Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Samsung begins mass production of 20-nano 8-gigabit mobile DRAM
Samsung Electronics Co. said Tuesday it has started mass production of 8-gigabit mobile memory chips based on its 20-nanometer technology that it said are faster at data handling and better in saving power. The 8-gigabit, low power double data rate 4 (LPDDR4) mobile dynamic random access memory (DRAM) is capable of data processing twice as fast as the predecessor, the LPDDR3, and is 40 percent more energy-efficient, the company said. The LPDDR is the most common type of memory chip used in hand-
Dec. 23, 2014
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Samsung moves on to focus on Tizen operating system
South Korea's tech giant Samsung Electronics Co. said Tuesday it will stop developers' support for its "Bada" operating system starting in January, as the company accelerates its move to come up with a handset powered by its own Tizen operating system instead."We regret to inform you that the Bada Developers Forum will be closed in January 2015," Samsung said on its Bada website. The announcement came nearly two years after the company said it would stop releasing new editions of the Linux-based
Dec. 23, 2014
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Daum Kakao to set up 100-bln-won new investment firm to seek out ventures
South Korea's top mobile messenger operator Daum Kakao said Monday it plans to invest 100 billion won (US$90.8 million) to start a new company that will seek out promising venture companies in and out of the country. The company said its board of directors approved the tentatively-named K Venture Group by Jan. 23, 2015, to find new business opportunities in line with its push to lessen its dependency on the conventional free messenger service for growth. "K Venture Group will find new sources of
Dec. 22, 2014
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Korea cuts growth forecast
The South Korean government on Monday downgraded its economic growth forecast for the year 2015 to 3.8 percent from the 4 percent it predicted in July, citing weak consumption and investment amid growing economic uncertainties in its statement. This year’s growth rate was also cut to 3.4 percent from 3.7 percent on account of a slower-than-expected economic recovery despite the government’s expansionary policy moves. Next year, the government plans to put stronger emphasis on structural reforms
Dec. 22, 2014
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[SUPER RICH] Lees’ Samsung reign to continue
The global community is closely watching Samsung Group, the country’s largest conglomerate, after it handed over its chemical and defense units to Hanwha Group. Samsung said the move was aimed at streamlining its portfolio ahead of ushering in a new era of management.And on Thursday, Samsung Group’s de facto holding company Cheil Industries made a successful debut on the stock market with its shares closing at double the initial public offering price. The IPO was also part of the company’s restr
Dec. 22, 2014
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SK kin invest in hallyu building
Founding family members of SK Group, the country’s fifth-largest business conglomerate by assets, have become the latest conglomerate scions to become involved in the Korean pop culture wave, also known as hallyu. Choi Ki-won, the younger sister of SK Group chairman Chey Tae-won, was reported earlier this week to have acquired the JYP Entertainment building in the expensive district of Cheongdam-dong, southern Seoul, for 7.6 billion won ($6.9 million). Choi Ki-wonChoi owns the second-most share
Dec. 22, 2014
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KNOC’s UAE consortium eyes 100m barrels of oil
The Korean consortium, formed by state-run Korea National Oil Corp. and GS Energy, is expected to produce some 100 million barrels of crude oil in Abu Dhabi, the United Arab Emirates, KNOC said. The KNOC-led consortium said that it has completed a drill stem test, which aims to examine the pressure, permeability and productive capacity of a geological formation during the drilling of a well, for producing 200,000 barrels a day at the onshore Haliba field, also called Area 1. Through an array of
Dec. 22, 2014
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Korea, New Zealand agree free trade pact
Korea and New Zealand on Monday initialed their free trade agreement, negotiations for which concluded on Nov. 15, the Ministry of Trade, Industry and Energy said. “The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Zealand Deputy Secretary of Foreign Affairs and Trade David Walker,’’ a ministry official said. Initialing of a free trade pact means that the two parties confirm every word on each page is final and will not be subject to changes before
Dec. 22, 2014
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Cinema chains fined W5.5b for unfair practices
South Korea’s corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won ($5 million) on two of the country’s largest cinema chains for discriminatory film screening practices.The Fair Trade Commission said both Lotte Cinema and CJ CGV gave preferential screen quotas to films produced by their affiliates or in-house movie distribution firms. Such actions placed non-affiliate film agencies and movie distributors that import films directly from abroad at a disadvantage.Affiliat
Dec. 22, 2014
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POSCO builds lithium extracting plant in Argentina
POSCO, South Korea’s largest steelmaker, said Monday that it had completed the construction of a lithium plant in Argentina that would mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to 200 tons of lithium every year by directly extracting the material from water from a nearby lake through chemical reactions, a technique that requires less time than traditional means of production.The company
