Most Popular
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Yoon interacts with public for 1st time since election defeat
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[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
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Seoul transit pass for travelers to be available starting July
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N. Korea says to deploy new multiple rocket launcher starting this year
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State-led adoption system to be established to ensure adoptees' well-being, minimize overseas adoption
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[Drama Tour] Romantic trip to ‘Queen of Tears’ filming spots
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Business moguls attend concert by Helene Mercier, wife of LVMH CEO
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Buddha's birthday lantern parade to light up Seoul
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Travel fair showcases global tourism in Seoul
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Controversy rekindles over when to name criminals, suspects
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Google Korea faces stern antitrust sanction
The Fair Trade Commission investigated Google Korea this week by sending its inspectors to the headquarters, marking the fourth antitrust investigation including a raid last September.While the regulator’s raid on Google’s Korean unit in southern Seoul was the result of a joint-complaint by local Internet portals it is alleged the U.S.-based tech giant hindered the FTC from conducting an ordinary probe.The allegation of obstructing civil servants’ on-the-spot investigation could yield an intensi
IndustryMay 31, 2012
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Hyundai downplays reports about anti-rust coating
Hyundai Motor Group on Thursday downplayed news reports that the Korean auto giant had discriminated against local consumers by providing zinc coatings only to vehicles sold for overseas markets. Hyundai, which owns Hyundai Motor and Kia Motors, said that it has adopted the protective coating on more than 70 percent of cars sold here since late 2006, a similar level as that of the U.S. and Europe. “We have applied the zinc coatings to more than 70 percent of medium-sized cars such as Sonata and
IndustryMay 31, 2012
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Volkswagen to recall 1,100 cars here over fuel filters
German automaker Volkswagen AG will recall 1,111 units of its popular CC four-door sedan and Tiguan compact sport utility vehicle to repair faulty fuel filters, the South Korean government said Thursday.Subject to the recall are 729 2.0-liter turbo diesel CCs produced between March 31 and Aug. 25 of last year and sold through Volkswagen’s local distributor. In addition, 382 Tiguans with the same engine made from March 25 through Sept. 20 will be recalled, the Ministry of Land, Transport and Mari
MobilityMay 31, 2012
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Korea’s global competitiveness ranking holds steady for 2012
South Korea’s global competitiveness ranking remains unchanged in 2012 from a year earlier despite persistent economic uncertainties, an international institute said Thursday.According to the 2012 World Competitiveness Yearbook unveiled by the International Management Development Institute, South Korea ranked 22nd in competitiveness among the 59 countries surveyed.IMD is a Switzerland-based institute that releases competitiveness rankings every year based on countries’ economic achievements, inf
May 31, 2012
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SKT, HMH form global smart-learning partnership
SK Telecom said Thursday that it will target the global smart-learning market together with U.S.-based global learning company Houghton Mifflin Harcourt.The two firms signed an agreement at SKT’s headquarters in downtown Seoul on the same day to jointly launch the smart-learning project.The event took place as the country’s telecom giant seeks a future growth engine to target the overseas market, much bigger in size than the increasingly saturated Korean market.As a start, SKT previously introdu
IndustryMay 31, 2012
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Hanwha signs $8b contract in Iraq
Hanwha Group has signed an $8 billion contract to build a housing complex in a new town of Iraq, the conglomerate said in a statement Thursday.A formal contract was signed at a state-run office in Iraq on Wednesday, with group chairman Kim Seung-youn taking part in the event, a Hanwha spokesman said. “Its scale will mark the largest-ever in history in Korea’s overseas construction projects,” he said. The Iraqi government recently endorsed the business deal under which Hanwha Engineering & Constr
IndustryMay 31, 2012
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Korean washer exporters to pay U.S. duties as high as 71%
The U.S. Commerce Department proposed duties of as much as 71 percent on large, residential washing machines made in South Korea, concluding that government subsidies for the goods undercut U.S. producers.The agency announced a preliminary finding yesterday after Whirlpool Corp. of Benton Harbor, Michigan, said in a Dec. 30 complaint that LG Electronics Inc. and Daewoo Electronics Corp., both based in Seoul, and Samsung Electronics Co. of Suwon, South Korea, sell washers in the U.S. for less tha
May 31, 2012
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POSCO, GE team up on power plants
Korea’s top steelmaker POSCO and U.S. energy giant General Electric have teamed up to strengthen their partnership in future energy projects, especially the development of related steel plates, POSCO officials said Thursday. POSCO CEO Chung Joon-yang and GE CEO Jeffrey Immelt held their first official meeting at a Seoul hotel on Thursday to sign a memorandum of understanding to further extend cooperation on five key areas. “GE reminds me of Thomas Edison, creativeness and innovation. POSCO has a
IndustryMay 31, 2012
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Shares end almost flat on eurozone jitters
South Korean stocks closed nearly unchanged Thursday as jitters over Spain’s banking sector weighed down the market, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.39 points, to 1,843.47. Trading volume was moderate at 439 million shares worth 4.55 trillion won ($3.84 billion), with losers outpacing gainers 446 to 384.“The European Union’s troubles took a turn for the worse when Madrid tried to bolster
May 31, 2012
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April industrial output unchanged on-year
