Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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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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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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SK hynix pledges W20tr to ramp up DRAM production at home
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Medical reform committee kicks off despite boycott from doctors
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Shinhan bids for troubled savings bank
Shinhan Financial Group Co. said Thursday it has decided to bid for a local savings bank, joining other local rivals in the race to take over the ailing financial institution.The country’s No. 3 financial firm said it has submitted a letter of intent to the state-run Korea Deposit Insurance Corp. to take part in the bidding for Tomato Savings Bank, one of the seven market players whose operations were suspended two months ago. In September, South Korea’s top financial regulator halted those savi
Nov. 17, 2011
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Overseas investments by local brokerages up
South Korean securities firms increased their overseas investments in the first half from a year earlier as part of efforts to diversify their profit sources, the financial regulator said Thursday.Foreign investments made by 28 local brokerages totaled 2.48 trillion won ($2.17 billion) as of end-June, up 25.7 percent from the previous year, according to the Financial Supervisory Service.The tally includes money spent on purchasing foreign assets, such as equities and bonds, as well as investment
Nov. 17, 2011
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Imported cars in Korea to top 600,000 units
Imported cars registered in South Korea are expected to surpass the 600,000-unit mark for the first time this month, buoyed by solid consumer demand, a trade association said Thursday.The Korea Automobile Importers and Distributors Association said the number of foreign-made cars on the country’s streets, excluding commercial vehicles such as trucks and buses, hit 596,398 units as of the end of October.The figure is equivalent to 4.2 percent of the 14 million passenger cars registered in the cou
MobilityNov. 17, 2011
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Slower growth in labor unions to tame Korea‘s inflation
HONG KONG -- Slower growth in the number of labor unions will likely cool down South Korea’s inflation, reducing pressure to hike wages, a report said Thursday.South Korea’s labor unionization rate dropped to 9.8 percent in 2010, compared to the peak of 19.8 percent in 1989, Nomura International Ltd. said in a report, citing government statistics. “We expect Korea’s consumer price index to slow from 4.2 percent in 2011 to 3.5 percent in 2012,” said Kwon Young-sun, senior economist at Nomura.“Any
Nov. 17, 2011
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Hynix hails U.S. ruling on Rambus case
Hynix Semiconductor Inc., the world’s second-largest memory chipmaker, on Thursday welcomed a U.S. jury’s decision to reject Rambus Inc.’s antitrust allegation against the Korean chipmaker. On Wednesday, a San Francisco jury ruled that Hynix and Micron Technology Inc., a U.S. chipmaker, did not engage in joint illegal actions to prevent Rambus from expanding in the semiconductor market. “We welcome the jury’s decision,” Kwon Oh-chul, the CEO at Hynix, said in a statement.The latest ruling clears
TechnologyNov. 17, 2011
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Korea takes a step closer to smart grid development
Legal system ready for power grid that allows two-way communication between suppliers, consumersKorea became the first country to complete a legal framework to develop a national smart grid digitally enabled to collect and act on information about the behavior of suppliers and consumers, making electricity provision more efficient and reliable.The Cabinet on Tuesday passed the ordinances of legislation on smart grids as part of the government’s efforts to reduce carbon emissions, two months afte
IndustryNov. 17, 2011
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Bahk named chief of banks federation
Bahk Byong-won, former presidential secretary for economic affairs, has been nominated chairman of Korea Federation of Banks.The KFB is poised to appoint the 59-year-old to the post at a decision-making meeting on Nov. 23.Bahk, who will replace current KFB chairman Shin Dong-kyu, worked as a senior aide to President Lee Myung-bak between 2008 and 2009 and was chairman of state-run Woori Financial Group between 2007 and 2008.He had mostly served in the government as a public official. Before work
Nov. 17, 2011
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Zespri fined for hindering sale of Chilean kiwis
The Fair Trade Commission said Thursday that it has fined Zespri International Ltd. 427 million won ($375,615) for hindering the domestic sale of kiwis from Chile. The antitrust regulator found that Zespri signed a sales contract with E-Mart on condition that the nation’s No. 1 supermarket chain would not sell cheaper Chilean kiwis. The exclusive exporter of kiwis from New Zealand also inked a similar deal with Lotte Mart, the No. 3 market player, in April. Zespri may have been concerned about p
IndustryNov. 17, 2011
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Asiana sweep service quality awards
Asiana Airlines swept top customer satisfaction awards given by three domestic service quality evaluators.The Korean Standards Association on Thursday ranked Asiana as the No. 1 airliner in the KS-SQI index survey jointly developed by the KSA and Seoul National University’s Management Research Institute.The KS-SQI survey was conducted on adults in the nation’s five largest cities who had taken international flights in the past year. It is the 10th time Asiana topped the air carrier section since
IndustryNov. 17, 2011
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Digital hospitals to bolster growth
