Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Lee Jong-sup resigns as envoy to Australia
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Yellow dust engulfs S. Korea, advisory alert issued
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S. Korea to boost support for single-parent families
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Court upholds jail term for man who attempted to murder ex-girlfriend
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Banks’ earnings surge on record service fees
Lenders see combined profit reach 12 trillion won, up 29.2% from a year beforeKorean banks posted a robust combined profit last year on the back of their record-high earnings from service charges.According to the Financial Supervisory Service, banks’ 2011 earnings came to about 12 trillion won ($10.5 billion), up 29.2 percent from 9.3 trillion won a year earlier.Noticeably, their earnings from service fees, including those on transactions via automated teller machines, marked an all-time high of
Jan. 31, 2012
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Chung honored for role in Yeosu Expo
Hyundai Motor Group chairman Chung Mong-koo will receive the National Order of Merit Mugunghwa from the government for his contribution to the 2012 Expo in Yeosu, Hyundai Motor said Tuesday.Mugunghwa is the first class of order of Civil Merit. Chung has worked as the honorary chief of the organizing committee to host the world class exhibition event since 2007. His contributions were noted after he visited 11 member states of the Bureau of International Expositions in 2007 to promote Yeosu to of
IndustryJan. 31, 2012
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Medical tourism income hits record high in 2011
Korea’s medical tourism income reached a record $116 million in 2011 on the strength of the surging popularity of the country’s health care and medical services among inbound travelers, the Bank of Data showed Tuesday. The income from the thriving medical tourism doubled in five years as more foreign travelers came here to get medical services and plastic surgery.“Foreign tourists are flocking to the country because of its advanced medical technologies, and Chinese and Japanese customers, in par
Jan. 31, 2012
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POSCO builds children’s center in Zimbabwe
POSCO said Tuesday it built a development center for children near the Zimbabwean capital of Harare as part of efforts to expand its social contribution in Africa.About 80 children suffering from poverty or AIDS will take part in programs to improve their health at the POSCO Children Development Center, the steelmaker said in a press release. Parents and local leaders will undergo educational programs on childraising at the center.Next to the new center, POSCO broke ground for an Agricultural Tr
IndustryJan. 31, 2012
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Conglomerates swayed by politics in election year
Politicians bent on winning votes indulge in bashing big business ahead of general elections and presidential pollKorea’s family-owned conglomerates are coming under growing pressure as political parties from all sides are trying to exploit popular anger toward corporate greed and inequality for better chances in this year’s key elections. Globally Samsung, LG, Hyundai Motor and other chaebol are basking in praise for their record earnings, increasing market share and technological innovation. T
IndustryJan. 31, 2012
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Magnetic strip card to be banned in September
Financial consumers will be banned from using credit cards that rely solely on magnetic strips starting from September.The Financial Supervisory Service said Tuesday that consumers are required to replace their magnetic cards with integrated circuit cards by September.In its unveiling of the 2012 regulatory policies, the FSS said its move is aimed at preventing fraudulent financial transactions amid a series of crimes with stolen credit cards.“Some transactions via the magnetic strip cards will
Jan. 31, 2012
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Korea likely to have stand-alone rating soon
A rate cut expected for weak conglomerate units and public corporationsKorea’s financial regulators plan to hold a public forum to explore the introduction of a stand-alone corporate rating system on Feb. 9, heralding the imminent implementation of a program that alarms Korean conglomerates. The envisioned stand-alone rating system is widely expected to weed out nonviable chaebol affiliates which have inflated their corporate ratings through links with parent firms with better ratings. The gover
Jan. 31, 2012
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Ultrasound zaps could be used as male contraceptives: study
WASHINGTON (AFP) - Zapping testicles with ultrasound can reduce sperm counts and might be used in the future as an inexpensive, reliable and reversible male contraceptive, according to US researchers.Scientists from the University of North Carolina School of Medicine, who conducted experiments on ma
TechnologyJan. 31, 2012
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Earth's missing energy not lost after all; study
(NASA)A new NASA study underscores the fact that greenhouse gases generated by human activity -- not changes in solar activity -- are the primary force driving global warming.The study offers an updated calculation of Earth's energy imbalance, the difference between the amount of solar energy absorb
TechnologyJan. 31, 2012
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Doctors 'should check blood pressure on both arms'
Measuring blood pressure on both arms rather than only one can reveal an elevated risk of heart disease or even death, according to a study released Monday. A file picture shows a medic taking a patient's blood pressure in Connecticut, United States. (AFP)In a review of medical literature, rese
TechnologyJan. 31, 2012
