Most Popular
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Who's lying? Hybe vs. Min conflict continues to intensify
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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Most teen sex offenders get away with slap on wrist
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Ex-Trump official calls for S. Korea to raise defense spending to 3 or 3.5% of GDP
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Man sentenced to 1 year, 8 months for stealing from elementary school classrooms
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Same-sex couple denied insurance clearance despite landmark ruling
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FM champions multilateralism, stresses S. Korea's vision as 'global pivotal state'
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Panmunjom tours for select Korean nationals may resume in October
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Young Poong says no better offer for Korea Zinc
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Korea's first global webtoon festival lights up Seongsu-dong
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[Newsmaker] RB’s London office targeted in disinfectant case
Despite an official apology by Oxy Reckitt Benckiser on Monday, South Korea’s prosecution is reportedly zeroing in on executives from its head office in London over allegations that they connived to conceal evidence on the toxicity of humidifier sterilizers blamed for the loss of at least 103 lives here.According to reports, the prosecution has decided to investigate officials at Reckitt Benckiser’s headquarters, after securing testaments and circumstantial evidences that they had remained silen
IndustryMay 2, 2016
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Corporate pension plans need improvements: experts
Corporate pension plans have grown fast in the past decade but their quality still remains outdated to provide stable and high returns for future retirees in rapidly aging Korean society, experts said.Korea enacted the Employee Retirement Benefit Security Act in 2005 to allow companies to set up an external fund for retirement plans as an alternative to the previously popular severance pay system.The need for corporate pension plans has become more evident as the public pension, National Pension
May 2, 2016
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Tycoons in search of growth in Iran
A group of top Korean business tycoons -- including SK Group chairman Chey Tae-won, GS Group chairman Huh Chang-soo and LS Group chairman Koo Cha-yol -- flocked to the promising Iran market Monday in an attempt to explore new business opportunities in many sectors ranging from energy to infrastructure construction.They landed in Teheran, capital of the oil-rich Middle Eastern country, with the Korean economic delegation composed of representatives from 236 companies and institutions. The delegat
IndustryMay 2, 2016
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[Market Now] Lotte Capital invests in PS Net CPs
Lotte Capital has invested 5 billion won ($4.4 million) in commercial papers of its affiliate Lotte PS Net, an IT system and database developer of Lotte’s Korea Seven.Lotte PS Net said that it plans to use the proceeds to finance its operations.Korea Seven is an operator of Lotte’s 7-Eleven convenient stores. Korea Seven’s biggest shareholder is Lotte Shopping, according to an audit filing.By Park Hyong-ki (hkp@heraldcorp.com)
May 2, 2016
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CJ E&M to team up with Thai cable channel
CJ E&M said Sunday it will set up a joint venture with a Thai cable channel operator to further capitalize on the global popularity of Korean pop culture. The entertainment and media arm of South Korean conglomerate CJ Group said it has signed a memorandum of understanding with TrueVisions, the media affiliate of the Thai conglomerate Charoen Pokphand Group.TrueVisions is Thailand’s only multiple system provider. It offers services to more than 40 percent of the 6 million households subscribed t
IndustryMay 2, 2016
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Korean banks’ toxic loans at 15-year high
Soured loans at Korea’s commercial banks rose to a 15-year high last year on a sharp deterioration in big-company debt quality, data showed Monday.According to the Financial Supervisory Service, local banks’ nonperforming loans totaled 29.9 trillion won ($26.3 billion) at the end of 2015, up 5.7 trillion won from a year earlier. Of total loans, toxic debt accounted for 1.71 percent, up 0.16 percentage point from a year ago. Last year’s bad-debt level was the highest since 2000, when post-crisis
May 2, 2016
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Korea logs first deficit for diesel vehicle trade
Korea posted the first deficit ever for diesel car trade in 2015 on rising imports, industry data showed Monday.The country’s trade deficit for diesel passenger cars reached $1.42 billion last year, down from a surplus of $870 million in 2014, according to data by the Korean Automobile Importers and Distributors Association. This marked the first ever deficit for Korea. Imports of diesel vehicles spiked 28 percent on-year to an all-time high of $6.29 billion last year, while exports fell 15.7 pe
IndustryMay 2, 2016
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Korea‘s current account surplus widens in March
Korea’s current account surplus widened from a month earlier in March on a rise in the goods account surplus, central bank data showed Monday.The current account surplus came to $10.09 billion in March, which marked the 49th consecutive month of surplus. The figure compared with a revised $7.17 billion surplus in the previous month, according to preliminary data from the Bank of Korea. Cap: Bank of Korea headquarters in downtown Seoul. (Yonhap)From a year earlier, the current account surplus rem
May 2, 2016
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Seoul shares down 0.8% ahead of key data release
Korean stocks closed lower Monday as investors took a wait-and-see stance ahead of the release of economic indicators later this week, analysts said. The Korean won rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) dropped 16 points, or 0.8 percent, to 1,978.15. Trade volume was moderate at 324.38 million shares worth 3.84 trillion won ($3.77 billion), with losers outnumbering gainers 616 to 200.Analysts said investors awaited the releases of the U.S. Institute
