Most Popular
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Yoon's approval rating plunges to all-time low
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[Graphic News] More Koreans say they plan long-distance trips this year
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Mother of student activist, whose death sparked pro-democracy movement, dies
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Asian budget carriers set for price war
Peach Aviation, AirAsia Japan, Jetstar Japan and Spring Airlines tapping Korean marketCompetition between Asia’s low-cost airlines is poised to heat up this year as carriers from Japan and China are lining up to launch new routes to Seoul, seeking to gain an upper hand in one of the world’s fastest growing aviation markets. That will bring fresh challenges to Korea’s two full-service airlines, which are already being pummeled by volatile fuel prices, lower cargo demand and a weaker local curren
IndustryFeb. 17, 2012
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Hana, KEB union strike deal
Hana assures KEB independent management, job security for 5 yearsHana Financial Group and the hard-line labor union of the Korea Exchange Bank on Friday reached an 11th-hour compromise on how to manage KEB, taken over by Hana.With the agreement, the KEB union leaders withdrew its plan to go into a general strike against Hana’s merger of their bank. Under the agreement, the KEB brand will be maintained for five years ― separate from the group’s flagship Hana Bank ― as a new unit of Hana Financial
Feb. 17, 2012
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‘Korea to post trade surplus in February’
Knowledge Economy Minister Hong Suk-woo said Thursday that Korea’s trade balance would swing back into the black this month as exports pick up, driving a turnaround from January’s painful deficit. “We’ll post a surplus this month, albeit small, despite tough economic conditions,” he told reporters at a dinner meeting, without providing numbers. Hong’s forecast backs the remarks made early this month by Han Jin-hyun, deputy minister for trade and investment policy that he anticipates slight expor
Feb. 17, 2012
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LG Electronics chief urges juniors to speak up
LG Electronics chief executive Koo Bon-joon stressed the importance of communication, encouraging junior employees to speak up to management to improve performance, its officials said Friday.In a meeting with a group of junior workers called the “Junior Board,” the vice chairman asked them to play the role of delivering the thoughts of LG Electronics’ junior workers, according to LG officials.“The management will then collect the voices of the employees and reflect them when making their decisio
IndustryFeb. 17, 2012
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Samsung Electronics share price hits record high
Share price of Samsung Electronics Co. hit its highest point ever of 1.18 million won per share during trading Friday on strong foreign buying as its Japanese rival Elpida Memory Inc. teeters on the brink of collapse.Samsung Electronics’ share price closed at 1.176 million won per share Friday, up 3.61 percent from the previous day. Market analysts attributed Samsung Electronics’ stock price rally to the expected separation of its liquefied crystal display business, Elpida’s financial troubles a
IndustryFeb. 17, 2012
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Green Non-Life faces suspension or delisting
Regulators ask prosecutors to probe insurer over alleged stock riggingGreen Non-Life Insurance, which has been accused of stock manipulation, faces the possibility of business suspension or delisting from the stock market.Though the insurance firm has been mapping out a plan for management normalization, financial regulators filed a complaint against the firm and its chairman with the prosecution for allegedly rigging stocks.The regulatory sanction could make it impossible for the company to inc
Feb. 17, 2012
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Optimists highlight Korea’s fundamentals
Positive projections regarding Korea’s 2012 economy are drawing interest amid the looming gloomy outlook over major Asian economies.Though the optimists shared the view that Korea could also see a slowdown in economic growth this year, they say the damage would be relatively minimal as the nation’s fundamentals remain competitive.Among the economists positive about the nation’s economy is Anoop Singh, director for the Asia-Pacific department of the International Monetary Fund.Korea’s fundamental
Feb. 17, 2012
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Apple brings iPad features to the Mac
SAN FRANCISCO (AFP) - Apple released a preview version of its new Macintosh operating system on Thursday, bringing some features of the iPad to the personal computer.The Cupertino, California-based company said the updated operating system, called Mountain Lion, will be available to Macintosh develo
TechnologyFeb. 17, 2012
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Remote-controlled chip implant delivers bone drug
WASHINGTON (AP) -- Medication via remote-control instead of a shot? Scientists implanted microchips in seven women that did just that, oozing out the right dose of a bone-strengthening drug once a day without them even noticing.Implanted medicine is a hot field, aiming to help patients better stick
TechnologyFeb. 17, 2012
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KEB suffers network glitch
Korea Exchange Bank saw its network system, including Internet banking and automated teller machines, break down for about 1-1/2 hours late Thursday.Though KEB said it restored the services around 8 p.m., the commercial bank did not reveal the factors for the breakdown.The Financial Supervisory Serv
Feb. 16, 2012
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Foreign law firms rush into Korea
