Most Popular
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Yoon’s jailed mother-in-law excluded from latest parole list
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Korea’s homegrown nanosatellite successfully launches into space
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Nicaragua shuts down Seoul embassy
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Hybe's multilabel system tested amid conflict with Ador
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Aging population to drive down Korea's housing prices from 2040: experts
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Samsung Heavy wins $2.3 billion offshore deal
Samsung Heavy Industries Co., a South Korean shipbuilder, said Monday it has received a letter of agreement to build an offshore facility for around $2.26 billion.Under the agreement with Inpex Corp. of Japan, Samsung Heavy will construct the offshore gas processing facility by the end of 2015, the company said.Both sides will officially sign the deal this month, Samsung Heavy said.French supermajor Total and Inpex are working on a $34-billion liquefied natural gas project in Australia.Samsung H
IndustryJan. 16, 2012
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Samsung to issue $1 billion worth of foreign bonds
Samsung Electronics said on Monday that it will issue foreign bonds worth $1 billion to raise money for operating its semiconductor line in Austin, Texas.The technology giant confirmed that it plans to issue bonds in the global markets for the management of the firm’s System Large Scale Integrated Circuit line in the United States.“However, the time of bond issuance and its exact scale are yet to be unveiled,” said a Samsung official.It is the first time since the 1997 financial crisis that Sams
IndustryJan. 16, 2012
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Korea to simplify beef distribution
Government agencies are looking into possible distortions in beef pricing as hanwoo meat remains expensive despite a plunge in homebred cattle prices.Beef cattle prices have fallen sharply as a result of an oversupply of cows raised in Korea over the past two years, weighing heavily on cattle breeders.The ministries of agriculture, home affairs and the nation’s antitrust watchdog are also reviewing ways to curb beef prices by fostering a large distributor run by groups of cattle breeders to simp
IndustryJan. 16, 2012
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Korea to chair G20 green growth working group
Korea will lead roundtable discussions on energy efficiency and clean resources at the Group of 20 summit in Mexico in June as chair of the working group on green growth, a local news agency said Monday.The chairmanship comes upon the Mexican government’s request, Yonhap News reported, citing a Seoul official. Members of the group have yet to be confirmed. As chair of the group, the country will orchestrate discussions on green growth and help draw up comprehensive recommendations at the two-day
Jan. 16, 2012
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Top groups pledge fairness, support for small firms
Samsung, Hyundai Motor, LG and SK agree with FTC to boost SME accessSamsung, LG, Hyundai Motor Group and SK have agreed to refrain from in-house transactions and share more business opportunities with smaller firms through competitive bids, antitrust authorities said Monday. Fair Trade Commission chairman Kim Dong-soo met with the groups’ top executive officials on Monday to announce their shared-growth agreement especially in the sectors of system integration, advertising, construction and logi
IndustryJan. 16, 2012
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Seoul shares dip on eurozone woes
South Korean stocks ended 0.87 percent lower on Monday as a massive eurozone credit ratings cut battered investor sentiment, raising fears the region is far off from solving its debt crisis, analysts said. The local currency fell against the U.S. dollar. After tumbling as much as 1.7 percent at one point, the benchmark KOSPI closed down 16.41 points at 1,859.27. Trading volume was moderate at 382.9 million shares worth 3.88 trillion won ($3.36 billion), with decliners outnumbering gainers 586 to
Jan. 16, 2012
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Foreign IBs see firm export growth for Korea this year
Foreign investment banks predict South Korea’s export growth will likely top those of its Asian peers mainly due to increased demand from China and a free trade pact with the U.S. set to take effect early this year, data showed Monday.Global investment bank HSBC expected Korea’s export to grow 9.7 percent on-year in the first quarter of 2012, with the figure to stay above the 9 percent through most of the remainder of the year, according to the data by the Korea Center for International Finance.
