Most Popular
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Jennie, Stray Kids's Met Gala attendance puts them on 'digital guillotine' blacklist
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Korean industries gauge impact of Biden's steep tariffs on China
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Controversy brews over shakeup of prosecutors amid probe of first lady
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OpenAI gives ChatGPT new powers to see, hear
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Do Korean doctors make too much money?
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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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[KH Explains] Naver’s Line dilemma: Lose global footing for cash?
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[Herald Interview] Carbon breakthrough in Korea: Making diamonds at atmospheric pressure
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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
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Quality of red ginseng matters most: CEO
Sam Heung aims to become Korean pride in the global marketThe domestic market for red ginseng is estimated to reach 1.2 trillion won ($1 billion) this year, driven by its growing popularity among health-conscious Koreans. With the state-run Korea Ginseng Corp. enjoying more than 75 percent of the market, Sam Heung has been in a “David and Goliath” battle for the past 14 years. “The market has recently become a battle field for large latecomers. There has been no easy period for us,” CEO Youn Chu
Nov. 16, 2011
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Delayed U.S. FTA to cause huge economic losses: official
A delay in the parliamentary ratification of the pending free trade deal with the United States could inflict a huge economic loss on South Korea along with policy uncertainties, a ranking trade official said Tuesday.The free trade accord, known as the KORUS FTA, was signed in June 2007 and supplemented in late December of last year with minor modifications that mostly deal with the auto industry. The agreement was ratified by the U.S. Congress last month and Seoul is under mounting pressure to
Nov. 15, 2011
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Cheil, LGE, LS Ind., Samsung Electronics named innovative firms
Four South Korean companies have been named among the world’s 100 most innovative companies, Thomson Reuters said Tuesday. The four companies are Cheil Industries Inc., LG Electronics Inc., LS Industrial Systems and Samsung Electronics Co. Only two countries in Asia, Korea and Japan, made the top 100.“Innovation is a means of growth and prosperity for companies and nations seeking to overcome sluggish economies and achieve competitive advantage,” said David Brown, president of the IP Solutions b
Nov. 15, 2011
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Airlines upbeat on Vladivostok route
Budget airliners are upbeat about Russia’s decision to adopt an open skies policy for Vladivostok, which will allow all foreign airlines to fly there by simply notifying the authorities.Russia hopes to develop Vladivostok Airport, which is less than a two-hours flight from Incheon International Airport, into a major international hub for passengers flying between East Asia and North America via Siberia, according to Russian media reports.Seoul’s Land Ministry said it has asked the Russian govern
Nov. 15, 2011
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Korea’s exports to EU to grow steadily in 2012
South Korean exports to the European Union are expected to rise steadily in 2012, fueled by brisk demand for automobiles and ships, a report said Tuesday.The Korea International Trade Association report said that fiscal crises in countries such as Greece, Italy, Spain and Ireland will exert negative influence, although the economic bloc as a whole may be able to pull off positive growth.“Unlike the worldwide financial crisis in 2009, the EU is expected to post growth of about 1 percent,” the ass
Nov. 15, 2011
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Samsung wins early Australia trial on Apple patent row
Samsung Electronics Co., embroiled in patent disputes with Apple Inc. around the globe, won an early trial on its claim that the iPhone and iPad 2 in Australia infringe its patents on 3G wireless transmissions.Australia Federal Court Justice Annabelle Bennett today ordered that a trial on Samsung’s claims be held in March. Cupertino, California-based Apple had opposed an early trial, with its lawyer Stephen Burley saying the company needed more time to prepare the case and favored a hearing in A
Nov. 15, 2011
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Lotte eyes hotels in Shanghai, Singapore
Lotte Group is eyeing hotels in Shanghai and Singapore as the start of mergers and acquisitions aimed at creating a major multinational hotel chain, industry sources said Tuesday. The hunt for buyable overseas hotels comes from Lotte Group chairman Shin Dong-bin’s idea of turning his hotel chain into a global name like the Hilton or the Hyatt with systematic operational know-how.The conglomerate’s international office in charge of M&As and an in-house think tank Lotte Economic Research Institute
Nov. 15, 2011
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Korea logs trade surplus for the 21st month in October
South Korea posted a trade surplus for the 21st straight month in October as exports remained strong amid slowing import growth, the customs office said Tuesday.The nation’s trade surplus came to about $4.1 billion in October, up from $1.3 billion a month earlier, according to data by the Korea Customs Service. During the January-October period, its cumulative trade surplus reached $25.9 billion.Exports totaled $46.8 billion, up from $46.5 billion in September, while imports declined from $45.3
Nov. 15, 2011
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Procurement Service opens global resource market