Competition in local legal service market set to intensify on FTAs with U.S. and EUMajor American and European law firms plan to enter the Korean market in the coming months, taking advantage of the free trade agreements and signaling a round of cutthroat competition. Sheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor, said in a recent interview with The Korea Herald that it will set up a Seoul office soon. Two other U.S. law firms ― Cleary Gottlieb Steen & Hamilton an
Feb. 16, 2012
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Korea to raise self-supply of oil, natural gas to 35%
Korea will develop on its own 35 percent of its oil and natural gas demands by 2020, up from the current 13.7 percent, the Ministry of Knowledge Economy said Thursday amid U.S. pressure to cut its crude oil imports from Iran. Korea also aims to raise its development rate of six key mineral resources that are critical to the country’s economy ― bituminous coal, uranium, iron ore, copper, zinc and nickel ― from the current 29 percent to 43 percent by 2020. “Korea ranks the lowest in terms of resou
Feb. 16, 2012
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KT&G introduces new Raison
KT&G Corp. plans to roll out a new version of its Raison cigarettes starting Feb. 22, Korea’s largest tobacco company said Thursday.The Raison Aero is designed to provide a refreshing taste for customers by empting the tip of the filter to screen out tar and nicotine, the company said in a statement.The latest product comes in two types, containing 1 milligram and 5 milligrams of tar. It costs 2,500 won a pack ($2.22).(heeshin@heraldm.com)
IndustryFeb. 16, 2012
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Genesis tops dependability ranking in United States
Hyundai Motor’s Genesis was the highest-ranked model in the midsize premium car segment in the 2012 Vehicle Dependability Study conducted by U.S.-based J.D. Power.The VDS, which was released on Feb. 16, measures problems experienced during the past 12 months by the original owners of three-year-old (2009 model year) vehicles.The Genesis received 81 points in the annual test, an all-time low ― which is the best performance ― for Hyundai Motor vehicles in the VDS.The BMW 520d and Mercedes-Benz E33
MobilityFeb. 16, 2012
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Supermarket sales rise as department stores post losses
Sales at Korea’s major discount outlets rose from a year earlier as department stores posted losses in January, mainly due to a drop in demand for clothing, a government report showed Thursday.Sales at the country’s three major discount outlet chains grew 2.7 percent last month from the same period last year, according to the Ministry of Knowledge Economy.The gain at the discount outlet chains ― Lotte Mart, E-Mart and Homeplus ― was largely led by a 4.5 percent increase in sales of household sup
Feb. 16, 2012
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Creditors agree on rescue deal for Kumho Industrial
Creditors of Kumho Industrial agreed Thursday on a 690 billion won ($609 million) rescue package for the construction company, industry sources said.The package deal includes 120 billion won to be provided by creditors, a capital increase of 300 billion won by issuing new stocks and a 270-billion-won debt-to-equity swap next Wednesday.Kumho Asiana Group chairman Park Sam-koo informed the creditors of his intention to use his private funds for the capital increase of the financially embattled Kum
IndustryFeb. 16, 2012
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Iran sanctions push petrol prices to all-time high
Retail prices of premium gasoline in Korea hit their highest levels ever on Feb. 14, driven by rising tensions in the Middle East, government data showed Thursday.Premium unleaded petrol was sold at an average 2,216.15 won ($1.96) per liter at pumps nationwide, according to Opinet, a website of real-time gas price comparisons run by the state-run Korean National Oil Corp.That is up almost 8.6 percent from a year ago and 2.6 won more expensive than the previous high of 2,213.55 won on Oct. 23, 20
IndustryFeb. 16, 2012
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LG Chem wins patent suit against Dow Chemical
Seoul court declares Dow’s key technology infringement suit has no legal basisLG Chem said Thursday it won a patent suit battle against U.S.-based Dow Chemical Co. involving ethylene-based elastomers.The country’s top chemical maker said that a Seoul court had ruled that the infringement lawsuit filed by Dow Chemical back in 2009 had no legal basis.“The ruling indicates that LG Chem’s proprietary technology on the making of ethylene-based elastomer, which was developed over the past 10 years, ha
IndustryFeb. 16, 2012
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Woori Financial posts record earnings
Woori Financial Group reported a net profit of 2.15 trillion won ($1.88 billion) last year, a record-high yearly performance for the group.Its 2011 performance compares to 1.28 trillion won in net profit posted a year earlier.The financial group also saw its total assets maintain the No. 1 position in the local financial industry.In a statement, Woori Financial said it has strived to reduce insolvent assets over the past four years since the 2008 global financial crisis.Meanwhile, Woori Financia
Feb. 16, 2012
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Two private lenders suspended for 6 months
Major private money lenders in Korea were ordered Thursday to suspend their operations for six months for reaping illegal profits through “unfair” interest rates, officials said Thursday.Seoul’s Gangnam Ward office informed four private lenders, including market leaders A&P Financial and Sanwa Money, to halt their business operations between March 5 to Sept. 4, according to industry officials.The move comes after the local financial regulator vowed to overhaul the private money market amid growi
Feb. 16, 2012