Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Gov't to launch feasibility study on expansion of Jeju Airport
The South Korean government said Friday that it will soon launch a feasibility study on a possible expansion of an international airport on the country's southern resort island of Jeju.The study, to be conducted by a consortium led by Korea Aerospace University, will last up to one year, according to the Ministry of Land, Infrastructure and Transport.The study comes as runways at the only airport in the country's favorite tourist destination are expected to become too crowded as early as 2018.An
Dec. 5, 2014
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Gov't postpones plans to raise vehicle tax on rent-a-car companies
The government has delayed plans to raise vehicle taxes on rent-a-car companies in the face of stiff opposition from operators, an industry source said Thursday.According to the Korea Rent-A-Car Association (KRCA), which lodged a strong protest against the move that would have gone into effect next year, the Ministry of Government Administration and Home Affairs has agreed to review its plan from scratch.Earlier in the year, the ministry said it would revise the country's local tax rules, so tha
Dec. 4, 2014
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POSCO sells specialty steel affiliate to SeAH
POSCO wrapped up a deal to sell its specialty steel-making arm POSCO Specialty Steel to SeAH Group by selling its 72 percent stake, the steelmaker said in a regulatory filing. With the end of the deal, SeAH will advance as the largest specialty steel manufacturer in Korea. With the acquisition, SeAH will be able to push up its annual production capacity from 3 million tons to 4 million tons.POSCO has pushed the deal since August when it announced a plan to sell its affiliate as part of its busin
Dec. 4, 2014
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Hyundai, Kia win best car awards in Canada
Hyundai GenesisSouth Korea’s top automaker Hyundai Motor Co. and its affiliate Kia Motors Corp. said Thursday that three of their models have been named the best cars of the year in their categories in Canada. Hyundai’s Sonata mid-size sedan was named best family car over $30,000, and the Genesis premium sedan best luxury car over $50,000 by the Automobile Journalists Association of Canada, the company said in a press release. Kia, the country’s No. 2 carmaker, took home best city car for its So
Dec. 4, 2014
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Korea’s imported car sales up 22.4% in Nov.
Sales of imported cars in South Korea jumped 22.4 percent on-year in November, accounting for more than one-tenth of overall auto sales in the country, data showed Thursday. The monthly sales figure of imported cars came to 16,959 units last month, up from the 13,853 units sold a year earlier, according to the data compiled by the Korea Automobile Importers Distributors Association. The tally also represents an on-month rise of 3.2 percent.“November sales of imported cars increased on-month than
Dec. 4, 2014
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Samsung Electronics’ overseas shipments hit $75 billion
Samsung Electronics Co., the world’s largest mobile handset and memory chip manufacturer, won South Korea’s most coveted export award by directly shipping out a record $75 billion worth of products in a one-year period, a local traders association said Thursday.According to the Korea International Trade Association, Samsung’s latest accolade marks the third time that the tech giant has been given the Export Trophy. The award given out to celebrate Seoul’s annual “trade day” was first presented t
Dec. 4, 2014
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OPEC move to hurt Korean refiners
South Korean oil refiners’ fourth quarter performance appears gloomy as OPEC’s recent decision not to cut its output target is likely to lead to greater inventory losses, according to industry sources Thursday.“The loss is inevitable for refiners as it takes about a month to ship the final product to markets from the time we buy the crude oil at higher prices,” an industry insider told The Korea Herald, declining to be identified.SK Innovation also predicted its fourth quarter earnings will be h
Dec. 4, 2014
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Koa Tech becomes Korea’s first acrylic block producer
A 250 mm acrylic block, produced by Koa Tech. (Koa Tech)Koa Tech, a local acrylic sheet manufacturer, recently gained attention in the market for producing an250 mm acrylic block. Although there are many acrylic sheet manufacturers in Korea, Koa Tech is the first to produce acrylic blocks over 60 mm thick.Only a few companies in the world have developed the technology to make monolithic acrylic blocks, the firm said.Acrylic has several advantages over glass, being lighter, unaffected by climate
Dec. 4, 2014
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South African, Spanish wines gain popularity
Customers take a close look at a collection of wines in a wine section at a local supermarket chain in Seoul. (Yonhap)Armed with affordable price tags, Spanish and South African value wines appear to be penetrating the Korean wine market at a fast pace.According to data from the Korea International Trade Association, imports of South African wines rose 50 percent in the first 10 months of this year, compared to the same period last year. Inbound shipments of Spanish wines also rose 20 percent in
Dec. 4, 2014
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CJ globally recognized for shared value creation
CJ Group, the nation’s largest food-maker, said Thursday that it received a global award for activities for creating shared value, or CSV.The company was the first Korean winner of the CSV Porter Prize. The Institute for Industrial Policy Studies, the Korean partner for the award, hosted the award ceremony at Sheraton Grande Walkerhill in Seoul.The award was named after management guru Michael Porter, a professor at Harvard University, who first proposed the concept of “creating shared value.” C
