Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Research center opens for space rocket
The Ministry of Science, ICT and Future Planning is opening a new research center for the development of the country’s first domestically produced space rocket this week.Located at the state-run Korea Aerospace Research Institute in Daejeon, the center will conduct cooperative research with related industries to design and develop a 75-ton thrust rocket engine. The opening ceremony is scheduled for Monday, the ministry said.Korea is pushing to develop its own three-stage space rocket, the KSLV-2
TechnologyJune 23, 2013
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Scoot Airlines fast rising in budget carrier market
The rise of time-rich and cash-poor travelers has opened a golden business opportunity for Asia’s budget carriers. Scoot has seized it by focusing on leisure-oriented and medium-distance flights. “There has been a really fast, large growth in the number of people who are now used to comfortable, low-cost travel,” Scoot Airlines chief executive Campbell Wilson told The Korea Herald during his recent 24-hour visit to Seoul. Scoot Airlines, a wholly owned subsidiary of Singapore Airlines Group, lau
IndustryJune 23, 2013
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Samil PwC names first foreign partner
Daniel Fertig, 35, has been named a partner at Samil PricewaterhouseCoopers, the largest accounting service firm in Korea and part of the PwC global network. His work as partner begins on July 1.The British chartered accountant is the first foreigner to be admitted as partner of any of the big four accounting firms in Korea, the company said. Fertig transferred to Korea from PwC’s London office in 2006.His main role involves working with large Korean companies seeking to start or expand global o
June 23, 2013
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Scandals may dent Korea’s drive to export nuclear plants
Korea will launch a drive to export its nuclear power plants to Saudi Arabia by hosting minister-level talks between the two countries in Seoul on Monday for cooperation in the nuclear energy sector.The repeated scandals revolving around the use of substandard parts supplied with forged quality certificates in several domestic nuclear reactors, however, may put a dent in the government’s nuclear plant export initiative ― one of the administration’s key economic policy agendas. The number of loca
June 23, 2013
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Revised tax pact to boost hunt for Chun’s ‘hidden’ wealth
The National Tax Service’s stalled probe into the penalty default by former President Chun Doo-hwan is expected to gain momentum as the revised tax pact between Korea and Singapore is set to take effect this week.The revision calls for lifting a ban of free exchange of financial data between two tax authorities. Tax experts said the new pact may enable the NTS and the Financial Supervisory Service to track down former President Chun’s “mysteriously evaporated” properties. Chun’s wealth has been
June 23, 2013
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Fed policy shakes up Korean growth forecasts
Though some state and private think tanks had painted a rosy picture for Korea’s GDP growth in the second half, recent remarks by U.S. Federal Reserve Chairman Ben Bernanke have emerged as a fresh factor for uncertainty.Deputy Prime Minister and Finance Minister Hyun Oh-seok said last Monday that economic growth is projected to reach 3 percent or more in the latter half of 2013 and 4 percent in 2014.Some private research institutes also predicted higher growth rates, compared to the estimated 2
June 23, 2013
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Lexus LS tops J.D. Power quality study
Lexus’ flagship LS sedan topped the 2013 J.D. Power and Associates Initial Quality Study for the sixth year in a row, the high-end brand of Toyota said Wednesday. The LS received the best score, 59 problems per 100 vehicles, among all 33 car models that were surveyed for the J.D. Power study, the industry’s benchmark for new-vehicle quality. The 2013 version, in particular, is considered the most technologically advanced vehicle in the Lexus lineup, the Japanese carmaker said, as it offers diver
MobilityJune 23, 2013
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BMW, Mercedes step up used cars push to combat slump
With fewer and fewer Germans buying new cars, Bayerische Motoren Werke AG, Daimler AG and Volkswagen AG are trying the next-best thing: pushing second-hand models. Counting on the cachet of their brands, German automakers are stepping up efforts to cash in on the growing used market as new-car demand withers. The push, which includes leasing offers and fast-track loans, helps attract new buyers for models beyond the reach of many consumers, increasing competition for mass-market nameplates. For
MobilityJune 23, 2013
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Fiat said able to triple Chrysler payout after funding
Fiat SpA stands to earn three times as much from a Chrysler Group LLC dividend this year after the U.S. carmaker refinanced debt and changed the terms attached to the funding, people familiar with the matter said. The new debt covenants place lower restrictions on the size of the dividend Fiat can collect from Chrysler, which the Italian company controls with a 58.5 percent stake, said the people, who asked not to be identified because the details have not been announced. Fiat for 2013 may colle
MobilityJune 23, 2013
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K5 to challenge Japanese rivals
Kia Motors on Thursday pledged to soak up market shares of not just its in-house rival Hyundai Sonata but also the Toyota Camry and Honda Accord, with the new launch of the facelifted K5. The Hyundai Motor affiliate recently unveiled the new K5, the facelift of its hot-selling family sedan, in three years. “The nation’s midsize car market last year declined 21 percent due to few new launches,” said Kim Chang-sik, executive vice president at Kia Motors, ahead of a ride event in the day. “We would
