Most Popular
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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OpenAI gives ChatGPT new powers to see, hear
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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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S. Korea to inject $70m into AI-powered public education
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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[Graphic News] Only 34% of S. Korean elites favor nuclear arms
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New minister Hong faces mountain of challenges
Hong Suk-woo secured the reputation of a “man with no enemies” while at the helm of the two state-run agencies.Now, though, he faces hurdles surrounding knotty issues such as power supplies, fuel prices and co-prosperity between large and small firms.Hong, a former chief of the Korea Trade-Investment Promotion Agency and the Small & Medium Business Administration, was sworn in as Knowledge Economy Minister on Thursday. The swift approval of Hong’s nomination following a parliamentary hearing on
Nov. 17, 2011
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Daewoo Shipbuilding wins $500m order
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has won a US$500 million deal to build two ships.Under the contract in a joint venture with Brazil’s Odebrecht and France’s Technip, Daewoo Shipbuilding will deliver pipe-laying support vessels by August 2014, the company said in a statement.The vessels will be chartered to Petroleo Brasileiro SA for deep-water oil explorations, according to Daewoo Shipbuilding.Daewoo Shipbuilding has won deals valued
Nov. 17, 2011
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Sales up at discount chains, department stores
Sales at South Korea’s major discount chains and department stores rose in October from a year earlier on growing demand, a government report showed Thursday. Combined sales by the country’s three major discount chains rose 5.5 percent last month from a year earlier, a turnaround from the previous month’s 1.1 percent shrinkage, according to the report by the Ministry of Knowledge Economy. Sales at the discount chains grew across the board. Sports items, food products, household necessities and c
Nov. 17, 2011
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Korea takes a step closer to smart grid development
Legal system ready for power grid that allows two-way communication between suppliers, consumersKorea became the first country to complete a legal framework to develop a national smart grid digitally enabled to collect and act on information about the behavior of suppliers and consumers, making electricity provision more efficient and reliable.The Cabinet on Tuesday passed the ordinances of legislation on smart grids as part of the government’s efforts to reduce carbon emissions, two months afte
Nov. 17, 2011
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Zespri fined for hindering sale of Chilean kiwis
The Fair Trade Commission said Thursday that it has fined Zespri International Ltd. 427 million won ($375,615) for hindering the domestic sale of kiwis from Chile. The antitrust regulator found that Zespri signed a sales contract with E-Mart on condition that the nation’s No. 1 supermarket chain would not sell cheaper Chilean kiwis. The exclusive exporter of kiwis from New Zealand also inked a similar deal with Lotte Mart, the No. 3 market player, in April. Zespri may have been concerned about p
Nov. 17, 2011
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Asiana sweep service quality awards
Asiana Airlines swept top customer satisfaction awards given by three domestic service quality evaluators.The Korean Standards Association on Thursday ranked Asiana as the No. 1 airliner in the KS-SQI index survey jointly developed by the KSA and Seoul National University’s Management Research Institute.The KS-SQI survey was conducted on adults in the nation’s five largest cities who had taken international flights in the past year. It is the 10th time Asiana topped the air carrier section since
Nov. 17, 2011
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Digital hospitals to bolster growth
Digital hospitals may be new to some people, but they are the next growth engine for Korea following the semiconductor and shipbuilding industries, according to first-generation venture icon Lee Min-hwa.Lee, who is serving as the chief of the Korea Digital Hospital Export Agency, told The Korea Herald that the agency has set an ambitious target ― raising $100 million in digital hospital exports by 2015.Since this March, Lee has been spearheading a group composed of a total of 74 members, includi
Nov. 17, 2011
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Korea aims for 10 percent share in clean energy market in 2020
Korea unveiled on Thursday its goal of grabbing a 10 percent slice in the world’s green energy industry in 2020 by cultivating 50 small and mid-sized enterprises specialized in the rapidly growing market. It also aims to increase the country’s energy efficiency by 12 percent by then and curb the energy sector’s greenhouse gas emissions by 15 percent based on business-as-usual levels over the same period. The plans are part of a 10-year framework for research and development in energy, which enta
Nov. 17, 2011
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LG Hausys aims to expand share in Russian market
LG Hausys said Thursday that it invited 50 major customers from the former Soviet Union to Korea to give them a glimpse into the company’s eco-friendly building materials and its production process.For six days beginning on Nov. 13, customers from Russia, Belarus, Kazakhstan and Armenia are taking part in the firm’s visiting program, which is partly designed to grab a bigger share in the premium Russian market for LG Hausys.Since entering the Russian market in 2005, the Korean company set up a c
Nov. 17, 2011
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Uniqlo posts record daily sales at new flagship store
