Most Popular
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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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NewJeans to terminate contract with Ador
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Seoul snowfall now third heaviest on record
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Samsung shakes up management, commits to reviving chip business
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Why cynical, 'memeified' makeovers of kids' characters are so appealing
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BOK makes surprise 2nd rate cut to boost growth
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Extramarital births at all-time high in 2012
The number of babies born to unmarried couples reached an all-time high in 2012, data showed Tuesday, raising the necessity for the government to enforce measures to change the stigma against such families.According to the data compiled by Statistics Korea, 10,144 babies were born outside marriage in 2012, up 1.9 percent from a year earlier. It marked the highest number since the agency started to compile such data in 1981.“The extramarital birth (rate) is increasing in the country as South Kore
Aug. 27, 2013
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Korea to push logistics sector as growth engine
Deputy Prime Minister and Finance Minister Hyun Oh-seok said Tuesday that Korea must further develop and advance its logistics sector to coincide with its global economic level.The government needs to create next-generation logistics companies that can provide comprehensive services using the latest advanced information technology, Hyun said in a meeting with economic-related ministers.He urged the Ministry of Land, Infrastructure and Transport and the Ministry of Oceans and Fisheries to impleme
Aug. 27, 2013
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Korea to require registration of key technologies
South Korea is moving to strengthen its protection of key national technologies by requiring all individuals and entities to register their possession of such technologies, the government said Tuesday.A revision of the law on protection of industrial technologies to that end has recently been announced, according to the Ministry of Trade, Industry and Energy.Under the proposed revision, the government also plans to impose a maximum fine of 10 million won ($8,958) on anyone who fails to register
Aug. 27, 2013
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S. Korea's consumer sentiment remains flat for 3rd month in Aug.
South Korean consumer sentiment remained unchanged for the third straight month in August as economic uncertainty lingers, the central bank said Tuesday.The consumer sentiment index (CSI) -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 105 for August, unchanged from the previous month, according to the Bank of Korea (BOK).Though the index has stayed flat since June, it marked the highest level since the index hit 106 in May last year.A readi
Aug. 27, 2013
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Korea, China to hold 7th round of FTA negotiations next month
South Korea and China will hold a new round of negotiations for their free trade agreement early next month, the Trade Ministry in Seoul said Monday.The seventh round of the FTA talks will be held in the Chinese city of Weifang, Shandong Province from Sept. 3-5, the ministry said.In the upcoming round, Seoul plans to complete issues involving how and at what level commodity and service markets will be deregulated and discussions over the modality of their FTA negotiations.Seoul and Beijing launc
Aug. 26, 2013
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[Graphic News] Workers at small and medium firms on the rise
According to data from Statistics Korea, the number of workers employed at small and medium-sized companies reached 12.6 million in 2011, accounting for 50.3 percent of the nation’s 25 million economically active population. It is the first time that the number surpassed 50 percent since the government agency started compiling such data in 2000.
Aug. 26, 2013
![[Graphic News] Workers at small and medium firms on the rise](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/26/20130826001197_0.jpg&u=20130826204324)
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Revamping corporate governance is key to creative economy
The Korea Herald is publishing a series of articles scrutinizing key aspects and sectors related to the creative economy the Park Geun-hye government is promoting as a national agenda. The series will feature interviews with top government officials and IT gurus, and strategies to embody the policy. The special articles were made in cooperation with the Ministry of Science, ICT and Future Planning and the Ministry of Trade, Industry and Energy. This is the third part of the creative economy seri
Aug. 26, 2013
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Business guru calls for innovative growth strategy
In a global economy which continues to remain stagnant, businesses must seek new growth strategies through innovation, according to Vijay Govindarajan, professor of international business at the Tuck School of Business at Dartmouth College.The professor, who spoke on Monday at the August session of Asia Society’s Big Thinkers Small Dinners series, is widely regarded as one of the world’s leading experts on strategy and innovation.His concept of “reverse innovation,” rated by the Harvard Business
Aug. 26, 2013
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MBK to buy ING’s Korean life insurance unit for $1.7b
MBK Partners Ltd., a buyout firm formed by former Carlyle Group executives, agreed to buy ING Group NV’s South Korean life insurance operations for about 1.84 trillion won ($1.7 billion).The Dutch firm will hold an indirect stake of around 10 percent in ING Life Korea Insurance Ltd. for about 120 billion won and the unit will continue operating under ING brand for as long as five years, ING said in a statement today.Selling the business to MBK would bring ING, the biggest Dutch financial-service
Aug. 26, 2013
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Revision proposed to boost SMEs’ duty free shops
The Ministry of Strategy and Finance said Monday that it proposed amendments to customs legislations allowing the expansion of duty free shops operated by small and medium enterprises.The revision also included downsizing duty free shops owned by conglomerates such as Lotte and Shinsegae, and restricting them to maintain a market share below 60 percent.SMEs, meanwhile, will be able to see the benefits from this revision that will allow an increase in the number of their shops to account for more
Aug. 26, 2013
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S. Korea's conglomerates cut investment by 8 pct in first half
South Korea's 10 major conglomerates slashed their investments by 8.2 percent in the first six months of this year, data showed Monday, despite the government's efforts to boost corporate investments.The combined investments by 75 companies affiliated with the country's top 10 business groups reached 36 trillion won (US$32 billion) between January and June, compared with 39.2 trillion from a year ago, according to data compiled by CEOscore, a website that tracks the country's top 10 conglomerate
Aug. 26, 2013
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Level of S. Korea's foreign reserves might not be sufficient: experts
The level of South Korea's foreign reserves might not be sufficient enough to cope with a possible steep cross-border capital outflow sparked by external market volatility, experts said Monday.According to data provided by the Bank of Korea, the finance ministry and the International Monetary Fund (IMF), South Korea held US$329.7 billion worth of foreign reserves as of end-July.This is about 130 percent of what the IMF recommended for South Korea.The ratio, however, is lower than those of other
Aug. 26, 2013
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[Graphic News] Sodium and potassium content in food
The Korea Consumer Agency analyzed the nutritional content of kimchi sold in retail giants and found that it contains 643 mg of sodium per 100 g. The amount is higher than those of smoked ham and sausage. Excessive intake of sodium can cause high blood pressure.
