Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Seoul alerts overseas missions to NK terror threats
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‘Inside Out 2’ adds four new emotions, explores teenage life
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Public backlash against division of Gyeonggi Province under 'corny' name
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Seoul sees population outflow for the first time
The number of people who moved out of the Seoul metropolitan area exceeded those who moved into the capital for the first time in four decades, a government report said on Monday, indicating a gradual decentralization of population in the country.The population of the Seoul metropolitan saw a net outflow of 8,000 residents, Statistics Korea said, posting the first year of population contraction from change of legal residence since the agency started compiling data in 1970. “We’re seeing a disper
Jan. 30, 2012
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Game use drops just 4.5% after curfew started
Controversy surrounding the effectiveness of the online game curfew has been called into question yet again since the law was implemented three months ago.According to industry officials, the average number of people logging onto six different online games by the country’s big three online game firms slightly decreased to 41,796 people from 43,744 people, which was the average figure recorded ahead of the policy implementation.This is only a 4.5 percent decrease, leading to assumptions that a la
IndustryJan. 30, 2012
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LSIS aims for W4.5tr in sales by 2015
LS Industrial Systems Co. aims to more than triple its sales and increase its profit six-fold by 2015 through sweeping structural reforms and growth in strategic areas such as smart grids and car batteries.Korea’s largest maker of electrical components on Sunday unveiled its ambitious 2015 vision, which entails goals of reaching 4.5 trillion won ($4 billion) in sales and 700 billion won in operating profit. The targets reflect a roughly 320 percent rise in sales and a 630 percent surge in profit
IndustryJan. 30, 2012
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LG Innotek logs wider net loss in Q4
LG Innotek Co., an electronics parts maker affiliated with South Korea’s LG Group, said Monday its net loss increased in the fourth quarter from a year earlier on weaker demand.Net loss amounted to 93.3 billion won ($82.9 million) in the October-December period, larger than a net loss of 19.7 billion won the previous year, the company said in a regulatory filing. Sales inched up 6.8 percent on-year to 1.21 trillion won in the quarter while operating profit tumbled 66.7 percent to 60 billion won,
IndustryJan. 30, 2012
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State auditor launches probe into financial regulator, watchdog
Board of Audit and Inspection to examine FSC, FSS until Feb. 24The Board of Audit and Inspection launched an intensive investigation into the nation’s two financial regulators on Monday.The state auditor, which completed its preliminary audit earlier this month, will carry out an intensive audit on the Financial Services Commission and the Financial Supervisory Service between Jan. 30 and Feb. 24.The audit comes after the FSC endorsed Hana Financial Group’s application to take over Korea Exchang
Jan. 30, 2012
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LG Uplus to invest about W1tr more
LG Uplus, the nation’s smallest telecom carrier, said Monday that it will pour an additional 955.6 billion won into building network infrastructure for the Long Term Evolution service this year.The figure represents about 24 percent of its equity capital, and is an increase from the 1.7 trillion won invested in 2011.The company will step up efforts to complete the nationwide coverage of LTE by March as planned, earlier than rival companies SK Telecom and KT Corp. Within the year, it aims to secu
IndustryJan. 30, 2012
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Shares down 1.24% on U.S. growth data
Korean stocks closed 1.24 percent lower Monday on slower-than-expected growth in the U.S. and uncertainty about European debt woes, analysts said. The local currency fell against the U.S. dollar.The benchmark KOSPI dropped 24.28 points to finish at 1,940.55, marking the first decline in six sessions. Trading volume was moderate at 406 million shares worth 6.3 trillion won ($5.6 billion), with losers outnumbering gainers 531 to 299.“The U.S. economy grew 2.8 percent in the last quarter of 2011.Th
Jan. 30, 2012
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Citibank Korea to raise M&A financing
Citibank Korea plans to actively support Korean enterprises seeking mergers and acquisitions in overseas markets this year.“In a bid to make Korean firms hold opportunity to take over many M&A targets, we seek to enhance financing to them abroad,” a Citibank executive said Monday.He said there are many M&A chances in overseas markets in the wake of the global economic slowdown.For the support, he said the bank “is poised to open the “Korea Desk,” a financial network of Citibank Korea, in three o
Jan. 30, 2012
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Economy to bottom out in Q1: Bahk
Economic growth is likely to be the weakest in the first three months of this year as external uncertainties will peak in the period, Finance Minister Bahk Jae-wan said Monday. “Growth uncertainties are seen to be significant in the first quarter. The risk from the European debt crisis is likely to ease in the second and third quarters,” Bahk told reporters at a news conference.Bahk’s projection comes amid signs of faltering growth. The economy grew 0.4 percent, the least in two years in the Oct
Jan. 30, 2012
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Kim breaks Korean equestrian record in Florida
Kim Dong-seon, gold medalist of team equestrian dressage at the Guangzhou Asian Games in 2010, broke the record for Korean contestants at the WC Sunshine Challenge/World Dressage Masters in West Palm Beach, Florida.Kim, third son of Hanwha Group chairman Kim Seung-youn, scored 65.022 points in the grand prix special of WC Sunshin Challenge held Jan. 26-29, placing third.Kim broke the Korean record set by Suh Jung-kyun in 1988. Kim had placed fourth with a score of 64.689 points in the GCDA Opene
IndustryJan. 30, 2012
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Women are better at parking than men: study
Women are better than men when it comes to parking, a recent survey found, reversing the existing idea that men have better spatial awareness.The report by a car parking operator in the United Kingdom studied the parking habits of 450 drivers through CCTV footage and surveyed 2000 more to find that
TechnologyJan. 30, 2012
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Quarter of households suffer 'absolute poverty' in 5 years
More than one out of four South Korean households have suffered "absolute poverty" in the past five years with over one third also facing relative difficulties making ends meet, a report showed Monday.According to the report by the Korea Institute for Health and Social Affairs, 27 percent of some 5,
Jan. 30, 2012
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Korea's current account surplus hits $3.96 billion in Dec.
