Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Reins tightened on savings banks
Regulator pushes banks to improve capital adequacy ratiosKorea’s financial regulator said Monday it will further toughen the standards used to assess savings banks’ fiscal soundness in a bid to accelerate the cleanup of the troubled sector. “The planned assessment of 85 savings banks has started, and banks with BIS capital ratio of less than 8 percent as of late June are now required to submit sel
July 11, 2011
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Korea to sell W2tr in Treasury bills
Korea will sell 2 trillion won ($1.89 billion) in Treasury bills this month as part of efforts to secure money to cover possible shortfalls in government operation funds, the Finance Ministry said Monday.Treasury bills are intended to raise money for the government so it can cope with short-term financial shortfalls. They are generally sold with a maturity of less than one year.The July debt with
July 11, 2011
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Korea may conduct FX smoothing: Minister Bahk
South Korea’s finance minister said Monday that the government could carry out smoothing operations if the local currency fluctuates sharply against the U.S. dollar.“If there are steep fluctuations in currency rates, our basic stance is that we could implement smoothing operations to ease the herd behavior in the market,” Finance Minister Bahk Jae-wan told reporters after a meeting with financial
July 11, 2011
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SC First Bank temporarily closes 43 branches
SC First Bank, the Korean unit of Standard Chartered Plc., said Monday it had temporarily shut down operations at 43 branches in a bid to minimize the impact of a prolonged labor strike. A customer stands in front of the shuttered SC First Bank in Ankuk Station in central Seoul on Monday. (*Park Hyun-koo/The Korea Herald)Unionized workers at SC First Bank launched an indefinite strike on June 27 i
July 11, 2011
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Porsche supercar seen reviving sales
A Porsche 911 GT2 RS automobile is released to the media on Friday. (Bloomberg)Porsche AG may develop a supercar positioned higher than the 911 GT2 RS to broaden its line-up and sustain growth as orders cool from record deliveries last year. The car could be combined with additional variants of the Cayman and Boxster as well as extended-wheelbase and convertible versions of the Panamera four-door
IndustryJuly 11, 2011
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Aussie firms whinge about carbon tax
Australia’s largest airline says the tax will cost as much as $123 million in 2013Macarthur Coal Ltd., BlueScope Steel Ltd., and Virgin Blue Holdings Ltd. led declines in Australian trading Monday after the government unveiled the country’s first levy on greenhouse-gas emissions. Polluters will pay AU$23 ($24.74) per metric ton of carbon emissions, Prime Minister Julia Gillard said Sunday in Canbe
IndustryJuly 11, 2011
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‘GPS is allowed to find cheating husband’: U.S. court
A man shows a GPS devise as his classmate. (MCT) ‘GPS is allowed to find cheating husband’: U.S. court A New Jersey court has approved of a woman’s use of GPS to track down her suspicious husband. The woman hired a private investigator to follow her husband to find out whether he was having an affair. But when her husband, Kenneth Villanova, kept managing to avoid the investigator, he told her to
TechnologyJuly 11, 2011
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SC First temporarily shuts down 43 branches due to strike
SC First Bank, the South Korean unit of Standard Chartered Plc., said Monday it had temporarily shut down operations at 43 branches in a bid to minimize the impact of a prolonged labor strike. Unionized workers at SC First Bank launched an indefinite strike on June 27 in protest of the management's move to introduce a performance-based pay system, causing bank customers to face inconvenience in us
July 11, 2011
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Korea considers new immigration office
The government has taken the first steps of creating an exclusive agency to take oversee the nation’s policies on immigration and multiculturalism, officials said Sunday. The Ministry of Strategy and Finance gave public notice of a bid to analyze foreign immigration agencies and study measures to attract a talented workforce from abroad. The ministry plans to streamline immigration policy over the
July 10, 2011
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HC Petrochem begins works to triple capacity
Industry and government officials including Hyundai Oilbank CEO Kwon Oh-gap (sixth from left) and Cosmo Oil CEO Kimura Yaichi (fifth from left) take part in the groundbreaking ceremony for HC Petrochem’s new plant in Daesan, South Chungcheong Province, Friday. (Hyundai Oilbank)HC Petrochem, a joint venture between Hyundai Oilbank Co. and Japan’s Cosmo Oil Co., began work on a new plant that will t
IndustryJuly 10, 2011
