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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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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[Weekender] Townhouses gain popularity beyond retirees
Kim Won-sik, a 59-year-old Seoulite, is looking to move away from apartment living ahead of retirement next year. Like many other retirees, Kim also has a dream of spending the rest of his life in a house with natural surroundings and with a small yard where he can grow vegetables. However, making the decision to move to the suburbs was not easy, as he would have to give up all the amenities and conveniences he enjoyed here in Seoul as well as his relatives and friends.“As an alternative to movi
Dec. 12, 2014
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Korean Air chairman apologizes
Korean Air chairman Cho Yang-ho made his first public apology over the so-called “nut rage” row on Friday, blaming himself for not properly educating his 40-year-old daughter. “I sincerely apologize for the big troubles caused by my daughter’s foolish behavior. I’m asking forgiveness as Korean Air chairman and the father of Cho Hyun-ah,” he said in a news conference held at the company’s Seoul headquarters. “Please, blame me. It is all my fault.”The chairman of the nation’s 10th-largest conglome
Dec. 12, 2014
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More leaks found in Lotte World Mall
More water leaks were found at Lotte World Mall on Thursday, further raising safety concerns about the new mega shopping complex in Jamsil, Seoul.Local reports said water was leaking from the ceiling of the basement floor in the evening, about 150 meters away from the leaking aquarium under inspection by the Seoul City. The latest water leak was fixed in two hours, a Lotte spokesman said. “There seemed to have been a problem with plumbing on the ceiling. We’re looking into the cause of the probl
Dec. 12, 2014
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Former Korean Air VP asks for forgiveness over 'nut rage'
Former Korean Air Lines Co. vice president Cho Hyun-ah, who had forced a crew member to leave a plane over an alleged breach of snack-serving protocol, asked for forgiveness Friday over the incident that caused an uproar. (Yonhap)Appearing for questioning by the transportation ministry, the 40-year-old told reporters that she sincerely regretted her actions and that she will step down from all corporate posts."I will respond with sincerity to all questions raised in the probe," she said before e
Dec. 12, 2014
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E-mart shuts 5 China stores as profits wane
In the latest sign of its failing China business, South Korean discount retailer E-mart announced Friday the closure of five branches in the country, with more shutdowns expected amid sluggish profits.E-mart plans to cease operation of four branches in the Tianjin area at the end of December, the Shinsegae affiliate said in a press release. Another Tianjin store that had been suspended due to a fire will also be shut down, it said.With the move, the discount retailer that once operated as many a
Dec. 12, 2014
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Hyundai Engineering wins $325 mln Indonesia thermal power plant order
South Korean builder Hyundai Engineering Co. said Friday it has secured a US$325 million order to build a coal-fired thermal power plant in Indonesia. The company, part of Hyundai Motor Group, said the deal includes building two 100 megawatt plants in the Tanjung region of Borneo. The total construction period will take 43 months, with Hyundai Engineering in control of all aspects of engineering, procurement and construction, as well as conducting trial operations once the project is finished.Ta
Dec. 12, 2014
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Korean Air chief apologizes for daughter's actions
Korean Air Lines Co. chief Cho Yang-ho formally apologized Friday for the actions of his eldest daughter who triggered an uproar by ordering a crew member to leave a plane over an alleged breach of snack-serving protocol. (Yonhap)Speaking at the carrier's main headquarters in western Seoul, the 65-year-old businessman asked for the public's forgiveness for the "foolish" actions of his daughter."I am making my apology as a father and head of Korean Air," he said.He said his daughter will be remov
Dec. 12, 2014
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Investors pull out record funds amid Cheil Industries subscription
More than 5 trillion won (US$4.52 billion) drained out of the country's money market funds (MMFs) earlier this week, data showed Friday, as investors used it for deposit money to subscribe to Cheil Industries Inc.'s IPO (initial public offering) stocks.The net asset value of MMFs stood at 90.5 trillion won as of Tuesday, down 5.66 trillion won from the previous day, according to data compiled by the Korea Financial Investment Association (KOFIA). The change in the figure marks the largest day-to
Dec. 12, 2014
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S. Korean conglomerates increase debt sales amid low borrowing costs: data
South Korea's conglomerates jacked up their bond sales this year as they capitalized on low borrowing costs to repay or refinance maturing debts, with shipbuilding, construction and steelmaking businesses raising more money than they paid off in debt, industry data showed on Friday. According to the data compiled by Hana Daetoo Securities Co., 21 out of the country's top 30 conglomerates have raised a combined 28.33 trillion won (US$25.74 billion) so far this year by selling bonds, with their ne
Dec. 12, 2014
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Korean Air chief’s daughter faces ministry investigation
The repercussions of Korean Air’s “nut rage” incident are expected to build as Heather Cho, daughter of the airline’s chairman, faces a government summons to question her on why she caused the delay of a Korean Air flight and deplaned a flight attendant last week, the Transport Ministry said Thursday.The ministry issued a notification requesting her appearance for questioning on Friday, said Lee Gwang-hee, aviation safety division director of the Ministry of Land, Infrastructure and Transport. C