The state procurement agency has unveiled its strategy to widen exports of its procurement system to about 20 countries, paving the way for local suppliers to find deals abroad. The Public Procurement Service, tasked to manage state-owned land and properties, has put its priority in selling Narajangteo, an electronic procurement system developed by Samsung SDS.“Korean companies need to take advantage of the business opportunities opening up with trade pacts across the globe,” Choy Kyu-yun, chief
Nov. 15, 2011
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Next generation of phones takes over as demand soars
SK Telecom’s LTE service to cover whole country from AprilLong-term evolution smartphones have been gaining new momentum as consumer demand is growing faster than expected. LTE is cited as the next-generation mobile technology following the current 3G, and promises to offer an Internet data transmitting speed of up to five to seven times existing networks. SK Telecom, the nation’s largest telecom carrier, announced Tuesday it will complete the nationwide coverage of the faster fourth-generation
Nov. 15, 2011
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Moody's places Hynix Semiconductor on review for upgrade
HONG KONG, Nov. 15 (Yonhap) -- Moody's Investors Service said Tuesday it has placed the credit rating of Hynix Semiconductor Inc. under review for possible upgrade following SK Telecom Co.'s bid to buy a controlling stake in the company.SK Telecom, South Korea's top mobile operator, said it will pay
Nov. 15, 2011
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Korea to continue push to sell stake in Incheon Airport
South Korea will keep pushing to sell a stake in the state-run Incheon International Airport to private investors in a bid to enhance its efficiency and global competitiveness, the nation’s top economic policymaker said Monday.The Lee Myung-bak administration announced a plan in 2008 to sell up to a 49 percent stake in Incheon airport in line with its drive to improve the overall business competitiveness of state-run enterprises. A bill is pending to allow for the stake sale.The process, however
Nov. 14, 2011
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Firms step up partnership to curb emissions
LG Electronics, LS Cable, Homeplus, Amore Pacific launch Green PartnershipKorea’s leading retailers and makers of electronics, medical devices and electric wires will team up with their subcontractors to give a fresh impulsion to the government’s drive to slash greenhouse gas emissions and tackle global warming.The Ministry of Knowledge Economy said Monday it has clinched deals with six large enterprises and their 53 suppliers and consultants for its Green Partnership program. The list includes
Nov. 14, 2011
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Firms step up partnership to curb emissions
LG Electronics, LS Cable, Homeplus, Amore Pacific launch government-led ‘Green Partnership’ Korea’s leading retailers and makers of electronics, medical devices and electric wires will team up with their subcontractors to give a fresh impulsion to the government’s drive to slash greenhouse gas emissions and tackle global warming.The Ministry of Knowledge Economy said Monday it has clinched deals with six large enterprises and their 53 suppliers and consultants for its Green Partnership program.
Nov. 14, 2011
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SKT to buy Hynix for 3.4 trillion won
SK Telecom said on Monday that it will acquire a 21.1 percent stake in Hynix Semiconductor for 3.4 trillion won (about $3.02 billion) to take over the world’s No. 2 memory chip maker.To acquire the controlling stake, the telecom giant plans to buy current shares of Hynix and new shares to be issued by the chip maker.Earlier, Hynix announced that it will issue 101.85 million new shares at 23,000 won ($20.47) each to its preferred bidder SK Telecom.In a public filing to the Korea Exchange, Hynix s
Nov. 14, 2011
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SKT warned over abuse of market position
The Fair Trade Commission said Monday that it has ordered corrective actions against SK Telecom for using its market position to secure unfair contracts with smaller manufacturers. The nation’s largest telecom carrier has maintained contracts with 15 subcontractors, through which the company transferred its patented techniques for gap-fillers and received royalties since 2005. Gap-fillers are land-based transmission facilities that improve the coverage of quality mobile services.The FTC found, h
Nov. 14, 2011
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Celltrion arthritis biosimilar passes clinical trials
Biotech company Celltrion Inc. said Monday it completed the first successful clinical trial of a biosimilar antibody drug for rheumatoid arthritis. Celltrion said it has tested the new drug on 874 patients in 20 countries since last November. It has spent 200 billion won in the clinical experiments so far and plans to spend another 80 billion won.The market for arthritis drugs is thought to be worth 20 trillion won ($18 billion). “It demonstrated equivalence in our initial review of the clinical
Nov. 14, 2011
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Consumer Reports names Galaxy S2 top smartphone
Samsung Electronics’ flagship smartphone Galaxy S2 was recently named the top smartphone by the U.S. monthly magazine Consumers Reports.The magazine, which reviews consumer products and services, put the Galaxy S2 at No. 1 for three out of the four major mobile carriers ― AT&T, Sprint and T-mobile ― in the U.S. The top rating for Verizon Wireless was given to Motorola’s Droid Bionic.The Galaxy S2 serviced by AT&T was given 80 points, while the same phone on T-mobile and Sprint received 79 points
Nov. 14, 2011
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Pantos aims to be global logistics leader
From heavy machinery to automobiles to electronics, a slew of small but thriving enterprises have been behind Korea’s miraculous industrial advancement. Pantos Logistics Co. may be one of these “hidden champions,” a term coined by the late legendary Harvard marketing guru Theodore Levitt to portray firms that shine in the international arena but are little known outside their own field.Pantos is Korea’s largest logistics provider with 2010 sea freight volumes of 1.6 million 20-foot equivalent u
Nov. 14, 2011