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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South Korean author Han Kang wins 2024 Nobel Prize in literature
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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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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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Samsung rolls out world’s biggest fridge
Samsung Electronics Co. unveiled the world’s largest refrigerator on Wednesday, in its latest move to jump-start demand for its home appliance products amid a global economic slump.The Zipel T-9000 features a 900-liter storage space, the world’s biggest among household models, and a triple cooling system which optimizes humidity and temperature, the company said.The fridge is also equipped with wider shelves and extra compartments designed for enhanced storage, it said.The introduction of the ne
July 4, 2012
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Lotte Shopping picked as prime Hi-mart bidder
Lotte Shopping Co., the flagship affiliate of retail-oriented conglomerate Lotte Group, said Wednesday that it has been picked as the preferred bidder for the purchase of electronics appliance retailer Hi-mart Co.“Lotte was tapped because private equity firm MBK Partners Ltd. opted not to bid for Hi-mart,” a company representative said. He added results related to the purchase negotiations will be announced in the near future, indicating that the deal is close to being sealed.Independent market
July 4, 2012
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Samsung holds large-scale recruitment fair for suppliers
Samsung Group’s 11 business units held a large job fair to hire 1,670 employees for the conglomerates’ subcontractors.The event, which was held at KINTEX in Ilsan in Gyeonggi Province on Wednesday, came as part of the group’s drive for “shared growth” with suppliers.Participants included Samsung Electronics, Samsung SDI and 158 subcontractors, with the Federation of Korean Industries and the Korea Federation of Small and Medium Business acted as sponsors.In particular, 49 companies, which are li
July 4, 2012
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Import car sales surge 20% in first half
BMW, Mercedes, Volkswagen and Audi top the listThe nation’s import car industry saw its vehicle sales reach an all-time high during the first half of the year, posting a monthly average of 10,373 units.Their sales came to 62,239 units in the first half, up 20.5 percent over the same period last year, the Korea Automobile Importers and Distributors Association said Wednesday.For sales in June, import car brands reported an 18 percent year-on-year growth with sales of 10,578 units, though they inc
July 4, 2012
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Incheon shares know-how with European airports
Top officials from Europe’s two leading airport operators ― Schiphol Group of the Netherlands and Aeroports de Paris of France ― visited Korea on Wednesday to share business expertise and further strengthen their partnership with Incheon International Airport. A two-day CEO-level meeting started on Wednesday at a Seoul hotel, with Incheon Airport CEO Lee Chae-wook, Jos Nijhuis, president of Schiphol Group, and Laurent Galzy, chief financial officer of Aeroports de Paris, in attendance. The so-ca
July 4, 2012
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Lotte, Chanel bury the hatchet
French brand to reopen cosmetics shop in the nation’s largest department store in August after feudChanel cosmetics have agreed to reenter Lotte Department Store three and a half years after it pulled out from the retail giant due to disagreements over store space and location.The conflict between the two companies started when Lotte asked Chanel to downsize and relocate its cosmetics booth in 2008, pointing to its relatively low sales. Chanel refused, accusing Lotte of getting back at the Frenc
July 4, 2012
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Seoul shares up 0.35%
South Korean stocks closed 0.35 percent higher on Wednesday as speculations over stimulus measures continued to bolster investor sentiment, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index jumped 6.63 points to 1,874.45, gaining for a second straight session.Trading volume was moderate at 332.6 million shares worth 4.5 trillion won ($4 billion), with gainers outnumbering decliners 451 to 344.“There is strong hope out there that policy
July 4, 2012
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Visual effects firm looks to U.S. for growth
CTO says SoftBank, Nexon-backed FXGear prefers IPO to takeoverIt is rare in Korea to see a special effects technician with a Ph.D. such as Choi Kwang-jin working on movies or animations.The chief technology officer of FXGear, a Korean visual effects software firm, is the exception in an industry generally seen as beneath those with higher degrees.But the situation is different in the United States. Studios such as Industrial Light & Magic, a special effects house founded by Star Wars producer Ge
July 4, 2012
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Hanwoo farmers worried about uncertain market
Kim Kee-Seong has operated a small ranch with about 100 prized Hanwoo cattle in the Hoengseong countryside in eastern Gangwon Province, about 137 kilometers east of Seoul, for the past 30 years. Housed in pens just a few yards from his front porch, the cows are close to the farmer, now well into his 60s, both literally and figuratively. “I grew up on a farm in Hoengseong,” he says. “These cows are my livelihood and they represent a tradition for my family and for all of Korea.” Indeed, the free-
July 3, 2012
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Hyundai Heavy wins biggest container-vessel order in a year
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, won an order to build 10 mega- container vessels for $1.2 billion, the biggest new contract for the type industrywide in a year.The vessels, each able to hold 13,800 20-foot boxes, will be operated by Evergreen Group, the Ulsan, South Korea-based shipbuilder said in a statement on Tuesday. Evergreen will lease the vessels from Enesel SA, the Taiwanese shipping line said separately. Deliveries are due to start in the second half of ne
