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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US expert says N. Korea might ignore Trump if he returns to White House
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Yoon vows to advance freedom, welfare to uphold spirit of 1980 pro-democracy uprising
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Cardif in Korea appoints new CEO
By Kim Min-ju Cardif in Korea, a subsidiary insurance arm of the BNP Paribas Cardif, announced Wednesday that it has named current deputy CEO Jean Christophe Darbes as its new incoming chief executive officer.Darbes was named to the post following a meeting of the board of directors on June 19. He will succeed current head Herve Giraudon on July 1. The company expressed its confidence in the new appointment, explaining that Darbes’ experience and relationships with both banks and financial gro
June 20, 2012
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Scientists find turtles fossilized while mating
German scientists have uncovered copulating turtle fossils, according to news reports.The turtle couples, which belonged to an extinct species known as Allaeochelys crassesculpta, are believed to have died from poisonous volcanic gas.Walter Joyce of the University of Tuebingen, who made the shocking discovery, said it was the first time that fossils of copulating vertebrates were found. The fossil
TechnologyJune 20, 2012
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Seoul shares open higher on global stimulus hopes
South Korean stocks opened higher Wednesday on expectations that the U.S. Federal Reserve and the European Central Bank will provide more stimulus to counter sluggish global economic growth, analysts said.The Korea Composite Stock Price Index (KOSPI) gained 0.64 percent, or 12.03 points, to 1,903.80 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 0.48 percent, with to
June 20, 2012
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Asset managers' earnings drop 14 pct in 2011
Earnings of asset management firms in South Korea fell 14 percent on-year in the 2011 fiscal year as weak stock prices and a drop in the net value of holdings cut into profits, the financial regulator said Wednesday.The combined net earnings of 82 asset managers came to 305.2 billion won (US$264.7 million) when fiscal 2011 ended in March, down 49.8 billion won from a year earlier, according to the
June 20, 2012
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G20 leaders pledge to bolster growth and job creation, extend standstill commitment
South Korean President Lee Myung-bak and other leaders of the world's major economies pledged Tuesday to accelerate growth and job creation to underpin the global economic recovery troubled by the eurozone debt crisis.The leaders of the Group of 20 economies said in a joint statement that they expect eurozone members to take all necessary measures to "safeguard the integrity and stability" of the
June 20, 2012
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South Korea plans public blackout drill
The government will carry out the nation’s first civil training against potential nationwide blackouts on Thursday at 2 p.m. for 20 minutes, officials said Tuesday. The Ministry of Knowledge Economy and other related government offices asked citizens and businesses for their cooperation in a joint news conference. Working under the possibility that the nation’s electricity reserves could fall below 2 million kilowatts, Thursday’s training will start with sirens and television and radio broadcast
IndustryJune 19, 2012
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Average age of Koreans to reach 50 in 2045: report
The average age of Koreans will reach 50 in 2045 thanks to the country’s rapidly aging population, the Royal Bank of Scotland said in a report Tuesday.“Korea has the fastest aging population on the planet and by 2016 its working-age population will contract,” Erik Lueth, an RBS analyst, wrote in the report titled “the economic impact of Korea’s demographic transition.” “Korea has just overtaken the U.S. in average age and will be older than Europe by 2020. By 2045, Koreans will be 50 years of ag
June 19, 2012
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Samsonite ‘Tokyo Chic’ bags removed from H.K. stores
Local consumer group finds high levels of possible carcinogens on bags’ handlesGlobal luggage maker Samsonite International pulled its “Tokyo Chic” bags from Hong Kong stores this week, following a report from a local consumer watchdog group that detected high levels of possible cancer-causing agents on the bags’ handles.The Wall Street Journal reported Monday that the company removed the bags from stores after the Hong Kong Consumer Council found higher-than-safe levels of polycyclic aromatic h
June 19, 2012
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SK Group chief seeks to create network of social enterprises
SK Group chairman Chey Tae-won said he will establish “Global Action Hub,” a private, international network of social enterprises, as part of his efforts to reinvigorate those companies.The business tycoon revealed the plan during his speech at the Rio Plus 20 Corporate Sustainability Forum in Brazil on Monday.The establishment is aimed at enabling social enterprises to become self-sustainable. “Social enterprise is the most efficient model for conglomerates like SK to support social values,” Ch
June 19, 2012
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LG Electronics forms smart TV consortium
LG Electronics has formed a business alliance with foreign television makers in an effort to promote smart TVs worldwide.Korea’s second biggest consumer electronics company has forged partnerships with TP Vision, the Netherlands/Taiwanese TV maker, and Japan-based Sharp.The consortium, named the “Smart TV Alliance,” to be headed by LG Electronics executive Kwon Bong-suk, is the first of its kind in the global TV industry.“We expect this partnership to further boost the smart TV ecosystem, while
