Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Man escapes DUI charges by downing bottle of soju while pulled over
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Prosecution closes 'Dior bag' case amid opposition uproar
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Pianist Lim Yunchan double winner at Gramophone Awards
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Court confirms sentence for rapper who attempted to evade national service
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Pope Francis arrives in Washington on first-ever visit to U.S.
Pope Francis arrived in Washington on Tuesday on his first-ever visit to the United States that includes talks with President Barack Obama, a historic speech to Congress and an address at the United Nations. Obama, first lady Michelle Obama and their two daughters welcomed the pope at Andrews Air Force Base outside Washington, an exceptional gesture demonstrating their admiration for the leader of the world's 1.2 billion Roman Catholics and the head of Vatican City. With his hands politely put
World NewsSept. 23, 2015
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Smaller firms' debt repayment ability worsens despite record low rates
Smaller manufacturers' ability to pay interest on their debts worsened despite record low interest rates, partly as their profitability deteriorated, central bank data showed Wednesday. According to the data from the Bank of Korea, the interest coverage ratio of smaller firms came to 406.77 percent at the end of June, down 57.45 percentage points from three months earlier. The interest coverage ratio, often called times interest earned, is calculated by dividing a company's earnings by the amo
Sept. 23, 2015
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S. Korea seen to miss mid-term per capita income goal
South Korea is unlikely to attain its per capita income goal of $30,000 by early 2018 in the face of slower than expected economic growth, local think tanks said Wednesday. The pessimistic predictions come as Asia's fourth-largest economy is confronted with a slew of external negatives, including a slowdown in China's growth, a drop in exports and global financial market uncertainties. The finance ministry maintains that a 3.1 percent expansion in real gross domestic product is possible this y
Sept. 23, 2015
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Key sectors' profitability worsens over last 6 years: data
South Korea's major industries have suffered a severe pullback in their profitability over the past few years largely due to increased foreign rivalries and a protracted economic slump, data showed Wednesday. According to the data compiled by the Korea Chamber of Commerce and Industry, the shipbuilding, construction and chemicals sectors have taken a beating, while oil-refining, semiconductors and other sectors have become more profitable. The data showed that the country's shipbuilding sector
Sept. 23, 2015
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Undercurrent of tension on China state dinner menu
WASHINGTON (AP) – When Chinese President Xi Jinping and wife Peng Liyuan visit Washington later this week, President Barack Obama and his wife, Michelle, face the daunting task of trying to throw a warm and inviting dinner party for guests of honor accused of cyber-spying on the U.S., trampling human rights and engaging in assertive military tactics.China, in turn, is miffed at the U.S. for what it says are groundless accusations about hacking, and wants the U.S. to butt out of territorial dispu
World NewsSept. 22, 2015
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Hyundai Motor workers to go on strike from Wednesday
SEOUL (Yonhap) -- Hyundai Motor Co.'s unionized workers plan to launch a partial strike starting Wednesday after their representatives and the management failed to reach an agreement on a pay raise and other working conditions.The walkout, which will last through Friday, will mark the fourth straight year of labor disputes at the country's No. 1 automaker.The two sides reportedly sparred over the introduction of a so-called wage peak system and the scope of ordinary salaries, which determine ove
CompaniesSept. 22, 2015
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We 'screwed up': Volkswagen US chief
NEW YORK (AFP) - The chief executive of Volkswagen America, Michael Horn, used unusually candid language to apologize and admit wrongdoing after the German car giant was caught cheating in US pollution measuring tests."Our company was dishonest, with the EPA and the California Air Resources board, and with all of you and – in my German words – we have totally screwed up," Horn said at an event in New York late Monday, according to video posted by CNBC.Horn pledged to "make things right with the
World BusinessSept. 22, 2015
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[Photo News] Samsung partners with designers for TV
SAMSUNG PARTNERS WITH DESIGNERS FOR TV -- Tech firm Samsung Electronics introduces the Samsung Serif TV, designed in collaboration with furniture designers Ronan and Erwan Bouroullec, at the London Design Festival on Monday. (Samsung)
TechnologySept. 22, 2015
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KORAIL under fire for lax security
The state-run Korea Railroad Corp. has come under fire as its courier service is increasingly being used to send illegal drugs across the country due to the lax security measures. Between 2012 and August this year there were nine attempts to smuggle narcotics by using the railroad operator’s express delivery service, according to data released on Monday. The data from KORAIL Networks, an affiliate of KORAIL in charge of the service, showed that two cases were detected each in 2012, 2014 and this
IndustrySept. 22, 2015
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Samsung Electronics to go all out to lead digital storage market
Samsung Electronics on Monday rolled out new solid-state drive storage devices for consumers and enterprises with an aim to beef up the firm’s SSD lineup and solidify its lead in the storage market. Holding the annual Samsung SSD Global Summit under the theme of “Marching into The Next Era” on the day in Seoul, the tech giant showcased five new SSD options, including a 2 1/2-inch SSD for consumers, dubbed the 850 EVO, which is based on technology that stacks up 48 layers of cells -- which Samsu
