Most Popular
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Samsung entangled in legal risks amid calls for drastic reform
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
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Samsung shakes up management, commits to reviving chip business
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Seoul snowfall now third heaviest on record
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K-pop fandoms wield growing influence over industry decisions
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Seoul's first snowfall could hit hard, warns weather agency
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How $70 funeral wreaths became symbol of protest in S. Korea
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Seoul stocks gain 0.65% on U.S. stimulus hopes
Korean stocks gained 0.65 percent Wednesday on expectations that the U.S. Federal Reserve will announce new stimulus measures to bolster economic growth, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index moved up 12.35 points to close at 1,904.12. Trading volume was light at 354 million shares worth just under 3.63 trillion won ($3.15 billion), with gainers clearly outpacing losers 555 to 276.“The market is waiting to see what measur
June 20, 2012
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Asset managers’ earnings drop 14 percent in 2011
Earnings of asset management firms in South Korea fell 14 percent on-year in the 2011 fiscal year as weak stock prices and a drop in the net value of holdings cut into profits, the financial regulator said Wednesday.The combined net earnings of 82 asset managers came to 305.2 billion won ($264.7 million) when fiscal 2011 ended in March, down 49.8 billion won from a year earlier, according to the Financial Supervisory Service.“The total value of assets under management declined mainly because of
June 20, 2012
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New Nonghyup Financial chief faces union opposition
A former bureaucrat has been appointed the new chairman of Nonghyup Financial Group on Wednesday despite strong opposition from the labor union.Shin Dong-kyu, who built his career at the Finance Ministry, served as the chairman of the Korea Federation of Banks until November last year.He worked as the first commissioner of the Korea Financial Intelligence Unit and head of the Korea Export-Import Bank before taking the helm at the KFB in 2008. A Nonghyup Financial committee in charge of recommen
June 20, 2012
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Kookmin Bank opens first office in India
KB Kookmin Bank opened an office in Mumbai, India, on Tuesday, hoping that it would help expand its banking service in the Asian country.The bank also announced on Tuesday that it signed a Memorandum of Understanding with ICICI Bank, India’s largest private bank. Following the agreement, KB’s customers in India will be able to do their banking through ICICI bank from opening accounts to exchanging foreign currencies and even getting bank loans based on KB’s financial guarantee. KB officials sai
June 20, 2012
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Google exec: Technology wave leaving many behind
JERUSALEM (AP) ― Google’s executive chairman Eric Schmidt on Tuesday warned that vast numbers of the world’s population are missing out on the advantages brought by the Internet.Schmidt said that about 2 billion people, less than a third of the world’s population, have Internet access, and 1 billion have smartphones. “The World Wide Web has yet to live up to its name,’’ he said. “Technology does not produce miracles, but connectivity, even in modest amounts, changes lives.’’ Schmidt served as Go
TechnologyJune 20, 2012
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NCsoft releases new blockbuster ‘Blade & Soul’
New multiplayer online game to go head-to-head with ‘Diablo 3’NCsoft will launch its long-awaited massively multiplayer online role-playing game “Blade and Soul” in Korea on Thursday, setting up a showdown with the most popular “Diablo 3” to dominate the local online game market.The online game developer said Wednesday that the new online game will be launched at 4 p.m. during a free open beta test. It is planned to be commercialized here within two weeks.So far, 210,000 people have signed up fo
TechnologyJune 20, 2012
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SK Telecom to make second LTE leap as it marks one year
By Park Hyong-kiSK Telecom, Korea’s biggest mobile carrier, is gearing up to make another leap in long term evolution and open the era of “LTE 2.0” in the country.Celebrating the first anniversary since the company launched its LTE service in July last year, SK Telecom’s LTE 2.0 refers to offering multicarrier and LTE Advanced (LTE-A) services, with faster speed and accessibility, the company told reporters on Wednesday.It will launch the multicarrier service next month and aims to make LTE Adva
TechnologyJune 20, 2012
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Cardif in Korea appoints new CEO
By Kim Min-ju Cardif in Korea, a subsidiary insurance arm of the BNP Paribas Cardif, announced Wednesday that it has named current deputy CEO Jean Christophe Darbes as its new incoming chief executive officer.Darbes was named to the post following a meeting of the board of directors on June 19. He will succeed current head Herve Giraudon on July 1. The company expressed its confidence in the new appointment, explaining that Darbes’ experience and relationships with both banks and financial gro
June 20, 2012
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Scientists find turtles fossilized while mating
German scientists have uncovered copulating turtle fossils, according to news reports.The turtle couples, which belonged to an extinct species known as Allaeochelys crassesculpta, are believed to have died from poisonous volcanic gas.Walter Joyce of the University of Tuebingen, who made the shocking discovery, said it was the first time that fossils of copulating vertebrates were found. The fossil
TechnologyJune 20, 2012
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Seoul shares open higher on global stimulus hopes