Dec. 11, 2014
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Deposits for Cheil Industries IPO pre-orders break record
Investors submitted a record-breaking 30.06 trillion won ($27.31 billion) in deposits during a two-day pre-order session that closed Thursday for stocks of Cheil Industries Inc., the de facto holding firm of Samsung Group that goes public next week.Cheil Industries, which filed for listing on the Seoul main bourse in September, plans to offer 28.75 million of its shares to be traded on the stock market with an initial public offering price of 53,000 won each, giving it 1.52 trillion won, the thi
Dec. 11, 2014
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Korean start-up to provide hallyu content in China
A South Korean start-up will provide Korean media content such as K-pop and popular drama series to leading Chinese tech companies from next year, the company said Thursday. ApolloPnc, a Seoul-based content platform provider set up in 2013, will service online streaming of Korean TV programs and music from February next year to Xiaomi Inc., the world’s third-largest smartphone maker, Hisense Co., China’s No. 1 TV maker, online video site LeTV and TCL Corp., the world’s third-biggest TV maker. Th
Dec. 11, 2014
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KB says gaining trustis biggest priority
KB Financial Group’s chief Yoon Jong-kyoo stressed the importance of rebuilding customer trust as a part of the company’s efforts to reclaim the title of the nation’s leading financial group, the company said Thursday. The group’s new head has said he would place the highest priority on rebuilding trust and customer relationships, and also boosting employee morale. “Rebuilding the trust of our customers, who I see as our biggest assets, is of utmost importance if we are to once again become Kore
Dec. 11, 2014
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Former Korean Air VP to face grilling over 'nut rage'
The former vice president of Korean Air Lines Co. will appear before aviation safety inspectors on Friday to answer questions about forcing a flight crew member to deplane over snack-serving etiquette, the company said Thursday, as an investigation widens over the "nut case" amid public outrage. Cho Hyun-ah has become the focal point of the public anger as the eldest daughter of Korean Air Chairman Cho Yang-ho took issue with an attendant's serving nuts in bags and ordered a senior crew member t
Dec. 11, 2014
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Stock value of top 30 richest family members up 16.1%
The combined value of stocks belonging to South Korea’s top 30 richest families rose 16.1 percent in the past one-year period to 111.7 trillion won ($101.6 billion), a report by a local conglomerate research firm said Thursday.Analysis by CEO Score showed members of the pan-Samsung family, which include CJ, Shinsegae and Hansol, held stocks worth more than 27.6 trillion won. Samsung is the largest family-run business empire, known as chaebol, in the country.Relatives belonging to the broader Hyu
Dec. 11, 2014
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Korea pushes for forestry partnerships with ASEAN
The Korea Forest Service successfully reinforced its partnership with ASEAN countries in the forestry sector at a two-day Korea-ASEAN Special Ministerial Meeting on Forestry that started Wednesday in Busan. “It was a good opportunity for Korea to share its forestry experiences with ASEAN countries, Korea’s important economic and trading partners,” Shin Won-sop, minister of the Korea Forest Service, told The Korea Herald in an email interview. ASEAN countries together make up Korea’s second-large
Dec. 11, 2014
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Korea, Cambodia team up to tackle deforestation
The Korea Forest Service on Wednesday signed a memorandum of understanding with Cambodia to prevent deforestation and degradation in the Southeast Asian country, government officials said Thursday. Under the MOU, the two countries will cooperate on United Nations-led REDD+ programs ― standing for Reducing Emissions from Deforestation and Forest Degradation ― that aim to cut greenhouse gas emissions by preventing forest degradation and deforestation in developing countries. “Cambodia has a big pr
Dec. 11, 2014
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S. Korea's first nuclear waste facility gets go-ahead
South Korea's nuclear watchdog said Thursday it has approved the full operation of the nation's first nuclear waste disposal facility after test runs and inspections confirmed its safety. Construction of the permanent disposal site for low- and medium-level radioactive waste in Gyeongju, 370 kilometers southeast of Seoul, was completed in June after seven years, but its operation has been delayed pending the nuclear inspection body's safety assessment. The Nuclear Safety and Security Commission
Dec. 11, 2014
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S. Korean firm seeking to export indigenous guns to Poland
A South Korean defense company is pushing to clinch a deal with Poland to sell its indigenous self-propelled howitzers, military sources said Thursday."Samsung Techwin Co. is set to sign a contract with Poland this month to export some 120 units of the K-9 self-propelled howitzers," a source said, asking not to be identified.Samsung Techwin developed the 155-millimeter howitzer for the country's armed forces in 1998 to replace K-55 howitzers. Equipped with state-of-the-art firing and mobility sy
Dec. 11, 2014
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Hyundai Genesis makes final list for N. American Car of the Year
Hyundai Motor Co.’s new Genesis premium sedan made it onto the finalists’ list of the 2015 North American Car of the Year awards, the company said Tuesday.The two other cars tapped were Ford Motor Co.’s Mustang and Volkswagen AG’s GTI, Hyundai Motor America, the sales and marketing arm of South Korea’s No. 1 carmaker, said. A total of 28 cars were considered for the 2015 awards and 10 were shortlisted in late September. The winner of the award will be announced at the 2015 North American Interna
Dec. 10, 2014