Most Popular
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Yoon, Lee end first talks with differences, agree to meet more
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What is Hybe’s next move?
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China outpaces Korea in smaller OLED shipments for 1st time
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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[Herald Interview] Mom’s Touch seeks to replicate success in Japan
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Police to open alleged stalking probe over pastor over Dior bag scandal
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'Queen of Tears' finale sets record viewership ratings as tvN's most-watched series ending
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[News Focus] Lee tells Yoon that he has governed without political dialogue
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Seoul to deploy more military doctors to fill med prof void
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Liberal bloc moves to rewrite student rights ordinance
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KEPCO’s net profit jumps in Q3
Korea Electric Power Corp., South Korea’s state-run power company, said Tuesday its net profit soared 61.1 percent in the third quarter from a year earlier on higher electricity rates and cheaper fuel costs. Net income reached 1.56 trillion won ($1.37 billion) in the July-September period, compared with 973 billion won from a year ago, the company said in a regulatory filing. Sales rose 4.3 percent to 14.97 trillion won in the period, while operating income jumped 84.9 percent to 2.86 trillion w
Nov. 11, 2014
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Woori Bank opens office in Vladivostok
Woori Bank, the country's third-largest commercial lender by assets, said Tuesday it has opened an office in the Russian port city of Vladivostok as a growing number of companies are expected to enter the market in line with Moscow's regional development plan.The office, the first in the area to be operated by a Korean bank, will mostly focus on providing corporate finance to South Korean companies, Woori Bank said in a press release.The Vladivostok office is Woori Bank's third local unit in Rus
Nov. 11, 2014
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S. Korean firms' ratings trimmed on poor earnings
A spate of major South Korean firms, mostly shipbuilders and construction companies, had their credit ratings downgraded due largely to their poorer-than-expected third-quarter earnings, industry watchers said Tuesday.Hyundai Heavy Industries Co., the world's largest shipyard, was cut by one notch by two local rating agencies to "AA" from "AA+"due to its third-quarter earnings that shocked investors.Hyundai Heavy said last month that it logged a record quarterly operating loss of 1.93 trillion w
Nov. 11, 2014
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Daum Kakao starts cash transaction service
Daum Kakao, South Korea's leading mobile messenger operator, on Tuesday launched BankWalletKakao, a service that allows users to transmit cash through the messenger platform.The service, arranged with 16 local banks, lets users share bills or send money through the messenger application KakaoTalk.Subscribers of BankWalletKakao are allowed to deposit up to 500,000 won (US$460.7) in their "bank money" accounts.A user can send up to 100,000 won per day and receive up to 500,000 won. Daum Kakao, how
Nov. 11, 2014
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Tesco looking to offload Homeplus
Tesco, the world’s No. 3 retailer, is considering selling off its South Korean operations under Homeplus to rein in its accounting crisis, local reports said Monday.The reports said the firm would have European investment bank Credit Suisse review the spinoff plans for its Asian operations, including South Korea. This is not the first rumor of a potential selloff of Homeplus, but the current claims are supported by Tesco’s new CEO Dave Lewis examining ways to raise funds following the discovery
Nov. 10, 2014
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Incheon Airport Railroad lures foreign travelers
The airport train platform at Incheon International Airport. (Incheon Airport Railroad)The Incheon Airport Railroad is attracting a rising number of foreign travelers thanks to its easy and convenient access to downtown Seoul, according to both railway officials and passengers. The trains depart from Incheon International Airport Station to connect to Gimpo International Airport and other key spots in Seoul.On-time departures and arrivals, along with a short connecting time, appeared to be some
Nov. 10, 2014
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Korean Air turns to net loss in Q3 on strong currency
Korean Air, South Korea’s largest air carrier, said Monday it swung to a net loss in the third quarter as the strong local currency increased the amount of dollar-denominated debt and interest rate payments. The net loss reached 392 billion won ($361.3 million) in the July-September period, compared with a net profit of 335.4 billion won a year ago, the company said in a regulatory filing.The company’s operating profit rose by 50.3 percent year-on-year to 240.7 billion won on falling fuel costs,
Nov. 10, 2014
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Korea to contribute W305 billion to lending groups
The South Korean government plans to contribute 305.9 billion won ($281 million) to multinational lending organizations next year, a slight increase from this year’s 300.4 billion won, according to the Finance Ministry. A large portion of the nation’s contributions to international society will be given to the World Bank and its lending arms.The country plans to offer $35 million to the World Bank next year. This will increase the nation’s voting share in the financial institution to 1.63 percen
Nov. 10, 2014
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[SUPER RICH] Billionaires reach for the sky
Skyscrapers, usually designed for office, commercial and residential use, could be called the pyramids of the 21st century.Towering above the skyline, they are clear symbols of industrialization, exhibiting integration of technology, concentration of wealth and enhancement of industry. They tell of the wealth and influence of the time in which they were built. Thus, the superrich and skyscrapers have been connected from the start. Some skyscrapers, such as the Empire State Building in New York,
Nov. 10, 2014
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[SUPER RICH] Influence of family businesses rising globally: McKinsey
