Most Popular
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Heavy, wet snow to fall more often this winter
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SNU professors join growing movement calling for Yoon's resignation
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Presidential office criticizes opposition-led state auditor, prosecutor impeachment motions
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[From the Scene] At this Starbucks, you need ID: Franchise opens store with view of North Korea
![[From the Scene] At this Starbucks, you need ID: Franchise opens store with view of North Korea](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/29/20241129050068_0.jpg&u=)
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‘NewJeans are no longer under Ador,’ says legal expert
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Most foreign-owned land held by US citizens, houses by Chinese
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Samsung promotes tech-savvy execs to tackle challenges
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Which surname will Moon and Jung give their child?
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11 Chinese, Russian military aircraft enter S. Korea’s air defense zone
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The 45th Blue Dragon Film Awards kick off with new MCs
![[From the Scene] At this Starbucks, you need ID: Franchise opens store with view of North Korea](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/29/20241129050068_0.jpg&u=)
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Responding to the ‘Dark Seoul Cyber Attack’
On March 20, 2013, South Korea suffered a cyber attack that resulted in the denial of service of several major banks, broadcasters, and the defacement of the websites of a telecommunications operator. Although reported as a major cyber attack, multiple security experts reported the malware as having a relatively low level of technical sophistication. What’s concerning is this attack could have been completely prevented by simply keeping antivirus software updated, making sure Windows security pr
TechnologyMay 1, 2013
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LGE forecast to ship over 50m smartphones this year
South Korean consumer electronics giant LG Electronics Inc. is expected to sell more than 50 million smartphones this year on the back of strong demand for its flagship Optimus G line-up and mid and low-end smartphones, brokerage houses said Tuesday.LG Electronics, the world’s No. 3 smartphone maker, sold some 26.3 million smartphones last year.Korea Investment & Securities said in a report that LG Electronics is expected to sell 53.29 million smartphones this year. Hyundai Securities and KB Inv
TechnologyMay 1, 2013
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20 years on, first web page to be reborn
GENEVA (AFP) ― The world’s first web page will be dragged out of cyberspace and restored for today’s Internet browsers as part of a project to celebrate 20 years of the Web, organizers said on Tuesday.The European Organisation for Nuclear Research said it had begun recreating the website that launched that World Wide Web, as well as the hardware that made the groundbreaking technology possible.The world’s first website was about the technology itself, according to CERN, allowing early browsers t
TechnologyMay 1, 2013
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KT rejects all allegations on CEO
KT Corp., the nation’s largest fixed line operator, is under siege from union and civic groups demanding the replacement of the top management over allegations of unfair business practices.At the center of the controversy is the company’s chairman and CEO Lee Suk-chae who is facing claims that he has unlawfully played favorites with unauthorized subcontractors.The main complaint is that companies not included in the usual pool of subcontractors working for KT obtained contracts. Other allegation
BusinessMay 1, 2013
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Korea’s major online news service wobbles after platform change
The online news service by Naver, Korea’s most influential Web portal, is seeing a major decrease in users one month after it introduced the new platform. The situation is hampering small news companies heavily dependent on the giant website.In April, Naver adopted the “Newsstand” platform, which pooled the top pages of 53 major news outlets in Korea and presented them to the users. It replaced its predecessor “Newscast” system that randomly exposed articles from those 53 sources.According to re
TechnologyMay 1, 2013
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S. Korea's trade surplus narrows to $2.58 bln in April
South Korea's trade surplus narrowed in April from a year earlier as local exporters lost ground in overseas markets in the face of a weaker Japanese yen, the government said Wednesday.The country chalked up a trade surplus of $2.58 billion last month, compared with a surplus of $3.36 billion a month earlier, according to the Ministry of Trade, Industry and Energy. Exports gained 0.4 percent on-year to $46.29 billion last month, while imports inched down 0.5 percent to $43.71 billion over the ci
May 1, 2013
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S. Korea's consumer prices grow 1.2% on-year in April
South Korea's consumer prices increased at a slower pace in April than a month earlier, keeping its on-year growth in the 1-percent range for the sixth straight month, a government report showed Wednesday.The country's consumer prices index rose 1.2 percent on-year in April, slowing from a 1.3 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it dropped 0.1 percent.The on-year figure represents the sixth straight month since November t
May 1, 2013
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BOK hints at no change in monetary policy
Bank of Korea Gov. Kim Choong-soo said Tuesday that the effects of monetary easing by developed countries to revitalize their economies were winding down.In a meeting with a group of corporate executives, Kim said that monetary easing of key international currencies such as the U.S. dollar, the euro and the yen boosted market liquidity.However, he questioned whether the money had appropriately flowed into small and medium enterprises, the backbone of the real economy, reiterating the central ban
April 30, 2013
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‘Stronger Korea-Japan ties needed for creative economy’
South Korea must work on stronger ties with Japan before discussing creative economy, French professor and columnist Guy Sorman said on Tuesday.Speaking at a meeting with a group of government policymakers and businesspeople in Seoul, he said, “South Korea needs to rebuild its ties with Japan. It’s absolutely necessary for the geopolitical stability of the region and for economic reasons.“It’s useless to talk about creative economy and added-cultural value, if the world around you is struggling,