July 3, 2012
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Kia’s Pride wins IDEA design award
Kia Motors said Tuesday that it has achieved the “grand slam” of winning awards at the world’s top three design competitions, with its model Pride recently taking bronze at the 2012 IDEA Awards. According to Kia, the Pride, whose export brand name is Rio, won bronze in the transportation design category of the IDEA Awards this year, which is run by the Industrial Design Society of America. Officials said that the Korean carmaker has earned the honor of getting recognized at the world’s top three
July 3, 2012
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Little progress in cutting fees at major retailers
The nation’s antitrust watchdog said Tuesday that there had been little progress in its ongoing efforts to reduce commission fees at major retailers despite a voluntary agreement with the industry’s top players.The Fair Trade Commission found that 2,272 vendors have benefited from commission reductions totaling 35.8 billion won ($31.4 million) on trade at 11 won retail companies since October. Aimed at supporting smaller firms, the government in September agreed on 3-7 percent commission cuts to
July 3, 2012
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LG chairman calls for revamped business strategies
LG Group chairman Koo Bon-moo instructed his staff to map out practical business strategies for an overall revision of each subsidiary’s targets during a monthly meeting of executives on Tuesday.“Though there were discussions with CEOs of our subsidiaries last month, we’ve seen shortage of details and practicability in our mid- and long-term strategies,” Lee was quoted by his spokespeople as saying.Amid unfavorable external factors, superficial business goals with only slogans are not enough to
July 3, 2012
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Economic uncertainties spook Lotte, Shinsegae
Retail giants thinking twice on takeover bids, activities in ChinaKorea’s retail behemoths Lotte and Shinsegae are taking it slow in China, their first and largest overseas market, while pulling in their horns in the merger and acquisition battles at home.The two rivals are getting cold feet as the prolonged fiscal and financial crisis in Europe is taking a toll on consumption in other parts of the world including Korea. Lotte Group chairman Shin Dong-bin suggested a defensive strategy in a meet
July 3, 2012
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Korea looks to balance its development
Relocation of public agencies, innovative cities lure people to the provincesThe following is the last in a series of articles on Sejong City, a new multifunctional administrative city that was launched on July 1, and other “innovative cities.” ― Ed. Public agencies are moving out of Seoul and its surrounding Gyeonggi Province to so-called “innovative cities” and other less crowded regions throughout the nation.The term innovative city refers to “future-oriented” towns in South Korea “establishe
July 2, 2012
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Eurozone crisis dealing blow to Korean firms
A variety of economic indices show that Korean manufacturers are exposed to the eurozone fiscal crisis, whose negative impact on local major conglomerates’ production could be amplified in the latter half of the year.According to FnGuide, a provider of corporate financial statements, seven of the nation’s 10 major business groups are estimated to post a drop in their earnings for the first half of the year amid the eurozone woes and weak domestic demand.Its estimates suggested that the seven con
July 2, 2012
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AMCHAM to host health care seminar
The American Chamber of Commerce in Korea, or AMCHAM Korea, will hold a “Healthcare Innovation Seminar 2012” on July 11.Under the theme of “Towards a New Era of Collaboration and Innovation,” the meeting will be held at the JW Marriott Hotel Seoul in southern Seoul.Speakers will include Korea’s Minister of Health and Welfare Lim Chae-min as well as Lee Dong-ho, CEO of the Korea Drug Development Fund.Topics under discussion will range from biotechnology to improving the health care system through
July 2, 2012
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DSM Dyneema develops stronger fiber
DSM, a global producer of fibers, has introduced a new, stronger fiber used for the production of mooring ropes for deep-sea oil and gas exploration and production.The fiber, DM 20, is a lot smaller in diameter than polyester, has high fatigue resistance and is weightless in water, the company said in a press release.With strength, stiffness and durability, DM 20 can ensure that mooring ropes have “maximum strength over a maximum lifetime, as well as faster handling and improved safety,” the com
July 2, 2012
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Dawn of Korean nuclear energy industry
The nation’s first nuclear plant Kori-1 Nuclear Plant went under construction on March 19, 1971, in Gori, a small village that borders Ulsan and northern area of Busan. With the Kori-1 plant, Korea became Asia’s second and the world’s 21st country to possess a nuclear power plant. After almost seven years of construction that involved about 1.87 million labor units, the nuclear plant began operation from April 20, 1978. Since then Korea has constructed 20 more nuclear plants, and now generates e
July 2, 2012
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Kori-1 nuclear power plant waiting for final approval to resume operation
Experts say putting the nation’s first nuclear plant back into action will relieve power shortageControversy is growing again over resuming the operation of the nation’s oldest nuclear power plant Kori-1, which was shut down on March 13 following an abrupt power cut early this year. The Kori-1 plant, which began operation in 1978 in the northern part of Busan, had completed its scheduled life span in 2007. But it was granted a 10-year extension in 2008 after an inspection by the International At
July 2, 2012