Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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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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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Reactor resumes operation after fake parts scandal
South Korea on Wednesday restarted the operation of a nuclear reactor that was shut down early last month for an emergency safety check following reports that thousands of substandard parts had been used under fake warranties in at least two reactors.The Younggwang 6 reactor resumed operation earlier in the day after the Nuclear Safety and Security Commission approved its restart on Monday.The safety commission earlier said a total of 13,794 substandard parts had been supplied to the Korea Hydro
Jan. 2, 2013
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Derivatives trading volume plunges 17.7% in 2012
The trading volume of financial derivatives on the local bourse fell last year due to the protracted economic slowdown amid rising uncertainties in the eurozone and the United States, data showed Wednesday.The daily average trading volume of the derivatives including futures and options fell 17.7 percent on-year in 2012 to 54.6 trillion won ($51.2 billion), compared with 66.3 trillion tallied a year earlier, according to the data compiled by the Korea Exchange.The average number of daily contrac
Jan. 2, 2013
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Retailers downbeat over Q1 biz: poll
South Korean retailers’ sentiment for the first quarter hit the lowest level since the second quarter of 2009 due to jitters over future business conditions, a poll showed Wednesday. The Korean Chamber of Commerce and Industry said its retail business survey index fell to 87 for the January-March period from 98 for the fourth quarter of last year, well below the benchmark level.A reading below 100 means that pessimists outnumber optimists.The index had been above the benchmark 100 since the seco
Jan. 2, 2013
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Nonlife insurers to suffer loss for fiscal 2012
South Korean nonlife insurers are expected to post poor business performances for the 2012 fiscal year due to increased loss rates amid the country’s cold weather, industry data showed Wednesday.The average loss rate for the country’s top four nonlife insurers hovered above 90 percent in December, surpassing the industry’s break-even point of 77 percent, according to the data.The loss rate refers to the proportion of coverage a nonlife insurer pays to its policyholders from insurance premiums. T
Jan. 2, 2013
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Carmakers’ yearly sales up 5.7%
Major automakers in Korea effectively weathered negative factors involving the eurozone fiscal crisis last year, posting robust sales in the overseas market despite a slump at home.The five companies saw their collective sales climb by 5.65 percent in 2012 to about 8.19 million units, from 7.75 million units a year before.Hyundai Motor reported year-on-year sales growth of 8.6 percent. Its vehicle sales increased by about 350,000 units to around 4.4 million units ― an all-time high ― in 2012, fr
Jan. 2, 2013
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Tycoons set firms’ direction for 2013
Chiefs of chaebol and the nation’s largest financial groups on Wednesday underscored efforts to keep above water through better risk management and more global talent as they enter a year full of economic uncertainties.Samsung Electronics chairman Lee Kun-hee called for more world leading products and services, 20 years after urging Samsung Group to “change everything but your wife and children.”“The difference in companies’ competitive power clearly unfolds during an economic slump, and only th
Jan. 2, 2013
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Apple Japan exec to lead Apple Korea: source
Apple’s California headquarters is unlikely to pick a new general manager for Apple Korea for the time being amid reports that Apple Japan’s operating executive will be leading Korean operations.Industry sources said that Colin Greene, senior director of operations of Apple Japan, will be overseeing Apple Korea, and that this proxy system may continue indefinitely. Greene reports to the Cupertino headquarters of Apple, as is the case for most operation executives at regional offices. Apple Korea
Jan. 2, 2013
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[Power Korea] Corporate Korea keeping the fires burning
The Korea Herald is publishing a series of articles titled Global Brand as part of the first installment of Power Korea. Korea’s success story is a 60-year-old tale written by not one, but many who worked to build one of the world’s most powerful nations from the ashes of war. This Global Brand series is designed to honor those who made this Korean Dream come true. This is the first part of the Global Brand series. ― Ed.South Korea’s rags-to-riches tale is an epic spanning some six decades, star
Jan. 1, 2013
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Consumer prices grow 1.4% on-year in Dec.
SEJONG (Yonhap News) ― South Korea’s consumer prices grew at the slowest pace in four months in December, indicating that the country is keeping inflationary pressure under control, a government report showed Monday.The country’s consumer prices index rose 1.4 percent in December from a year earlier, slowing from a 1.6 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.2 percent.The on-year figure marked the slowest growth sin
Jan. 1, 2013
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Hyundai-Kia’s overseas output surpasses local for first time
Hyundai Motor and Kia Motors saw their production of vehicles in the overseas market outstrip their domestic performance for the first time in 2012.In particular, the carmakers’ factories in the BRIC ― Brazil, Russia, India and China ― market significantly fueled their overseas manufacturing capacity, according to the Korea Automobile Manufacturers Association.KAMA data showed that Hyundai-Kia’s vehicle production in the four fast-growing economies surpassed 2 million units for the first 11 mont
Jan. 1, 2013
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SK Group’s exports reach all-time high
SK Group said Tuesday that it posted record exports of more than $60 billion (64.8 trillion won) last year.The group said the ratio of exports to its total earnings reached 74 percent. Main exporters of its business units included SK Innovation, SK Energy, SK Global Chemical, SK Hynix, SK Lubricants and SKC.The figure means SK supplied more than 10 percent of the nation’s total exports in 2012, according to estimates by the Ministry of Knowledge Economy.In particular, four petrochemical-related
Jan. 1, 2013
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S. Korea's consumer prices grow 1.4 pct on-year in Dec.
