Most Popular
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Ministry denies blame for Jamboree debacle
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Retailers hail Year of the Black Dragon
Dragons all over from wine and leather bags to underwearThe Chinese zodiac is always the favorite sales promotion theme for local retailers and hotels at the beginning of each year.2012 is the Year of the Black Dragon, which makes the most auspicious animal of the zodiac and symbol of the emperor sound even more powerful and mystifying. In the Chinese zodiac, combinations of 10 heavenly stems and 12 earthly branches, or animal signs, create a sexagenary cycle which makes the Year of the Black Dr
IndustryJan. 2, 2012
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Hyundai Heavy targets $30.6b orders this year
Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Monday that it is aiming to win $30.6 billion worth of orders this year, up nearly 20 percent from last year.The shipyard said it is also targeting sales of 27.54 trillion won this year, compared with last year’s 25.2 trillion won.Hyundai Heavy said its shipbuilding orders jumped 48 percent on-year to $25.5 billion in 2011, helped by growths of its shipbuilding and offshore plants businesses.The recent rise in vessel orders an
Jan. 2, 2012
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Tycoons lay out goals, plans for 2012
Business leaders pledge to turn crisis into opportunityChiefs of major conglomerates laid out their New Year’s goals and plans for their businesses on the first day of work this year.Samsung Group chairman Lee Kun-hee said the country’s biggest conglomerate should think outside the box and place more emphasis on new projects, new products and new technologies in his New Year’s message on Monday.Lee said the group’s competitiveness not only comes from its people and technologies but also from soc
IndustryJan. 2, 2012
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Hyundai, Kia set sales goal of 7 million units
Hyundai Motor Group has set its sales target for this year at 7 million, chairman Chung Mong-koo said Monday.In a New Year’s message to his staff, Chung said the automotive group raised its 2012 sales target by 400,000 vehicles from its sales of 6.6 million units in 2011.In a bid to achieve the 7 million target for Hyundai-Kia vehicles, he said, the group has to keep up with fast-changing global trends by setting up an organized cooperation system for better communication among production facili
MobilityJan. 2, 2012
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Seoul shares inch up 0.03% on tech gains
Korean stocks edged up 0.03 percent Monday, boosted by gains in tech firms on more positive signs of the U.S. economy, but the gain was limited due to lingering European debt woes, analysts said. On the first trading session of the year, the benchmark KOSPI rose 0.63 points to 1,826.37.Trading volume was moderate at 317.3 million shares worth 3.3 trillion won ($2.85 billion), with losers outnumbering gainers 334 to 487.The local currency ended at 1,155.8 won to the greenback, down 4 won from Thu
Jan. 2, 2012
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KDB, Woori to revitalize sale projects
KB Financial to seek M&As if necessary; Eximbank to push for bank name changeKDB Financial Group chairman Kang Man-soo and Woori Financial Group chairman Lee Pal-seung have clarified their resolve to privatize the state-funded groups.In his New Year message to KDB Financial staff, Kang said the group will “expand global networks” to become a leading bank in Asia and “revitalize the plan to sell shares” held by the government.This year’s business policy of KDB Financial is drawing wide interest ―
Jan. 2, 2012
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KT aims for 4 million LTE subscribers
KT Corp. will launch the long-awaited Long Term Evolution service on Tuesday, rekindling competition for faster smartphone services among local telecom carriers. KT said it aims to secure 4 million LTE subscribers within the year by completing nationwide coverage in 84 cities by April, the same level of coverage as market leader SK Telecom, which started the service in July.“The company’s LTE launch has been delayed for more than a month. Despite our late start, we will introduce a more complete
IndustryJan. 2, 2012
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Korean automakers see sharp sales growth in 2011
Korean automakers announced on Monday that their 2011 sales jumped on solid demand overseas, despite the gloom that hit other sectors because of problems in the eurozone. Hyundai Motor Co., Korea’s leading automaker, said Monday that its 2011 sales increased 12.3 percent from a year earlier, propelled mainly by strong overseas demand for its vehicles. The carmaker said it sold more than 4.05 million vehicles overall last year, up from 3.60 million units in 2010. Domestic sales also moved up 3.6
MobilityJan. 2, 2012
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W2.9tr added to farmers’ FTA support budget
The government will provide an additional 2.9 trillion won ($2.5 billion) in support to cushion the impact of the Korea-U.S. Free Trade Agreement on farmers and fishermen.The Finance Ministry plans to make an additional outlay of 2 trillion won in direct financing on top of another 0.9 trillion won in tax benefits for the industry that stand to lose competitiveness with the inflow of cheaper goods under the reduced tariffs.Support for agriculture will now total 54 trillion won until 2017, includ
Jan. 2, 2012
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‘Social responsibility’ rises as new keyword for Samsung
Samsung chairman highlights gaining public’s trust, thinking outside the boxSamsung Group chairman Lee Kun-hee said the country’s largest conglomerate will concentrate on corporate social responsibility in 2012 at its New Year’s greeting at the Shilla Hotel in Seoul on Monday.“We will take full social responsibility as the nation’s representative firm,” he said, adding that the group’s competitiveness not only comes from its people and technologies but also from society’s trust.With this year’s