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LG’s Cinema 3-D TV ...certified as full HD
LG Electronics’ Cinema 3-D TV was certified as full HD in 3-D mode by VDE, one of Europe’s largest technical and scientific international associations, the Seoul-based company said on Sunday. “This latest certification proves beyond all doubt that LG’s Cinema 3-D TVs, which already provide the most comfortable 3-D viewing experience, deliver 3-D in full HD,” said Havis Kwon, President and CEO of L
IndustryJuly 10, 2011
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Korean outside directors ...make dubious watchdogs
Some draw as much as 97 million won for 10 days of workOutside directors at Korean companies may not be fulfilling their roles despite their handsome salaries.According to the data local firms submitted to the Financial Supervisory Service, some firms paid their outside directors as much as 9.7 million won ($9,200) for each day they spent attending company functions. Outside directors were made a
IndustryJuly 10, 2011
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Deep-pocketed luxury brands skimpy on ...donations
Louis Vuitton and other global luxury goods makers saw their profits soar in South Korea in the last decade but remained reluctant to make social contributions, their financial statements showed Sunday.Louis Vuitton Korea Ltd., a unit of the world’s largest luxury goods maker LVMH Moet Hennessy Louis Vuitton SA, posted higher net profit growth than any other luxury goods maker in South Korea, acco
IndustryJuly 10, 2011
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STX readies capital for Hynix stake purchase
Shipbuilding giant STX Group on Sunday said it has sold 250 billion won ($236 million) of overseas assets to secure the funds to purchase a 15 percent stake in Hynix Semiconductor against its bidding rival, SK Group. STX Europe Holding, a wholly owned subsidiary of the STX Group, sold an almost 20 percent stake of its Singapore-based STX OSV Holdings to an investment fund to help pay for the $2.3
July 10, 2011
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Woongjin Coway enjoys boon from national health trend
Woongjin Coway Co., already the industry leader in water and air purifiers, is enjoying a second bloom. The Seoul-based company logged sales of 1.51 trillion won ($1.43 billion) and 228.8 billion won of operating profits last year, marking the 12th consecutive year of record-high sales.“In May, we reached record-high sales in just a month. We are entering our second heyday,” Woongjin Coway CEO H
IndustryJuly 10, 2011
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Hyundai Motor donates mobile clinics to Africa
Hyundai Motor Company president Chung Jin-haeng (front, third from left) and chief of the firm’s Ethiopian branch Haile Gebresellasie (center), pose with Health Minister of the African nation Tedros Adhanom after donating two mobile clinic trucks equipped with X-ray machines. (Hyundai Motor)Hyundai Motor Co. donated mobile clinic vehicles to African nations Monday to step up its corporate social r
July 10, 2011
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EU law firms poised to enter Korea
Local practices forced to sharpen edge, but experts say legal fees won’t necessarily fallArmed with money and reputation, major European law firms are eyeing the South Korean market gradually opening up with the EU-FTA that came into effect on July 1. Globally renowned firms such as DLA Piper ― the world’s third-largest law firm ― along with Clifford Chance and Allen & Overy are among those lookin
IndustryJuly 10, 2011
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Nissan, Toyota ‘quiet’ cars must sound alerts under U.S. rule
A General Motors Co. Chevrolet Volt electric vehicle is taken for a test drive through the Presidio in San Francisco, California (Bloomberg)Nissan Motor Co., General Motors Co. and other makers of electric and hybrid vehicles will be required by U.S. safety regulators to install warning systems that will automatically sound alerts to pedestrians. The U.S. National Highway Traffic Safety Administra
MobilityJuly 10, 2011
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Kia Motors sales up 21.8% in June
Kia Motors Corp., South Korea’s second-largest automaker, said Friday that its sales in June rose21.8 percent from a year earlier as a jump in overseas sales offset decreased domestic demand.The company sold 217,315 vehicles overall last month, compared with 178,391 vehicles sold a year earlier. Domestic sales dropped 5 percent on-year to 42,200 units in June, but exports spiked 30.7 percent to 17
MobilityJuly 10, 2011
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GM goes full throttle in race against rivals
Mike Arcamone, CEO and President of GM Korea (Ahn Hoon/The Korea Herald)The race is on. GM Korea, the nation’s No.3 carmaker, is out to challenge its big-time rival Hyundai Motor Co. by betting big on superior quality and designs.“We’re going to challenge. We’re going to challenge our competition in all the segments, but in particular in areas where we have not competed before,” Mike Arcamone, CEO
MobilityJuly 10, 2011