South Korean stocks opened higher Wednesday on expectations that the U.S. Federal Reserve and the European Central Bank will provide more stimulus to counter sluggish global economic growth, analysts said.The Korea Composite Stock Price Index (KOSPI) gained 0.64 percent, or 12.03 points, to 1,903.80 in the first 15 minutes of trading.Market bellwether Samsung Electronics rose 0.48 percent, with to
June 20, 2012
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Asset managers' earnings drop 14 pct in 2011
Earnings of asset management firms in South Korea fell 14 percent on-year in the 2011 fiscal year as weak stock prices and a drop in the net value of holdings cut into profits, the financial regulator said Wednesday.The combined net earnings of 82 asset managers came to 305.2 billion won (US$264.7 million) when fiscal 2011 ended in March, down 49.8 billion won from a year earlier, according to the
June 20, 2012
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G20 leaders pledge to bolster growth and job creation, extend standstill commitment
South Korean President Lee Myung-bak and other leaders of the world's major economies pledged Tuesday to accelerate growth and job creation to underpin the global economic recovery troubled by the eurozone debt crisis.The leaders of the Group of 20 economies said in a joint statement that they expect eurozone members to take all necessary measures to "safeguard the integrity and stability" of the
June 20, 2012
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South Korea plans public blackout drill
The government will carry out the nation’s first civil training against potential nationwide blackouts on Thursday at 2 p.m. for 20 minutes, officials said Tuesday. The Ministry of Knowledge Economy and other related government offices asked citizens and businesses for their cooperation in a joint news conference. Working under the possibility that the nation’s electricity reserves could fall below 2 million kilowatts, Thursday’s training will start with sirens and television and radio broadcast
IndustryJune 19, 2012
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Average age of Koreans to reach 50 in 2045: report
The average age of Koreans will reach 50 in 2045 thanks to the country’s rapidly aging population, the Royal Bank of Scotland said in a report Tuesday.“Korea has the fastest aging population on the planet and by 2016 its working-age population will contract,” Erik Lueth, an RBS analyst, wrote in the report titled “the economic impact of Korea’s demographic transition.” “Korea has just overtaken the U.S. in average age and will be older than Europe by 2020. By 2045, Koreans will be 50 years of ag
June 19, 2012
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Samsonite ‘Tokyo Chic’ bags removed from H.K. stores
Local consumer group finds high levels of possible carcinogens on bags’ handlesGlobal luggage maker Samsonite International pulled its “Tokyo Chic” bags from Hong Kong stores this week, following a report from a local consumer watchdog group that detected high levels of possible cancer-causing agents on the bags’ handles.The Wall Street Journal reported Monday that the company removed the bags from stores after the Hong Kong Consumer Council found higher-than-safe levels of polycyclic aromatic h
June 19, 2012
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SK Group chief seeks to create network of social enterprises
SK Group chairman Chey Tae-won said he will establish “Global Action Hub,” a private, international network of social enterprises, as part of his efforts to reinvigorate those companies.The business tycoon revealed the plan during his speech at the Rio Plus 20 Corporate Sustainability Forum in Brazil on Monday.The establishment is aimed at enabling social enterprises to become self-sustainable. “Social enterprise is the most efficient model for conglomerates like SK to support social values,” Ch
June 19, 2012
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LG Electronics forms smart TV consortium
LG Electronics has formed a business alliance with foreign television makers in an effort to promote smart TVs worldwide.Korea’s second biggest consumer electronics company has forged partnerships with TP Vision, the Netherlands/Taiwanese TV maker, and Japan-based Sharp.The consortium, named the “Smart TV Alliance,” to be headed by LG Electronics executive Kwon Bong-suk, is the first of its kind in the global TV industry.“We expect this partnership to further boost the smart TV ecosystem, while
TechnologyJune 19, 2012
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KB Financial wins award for corporate governance
KB Financial Group has been chosen as the No. 1 local company for corporate governance for 2012 by the Corporate Governance Service.The CGS named the nine best companies in corporate governance on Tuesday, and KB Financial topped the list, outperforming the 2011 champion POSCO and 2011’s second-best player KT&G.The yearly assessment by the private research institute monitoring corporate activities includes sectors such as governance, social responsibility and the environment.In particular, KB Fi
June 19, 2012
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Stocks end flat on Spain jitters
South Korean stocks closed effectively unchanged Tuesday as troubles in Spain’s bonds market offset Greece’s upbeat election results, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index edged up 0.06 points to close at 1,891.77. Trading volume was light at 362 million shares worth 3.44 trillion won ($2.97 billion), with losers outpacing gainers 440 to 371.“Spain’s surging borrowing costs clearly showed that relief over Greece’s electio
June 19, 2012
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KEB sells five-year bonds worth $700m
Korea Exchange Bank said on Tuesday it successfully issued bonds worth $700 million to foreign investors in its biggest dollar-denominated offering despite growing uncertainties stemming from the European fiscal crisis.In its first attempt to issue global bonds since it was acquired by Hana Financial Group in February, KEB sold 3.125 percent, five-year notes at a relative yield of 255 basis points more than similar-maturity U.S. Treasuries.KEB initially offered a yield of 275 basis points higher
June 19, 2012
