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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Medical reform committee kicks off despite boycott from doctors
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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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Jobs admired Zuckerberg for ‘not selling out’
Steve Jobs, who mentored Silicon Valley technology leaders in the months before he died, said he admired Facebook Inc. co-founder Mark Zuckerberg for “not selling out.” “We talk about social networks in the plural, but I don’t see anybody other than Facebook out there,” Jobs told biographer Walter I
TechnologyOct. 24, 2011
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Asiana teams up with KOICA for development aid program
Asiana Airlines signed up to the Korea International Cooperation Agency’s public-private partnership program on Monday.Companies taking part in the program collaborate with KOICA to carry out development aid projects in developing countries. The partner from the private sector is signed on for one year.The carrier said the KOICA selected the company for partnership in recognition of its corporate social responsibility programs. Asiana Airlines has been working on social contribution projects in
IndustryOct. 24, 2011
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NTS to foster foreign investor-friendly environment
The following was contributed by National Tax Service Deputy Commissioner Kim Moon-soo. ― Ed.The size of foreign direct investment in 2010 was $13.1 billion, the largest amount since 2000. Although difficult to quantify, foreign investment certainly helped Korea overcome the 1997 economic crisis and achieve economic growth of 6.1 percent last year. However, amid growing uncertainties in the global markets, the Korean economy expects difficulties in achieving this year’s FDI target of $15 billion
Oct. 24, 2011
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Financial malpractice causes W274b losses
Costs incurred due to embezzlement, fraud by employees triple over 4 yearsThe cost of embezzlement and fraud by employees at South Korean financial firms has more than tripled in four years, according to the country’s top financial regulator.The Financial Supervisory Service said malpractice by employees at banks and other financial firms reached 274 billion won ($240 million) in 2010, sharply rising from 87.4 billion won in 2006. The irregularities were discovered and punished across the secto
Oct. 24, 2011
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LSIS completes plant for high voltage valves
LSIS Co.’s plant for the production of high voltage direct current transmission systems was completed on Monday.Located within Busan-Jinhae Free Economic Zone, the facility is the country’s first plant for producing high-voltage direct current transmission equipment.The 110 billion won plant ($97 million) is equipped with facilities for assembling and testing all related equipment, and a production line for thyristor valves, which is an essential component of the transmission system, the company
IndustryOct. 24, 2011
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Credit card firms defy debt control efforts
The number of credit cards issued increased this year, despite government efforts to reduce credit card use in a bid to control household debt.According to data released by the Credit Finance Association on Monday, the total number of credit cards issued was 122.3 million during the first half of this year. A total of 116.6 million credit cards were issued last year.This year’s record number means that every job-holder has 4.9 credit cards on average, according to officials. The nation’s populat
Oct. 24, 2011
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Korean manufacturers hit by financial crisis: poll
Nearly 60 percent of South Korean manufacturers think that the current global economic turmoil has dealt a blow to their business conditions and performances, a poll showed Monday.According to the survey on 518 manufacturing companies, 57.9 percent said that their business conditions have worsened from the first six months of the year due to the crisis stemming from U.S. and European debt woes, while 42.1 percent responded they are better off. By industry, nearly 80 percent of petrochemicals and
Oct. 24, 2011
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KT, BC Card seek convergence to lead mobile payment market
Mobile payment services can be an answer to the current controversy over high commission fees for credit card payment, KT chairman Lee Suk-chae said Monday. KT Corp., which became the largest shareholder of BC Card in February, announced in the day the company’s new vision to expand business into mobile payment services. “We would not try to compete with other credit card or communications companies but will offer payment services for them to further grow,” Lee told reporters at KT’s headquarter
IndustryOct. 24, 2011
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Gumi looks beyond semiconductors
Mayor Nam says many Japanese companies looking to relocate to Korean cityFor Gumi, Korea’s Silicon Valley, making sure that foreign direct investment keeps flowing into the city is a daily endeavor.To highlight the city’s appeal as a high-tech powerhouse, Herald Media organized a trip for commercial attaches so that they could get a firsthand account of a city that is a model for overcoming the crisis and fueling the nation’s economy.Gumi’s national industrial complexes were established with the