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Eland Group survives in Dodgers bidding
Eland Group, South Korea’s leading fashion retailer, has survived the first round in bidding for the Los Angeles Dodgers, industry sources said Monday.“Eland, which created a consortium late last year, submitted its bid and has advanced to the second round of bidding recently,” an anonymous source was quoted as saying by the Yonhap news agency. Ten potential ownership groups were announced Friday night to have survived the preliminary bidding to purchase the baseball club. In addition to Eland,
IndustryJan. 30, 2012
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IMF lowers growth outlook for Korea to 3.5%
The International Monetary Fund has revised down its 2012 growth outlook for South Korea sharply based on the latest economic conditions at home and abroad, the Finance Ministry said Monday.Korea’s economy, Asia’s fourth-largest, is forecast to expand 3.5 percent this year, down from a 4.4 percent growth projected last September, according to the ministry. The new forecast is lower than the 3.7 percent expansion predicted by the Seoul government in December.The latest growth outlook is part of a
Jan. 30, 2012
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Chamber celebrates Australia Day
The Australia Chamber of Commerce celebrated Australia National Day at the Grand Ambassador hotel in Gangnam, southern Seoul, on Friday.Participants were greeted with a Down Under theme as cabanas decorated one side of the room and Aussie favorites like fish and chips and meat pies were served. No day marking the country’s birthday would be complete without a good old fashion Aussie barbeque.Austcham Executive Director Rod Rothwell said that he wanted to give the feeling of home to the 145 guest
Jan. 30, 2012
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EUCCK to hold shaman ritual for New Year
The European Union Chamber of Commerce plans to hold an event where its members can have their fortune read, on Feb. 6 at Min’s Club in Seoul.According to Korean tradition, at the start of the New Year, some families visit shamans to seek divine intervention for their well-being. Shaman master Kim Hye-suk will perform one of the many rituals to repel evil spirits and make an offering to the gods in order to bring business prosperity and good health.The event starts at 7 p.m. and is free for EUCC
Jan. 30, 2012
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French chamber to discuss tax changes
The French Chamber of Commerce and Industry will hold a training seminar on Wednesday on the tax changes that were applied to this year.The training session will review and discuss main changes in Korean tax laws with a special focus on changes that will influence foreign-invested companies, foreign shareholders and employees. Kim and Chang partner Jenny Kim will discuss all the relevant changes to the tax code for this year from 8:30 a.m. until 10 a.m. on the 14th floor of the Grand Ambassador
Jan. 30, 2012
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CanCham promotes GLOBE 2012 conference
CanCham has made arrangements for its members to participate in the 12th Biennial Conference and Trade Fair on Business and the Environment.Also known as GLOBE 2012, the conference is one of the most important industry events on energy and the environment.Taking place between March 14-16 in Vancouver, cleantech and urban sustainability will also be prominently featured in the conference and trade fair.Special rates for Canadian Chamber of Commerce members apply such as free access to the trade f
Jan. 30, 2012
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InterChambers to hold global job forum
To assist young Koreans in finding work in a globalized world, the foreign chambers of commerce, CEOs and human resources specialists of global firms will hold a Global Career Forum on Feb. 9 at the Korea Chamber of Commerce and Industry’s Grand Hall.The forum will provide practical guidance to those interested in being recruited and in building a successful global career with a multinational company in Korea or abroad.Employment by foreign-invested companies has grown every year by 10 percent f
IndustryJan. 30, 2012
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German business leaders upbeat about Korea economic outlook
Despite the gloomy global and eurozone economic woes, German businesspeople in Korea presented positive forecasts of their business prospects for this year.Industry leaders from 10 German companies and the German ambassador to Korea spoke during the Korean-German Chamber of Commerce and Industry Economic Outlook seminar on Jan. 19. Friedrich Stockinger, KGCCI president and chief of Trumpf Korea, said that “2012 will mark the Year of the Black Dragon, but I am confident that even without the help
Jan. 30, 2012
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[Herald Interview] ‘Korea-Japan business activity recovering’
Biz association chief says FTA would make bilateral economy strongerBusiness cooperation between Seoul and Tokyo is getting stronger and closer as more and more Japanese companies are setting up operations in Korea, a top Japanese business leader said. “We thought that in Japan, our supply chain was perfect, but the earthquake and tsunami made our perfect supply chain a disaster. So Japanese companies started to think about diversifying the supply chain,” Tsutomu Awaya, chairman of Seoul Japan C
Jan. 30, 2012
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Chamber celebrates Australia Day
The Australia Chamber of Commerce celebrated Australia National Day at the Grand Ambassador hotel in Gangnam, southern Seoul, on Friday.Participants were greeted with a Down Under theme as cabanas decorated one side of the room and Aussie favorites like fish and chips and meat pies were served. No day marking the country’s birthday would be complete without a good old fashion Aussie barbeque.Austcham Executive Director Rod Rothwell said that he wanted to give the feeling of home to the 145 guest
Jan. 30, 2012