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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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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[Music in drama] An ode to childhood trauma
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New head of doctors' association vows war in case of disadvantage to medical professors
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Seoul to provide housing subsidy to married couples with newborns
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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
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Seoul shares edge up 0.27 percent 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 (KOSPI) 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
July 16, 2012
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Entertainers hugely in debt: report
Some Korean entertainers who own expensive buildings in Seoul are saddled with heavy debts because of massive real estate purchases, according to a report by Chaebul.com, a local website offering public information about wealthy Korean tycoons and entertainers.The entertainers borrowed billions of won to buy buildings but property prices have dropped, leaving some in negative equity, the website said.It conducted an analysis on 27 commercial buildings owned by 26 entertainers, based on property
July 16, 2012
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Seoul shares open higher on upbeat U.S. firm earnings
South Korean stocks got off to a strong start Monday, boosted by better-than-expected corporate earnings reports in the United States last week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.93 points, or 0.05 percent to 1,813.82 in the first 15 minutes of trading.JP Morgan Chase beat market anticipations, reporting a net $5 billion profit for the second quarter, w
July 16, 2012
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Expat on mission to tell Koreans about alternative blogging tool
South Korea is often touted as one of the most technologically interconnected societies on the planet, with many IT innovations being developed in the country several years before they become the norm elsewhere. Social networking in Korea, for instance, was spearheaded by Cyworld, which at its peak could lay claim that nearly 90 percent of Koreans between the ages of 18 and 35 were members. Cyworld has come and gone, however, and most Koreans have abandoned it for Facebook and Twitter, ironicall
TechnologyJuly 15, 2012
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Korea ratchets up drive to upgrade FTA with ASEAN
Korea is stepping up efforts to seal high-level bilateral free trade pacts with some members of the Association of Southeast Asian Nations in a bid to further boost trade volume, Seoul’s Trade Ministry said Sunday.According to the ministry, Korea is set to hold minister-level talks with Vietnam soon over a bilateral free trade accord.Korea is also in negotiations with Indonesia over a so-called comprehensive economic partnership agreement, which is equivalent to a free trade agreement. Last week
July 15, 2012
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Overseas sales of Hyundai’s premium sedans more than double
Overseas sales of Hyundai Motor Co.’s premium sedans such as the Genesis and the Equus more than doubled in the first five months of the year, buoyed by rising demand in the United States, industry sources said Sunday.According to the sources, Hyundai Motor, South Korea’s leading automaker, exported a total of 28,865 Genesis, Equus and Grandeur sedans in the January-May period, compared with 12,958 units a year earlier.Hyundai Motor sold a total of 13,553 Grandeur sedans in overseas markets in t
MobilityJuly 15, 2012
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LG Electronics suspends Olympic ads
LG Electronics, Korea’s second-largest consumer electronics maker, temporarily suspended its television advertisements promoting the company’s Cinema 3-D Smart TV and the London Olympics last week.The company stopped showing its ads for two days after receiving a warning from the Korean Olympic Committee and the International Olympic Committee, according to media reports.Non-Olympic corporate sponsors are not allowed to market their brands or products using the word “Olympic.”LG Electronics’ 3-D
IndustryJuly 15, 2012
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Conglomerates’ cash conditions to worsen amid global slowdown
A majority of Korean companies, including blue chips, listed on the stock market, are expected to see their free cash flow decline due to the global economic slowdown, said FNGuide, an online financial information service provider.It has estimated that free cash flow of 98 listed companies will fall to 18.4 trillion won on average this year, or 53.8 percent down from about 40 trillion won at the end of last year.Almost 80 percent of the 98 listed companies will see a drop in their free cash flow
July 15, 2012