Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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Korea’s homegrown nanosatellite successfully launches into space
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[Herald Interview] LS Group taps into emerging markets
Chairman John Koo says companies’ social contribution is mandatory investmentLS Group, unrivaled in Korea for industrial cables and electrical systems, is aggressively expanding abroad with a focus on green businesses, such as smart grid, renewable energy, electric car parts and resource development. With LS Cable & System and LS Industrial Systems as its two main pillars, LS has grown into the nation’s 13th largest conglomerate in terms of asset value in the nine years since it spun off from LG
IndustryFeb. 20, 2012
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[Herald Interview] Koo champions LS Group’s expansion, shared growth
Chairman says LS is fattening investment in Silicon Valley to find business modelThe following is a transcript of The Korea Herald’s interview with LS Group chairman John Koo. ― Ed.KH: How do you forecast the domestic and international management environment this year or for the next few years?Koo: I expect a time of extreme volatility as the global economic cycle accelerates. Increased uncertainties due to the eurozone debt crisis and instability in the Middle East will raise the volatility of
IndustryFeb. 20, 2012
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Companies step up efforts for ecosystemic development
Ecosystemic development, or shared growth with smaller partner companies and social contributions, has been the latest buzzword for the nation’s major enterprises and financial companies.Woori Financial Group has been at the forefront of social contribution in the financial sector.Last month, Woori Financial became the first financial company to sign a preliminary deal with the Education Ministry to run financial education programs for children, teenagers and job seekers.The nation’s largest fin
IndustryFeb. 20, 2012
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Department stores mull hagwon business
Local department stores are considering listing their education centers as private institutions, following a revision to the law on hagwon management last year. Shinsegae Group said Monday that it will revise the corporate purposes of Shinsegae Department Store and E-Mart to include its hagwon business during a shareholders’ meeting scheduled on March 2. Other major companies, such as Lotte and Hyundai department stores, also plan to continue similar discussions in the two-year grace period allo
IndustryFeb. 20, 2012
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Private sector R&D to surpass record W41tr
Korea’s private sector research and development spending is expected to surpass the 41 trillion won ($36.4 billion) mark for the first time ever, a report by a local industrial association said Monday.The Korea Industrial Technology Association report based on a poll conducted on 607 companies engaged in R&D work showed spending likely to go up 8.4 percent on-year to 41.05 trillion won.Of the total to be spent, money earmarked by large conglomerates is expected to rise 8.9 percent compared to th
Feb. 20, 2012
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Gap on education spending widens
The gap between the wealthy and the poor in Korea is widening further in education, a report showed Monday. According to the report entitled “Social Indicator Trends in Korea” issued by the Bank of Korea, those at the upper level in terms of annual income tend to spend more on their children’s education, which better ensures their success in society. Low-income earners, in contrast, do not have any extra money to invest in their children’s education, with their education-related budget stuck at
Feb. 20, 2012
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Samsung Electronics confirms spin-off of display unit
Industry sources say merger of the company’s display unit, Samsung Mobile Display soon to take placeSamsung Electronics on Monday announced the establishment of a new firm tentatively called Samsung Display Co. by April 1 through the spin-off of its liquid-crystal display unit.The world’s biggest TV maker said initial funding of 750 billion won ($668.5 million) and 150 million new shares will be issued for the launching of Samsung’s new display company following a board meeting earlier on Monday
IndustryFeb. 20, 2012
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‘Samsung Electronics most admired firm’
Korea’s tech giant Samsung Electronics Co. topped the list of the most admired companies in the country, marking the ninth consecutive year it has clinched the top spot, a survey showed Monday.The company ranked first, followed by leading steelmaker POSCO and Yuhan Kimberly Co., the country’s largest maker of diapers and feminine hygiene products, according to a poll by the Korean Management Association Consulting. Samsung Electronics has kept its top spot since 2004, when the consulting, certif
IndustryFeb. 20, 2012
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Task force to look into welfare plans touted by political parties
The government has launched a task force to study the feasibility of a recent spate of welfare proposals floated by politicians amid worries that many of them are just intended to woo voters ahead of major elections.Korea is to hold parliamentary and presidential elections in April and December. Political parties are rushing to unveil welfare programs and campaign pledges, many of which policymakers see as “populist” and fiscally “unsustainable.”“From the perspective of fiscal authorities, it is
Feb. 20, 2012
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Park Won-shik reserved for BOK senior deputy governor
The Bank of Korea said on Monday Park Won-shik would be appointed as senior deputy governor, the No. 2 position after Gov. Kim Choong-soo, in April as part of regular personnel reshuffles. Park, 56, will replace Lee Ju-yeol, whose term will expire on April 7. The central bank also announced that four new deputy governors ― Kim Jun-il, Kang Juno, Kang Tae-soo and Kim Jong-hwa ― will take office on April 25 when their predecessors’ terms are set to end. Park graduated from Korea University and wo