Dec. 22, 2014
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SJM invited to help run Seoul’s casino resort
SJM Holdings, Asia’s largest casino operator by revenue, has received a partnership proposal to run a casino being built at an airport about 50 kilometers from South Korea’s capital Seoul, people with knowledge of the matter said.Macau, China-based SJM, founded by casino mogul Stanley Ho, was invited by a venture of South Korea’s Paradise Co. and Japan’s Sega Sammy Holdings Inc. to jointly manage the resort at the Incheon International Airport, said the people, who asked not to be named as the i
Dec. 22, 2014
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Hyundai Group raises over W3tr through self-rescue plan
South Korea’s debt-laden Hyundai Group said Monday that it had raised more than 3 trillion won ($2.7 billion) over the last year, reaching 92 percent of the target in a self-rescue plan to pay back debts.The group had aimed for 3.3 trillion won by selling its three financial units ― Hyundai Securities Co. and unlisted firms Hyundai Asset Management Co. and Hyundai Saving Bank Co. ― plus other assets such as its luxury hotel Banyan Tree in downtown Seoul. It said that as of Monday it had raised 3
Dec. 22, 2014
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2 cinema chains fined 5.5 bln won for unfair practices
South Korea's corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won (US$5 million) on two of the country's largest cinema chains for discriminatory film screening practices.The Fair Trade Commission (FTC) said both Lotte Cinema and CJ CGV gave preferential screen quotas to films produced by their affiliates or in-house movie distribution firms. Such actions placed non-affiliate film agencies and movie distributors that import films directly from abroad at a disadvantage.
Dec. 22, 2014
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POSCO builds lithium extracting plant in Argentina
POSCO Co., South Korea's largest steelmaker, said Monday that it has completed the construction of a lithium plant in Argentina that will mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to 200 tons of lithium every year by directly extracting the material from water from a nearby lake through chemical reactions, a technique that requires less time than traditional means of production.The compa
Dec. 22, 2014
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Investigators zero in on reactor data hacker
The South Korean prosecution said on Sunday it had identified the location of the hacker who posted information on nuclear reactors on the Internet. The joint investigation team looking into the cybercrime said it had dispatched investigators to the province where the Internet protocol address associated with the hacker was sourced. Investigators were also sent to nuclear reactors at the Gori and Wolseong nuclear power plant complexes, which were targeted by the hacker. On Sunday, the hacker use
Dec. 21, 2014
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[Herald Interview] ‘Time to nurture game changers in sports industry’
Korea has become a sports powerhouse in terms of athletes’ performance, but it has made little progress in cultivating the sports industry. “The nation’s sports industry is still in an infant stage. Most firms in this sector (except a small pool of conglomerates) suffer from a lack of strategy and resources,” Choi Joon-seo, a professor of the sports industry and management department at Hanyang University, said in a recent interview with The Korea Herald. He pointed out the local industry’s stru
Dec. 21, 2014
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Prices of oil imports fall to near 4-year low
South Korea’s oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corp. said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75 per barrel, KNOC’s statistics showed. This is a 15.5 percent markdown from $111 in the same month last year and is the lowest price since January 2011. It is also the first time that the price has fallen to under $100 sinc
Dec. 21, 2014
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Half of conglomerates to tighten belts next year
Nearly half of South Korea’s conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms responded they will seek tight management for 2015, up 11.8 percentage points from a year earlier.As for the 158 small and medium-sized companies, 46.6 percent said they will keep the status quo next year. Only 1
Dec. 21, 2014
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Financial regulator to soften regulation on fintech
The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology and fully support the sector to refresh the country’s long-sluggish financial industry.“I will change the paradigm of regulation on fintech,” Financial Services Commission chairman Shin Je-yoon told reporters. “I will minimize preregistering requirements, and at the same time clarify liability and maximize consumer protection and information security.”Fintech is a new type
Dec. 21, 2014
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Korea to focus on economic ‘structural reform’ in 2015
The government is expected to announce Monday its economic policy priorities for next year, which will center on structural reform.Deputy Prime Minister and Finance Minister Choi Kyung-hwan hinted at the policy direction Friday, saying that as economic uncertainty and structural vulnerability have slowed recovery, the government plans to focus on structural changes to the economy.His remark came amid a slower-than-expected economic recovery, despite the government’s latest expansionary policy al
Dec. 21, 2014