Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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Seoul shares open lower on eurozone woes
South Korean stocks turned lower Monday after a strong start, dampened by concerns over the depeening crisis in the eurozone region, analyst said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 5.94 points, or 0.33 percent to trade at 1,783.50 in the first 15 minutes of trading.Shares traded mixed, with tech giant Samsung Electronics staying flat and chipmaker SK hynix jumping 2.5 per
July 24, 2012
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FTC takes legal action against 4 humidifier sterilizer makers
The Fair Trade Commission said on Monday that it has brought the heads of four companies including two U.S.-based firms to prosecutors on charges of concealing that their humidifier sterilizers contain dangerous materials. FTC officials said the four companies labeled their humidifier disinfectants either as “safe for the body” or “safe for the body and harm-free when inhaled.”The legal action was taken as the nation’s health authorities came to a conclusion that sterilizers for humidifiers are
July 23, 2012
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Food imports from U.S. fall despite FTA
Korea’s imports of agriculture products and food from the United States dropped in the second quarter despite the start of their free trade agreement, a trade organization said Monday.Shipments of agriculture and food products from the United States to the country came to some $1.91 billion in the April-June period, down 16.8 percent from the same period last year, according to the Korea Agro-Fisheries & Food Trade Corp. Imports in January and February increased 0.9 percent and 5.2 percent on-ye
July 23, 2012
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Korean firms to engage in Olympic marketing
The Korea Chamber of Commerce and Industry said Monday that six out of every 10 big firms are expecting extra demand to occur during the London Summer Olympic season.In a recent survey of the country’s 100 largest companies, about 35 percent said they plan to launch marketing activities related to the Summer Olympics, higher participation than the Korea-Japan joint World Cup in 2002 and the Beijing Olympics in 2008 which recorded 19.7 percent and 27.3 percent, respectively.When asked how they ex
July 23, 2012
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Philips Lighting names new branch chief
Philips Electronics Korea, a subsidiary of the Dutch multinational company Royal Philips Electronics, has appointed Kim Il-gon as the new chief of its lighting branch. He is set to take office on Sept. 1. The Korean subsidiary of the Dutch electronics firm expressed confidence in its selection, and said that Kim’s proven track record in the LED industry will help contribute to the overall growth of the company, especially towards the development of new lighting technologies. The sector is expect
July 23, 2012
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JTI Korea releases ‘capsule’ type cigarette
JTI Korea, a local division of the international tobacco-maker Japan Tobacco Inc., has announced the release of a new type of “capsule” cigarette. Called “Mild Seven Option,” this is the first time the company has applied a capsule design to a cigarette. The new design allows capsules inside the cigarette filter to “pop,” and helps the product maintain its menthol taste, according to a company spokesperson. “We will constantly try to improve the expertise and design of our products in order to p
July 23, 2012
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KAA, AustCham to host Sundowners’ party
The Korean Australian Alumni and the Australian Chamber of Commerce in Korea will host a joint “Sundowners” party on July 26.It will take place at the Mixology Bar, located in Cheongdam-dong, southern Seoul. Guests will be able to enjoy cocktails and get a chance to win lucky draw prizes, including those from JW Marriott Hotel Seoul and Pieroth Wines. The dress code is smart casual. Please call (02) 2010-8832 for more information.(renee@heraldm.com)
July 23, 2012
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Seoul shares fall on renewed eurozone worries
South Korean stocks closed 1.84 percent lower Monday as Spain's call for a rescue fund spurred a new wave of fears that the eurozone debt crisis is deepening, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) plunged 33.48 points to finish at 1,789.45. Trading volume was moderate at 491.3 million shares worth 3.55 trillion won ($
July 23, 2012
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Chinese police seize $18.5M in fake money
Chinese police have arrested 463 suspects on charges of counterfeiting money and confiscated $18.5 million in fake bills, officials said.The arrests came out of a special operation created in March to crackdown on economic crimes, China‘s state-run Xinhua News Agency reported.“Fake note cases and the amount of fake notes discovered by financial institutes have been decreasing under sustained crack
July 23, 2012
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Seoul shares open sharply lower on Spain fears
South Korean stocks started sharply lower on Monday as renewed concern over debt-ridden Spain raised the specter that the eurozone fiscal crisis is worsening, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) lost 27.80 points, or 1.53 percent to 1,795.13 in the first 15 minutes of trading.Shares moved downward across the board, with top-cap Samsung Electronics and Hyundai Moto
July 23, 2012
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Parties promote ‘economic democratization’ bills