South Korea’s industrial output growth remained unchanged in April from a year earlier mainly due to weak exports, but it inched up from the previous month, a government report showed Thursday.Production in the mining and manufacturing industries remained flat last month from April 2011, compared with a 0.7 percent on-year gain tallied for March, according to the report by Statistics Korea.The monthly output number, however, represents a 0.9 percent increase from March.The manufacturing sector,
May 31, 2012
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Nonghyup exports 40kg of ‘hanwoo’ to Jordanian royals
Korea’s National Agricultural Cooperative Federation, or Nonghyup, announced Wednesday that it has exported premium cuts of Korean beef, or “hanwoo,” to the Jordanian royal family.Forty kilograms of frozen top-grade hanwoo arrived in Amman, Jordan, on May 26, a day after the Korean supplier put the beef on an overseas flight, officials said.The cuts include 20 kg of tenderloin, 15 kg of sirloin, and 5 kg of shank. The shank is used for making bulgogi. Nonghyup also sent bulgogi sauce to accompan
May 31, 2012
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Court upholds price-fixing fine against Samsung Fire & Marine
Samsung Fire & Marine Insurance suffered a blow to its brand image when the Supreme Court ruled on Thursday in favor of the nation’s anti-trust watchdog’s decision to fine the company for price-fixing with other insurers.The court said the Fair Trade Commission’s imposition of fines on the Samsung firm, which allegedly agreed with other insurers on discount levels for insurance products and lower reimbursement payouts, was just.The Samsung insurer had filed a nullification suit against the FTC o
May 31, 2012
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Overseas card spending rises in first quarter
South Koreans’ overseas credit card spending rose to a record high in the first quarter as more people bought products and services from abroad, the central bank said Thursday.Overseas credit card bills totaled $2.27 billion in the January-March period, up 5.2 percent from three months earlier, according to the Bank of Korea. The figure covers purchases made by credit, debit or check cards.The amount also marks the second highest quarterly spending total after the $2.96 billion reported for the
May 31, 2012
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Talks on software pricing expected between Microsoft, Defense Ministry
Two sides are unlikely to settle dispute in court, officials sayKorea’s Ministry of National Defense and Microsoft are expected to engage in talks over the price of software licensing provided by the global software developer following heightening tension between the two sides on the matter.An official with the ministry said that it is currently reviewing an official document sent by MS on May 29, and will seek to negotiate with MS to fine-tune their differences over the price, without giving a
IndustryMay 31, 2012
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Ssangyong E&C wins top honors for building hotel in Singapore
Ssangyong Engineering and Construction recently won the Building and Construction Authority Awards ― one of the industry’s greatest honors ― in three categories for its recent construction of Marina Bay Sands Hotel in Singapore. The Marina Bay Sands, developed by U.S.-based resort company Las Vegas Sands, is an integrated resort near Marina Bay in Singapore, featuring 2,561 rooms, a 120,000 square-meter convention center and a 74,000 square-meter shopping mall. Adding to the uniqueness of the re
IndustryMay 31, 2012
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Time to invest in U.S. real estate: experts
Backed up by its increasing national wealth and population, Korean investors could become major customers in the U.S. retail real estate market, a U.S. expert said in Seoul on Thursday.“Korea is in a great position with its wealth and population … and needs to invest overseas to diversify.” Joseph F. Coradino, president of Pennsylvania Real Estate Investment Trust, told The Korea Herald. The U.S. market will likely continue to rise, as shown by the history of market change after recessions, Cora
May 31, 2012
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S-Oil Corp. donates w10b for pavilion restoration
S-Oil Corp. said Thursday that it will donate 10 billion won for the restoration of Ulsan’s Taehwa Pavilion, a cultural and historical landmark in Korea’s seventh largest metropolitan city.S-Oil CEO Nasser Al-Mahasher made the announcement at the opening ceremony of the project, which took place on Thursday on the banks of the Taehwa River in Ulsan. The donation will cover the entire cost of restoring Taehwa Pavilion, a historical structure built during the reign of Queen Seon-deok during the Si
May 31, 2012
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Customer service for luxury brands not up to prices
A piece of cubic kept falling out from a Chanel earring 30-year-old Lim Joo-hyun received from a friend several months ago. When she took it to a Chanel boutique in central Seoul, however, she was disappointed to hear that it would take about a month to be fixed. “I was told that they do not have the same piece and that it would be replaced with a similar one which might not fit as well. The cubic fell out about two more times since then. Now I usually keep the earrings safe at home because I’m
IndustryMay 31, 2012
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KT executive becomes first Asian GSMA strategy chief
KT said Thursday that the firm’s executive Yang Hyun-mi became the first Asian seated as chief strategy officer for the Global System for Mobile Communications Association.The nomination indicates that Yang, executive vice president of the customer strategy business unit at KT, will be leaving KT to serve in the GSMA position in London beginning June 15.Yang, 49, will focus on cooperating with operator members of GSMA to identify opportunities which will upgrade the mobile communications industr
IndustryMay 31, 2012
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320,000 Koreans have sleep disorders
About 320,000 people have been treated for sleeping disorders last year, the Health Insurance Review and Assessment said Monday. The figure is a 73 percent jump from 180,000 in 2007, the state insurance-auditory body said. About one-third of the patients were in their 40s and 50s. According to HIRA, the factor behind the spiraling cases of sleep disorders is extreme stress from work. The fact that they suffer from obesity, hypertension and other illnesses stemming from an unbalanced diet and lac
TechnologyMay 31, 2012