Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Job creation lowest on record among under-30s
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NK troops disguised as 'indigenous' people in Far East for combat against Ukraine: report
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Opposition leader awaits perjury trial ruling
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Strained inter-Korean ties unlikely to last: official
Inter-Korean relations are unlikely to remain perpetually tense, a high-level government official said Sunday, signaling that the government is willing to continue efforts to improve ties despite recent troubles caused by the North's disclosure of details of secret talks with the South."The door to dialogue remains open," the official told reporters, requesting not to be named due to the sensitivi
IndustryJuly 17, 2011
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Lotte candy, drug units to merge
Lotte Confectionary Co. announced Sunday it plans to merge with Lotte Pharm Inc. in a bid to foster synergies in their health food business.The Korean snack and sweets maker will remain the largest stakeholder in its pharmaceutical unit as it already holds a 100 percent share. Lotte Aluminum Co. has a controlling stake in Lotte Confectionary with 15.29 percent.The merger, which needs statutory app
IndustryJuly 17, 2011
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Korea’s financial markets grow at record pace
Total investment transactions per year surpass $18.9 trillionThe amount of investment circulating in the South Korean stock, bond and derivatives markets topped 20,000 trillion won ($18.9 trillion) per year, government data showed on Sunday.The Financial Supervisory Service said investment transactions between April 2010 and March 2011 totaled 22,378 trillion won, marking an increase of 500 percen
July 17, 2011
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Renault Samsung’s car exports hit record in H1
Riding on solid demand from Europe, Renault Samsung Motors Co., exported a record 70,914 cars in the first half of this year, the company said last week. Renault Samsung is the Korean unit of French automaker Renault SA. Renault Samsung CEO Jean-Marie HurtigerThe figure the carmaker unveiled surpassed the previous high of 50,160 units tallied in the first six months of 2010, with the latest surge
MobilityJuly 17, 2011
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SM7 renewed with impressive road manners
Renault Samsung challenges Hyundai’s dominance with fully revamped premium sedanNAMHAE, South Gyeongsang Province ― Tagging Hyundai Motor’s Grandeur as the sole leader of the mid-sized sedan market is about to get presumptuous with new premium sedans from Renault Samsung and GM Korea. Throughout the years, the Grandeur has dominated the segment and outsold Renault Samsung’s SM7 and GM’s Alpheon.
MobilityJuly 17, 2011
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Volkswagen ‘confident’ it can outperform global car market
Volkswagen AG, Europe’s biggest carmaker, said it expects to continue outperforming the auto market in the second half after posting a record 4.1 million deliveries in the first six months of the year.Sales of cars, sport-utility vehicles and vans at the company’s brands including the Audi luxury division and Czech unit Skoda rose 14 percent, VW said today in an e-mailed statement. Global industry
MobilityJuly 17, 2011
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Toyota under pressure from Hyundai in U.S.
Toyota Motor Corp., to make its earnings target this year, needs the new Camry to wrest back market share from Hyundai Motor Co.’s Sonata sedan. The Camry, the best-selling car in the U.S., has lost ground to the Sonata, with Seoul-based Hyundai raising its U.S. output and surpassing the Camry in May for the first time. “Sonata became a very honorable contender in the market,” said Yoshimi Inaba,
MobilityJuly 17, 2011
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Iraq key oil player ‘for next 20 years’
BAGHDAD (AFP) ― Iraq will be the key player in international oil politics over the next two decades, the country’s top government official for the energy sector said on Saturday.“If we continue along the path we are on, Iraq will over the next two decades be the country that sets oil policy in the world in terms of price, supply and demand,” Deputy Prime Minister Hussein al-Shahristani said at a c
IndustryJuly 17, 2011
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U.S. consumer confidence unexpectedly falls
IndustryJuly 17, 2011
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Most workers stick to domestic travel for vacation
Less than 10 percent of salaried Koreans intend to spend their summer vacation abroad this year, a survey said Sunday.The survey of 600 people by the Korea Chamber of Commerce and Industry comes amid soaring inflationary pressure and global economic uncertainties from possible insolvency of the governments of the United States and several European countries.About 9.6 percent of the respondents sai
IndustryJuly 17, 2011
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Two KTX trains break down in space of hours
A KTX train was brought to an abrupt halt inside a tunnel near Busan on Sunday, rekindling concerns over the accident-prone Korean high-speed rail system.About 400 passengers were stranded for one hour due to the stoppage believed to have been caused by a defective motor system. Train services from Busan were delayed.The incident occurred around 11:00 a.m. when the Seoul-bound train was passing th
IndustryJuly 17, 2011
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Coffee prices jump 4.5% in Q2
(Yonhap News)Coffee prices in South Korea surged 4.5 percent in the second quarter from three months earlier, due mainly to soaring costs of importing coffee beans, data showed Sunday. The increase is more than six times larger than a 0.7 percent on-quarter gain in consumer prices in the April-June period, according to the data compiled by the central Bank of Korea and state-run Statistics Korea.
