Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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40 flights canceled on Jeju Island due to bad weather
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[Weekender] Korean psyche untangled: Musok
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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[Newsmaker] Deputy P.M. nominee, a man of principles
The coming Park Geun-hye government on Sunday nominated Korea Development Institute president Hyun Oh-seok as deputy prime minister in charge of economic policy.He will be the first deputy prime minister in five years, as the Lee Myung-bak administration scrapped the post in 2008.When Hyun gains the National Assembly’s approval, he will take on the nation’s core economic policies by concurrently serving as deputy prime minister and finance minister.At a news conference following the nomination,
Feb. 17, 2013
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Profiles of minister-nominees
Kim, newly appointed minister of future creation and science, is an entrepreneur-turned-policymaker who has served much of his career overseas.Kim, 53, is the president of Bell Labs and chief strategy officer of Paris-based Alcatel-Lucent.Born in Seoul, he relocated to the U.S. when he was 15 years old and studied electrical engineering and computer science at Johns Hopkins University and holds a doctorate degree in reliability engineering from the University of Maryland.Kim is an entrepreneur w
Feb. 17, 2013
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More savings banks face financial woes
The distressed savings bank industry is expected to face another round of business suspension for some players, as the overall secondary banking sector saw its financial status worsen last year.According to the Financial Supervisory Service, four of the 16 savings banks that publicized their 2012 financial statements declared “entire” capital erosion.The four banks in complete capital impairment, whose equity levels fell below zero under heavy losses, were Hyundai Swiss, Shilla, Youngnam and Woo
Feb. 17, 2013
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LG CNS to build Korea’s first park for data centers
IT service firm LG CNS said Sunday that it planned to build Korea’s first data center park in Busan on top of its recently established cloud data center.The firm said its facility called the LG CNS Busan Global Cloud Data Center has been up and running since early this year and that it currently has 72,000 servers. An increasing number of servers will be located at the site as it scales up to 133,000 square meters from 9,777 square meters.The project was launched after the Ministry of Knowledge
IndustryFeb. 17, 2013
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Hanwha, Kyobo likely to vie for ING Life
Hanwha Life Insurance Co., South Korea’s second-largest life insurer, is expected to compete with No. 3 industry player Kyobo Life Insurance Co. to take over the local life insurance unit of ING Group, industry sources said Sunday.The race comes after the board of KB Financial Group Inc., South Korea’s No. 2 banking group, turned down a company plan to take over ING Life Korea on Dec. 18 last year, dealing a blow to the group’s push for business expansion.The two life insurance giants have begun
Feb. 17, 2013
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Lotte financial units under fire for intra-group deals
Lotte Group’s financial affiliates ― Lotte Insurance, Lotte Card and Lotte Capital ― were found to have relied most on illegitimate support from the group to boost sales, compared with their financial rivals, sources said Sunday. Amid mounting calls for economic democratization and fair competition in business, Lotte affiliates have been marching in the opposite direction to bring larger profits to chaebol, or local conglomerates, the financial policy team of Citizens’ Coalition for Economic Jus
Feb. 17, 2013
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Samsung, Apple list infringing tablets, smartphones in California lawsuit
Apple Inc. and Samsung Electronics Co. identified products they allege infringe their patents for smartphones and tablet computers as part of a lawsuit in federal court in San Jose, California.The filings on Friday were made in a newer of two related patent cases. The lawsuit, scheduled for trial in March 2014, was filed last year and covers technology in newer smartphones made by both companies, including Samsung’s Galaxy S III and Apple’s iPhone 5.In its filing on Friday, Cupertino, California
TechnologyFeb. 17, 2013
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Shares expected to ...zigzag in tight range
South Korean stocks are expected to bounce between small rises and falls this week, paring gains from a nine-week high rally, amid continuing jitters over a weaker yen and U.S. spending cuts, analysts said.The benchmark Korea Composite Stock Price Index closed up 30.28 points, or 1.55 percent, to 1,981.18 on Friday, the biggest weekly gain since Dec. 14 last year.The statement from developed nations on Tuesday warning about Tokyo’s competitive currency devaluation partly stemmed concerns over th
Feb. 17, 2013
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BlackBerry may mull exit from Korean market: sources
BlackBerry, a Canadian smartphone maker, may pull out of the South Korean market in the first half of this year due to sluggish sales, industry sources said Friday.Speculation arose of BlackBerry’s possible exit from South Korea following its recent announcement that it plans not to unveil new products in Japan. Industry analysts took it as a move by BlackBerry to leave from South Korea and other countries in the region.Canadian-based Research in Motion changed its name to BlackBerry in January
Feb. 17, 2013
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Foreign ownership of state bonds hits record
Foreign investors’ holdings of South Korean state bonds reached a record high last year due largely to the country’s relatively strong economic fundamentals and a stronger won, data showed Sunday.Foreign investors held state bonds worth $68.6 billion at the end of last year, the largest-ever amount, according to industry data. The figure compares with $56.9 billion at the end of 2011 and $37.3 billion at the end of 2010, the data showed.Their portion against combined state bonds listed on the lo
