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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Yoon vetoes bill for special probe into young Marine's death
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Korea's increasing US investment mutually beneficial: report
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SNU alums nabbed for digital sex crimes
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South Korea bans viral North Korea propaganda video praising Kim
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Minister warns against trusting NK stated intentions, says Moon misguided
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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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Samsung replaces semiconductor chief amid heightened AI race
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Investigators zero in on reactor data hacker
The South Korean prosecution said on Sunday it had identified the location of the hacker who posted information on nuclear reactors on the Internet. The joint investigation team looking into the cybercrime said it had dispatched investigators to the province where the Internet protocol address associated with the hacker was sourced. Investigators were also sent to nuclear reactors at the Gori and Wolseong nuclear power plant complexes, which were targeted by the hacker. On Sunday, the hacker use
Dec. 21, 2014
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[Herald Interview] ‘Time to nurture game changers in sports industry’
Korea has become a sports powerhouse in terms of athletes’ performance, but it has made little progress in cultivating the sports industry. “The nation’s sports industry is still in an infant stage. Most firms in this sector (except a small pool of conglomerates) suffer from a lack of strategy and resources,” Choi Joon-seo, a professor of the sports industry and management department at Hanyang University, said in a recent interview with The Korea Herald. He pointed out the local industry’s stru
Dec. 21, 2014
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Prices of oil imports fall to near 4-year low
South Korea’s oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corp. said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75 per barrel, KNOC’s statistics showed. This is a 15.5 percent markdown from $111 in the same month last year and is the lowest price since January 2011. It is also the first time that the price has fallen to under $100 sinc
Dec. 21, 2014
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Half of conglomerates to tighten belts next year
Nearly half of South Korea’s conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms responded they will seek tight management for 2015, up 11.8 percentage points from a year earlier.As for the 158 small and medium-sized companies, 46.6 percent said they will keep the status quo next year. Only 1
Dec. 21, 2014
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Financial regulator to soften regulation on fintech
The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology and fully support the sector to refresh the country’s long-sluggish financial industry.“I will change the paradigm of regulation on fintech,” Financial Services Commission chairman Shin Je-yoon told reporters. “I will minimize preregistering requirements, and at the same time clarify liability and maximize consumer protection and information security.”Fintech is a new type
Dec. 21, 2014
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Korea to focus on economic ‘structural reform’ in 2015
The government is expected to announce Monday its economic policy priorities for next year, which will center on structural reform.Deputy Prime Minister and Finance Minister Choi Kyung-hwan hinted at the policy direction Friday, saying that as economic uncertainty and structural vulnerability have slowed recovery, the government plans to focus on structural changes to the economy.His remark came amid a slower-than-expected economic recovery, despite the government’s latest expansionary policy al
Dec. 21, 2014
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Gates Foundation donates $4.9m to SK’s vaccine project
SK Chemicals, a petrochemical unit of South Korea’s third-largest conglomerate SK Group, said Sunday it has received a donation of $4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute, an international organization set up in 1997 by the United Nations Development Program devoted to fighting diseases
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics, currently in the middle of a legal dispute with rival Samsung Electronics after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it would take the local competitor to court for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he would comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives of
Dec. 21, 2014
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LG countersues Samsung on quarrel over washer
LG Electronics Inc., currently in the middle of a legal dispute with rival Samsung Electronics Co. after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it will countersue the local competitor for defamation and forging evidence.LG executive Jo Seong-jin, one of the company officials accused in the case, said he will comply with a prosecution summons for questioning next month.Samsung in September asked the prosecution to investigate senior executives
Dec. 21, 2014
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Tourism revenue set to reach all-time high in 2014
South Korea's tourism revenue through the first 10 months of 2014 has already set an all-time high compared with totals from previous years, data showed Sunday, on the back of the rising number of Chinese visitors.The country's tourism revenue came to US$14.78 billion in the January-October period, surpassing the previous record of $14.16 billion posted for the whole of last year, the data compiled jointly by the Ministry of Culture, Sports, and Tourism and the Korea Culture and Tourism Institut
