Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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[Herald Interview] ‘Time to Be Strong’ follows retired K-pop idols’ self-discovery
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Hyundai-Kia to hold job fair for suppliers
Hyundai Motors and its affiliate Kia Motors are stepping up their efforts to support subcontractors’ recruiting.The two companies said Monday that they will hold a series of job fairs to hire jobseekers for subcontractors, including auto parts manufacturers, between April 25 and May 10.The automotive job fairs will start at the COEX in Samseong-dong in southern Seoul on April 25. The event in Seoul will run though April 26.The same events are scheduled for provincial cities such as Gwangju and D
MobilityApril 9, 2012
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SK struggles to revive ailing Cyworld service
SK Communications recently carried out a corporate revamp as part of last ditch efforts to revive its flagship social networking service Cyworld, which has been hit hard by the entry of Facebook. The Internet business unit of SK Group said Monday that it has scaled down its previous 30 business teams into 24, with a single coordinating body being set up under the leadership of new CEO Lee Joo-sik. “We used to have different teams for different businesses like Cyworld and Nate. Now we have integr
IndustryApril 9, 2012
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Competition gets fierce in mobile gaming
Entry of Wemade-Kakao expected to change landscape of the fledgling marketKorea’s mobile gaming industry is expected to see fiercer competition as newcomers Wemade Entertainment and Kakao Talk are set to enter the race, industry sources and an analyst said on Monday.Wemade Entertainment, a listed online gamer, and Kakao Talk, Korea’s renowned mobile messenger, recently announced their strategic partnership in mobile games. Wemade invested 20 billion won ($17.5 million) for about a 6 percent stak
TechnologyApril 9, 2012
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Producer price growth falls to two-year low
South Korea’s producer price growth decelerated to a two-year low in March from the year earlier mainly due to slower price gains in global crude prices, the central bank said Monday.The producer price index, a barometer of future consumer inflation, gained 2.8 percent last month from a year ago, falling from 3.5 percent on-year growth in the previous month, according to the Bank of Korea. The on-year gain is the lowest since 2.6 percent growth reported for March 2010.Producer prices also dipped
April 9, 2012
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Korea says no plan to curb record foreign bond buying
South Korea, which suffered a sudden outflow of capital in 2008, has no plans to curb record purchases of its debt by foreign funds and will sell 30-year bonds aimed at such investors, a Finance Ministry official said. The level of foreign investment is “manageable” and no curbs are planned, Shin Hyung-chul, director general of the treasury bureau at the Ministry of Strategy and Finance, said in an April 5 interview in Gwacheon, south of Seoul. The government will “gradually increase” issuance o
April 9, 2012
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Shares fall below 2,000 points to close at one-month low
South Korean stocks sank 1.57 percent on Monday on disappointing U.S. economic indicators, analysts said Monday. The local currency declined against the U.S. dollar.The benchmark KOSPI lost 31.95 points, or 1.57 percent, to close at 1,997.08. Trading volume was moderate at 458 million shares worth 4.27 trillion won ($3.75 billion), with losers outpacing gainers 726 to 151.The bourse was battered by worse-than-expected U.S. employment numbers, with the number of jobs created in March falling to a
April 9, 2012
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KDB seals deal to acquire HSBC Korea
KDB Financial Group said on Monday it has signed a memorandum of understanding with HSBC to acquire the U.K-based bank’s retail operations in Korea. KDB said the takeover of 11 retail branches of HSBC Korea would be implemented in the form of purchase and assumption. The lender said due diligence is scheduled for the assets to be acquired, and a sale and purchase agreement would be signed. The process, including regulatory approval, should be finished quickly. The P&A deal does not involve a tra
April 9, 2012
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Listed firms’ debt-repaying ability worsens in 2011
South Korean listed companies’ ability to pay back their debt deteriorated last year as their earnings declined amid increased bond issues, data showed Monday.The average interest coverage ratio of 616 firms listed on the main bourse came to 4.67 in 2011, down from 5.51 a year earlier, according to the data by the Korea Exchange and the Korea Listed Companies Association.The ratio, a firm’s operating profit divided by its interest costs, measures the company’s ability to pay interest on outstand
April 9, 2012
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Banks slashing number of branches
Lenders seek to open ‘smart-banking’ branches and tap overseas marketsMore and more Korean banks are withdrawing from their hot competition to increase their number of branches nationwide.While the number of branches had been a barometer for a commercial bank’s market dominance and competitiveness, they have been increasingly skeptical over tapping as many regional markets as possible. KB Kookmin Bank reduced the number of its branches to 1,165 at the end of 2011 from 1,174 a year earlier. The
April 9, 2012
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Global center holds lecture on succeeding
The Seoul Global Business Support Center will hold a lecture on April 17 to answer questions foreign entrepreneurs might have concerning starting a business in Korea.Karim Khouider, co-founder of Direct Optic, will discuss his story and answer questions about starting and running a foreign business in Seoul, what it takes to make a business successful and the steps and difficulties foreign entrepreneurs have to go through when starting a company, officials said.Founded in Seoul in 2008, Direct O