IndustryJan. 2, 2012
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Industry magnates lay out New Year’s plans
Business leaders pledge to turn crisis into opportunityChiefs of major conglomerates laid out their New Year’s goals and plans for their businesses on the first day of work this year.Samsung Group chairman Lee Kun-hee said the country’s biggest conglomerate should think outside the box and place more emphasis on new projects, new products and new technologies in his New Year’s message on Monday.Lee said the group’s competitiveness not only comes from its people and technologies but also from soc
IndustryJan. 2, 2012
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Hyundai Group chief calls for preparedness for N. Korean business
The chairwoman of Hyundai Group said Monday that her company needs to be well prepared for resuming its stalled North Korean business in 2012 in the aftermath of the death of the communist state’s leader last month.Hyundai Asan Corp., the inter-Korean business arm of Hyundai Group, has operated the tour program to the North’s scenic Mount Kumgang for a decade. However, South Korea halted the tour program in 2008 following the shooting death of a South Korean tourist at the resort.Hopes are high
IndustryJan. 2, 2012
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Europe crisis top concern for S. Korea‘s financial sector: poll
The ongoing eurozone sovereign debt crisis is expected to be the main source of concern for South Korea’s financial sector in 2012, a poll said Monday.The survey of 250 financial firms by the Korea Chamber of Commerce and Industry showed 81.6 percent of the respondents saying that debt problems facing many European countries could affect the industry as a whole. “The eurozone issue will remain the single largest risk factor,” the KCCI said. “Since it is not likely to be resolved in a short perio
Jan. 2, 2012
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‘Savings banks issued loans under false names’
A savings bank that came close to being suspended last year was found to have extended loans worth billions of won under borrowed names, sources said Monday.The finding comes as six troubled savings banks in Korea face a make-or-break moment after the grace period for penalties against the lenders with substandard capital ratios expired late last month.In mid-September, Korea’s financial regulators suspended business operations of seven troubled savings banks as part of its efforts to overhaul t
Jan. 2, 2012
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Korea faces tougher, murkier economic conditions: minister
South Korea‘s economy is facing more “difficult and uncertain” factors this year as the eurozone debt crisis and other external challenges are expected to deteriorate, the top economic policymaker said Monday.The government must beef up its contingency plans to better cope with any unexpected shocks from home and abroad, while strengthening its overall economic health, Finance Minister Bahk Jae-wan said.“Last year, our economy went through one unexpected challenge after another,” Bahk told his s
Jan. 2, 2012
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IBs forecast 3.4% growth for Korea
Foreign investment banks have slashed South Korea’s growth outlook for this year, citing unabating market jitters over the eurozone debt crisis, data showed Monday.The average economic growth for Asia’s fourth-largest economy reached 3.4 percent as of end-December last year, down from the 4.5 percent they projected at the end of January in 2011, according to the data by the Korea Center for International Finance.The figure is 0.3 percentage points lower than the government’s growth outlook annou
Jan. 2, 2012
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NASA marks 2012 with twin probes in moon orbit
LOS ANGELES (AP) _ NASA kicked off the new year with a pair of probes circling the moon in the latest mission to understand how Earth's closest neighbor formed.There was no champagne popping in the mission control room at the NASA Jet Propulsion Laboratory when the Grail spacecraft arrived back-to-b
TechnologyJan. 2, 2012
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Viagra may help treat heart failure
BOCHUM, Germany, Dec. 31 (UPI) -- Sildenafil, the active ingredient in Viagra, may ease heart symptoms because it makes stiffened cardiac walls more elastic, U.S. and German researchers say.Dr. Wolfgang Linke of the Ruhr-Universitat Bochum Institute of Physiology, in cooperation with colleague
TechnologyJan. 2, 2012
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Entrepreneurs flood young stock-rich list
Nineteen entrepreneurs joined the nation’s list of 100 most stock-rich people aged under 45 last year, a conglomerate research firm said Sunday.The record figure, up from 10 a year earlier, included business people who started venture companies in their 20s in the 1990s, according to Chaebul.com, a portal following the activities of large companies. Kim Jung-ju, NXC chairman, who founded Korea’s largest online game company Nexon, ranked second with stock assets worth 2.94 trillion won ($2.53 bil
IndustryJan. 1, 2012
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POSCO develops bismuth-alloyed steel
POSCO has developed a bismuth-added free-cutting steel as it seeks a high-efficient, better-performing and eco-friendly substitute for leaded steel, the steel mill said Sunday.Free-cutting steel is used for heavily machined components, such as car engine parts and electronics devices.Bismuth steel has emerged as a potential alternative to leaded steel, which is used to make free-cutting steel easier to cut at a high level of precision and speed. The toxicity of lead has elevated health and envir
IndustryJan. 1, 2012