Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Korea’s homegrown nanosatellite successfully launches into space
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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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Medical reform committee kicks off despite boycott from doctors
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Hybe's multilabel system tested amid conflict with Ador
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SNU profs to suspend treatment for one day
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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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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LG Chem secures grip on Europe’s smartgrid market
LG Chem signed a long-term contract with the Switzerland-based electric engineering firm ABB Group to supply parts for an energy storage system on Monday.Energy storage system or ESS is used in smart grid networks to store electricity before transmitting power to specific locations when required.Under the contract, LG Chem will supply lithium ion batteries and a battery management system to ABB. The Korean firm said that for the first collaborative project it will produce batteries for use in a
IndustryNov. 7, 2011
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Hyundai Group to join consortium to offer new telecom services
Hyundai Group said Monday the company would bid to become the country’s fourth telecom along with a consortium led by the Korea Federation of Small and Medium Business.Hyundai Group’s affiliates such as Hyundai Securities and Hyundai U&I notified the consortium, called Internet Space Time, of their participation in the process, saying it would invest about 180 billion won, according to Hyundai officials. The total investment sum, however, may change, officials added.“It’s true that we’ve decide
IndustryNov. 7, 2011
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Malibu trails rivals in price, performance
GM Korea launched the Malibu, a midsize sedan of the Chevrolet series, in the local market a week ago.Though the company is pinning its hopes on the Malibu to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans from major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters posted the low
MobilityNov. 7, 2011
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Google to support Korean software globalization
Schmidt meets President Lee, chiefs of SK Telecom, KT and LG Uplus to discuss possible cooperationGoogle chairman Eric Schmidt pledged to support the globalization process of local software and content beginning next year in a meeting with President Lee Myung-bak on Monday.As part of a project called “Korea Go Global,” Google will offer a local software developer support program for it to gain global competitiveness, according to Google officials.As an exemplary case, the U.S.-based software gia
IndustryNov. 7, 2011
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KEB union to protest regulator, Lone Star
About 5,000 unionized workers of Korea Exchange Bank are scheduled to hold a day-long rally in Yeouido, Seoul on Tuesday, demanding the financial regulator take punitive action against Lone Star Funds.Their planned gathering has been regarded as a strike amid the situation under which Lone Star, convicted of manipulating stocks of KEB’s credit affiliate, may leave the country with huge gains.The KEB union is also criticizing the Financial Services Commission for having been negligent in probing
Nov. 7, 2011
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Top 10 conglomerates’ market cap dips 6.88%
The combined market capitalization of South Korea’s 10 largest conglomerates and their affiliates has shrunk 6.88 percent this year from the end of last year, data showed Monday.The market cap of the 10 conglomerates, including Samsung and Hyundai Motor, totaled 636.23 trillion won ($571.12 billion) as of Nov. 3, down from 683.22 trillion won as of end-2010, according to the data by the Korea Exchange.Nine of the 10 conglomerates saw their market cap fall amid economic uncertainties in the euroz
Nov. 7, 2011
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Oil may trade above $100 for long period: BOK
South Korea’s central bank forecast Monday that oil prices are likely to stay above $100 per barrel for a considerable period of time due to tight supply and a potential pick-up in speculative investment.The Bank of Korea said in a report that prices of Dubai and Brent crude are staying at a high level despite an end of political turmoil in Libya and market jitters stemming from the eurozone debt crisis.Prices of Dubai crude, South Korea’s benchmark, have been largely trading at more than $100 p
Nov. 7, 2011
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Orion expects overseas sales to be boosted by Chinese arm
HONG KONG (Yonhap News) ― Orion Corp., South Korea’s second-largest confectionery company, expects that its overseas sales will grow next year, largely driven by robust sales in China, company officials said Monday.The company, best-known for its hallmark “Choco Pie,” projected that its overseas sales will grow 28.4 percent to 1.31 trillion won ($1.17 billion), likely to surpass its domestic sales for the first time. Orion officials said China accounts for more than 80 percent of its overseas sa
IndustryNov. 7, 2011
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Fitch raises Korea’s outlook to ‘positive’
Kia Motors Corp. vehicles bound for export are driven into a car carrier ship at the port in Mokpo. (Bloomberg)Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’
Nov. 7, 2011
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Korea still faces high level of inflation: minister
South Korea is still facing a high level of inflation despite easing price hikes in recent months, the top economic policymaker said Monday, calling for more efforts to tackle structural problems to guarantee longer-term price stability.“The overall inflation level remains high and the real burden that ordinary people are feeling in their life has yet to be reduced significantly,” Finance Minister Bahk Jae-wan told an anti-inflation meeting.South Korea’s consumer prices rose 3.9 percent last mon