IndustryApril 9, 2012
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Austcham to hold forum on economic policy
The Australia Chamber of Commerce will hold a forum on Thursday to gain insight on the future role of Korean conglomerates and the impact on foreign business.During the monthly breakfast forum, Ewha Womans University professor Kim Byoung-joo will speak about the topic and his theories on how Korea’s economic policy may change as a result of the two critical elections this year, organizers said.Kim is a former policy counselor and special assistant to two Korean trade ministers, has sat on a numb
IndustryApril 9, 2012
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Marketing trends examined at French chamber
The French Chamber of Commerce plans to have a luncheon on marketing trends on Thursday.The topic for the meeting will be new standards for digital communication in Korea and will be held at Lotte Hotel in central Seoul.With the rapid growth of mobile digital platforms and the consumer behavior evolution, speakers at the luncheon will give their insight on the digital marketing trends and how to implement adapted strategies. Speakers lined up are commercial director for Air France-KLM Simon Scho
IndustryApril 9, 2012
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Monaco to showcase sustainable marine development at Expo
Monaco, the world’s second-smallest independent state, plans to showcase its efforts for sustainable marine development during the 2012 Yeosu Expo opening May 12, organizers said.Under the theme “The Historical Commitment of the Principality of Monaco to Protecting the Environment, Seas and Oceans,” the country’s pavilion will include the story of the principality’s programs, such as the Monaco Blue Initiative, to encourage sustainable marine development, they said.“Monaco has contributed to env
April 9, 2012
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TaeguTec seeks takeoff with new plant
Buffett’s cutting tool company aims to double production and make innovative productsDAEGU ― With the recent inauguration of its second plant, TaeguTec expects to churn out more innovative products and double its production, solidifying its position as a world-leading cutting tool manufacturer.“This new plant opens a new avenue by increasing the supply to our customers with more innovative products,” TaeguTec president Moshe Sharon told The Korea Herald.“If you judge just by quantity, this mea
IndustryApril 9, 2012
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Samsung retains top spot in LCD, LED markets
South Korean tech behemoth Samsung Electronics Co. retained its No. 1 market share in liquid-crystal display and light-emitting diode monitors in 2011, a market research firm said Monday.DisplaySearch said Samsung’s share stood at a combined 15.1 percent, outperforming rivals such as Dell Inc. and Hewlett-Packard Co. that controlled 12.9 percent and 11.2 percent of the market each.The South Korean company’s market share was unchanged from the year before when it ranked first overall in LCD and L
TechnologyApril 9, 2012
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Apple’s Cook highest-paid CEO as pay gains: report
Apple Inc.’s Tim Cook was the highest-paid chief executive officer in the U.S. last year as compensation gained 2 percent overall from 2010, the New York Times reported. Cook received about $378 million, which includes salary, perks and bonuses ($1.8 million) and a one-time stock award ($376.2 million), that extends over 10 years. One-half of the award vests in 2016 and the other in 2021, the news
IndustryApril 9, 2012
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Ovarian stem cells make human eggs in possible aid to fertility
Stem cells taken from human ovaries were used to produce early-stage eggs by scientists in Boston who may have created a new method to help infertile women.Females have a fixed number of eggs from birth that are depleted by the time of menopause. The finding, published today in the journal Nature Medicine, challenges the belief that their ovaries can’t make more. The research was led by Jonathan T
TechnologyApril 9, 2012
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SKMtek eyeing Chinese market with driving assistance system
SK Telecom said Sunday that its system-on-chip solution unit SKMtek will enter the Chinese driver assistant system market in a business partnership with ImageNext, a local around view monitor developer. The advanced driver assistant system, or ADAS, aims to enhance road safety. The market is growing quickly, especially in China where the demand for high-end vehicles has been soaring recently.According to SK Telecom, the nation’s No. 1 telecom carrier, SKMtek and ImageNext on Sunday signed a memo
IndustryApril 8, 2012
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Private banking needs overhaul to stay competitive, urges report
The Korea Institute of Finance, a state-run think tank, said in a report on Sunday that the country’s private banking market needs a revision to the related law to bolster growth and stay competitive in the long term. In a report titled “The potential and limitation of South Korean private banking,” the KIF said the PB industry appears to be growing at a steady pace but the quality of services is falling behind, with lenders struggling to turn out a profit from their supposedly premium banking s
April 8, 2012
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Ministry ramps up financing for small builders
The government is ratcheting up efforts to shore up cash-strapped small- and mid-size builders by bankrolling their overseas expansion. The Ministry of Land, Transport and Maritime Affairs said Sunday it will provide 3.01 billion won ($2.66 million) for new construction projects this year, up more than 38 percent from 2011. It plans to frontload 2.84 billion won, or 94.4 percent, in the first half to sponsor 76 programs. Sixty small and midsize companies will receive at total of 2.44 billion won
IndustryApril 8, 2012