May 2, 2016
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Fading headwinds open way for Paradise to start slow recovery
Paradise, Korea’s largest foreigners-only casino operator, may show a gradual rebound in the latter half of the year, following strong headwinds faced by the country’s casino industry last year. The recovery of Paradise, which runs casinos in three major cities in Korea and on Jejudo Island, will continue at “a modest pace” this year and its new resort Paradise City, which is under construction in Incheon, will help the company to attract more VIPs from 2017, analysts said.The headquarters of Pa
May 2, 2016
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Korea, U.S. in joint initiative for AI-based cybersecurity
South Korea and the United States have teamed up to develop advanced technology using artificial intelligence to counter cyber threats, a ministry said Monday.The allies reached the deal when Reginald Brothers, under secretary for science and technology at the U.S. Department of Homeland Security, visited here, according to the Ministry of Science, ICT and Future Planning.The two sides "intend to explore areas of mutual value and benefit, which may lead to joint activities aimed at enhancing ope
DefenseMay 2, 2016
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Electro Mart opens first stand-alone shop
Discount retail giant E-mart’s electronics store Electro Mart is set to open its first stand-alone outlet, according to the company Monday.Electro Mart’s fourth store in Pangyo is located on the first floor of Alpharium Tower in Pangyo Techno Valley in Seongnam, Gyeonggi Province. It is E-mart’s first specialized store outside of existing E-mart and Shinsegae branches, and will open Tuesday. The new Electro Mart in Pangyo (E-mart)Designed to be an experience-focused store, the branch includes va
IndustryMay 2, 2016
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[Herald Review] KNB combines classic with contemporary in ‘Serenade & The Rite of Spring’
The Korean National Ballet unveiled its combined performance of “Serenade & The Rite of Spring” over the weekend, showcasing a night of blissful classical ballet and unorthodox modern dance. While the KNB’s past performances of Stravinsky’s wildly unexpected avant-garde ballet “The Rite of Spring” were coupled with the performance of the Beethoven classic “The Seventh Symphony,” this season’s replacement and premiere of “Serenade” was a much-welcomed surprise when it was staged at the LG Arts
PerformanceMay 2, 2016
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[Herald Review] Korean folk hero meets Sherlock Holmes
“Phantom Detective” was inspired by the Korean folk tale “The Story of Hong Gil-dong,” according to the film’s director Jo Sung-hee. In the tale, the main character is a Robin Hood-like antihero who exercises his own brand of vigilante justice by stealing from the corrupt rich and redistributing his spoils to the poor. The lead of “Phantom Detective,” also named Hong Gil-dong and played colorfully by actor Lee Je-hoon, is something like a cross between the old folk hero and Sherlock Holmes. Lik
FilmMay 2, 2016
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Director Park Chan-wook says ‘The Handmaiden’ is juicy
Award-winning director Park Chan-wook said Monday his Cannes-bound film “The Handmaiden” is a lot different from his previous works for having the most lines and giving subtle pleasures. “It has the most lines of all films that I have made. It also has four protagonists, a long running time and is a very juicy film,” Park said during a news conference at a Seoul hotel to promote the upcoming thriller. “I think this is the most singular of all my films since it is full of small funs.” So, it cam
FilmMay 2, 2016
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Yen rally eases after Tokyo hints at intervention
The yen's soaring rally took a breather in Asian trading Monday after Japanese finance minister Taro Aso warned over the surge, vowing to take action "when necessary".The weekend remarks hinted at a possible market intervention in the wake of the Bank of Japan's shock policy decision last week that caused the yen to surge to an 18-month high against the dollar.On Monday, the greenback edged up to 106.56 yen from 106.31 yen in New York Friday, its lowest level since October 2014.But the unit was
World BusinessMay 2, 2016
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AmorePacific’s Q1 net profit jumps 33.1%
Korea’s leading cosmetics-maker AmorePacific said Monday that its first-quarter net profit jumped 33.1 percent on-year, led by strong sales in both domestic and overseas markets.Net profit stood at 325.3 billion won ($284 million) in the January-March period, compared with 244.5 billion won during the same period last year, the firm said. (Yonhap)Operating profit rose 30.7 percent on-year to 419.1 billion won during the period, while sales rose 21.8 percent to 1.76 trillion won, it said.Though d
IndustryMay 2, 2016
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[Photo News] Dongwon donates for Ecuador earthquake
AID FOR ECUADOR EARTHQUAKE — Dongwon Industries CEO Lee Myoung-woo (right) delivers $150,000 to the Ecuadorian ambassador to Korea Oscar Herrera Gilbert in Seoul on Monday. Dongwon is delivering the funds to aid relief efforts to help those affected by a 7.8-magintude earthquake that hit Ecuador on Apr.16. (Dongwon Group)
IndustryMay 2, 2016
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[Photo News] Samsung Galaxy gallery
Samsung Electronics on Monday opened a pop-up gallery at Seoul Art Center in Yangjae-dong, southern Seoul. The gallery features photos taken by the Galaxy S7 smartphone and other cultural content that can be enjoyed on its devices such as virtual reality headsets. (Samsung Electronics)
TechnologyMay 2, 2016
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Second-hand smoking increases suicidal thoughts: research
Second-hand smoking increases the risk of extreme thoughts in people such as wanting to take their own lives, according to a new report published Monday.The joint study by Yoo Jun-hyun, professor of Department of Family Medicine at Sungkyunkwan University, and Kim Wook of Gangneung Dong-in Medical Center, showed a correlation between people’s exposure to indirect smoking and its impact on their psychological health. (123RF)Based on the fifth Korea National Health and Nutrition Examination Surve
TechnologyMay 2, 2016