MobilityJune 23, 2013
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Ford Korea shows signs of new vigor
Ford’s years of introducing new vehicles and marketing their fuel efficiency in Korea will finally pay off this year, said Jung Jae-hee, head of the U.S. automaker’s Korean unit. Ford Sales and Service Korea sold 657 Ford and Lincoln brand vehicles in May, the highest monthly figure since the company was established back in 1995. “If we continue the recent sales momentum, this year’s car sales will be strong enough to offset last year’s big investment,” Jung said in a recent interview with The K
MobilityJune 23, 2013
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Market watches rebuilding of Shin-Banpo apartments
The real estate market in Korea, which suffered from a long slump, is showing signs of recovery after the government’s announcement of new stimulus measures in April.The centerpiece of the measures is to give tax breaks to both home sellers and buyers so that real-estate transactions can be revitalized.Market observers said that people expected to benefit most are those who purchase or sell small or old apartments in Gangnam, the most expensive district in Seoul. This is because the new tax ben
June 23, 2013
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Summer season boosts coffee sales, but not sodas
Monthly sales of coffee and tea outpaced those of soft drinks such as coke and cider for the first time in June, according to industry sources on Sunday.While the sales distribution ratio showed soft drinks taking up 58.6 percent and coffee drinks 41.4 percent in the previous year, it was overturned by the rise in coffee sales percentage soaring to 55.6 percent and soda sales decreasing to 44.4 percent as of June 20. Sales for soft drinks experienced a fall of 26 percent as well, while those of
IndustryJune 23, 2013
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Volkswagen ordered to recall 1,930 vehicles
German automaker Volkswagen has been ordered to recall three models of its Golf subcompact and Jetta sedan, the Ministry of Land, Infrastructure and Transport said Sunday.The latest recall is related to electrical flaws in the German cars' gear transmission system, the ministry said.The recall will affect a total of 1,930 Volkswagen vehicles, comprising 370 units of the Golf 1.4 TSI, 1,078 units of the Golf 1.6 TDI BMT and 482 units of the Jetta 1.6 TDI BMT, all built between May 31, 2010 and Au
IndustryJune 23, 2013
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S. Korea's financial markets remain relatively resilient against Bernanke shock
South Korea's financial markets have remained relatively resilient compared with other major emerging countries in the face of heightened volatility sparked by worries that the U.S. might scale back its economy stimulus efforts, the finance ministry said Sunday. The financial markets here, including stocks and foreign exchange rates, were rattled on Thursday and Friday after U.S. Fed Chairman Ben Bernanke made remarks that Washington could taper its bond-buying program that has kept its intere
June 23, 2013
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Meat consumption increases 22 pct over 4 years
South Koreans' meat consumption increased more than 22 percent over the past four years, with pork remaining the most popular, government data showed Sunday. The data released by the Ministry of Food and Drug Safety found that South Koreans consumed a total of 2.18 million tons of meat last year, or 43.7 kilograms per person.The nation's per capita meat consumption has increased 22.3 percent over the past four years, rising from 36.8 kg in 2009 to 38.7 kg in 2010, 40.4 kg in 2011 and 43.7 kg i
June 23, 2013
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Bug exposes contacts of some on Facebook
(AP) -- Facebook says a bug in its system led to users' contact information -- such as email addresses or phone numbers -- to be accessed by other users who either had some contact information about that person or some connection to them.The social media company said in a blog post that the cause of the bug is ``pretty technical'' but that the problem is tied to its ``Download Your Information'' tool.The company uses the information that users upload to better tailor the friend suggestions it is
IndustryJune 22, 2013
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Seoul shares expected to trade lower on U.S. policy woe
South Korean stocks are expected to continue trade bearish next week as the United States Federal Reserve's remark to cut quantitative easing will dent investors' sentiment, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed down 66.41 points, or 3.52 percent, to 1,822.83 on Friday from the previous week.The KOSPI lost ground due mainly to the U.S. Federal Open Market Committee (FOMC) meeting held this week which had an adverse impact on investors' sentiment as
June 22, 2013
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Financial markets continue to fall
The Korean financial markets continued to take a beating from the “Bernanke shock” that foretold the near conclusion of U.S. monetary stimulus, spurring worldwide asset selloffs.Eroded confidence caused the benchmark stock index to approach the 1,800 threshold as soon as the market opened, while interest rates on three-year state bonds surpassed 3 percent. The won also further weakened against the U.S. dollar.The KOSPI fell about 1.5 percent finishing at 1,822.83 on Friday, following an overnigh
June 21, 2013
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Insurers search for ways to fight increasing uncertainties
“Reshaping the insurance industry” was the main topic for this year’s International Insurance Society seminar held last week. The sector is trying desperately to steer clear from the three major deadlocks it’s facing: a sagging global economy, an aging society and natural disasters. “We did our best to pin down globally shared and applicable issues,” Moon Jae-woo, the co-head of organizing committee of the five-day international forum, told The Korea Herald. The reward for such efforts came in p
June 21, 2013