Feb. 17, 2013
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U.S. scraps penalties on Korean steel exporters
WASHINGTON (Yonhap News) ― The U.S. government has decided to revoke antidumping and countervailing duties on corrosion-resistant carbon steel flat products from South Korea and Germany, industry sources said Saturday.The International Trade Commission voted unanimously to allow the duties, which have been in place since 1993, to expire after a mandatory five-year, or sunset, review of the issue.“Antidumping relief is not intended to be permanent,” said Don Cameron of the International Trade Gro
Feb. 17, 2013
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Hyundai’s fuel cell car drives more smoothly than popular hybrids
Like a regular SUV, Hyundai’s fuel-cell-powered Tucson lets you cover about 370 miles on a single tank. Its silent power system and familiar six-speed automatic transmission make highways and city streets quieter than ever. In fact, there’s not much you can’t do with the hydrogen-cell Tucson that you can’t do with a regular Tucson ― except fill’er up. And, for the moment, afford’er.This isn’t the model found at dealerships. Not yet. But Hyundai is already leasing hydrogen-powered vehicles to cit
MobilityFeb. 17, 2013
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Jaguar Land Rover sees Korea as key market
There was no doubt in David McIntyre’s mind when he decided to undergo a career shift to lead the Korean operations of Jaguar Land Rover last year. The former director of Bentley’s Chinese sales had two clear reasons for embracing the change: The first was that it would be an opportunity to oversee two British luxury car brands ― Jaguar and Land Rover. The second was the strong growth potential he saw in the Korean import car market, something he had already seen several years ago when he was in
MobilityFeb. 17, 2013
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Lexus GS ― a great family car
The Korea Herald, in cooperation with carmakers, offers a test-driving experience to executive officials at Korean or multinational companies and ranking diplomats here. The opinion above is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed. My daily routine requires me to drive to many different places in Seoul, all at different times of the day, and I must say that I feel much safer and my commute seems quicker and more practical in this marvelous Le
MobilityFeb. 17, 2013
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More savings banks may face shutdown: sources
More savings banks in South Korea are feared to face bankruptcies this year as continued losses wiped out their capital, industry sources said Sunday. According to the Financial Supervisory Service and industry sources, four out of 16 savings banks reported that their capital base was fully impaired last year and six more players suffered capital erosion last year. Of the ten savings banks, two players were already suspended and one is set to sell shares to boost their capital base, accordin
Feb. 17, 2013
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Imports of luxury items hit record high
Imports of luxury items such as premium brand clothes, handbags and cosmetics hit a record high $8.6 billion (9.3 trillion won) last year despite the reeling economy. Imports of the five main nonessentials -- luxury brand clothes, watches, golf clubs, handbags and cosmetics -- gained 2.93 percent compared to 2011, the Korea Customs Office said on Sunday. “The growth rate (of imports of the five nonessential goods) fell far short of the 34.25 percent increase in 2011, but considering that the Ko
Feb. 17, 2013
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Facebook said to work with FBI on malware attack investigation
Feb. 16 (Bloomberg) -- Facebook Inc., operator of the largest social network with more than 1 billion members, is working with the U.S. Federal Bureau of Investigation to probe a malware attack, people with knowledge of the matter said. Facebook said yesterday that it was subjected to a “sophisticated attack” by hackers last month, without saying where the attack originated. Investigators haven’t found any evidence that user data was compromised, Menlo Park, California- based Facebook said on it
TechnologyFeb. 16, 2013
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Seoul shares expected to zigzag in tight range
SEOUL (Yonhap) -- South Korean stocks are expected to bounce between small rises and falls next week, paring gains from a nine-week high rally, amid continuing jitters over a weaker yen and U.S. spending cuts, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed up 30.28 points, or 1.55 percent, to 1,981.18 on Friday, the biggest weekly gain since Dec. 14 last year. The statement from developed nations on Tuesday warning about Tokyo's competitive currency devaluation part
Feb. 16, 2013
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S.Korean casino company targets wealthy Chinese
Grand Korea Leisure Co. (GKL), the South Korean operator of a casino business for foreign tourists, will beef up its marketing activities to attract China's wealthy customers, company officials said Friday.GKL, which operates three casinos in Seoul and Busan under the brand name Seven Luck, has increased the number of marketing personnel for Chinese VIP gamblers, or high rollers, from 29 to 60.In the fourth quarter of last year, GKL saw the drop amount, which is the total amount of money and mar
Feb. 15, 2013
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China takes up one-fifth of Hankook Tire revenue
Hankook Tire Co., South Korea’s leading tire maker, said Friday its Chinese sales account for nearly 18 percent of its total revenue, fueled by strong demand in the world’s largest auto market.Hankook Tire’s sales in China topped 1 trillion won (US$942 million) last year on rising demand for new tires among car owners, according to the company.Its market share in China is steady at 15 percent, competing closely with The Goodyear Tire & Rubber Co. for the second-largest tire seller. Michelin Grou
IndustryFeb. 15, 2013