Nov. 7, 2011
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Shares drop 0.48% on Europe woes
South Korean stocks finished 0.48 percent lower on Monday as investor sentiment was hurt by lingering uncertainty about the European debt situation, analysts said. The local currency fell against the U.S. dollar.After opening 4.54 points higher, the benchmark KOSPI lost 9.31 points to 1,919.1. Trading volume was moderate at 342.9 million shares worth 1.09 trillion won ($957.8 million) with losers slightly leading gainers 415 to 400.“Europe’s sovereign debt issue still exerts great influence on t
Nov. 7, 2011
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Fitch raises Korea’s outlook to ‘positive’
Fitch Ratings on Monday raised Korea’s sovereign credit outlook to “positive” from “stable” and kept it’s A+ rating amid signs of improving economic fundamentals, sources said. The country’s sovereign credit fundamentals regained ground in terms of fiscal prudence, a strong sovereign balance sheet and foreign exchange liquidity, the sources close to the matter said.“Korea’s economic fundamentals are stronger than it was during the global financial crisis three years ago and the country has an ex
Nov. 7, 2011
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KEB union to protest regulator, Lone Star
About 5,000 unionized workers of Korea Exchange Bank are scheduled to hold a day-long rally in Yeouido, Seoul on Tuesday, demanding financial regulators take punitive action against Lone Star Funds.Their planned gathering has been regarded as a strike amid the situation under which Lone Star, convicted of manipulating stocks of KEB’s credit affiliate, may leave the country with huge gains.The KEB union is also criticizing the Financial Services Commission for having been negligent in probing sha
Nov. 7, 2011
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Forum stresses entrepreneurship, startups
Entrepreneurship Week 2011 conference opens alongside events held in 118 countriesThe country’s leading entrepreneurs, academics and economic experts emphasized on Monday the need to instill young talent with entrepreneurship and underpin startups as economic drivers in an era of innovation. About 500 businesspeople, scholars and public officials joined the International Conference on Global Entrepreneurship, which was held in Seoul by the country’s five largest business organizations to mark En
Nov. 7, 2011
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Google chief vows support for Internet start-ups in Korea
Schmidt meets with President Lee, IT firms’ chiefs on cooperation in ’smart era’Google chairman Eric Schmidt pledged to support Internet startups in Korea and create a K-pop-only channel on YouTube in the world’s most popular search engine.Schmidt, who currently serves as the board executive chairman of Google, disclosed the pledges during his meeting with President Lee Myung-bak at Cheong Wa Dae on Monday, presidential officials said.The two leaders also shared the view that Google and Korea’s
IndustryNov. 7, 2011
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FTC probes shoemakers for exaggerated ads
Korea’s Fair Trade Commission launched a probe into major footwear makers including Reebok, Ellesse and New Balance over ads allegedly exaggerating the shoes’ therapeutic benefits.According to the local press on Monday, the FTC has embarked on a comprehensive investigation of 11 shoemakers in Korea to check whether they put out exaggerated ads. “The FTC is currently collecting marketing, sales and product data from local shoemakers,” an industry source was quoted as saying. The crackdown comes a
IndustryNov. 7, 2011
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Malibu trails competitors in price, performance
GM Korea launched its sales of the Malibu, a midsize sedan of Chevrolet series, in the local market a week ago.Though the company is pinning hope on the Malibu for its goal to grab more than 10 percent of the Korean market, data showed that the sedan fell behind the similar sedans of major competitors in terms of fuel efficiency, engine performance and price competitiveness.According to each company’s data for sales at dealerships, the gasoline-fueled Malibu with an engine capacity of 2.0 liters
MobilityNov. 7, 2011
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Uncertainty boosts short-term capital
Despite low rates, time deposits at banks rise sharply in OctoberThe growing uncertainties in the global financial market has resulted in a sharp rise in Korea’s short-term capital seeking new investment channels, data showed on Monday. The increased liquidity, which is yet to be invested in appropriate vehicles, comes together with a ballooning of time deposits at major banks despite low interest rates. The twin growth of short-terms funds and outstanding term deposits underscores the dearth of
Nov. 7, 2011
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Korea may be model for ‘Capitalism 4.0’: Kaletsky
In his book “Capitalism 4.0,” prominent journalist/economist Anatole Kaletsky predicts a sea change in the relationship between government and the market.The fourth stage of capitalism, he argues, is being created by a new form of collaboration that transcends both unbridled capitalism and state interventionism. The “birth of a new economy” would also mean a new era of healthy growth for emerging powers like South Korea, he said. “For Korea, it’s going to be an opportunity,” Kaletsky, editor-at-
Nov. 7, 2011
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Cyworld starts global services in 7 languages
Cyworld has launched global services in seven languages on Monday amid the soaring popularity of Facebook in Korea. This is the second try for the homegrown social networking service with 23 million registered local members to go global following its failed attempt in 2005. “We failed because we tried to localize our services. But this time we aim to introduce a unique Cyworld platform for foreign users,” said Joo Hyung-chul, president and CEO of SK Communications, the operator. The CEO stressed
IndustryNov. 7, 2011