Aug. 25, 2013
![[Graphic News] Sodium and potassium content in food](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/25/20130825000293_0.jpg&u=20130825205648)
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Microsoft’s Steve Ballmer to step down
Microsoft CEO Steve Ballmer on Friday announced his retirement just a month after he directed a massive reorganization of the company.The 57-year-old executive said he was taking the step in “the best interest of the company I love,” according to Financial Times. He also said, “There is never a perfect time for this type of transition, but now is the right time.” The retirement is expected to be phased in over the next 12 months.Some saw the move as reflecting a fall-out between Ballmer and Micr
Aug. 24, 2013
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Seoul shares to trade flat amid U.S. woes
Seoul shares are expected to trade almost flat next week as investors are expected to sit on the sidelines amid rising concerns over a cut in the Fed's quantitative easing, analysts said.The country's key stock index, the KOSPI, shed 2.6 percent this week to close at 1,880.71 on Friday.Earlier this week, the local stock market traded almost flat as investors awaited the July minutes of the U.S. Federal Reserve's monetary meeting, which were released on Thursday, U.S. time.The Fed's reduction of
Aug. 24, 2013
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Korea’s character market on fast growth track
Korea’s character industry is rapidly growing on the strength of the nation’s advanced information technology and rise of hallyu.The government is also promising support for the industry, mainly for the production of animated characters and their licensing.Market analysts say the character industry can be a model of future business as a company can create tremendous amounts of added value just with a popular character.There is a market consensus that the character industry will surpass 8 trillio
Aug. 23, 2013
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Biz lobby proposes building super yacht with Australia
South Korea’s largest business organization proposed that South Korea and Australia join hands to build a super yacht, an official said Friday.Lee Seung-cheol, vice chairman of the Federation of Korean Industries, made the offer during an annual meeting with his Australian counterparts under way in Melbourne, said Chung Bong-ho, an official handling business affairs at FKI.Lee said the idea of both countries jointly making inroads into the super yacht market makes sense, citing that South Korea
Aug. 23, 2013
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[Graphic News] TV broadcasters’ viewer ratings
According to data from the Korea Communications Commission, the public broadcaster KBS topped viewer ratings with 36.16 percent of broadcast TV audiences last year. Among cable networks, CJ E&M came in first with 9.38 percent, followed by TV Chosun, run by the daily Chosun Ilbo, with 8.79 percent, and JTBC, run by JoongAng Ilbo, with 7.88 percent.
Aug. 22, 2013
![[Graphic News] TV broadcasters’ viewer ratings](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/22/20130822001052_0.jpg&u=20130822201955)
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Daily use of cards grows slower in H1
The daily use of plastic cards in South Korea grew at a slower pace in the first half compared with six months earlier amid sluggish domestic demand, the central bank said Thursday.Spending via plastic including credit and debit cards was valued at a daily average of 1.8 trillion won ($1.59 billion) in the January-June period, up 2.8 percent from a year earlier, according to the Bank of Korea.The growth slowed compared with the second half of 2012 when the daily card use grew 5.5 percent on-year
Aug. 22, 2013
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Credit card firms’ delinquency rate rises
South Korean credit card companies saw the default rates of their card holders increase in the first half amid the protracted economic slump, data showed Thursday.Samsung Card Co., one of South Korea’s largest credit card firms, saw its delinquency rate reach 1.82 percent as of end-June this year, up 0.14 percentage point from end-December 2012, industry data showed.The default rate measures overdue credit card bills against the total charge. A higher number indicates more people are failing to
Aug. 22, 2013
![[Graphic News] Workers at small and medium firms on the rise](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/26/20130826001197_0.jpg&u=20130826204324)
![[Graphic News] Sodium and potassium content in food](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/25/20130825000293_0.jpg&u=20130825205648)
![[Graphic News] TV broadcasters’ viewer ratings](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/08/22/20130822001052_0.jpg&u=20130822201955)