July 17, 2011
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Gold prices hit another record high
Domestic gold prices set a fresh record high on Saturday on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said.The retail price of 1 don (3.75 grams) of pure gold in the country stood at 217,800 won (US$206) on Saturday, up 600 won from Friday's quotation, according to the Korea Gold Exchange, a local gold dealer. Don is a unit u
July 17, 2011
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BOK raises inflation outlook to 4 percent
The Bank of Korea raised its projection for this year’s inflation rate to 4 percent on Friday ― 15 days after the government raised its projections to the same level.The central bank had projected an inflation rate of 3.9 percent in April.The government, which had originally projected that consumer prices would rise by around 3 percent this year, changed its outlook for this year’s inflation rate
July 15, 2011
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Galaxy S II launched into the skies
Galaxy S II, Samsung Electronics’ second-generation of Android-powered smartphones, will be sent up to 30 kilometers above ground as part of a “Space Balloon” campaign launched at Samsung’s Japan offices, the company said Friday. Attached to a small balloon, the phone will be launched from the Nevada desert in the U.S. from Friday to Monday for two hours each day. Messages posted on Twitter and Fa
IndustryJuly 15, 2011
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Lotte Tour chief fined W62b
The National Tax Service has slapped a 62 billion won ($58.6 million) fine on Lotte Tour chief executive Kim Ki-Byung for tax evasion and referred the case to the prosecution.Lotte Tour is independent of Lotte Group, but Kim is married to Lotte Group chairman Shin Kyuk-ho’s younger sister and Dongwha Duty Free CEO Shin Jung-hee. Kim Ki-byungAccording to NTS sources, Kim was fined for illicit measu
July 15, 2011
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Local gold prices hit record high
Surge stems from high international prices, weak greenbackDomestic gold prices have rallied to all-time highs on the back of recent surges in international prices of the precious metal and the weak U.S. dollar, industry sources said Friday. An employee at Shinhan Bank shows gold bullion bars. (Ahn Hoon/The Korea Herald)The retail price of 1 don (3.75 grams) of pure gold in the country stood at 217
July 15, 2011
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Korea, EU agree on fair, equal antitrust policy
Antitrust authorities of Korea and the European Union agreed Friday to ensure equal treatment of foreign companies in dealing with international cartel cases, Seoul officials said. The agreement was reached during a meeting in Seoul between Kim Dong-soo, head of South Korea’s Fair Trade Commission, and Joaquin Almunia, vice president of the European Commission, according to the FTC officials. Fair
July 15, 2011
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S&P warns of U.S. downgrade
IndustryJuly 15, 2011
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Default on debt would increase deficit: Bernanke
Fed chief also tells Senate no immediate stimulus planned for nowWASHINGTON (AP) ― Federal Reserve Chairman Ben Bernanke warned U.S. lawmakers Thursday that they would deliver a “self-inflicted” wound to the nation’s economy by holding up efforts to raise the government’s borrowing limit.The Fed chief also said the central bank had no immediate plans to introduce new stimulus measures, elaboratin
IndustryJuly 15, 2011