April 30, 2013
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100,000 Chinese tourists to swamp Korea this week
Hundreds of Chinese tourists waited in a queue to get on the elevators to Lotte Department Store’s duty free shop in central Seoul last Saturday afternoon.The duty free shop on the top floors was bursting with Chinese customers snatching up Prada and Louis Vuitton bags for which they have to pay extra taxes at home.Some 100,000 Chinese tourists, known as “youke” in Mandarin, are expected to stream into Korea during this week’s Labor Day holidays.The Chinese government reduced the number of offic
IndustryApril 30, 2013
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LG Uplus Q1 net more than triples
LG Uplus Corp., South Korea’s No. 3 mobile carrier, said on Tuesday its first-quarter net profit more than tripled from a year earlier largely thanks to increased profit from its wireless service.Net profit reached 74.3 billion won ($67.3 million) in the January-March period, compared with a profit of 22 billion won a year earlier, the company said in a regulatory filing.Sales gained 12.6 percent on-year to reach 2.86 trillion won in the first quarter, and operating income also surged 85 percent
April 30, 2013
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Korea-Turkey FTA to boost industrial exports
With its free trade agreement with Turkey taking effect from Wednesday, Korea is expected to see solid growth in its exports of industrial goods.The top 10 beneficiary items are television sets, automobile parts, lenses, synthetic resin, rubber, steel, blended thread, metal-processing machines and knitted goods, according to a report by the state-run Korea Trade-Investment Promotion Agency.The sales growth rate will especially be high for low-priced items such as steel, plastic, synthetic resin
April 30, 2013
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Citibank, SC, Nonghyup rank bottom in consumer protection
Two major foreign banks operating in Korea ranked low in consumer protection, being given the lowest grade of “class 5” by the Financial Supervisory Service.In the yearly assessment from the FSS on financial firms’ consumer protection, Citibank Korea and Standard Chartered Bank Korea ranked at the bottom, along with Nonghyup Bank, out of 15 commercial banks.Their grade of class 5 means that they were “poor” in resolving customers’ complaints throughout the past year, FSS officials said Tuesday.T
April 30, 2013
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State-run firms’ debts near W500tr
Salaries and bonuses for executives at state-run enterprises contined to rise last year despite losses and snowballing debt.The debt of 295 state-run institutions and enterprises reached 493.4 trillion won ($447.8 billion) in 2012, up 7.5 percent from a year before, according to a public filing by the Ministry of Strategy and Finance on Tuesday.Their debt ratio surpassed 200 percent on equity capital of 237.8 trillion won.Yet with assets of 731.2 trillion won, this marks the first time in four y
April 30, 2013
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Ahn to take helm of GE’s offshore and marine arm
Ahn Soong-bum, 53, former chairman of Royal Dutch Shell Korea, will lead General Electric’s global growth offshore and marine business, whose global headquarters will be stationed in Korea, GE said. He was also named general manager for GE’s power conversion business in Korea. The company said in a statement that it expects Ahn to create synergy effects with other regional headquarters by using the competitiveness of the power conversion business in Korea and to build strategic relationships wit
IndustryApril 30, 2013
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SK Group to turn 5,800 workers into regulars
SK Group on Tuesday said it planned to upgrade the status of up to 5,800 of its temporary workers to regular employees.The move was the first such among the nation’s top five conglomerates, and part of a bigger road map SK previously announced to reduce the portion of temporary workers to around 3 percent by 2015 from the current 12 percent. The temporary employees are mostly those employed in the customer services or telemarketing units at the affiliates of SK Telecom or SK Planet. Others are e
IndustryApril 30, 2013
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Hanwha conducts executive reshuffle
Hanwha Group promoted Kim Chang-beom, executive vice president of Hanwha L&C, a construction material processing firm, to president, company officials said on Tuesday.The nation’s 10th-largest conglomerate by assets carried out its annual executive-level reshuffle of 139 personnel. The reshuffle had been delayed due to the top management vacuum caused by the imprisonment of group chairman Kim Seung-youn.“The group will call for new executives to drive its new growth engines as planned and to tap
April 30, 2013
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Customized policy will lure investment from large and small multinationals
Over the past few years, Korea has enjoyed strong foreign investment despite external difficulties, thanks to its free trade agreements with the U.S. and the EU, raised sovereign credit ratings and stable currency. FDI was unaffected by the recent threats from North Korea. In the first quarter of 2013, foreign investment inflow recorded $3.4 billion, up 44.7 percent from the same period a year ago. Many experts have concluded that the country’s investment environment is capable of absorbing thes
April 30, 2013
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Defining female leadership in Korea
Chae Eun-mi, managing director of FedEx Korea, took office seven years ago as the first female CEO in the male-dominated logistics industry. She is still the only one. But she said there has been some progress in female leadership in Korea in recent years, including last year’s election of the country’s first female president. “I used to receive speech inquiries mostly from my alma mater, Ewha Womans University. But more recently local conglomerates have asked me to lecture on female leadership,
IndustryApril 30, 2013
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BOK freezes key rate in 4-3 vote: minutes
Policymakers at South Korea's central bank froze the key interest rate in a 4-3 vote in April when the government had put pressure on the Bank of Korea (BOK) to lower borrowing costs, the bank's minutes showed Tuesday. At a rate-setting meeting held on April 11, the Bank of Korea's seven-member monetary policy committee decided to leave the benchmark 7-day repo rate unchanged at 2.75 percent for the sixth straight month. The central bank cut the key rate in July and October last year. In Apr
April 30, 2013
