Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Med schools expect 1,500+ new admission slots next year
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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Elderly concerned most about finances, health: survey
Aging Koreans cited economic difficulty and health as their biggest concerns, but the weight of their worries varied according to their education levels, a report showed Monday.In a survey of 60-year-olds by Statistics Korea, 43.2 percent of the respondents with elementary education picked economic difficulty as their top concern. Health closely followed at 40.5 percent, while unemployment and loneliness each stood at 4.7 percent and 4.3 percent.In contrast, 40.5 percent of the respondents with
Jan. 24, 2012
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Big brokerages earn half of profit from stock commissions
Major South Korean securities firms reaped more than half of their commission income from stock consignments in the fiscal first half, with the stock commission profits of the top 10 players exceeding 100 billion won ($88 million) on average, data showed Monday.The commission profits that 62 local securities firms earned by selling and buying stocks for their customers totaled 2.94 trillion won in the April-September period, accounting for 70.3 percent of their total commission income, according
Jan. 24, 2012
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Prioritizing people a ‘key strategy’
Leo Burnett Korea chief aims to support companies to go globalMcDonald’s Korea launched its coffee brand McCafe in 2009, but sales struggled amid the growing popularity of specialty coffee houses like Starbucks. For young women working in offices, who led the new trend of sipping a cup of brand coffee, the half-priced McCafe appeared to be not enough to satisfy their appetite for luxury. Then a television commercial changed the game. The ad, made by Leo Burnett Korea, featured consumers who par
IndustryJan. 24, 2012
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Shinhan to launch ‘bank plus brokerage’ business
CEO says lender leading Korean banks’ globalization with 59 network channels in 14 nationsShinhan Bank plans to offer high-end financial products by launching an upgraded business sector this year that connects the commercial bank and its brokerage affiliate.“We are about to introduce the independent business sector. It is designed to elevate synergy between Shinhan Bank and Shinhan Investment Corp.,” bank president & CEO Suh Jin-won told The Korea Herald.While the bank and the securities firm o
Jan. 24, 2012
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Drug makers bet on novel products to tackle difficulties
Generic manufacturers boost R&D and biomedicine, stem cell research sees upturnSoaring research costs, rampant illicit rebates and a gushing inflow of multinational drug giants following free trade pacts have come together to ignite the biggest crisis in years in Korea’s pharmaceutical industry.Heaping further pressure is the government’s push to slash drug prices and its sweeping crackdown on unfair trade practices, as well as economic uncertainties stemming from Europe. To tackle the daunting
IndustryJan. 24, 2012
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Hyundai, Kia tops U.S. automobile industry performance scoreboard
Korea’s Hyundai Motor Co. and Kia Motors Corp. topped last year’s U.S. auto market performance scoreboard, a report by a consumer data provider showed Tuesday.U.S.-based TrueCar.com said Hyundai and Kia ranked No. 1 in its 2011 Annual Performance Scoreboard that checks such areas as sales growth, market share and customer brand loyalty.It said the two carmakers, which are the flagship companies of Hyundai Motor Group, the world’s fifth largest automotive conglomerate, received an average “A-plus
MobilityJan. 24, 2012
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Top 30 conglomerates bought 211 firms since 2009
The nation’s 30 largest conglomerates acquired 211 companies over the past three years, commanding more than 1,000 firms under their wings and pursuing more firms with technological prowess. Politicians are raising their voices for chaebol reform amid the companies’ growing appetite for mergers and acquisitions, with the ruling Grand National Party reviewing plans to reduce the side effects of the removal of a cap on large conglomerates’ equity investment. The top 30 business groups in asset val
IndustryJan. 24, 2012
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Iran sanctions may hit exports, fan price hikes
Experts warn of Korea’s economic losses from joining U.S.-led punitive action on TehranKorea’s joining of the U.S.-led sanctions against Iran will fan inflation and cause $7 billion in losses for exporters a year, international relations experts warned Tuesday.Lee Hee-soo, a professor at Hanyang University, said the U.S. demand for Korea to reduce trade activities with Iran last week is the strongest push made in its 30 years of sanctions against Iran’s nuclear ambitions.“Iran is the No. 1 marke
Jan. 24, 2012
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Prioritizing people a ‘key strategy’
Leo Burnett Korea chief aims to support companies to go globalMcDonald’s Korea launched its coffee brand McCafe in 2009, but sales struggled amid the growing popularity of specialty coffee houses like Starbucks. For young women working in offices, who led the new trend of sipping a cup of brand coffee, the half-priced McCafe appeared to be not enough to satisfy their appetite for luxury. Then a television commercial changed the game. The ad, made by Leo Burnett Korea, featured consumers who part
IndustryJan. 24, 2012
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LG eyes bigger share in overseas air conditioning market