Japanese clothing retailer Uniqlo logged 2 billion won ($1.7 million) in a single day’s sales on Nov. 11 when it opened Asia’s largest flagship store in central Seoul. The sales figure was the highest-ever set by a fashion outlet in Korea, industry sources said Thursday. The previous record was the 460 million won that French luxury brand Chanel earned last year at a new store in southern Seoul. Uniqlo said special deals offered for the first three days of opening likely played a pivotal role in
Nov. 17, 2011
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New knowledge economy minister faces mountain of challenges
Hong Suk-woo secured support as a “man with no enemies” at the helm of the two state-run agencies but now faces hurdles surrounding knotty issues such as power supplies, fuel prices and co-prosperity between large and small firms.Hong, a former chief of the Korea Trade-Investment Promotion Agency and the Small & Medium Business Administration, was sworn in as Knowledge Economy Minister on Thursday.The swift approval of Hong’s nomination following a parliamentary hearing on Tuesday underlines a m
Nov. 17, 2011
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Hynix hails U.S. jury's ruling on Rambus case
Hynix Semiconductor Inc., the world's second-largest memory chipmaker, on Thursday welcomed a U.S. jury's decision to reject Rambus Inc.'s antitrust allegation against the Korean chipmaker. On Wednesday, a San Francisco jury ruled that Hynix and Micron Technology Inc., a U.S. chipmaker, did not enga
Nov. 17, 2011
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Job cuts menace local industries on global slump
Korea’s IT, construction, finance and airline industries are swamped with layoffs and job reductions as global economic uncertainties stretch out. IT exporters have been losing money due to the recession in Europe and the U.S., while high oil prices and a weak Korean won against the dollar continue to weigh on air carriers. Korean Air recently decided to let go of about 100 senior employees who signed up for voluntary resignations, a program brought back after five years. The outgoing middle-man
Nov. 16, 2011
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Hyun among top 50 business women: FT
Hyundai Group chairwoman Hyun Jeong-eun has been named one of the Financial Times’ top 50 women in world business, the only Korean who made it to the list, the British newspaper announced on Wednesday. Hyun ranked 48th on the list in recognition of her efforts to run one of the biggest conglomerates in Korea after she was unexpectedly catapulted to the top office of Hyundai when her husband, Chung Mon-hun, committed suicide in 2003. “Hyun has been a steadying force for Hyundai Group and has work
Nov. 16, 2011
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Korea to host 2015 World Water Forum
Korea will be host to heads of state, international organizations, academics and industry experts in the world’s largest water-related event in 2015 to address water supplies and other daunting challenges facing mankind. The government said Wednesday that Daegu and adjacent North Gyeongsang Province have been named hosts of the triennial World Water Forum, routing Scotland’s Glasgow.Launched in 1997, the forum is aimed at underscoring the significance of water as a policy agenda and devising col
Nov. 16, 2011
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Samsung to hire IRS expert
Samsung Electronics said Wednesday it was likely to hire a senior official from the U.S. Internal Revenue Service.A Samsung Electronics official said that the company was in talks with Victor Song, chief of the IRS Criminal Investigation, to give him a seat on Samsung’s compliance team at its U.S. unit.“It’s true that the talks are progressing on the hiring (of Victor Song), but it is yet to be finalized,” said a company spokesman. “But there is a high possibility it will be.”The official also s
Nov. 16, 2011
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E-Mart okayed to acquire Kim’s Club Mart
The Fair Trade Commission on Wednesday gave the green light to E-Mart, the nation’s No. 1 supermarket chain, to acquire Kim’s Club Mart’s 53 outlets.The antitrust regulator said the acquisition will have a limited impact on the existing competition of super supermarkets, or SSM. “There was less than 3 percent increase in E-Mart’s market share within the SSM sector following the acquisition,” said a FTC official.When it comes to small vendors in the neighboring business districts, the FTC also sa
Nov. 16, 2011
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‘Hygienic’ spoons, chopsticks hit shelves
A company named Kitchen Idea said Wednesday it began sales of children’s spoons and chopsticks specially designed for hygiene purposes.A curve in the middle keeps the spoon head and tips of chopsticks from touching the table, preventing contact with germs and dirt. The new children’s cutlery sets made of stainless steel come in three different designs priced at 6,000 won or 7,000 won per pair. Spoon-and-chopstick sets for adults are also available.Kitchen Idea has applied for a patent for the cu
Nov. 16, 2011
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Gov’t to back SMEs for research projects
The government plans to shore up small- and mid-sized enterprises for their investment in research and development to expedite their growth and fend off the workforce exodus to large companies, officials said Wednesday.The Ministry of Knowledge Economy will boost subsidies for SMEs to 40 percent of its R&D budget by 2015 from last year’s 26 percent, said Chung Yang-ho, head of the ministry’s industrial technology policy division.Currently, the ministry spends about 4.5 trillion won ($4 billion)
Nov. 16, 2011
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Sony bans Korean teens from online gaming
Controversy surrounding the country’s game shut-down system, also known as the game curfew, is escalating as it is seemingly expanding its boundaries to console games like Sony’s PlayStation and Microsoft’s Xbox.Sony Computer Entertainment Korea said earlier this week that it will ban those under 16 from logging into their PlayStation games starting from 11 p.m. Friday to comply with the Korean regulation.“Our head office has decided to prohibit the log-in and accepting new registration of users
Nov. 16, 2011