Digital hospitals may be new to some people, but they are the next growth engine for Korea following the semiconductor and shipbuilding industries, according to first-generation venture icon Lee Min-hwa.Lee, who is serving as the chief of the Korea Digital Hospital Export Agency, told The Korea Herald that the agency has set an ambitious target ― raising $100 million in digital hospital exports by 2015.Since this March, Lee has been spearheading a group composed of a total of 74 members, includi
IndustryNov. 17, 2011
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Korea aims for 10 percent share in clean energy market in 2020
Korea unveiled on Thursday its goal of grabbing a 10 percent slice in the world’s green energy industry in 2020 by cultivating 50 small and mid-sized enterprises specialized in the rapidly growing market. It also aims to increase the country’s energy efficiency by 12 percent by then and curb the energy sector’s greenhouse gas emissions by 15 percent based on business-as-usual levels over the same period. The plans are part of a 10-year framework for research and development in energy, which enta
IndustryNov. 17, 2011
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LG Hausys aims to expand share in Russian market
LG Hausys said Thursday that it invited 50 major customers from the former Soviet Union to Korea to give them a glimpse into the company’s eco-friendly building materials and its production process.For six days beginning on Nov. 13, customers from Russia, Belarus, Kazakhstan and Armenia are taking part in the firm’s visiting program, which is partly designed to grab a bigger share in the premium Russian market for LG Hausys.Since entering the Russian market in 2005, the Korean company set up a c
IndustryNov. 17, 2011
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Public firms‘ labor productivity improves over past few years
South Korean public companies’ labor productivity has improved over the past few years as the government stepped up efforts to enhance competitiveness in the public sector, the finance ministry said Thursday.According to the ministry, per-capita labor productivity in state-run companies rose at an annual average of 31.6 percent from2008 through 2010, noticeably higher than the 24.9 percent average gains tallied for large private-sector businesses.The improvement was ascribed to the government‘s
Nov. 17, 2011
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Nine officials to determine fate of Lone Star
The nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday, which will possibly mark a historic event.The members include FSC chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC vice chairman Choo Kyung-ho, Korea Deposit Insurance Corp. president Lee Seung-woo and Bank of Korea senior deputy Gov. Lee Ju-yeol.Kim clarified that the panel will decide on its action “according
Nov. 17, 2011
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Political rumors fueling volatility in stock market
Artificial thematic grouping of shares spawns manipulation in stock marketsWith the presidential election set for next year, a growing number of Korean stocks are being linked to a slew of groundless ― often meticulously manipulated ― rumors in a way that fuels more volatility on the local bourse.Korea Exchange and brokerage data showed on Thursday that at least 60 stocks are estimated to be changing hands on the KOSPI and KOSDAQ under the category “election-themed” shares.It is no new phenomeno
Nov. 17, 2011
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Seoul shares end up 1.1% on tech, refiner gains
South Korean stocks closed 1.1 percent higher on Thursday as gains of tech shares, refiners and shipbuilders propped up the market despite persisting concerns about the eurozone debt turmoil, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.60 points to close at 1,876.67, snapping a two-session losing streak. Trading volume was moderate at 348.7 million shares worth 4.67 trillion won ($4
Nov. 17, 2011
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Uniqlo posts record daily sales at new flagship store
Japanese clothing retailer Uniqlo logged 2 billion won ($1.7 million) in a single day’s sales on Nov. 11 when it opened Asia’s largest flagship store in central Seoul. The sales figure was the highest-ever set by a fashion outlet in Korea, industry sources said Thursday. The previous record was the 460 million won that French luxury brand Chanel earned last year at a new store in southern Seoul. Uniqlo said special deals offered for the first three days of opening likely played a pivotal role in
IndustryNov. 17, 2011
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Moody's cuts S. Korea's growth outlook for 2012
SEOUL, Nov. 17 (Yonhap) -- Moody's Investors Service on Thursday downgraded its forecast of South Korea's economic growth for next year, citing weakening exports and sluggish domestic demand.The global credit appraiser predicted the South Korean economy would expand 3.5-4.0 percent next year, compar
Nov. 17, 2011
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‘Korea capable of more stimulus without negative rating results’
Public finance in Korea is healthy enough for the government to provide more stimulus without negative consequences for its sovereign debt rating, senior vice president of Moody’s Sovereign Risk Group for Asia said Thursday.Although Korea would remain relatively less vulnerable to the ongoing debt saga in Europe, its “modest” amount of public debt leaves Seoul more room for additional policy accommodation should growth stalls further, Tom Byrne told reporters in Seoul.“Korea has good financial g
Nov. 17, 2011
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New knowledge economy minister faces mountain of challenges
Hong Suk-woo secured support as a “man with no enemies” at the helm of the two state-run agencies but now faces hurdles surrounding knotty issues such as power supplies, fuel prices and co-prosperity between large and small firms.Hong, a former chief of the Korea Trade-Investment Promotion Agency and the Small & Medium Business Administration, was sworn in as Knowledge Economy Minister on Thursday.The swift approval of Hong’s nomination following a parliamentary hearing on Tuesday underlines a m
IndustryNov. 17, 2011