Most Popular
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[Weekender] Geeks have never been so chic in Korea
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US military commander in S. Korea during Gwangju uprising dies
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[Photo News] Seoul seeks 'best sleeper'
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[KH Explains] Why Korea's so tough on short selling
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US expert says N. Korea might ignore Trump if he returns to White House
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Korean credit card firms seek partnerships abroad
Korean credit card firms are working to build their own international networks hoping to reduce dependence on Visa and MasterCard. Local credit cardholders and issuers pay tens of billions of won every year as royalties and commission to the multinational credit card giants. Visa and MasterCard have a combined market share of about 92 percent in Korea.Visa or MasterCard-branded credit cardholders pay 1 percent of the amount they spend abroad as commission to the duopoly. Koreans spent some $8.62
June 21, 2012
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FTAs increase competition among foreign brands: FTC
Free trade agreements with the European Union and the U.S. have contributed to lowering the product prices of their consumer brands, the nation’s antitrust watchdog said in a report Thursday. The Fair Trade Commission conducted a price survey on 22 bestselling import items following the FTAs with the EU and the U.S., that took effect here from July last year and March this year, respectively. Of the surveyed products, 15 items were found to have seen a moderate price cut, the FTC said. Dutch ele
IndustryJune 21, 2012
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Kia’s Soul named best compact car in U.S.
Kia Motors said Thursday that its Soul urban crossover topped the compact multi-purpose vehicle segment of the J.D. Power and Associates 2012 Initial Quality Study, which was published on Wednesday in the U.S.According to Hyundai Motor Group, the Kia Soul earned the highest points in some 230 categories of studies this year, closely outpacing Toyota’s Prius v and Scion xB. The annual study by global marketing information services firm J.P. Power and Associates captures feedback from car owners
IndustryJune 21, 2012
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Lotte Duty Free Jamsil expands cosmetic section
Lotte Duty Free will open on Friday a renovated cosmetics boutique at its Jamsil branch in southern Seoul. The duty free shop has expanded by 1,567 square meters and takes up both the ninth and tenth floors at the Lotte Department Store in Jamsil. The renovation is to meet the growing number of foreign tourists who are showing great interest in South Korean beauty products following “hallyu,” or the Korean Wave, said officials through statement. Officials said the sales of cosmetic goods have be
IndustryJune 21, 2012
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Korean Air opens direct flight to Nairobi
Korea’s leading flag carrier Korean Air said Thursday it opened the direct route connecting Incheon and Nairobi, starting with its first flight at 10:15 p.m. the same day. It is the first time that Korea has opened a direct flight to an African country, which is also the first among neighboring Northeast Asian countries including Japan and China. Korean Air said it will operate a 226-seat A330-200 passenger jet to offer three weekly flights to the Kenyan capital. The flight time from Incheon is
IndustryJune 21, 2012
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Galaxy S3 hits U.S., Mexico markets
Samsung Electronics, Korea’s tech manufacturing giant, said that its new flagship Galaxy S3 has hit the U.S. and Mexican markets this week.It held launching ceremonies and officially released the smartphone in the U.S. on June 20, and in Mexico on June 21, both on regional time, the company said in a press release.The company invited a number of guests in Mexico to its event held at the country’s stock exchange, while its U.S. guests included basketball players, Hollywood actresses and 500 consu
June 21, 2012
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Korea to see vehicle sales drop by 2.1% in 2012: report
Local and import brands’ vehicle sales in Korea are projected to fall by 2.1 percent in 2012, compared to the previous year, an automotive research center said Thursday.In its second-half outlook on the world’s vehicle market, the Korea Automobile Research Institute predicted that global companies will see the pace of sales growth “slow down markedly.”Affected by the weaker consumer sentiment globally, the local market will see “the number of vehicle sales stay about 1.55 million units this year
IndustryJune 21, 2012
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Samsung claims first victory in Apple patent war
Dutch court rules in favor of Korean firm; German court to give ruling FridaySamsung Electronics claimed its first victory in the global patent dispute with its rival Apple Inc. as a Dutch court ruled in favor of the Korean company, ordering the U.S. firm to pay damages over a patent violation in the Netherlands.A court in The Hague ruled Apple violated Samsung’s patent involving third-generation wireless telecommunications technology, which is used in some of Apple’s smartphones and tablet PCs
IndustryJune 21, 2012
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Group busted for trading 50,000 counterfeit products worth W50b
A group of three people was caught smuggling, manufacturing and trading some 50,000 counterfeit products including designer handbags, the Korea Customs Service said Thursday.The total market value of the original items is estimated at over 50 billion won ($43.4 million).The three are suspected of distributing replicas which they smuggled from China or produced in Korea through retail dealers in Itaewon, Namdaemun, Busan and Jeju since January 2010. Some were sold to insurance companies to be giv
IndustryJune 21, 2012
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Foreign banks’ overseas borrowing rises this year
