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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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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South Korea bans viral North Korea propaganda video praising Kim
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Hermes celebrates craftsmanship
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After 6-year hiatus, Kia to return to Paris Motor Show in Europe push
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Govt. calls for junior doctors who left worksites to return to hospitals by Monday
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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
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Most of top 10 groups saw losses on local bourse in 2014
Most listed companies affiliated with South Korea’s top 10 conglomerates have suffered losses on the Seoul bourse this year due to the global economic slowdown and the strengthening of the South Korean won, with listed subsidiaries of CJ and SK being the lone gainers, data showed Wednesday.The data was compiled by Daeshin Securities, based on its tallies of the companies’ market capitalization between the end of last year and Tuesday.Manufacturers in the shipbuilding, chemical and refinery secto
Dec. 3, 2014
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Korean builders struggle to meet US$70 bln in overseas orders
South Korean builders are struggling to meet a target of US$70 billion in overseas construction orders set for 2014, in the face of plunging international crude oil prices, a local contractors association said Wednesday.According to the International Contractors Association of Korea (ICAK), many large construction projects in Middle Eastern countries that should have been inked this year have all been put on hold.It also said that uncertainty surrounding a large waterworks project in Thailand in
Dec. 3, 2014
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Hyundai Motor to build two new plants in China
Hyundai Motor Co., South Korea's top carmaker, said Wednesday it is looking to build two additional factories in China instead of just one, tweaking its original plan in a bid to win the final approval from the Chinese government. Aside from the production plant to be built in the southwestern city of Chongqing, Hyundai has decided to set up another factory in Cangzhou, northeastern China, according to company officials. The automaker had originally signed a preliminary agreement to build one fa
Dec. 3, 2014
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S. Korea must concentrate all energy on TPP: traders association head
South Korea must concentrate all of its resources on taking part in the U.S.-led Asia-Pacific mega free trade bloc, the head of the country's traders association said Wednesday. In a meeting with reporters in Seoul, Han Duck-soo, the chairman of the Korea International Trade Association (KITA) warned that failure to become part of the Trans-Pacific Partnership (TPP) could be fatal for the country, and brushed off concerns that a broad open market system will hurt whole industries."A TPP will enc
Dec. 3, 2014