Dec. 4, 2014
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Hyundai Heavy workers go on 2nd partial strike
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, went on a partial strike Thursday for four hours after pay raise negotiations failed, company officials said.The 18,000-member union staged a four-hour walkout from 1 p.m., while the negotiations with management have yet to reach a breakthrough. The strike came as a follow-up of its first walkout in 20 years staged last week, when the workers also refused to work for four hours.Last week, officials claimed only a
Dec. 4, 2014
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Samsung promotes fewer executives amid slump
South Korea's top conglomerate Samsung Group on Thursday has announced the promotion of 353 executives in its personnel shake-up, fewer than a year earlier apparently due to the falling profits from its key affiliate Samsung Electronics Co.As widely expected, the number marked a sharp drop from a year earlier, when 476 executives were promoted. This year's figure included nine foreigners and 14 females.Under the move, Samsung Electronics promoted 165 executives, down from the 227 a year earlier,
Dec. 4, 2014
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Watchdog to beef up monitoring against monopolies: nominee
The nominee for the head of South Korea's corporate watchdog said Thursday that he will beef up monitoring of market leaders that hamper the entry of new competitors in the market.Jeong Jae-chan, named to lead the Fair Trade Commission (FTC) last month, also said that he will ramp up crackdowns on price rigging and international cartels."I will step up monitoring and enforce laws in accordance with principle for market leaders that are abusing their monopolistic power to hamper new competitors f
Dec. 4, 2014
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Deflation concerns grow in Korea
Citing the nation’s continuously falling consumer prices, local experts are raising concerns that the Korean economy may suffer deflation.South Korea’s consumer price growth has been at the 1 percent level over the past two years. In November, the figure dropped to a solid 1 percent ― the lowest in nine months ― according to Statistics Korea. “The Korean economy has already fallen into a de-facto deflation considering that consumer prices tend to be set about 1 percent higher than real prices,”
Dec. 3, 2014
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Top 4 chaebol cut investment amid business slump: report
South Korea’s conglomerates have scaled back their investments this year in the face of sluggish economic conditions, a report by a local corporate research firm showed Wednesday.According to CEO Score, the country’s top 30 business groups spent some 91.85 trillion won ($82.42 billion) on facilities and research and development in the first three quarters of this year, down 5.8 percent from 97.5 trillion won tallied the year before.It said facility investment, which makes up 71.2 percent of the
Dec. 3, 2014
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Heads of Incheon Airport, Delta to meet in U.S.
Incheon International Airport Corp. president Park Wan-su will meet Delta Airlines CEO Richard Anderson later this month to discuss ways to increase the number of transfer passengers at the Korean airport, officials said Wednesday. “The top executives will meet on Dec. 16 when Park visits Delta’s Atlanta headquarters,” said a ranking airport official. “They are highly likely to discuss moving the airline’s Asian hub from Narita to Incheon.”Incheon Airport, the main gateway to Korea, has recently
Dec. 3, 2014
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Two foreign funds vying for Ssangyong E&C
Four bidders, including two foreign funds, are in talks to acquire South Korean builder Ssangyong Engineering & Construction Co., industry sources said on Wednesday. Dubai’s sovereign wealth fund and a Singaporean private equity fund were selected as qualified bidders for the takeover of Korea’s 19th-largest building firm by construction capacity, sources said. The other two domestic bidders are Samra Midas Group and Steel & Resources. Ssangyong E&C, which has been under a debt workout program s
Dec. 3, 2014
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Foreign exchange reserves fall for 4th month in November
South Korea’s foreign exchange reserves declined for a fourth straight month in November due mostly to the weakening value of some currencies, data showed Wednesday.The country’s foreign exchange reserves reached $363.1 billion as of end-November, down $630 million from the previous month, according to the Bank of Korea. It is the lowest level since May this year when the amount hit $360.9 billion.Foreign reserves consist of securities and deposits denominated in overseas currencies, Internation
Dec. 3, 2014
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Hyundai, Kia sales in U.S. dip 2.76% in November
Hyundai Motor Group, the world’s fifth-largest automotive conglomerate, said Tuesday that its U.S. sales had dipped 2.76 percent on-year to 98,608 units, mainly due to weaker demand for older models. The on-year decrease, however, was offset by more cars sold by the two carmakers compared to the month before, when combined sales hit 94,775.Hyundai Motor America, the distribution and marketing arm of the group’s flagship company, said sales were down 4.16 percent to 53,672 cars, while Kia Motors
Dec. 3, 2014
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(Photo News) New air route promotion
Jeju Air crew members walk down the street near the Hongik University subway station in Seoul on Wednesday, wearing Vietnam’s traditional hat to promote the company’s new air route between Incheon-Hanoi, which will open on Dec. 18. (Kim Myung-sub/The Korea Herald)
Dec. 3, 2014