Most Popular
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Korea added to key bond index
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North Korea notifies UN Command of plans to fortify border with South
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Will Apple quit smart ring race with Samsung?
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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[Breaking] South Korea's Han Kang wins 2024 Nobel literature prize
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More deaths in ICU following doctors' mass walkout: lawmaker
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Netflix's latest runaway hit is a Korean reality cooking show
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Security issues to take center stage at ASEAN summit
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[Herald Interview] Byun Yo-han embraced voice of powerless in ‘Snow White Must Die – Black Out’
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Patients opting to die with dignity on steady rise
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KT, Intel to test energy-efficient data center
CHEONAN, South Chungcheong Province ― KT and Intel opened a test bed for an energy-efficient data center for the first time in Korea on Tuesday.The nation’s biggest fixed-line service provider said the two firms have worked together since late 2010 to operate a data center that runs at high temperatures to save energy and lower costs.“The data center in Cheonan is the first one to apply this energy-saving technology and the application will be expanded to other data centers operated by KT nation
Aug. 21, 2012
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Samsung, SKT picked as best employers
Samsung Electronics Co. and SK Telecom Co. have been chosen as the best workplaces among businesses in Korea in a recent survey.The two companies scored top in their respective sectors of manufacturing and service in the survey of 4,204 workers and human resource experts conducted by the Korean Management Association Consulting for three months starting March.Samsung Electronics has come first four years in a row, and SK Telecom for five consecutive years in the annual KMAC survey.In the manufac
Aug. 21, 2012
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Coffee chains expand beyond Seoul
Café-saturated capital and regulations push local coffee brands to find new markets overseasKorean coffeehouse chains are eyeing markets overseas as Seoul becomes oversaturated with coffee shops. The number of coffee shops in Korea increased from about 6,000 in 2008 to 9,400 in 2011 according to research conducted by Samsung Economic Research Institute. The research also showed that some 40 percent of stores run by the top five Korean brands ― Caffe Bene, Hollys Coffee, Ediya Coffee, Angel-in-us
Aug. 21, 2012
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Dunkin' Donuts sued over racial bias
A chocolate glazed donut and a cup of coffee are arranged for a photograph at a Dunkin' Donuts Inc. store in West Orange, New Jersey, U.S. (Bloomberg)Dunkin' Donuts discriminates against minority owners through unfavorable business locations, a suit filed Monday in New Jersey state court says.The Massachusetts-based Dunkin' Brands operates nearly 7,000 pastry-and-coffee franchises throughout the c
Aug. 21, 2012
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Chanel wins lawsuit against Korean bar
A small South Korean bar has been ordered to pay damages to Chanel for infringing upon the value held by the French luxury house, court records showed Tuesday.The Seoul Central District Court ordered the local bar, known as the Chanel Business Club, to pay 10 million won (US$8,800) in compensation to Chanel, saying that the bar inflicted damage to the distinctiveness and reputation attached to Cha
Aug. 21, 2012
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Samsung's investment up 22 pct in H1
Investment by Samsung Electronics Co., the world's top smartphone and flat-screen TV maker, jumped 22 percent in the first half of the year compared with a year ago despite bleak economic circumstances, a report showed Tuesday.The tech behemoth spent a total of 19.7 trillion won (US$17.4 billion) on facility investment as well as research and development(R&D) in the January-June period, compared w
Aug. 21, 2012
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Firms face global patent disputes
Korea’s business sector has faced a growing number of patent disputes with foreign enterprises as many local big players are increasing their shares in overseas markets.According to the Korean Intellectual Property Office, the business sector saw the number of international patent lawsuits surge by 80.5 percent over the past two years. In particular, Korean firms are increasingly becoming the target of patent offensives from foreign technology powerhouses.“A growing number of foreign firms have
Aug. 20, 2012
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LG hopes to expand global smartphone market share
LG Electronics said Monday that it will expand the global launch of its flagship smartphone Optimus Vu in a bid to widen its presence in other nations.The company said that it will roll out the gadget in Europe next month and then launch it in the Commonwealth of Independent States, Asia and Latin America.The move takes place after the firm released the 5-inch display smartphone in Japan earlier this month, which was the first overseas launch.What is different from the gadget launched in Japan i
Aug. 20, 2012
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Lackluster sales prompt Chung’s visit to U.S.