TechnologyJune 19, 2012
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KB Financial wins award for corporate governance
KB Financial Group has been chosen as the No. 1 local company for corporate governance for 2012 by the Corporate Governance Service.The CGS named the nine best companies in corporate governance on Tuesday, and KB Financial topped the list, outperforming the 2011 champion POSCO and 2011’s second-best player KT&G.The yearly assessment by the private research institute monitoring corporate activities includes sectors such as governance, social responsibility and the environment.In particular, KB Fi
June 19, 2012
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Stocks end flat on Spain jitters
South Korean stocks closed effectively unchanged Tuesday as troubles in Spain’s bonds market offset Greece’s upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won ($2.97 billion), with losers outpacing gainers 440 to 371.“Spain’s surging borrowing costs clearly showed that relief over Greece’s electio
June 19, 2012
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KEB sells five-year bonds worth $700m
Korea Exchange Bank said on Tuesday it successfully issued bonds worth $700 million to foreign investors in its biggest dollar-denominated offering despite growing uncertainties stemming from the European fiscal crisis.In its first attempt to issue global bonds since it was acquired by Hana Financial Group in February, KEB sold 3.125 percent, five-year notes at a relative yield of 255 basis points more than similar-maturity U.S. Treasuries.KEB initially offered a yield of 275 basis points higher
June 19, 2012
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Shinhan raises W56.4b fund to create jobs
Shinhan Financial Group raised 56.4 billion won ($48.7 million) for the JOB S.O.S. II project, which saves up installments for those who found work at small or medium-sized companies and provides funds to such companies to encourage employment. The financial group has been showing particular interest in making social contributions. It was the first local bank to publish a report on social duties in 2005. It has been conducting many charity events, making donations and raising funds for social ca
June 19, 2012
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Industrial electricity sales rise 4.2% in May
The growth of electricity consumption by South Korea’s industrial sector rose 4.2 percent on-year in May due mainly to export gains in energy intensive industries, the government said Tuesday.Sales of industrial electricity moved up to 21.53 billion kilowatt-hours last month from 20.67 billion kilowatt-hours reached a year earlier, according to the Ministry of Knowledge Economy. The gain marks a slowdown from an 8.5 percent on-year increase tallied in May 2011, although numbers accelerated from
June 19, 2012
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Kyobo Life Insurance rated ‘AAA’ for sixth year
Kyobo Life Insurance was given an “AAA” credit rating by NICE, one of the top three South Korean credit rating agencies, for the sixth consecutive year. The insurance company announced on Tuesday that it received the top grade in NICE’s Insurer Financial Strength Rating. The IFSR is an overall assessment of an insurer’s financial health, profitability and risk management skills, it noted. The “AAA” grade signifies that it is unlikely that its financial strength will drop due to environmental cha
IndustryJune 19, 2012
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NCsoft to cut up to 800 workers, move seen as a pre-merger step
Firm plans to give 6-12 month salaries for laid-off workersNCsoft said Tuesday that it will lay off up to 800 people this month, a plan announced shortly after Nexon acquired the largest stake of its rival online game firm.The company notified its employees on the same day that it will run a “small but strong and effective” organization with plans to provide compensation programs for the laid-off workers.NCsoft plans on offering six- to 12-month salaries as compensation to those leaving the com
IndustryJune 19, 2012
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Hyundai seeks Samsung’s support for car semiconductors
Automaker officials foresee alliance after developing their own technologiesChances are growing in the automotive industry that Hyundai Motor could eventually be backed by factories of Samsung Electronics for its car-oriented semiconductor business in about a year.Officials of the two big companies have seemingly not ruled out the feasibility of their comprehensive partnership for what industry analysts call a lucrative car-semiconductor business.Hyundai Motor executives appear to be more positi
IndustryJune 19, 2012
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Why companies should stay young
Koreans have recently begun using a buzzword called “9988.” This refers to living healthily until the age of 99. These days, an “upgraded” version called “9988234” is popular, which means living lively until 99, ailing for only two or three days before death. The average lifespan of Korean people is about 80. However, people wish to live longer in good health. Increasingly many senior citizens live younger than their age both in terms of their body and mind. There are even new terms referring to
June 19, 2012
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Seoul stocks end flat on Spain jitters
South Korean stocks closed effectively unchanged Tuesday as troubles in Spain's bonds market offset Greece's upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won (US$2.97 billion), with losers
June 19, 2012