Rival parties disagree on reintroducing cap on chaebol’s equity investmentThe following is the last in a two-part story about political parties’ call for economic democratization ahead of the December presidential election. ― Ed.Both the ruling and opposition parties are voicing “economic democratization” as a key policy for the presidential elections in December.The constitutional term refers to efforts to promote balanced growth, economic stability and equitable income distribution and to prev
July 22, 2012
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Opening of foreigners-only duty-free shops faces delay
Exclusive shops for overseas visitors likely to debut next yearThe opening of foreigners-only duty-free shops across the nation is most likely to take place next year, deferred from the government’s plan to have them ready by this year.The Korea Customs Service said Sunday that the establishment of foreigners-only duty-free shops is being delayed due to conflicts occurring between commissioners responsible for making a public announcement involving the issue.“Confirming the basic scheme and acce
July 22, 2012
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Seoul shares open higher on U.S. gains
South Korean stocks opened higher on Friday as overnight rallies on Wall Street cheered investors, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.03 points, or 0.06 percent, to 1,823.99 in the first 15 minutes of trading.U.S. stocks closed higher on Thursday as earnings from technology companies outweighed concerns over weak employment data.Tech issues led the gai
July 20, 2012
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Energy imports increase 14.6%
Korea’s energy imports posted solid gains during the first half of this year as costs of purchasing crude oil and natural gas jumped, customs data showed Thursday.South Korea imported $81.5 billion worth of crude oil, natural gas and coal during the January-June period, up 14.6 percent in value from a year earlier, according to the data by the Korea Customs Service. The increase is attributed to a spike in average import prices of crude oil and natural gas, which jumped 11.3 percent and 26.2 per
July 19, 2012
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POSCO buys stake in Slovakian firm
POSCO, South Korea’s leading steelmaker, said Thursday that it has bought a stake in a Slovakian firm in a bid to beef up its sales in eastern Europe, it said Thursday.The steelmaker and its affiliate Daewoo International Corp. signed a deal this week to buy a combined 10 percent of Trancerie Emiliane (TE) Slovakia, an affiliate of the Italy-based motor core manufacturer TE Group.POSCO did not reveal financial terms of the deal.“This is the milestone of POSCO and TE, which have been forging ties
July 19, 2012
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Discount outlet, department store sales tumble
Sales at South Korea’s major discount outlets and department stores fell from a year earlier last month, the government said Thursday, apparently reflecting worsening consumer sentiment amid rising prices.Sales at the country’s three major discount outlet chains dropped 7.2 percent in June from the same period in 2011, according to the Ministry of Knowledge Economy. The outlet chains are Lotte Mart, E-Mart and Homeplus.June marked the third consecutive month combined sales of the three outlet ch
July 19, 2012
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Three of eight pro baseball teams turn profits in 2011: reports
Fewer than half of baseball teams in the nation’s top competition turned a profit last year, reports showed Thursday, despite the sport’s recent run of massive popularity.According to reports by the Financial Supervisory Service and the Ministry of Culture, Sports and Tourism, three of the eight clubs in the Korea Baseball Organization made profits in the fiscal year 2011. The Lotte Giants made 3.7 billion won ($3.2 million), followed by the Doosan Bears with 2.3 billion won and the Samsung Lion
July 19, 2012
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SK holds forum to mark China ties
SK Group’s academic institute opened a two-day forum in Seoul to mark the 20th anniversary of diplomatic relations between Korea and China.The Korea Foundation for Advanced Studies, a private non-profit educational organization founded by the conglomerate, organized the forum titled “International Academic Symposium in Commemoration of the Korea-China 20th Diplomatic Anniversary.” About 42 prominent Chinese scholars with at least a one-year stay in Korea since 2000 attended the academic conventi
July 19, 2012
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S. Korea ranks 43rd in gold reserves
South Korea ranks 43rd in gold holdings, 13 notches higher from a year earlier, but its reserves remain relatively small compared with other nations, data showed Thursday.South Korea's gold holdings came to 54.4 tons as of July this year, the 43rd largest among 113 countries and organizations surveyed by the World Gold Council, an international body that offers key information about gold.South Kor
July 19, 2012
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Seoul shares open higher on U.S. gains
South Korean stocks got off to a strong start on Thursday, boosted by overnight rallies on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) jumped 27.2 points, or 1.52 percent, to 1,822.11 in the first 15 minutes of trading.U.S. stocks closed higher on Wednesday on the back of U.S. Fed chief Ben Bernanke's remarks and firm gains in technology shares.Blue chips led
July 19, 2012