LG Electronics featured its new set of air conditioners at a three-day international expo in Chicago as it is eying a bigger market share overseas.At its booth at the International Air-conditioning, Heating and Refrigerating Exposition, it showcased a half-dozen air conditioners built for home and commercial use, and emphasized their environmentally friendly, highly efficient functions.The AHR Expo involves about 2,000 firms from 30 countries,LG’s participation comes as the company plans to rais
IndustryJan. 24, 2012
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Foreign investors buying Korean stocks despite Europe woes
Foreign investors are continuing to snap up Korean stocks, helping the local bourse stage a solid performance in recent sessions on renewed optimism over the eurozone debt problem. According to the Korea Exchange, the net amount of local stocks bought by foreign investors reached 4.3 trillion won ($3.7 billion) this month. The benchmark KOSPI, which closed at 1,825.74 on Dec. 29, ended up at 1,949.89 on Friday. Last week saw particularly strong buying by non-Korean investors on the local stock m
Jan. 24, 2012
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Manufacturing sector expands 7.7% in 2011: report
Korea’s manufacturing sector grew at a brisk pace of 7.7 percent on-year in 2011 fueled by surging exports, a report by the central bank showed Tuesday.The Bank of Korea said of the 16 industrial sectors checked, only five surpassed the country‘s gross domestic product growth, with three contracting compared to the year before.Asia’s fourth largest economy may have grown by 3.8 percent last year, down from 6.2 percent growth posted in 2010. For the first three quarters of 2011, data showed the e
Jan. 24, 2012
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Korea’s trade with FTA signatories jumps
Korea saw its trade with seven economic entities with which it has free trade agreements jump over the past few years, government data showed Monday.South Korea’s trade with those entities came to $296.1 billion in 2011, or 27.4 percent of its total trade volume of $1.08 trillion, according to the data by the Korea Customs Service. That is up from 14.6 percent in 2009.The entities include Singapore, Chile, Peru, the European Free Trade Association, the European Union, and the Association of Sout
Jan. 24, 2012
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FTC assisting class action against Samsung, LG
The nation’s antitrust watchdog said Tuesday it will support a consumer class action lawsuit for the first time against Samsung Electronics and LG Electronics, which rigged prices for domestic appliances.The Fair Trade Commission slapped the two companies with fines of 44.6 billion won ($39.6 million) for colluding to fix prices of washing machines, flat screen televisions and laptop computers.“We will provide financial aid for a class action suit led by the Green Consumer Network in Korea as it
IndustryJan. 24, 2012
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Iran retaliated once against Korean firms: official
The Iranian government attempted to retaliate against Korea in connection with the U.S.-led sanctions of oil imports by demanding that Korean firms tear down their outdoor advertising billboards in Tehran earlier this month, news reports said.The Iranian government ordered Korean firms including Samsung Electronics and LG Electronics to demolish their outdoor ads, but withdrew its demand following protests from the Korean Embassy in Tehran, a government official was quoted by the Yonhap news age
IndustryJan. 24, 2012
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International air passenger traffic hits record high in 2011
Korea’s international air passenger traffic reached an all-time high in 2011, fueled by foreign visitors and transit travelers using local airports, the government said Tuesday.The Ministry of Land, Transport and Maritime Affairs said 42.65 million people took international flights coming into and leaving the country in 2011, up 6.5 percent from a year earlier. Of the total, 5.66 million people were transit travelers, a gain of 6.5 percent vis-a-vis 2010.It said traffic to Southeast Asia and Oce
Jan. 24, 2012
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Strongest solar storm since 2005 hitting Earth
WASHINGTON (AP) — The sun is bombarding Earth with radiation from the biggest solar storm in more than six years with more to come from the fast-moving eruption.The solar flare occurred at about 11 p.m. EST Sunday and will hit Earth with three different effects at three different times. The bi
TechnologyJan. 24, 2012
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Kia recalls 145,000 vehicles
Kia Motors America said it would recall model year 2006-2008 Optimas and model year 2007-2008 Rondos due to faulty air bag release systems, regulators said.The National Highway Traffic Safety Administration said Optima vehicles manufactured from Sept. 29, 2005, through Jan. 29, 2008, are involved in
MobilityJan. 24, 2012
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Study: Stem cells may aid vision in blind people
LOS ANGELES (AP) _ Two legally blind women appeared to gain some vision after receiving an experimental treatment using embryonic stem cells, scientists reported Monday. While embryonic stem cells were first isolated more than a decade ago, most of the research has been done in lab animals. The new
TechnologyJan. 24, 2012
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Big brokerages earn half of profit from stock commissions
Major South Korean securities firms reaped more than half of their commission income from stock consignments in the fiscal first half, with the stock commission profits of the top 10 players exceeding 100 billion won (US$88 million) on average, data showed Monday. The commission profits
Jan. 23, 2012