 million) this year to Standard Chartered Korea, the 100 percent shareholder of the bank. Dividend per share was 381 won. The dividend was the same amount as last year although the bank’s net profit decreased by 21 percent to about 255 billion wo
July 16, 2012
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French Pavilion focuses on freshwater shortage
YEOSU, South Jeolla Province ― The chief architect of the French Pavilion at the 2012 Yeosu World Expo said Saturday that the world is facing a serious freshwater shortage, and demand may soon outpace supply unless ways are found to replenish this vital natural resource.“The concern is that within 50 years there will not be enough freshwater (supplies). Desalination is one of the solutions,” said David-Pierre Jalicon, the CEO of D.P.J. & Partners, Ltd. in an interview with The Korea Herald. “Fra
July 16, 2012
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L’Oreal Korea targets ‘global concept, local formulation’
Head of Korean unit talks about the ‘never-ending growth story’ of beauty and cosmetics industryAbout 33 years ago, the current head of L’Oreal Korea, Richard Cymberg, made a choice that had lasting repercussions on his career path. The French man graduated from ESLSCA with a degree in marketing, and received two offers ― one from IBM and one from Diparco, a former subsidiary of the L’Oreal Group. But for Cymberg, the choice was easy. “It was so evident (for) me to enter the beauty market … from
IndustryJuly 16, 2012