Despite growing criticism of Korea’s family-controlled conglomerates, known locally as chaebol, U.S. management consultancy McKinsey found that family businesses are stronger and more vital around the world than ever before. According to McKinsey’s report on founder- and family-owned businesses, about one-third of the Fortune Global 500 companies are founder- or family-controlled, as are 40 percent of the major listed companies in Europe. “Family businesses are especially important in emerging m
Nov. 10, 2014
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BOK may freeze key interest rate in November
Korea’s central bank is expected to keep its benchmark interest rate at 2 percent this month amid growing concerns over household debt and foreign capital outflows. The Bank of Korea cut its key rate twice this year ― in August and October ― to a record low of 2 percent. Industry watchers are concerned that another cut may increase the level of Korea’s household debt. South Korea’s household debt has reached 1 quadrillion won ($940 billion) last year, which is threatening the economic health of
Nov. 9, 2014
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Korean retailers latch onto China’s Black Friday
South Korean consumer goods makers are in fierce competition to woo Chinese consumers on China’s “Singles Day” on Nov. 11, the Chinese version of Black Friday, the largest shopping day in the U.S.They are aggressively offering special deals for Chinese consumers who seek Korean goods to buy on Singles Day on Chinese e-commerce websites, including Tmall Global, the online marketplace of Alibaba Group. The website of Tmall Global, a direct-buying platform for Chinese consumers looking to buy forei
Nov. 9, 2014
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Debts by self-employed rising quickly
Total debts owed by the self-employed in South Korea have snowballed in the past four years, far surpassing the growth pace of corporate and mortgage loans amid an economic slowdown, industry data showed Sunday. The combined loans to the self-employed by Korea’s five largest commercial banks amounted to 134 trillion won ($122.5 billion) as of end-October, adding 40 trillion won from the end of 2010, according to the data from banks. Loan totals were provided by Kookmin Bank, Shinhan Bank, Woori
Nov. 9, 2014
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LG G3 to receive Android Lollipop update
LG Electronics said Sunday that it would start rolling out Google’s new Android 5.0 Lollipop upgrade for its flagship smartphone G3 this week starting in Poland.Other G3 users will be also able to receive the upgrade for the operating system from this month. “LG is absolutely committed to giving our customers the best mobile experiences available, and bringing Android Lollipop to G3 owners as soon as possible is a top priority,” said Park Jong-seok, president of LG Electronics’ mobile communicat
Nov. 9, 2014
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Samsung Heavy to build floating LNG vessel off Equatorial Guinea
U.S.-based Excelerate Energy has signed an agreement to lead a floating liquefied natural gas, or FLNG, project off the coast of Equatorial Guinea, which includes the key participation of South Korean shipbuilder Samsung Heavy Industries, according to Excelerate’s website.A statement dated Nov. 6 said Excelerate Energy will act as the consortium’s leading contractor in the deal with London-based Ophir Energy to develop gas reserves in the Block R natural gas field west of Bioko Island. The compa
Nov. 9, 2014
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Kolon’s honorary chairman dies
Lee Dong-chanLee Dong-chan, honorary chairman of Kolon Group, a major textile manufacturer that pioneered South Korea’s nylon production, has died after a long illness, the company said. He was 92.Born in Yeongil, North Gyeongsang Province, Lee established Kolon in 1957 after graduating from Japan’s Waseda University in 1944. He has since played a key role in the development of South Korea’s textile industry in the 1960s and 1970s.Lee served as head of the Korea Employers Federation in the 1990s
Nov. 9, 2014
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Samsung chairman undergoing rehabilitation: group
Samsung Group said Sunday its chairman Lee Kun-hee is in stable recovery and undergoing rehabilitation six months into his hospitalization."(The chairman's) bodily functions, including cardiac function, have recovered to normal and are in stable condition. (He is) awake 15-19 hours a day and is receiving rehabilitation such as wheelchair exercise," the group said.Samsung's remark is the latest update from a month earlier, when group chief of communications Lee Jun confirmed that an elevator was
Nov. 9, 2014
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Samsung Heavy Industries to build floating LNG vessel off
U.S.-based Excelerate Energy has signed an agreement to lead a floating liquefied natural gas (FLNG) project off the coast of Equatorial Guinea, which includes the key participation of South Korean shipbuilder Samsung Heavy Industries, according to Excelerate's website,A statement dated Nov. 6 said Excelerate Energy will act as the consortium's leading contractor in the deal with London-based Ophir Energy to develop gas reserves in the Block R natural gas field west of Bioko Island. The company
Nov. 9, 2014
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Hyundai Motor chief drops out of rich list
Chung Mong-Koo, the chairman of Hyundai Motor Group, this year failed to make a list of the world’s 200 richest people after spending heavily on a 80,000-square-meter site in Gangnam, Seoul, where he plans to build a global business control tower. According to the Bloomberg Billionaires Index, the head of South Korea’s largest automaker, who has in the past ranked between 150th and 200th place, had dropped out of the list altogether. The index does not provide details of those who have not made
Nov. 7, 2014
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Expo charts new design territory
A small booth in the shape of a bus was packed with people browsing through purses and handbags made with old issues of The Korea Herald, used plastic plates, discarded parachutes and other recyclable materials at an exhibition hall in KINTEX, Ilsan, Gyeonggi Province.The goods were a part of 2014 Design Korea, which kicked off Thursday for a five-day run.“I don’t think many people could tell that the pieces used to be just trash,” 24-year-old design student Kim Sul-hee told The Korea Herald. “N
Nov. 7, 2014