Most Popular
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Korea enters full election mode
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Immigrant woman stabbed to death by Korean husband
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Official campaigning kicks off for April 10 elections
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Court upholds jail term for man who attempted to murder ex-girlfriend
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S. Korea to boost support for single-parent families
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Yellow dust engulfs S. Korea, advisory alert issued
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Lee Jong-sup resigns as envoy to Australia
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Kia EV9 wins world car of year
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Korea misses out on global bond index boost
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Sale of KAI may be delayed to next year
The sale of Korea Aerospace Industries is expected to be delayed to next year as the two leading presidential candidates both came out against the “hasty” privatization of the nation’s sole aircraft maker, industry sources said on Sunday. The likelihood of a delay increased after the state-run Korea Finance Corp., which has led the sale of a 41.75 percent stake in KAI, announced last week that it would extend the due diligence period to Dec. 7 from the original deadline of Nov. 29. The decision
Dec. 2, 2012
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Female CEOs still tiny minority
Despite the continued rise in the number of female executives in recent years, it is still hard to find a female chief executive officer in male-dominant South Korean big companies, data showed on Sunday. CEO Score, an online corporate management evaluator, said its recent survey of the top 1,000 Korean companies by revenue found that only eight companies are led by a woman CEO. Furthermore, most of the female CEOs were found to be a family member of the company’s owner. The Shilla Seoul, one of
Dec. 2, 2012
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Rolls-Royce cars plans expansion as wealth spreads
Rolls-Royce, the ultra-luxury car brand owned by Bayerische Motoren Werke AG, plans to increase outlets by 14 percent within five years as it chases growing numbers of wealthy customers. Rolls-Royce targets expanding the number of dealers to 120 from 105 to reach millionaires in markets like Chile, Thailand and Vietnam. Unfazed by Europe’s debt crisis, the Goodwood, England-based carmaker expects the updated version of its $380,000 Phantom sedan will help it reach a second consecutive sales rec
MobilityDec. 2, 2012
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Taking the big cat for a stroll
The Korea Herald, in cooperation with carmakers, offers a test-driving experience to executive officials at Korean or multinational companies here. The opinion above is the author’s own. For any inquiry into this column, please contact jylee@heraldcorp.com. ― Ed.There’s nothing like a cat. Graceful, intuitive, powerful and proud ― the cat I am describing is the new Jaguar XJ, a 5.0-liter V8 luxury car that I had the pleasure of experiencing both as a passenger and as a driver for three days.My f
MobilityDec. 2, 2012
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Hyundai Motor grapples to satisfy BRIC tastes
Hyundai Motor is considering diversifying its localized model lineup in a bid to secure its position in the fast growing BRIC market, company officials said.Over the past several years, the company has prioritized expanding the production capacity of its assembly lines in China, Russia and India.Along with the completion of its Brazilian factory this year, Hyundai Motor plans to more profoundly reflect locals’ design tastes and customer needs in the four countries.The company is reportedly consi
MobilityDec. 2, 2012
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Toyota leads Japanese auto firms in cutting China output
Toyota Motor Corp. production in China fell the most in at least a decade, leading a slump for Japanese automakers, after a sovereignty dispute over uninhabited islets triggered demonstrations and deterred buyers. Japan’s biggest carmaker said today China output in October tumbled 61 percent to 30,591 units in October. Nissan Motor Co. reported production fell 44 percent last month, the biggest decline based on company data stretching back to 2009, and Honda Motor Co. said output tumbled 54 perc
MobilityDec. 2, 2012
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Default-prone household debts reach 25.6 tln won: data
The amount of mortgages in South Korea at risk of turning sour reached 25.6 trillion won ($236.3million) in September, with the majority being owed to non-banking firms that charge higher interest rates, the financial regulator said Sunday.The figure represents 230,000 out of a total of 5.35 million mortgage borrowers here, accounting for 4.8 percent of the total home-backed loans extended by local financial institutions, according to the Financial Supervisory Service (FSS). "The percentage itse
Dec. 2, 2012
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S. Korea's trade surplus widens to $4.48 bln in Nov.
South Korea's trade surplus widened in November from the previous month as exports posted positive growth on the back of steady global demand, the government said Saturday.The country's trade surplus came to $4.48 billion in November, compared with the surplus of $3.7 billion the previous month, according to the Ministry of Knowledge Economy. The country's exports grew 3.9 percent from the same month last year to $47.79 billion with imports gaining 0.7 percent on-year to $43.32 billion.The expor
Dec. 1, 2012
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Grand Canyon as old as the dinosaurs: study
People can be startled at the depth of the Grand Canyon. Now, scientists say dinosaurs may have been, too -- the mighty gouge in the earth is that old.Scientists have long argued over the age of the multicolored canyon, which is over a mile deep (nearly two kilometers) as many as 18 miles wide (29 kilometers) and 280 miles long (450 kilometers.)Most believe it was carved out about five or six million years ago, based on the age of gravel washed downstream by the ancestral Colorado River. But new
TechnologyDec. 1, 2012
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Samsung, Apple gain in U.S. mobile market
Samsung extended its lead as the top mobile phone maker in the U.S. market and Apple moved into second place, an industry tracker said Friday.A survey by comScore showed that in the three-month period ending in October, South Korea's Samsung was the top manufacturer with 26.3 percent market share, up from 25.6 percent in the prior period.Apple, which sells only smartphones, moved into second place in the U.S. market for the first time, with a 17.8 percent market share, up 1.5 percentage points.
