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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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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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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Korea added to key bond index
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Toni & Guy eyes 30 Korean salons this year
When Kim Dae-sik was tapping British brands to bring to Korea in the early 1990s, not many were interested.It wasn’t until about 10 years later when U.K. labels such as Lush started launching here.“Back in the early ’90s, a lot of British people didn’t even know where Korea was,” Kim, chief executive of Toni & Guy Korea, said in an interview with The Korea Herald.Kim, who had been working for Samsung C&T in London since 1989, then set his eyes on the popular hairdressing brand thanks to his wife
June 3, 2013
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Korean coffee drinkers yet to warm to decaf
Coffee houses are ubiquitous here; it’s not difficult to find several different coffee houses in one building or even two of the same franchise on a single street. Figures from AC Neilson show that coffee houses have steadily increased their share of the coffee market, seeing a rise from 28 percent in 2007 to 37 percent last year, and over 30 percent growth in annual sales in the same period.Not surprisingly, a vast number of coffee products and flavors are introduced into the market every year,
June 3, 2013
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Samsung grabs over 10 pct share of global chip market in Q1
Samsung Electronics Co., the world's top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or US$7.77 billion of the global semiconductor market in the January-March period to rank second among the world's major chip makers. Samsung Electronics garnered a 1
June 3, 2013
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CJ Group execs destroyed evidence ahead of raid: prosecution
Some executives of CJ Group attempted to destroy evidence ahead of a prosecution raid over the food and entertainment conglomerate's alleged creation of a slush fund, a prosecution official said Monday.Two weeks ago, a team of prosecutors and investigators raided the headquarters and offices of CJ and the houses of several executives to collect evidence of suspicions that it had created an overseas slush fund worth 7 billion won ($6.2 million) and brought the money into the country. The group ha
June 3, 2013
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[Graphic News] Korean carmakers’ slice of pie continues to shrink
Domestic carmakers’ local market share continued to contract in the face of foreign brands’ aggressive marketing, according to data released on Saturday by the Korea Automobile Manufacturers Association.Since their combined market share fell below 90 percent for the first time in the third quarter of last year, the nation’s five automakers ― Hyundai, Kia, GM Korea, Renault Samsung and Ssangyong ― have seen a continued drop in sales.Industry observers said the trend was expected to continue as im
June 2, 2013
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M&As and Japanese investors the key to more FDI: Invest Korea chief
Invest Korea chief Han Ki-won has vowed to focus on merger and acquisitions to help the government attain its yearly goal of attracting $15 billion in foreign direct investment.“Korea needs to step up its game and deliver differentiated services to foreign investors in order to attract more investment from them,” Han said in a recent interview with The Korea Herald. “For instance, we can work on the M&A sector.“Another solution was to turn to Japanese investors. “A solid combination of these two
June 2, 2013
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FSS probes hundreds of suspect CJ accounts at Woori
The Financial Supervisory Service is set to launch a special inquiry into Woori Bank next week as it received from the prosecution a list of hundreds of Woori accounts that CJ Group held under borrowed names.The lender belongs to the state-invested Woori Financial Group, which was chided by the Board of Audit and Inspection on Thursday for its outgoing chairman’s abuse of authority, executives’ ethical lapses and lax management that led to low earnings.The FSS said it has no plans to look into o
May 31, 2013
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Public offices required to slash electricity use by 20 percent
The government decided to reduce the electricity consumption of its offices and public organizations during peak hours by at least 20 percent.It also plans to control the use of electric power by such heavy consumers as conglomerates which use more than 5,000 kilowatts.The Ministry of Trade, Industry and Energy announced these and others measures to reduce electricity consumption in the summer amid rising concerns of a power outage in the wake of the recent shutdown of two more nuclear reactors.
