Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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[Weekender] Korean psyche untangled: Musok
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Troubled conglomerates refuse workout as creditors become passive
Conglomerates in financial trouble are refusing debt workouts, even when facing penalty, partly from passive creditor banks who do not want to provide bailout money, regulators said Monday.A report submitted to Rep. Park Yong-jin by the Financial Supervisory Service said five conglomerates requested a workout last year when there were 11 firms whose annual credit ratings showed they needed debt rearrangements. (Yonhap)Despite the government's stated drive from early in the year to go after poorl
Jan. 23, 2017
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Korea's Big Mac index moves down two notches to 25th
South Korea's Big Mac index moved down two notches from six months earlier to the 25th spot, the global index showed Monday, indicating the South Korean won may be more undervalued than it was before.The average price of a Big Mac hamburger came to US$3.68 in South Korea in January 2017, according to the index posted on the Internet site of the British magazine The Economist. (Yonhap)The price marked the 25th highest among 57 countries surveyed, down two notches from the 23rd spot in July 2016.T
Jan. 23, 2017
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Hyundai Heavy relegated to 3rd place in order backlog
Hyundai Heavy Industries Co., a major shipyard here, was relegated to third on the list of order backlog in December amid a fall in new orders, while a Japanese rival climbed to second place, industry sources said Monday.According to the data compiled by global research firm Clarkson Research Services, Daewoo Shipbuilding & Marine Engineering Co., another South Korean shipbuilder, ranked first in terms of order backlog as of December with 6.79 million compensated gross tons to build 104 ships, f
IndustryJan. 23, 2017
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Korea likely to miss $1t trade target again
South Korea's trade has turned upward after a two-year lull, but it is likely to miss the US$1 trillion target again this year and possibly next year as well, the central bank said in its estimate Monday.The Bank of Korea projected a trade volume of $955 billion this year, a 6 percent increase from last year on a customs clearance basis. Exports are expected to rise 4.3 percent to $517 billion and imports 8 percent to $438 billion. (Yonhap)The estimate is an improvement from a 5.9 percent fall i
Jan. 23, 2017
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Ssangyong Motor turns to black for first time in 9 years
Ssangyong Motor Co., the local unit of Indian carmaker Mahindra & Mahindra Ltd., is believed to have posted an operating profit in 2015 for the first time in nearly a decade, market observers noted Monday.The observers estimated the company's operating profit at 50 billion won ($42.5 million) last year. Ssangyong Motor's small SUV, the Tivoli Air (Ssangyong Motor)The company earlier said it had posted an operating profit of 38.6 billion won in the January-September period.A 50 billion-won operat
IndustryJan. 23, 2017
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Hungarian engineers return to Samsung SDI
Hungarian engineers, who came to Korea in November for job training with Samsung SDI, pose outside the company’s plant in Ulsan. (Samsung SDI)At Samsung SDI’s plant in Ulsan, a group of Hungarian engineers have been hitting the books since November. The 81 engineers are here to learn about electric vehicle batteries in preparation for the opening of the firm’s Hungarian plant, which will produce batteries for electric vehicles from 2018. Samsung SDI announced in August that it plans to invest ar
IndustryJan. 22, 2017
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SKT tests China’s Huawei LTE equipment amid controversy
South Korea’s No. 1 mobile carrier SK Telecom has purchased Long Term Evolution network equipment produced by China’s Huawei Technologies for testing before signing a final deal, amid concerns over hacking risks and Korean suppliers losing competitiveness, according to sources Sunday. An industry source familiar with the matter told The Korea Herald that SKT ordered the Digital Unit and Remote Radio Head, known as DU&RRH in industrial terminology, from Huawei last month to conduct a set of quali
TechnologyJan. 22, 2017
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[Herald Interview] Garosu-gil properties expect 5% returns this year
Seoul’s commercial leasing market is highly likely to be affected by the expected US interest rate hikes and weakening of the Korean won this year. But Richard Hwang, managing director of Cushman & Wakefield Korea, a global consulting agency on real estate investment, is still optimistic about high returns of investments in Garosu-gil, southern Seoul, one of the most faddish commercial districts in the city. “While most Korean investors view investing in Garosu-gil as having come to an end, the
Jan. 22, 2017
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Smarter and safer: all-new BMW 5 Series to hit Korean market in February
The seventh-generation all-new 5 Series sedan is set to be launched next month. (BMW Korea)German premium brand BMW is ready to roll out here next month its latest model, the new BMW 5 Series sedan equipped with a slew of high-tech features, the carmaker’s Seoul unit said Sunday.The seventh-generation all-new 5 Series is a redesigned version of the premium business sedan BMW 5 Series, which has sold over 7.6 million units worldwide since its first release in 1972, BMW Korea said.One distinct fea
MobilityJan. 22, 2017
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Korea aims for more biotech firms with W100b revenue in 2017
South Korea’s main biotechnology business body is looking to work in conjunction with the government to foster at least 10 local biotech companies with revenue of more than 100 billion won ($85.03 million) in 2017. “Today, biotechnology is all about speed,” said Korea Biotechnology Industry Organization President Seo Jeong-sun during a New Year’s biotech industry meeting hosted by the government Friday.“Currently, there are only 302 biotech companies which have reached the break-even point, whic
IndustryJan. 22, 2017
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CJ CheilJedang aims for W1tr in dumpling sales by 2020
INCHEON -- South Korean food manufacturer CJ CheilJedang said Friday that it aimed to become the world leader in dumplings, expanding its global presence through its Bibigo dumpling lines.At an Innovation Seminar held at the company’s Incheon Frozen Food Plant, the company said that it hoped to reach 1 trillion won ($850 million) in worldwide dumpling sales by 2020, with 70 percent of those sales coming from overseas. The ambitious goal seeks to triple sales from 2016, which reached 330 billion
IndustryJan. 22, 2017
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Samsung seeks arbitration over panel supply halt
Samsung Electronics South Korea's tech giant, has filed a request for international arbitration against Sharp Corp. of Japan and two other panel makers, seeking US$492 million in compensation that it claims to be suffering from due to their halting of LCD panel supply, industry sources said Friday.According to the sources, Samsung has filed the request with the International Chamber of Commerce (ICC) demanding that they resume panel supply or compensate the loss.Sharp, taken over by Taiwan-based
TechnologyJan. 20, 2017
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Korea to sell W7.5t worth of state bonds in Feb.
