Most Popular
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S. Korea, Singapore seal supply chain agreement
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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[Photo News] Goodies for guest
Oct. 3, 2013
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Samsung likely to achieve record profit in Q3: analysts
Samsung Electronics, the world’s largest electronics maker, is expected to record its highest-ever operating profit in the third quarter of this year, according to financial analysts on Thursday. The market consensus for Samsung’s operating profit released on Tuesday by financial information institute FnGuide prior to the release of the earnings guidance on Friday was 9.9 trillion won ($9.2 billion), up from 9.5 trillion won in the previous quarter. The FnGuide report estimated that Samsung woul
Oct. 3, 2013
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Samsung fridges, dryers named top products
Refrigerators and clothing dryers made by Samsung Electronics were picked as the best products of the year on Thursday by Consumer Reports, a U.S. monthly home-appliance magazine.According to the magazine’s list of the best products of 2013, the Korean firm’s double-door refrigerator outperformed other products in such categories as noise, energy efficiency, and convenience. Its French-door refrigerator was recognized for its twin-cooling system in which the freezer and refrigerating space have
Oct. 3, 2013
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Korea’s pension fund ups stake in key Samsung unit
South Korea’s pension fund has increased its stake in a key Samsung affiliate on the back of eased disclosure rules, expanding its clout in the country’s most influential business empire, data showed Thursday.The National Pension Service has expanded its holdings in Samsung C&T Corp., the trading arm of Korea’s No. 1 conglomerate Samsung Group, to 11.30 percent as of Wednesday from 9.90 percent a month earlier, according to the Financial Supervisory Service.It now trails Samsung SDI Co., the con
Oct. 3, 2013
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IBM aims to be No. 1 in IT security market
A general manager of IBM’s security business division warned that attacks would be more malicious and sophisticated than in the past, urging companies to be prepared and vigilant. “There will always be attackers, especially when all of those technologies including cloud and mobile newly emerge,” said Brendan Hannigan, general manager of IBM’s security systems division, at a meeting with reporters in Seoul on Tuesday. “IBM’s aim is to address the need for new approaches to secure businesses.”Ther
Oct. 2, 2013
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Merck vows to reinforce R&D on OLED in Korea
Merck KGaA, a leading chemical and pharmaceutical company, held its Displaying Futures Symposium in Seoul on Wednesday under the theme of “ubiquitous interaction.”The annual event was held in Japan and Taiwan in 2011 and 2012, respectively. “The conference provides a chance for all participants to rethink the interaction between people and displays,” said Walter Galinat, president of performance materials of the German firm, at a press meeting in the morning prior to the symposium. “With the Dis
Oct. 2, 2013
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Gap widens between large, small steelmakers
After coming out of a long slump, the nation’s leading steelmakers are now gearing up to rebound once again. However, smaller companies in that industry are still suffering from weak profit and excess market competition.This is especially so for SeAH Steel and Hu Steel, two mid-sized steelmakers that are undergoing or facing an unprecedented walkout.SeAh Steel, affiliated with the nation’s 40th-largest conglomerate SeAH Group, has been hit by a 30 percent cut in production since its labor union
Oct. 2, 2013
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Korea may face low job growth: report
South Korea is feared to see its employment growth continue at a slow pace due mainly to the country’s low birthrate and aging of baby boomers, a central bank report showed Wednesday.South Korea is fast ushering in an era of a growing aging population with more baby boomers, those born between 1955 and 1963 in the post 1950-53 Korean War period, retiring.Demographic changes facing Korea are affecting the overall employment pattern and the economy, necessitating the expansion of participation by
Oct. 2, 2013
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New market creation key to creative economy’s success
The Korea Herald is publishing a series of articles scrutinizing key aspects and sectors related to the creative economy promoted by the Park Geun-hye government. The series features interviews with top government officials and IT gurus, and strategies that 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 eighth installment of the series. ― Ed.The nation’s Industry Mi
Oct. 2, 2013
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Renault Samsung's output tops 2 million units
Renault Samsung Motors Co., the local unit of French automaker Renault SA, said Wednesday that its cumulative auto production in South Korea has exceeded 2 million vehicles.The milestone came 14 years after the French carmaker took over Samsung Motors, which went bankrupt in the wake of the 1997-98 Asian financial crisis.On Tuesday, Renault Samsung Motors said that it sold 11,203 vehicles last month, down 3.5 percent from 11,605 units a year ago.The sales figure came a day after the carmaker ann
