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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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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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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[Newsmaker] Lotte apologizes for worker’s death
Lotte, the constructor and operator of the 123 story-Lotte World in southwestern Seoul, on Wednesday expressed regret over the death of a construction worker at its site as well as the shutdown of the facility’s cinema and aquarium due possibly to shoddy construction. “We apologize to the citizens for the accidents that took place at Lotte World Mall including the death of a worker at the concert hall construction site. We will follow the Seoul Metropolitan Government’s guidelines and regulation
Dec. 17, 2014
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Samsung Techwin to sign deal to export howitzers to Poland
A South Korean defense company is to finalize a deal to sell its indigenous self-propelled howitzers to Poland, military officials said Wednesday. Under the $320 million deal, Samsung Techwin will export 120 of the K-9 self-propelled howitzers to Huta Stalowa Wola, the Polish public defense company, a military official said. The deal is scheduled to be signed later in the day, he added.“The large-scale deal is expected to revitalize the defense industry, which has been weighed down by a series o
Dec. 17, 2014
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Conglomerates still sitting on large cash piles
South Korean conglomerates are still sitting on large amounts of cash, wary of economic uncertainties and weak domestic demand, despite government pressure for them to spend more on wages, dividends and facilities, data showed Wednesday.The combined retained cash reserves of 83 listed firms affiliated with the country’s 10 largest business groups, excluding financial units, came to 537.8 trillion won ($496 billion) as of the end of September, up 5.7 percent from 508.7 trillion won at the end of
Dec. 17, 2014
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Hyosung Power & Industrial Systems undergoing audit
Hyosung Power & Industrial Systems Performance Group is undergoing a major audit in the aftermath of a series of corruption scandals, sources familiar with the matter said Wednesday.The Fair Trade Commission recently slapped fines on Hyosung, along with a handful of other local manufacturers, for colluding on the prices of parts they had been supplying to Korea Hydro and Nuclear Power Corp. for up to eight years. Hyosung Group’s head office in Mapo-gu, western Seoul. (Yonhap)Hyosung Group said
Dec. 17, 2014
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Hyundai’s Genesis named safest car of the year
The Genesis, a high-end passenger car by South Korea’s Hyundai Motor Co., has been named the safest car of the year in a vehicle safety test that evaluated 12 other cars including the Audi A6 and the Ford Explorer, the Transport Ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the Genesis scored 96.6 points out of a possible 100 in four crash tests that covered frontal and side-impact tests.The Sorento sport utility vehicle from Kia Motors Corp., an affili
Dec. 17, 2014
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Daum Kakao signs MOU to launch taxi service app next year
Daum Kakao board chairman Kim Beom-su. (Yonhap)South Korea’s leading free messenger service operator Daum Kakao said Wednesday it will launch a taxi service app by the first half of next year as it initiates a new platform of connecting online and offline businesses. Daum Kakao signed a memorandum of understanding with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app. The taxi association has some 255 Seoul-ba
Dec. 17, 2014
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Hyundai Heavy unionists stage sit-in over pay dispute
Unionized workers at Hyundai Heavy Industries Co. staged a sit-in protest Wednesday at the company's Seoul office after a partial strike earlier in the day, demanding immediate settlement of an ongoing pay raise dispute. The unionists went on a seven-hour walkout from 9 a.m. at the company headquarters in Ulsan, 414 kilometers southeast of Seoul, the third such strike since Nov. 17. The union and management plan to hold negotiations later this week to try to resolve the pay dispute. Two of t
Dec. 17, 2014
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Korean Air heiress questioned over 'nut rage'
Korean prosecutors questioned Korean Air heiress and former senior executive Cho Hyun-Ah on Wednesday over her fit of "nut rage" aboard a plane this month, which sparked a national uproar. The 40-year-old daughter of the airline's chief executive forced the chief cabin crew member off a New York-Seoul flight and compelled the taxiing plane to return to the gate after she took exception to being served macadamia nuts she had not asked for -- and in a bag, not a bowl. "I'm sorry," Cho said fee
Dec. 17, 2014
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Cheil Industries set for market debut, boon for Lee's three heirs
Cheil Industries Inc., the de-facto holding firm of Samsung Group, is set to make a market debut on Thursday, giving a huge boon for the group's owner family as the country's top conglomerate accelerates rearrangement of its ownership structure to smooth out an apparent managerial succession in progress, analysts said Wednesday. The company, formerly known as Samsung Everland whose trademark business was zoo and amusement park operations, stands at the apex of the group's cobweb-like cross-sha
Dec. 17, 2014
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Korean Air's former VP summoned over 'nut rage'
The former vice president of Korean Air appeared before prosecutors Wednesday to face questioning over an incident dubbed 'nut rage' as prosecutors are considering seeking an arrest warrant for the daughter of the Korean Air chairman. "I am sorry," Cho Hyun-ah said with her head drooping before entering the Seoul Western Prosecutors' Office. Still, she did not answer reporters' questions whether she had used abusive language and physically assaulted the chief purser.The prosecution office sa