Jan. 16, 2012
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Banks’ short-term foreign borrowing up in December
Korean banks’ short-term overseas borrowing climbed in December as lenders rushed to secure foreign currency liquidity amid concerns over a deterioration in external conditions, the financial watchdog said Monday.A total of 16 local banks refinanced 120.3 percent of their maturing short-term foreign debts through fresh borrowing last month, compared with 95.9 percent in November, according to the Financial Supervisory Service.The rollover rate gauges the percentage of fresh overseas borrowing ag
Jan. 16, 2012
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Foreign investors boost holdings of Korean Treasuries
Foreign investors scooped up Korean Treasuries last year as Korean debts emerged as relatively safer assets compared to those in slumping Europe and the U.S., data showed Monday.The outstanding amount of South Korean Treasuries held by foreigners reached 61 trillion won ($53.1 billion) at the end of last year, up 27.8 percent from a year ago, according to the data by the Korea Exchange. The proportion of foreign investors in the Korean bond market stood at 15.6 percent. Foreign investors’ won-de
Jan. 16, 2012
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Individual investors make more risky trades
Despite the sluggish stock market, Korea’s individual investors showed a stronger appetite for risky investment vehicles, raising worries over the side effects. According to data by the Korea Exchange, individual investors accounted for 37.2 percent of KOSPI 200 stock futures trades in terms of value in the fourth quarter of last year. The figure marks a 10-percentage point increase from 27.2 percent a year earlier. The proportion of individual investors in the highly risky futures trade began t
Jan. 16, 2012
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National pension fund to expand investment in overseas assets: chief
Korea’s national pension fund plans to boost its investment in overseas assets in a bid to expand and diversify its portfolio, the service’s chief said Monday.Jun Kwang-woo, the chairman of National Pension Service said that he plans to increase the fund’s offshore assets in such areas as real estate and equities as part of this year’s broader investment strategy.“We have secured more than 350 trillion won ($304.7 billion) in pension fund reserves despite unfavorable overall economic conditions,
Jan. 16, 2012
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Eurozone rating shock seen having limited impact on Seoul market
Renewed fears about the fiscal crisis in Europe following credit rating downgrades by Standard and Poor’s are likely to have a limited impact on the Korean market, brokerages said Monday.France, Austria and seven other European countries saw their ratings go down a notch or two on Friday, raising concerns about the trouble-laden eurozone and its effect on financial markets worldwide. “The downgrade has been already factored into market prices since Standard and Poor’s put 15 European nations on
Jan. 16, 2012
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German Chamber to discuss Korea’s economic outlook
The Korean-German Chamber of Commerce will host a seminar on Korea’s economic outlook on Jan. 19.The meeting will start with a political overview given by German Ambassador Dr. Hans-Ulrich Seidt followed by a report on the current economic and business situation by Frank Robaschik, correspondent from the Germany Trade and Invest office. KGCCI Treasurer Rene Wittenberg will comment on exchange and interest rates development. There will also be short reports from several industry representatives a
Jan. 16, 2012
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British Chamber’s general meeting due this week
The first general meeting of the year for the British Chamber of Commerce will take place later this week.The meeting runs from noon to 3 p.m. on Jan. 19 at the Grand Hyatt hotel’s Namsan room. On the agenda will be the chairman’s annual report, statement of accounts, election of the executive committee for this year and the appointment of auditors.Voting members are permitted to enter free of charge while non-voting members will pay 60,000 won.Reservations need to be made by Jan. 17 to administ
Jan. 16, 2012
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EUCCK networking meeting in Seoul, Busan
The European Union Chamber of Commerce offices in Seoul and Busan plan to hold networking events this month in their respective cities.The Seoul meeting will take place on Jan. 19 at 6:30 p.m. at the Lotte Hotel’s Pierre Bar on the 35th floor. Cost is 60,000 won for members and 70,000 won for non-members.To book at place call Sophie An at (02) 725-9994 or e-mail eumarketing@eucck.org; more information at www.eucck.org.The chamber’s Busan branch will hold their New Year networking event on Jan. 2
Jan. 16, 2012
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Austcham to host Australia Day festivities on Jan. 27
The Australia Chamber of Commerce will be hosting the largest Australia Day celebration on the Korean Peninsula, organizers said.The chamber plans to showcase Australian produce like wines from Western Australia, Aussie style barbeque by Meat and Livestock Australia, meat pies provided by Jesters Pies, Aussie beer, fish and chips and down-under style desserts including Lamington and Pavlovas.To keep the party going, the chamber employed a classic Australian rock band and will offer prizes.The ev
Jan. 16, 2012
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Incheon stadium designed to turn into park after Asian Games
The Incheon main stadium being built for the 2014 Asian Games will be transformed into a public park after the sports festival, demonstrating a sustainable design in stadiums in Asia, the architecture firm that designed it has said.“I see these sad, empty steel and concrete giant structures. They’re not eyesores because they are like sculptures, but there’s an emotional sadness attached to an empty stadium because you’re always on the outside, never on the inside where the energy is,” said Andre
Jan. 16, 2012
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Lessons for entrepreneurs to flourish
Except for some conglomerates, most companies are bracing for the prolonged global economic slump with plans to downsize or delay investment and recruitment, or to promote managerial efficiency. But a corporate management expert says opportunities for entrepreneurs do not disappear even during an economic crisis.“It’s not that people don’t need TVs anymore, it’s that they don’t need expensive TVs, for example,” said professor Pablo de Holan, IE Business School chair of the Entrepreneurship Manag
Jan. 16, 2012
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2012 big year for Korea-U.S. business
AMCHAM chief says delegations from 22 U.S. states will visit Korea for tradeWith the Korea-U.S. free trade agreement to take effect soon, the American Chamber of Commerce in Korea is gearing up for a busy year promoting the trade pact.High on the list are visits by delegations from 22 U.S. states looking to find partnerships and gain a better understanding of the trade deal.“The federal government gave grants to increase exports. Twenty-two states are coming to Korea, that shows how important th
Jan. 16, 2012
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Arcamone of GM Korea to head Canadian aircraft manufacturer
Mike Arcamone, who recently resigned as chief of GM Korea, is moving to Canada as the new president of Bombardier Commercial Aircraft, the Toronto-based airliner said Monday.The news comes after GM Korea confirmed Arcamone’s abrupt resignation Friday. Arcamone has been with General Motors since 1980 and was recognized for his leadership in launching the Chevrolet brand in Korea last year. The carmaker temporarily replaced Arcamone with John Buttermore, GM International Operations vice president.
IndustryJan. 16, 2012