Dec. 21, 2014
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Gates Foundation donates US$4.9 mln to SK's vaccine project
SK Chemicals Co., a petrochemical unit of South Korea's third-largest conglomerate SK Group, said Sunday it has received a donation of US$4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint clinical testing of the vaccine through September 2017 with the International Vaccine Institute (IVI), an international organization set up in 1997 by the United Nations Development Program devoted to fight
Dec. 21, 2014
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Half of conglomerates to tighten belts next year: survey
Nearly half of South Korea's conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms responded they will seek tight management for 2015, up 11.8 percentage points from a year earlier.As for the 158 small and medium-sized companies, 46.6 percent said they will keep the status quo next year. Only 1
Dec. 21, 2014
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Samsung to freeze executives’ wages
South Korea’s top conglomerate Samsung Group said Friday it would freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from care businesses.Paychecks for around 2,000 executives at the business group, including Samsung Electronics Co., will be fixed throughout 2015.Incentive pay, however, will continue to be provided depending on each divisions’ earning performances, the group said.“The pay freeze is aimed at urging the executives to take the
Dec. 19, 2014
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Hyundai Motor’s sales in Brazil up 10.5% in November
Hyundai Motor, South Korea’s No. 1 automaker, made the top five in Brazil in terms of sales for two straight months in November despite the overall weak demand in the country, industry data showed Friday.According to the data offered by a dealers’ association in Brazil, Hyundai Motor sold 21,248 vehicles in November, up 10.5 percent from a year earlier. Its market share also inched up from 7.3 percent to 7.6 percent. Its ranking in terms of sales remained fifth for two months in a row.Hyundai Mo
Dec. 19, 2014
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Korean Air grilled over cover-up
The probe into the Korean Air “nut rage” incident intensified as the prosecutors appeared to have shifted their focus to determining whether Heather Cho and other employees were involved in destroying related evidence. The Seoul Seobu District Prosecutors’ Office summoned a handful of employees from the country’s biggest air carrier on Friday as witnesses and implemented a travel ban on them. Prosecutors were questioning the employees to establish whether they were involved in systematically des
Dec. 19, 2014
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Natural gas price to be cut by 5% next month
The local price of natural gas supplied by the state-run Korea Gas Corp. will be cut by an average 5 percent from the start of next year, the government said Friday.The move follows a recent plunge in the global prices of oil and natural gas, according to the Ministry of Trade, Industry and Energy.“Despite a recent appreciation of the Korean won, there exist a few factors, such as a cut in global oil prices, that warrant a reduction of natural gas prices,” it said in a press release.The announce
Dec. 19, 2014
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Cheil Industries surges on hopes for addition to global indices
Shares of Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, rose by the daily permissible limit of 15 percent Friday on news that global index providers would add the company to their indices earlier than expected.Cheil Industries closed at 129,500 won ($117) on the second day of trading. On its market debut on Thursday, the company closed at 113,000 won, more than doubling its initial public offering price of 53,000 won.The country’s benchmark index, th
Dec. 19, 2014
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Local refiners undervalued, show signs of rebound
Stock prices of South Korean oil refiners have almost halved this year from a continued slide in oil prices and a glut of petroleum products, but they are showing signs of rebounding on hopes for reduced losses on inventory and improving margins, analysts said Friday.SK Innovation Co., the holding company of the country’s leading refiner SK Energy Co., has risen some 8 percent this month to end at 86,300 won ($78.50) on Thursday, although the price was still some 40 percent off from the 141,500
Dec. 19, 2014
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Hanwha’s financing for Samsung acquisitions still unclear
Hanwha Group, set to take over four Samsung affiliates, has come under question regarding its ability to finance the 2 trillion won ($1.82 billion) deal, while rumors circulate that the country’s 10th-largest family-run conglomerate may resort to selling shares of its subsidiaries to raise cash.In November, Hanhwa announced it would acquire four of Samsung Group’s chemical and defense affiliates. The announcement immediately raised speculation about how it will secure the needed cash, with some
Dec. 19, 2014
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Finance minister pledges structural reforms
Finance Minister Choi Kyung-hwan said Friday that the government would focus on structural reforms in key economic sectors next year to improve the fundamentals of the South Korean economy and revive the nation’s growth potential.“The government will increase the efficiency of the public sector and boost the dynamics of the financial industry, to help create a virtuous circle between the financial sector and the real economy,” Choi said in a government meeting in Seoul.He said that he would push
Dec. 19, 2014