Most Popular
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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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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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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Ministry denies blame for Jamboree debacle
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Ferrari likely to unveil station wagon
GENEVA (DPA) ― Ferrari is apparently planning to unveil at the Geneva Motor Show in March a Shooting Brake station wagon concept car based on the 612 Scaglietti, after spy shots of a car were revealed recently.The Italians could be testing the market for cars that could compete against the likes of the Porsche Panamera or other luxury sports utility vehicles, fitted with a V12 engine of some 540 h
MobilityJan. 30, 2011
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BMW dominates large bike market
Three of last year’s top five bestselling motorcycles with larger than 500 cubic centimeter engine displacement, excluding scooters, were BMW vehicles, BMW Korea announced Thursday.According to industry data, BMW’s S1000RR topped the list with 129 units sold last year. The BMW R1200GS came in third with 104 units, while the R1200RT came in fifth with 83 units. S1000RRThe second bestselling motorcy
MobilityJan. 30, 2011
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Volkswagen revives plan for fuel-thrifty car
BERLIN (DPA) ― Volkswagen, Europe’s biggest carmaker, has brought plans for a fuel-thrifty car out of abeyance and will display an ultra-light hybrid car at the Qatar Motor Show at the end of this month, according to a German magazine.Volkswagen has spoken for years of making a car that can travel 100 kilometers on just 1 litre of fuel, but has never put one on sale. The magazine Wirtschaftswoche
MobilityJan. 30, 2011
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The tricycle that roared ― world’s first car weighed-in 125 years ago
STUTTGART, Germany (DPA) ― It is not the most handsome, the most valuable or the fastest of its kind but it does have a very special distinction.The frail-looking patent motor vehicle in the style of a tricycle which burst on the scene in Germany 125 years ago is regarded as the world’s very first automobile.Replicas of the pioneering three-wheeler submitted to the German Imperial Patent Office on
MobilityJan. 30, 2011
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Tata looks at selling Nano in Asia
Tata Motors Ltd. may expand sales of the Nano, the world’s cheapest car, to countries such as Thailand, Sri Lanka and Bangladesh as early as this year as demand for the egg-shaped vehicle rebounds in India.“We will go after these markets one after another,” Tata chief executive officer Carl-Peter Forster said Thursday at an auto-industry event in Bochum, Germany. Tata Motors Ltd. Nano vehicles ar
MobilityJan. 30, 2011
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Facebook’s value exceeds Amazon.com
Facebook Inc.’s valuation topped Amazon.com Inc., leaving the social-networking company behind only Google Inc. among U.S. Internet companies. Facebook is valued at $82.9 billion on secondary exchange SharesPost Inc. and has jumped by more than 40 percent since mid-December. Amazon shares dropped 7.2 percent Friday after a disappointing sales forecast, pushing its stock market value down to $77.2
IndustryJan. 30, 2011
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Samsung posts highest sales of 154 trillion won in 2010
Samsung Electronics announced Friday that its total sales and operating profit for last year climbed to a record high, reaching more than 154 trillion won ($138.2 billion) and 17 trillion won, respectively, buoyed by increased sales of memory chips and mobiles.The country’s top electronics manufacturer said it posted 154.63 trillion won in total sales and 17.3 trillion won in operating profit, sur
IndustryJan. 28, 2011
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Eximbank raises 40b yen via bond issuance
The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investo
Jan. 28, 2011
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SM5 sedan taps European market
Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis
Jan. 28, 2011
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Overseas money transfer reaches almost $10b in 2010
Money remittances to foreign countries, including foreign workers’ income transfers, jumped last year to nearly $10 billion (11.2 trillion won) amid the economic recovery, central bank data showed Friday.Total money flowing to foreign countries reached $9.97 billion last year, up 31 percent from the previous year, according to the Bank of Korea.Among total remittances, payment of income to foreign
Jan. 28, 2011
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Hynix to increase line-up of premium chips to 70%