Oct. 2, 2013
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FTC chides POSCO for fabricated report
The Fair Trade Commission said Tuesday that POSCO was found to have rigged its performance on “fair trade” deals with subcontractors.The steelmaker was found to have submitted a fabricated report on the deals to the FTC in an alleged to bid to attain a higher score in the assessment on the “shared growth with suppliers” by the Commission of Shared Growth for Large and Small Companies.The antitrust regulator also said POSCO’s PR contents on the fair trade deals posted on its website were insincer
Oct. 2, 2013
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No more lighters in Hyundai cars
Hyundai Motor has recently made an unprecedented decision within the global automotive industry ― removing the cigarette lighter jack from all its vehicles. The Korean carmaker said Tuesday that it will replace cigarette jacks with powered USB ports in all Hyundai-brand passenger cars and SUVs sold in Korea from October. The decision is expected to affect vehicles sold only in Korea, said a Hyundai official, hinting that its adoption could be extended to overseas markets in phases. Hyundai affil
Oct. 1, 2013
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[Newsmaker] Record number seek Samsung jobs
The competition for jobs at Samsung companies in the second half of this year is expected to be the fiercest ever.The number of job seekers who applied for Samsung Group and its subsidiaries reached an all-time high during the regular recruiting session in the second half of this year, company officials said Tuesday. “We have some 100,000 applicants for 5,500 job vacancies although the exact number has not yet been calculated. (Because of the record-high number) we are having hard time securing
Oct. 1, 2013
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[Photo News] New Zipel fridge
Oct. 1, 2013
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Female rail expert named to head KORAIL
Choi Yeon-hye, 57, a former dean of the Korea National Railroad College, was named as new CEO of Korea Railroad Corp., or KORAIL, the state-run railway operator, according to the company. She will be KORAIL’s first female CEO. Choi is a well-known rail expert in Korea, with expertise on the project to connect the Trans-Siberian Railway with the Trans-Korean Railway, which has been discussed for more than a decade. The project has been backed by President Park Geun-hye. She expressed her hope for
Oct. 1, 2013
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Prosecution opens tax evasion probe into Hyosung Group
Prosecutors said Tuesday they have launched an investigation into Hyosung Group on suspicion that the country's 26th-largest conglomerate evaded a massive amount of taxes.The probe comes after the country's tax agency had filed a charge against the group's chairman, Cho Suck-rai, 79, with the Seoul Central District Prosecutors' Office for allegedly leading the tax evasion scheme through various illegal methods.According to the sources at the National Tax Service (NTS), which conducted a special
Oct. 1, 2013
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FSS monitors trading of Tong Yang shares
The Financial Supervisory Service said Tuesday that it launched a full-fledged investigation on possibly speculative stock investors exploiting shares of Tong Yang Group units.“The regulatory probe focuses mostly on irregular fluctuation in the stock prices of the cash-strapped group’s listed units,” an FSS official said. “There could be manipulation attempts amid the woes involving a liquidity crisis in the conglomerate.”After three Tong Yang units filed for court receivership on Monday, two mo
Oct. 1, 2013
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Hyundai Motor ordered to recall 64,795 cars in China
Hyundai Motor Co., South Korea's top automaker, has been ordered to recall a total of 64,795 vehicles in China because of faulty brake pedals, China's consumer quality regulator said Tuesday.The General Administration of Quality Supervision, Inspection and Quarantine said vehicles from Hyundai affected by the recall included Genesis and Azera sedans.The vehicles involved were produced between 2005 and 2010, according to a statement posted on the regulator's website."Problems related to the fault
Oct. 1, 2013
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Daewoong Pharmaceutical to export botox to U.S., Europe
Daewoong Pharmaceutical Co., a major South Korean drug maker, said Monday it has signed a deal with Evolus, a U.S. biotech venture, in a bid to sell its Botox products in the U.S. and European markets beginning as early as 2016.The deal is designed to start regulatory processes for approval of botulinum toxin type A in the U.S. and European markets, according to Daewoong.Daewoong said it will export botulinum toxin type A, which will be marketed as Nabota, while Evolus will be in charge of clini
Sept. 30, 2013
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Herald Corp. takes over Cheonbo Natural Food
Herald Corp. CEO Lee Young-man (right) and CBNF chief Choi Jung-hwi pose after signing an agreement on Herald’s takeover of the food company at Herald Corp.’s headquarters in central Seoul last week. (Ahn Hoon/The Korea Herald)Herald Corp., which publishes The Korea Herald, has taken over Cheonbo Natural Food, or CBNF, the No. 1 organic food provider in Korea, in an effort to enter the fast-growing premium whole food market. Herald officials said the company signed an agreement with CBNF on the
Sept. 30, 2013