Dec. 17, 2014
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Korean Air's former VP summoned over 'nut rage'
The former vice president of Korean Air appeared before prosecutors Wednesday to face questioning for allegedly forcing a flight crew member off the plane over nut-serving etiquette.Cho Hyun-ah, 40, showed up at the Seoul Western Prosecutors' Office probing the case at 2:00 p.m. to face questioning as a suspect in the case. (Yonhap)Cho, the eldest daughter of the Korean Air chairman, resigned last week after a national uproar over her conduct aboard the flight at New York's JFK Airport.She order
Dec. 17, 2014
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Daum Kakao signs MOU to launch taxi service app next year
South Korea's leading free messenger service operator Daum Kakao said Wednesday it will launch a taxi service app by the first half of next year as it initiates a new platform of connecting online and offline businesses. Daum Kakao signed a memorandum of understanding with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app. The taxi association has some 255 Seoul-based cab operators as members, and Korea Smar
Dec. 17, 2014
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Lotte apologizes for construction worker's death
Lotte Group apologized Wednesday for the recent death of a construction worker at its newly-opened high-rise shopping complex, which led to the operational suspension of part of the facilities. "We bow in apology for causing (safety) worries to citizens due to the series of recent accidents including the construction worker's death near the concert hall," Lee Won-woo, CEO of Lotte Corporation, said at a news conference. (Yonhap)The apology came a day after the 58-year-old worker was found de
Dec. 17, 2014
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S. Korea-Vietnam annual trade volume to break record: data
The amount of trade between South Korea and Vietnam this year is forecast to top 30 billion won (US$27.67 million) to reach an all-time high, data showed Wednesday, raising anticipation of further expansion once the recently-agreed bilateral free trade pact goes into effect. Trade volume between the two countries has already reached 25 billion won in the January-October period, according to tallies from the Korea Trade-Investment Promotion Agency (KOTRA) and Korea International Trade Associati
Dec. 17, 2014
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Samsung named most preferred brand in Russia
South Korea's tech giant Samsung Electronics Co. topped the list of the most preferred brands in Russia this year, a market researcher said Wednesday, maintaining its top spot for the fourth consecutive year. Russia-based Online Market Intelligence said Samsung was named the most favorable brand in the country for 2014, followed by Germany-based sports apparel maker Adidas AG and Japan's tech firm Sony Corp. Nike and Nokia rounded out the top five. U.S.-based Apple Inc., the biggest rival of
Dec. 17, 2014
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Korean Air to face heavy sanctions after nut incident
The South Korean government is expected to issue heavy sanctions on Korean Air and its former executive Heather Cho for violating aviation security laws, the Ministry of Land, Infrastructure and Transport said on Tuesday.The Transport Ministry said it would file a complaint with the prosecution following further review.“Cho may have violated aviation security laws as we have found that she used abusive language, based on the testimony of passengers and flight attendants who were on the scene,” L
Dec. 16, 2014
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[Herald Interview] WeMakePrice eyes Chinese market
WeMakePrice, Korea’s most visited deal-of-the-day website, is now eyeing a bigger, more promising market: China. “We are currently operating a beta site and observing the outcome. We won’t make haste in advancing into the global market, but when the time is ripe, we won’t hesitate,” Park Eun-sang, CEO of the social commerce company, told The Korea Herald in his first media interview. The company recently adopted Alipay, the third-party online payment solution developed by Chinese retail giant Al
Dec. 16, 2014
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Hankook Tire to enter car parts business
Hankook Tire, the nation’s largest car tire maker, confirmed Tuesday that it is considering a bid to take over Halla Visteon Climate Control Corp. in collaboration with Hahn & Company, a local private equity firm.“It is true that the company is in talks with Hahn & Company to make an equity investment in the car parts maker in an effort to expand its business domains,’’ said Lee Joo-hak, a spokesperson of the tire maker. Industry watchers forecast that Hankook Tire is expected to secure a 30 per
Dec. 16, 2014
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BAT Korea to unveil charcoal-filtered cigarettes
British American Tobacco Korea will unveil its new charcoal-filtered cigarette “Vogue Prima” later this month, according to the company on Tuesday. BAT Korea said this new super-slim tobacco would allow consumers to experience smooth taste from charcoal filters. “The demand for super-slim cigarettes continues to grow in Korea. We expect that Vogue Prima, with a competitive price, would satisfy adult consumers who are looking for smart spending,” BAT Korea’s chief Guy Meldrum said. Vogue Prima o
Dec. 16, 2014
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POSCO E&C picked preferred bidder for Australian port project
POSCO Engineering & Construction has been selected as the preferred bidder for an $822 million (894 billion won) project to build an export dock in Australia, the company said Tuesday. The South Korean builder is expected to work on engineering, procurement and construction of “Terminal Zero” in Abbot Point, Bowen.Adani Mining, a subsidiary of India’s biggest coal importer Adani Group, placed the order for the project. The Terminal Zero port, Adani Group’s first investment project in Australia,
Dec. 16, 2014