Hynix Semiconductor Inc., the world’s second-biggest computer memory chipmaker, said it would focus more on producing premium products in the non-PC sector this year in a bid to widen the gap with other follow-up firms on the global stage.Kwon Oh-chul, chief executive of Hynix, said in a press conference late Thursday that the premium product line-up will account for about 70 percent of sales in 2
IndustryJan. 28, 2011
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Woori, Shinhan in search of new chairmen
Two of the nation’s three major financial groups are to choose their next chairmen in about a month.Woori Financial Group’s incumbent chairman Lee Pal-seung will see his term end in March and Shinhan Financial Group currently maintains an interim chairman system due to the recent internal feud among executives.Woori Financial launched a committee Friday, which will recommend the list of several ca
Jan. 28, 2011
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Kia posts record revenue, profit on sales
Kia Motors Corp. saw its sales and profits reach an all-time high in 2010, fueled by massive improvements in sales seen both at home and abroad.The carmaker Friday reported yearly sales of 23.26 trillion won ($20.88 billion) and operating profit of 1.68 trillion won, up respectively 26.3 percent and 46.8 percent from a year earlier.Over the corresponding period, the company’s net profits jumped 55
IndustryJan. 28, 2011
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Verizon buys cloud provider Terremark
Verizon Communications Inc., the second-largest U.S. phone carrier, has agreed to buy cloud-provider Terremark Worldwide Inc. for $1.4 billion as it expands services that allow corporate customers store data and programs offsite. The cash deal, which values Terremark at $19 a share, represents a 35 percent premium over the company’s closing share price. Verizon plans to complete its offer later th
BusinessJan. 28, 2011
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Seoul shares end 0.34 pct lower on Japan rating cut
South Korean stocks closed 0.34 percent lower on Friday as investor sentiment was dampened by the downgrade of Japan's credit rating by Standard & Poor's, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 7.14 points to 2,107.87, snapping a four-day run of gains.Trading volume was moderate at 347.8 million shares wo
Jan. 28, 2011
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Samsung's Q4 operating profit down 12.4 pct
Samsung Electronics shares surpassed the 1,000,000 won mark on Jan. 19 in an intraday trading. (Yonhap News)Samsung Electronics Co., the world's largest maker of computer memory chips, said Friday that its fourth-quarter operating profit fell 12.4 percent from a year ago as weak demand for TVs battered flat-screen panel prices. Operating profit stood at 3.01 trillion won ($2.7 billion) in the
IndustryJan. 28, 2011
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KT swings to profit in Q4 on iPhone sales
South Korea's biggest telecom company KT Corp. said Friday that it returned to the black in the fourth quarter of 2010 from a net loss a year earlier, helped by brisk sales of Apple Inc.'s iPhone. Net profit reached 105.1 billion won ($94.3 million) in the October-December period, compared with a net loss of 430.5 billion won one year earlier, it said in a regulatory filing. The loss in the
IndustryJan. 28, 2011
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POSCO steps up resources development
Steelmaker boosts magnesium capabilities in its diversification driveAs magnesium alloys emerge as next-generation material for vehicles, POSCO, the world’s fourth-largest steelmaker, is betting on the metal to fuel the next stage of its drive to become an all-round materials developer.While the market for magnesium alloys remains relatively small, such materials have become key candidates for use
IndustryJan. 27, 2011
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Business sentiment turns negative for Feb.
Korea’s business sentiment for February turned negative for the first time in 17 months amid rising prices of imported raw materials and signs of rate hikes, a poll showed Thursday.The Business Survey Index (BSI) for February came in at 98.0, compared with 101.4 in January, according to the Federation of Korean Industries, the largest industry lobby in Korea.The BSI reading has stayed above 100 si
Jan. 27, 2011
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Creditors to pick Korea Express managers
The state-run Korea Development Bank, main creditor of Korea Express, said Thursday that it will pick two arrangers next month to find a new owner for the country’s top logistics company.Creditors are seeking to sell over 35 percent of their total 47.9 percent stake in Korea Express, held by Daewoo Engineering & Construction Co. and Asiana Airlines Inc., the airline unit of liquidity-squeezed Kumh
Jan. 27, 2011