Feb. 20, 2012
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Seoul shares end marginally higher on China’s reserve easing
South Korean stocks finished slightly higher on Monday as China’s reserve ratio cut boosted investor sentiment, analysts said, but financial firms’ losses trimmed overall gains. The local currency rose against the greenback.After rising as much as 1.18 percent, the benchmark KOSPI added 0.07 percent, or 1.43 points, to end at 2,024.9. Trading volume was heavy at 723 million shares worth 5.96 trillion won ($5.29 billion) with gainers leading losers 464 to 372.In the early morning, the KOSPI got a
Feb. 20, 2012
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Brokerages’ Q3 earnings up 15 percent
Securities companies operating in Korea saw their earnings for the fiscal third-quarter rise 15 percent from three months earlier thanks to a recovery in the local stock market, the financial watchdog said Monday.The combined net profit of 62 local and foreign securities firms operating here came to 514.3 billion won ($458.7 million) in the October-December period, compared with 447.4 billion won in the previous quarter, according to the Financial Supervisory Service. The tallied brokerages clos
Feb. 20, 2012
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Shinhan BNP Paribas Asset gets investor status in China
HONG KONG (Yonhap News) ― A joint venture asset manager between Korea’s No. 2 financial services firm Shinhan Financial Group Co. and global banking group BNP Paribas SA. has received qualified investor status from Chinese authorities, opening the door for its investment in Chinese stock markets, a government document showed Monday.Shinhan BNP Paribas Asset Management Co. received the status of “qualified foreign institutional investor” from the China Securities Regulatory Commission, according
Feb. 20, 2012
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KEB labor union welcomes Yun as new chief executive
The labor union for Korea Exchange Bank welcomed the new chief on his first day at work with roses on Monday in a sign that it will support the leadership appointed by Hana Financial Group, the bank’s new owner.KEB’s union leader Kim Kwi-chul and his team embraced new CEO Yun Yong-ro as he entered the bank’s headquarters and called Yun “a new member of the family that we all should work with closely.” The gesture signals a fresh start to the partnership between the management and the union, whos
Feb. 20, 2012
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Swiss education fair to showcase hospitality
The first Swiss Education Fair in Seoul will take place at the Sheraton Seoul D Cube City Hotel later this week.This event is organized by Swiss Business Hub Korea and aims to promote the highly regarded global education curriculum of Swiss schools in Korea. In attendance at this year’s fair are two public and six private hotel and business management schools.There will also be five prestigious Swiss boarding schools.Visitors to the fair on Feb. 25 will have the opportunity to consult directly w
Feb. 20, 2012
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Connecting New Zealand F&B with Busan
New Zealand Food Connection 2012 will be held Feb. 28 at Paradise Hotel in Busan hosted by New Zealand Trade and Enterprise.Held twice a year, once in Seoul and once in Busan, the event aims to showcase a wide range of premium New Zealand food and beverages to Korean food industry professionals, including hotels, restaurants, distributors and retailers, and to promote cooperation between the New Zealand and Korean food and beverage industries,.“Busan is a very attractive market, well-known for t
Feb. 20, 2012
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Global Biz Center site tour, Korean lessons
The Seoul Global Business Support Center, Gangnam office, will hold a site tour and offer a Korean language course taught by a popular local broadcaster.The site tour of the Seoul International Sourcing Fair at the COEX center will take place on Feb. 24 from 10 a.m. to 6 p.m.On the same day, the center will stop taking applications for foreign businesspeople interested in advancing their Korean business language skills and perfect their professional presentations about their products or other bu
Feb. 20, 2012
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Newcomers meeting illustrates networking importance
The Korean-German Chamber of Commerce and Industry held their first seminar to welcome newcomers on Feb. 13, offering information and advice on doing business in Korea.“We wanted to give insider views by experienced practitioners and the chamber for the new arrivals in Korea, be it new German companies or executives, Germans or foreigners, who work for member companies of the chamber,” KGCC Secretary-General Jurgen Wohler told The Korea Herald.During the meeting, the chamber’s directors offered
Feb. 20, 2012
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Penetrating with products beyond beverages
Austria looks to showcase year-round leisure companiesAustria is offering more this year than the standard food, beverages and classical music as the promotion of winter products takes center stage.“We have the mountains and the winter sports and that is where we will have the angle this year,” said Advantage Austria commercial counsellor Michael Otter.Several winter sports products have made their way to Korea in the past few years but one that has revolutionized the industry is Fischer’s Vacuu
Feb. 20, 2012
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Kolon chairman honored for women-friendly management
Kolon Group chairman Lee Woong-yeul won an award from Business and Professional Women Korea for setting an example to encourage women’s participation in the workplace, the business group said on Monday.Lee was honored with the BWP Gold award for raising female employment to 39 percent at Kolon while adopting a quota system to secure work for female workers. He also introduced a mentoring system for women workers in need of career advice. The BWP Gold Award is a recognition given to an individual
IndustryFeb. 20, 2012