Hyundai Motor Group chairman Chung Mong-koo is expected to call on the automotive group’s U.S. operation to map out measures against Toyota Motor’s rapid sales growth in North America.Chung has left for Los Angeles where Hyundai’s U.S. sales corporation is located. “The chairman will also visit the Alabama plant of Hyundai Motor and the Georgia plant of (affiliate) Kia Motors,” a group spokesman said Monday.“The U.S. auto market was also hit by the eurozone debt crisis. The chairman’s visit is a
Aug. 20, 2012
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Ssangyong E&C sale in rough waters
Preferred bidder E-Land gives up in last-minute talksSsangyong Engineering and Construction has failed again to find a new owner as its largest shareholder, Korea Asset Management Corp., and the preferred bidder E-Land Group could not reach an agreement in last-minute talks on Monday.At a subcommittee meeting held on the day, the Financial Services Commission decided to suspend the sale of the financially troubled builder Ssangyong E&C, citing a huge difference between the two parties.“E-Land a
Aug. 20, 2012
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STX Group focuses on overseas orders to overcome recession
STX Group, a Korean shipbuilding and trading conglomerate, raked in $3.8 billion in the first half of this year from overseas deals for constructing 70 liquefied natural gas carriers and container carriers alone. With a 30 percent on-year growth in sales, the group has steadily won bids from the world’s major three shipbuilding markets ― Korea, China and Europe ― amid the unfavorable business climate in the wake of the European debt crisis.The group’s Chinese operation, STX Dalian, kicked off th
Aug. 20, 2012
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LA restaurant offers discount to phone-free diners
A Los Angeles restaurant is offering a deal to customers who agree to look at their fellow diners instead of their phone screens.Eva Restaurant is giving a 5 percent discount to customers who will leave their cellphones with staff when they are seated.Owner Mark Gold told KPCC radio (http://bit.ly/Pn6Jx1 ) on Tuesday that the policy isn‘t about other diners who might be annoyed by cellphone chatter or the glow of smartphone screens, but an attempt to create an environment where diners connect to
Aug. 20, 2012
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Gasoline prices approach 2,000 won
Gasoline prices continued to climb over the past month in the local market, marking an average figure of nearly 2,000 won ($1.76) per liter, with international crude oil prices spiking.According to the Korea National Oil Corp., retail gasoline prices surged to 1,980.05 won per liter on average as of Aug. 19, compared with 1,891.86 won on July 16.The nation’s gasoline prices on average had risen at a moderate pace, but accelerated from mid-July. After surpassing 1,900 won on July 24, they reached
Aug. 19, 2012
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Preferred bidder for ING to be picked this week
The likelihood is increasing that ING Life Korea’s new owner will be decided within the week. According to industry resources on Sunday, ING Group will open a board meeting at its Netherlands headquarters within the week to decide on the preferred bidder of ING Life Asia-Pacific. Whether ING Life Korea will be sold separately or together with the insurance firm’s Southeast Asian arm is also likely to be decided at the meeting. KB Financial and AIA Life Insurance jumped into the bidding to take o
Aug. 19, 2012
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Taxi, bus fares to rise within months
Hike likely to surpass 30 percent; Seoul taxis’ minimum charge may exceed 3,000 wonPolicymakers hinted that the nation’s cab and inter-city bus minimum fares will rise by up to 33.3 percent alongside the general increase in food and energy prices. Express train and subway charges will remain the same. Government sources said on Sunday that the nationwide minimum taxi charges, which currently range from 2,200 won ($1.94) to 2,400 won, could possibly pass the 3,000 won mark after the upcoming pric
Aug. 19, 2012
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Corporate failures fall to 4-month low in July
The number of South Korean corporate bankruptcies declined to a four-month low in July due to falls in failures of manufacturers and builders, the central bank said Sunday.The number of companies that went belly-up totaled 95 in July, compared with 103 tallied in the previous month, according to the Bank of Korea.The July data marked the lowest level since the number of corporate failures hit a record low of 90 in March.Meanwhile, the number of newly established companies came in at record 7,127
Aug. 19, 2012
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KRA fosters therapeutic horse riding
30 riding ‘healing centers’ to help treat teens’ emotional disturbanceThe Korea Racing Authority will open 30 KRA Riding Healing Centers by 2022 to help treat teenagers with emotional problems. The KRA vowed last week to put up 100 billion won ($88.4 million) to build the centers and train professionals to teach therapeutic horse riding. Each center will be able to treat about 2,000 teenagers per year, which will add up to over 60,000 per year by 2022. Therapeutic horse riding is a well-known tr
Aug. 19, 2012
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Hyundai Motor to hire 3,000 subcontract workers as regulars
Hyundai Motor, Korea’s largest automaker, said that it will change the status of some 3,000 subcontractor laborers working for its Ulsan plant to regular employees.The company said in a statement that it will recruit 3,000 of its 8,000 in-house subcontractors as regular employees by 2016 as a means to “follow and honor” rulings by Seoul courts and government agencies.It will begin by hiring 1,000, and then increase its employment to 3,000 over the next four years.Labor-management relations have
Aug. 17, 2012
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Mobile social game giant ready to join Korean market
GREE’s senior executive says it seeks strategic partnerships with Korean firmsCOLOGNE, Germany ― GREE, a Japan-based mobile social game firm, said Friday that it plans to dive into the Korean market after establishing a game studio in the region this year.Ryotaro Shima, senior vice president at GREE, said that Korea is an attractive market for the company and has many good engineers.“We’ve already established a game studio in Korea and we’re developing games suitable for the Korean market,” he
Aug. 17, 2012
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No more leniency for chaebol?
Imprisonment of Hanwha chairman draws mixed response from business, political circlesBusiness circles seem to be perplexed by the imprisonment of Hanwha Group chairman Kim Seung-youn, who was sentenced to a four-year prison term and a 5.1 billion won ($4.5 million) fine for embezzlement and breach of trust on Thursday. In many economic crime cases involving business tycoons, the Korean judiciary has shown leniency toward them, citing their contribution to the national economy. Even when convicte
Aug. 17, 2012