South Korea plans to sell 7.5 trillion won ($6.4 billion) worth of state bonds next month, the finance ministry said Friday.The government will issue 1.7 trillion won worth of bonds with a maturity of three years and 1.65 trillion won worth of five-year bonds. (Yonhap)It also plans to sell 1.95 trillion won worth of 10-year Treasurys and a combined 2.2 trillion won of bonds with a maturity of between 20 and 30 years.For March, it has a plan to issue a combined 8 trillion won worth of state bonds
Jan. 20, 2017
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[Weekender] Snacking goes hybrid
Whether you have a sweet tooth or cravings for all things savory, snacking options in South Korea were limited until recently. Riding on the health-conscious trend, sugar-loaded sweets are evolving into healthy desserts and snacks with humorous marketing to appeal to a wider consumer age range.Salty crisps are also being transformed by reducing trans fat and being infused with unlikely ingredients or dishes, such as seaweed and kimchijjigae, or Korean kimchi stew. Gwaja, or snacks in Korean, ref
IndustryJan. 20, 2017
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LG Group celebrates 70th anniv., aims to overhaul core businesses
LG Group Chairman Koo Bon-moo told the group's top executives that overhauling core businesses and finding next-generation drivers of growth are the top priority for the nation's second-largest conglomerate. Koo made the remarks at a meeting with LG's top executives on Thursday as the group marks its 70th anniversary this year, group officials said. LG Group Chairman Koo Bon-moo (Yonhap file photo)Koo did not specify about how he will overhaul the group's core businesses, but the remarks came a
IndustryJan. 20, 2017
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[Weekender] Exports boost Korean confectionary growth
In South Korean’s confectionary industry, Orion’s Choco Pie, Lotte Confectionery’s Xylitol and Pepero as well as Nongshim’s shrimp crackers are all superstars. They are members of the so-called “1 trillion won club” of confectionary brands with accumulated sales of more than 1 trillion won ($848 million) each. These snacks also enjoy overseas popularity, marking a new growth engine for the manufacturers that have been struggling with weakening demand from health-conscious consumers in their home
IndustryJan. 20, 2017
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[Weekender] Nostalgic snacks that still tantalize the Korean palate
Remember the honey butter chip craze? Potato chips flavored with honey and butter were inarguably the greatest hit in South Korea’s confectionary market in 2015. People had lined up in supermarkets in the hope of buying just one pack and some even paid double or triple online just to have the latest snack product delivered home. The honey butter chips phase, however, soon cooled off, as it made way for newcomers that tasted even more interesting and unconventional.Despite these fads, there have
IndustryJan. 20, 2017
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Toshiba’s chip spin-off to narrow gap with Samsung: Mirae Asset
Toshiba’s possible spin-off of its chip business will narrow the technology and market share gap with its bigger rival Samsung Electronics, Mirae Asset Daewoo Securities predicted Friday. Toshiba, which is struggling from massive losses in its nuclear business, is mulling spinning off its lucrative NAND flash unit and selling the stake to its bigger chip rival Western Digital, according to news reports. (Toshiba)“If the spin-off is confirmed, the financial condition of Toshiba’s chip unit will
TechnologyJan. 20, 2017
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New head of Korean Air vows stability
The new chief of South Korea's largest flag carrier Korean Air said Friday that he will focus on continuing what has been working for his company rather than initiating changes."I have no plan to overturn what we have now just because I newly came into office. Instead, I plan to continue what we have been doing and continue to carry on what my predecessors have been doing," Cho Won-tae told reporters. Cho Won-tae, CEO of Korean Air (Hanjin Group)The 42-year-old took the top post at Korean Air la
IndustryJan. 20, 2017
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Korea to impose anti-dumping duties on Chinese offset printing plates
South Korea is set to impose anti-dumping duties on Chinese-made aluminum plates for offset printing, the trade commission here said Friday, amid rising trade tensions between the two countries.After a preliminary examination, the Korea Trade Commission said it will recommend the finance ministry levy punitive duties of 5.73-10 percent on the Chinese products for underselling Korean products and causing damage to the South Korean market.The finance ministry is to determine whether to actually im
IndustryJan. 20, 2017