South Korea posted a current account surplus for the 22nd month in December, but the surplus narrowed from the previous month as the service account turned negative due to tourism-related shortfalls, the central bank said Monday. The current account surplus reached US$3.96 billion in December, down
Jan. 30, 2012
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Korea Herald iPad app combines news, education
The Korea Herald has recently introduced a new application for the iPad, joining the drive to produce digital news customized for the rapidly growing number of tablet users.The latest mobile version of the country’s leading English daily also offers a multimedia tool for learning and practicing English through news. Harnessing rapidly developing media technologies, the company has been stepping up efforts to provide a variety of multimedia-rich content and improved user experiences.Its news cont
TechnologyJan. 29, 2012
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Herald strengthens mobile news offering
New iPad app latest in efforts to provide multimedia-rich content, better user experiencesSmart phones and tablet PCs have dramatically changed the features of the news industry. A host of media companies around the world have jumped into the digital market to secure a footing in the massive shift toward online and mobile news.The tablet PC market led by Apple and Samsung Electronics is more important for newspapers. While smartphones are restricted by small screens, tablets boast bigger screen
TechnologyJan. 29, 2012
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Commerce minister to address AMCHAM
Knowledge Economy Minister Hong Suk-woo will speak about the Korean economy at a luncheon meeting organized by the American Chamber of Commerce in Korea on Jan. 31.After his speech, Hong will field questions from participants in the event that will take place at the Grand Hyatt hotel from noon to 2 p.m.The networking event, which is also open to the press, is 72,000 won for members and 92,000 won for nonmembers at the door. A 10,000 won discount applies to guests who register before noon on Jan.
Jan. 29, 2012
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Criticism escalates over SNS censorship
Criticism is escalating over censorship of online social networking sites in Korea after Twitter’s announcement that it will enable certain countries to withhold content if it goes against their law.“Twitter has changed my life over the past year and it was an extraordinary tool that I wanted to thank,” said a Twitter user named Kim Yeo-jin on Sunday. “It’s just sad news for me to hear that Twitter has decided to censor tweets upon specific requests from a country and as a result, I’ve decided t
IndustryJan. 29, 2012
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Asia driving force for Lufthansa Cargo
Lufthansa Cargo, a German global cargo airline, plans to expand its presence in Korea and China, forecasting that more than 50 percent of its business will be made in Asia soon. “Forty-seven percent of our business is in Asia and growing,” chairman and CEO of Lufthansa Cargo Karl Ulrich Garnadt told The Korea Herald on Saturday. “Very soon it will be 50 percent. China is the most important market at 20 percent out of the total 100 percent.“We will see air cargo traffic grow by 4.5 percent (world
IndustryJan. 29, 2012
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Hana’s forthcoming acquisition of KEB meets challenges
Lender is set to emerge as second-largest financial group by total assetsFriday’s decision by the financial regulator to allow Hana Financial Group take over Korea Exchange Bank is set to impact the financial market in general and the credit card sector in particular, with Hana still to resolve a thorny integration issue. The Financial Services Commission approved Hana’s bid to buy KEB from Lone Star Funds for 3.92 trillion won ($3.5 billion), allowing the U.S.-based fund to exit its eight-year
Jan. 29, 2012
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Traditional markets losing vitality amid slow sales
Customers turn to department stores, supermarket chainsSai Sachiko, a Tokyo-based school teacher, includes Namdaemun Market in her “must-see routes” whenever she visits Seoul. “In addition to their quality products, people there, especially middle-aged female merchants, are always energetic and stimulate me in a good way,” she said. “The atmosphere is totally different from Japanese markets. I can feel warmth and affection unique to Korean traditional markets.”Many foreign tourists pick the chea
IndustryJan. 29, 2012