Oct. 24, 2011
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Korea ups fight against fake petrol
The government and local refiners are joining forces to root out fuel adulteration rampant nationwide as they step up their crackdown and relay measures such as tougher penalties and tipster rewards.Early this month, the government declared an all-out war against fake fuel, sharply raising fines for gas station owners selling adulterated petrol products and seeking legal support to cancel their business licenses once caught.Hyundai Oilbank Co., the country’s smallest refiner, gave an impulsion t
Oct. 24, 2011
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Seoul shares jump 3.26% on hopes for eurozone
South Korean stocks closed 3.26 percent higher Monday as investor sentiment was underpinned by growing prospects for solutions to curb the eurozone debt woes, analysts said. The local currency rose against the U.S. dollar.The benchmark KOSPI rose 59.94 points to close at 1,898.32. Trading volume was moderate at 369.3 million shares worth 6.66 trillion won ($5.88 billion) with gainers outpacing losers 691 to 165. “Growing hopes for resolving the eurozone debt crisis gave solace to investors,” sai
Oct. 24, 2011
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NPS chief sees EU opportunities
National Pension Service boosts overseas real estate investmentsNational Pension Service chairman Jun Kwang-woo said he sees investment opportunities in Europe as major state properties, such as Spain’s Madrid Airport, are to be privatized.In an interview with the Yonhap news agency after his Europe trip for an industry forum Sunday, the head of the world’s fourth-largest pension fund said NPS will be “actively eying” the undervalued properties expected in the market as some states enter debt re
Oct. 24, 2011
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BPA in pregnant women might affect kids' behavior
CHICAGO (AP) — Exposure to BPA before birth could affect girls' behavior at age 3, according to the latest study on potential health effects of the widespread chemical.Preschool-aged girls whose mothers had relatively high urine levels of bisphenol-A during pregnancy scored worse but still wit
TechnologyOct. 24, 2011
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GPS shoes for Alzheimer’s patients to hit US
The first shoes with built-in GPS devices -- to help track down dementia-suffering seniors who wander off and get lost -- are set to hit the US market this month, the manufacturer says.GTX Corp said the first batch of 3,000 pairs of shoes has been shipped to the footwear firm Aetrex Worldwide, two y
TechnologyOct. 24, 2011
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Local franchise chains enjoy royalty sales abroad
Tous les Jours on Thursday signed a royalty deal with CBM Corporation Co., a Cambodia-based franchise company, to allow its brand name to be used in the Southeast Asian country. Following the first deal with a Philippine retailer in December, the local bakery chain, operated by CJ Foodville, aims to
IndustryOct. 23, 2011
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Game curfew law one month away, still confuses industry
Range of games, government guideline still not finalizedThe online game industry is still confused about the government’s ban on teenagers accessing online games at night, with it set to take effect in less than a month.Beginning Nov. 20, those under 16 will be prohibited by law from logging onto on
IndustryOct. 23, 2011
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GSK fined for colluding to block sale of generics
GlaxoSmithKline has been fined for colluding with a local drug maker to hinder the generic sale of its anti-emetic Zofran for the past 12 years, antitrust authorities said Sunday. It is the first time that a multinational drug company has been found to offer financial benefits in return for the with
IndustryOct. 23, 2011
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Korea celebrates revival of four rivers
Festival underscores government’s 5-year project to renovate river basinsThe government hosted an event last weekend to celebrate the revitalization of the country’s four major rivers as its multi-billion-dollar project nears its end.The Ministry of Land, Transport and Maritime Affairs opened on Sat
Oct. 23, 2011
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Korea to strengthen fiscal health: minister
South Korea’s top economic policymaker said Saturday that the government should continue its efforts to strengthen fiscal health to prepare for any possible future crisis. “In preparation for another economic crisis and potential fiscal challenges stemming from the low birthrate and aging population
Oct. 23, 2011
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Hyundai exports 2m cars to Latin America
Hyundai Motor Co., South Korea’s largest automaker, said Sunday that total car exports to Latin America reached 2 million units, fueled by competitiveness in quality and successful marketing efforts.The company said the milestone, which was reached on Saturday with the loading of 800 Tucson ix sport
MobilityOct. 23, 2011