Foreign bank branches in South Korea saw their overseas borrowing rise this year, reflecting stable economic conditions in the country, the nation’s financial regulator said Thursday.The combined foreign exchange borrowing by bank branches rose 9.8 percent, or $6.6 billion, from the end of 2011, according to the Financial Supervisory Service.Of the total, money borrowed by bank branches on the market rose $4.3 billion, while those brought in from the lender’s main office moved up $2.3 billion, i
June 21, 2012
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Korea’s labor productivity falls
South Korea’s labor productivity fell in the first quarter of 2012 from a year earlier due to sluggish exports and weak domestic consumption, a government report showed Thursday.According to the report by the Ministry of Knowledge Economy, the labor productivity index for all industries in the January-March period fell 2.3 percent on-year to 104.6, compared to 107 tallied a year earlier.The figure also decelerated from 107.2 reached in the fourth quarter of last year, it said.Labor productivity,
June 21, 2012
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Korea’s economic growth to slip to 3.5% this year: Hyundai Institute
South Korea’s economic growth is expected to slow to 3.5 percent in 2012 from a 3.6 percent expansion last year as global uncertainties hurt exports, a private think tank said Thursday. In its growth outlook, Hyundai Research Institute said first half growth has been affected by protracted eurozone woes and sluggish economic conditions in the United States and China. It said such developments have hurt outbound shipments that play an important role in the country’s growth.The HRI’s forecast for
June 21, 2012
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Stocks fall 0.79% on U.S. Fed disappointment
South Korean stocks fell 0.79 percent Thursday after the U.S. Federal Reserve failed to announce new economic stimulus measures to fuel growth of the world’s largest economy, analysts said. The local currency dipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index gave up 14.97 points to close at 1,889.15. Trading volume was light at 369 million shares worth 3.72 trillion won ($3.23 billion), with gainers outpacing losers 421 to 402.“The Fed’s plan to maintain its current
IndustryJune 21, 2012
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Korea’s corporate profitability slips in first quarter
South Korea’s corporate profitability fell in the first quarter of 2012 from a year earlier as a rise in commodity prices drove up other expenses, the central bank said Thursday.The average ratio of operating profit to sales, a key barometer of profitability, was 5.2 percent for the January-March period, down from 6.6 percent the previous year, the Bank of Korea said in a report based on a survey of 1,549 listed and 190 important non-listed companies.The result still marked a gain from the 3.7 p
June 21, 2012
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Uijeongbu light rail line set to run amid financial fears
With sleek railcars sliding along elevated tracks, Korea’s newest light railway is a smooth ride, and the hope is that it can avoid the fiscal train wreck facing similar projects.But passenger estimates for the rubber-wheeled, driverless light rail transit system, which will open to the public in Uijeongbu city north of Seoul on July 1, have already been scaled back.And government researchers say the 11.1-kilometer stretch of line, which was built under a public-private partnership deal, will co
June 21, 2012
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‘Cloud computing to bring better movie special effects’
Rhythm & Hues in talks on possibility of setting up visual effects studio in KoreaVisual effects in cinema have come a long way, becoming an essential part of storytelling that helps make lasting impressions among movie-goers.As audience expectations to see eye-popping scenes and sequences in movies grow further, leading VFX studios such as U.S.-based Rhythm and Hues have to keep up to date with technology to meet such demand.Erika Burton, co-president of R&H, said that the emergence of cloud co
IndustryJune 21, 2012
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Exercise will change your life, and here’s why
SEATTLE ― One afternoon not long ago, a friend and I were talking at her dining-room table, and I’ll admit it, we were feeling a bit self-righteous.We’d gone bowling with her parents, and we both noticed her mom could barely roll the lightest ball down the alley. She struggled with a lot of other tasks, too. We didn’t think of her as an elderly person. But there she was, looking feeble.“Well,” my friend said, shaking her head, “she doesn’t really exercise.” I nodded knowingly.The way my friend a
TechnologyJune 21, 2012
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Shrinking stomach may boost booze abuse risk
CHICAGO (AP) ― The most common type of obesity surgery may increase patients’ chances for alcohol abuse, according to the largest study to demonstrate a potential link.Patients who had gastric bypass surgery faced double the risk for excessive drinking, compared with those who had a less drastic weight-loss operation.Gastric bypass surgery shrinks the stomach’s size and attaches it to a lower portion of the intestine. That limits food intake and the body’s ability to absorb calories. Researchers
TechnologyJune 21, 2012
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Facial palsy
Many people worry they have had a stroke when they suddenly experience facial palsy. Unlike a stroke, which is caused by blocked or ruptured blood vessels in the brain, facial palsy (also known as Bell’s palsy) occurs when the nerves of the face muscles become paralyzed. Most cases have benign progress and resolve spontaneously without any treatment.Facial palsy usually takes approximately three to four days to develop and can take up to several weeks or months to recover, but most people recove
TechnologyJune 21, 2012
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U.S. health official warns diesel fumes cause cancer
The health hazard of diesel engines has long been speculated, but has not yet been an official agenda on scientists’ tables. However, a recent World Health Organization’s decision to name diesel fume a grade-1 cancer-causing substance has shed light on the fuel. According to the WHO International Agency for Research on Cancer, diesel fumes could potentially be as big a public health threat as secondhand smoke, increasing the chances of lung cancer and bladder cancer. “We have studied bus and tax
TechnologyJune 21, 2012