May 31, 2013
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[Photo News] Korea-Uganda summit
May 30, 2013
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Peak-time energy users may face higher electricity costs
Conglomerates that use huge amounts of electricity to manufacture goods are likely to see a threefold rise in their electricity bills for some periods this summer.The Ministry of Trade, Industry and Energy is considering the expansion of its “critical peak pricing” program to big companies in a bid to manage power demand. The program already covers small companies and households.Under the CPP program, applicants will be charged higher electricity tariffs during peak hours (usually 3 to 5 p.m.) o
May 30, 2013
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Lotte takes on Doosan in Dongdaemun
Doosan’s Doota has reigned for years as the crown jewel of the Dongdaemun shopping district through inviting and fostering budding fashion designers while offering the best shopping environment in the area.Doota, short for Doosan Tower, now faces a major challenge from the nation’s largest retailer Lotte Group which is opening a prettier and perhaps slightly more upscale mall on Friday.Lotte Fitin houses about 180 brands of local designers it dug out from Korea’s fashion streets of Hongdae, Dong
May 30, 2013
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KT to launch cloud computing service in Japan
South Korean telecom titan KT Corp. said Thursday that it will launch a cloud computing service in Japan this week to meet growing demand for reliable Internet storage systems that can protect their data in the neighboring country.KT said its cloud computing service, “Cloud K,” will be sold through SoftBank Telecom Corp., a telecom unit of the SoftBank group.KT and SoftBank have jointly set up an infrastructure in Gimhae, a city near South Korea’s second-largest city, Busan, located close to Jap
May 30, 2013
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Google launches Nexus 4 smartphone in Korea
Google Korea, the South Korean unit of the U.S. Internet giant, said Thursday that it started to sell its Nexus 4 smartphone in South Korea, to compete with rivals such as the Galaxy S and iPhone devices.The Nexus 4, equipped with Jelly Bean, Google’s latest Android 4.2 operating system, can be purchased at the Google Play store (play.google.com), it said.Consumers will be able to use two of the country’s mobile carriers ― SK Telecom Co. and KT Corp. ― for their operations.The Nexus 4 for an 8GB
May 30, 2013
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Hankook Tire to start plant expansion in Hungary in July
Hankook Tire, Korea’s largest tire maker, has recently submitted a letter of intent to the Hungarian government for the expansion of its plant there, officials said Wednesday. An official deal for the new investment, which aims to meet surging demands in the European market, will be signed possibly in the coming two to three months, the company said. The expansion would elevate the factory’s annual output to 17 million tires. If the construction work starts in July as planned, its operation is e
May 30, 2013
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Asian Tigers Korea helps foreigners’ integration
The nation’s relocation business goes back to the 1950s when Korea began to have active interaction with other countries. Civilians, soldiers and diplomats began their entry into Korea, making a significant development in the moving industry. That is when Joseph Song, CEO of Asian Tigers Korea, caught the trend and decided to jump into the industry.Asian Tigers Korea was founded in 1984 to provide services to foreigners who need to settle in the country but are unfamiliar with the local system a
May 30, 2013
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DSME consortium wins $800m oil facility order in UAE
Daewoo Shipbuilding & Marine Engineering, in a consortium with U.K.-based partner Petrofac, has won an $800 million order to build the largest crude oil production facility in the Middle East.The huge project was ordered by ZADCO, a subsidiary of the United Arab Emirates’ state-run petroleum company, according to officials.It involves the construction of a 750,000-barrel-per-day oil production system and gas-to-liquid plants on four artificial islands in Zakum, an area located 84 kilometers nort
May 30, 2013
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‘Innovation key to sustainable Pernod Ricard’
Global market turbulence, beset by the sovereign debt crisis in Europe with slow consumer spending on austerity measures, has made a variety of businesses reluctant to invest, and instead hoard reserves for more rainy days.This business trend has been prevalent since the global financial crisis in 2008 with a series of collapses and bailouts of the financial sector that eventually affected commerce or manufacturing.However, Pernod Ricard SA, a France-based spirits and wine giant, has noticeably
May 30, 2013
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CJ Group has hundreds of borrowed-name bank accounts: prosecution
Food and entertainment conglomerate CJ Group is suspected of holding hundreds of borrowed-name accounts at local financial institutions to use them as a conduit for managing a massive slush fund, prosecutors said Thursday.The Seoul Central District Prosecutors' Office said it has requested the country's financial watchdog launch a special audit into the financial institutions, including leading lenders Woori Bank and Shinhan Bank."We have requested the Financial Supervisory Service open a specia
May 30, 2013
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Samsung Display keeps lead in smaller LCD panel market
South Korean display maker Samsung Display Co. kept its dominant position in the market for liquid crystal display (LCD) panels that are 9.1 inches or smaller in the first quarter, data showed Thursday.Sales of smaller display panels by Samsung Display reached $2.24 billion in the January-March period, accounting for 23.5 percent of the global market, according to the data by market researcher DisplaySearch. The first-quarter figure is up 28.5 percent from $1.75 billion in sales a year earlier,
May 30, 2013
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S. Korea's industrial output grows 0.8 pct in April
South Korea's industrial output grew in April for the first time in four months amid still lingering economic uncertainties, a government report showed Thursday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries increased 0.8 percent last month from a month earlier. From a year ago, it grew 1.7 percent, bouncing back from two consecutive months of contractions.The output in the service sector also grew 0.2 percent on-month in Apri
May 30, 2013