South Korea's consumer prices grew at the slowest pace in four months in December, indicating that the country is keeping inflationary pressure under control, a government report showed Monday.The country's consumer prices index rose 1.4 percent in December from a year earlier, slowing from a 1.6 percent on-year gain in the previous month, according to the report by Statistics Korea. From a month earlier, it grew 0.2 percent.The on-year figure marked the slowest growth since August when the inde
Dec. 31, 2012
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Hyundai-Kia expand presence in Mideast, Africa
Hyundai and Kia brand vehicles are accelerating expansion in emerging markets such as the Middle East and Africa. According to Hyundai Motor Group on Sunday, Hyundai Motor and its affiliate Kia Motors saw record sales in the Middle East last year, selling 278,515 and 186,504 vehicles, respectively, in the first 11 months.Hyundai’s car sales are expected to surpass the 300,000 mark there for the first time, while Kia seeks to achieve a record sale of some 200,000 units.Hyundai has already become
Dec. 30, 2012
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AmorePacific promotes CEO to chairman
AmorePacific on Sunday said it promoted president and chief executive Suh Kyung-bae to chairman during a regular personnel reshuffling.The promotion, the company said, was a bid to add more drive to its overseas business push. Suh is not only the CEO, but the owner of AmorePacific Corp., a company devoted to cosmetics. Many of the company’s core functions that were distributed to the sister companies of AmorePacific were integrated under AmorePacific Group, while marketing and sales were merged
Dec. 30, 2012
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Nation enters new digital TV era
The era of digital television has opened following the government’s shutting down of analog broadcasts at 4 a.m. on Monday.The Korea Communications Commission said that all programs have been converted into digital format for better picture and sound quality.Digital TV also provides multiple programming choices, also known as multicasting, along with interactive capabilities.All-digital broadcasts also free up parts of the broadcast spectrum for enhanced efficiency and relocation of channels by
Dec. 30, 2012
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Watchdog fines steelmakers for price fixing
The nation’s state-run antitrust watchdog said Sunday it has imposed a combined fine of almost 300 billion won ($281 million) on seven steelmakers for fixing prices of their steel products. Companies subject to the fine worth 291.8 billion won include POSCO, POSCO C&C, Union Steel, Dongbu Steel, Hyundai Hysco, Seah Steel and Seil Steel, according to the Fair Trade Commission.Seven companies are said to have been involved in separate price-collusion cases between 2004 and 2010 through shady meeti
Dec. 30, 2012
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A hard case to crack: Samsonite
Luggage literally turned over a new leaf when a young new chief executive by the name of Suh Boo-suk took the helm of Samsonite Korea in 2005. Branding is always a challenge for new chief executives, but Suh had his job cut out for him at Samsonite, where the challenge was bigger because of what the 100-year-old brand had stood for: a rugged solidness. “It used to be that luggage was luggage, period. Durability was all that mattered and sidelined the design element. But the younger generation wa
Dec. 30, 2012
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Storms brew for export-driven industries
As global economic growth is expected to remain tepid in 2013, the nation’s major industries will find this year harder than the last, with the exception of the smartphone industry, according to a recent export forecast by the Korea International Trade Association. KITA forecast that the smartphone and related-parts industry was likely to be the sole sector to have a good year, enjoying double-digit sales growth in and out of Korea. New models of flagship smartphone brands like Samsung’s Galaxy
Dec. 30, 2012
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Watchdog fines 7 steelmakers for price fixing
South Korea's antitrust watchdog said Sunday it has decided to fine top steelmaker POSCO and six other industry players a combined 291.7 billion won ($273.5 million) for colluding to fix prices of some steel products.The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six steelmakers, including POSCO and Hyundai Hysco.According to the FTC, they colluded to fix prices of cold-rolled plates, galvanized steel sheets and color steel sheets between 2004 and
Dec. 30, 2012
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Asiana Airlines helps typhoon-hit Palau
Asiana Airlines supported global rescue efforts to help the typhoon-devastated Palau by sending an airplane carrying solar lanterns to the western Pacific island country on Thursday.Company officials said the 350 lanterns were donated by the charity organization, International Peace Sports Federation in Seoul. They said the lanterns will be directly delivered to the incoming president Thomas Esang Remengesau Jr., who is scheduled to take office early next month.Asiana Airlines CEO Yoon Young-doo
Dec. 28, 2012