TechnologySept. 22, 2015
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Experts paint gloomy outlook for global display market
The global display market has seen a boost for the past several years thanks to the brisk growth of information technology and electronics devices that deploy advanced display panels. Market players, however, should brace for much fiercer competition due to market saturation for mobile devices and TVs, according to industry officials and analysts. “The display industry basked in remarkable growth from 2010 to 2013 with the touch panel business, in particular, growing at the rate of 27.5 percent
TechnologySept. 22, 2015
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[Newsmaker] Volkswagen slams into false emissions scam
German auto giant Volkswagen’s shares plummeted nearly 20 percent Monday as investigations spread into revelations that hundreds of thousands of its diesel cars have software that secretly thwarts U.S. pollution tests.Volkswagen, the world’s largest automaker by sales in the first half of this year, said it had halted all diesel vehicle sales in the United States during a probe into the scandal, which could lead to fines of more than $18 billion.In addition to the environmental fines, U.S. autho
World BusinessSept. 22, 2015
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Seoul Int’l Music Fair boasts impressive lineup
This year’s Seoul International Music Fair, or MU:CON, is set to see an impressive lineup of 51 artists, including alternative bands Hyukoh and Kiha & The Faces, K-pop groups B1A4 and GFriend and power vocal acts such as ALi and Mamamoo. Of the 51 teams set to appear onstage in next month’s event, 16 are rock or alternative rock bands, the organizer Korea Creative Contents Agency said in a press release. The bands include Hyukoh, a four-member act that has recently soared to stardom with its ind
PerformanceSept. 22, 2015
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Lotte, Samsung lock horns in race to lure Chinese tourists
With the influx of Chinese tourists and their spending at duty-free stores snowballing, Lotte Group and Samsung Group have locked horns in the services and retail industries, striving to win the favor of Chinese consumers.Their affiliates -- Hotel Shilla, with Samsung Group, and Hotel Lotte as well as Lotte Duty Free -- have been placed at the forefront to win the hearts of Chinese tourists, who have been known to spend an average of $2,094 during their stay, according to data from the Korea Tou
IndustrySept. 22, 2015
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‘Korea’s Black Friday’ event to kick off Oct. 1
From Oct. 1-14, about 200 of the country’s most powerful retailers will give out discounts of up to 70 percent for both global and domestic shoppers. Dubbed “Korea’s Black Friday” after the popular massive sales promotion on the last Friday of November in the U.S., the two-week sales promotion is designed to boost the retail industry, the Industry Ministry said Tuesday. Participants include Lotte, Shinsegae, Hyundai Department Store, Galleria and AK, as well as their online retail outlets, along
IndustrySept. 22, 2015
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CJ Foodville to push aggressive M&As
CJ Foodville, the restaurant and cafe operator under CJ Group, on Tuesday announced that the company aims to become one of the world’s top 10 diner operators with more than 3,600 outlets in 15 overseas countries by 2020.Aggressive merger and acquisitions will become the main tool for the company to grade up with global giants such as McDonald’s, Starbucks or Yum. CJ currently operates 230 overseas outlets in 10 countries, and the proposed increase will account for 44 percent of the company’s rev
IndustrySept. 22, 2015
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Korea starts fruit exports to China
South Korea shipped 5 tons of “geobong” -- a species of grapes -- to China, marking its first-ever export of fresh fruit to the country, said the Ministry of Agriculture, Food and Rural Affairs on Tuesday. Agriculture Minister Lee Dong-phil and representatives of 13 local vineyards in Cheonan, South Chungcheong Province, saw the premium quality geobong grapes, also dubbed the kyoho grapes in Far East Asia, set sail for Chinese shores. The exported brand is “Haneul Green,” a signature geobong br
IndustrySept. 22, 2015
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Park: Labor bills open to debate
President Park Geun-hye said Tuesday that the government is open for further discussions with unions and employers on a set of labor reform measures, in a move to soothe workers and opposition parties as the ruling party gears up to press ahead with the swift legislation of the bills. In a luncheon with representatives of a trilateral panel of the government, labor union and the business representatives, the president thanked them for reaching a landmark deal on labor reform last week, vowing th
PoliticsSept. 22, 2015
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[SUPER RICH] Superrich and their cars
The superrich across the world have long been fascinated by supercars, which, even when not being driven, must be shown off.Considered an exclusive product for the superrich, it is not uncommon to see billionaires in possession of luxury cars as a status symbol.However, while most of the superrich do own supercars, some have opted for simpler vehicles, believing that they are no more than a mode of transportation. The Korea Herald Superrich Team looked into the different attitudes that the super
IndustrySept. 22, 2015
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[Graphic News] Average age of top top 100 corporate executives 53.5 years
The average age of executives in the nation’s top 100 companies was 53.5 years old, data showed Tuesday.According to Korea CXO Institute, this year there were a total of 6,928 executives across the top 100 companies -- excluding financial firms.When dividing the age group of executives by five years, those who were born between 1960-1964 dominated the list, accounting for 44.8 percent of the total executives, the institute noted.Most of the executives were born in 1964, making them 51 years old
IndustrySept. 22, 2015