IndustryDec. 1, 2012
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Korea eases visa issuance for foreign buyers
The South Korean government has eased visa regulations on foreign buyers in order to help local small and mid-size firms do business and boost foreign trade, a trade association said Friday.According to the Korea International Trade Association, the Justice Ministry will review a list of local firms made by KITA and grant visas within three days to foreign businesspeople who get invitations from the firms after proper identification checks.The fast-track visa issuance system started last month a
Nov. 30, 2012
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Kia’s pro cee’d receives iF design award
Kia Motors said on Friday that it received the prestigious iF design award for its three-door coupe pro cee’d.The company said the compact car won in the “Transportation Design” category.Company officials said the award proved that the car, to be sold in the second half of next year, was recognized globally for its outstanding design. The accolade is the fifth iF design award for Kia. “We are very proud to receive this iF product design award for the pro cee’d, which we owe in particular to our
MobilityNov. 30, 2012
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Shares inch down on U.S. budget talks
South Korean stocks slipped 0.1 percent Friday as investors took a wait-and-see stance to watch U.S. budget talks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 1.95 points to 1,932.9. Trading volume was moderate at 330.3 million shares worth 4.43 trillion won ($4.09 billion), with gainers outnumbering decliners 410 to 367.“The fiscal cliff woes have widely dominated the stock market and investors want clearer signs of U.S.
Nov. 30, 2012
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Shares inch down on U.S. budget talks
South Korean stocks slipped 0.1 percent Friday as investors took a wait-and-see stance to watch U.S. budget talks, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 1.95 points to 1,932.9. Trading volume was moderate at 330.3 million shares worth 4.43 trillion won ($4.09 billion), with gainers outnumbering decliners 410 to 367.“The fiscal cliff woes have widely dominated the stock market and investors want clearer signs of U.S.
Nov. 30, 2012
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Lee urges rise to new challenge
Samsung chairman calls for fresh challengeGroup celebrates Lee’s 25-year leadership Samsung Electronics chairman Lee Kun-hee pledged Friday to push for another round of innovation at Samsung Group.“I vowed to create a new history for Samsung. As there are still long ways to go, we have to launch fresh challenges,” he said in a video message delivered to his staff during the group’s ceremony to celebrate Lee’s 25th anniversary as chairman.“By conducting another innovative mode in the group, let’s
IndustryNov. 30, 2012
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Businesses pledge more jobs, investment
The nation’s five leading business organizations vowed Friday to take the lead in revitalizing the sluggish economy by boosting exports and investment, while making efforts to create more jobs. “Despite difficulties due to the prolonged global economic downturn and slump in local consumption, the business community will make efforts to lift the economy, ” they said in a joint resolution. “Businesses, big or small, will drive to boost exports by tapping new markets and focus on facility investmen
Nov. 30, 2012
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Kolon names its 1st female CEO
Kolon Group, the nation’s 30th-largest conglomerate, appointed its first female chief executive officer when it carried out a major reshuffle of executives of its affiliates on Friday.Group officials said Lee Soo-young, 44, senior vice president of Kolon Water & Energy, was named to head the company. It is the first time that Kolon will have a female CEO in its 55-year group history.Lee, who entered the Kolon Group in 2003 as a senior manager for the Wellness TF, has been on the fast track in cl
IndustryNov. 30, 2012
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Apple’s iPhone 5 to hit Korea next week
Korea’s two biggest mobile carriers ― SK Telecom Co. and KT Corp. ― said Friday they plan to release the long-awaited iPhone 5 in the local market next week. SK Telecom and KT tweeted they plan to start receiving pre-orders for the Apple device starting at 10 p.m. and officially launch the phone on Dec. 7.The move comes nearly three months after the U.S. smartphone maker, which is facing off against Samsung Electronics Co. in a global patent war, unveiled its first smartphone that runs on the fo
Nov. 30, 2012
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Mercedes-Benz Korea CEO dies in Germany
Mercedes-Benz Korea CEO Thomas Urbach died on Thursday in Germany, company spokespeople said Friday.The company did not reveal the cause of death of the 50-year-old German businessman, but Yonhap News, quoting unnamed industry sources, reported that the luxury car chief, who had suffered from depression for years, killed himself.Urbach was in Germany to visit the automaker’s headquarters in Stuttgart.The CEO had been scheduled to hold a press conference on Dec. 11 in Seoul to make public the Kor
IndustryNov. 30, 2012
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Korea’s gender pay gap biggest in OECD
The income gap between men and women was the biggest in South Korea among member countries of the Organization for Economic Cooperation and Development in 2010, research showed. Women received an average 39 percent lower payment compared to men in Korea, an OECD report showed on Friday. The gap in Korea was about 2.6 times larger than the average gap among 28 OECD countries, which was 15 percent.Japan came in second on the list with 29 percent, followed by Germany and Israel, which both marked 2
IndustryNov. 30, 2012